BUS 346 Midterm 1 Steinberger
According to your text, the wealthiest 1 percent of the population control approximately what percentage of Americans' total net worth?
34.6%
place
Delivering the Value Proposition. Supply chain management is the set of approaches and techniques that firms employ to efficiently integrate their suppliers, manufacturers, warehouses, stores and other firms involved in the transaction into a seamless value chain in which merchandise is produced and distributed in the right quantities...
Which of the following is true about quantitative research?
It confirms insights and hypotheses generated via qualitative research.
Which of the following specifically prohibits monopolies?
Sherman Antitrust Act
When a company launches a new product line with an existing brand name, this is known as
a brand extension
Compared to conventional supermarkets, warehouse clubs have
a lower level of service
As a type of retailer, category specialists offer
a narrow but deep assortment of merchandise.
Retailing is defined as the set of business activities that
add value to products and services sold to consumers for their personal or family use.
A product is ________ that can be offered through a voluntary marketing exchange.
anything of value to consumers
Where does retailing fall in the supply chain?
at the end
If many consumers in the marketplace are familiar with a brand and what it stands for and have an opinion about the brand, the brand has considerable
awareness
All of the following are included in the main criteria used for determining how "good" a brand is, or how much equity it has except
brand conceptualization
Efforts to change a brand's focus to target new markets or change the image of a brand are called
brand repositioning
growth strategies
market penetration, market development, product development, diversification
________ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.
market positioning
The process of dividing the market into groups of customers with different needs, wants, or characteristics is called
market segmentation
Data about how, when, why, where, and what people buy refers to
marketing analytics
Traditionally, marketing activities have been divided into product, price, place, and promotion. Select the term that best describes the four Ps.
marketing mix
One of the key characteristics of brainstorming sessions is
no idea is immediately accepted or rejected.
All of the following groups are included in the diffusion of innovation curve except
non adopters
product development
offers a new product or service to a firm's current target market.
________ is the term used to describe the situation when retailers use some combination of stores, catalogs, and the Internet to sell merchandise.
omnichannel retailing
For new product marketers, early adopters are important because they tend to be
opinion leaders
Effective promotion enhances a product or service's
perceived value
A ________ is often used to illustrate the position of a firm's products or brands in consumers' minds.
perceptual map
After defining the business mission, what should a firm do next to develop a marketing plan?
perform a situation analysis
Internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix?
place
Which element of the marketing mix specifically deals with supply chain management?
place
Which of the following is not one of the four overarching strategies to create and deliver value and to develop sustainable competitive advantages?
planning excellence
________ involves defining the firm's marketing mix variables so that target customers have a clear, distinctive, desirable understanding of the firm's offerings relative to competitors' offerings.
positioning
The diffusion of innovation theory is useful to marketers in helping them
predict which types of customers will buy their product immediately and later.
Retailers' coupons, rebates, and online discounts are types of
pricing promotions
A toothpaste tube is an example of a ________ package.
primary
If a new product concept gets positive evaluations from potential customers during concept testing, the next step for a firm is
product development
A ________ is a group of associated items that consumers tend to use together or think of as part of a group of similar products.
product line
A(n) ________ is a group of products that consumers may use together or perceive as similar in some way.
product line
All of the following are benefits of new product development to a firm except
reducing the cost of production
A marketing research project often begins with a review of the relevant ________ data.
secondary
Company sales invoices, census data, and trade association statistics are examples of
secondary data
To develop psychographic segments, the marketer must understand consumers'
self-values, self-concept, and lifestyles.
As part of her company's SWOT analysis, Valerie is assessing the company's internal environment, including
strengths and weaknesses
What is marketing?
the activity and processes for creating, capturing, communicating, delierin, and exchanging offerings that have value for customers, clients, partners, and society. creates value
The center of all marketing efforts is
the consumer
One of the most fundamental activities of retailers is to provide ________, satisfying the needs of their target market.
the right mix of merchandise and services
Which of the following defines a value proposition?
the unique value that a product or service provides to customers
Radio frequency identification (RFID) tags are
tiny computer chips that transmit information about a container's contents.
A disadvantage to using secondary data is that they might not be precisely relevant to the information needed.
true
Before conducting marketing research, it is important to establish in advance exactly what problem needs to be solved.
true
Brands enable customers to quickly differentiate one firm or product from another.
true
Donald is analyzing and interpreting data. In the process, he is converting data into information.
true
Firms have come to realize that good corporate citizenship through socially responsible actions should be a priority because it will help their bottom line in the long run.
true
For products like pencils and paper clips, marketers should probably use an undifferentiated targeting strategy.
true
Marketing channel management adds value because it gets products to customers efficiently, quickly, and at low cost.
true
Perceptual maps include positions of current brands as well as ideal points where a consumer segment would want a product to be.
true
Relative market share is an example of a marketing metric.
true
The vertical marketing system that exhibits the most formalization and control is the corporate vertical marketing system.
true
Understanding the marketplace and a customer's needs and wants is fundamental to marketing success.
true
When companies store information on customers' purchase histories in large computer files, this is known as data warehousing.
true
A generational cohort is a group of people
who are of the same generation
The basic difference between a good and a service is that a good
can be physically touched
Four frequently used targeting strategies are the micromarketing, undifferentiated, differentiated, and ________ targeting strategies.
concentrated
The fundamental goal of marketers when creating goods, services, or combinations of both is to
create value
________ is when vendors ship merchandise prepackaged in the quantity required for each store to the distribution center.
cross-docking
The shared meanings, beliefs, morals, values, and customs of a group of people constitute their
culture
Which of these is a macroenvironmental factor?
culture
________ segmentation is the most common basis of consumer market segmentation because these segments are easy to define and usually easy to reach.
demographic
A ________ is a facility for the receipt, storage, and redistribution of goods to company stores.
distribution center
For a brand name to be effective, it needs to be
easy to recognize and remember
Typically, manufacturers and retailers exchange business documents through a(n) ________system, the computer-to-computer exchange of business documents from a retailer to a vendor and back.
electronic data interchange (EDI)
market development
employs the existing marketing offering to reach new market segments, domestic or international.
market penetration
employs the existing mix and focuses the firm's efforts on existing customers, Achieved by attracting new consumers to the firm's current target market
A mission statement describes the specific actions a firm will take to achieve its goals.
false
STP refers to segmentation, testing, and promotion.
false (segmentation, targeting, and positioning)
When Walmart threatens to punish or punishes the other channel member for not undertaking certain tasks, such as if it were to delay payment for a late delivery, this is an example of expertise power.
false - This is the definition of coercive power, which is when a firm threatens to punish a channel member for not undertaking certain tasks.
Convenience for the customer is seldom a factor for manufacturers when choosing a retail partner.
false - When a manufacturer has a partnership with the retailer, this helps create value by providing the customer with convenience and satisfaction.
Firms can measure the success of a new product by all of the following factors except
fewer competitors in the market
A(n) ________ is a small group of people brought together for an intensive discussion of a topic.
focus group
being more value based is
focused on benefits, building customer relations, connecting with customers (social media)
A(n)________ is used in the shipment of products directly to customers.
fulfillment center
Which generation's members are also known as Millennials?
gen Y
Full-line discount, category specialist, and specialty stores are all types of ________ retailers.
general merchandise
Some companies have been accused of taking advantage of the current social trend of green marketing, positioning their products as environmentally friendly when this may not actually be the case. This is called
greenwashing
During the ________ stage of the product life cycle, there are few but an increasing number of competitors.
growth
Firms use a differentiated targeting strategy because
helps obtain a bigger share of the market
________ is the process by which ideas are transformed into new products and services that will help firms grow.
innovation
During the introduction stage of a product's life cycle, typical consumers are
innovators
When marketers use a variety of communication disciplines—advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing including social media—in combination to communicate a value proposition to the customer, it is referred to as
integrated marketing communications
diversification
introduces a new product or service to a market segment that currently is not served. In a related diversification opportunity, the current target market shares something in common with the new opportunity. In an unrelated diversification, the new business lacks any common elements with the present business.
The difference between a firm's immediate marketing environment and its macroenvironment is that the macroenvironment
is external
Students of marketing often overlook or underestimate the importance of place in the marketing mix simply because
it happens behind the scenes
A major advantage of primary data collection is
it offers behavioral insights generally not available from secondary research.
A major disadvantage of primary data collection is
it requires more sophisticated training and experience to design the study and collect data.
Today, ________ dominate supply chains.
large retailers
The political/regulatory environment comprises political parties, governmental organizations, and
legislation and laws
Frequent buyer/user award programs can be used to
maintain contact with loyal customers
Which of the following is a core aspect of marketing?
making product, place, promotion, and price decisions
At one point in the evolution of marketing, the United States entered a buyer's market and the customer became king. Which era is being described?
market oriented
price
Capturing Value. Price is everything the buyer gives up in exchange for the product.
promotion
Communicating the Value Proposition. Communication by a marketer that informs, persuades, and reminds potential buyers about a product or service so as to influence their opinions and elicit a response.
product
Creating Value by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs. Services are intangible customer benefits that are produced by people or machines and cannot be separated from the producer.