BUSML 3250 Principles of Marketing (Exam 1 Quizzes)

Which of the following correctly identifies the five core customer and marketplace concepts?

1. Needs, wants, and demands 2. Market offerings 3. Value and satisfaction 4. Exchanges and relationships 5. Markets

What does a market segment consist of?

A group of consumers who respond to the marketing effort in the same way

Which of the following best describes brand equity?

A measure of the brand's ability to capture consumer preference and loyalty

Which of the following correctly defines a product?

A product is anything offered to a market that might satisfy a need or want

What are the main components of a marketing plan?

An executive summary, situation analysis, objectives, marketing strategy, action programs, budgets and controls, and threats and opportunities

What is positioning?

Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

Which of the following statements regarding American subcultural groups is correct?

Asian Americans are the most affluent US demographic segment.

________________ is the first stage in the new product adoption process.

Awareness

Which of the following is an accurate statement about building customer relationships in the modern marketing era?

Building relationships through consumer-generated content is expensive and takes time

What is the final step in the marketing process?

Capture value from customers

According to the growth-share matrix, stars are high-share, high-growth products. When the market growth slows these products become

Cash cows

The BCG matrix classifies products which have a high market share in a low growth market as:

Cash cows

Fathers were once ignored or portrayed as dolts in advertising, however today's advertisers are showing more caring and capable dads. This reflects which demographic trend?

Changing dynamics in the American family

Which of the following is true regarding the technological environment?

Companies must keep up with changes in technology or risk being left behind.

Which of the following statements is correct regarding consumer buying decisions?

Consumers are often unaware of what influences their purchases

How has the Great Recession of 2008-2009 affected marketers in terms of consumer attitudes?

Consumers are showing an enthusiasm for frugality

What is the key to building lasting customer relationships?

Creating superior customer value and satisfaction

What are the three cultural factors that influence consumer buyer behavior?

Culture, subculture, and social class

Which of the following is not one of the five marketing management functions?

Customer service

Which of the following statements regarding managing brands is correct?

Customers' engagement with brands and customers' brand experiences are the key elements in maintaining a brand's position

What does a company do to start the strategic planning process?

Define its overall purpose and mission

When a firm starts up or buys a business outside of its current product line and markets, it is pursuing which growth strategy?

Diversification

Strategically, a company may phase out or sell an SBU. This is known as:

Divesting

Which adopter category consists of opinion leaders who adopt new ideas early but carefully?

Early adopters

The first stage of the business buying decision process is problem recognition. What is the second stage?

General need description

Dissonance-reducing buying behavior would result from which of the following conditions?

High involvement and few differences between brands

What is the first step of the new product development process?

Idea generation

A University is buying new overhead projectors for its classrooms. The University's Information Technology Department has been asked to provide specifications and recommendations for this purchase. The IT Department is playing which role in the University's buying center?

Influencer

Which of the following statements about the use of digital and social media for B-to-B marketing is correct?

It allows business to target individuals within a business who affect buying decisions

In which way does increasing customer satisfaction disrupt the internal value chain?

It can increase production costs, increase inventories, and disrupt production schedules

Then Under Armour expanded its current products into global markets, it was pursuing which growth strategy?

Market development

Mission statements should be defined in terms of satisfying basic customer needs. In other words, they should be:

Market oriented

To grow sales, Under Armour increased its spending on advertising by 35 percent to increase sales in its current markets. Which growth strategy does this represent?

Market penetration

Some retailers, such as the Dollar Store, Dollar Tree, and Family Dollar, profitably focus on buyers with modest means. This is an example of:

Market targeting

Which of the following statements regarding generational marketing is correct?

Marketers need to form more precise age-specific segments within each generational group

Which of the following is a true statement regarding managing and measuring marketing return on investment (ROI)?

Marketing are increasingly using measures such as customer acquisition and retention, customer engagement, and customer equity as measures of ROI

Which of the following descriptions best represents targeting a demographic segment?

Marketing prepackaged lunches for children

Which targeting strategy focuses on common consumer needs, as opposed to different needs?

Mass marketing

Which value proposition is the most difficult to sustain in the long run?

More for less

What are the four major psychological factors that influence consumer buyer behavior?

Motivation, perception, learning, and beliefs and attitudes

The four Ps of the marketing mix have been redefined in buyer's terms as the four As.

Product design influences acceptability, price affects affordability, place affects accessibility, and promotion influences awareness.

What are the 4 Ps of marketing?

Product, price, place, promotion

Which of the following is an important trend in the natural environment that marketers should be aware of?

Products that require scarce resources will face large cost increases

What are the two measurements used in the BCG matrix to classify strategic business units?

Relative market share; market growth rate

Which of the following correctly lists marketing intermediaries?

Resellers, physical distribution firms, marketing services agencies, and financial intermediaries

In determining which customers to serve, a company engages in which two marketing activities?

Segmentation and targeting

The first step to a successful value-driven marketing strategy is to determine whom to service with a market offering. To make this decision, marketers engage in which two activities?

Segmenting and targeting

One characteristic of services is their variability. What is the main reason for services being variable?

Service quality depends on who provides them, as well as when, where, and how they are provided.

After defining its mission, the next step in strategic planning is to:

Set company objectives and goals

Which of the following correctly identifies the social factors that influence consumer buyer behavior?

Small groups, social networks, family, and social roles and status

Which of the following statements regarding the US government market is correct?

The US government is the largest buyer of goods and services in the world

Which of the following statements regarding socially responsible product decisions is correct?

The government may prevent companies from adding products through acquisitions if the effect threatens to lessen competition

Which of the following uses a sense-and-respond philosophy to promote a customer-centered marketing orientation?

The marketing concept

Which marketing orientation states that consumers will favor products that offer the most in quality, performance, and innovative features?

The product concept

In marketing terms, what is a market?

The set of actual and potential buyers of a product or service

Companies such as IBM, Walmart, and Google now look economic gain and, in their marketing strategies, they also consider the well-being of customers, the depletion of natural resources, the viability of suppliers, and the interests of the local community. This reflects which marketing philosophy?

The societal marketing concept

The actual and potential buyers in a market share which of the following characteristics?

They share a particular need and/or want

Business-to-business marketers will sometimes promote their goods directly to consumers.

This is because business demand is derived

What is the overall focus of strategic planning?

To create a game plan for long-run survival and growth in consideration of changing marketing opportunities

What is the overall goal of marketing strategy?

To create customer value and build profitable relationships

What is the overall purpose of differentiation?

To create superior customer value

What is the purpose of a value proposition?

To differentiate and position a market offerings in the marketplace

For which customer relationship group should a company make continuous relationship investments to delight, engage, retain, and grow them?

True friends

Demography studies statistics that include

age, gender, race, and occupation

Customer-perceived value is the customer's evaluation of the difference between....

all the benefits and all the costs of a market offering relative to those of competing offers.

Fitbit makes health and fitness tracking devices. Some buyers want very basic fitness tracking such as steps taken and calories consumed. Others are focused on high performance and want heart rate and sleep monitoring, text notification, and wireless sync to their smart phone. In serving those two very different groups, Fitbit is using...

benefits sought segmentation

The primary goal of consistently delivering superior value is to:

build profitable customer relationships

P&G launched their "Tide Loads of Hope" program, which provides mobile Laundromats to families in disaster-stricken areas. P&G washes, dries, and folds clothes for these families free of charge. This is an example of...

cause-related marketing

Typically, consumers put in minimum time and effort when buying products such as laundry detergent, candy, and fast food. These types of goods are classified as...

convenience products

The key element of successful marketing today is to:

create value

When segmenting international markets, markets can be grouped according to language, religion, customs, and values. This type of segmentation is based on...

cultural factors

The total combined lifetime value of a company's current and potential customers is called:

customer equity

Effective positioning is based on:

differentiation

Age, personality, buying style, and job position are __________________ that can influence the business buying decision process.

individual factors

Materials and parts, capital items, and supplies and services are groups of...

industrial products

The buying center consists of all the people who are...

involved in an organizational buying decision

One problem with business-to-business e-procurement is that...

it can erode long-standing customer-supplier relationships

In portfolio analysis, a company must identify strategic business units, which are...

key businesses that make up the company

Psychographic segmentation divides buyers into different segments based on...

lifestyle and personality

The ________________ consists of larger societal forces that affect how a company engages and serves its customers.

macroenvironment

Engaging customers and managing profitable customer relationships is the simplest definition of:

marketing

You are thirsty and decided to have an iced tea. Your thirst is a _________ and your choice of iced tea is a ________.

need, want

The demand for organic is growing. Green Acres Farms grows only organic vegetables. In a SWOT analysis, the rising demand for organic product would be an ____________ for Green Acres Farms, and the fact that they grow only organic vegetables is a _____________.

opportunity, strength

To improve the performance of the customer value delivery network, many companies today are partnering with...

other members of the supply chain- suppliers, distributors, and customers.

A firm can be proactive by...

pressing lawsuits to keep competitors in line

A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges are called...

product line

The number of items in a product line represents the ______________ and the total number of product lines a company carries represents the ____________.

product line length, product mix width

If a company product line is added to its existing portfolio, it has increased its...

product mix width

Market offerings include:

products, services, and experiences

One important reason that business legislation is enacted is to...

protect consumers from unfair business practices

The key role marketing plays in a company's strategic planning is to:

provide a guideline philosophy

A purse company's ads feature the cast of a popular reality show. Product sales increase significantly among the fans. From the fan's viewpoint, the cast is a...

reference group

When Dr. Footcare developed and launched a revolutionary new walking shoe, he knew that during the introductory stage of the product life cycle (PLC)...

sales would be slow and profits nonexistent

Marketing was once understood in the sense of making a sale. Today, marketing is understood in the new sense of:

satisfying customer needs

Furniture, major appliances, clothing, and hotel services are classified as...

shopping products

Choosing a differentiated targeting strategy has many benefits, but a potential downside is...

that it can increase costs

Two things can come between the intention to make a purchase and the actual purchase:

the first is the attitudes of others and the second is unexpected situational factors

The US Government normally awards contracts to...

the lowest bidder

If men and women respond similarly to the same marketing mix, they do not constitute distinct, identifiable segments. Gender would not be an effective base for segmentation in this example because...

the segments are not differentiable

To create and capture customer value, companies must engage the first step of the marketing process, which is:

understand the marketplace and customer needs and wants