BUS 2600 Marketing Midterm

________ are groups to which an individual wishes to belong, as when a young basketball player hopes to play someday in the NBA or WNBA.

Aspirational groups

Which of the following is true about behavioral segmentation on the basis of the loyalty variable?

By looking at customers who are shifting away from its brand, a company can learn about its marketing weaknesses and take actions to correct them.

Which of the following is true with regard to services?

Services are a form of product that consists of activities, benefits, or satisfactions offered for sale.

Which of the following is true with regard to strategic planning?

The focus of strategic planning is to define a game plan for long-run survival and growth.

Which of the following is an example of a pure tangible good?

a bag of potato chips

Product planners need to consider products and services on three levels. At the third level, product planners must build ________.

an augmented product

Marketing mix planning begins with ________.

building an offering that brings value to target customers

Akira Takano, a marketing manager, is about to test the hypothesis that the sale of a particular product will increase exponentially if there is a $5 drop in the selling price of the product. Akira is involved in ________ research.

causal

George is buying his first house. He has spent a month looking at houses and comparing attributes such as price and location. He has contacted several real estate agents to look at different types of houses. George is most likely exhibiting ________.

complex buying behavior

Product planners need to consider products and services on three levels. Each level adds more customer value. The most basic level is ________, which addresses the question, "What is the buyer really buying?"

core customer value

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with other costs of using the service, they are acting upon

customer-perceived value

________ segments are conceptually distinguishable and respond differently to different marketing mix elements and programs.

differentiable

For the past ten years, Bill and Margaret have saved money to go to the Super Bowl should their team, the Chicago Bears, reach the finals of the NFC championship. This is the year, and several tour companies offer attractive, but very similar, packages to the game. Since all packages are pretty much the same, they have chosen one that fits their budget. Bill and Margaret are most likely exhibiting ________.

dissonance-reducing buying behavior

Market segmentation can be best described as the process of ________.

dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate marketing programs

While looking for ideas on how to craft a user-friendly dishwasher, the designers of a dishwasher-manufacturing company spent 10 days observing people as they used their dishwashers in their homes. In this instance, the designers were conducting ________.

ethnographic research

In ________ research, the objective is to gather preliminary information that will help define the problem and suggest hypotheses.

exploratory

Which of the following is an example of a convenience product?

fast food

The BCG matrix approach is problematic in that it ________.

focuses solely on current businesses and provides little scope for future planning

Which consumer group tends to show more brand loyalty and makes shopping a family event, with children having a big say in the purchase decision?

hispanic americans

The term big data refers to the ________ generated by today's sophisticated information generation, collection, storage, and analysis technologies.

huge and complex data sets

In which of the following situations has a company most actively embraced customer-managed relationships?

iRobot invites enthusiastic Roomba owners to develop and share their own uses for the company's robotic vacuum cleaner.

A current trend in the United States involves rediscovering the benefits of home-cooked food and the use of organic ingredients. People are choosing to spend hours in the kitchen using only the freshest ingredients to cook healthy and nutritious meals. This change in ________ is one of the reasons for the increasing demand for organic ingredients.

lifestyle

________ involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.

market segmentation

An organic farmer has identified three distinct groups that might be interested in his products: vegetarians, health-conscious individuals, and people identified as trendsetters who try out new products in the market before others. These three groups are examples of ________.

market segments

Which of the following terms refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?

marketing myopia

An invitation to go skiing over the weekend forced Donna to look at her current wardrobe. She realized that she required a warmer coat. Which of the following stages of the buyer decision process does Donna exemplify?

need recognition

Tropicana promotes drinking orange juice at any time of day as a cool, refreshing drink. The market segmentation approach Tropicana is using is ________.

occasion segmentation

Melissa Thomas leads the marketing research division at Tronics Inc., a manufacturing company based in Alabama. To improve future sales of the company's products, she has decided to collect customer opinions and feedback on the current products offered by her company. For this purpose, Melissa is looking for a highly flexible contact method that can be used to gather large amounts of data within the least possible time. In this instance, which of the following contact methods is most likely to hold the highest appeal for Melissa?

online surveys

Rachel loves fashion and is always seen wearing the trendiest fashion outfits. She actively shares her knowledge with a wide group of friends and colleagues about where to shop for the latest fashion at great deals. Most of her friends and colleagues follow her fashion tips. Rachel portrays the image of a(n) ________.

opinion leader

Omega Inc. makes lightweight sunglasses with 100-percent UV protection for people who love to hunt, hike, and ride bikes. The company's long-term plans include the development of lenses that, in addition to protecting users from UV rays, would help reduce lens spotting through effective water-sheeting methods. This new feature would be valuable to people who fish. Given the rising popularity of recreational fishing in the United States, Omega products clearly have a huge market potential. In terms of a SWOT analysis, Omega has recognized a market ________.

opportunity

A company that uses well-known celebrities to help sell its products is using ________ marketing.

person

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as ________.

positioning

Katrina Mendoza is a senior manager in a manufacturing firm that hires lobbyists to influence legislation that affects the manufacturing industry. Katrina's firm takes a(n) ________ stance toward the marketing environment.

proactive

In the marketing mix, design, packaging, services, and variety can be categorized under ________.

product

Consumer products refer to ________.

products and services bought by final consumers for personal consumption

________ segmentation divides buyers into different segments based on social class, lifestyle, or personality characteristics.

psychographic

Mark has long supported a particular brand of footwear and has always bought that brand. Recently, the footwear manufacturer was embroiled in a controversy for using child labor at its manufacturing plants. Mark doubts the news reports and continues to purchase the same brand of footwear. It is most accurate to say that Mark displays ________.

selective distortion

Your state's department of education has budgeted a significant amount of money for a radio, print, television, and online advertising campaign emphasizing the long-term benefits, both educationally and professionally, of reading every day. This is an example of a(n) ________ campaign.

social marketing

Selecting which segments of a population to serve is called ________.

target marketing

Which of the following is a trend that depicts the increasingly nontraditional nature of today's American families?

the low percentage of married couples with children

Product planners need to consider products and services on three levels. At the second level, product planners must ________.

turn the core benefit into an actual product

________ are consumer products that the consumer either does not know about or knows about but does not normally think about buying.

unsought products

Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through ________.

value creation and exchange

Companies can research many aspects of buying decisions. However, the one that is the most difficult to identify is ________.

why they buy

A good marketing information system balances the information users ________ to have against what they ________ and what is ________ to offer.

would like; need; feasible