Chapter 1
Marketing decisions are likely to be successful if they are based on the same strategies used by a firm's competitors. hunches and wild ideas, rather than on research. the intuition and gut reaction of marketers. explicit consumer behavior theory, assumptions, and research.
explicit consumer behavior theory, assumptions, and research.
Which of the following are the most likely responses from competing companies if your company is successful? Competitors will begin a crowdfunding campaign. Competitors will reduce prices on their products. Competitors will increase their advertising. Competitors will wage an aggressive smear campaign on social media.
Competitors will reduce prices on their products. Competitors will increase their advertising.
Which of the following is true about the meaning of consumption? A solid marketing strategy can accurately assess the meaning of consumption for most consumers. Consumption frequently has deep meaning for the consumer. Buying decisions are a result of good marketing strategies and financial standing. It is mechanical and linear and can be quantified.
Consumption frequently has deep meaning for the consumer.
Which of the following is true about the meaning of consumption? Consumption frequently has deep meaning for the consumer. It is mechanical and linear and can be quantified. Buying decisions are a result of good marketing strategies and financial standing. A solid marketing strategy can accurately assess the meaning of consumption for most consumers.
Consumption frequently has deep meaning for the consumer.
During market analysis, which of the following questions should a company ask regarding competition? Multiple select question. How are competitors likely to respond if we are successful? Which political candidates should we support? What is the state of the economy? If we are successful, which firms will be hurt?
How are competitors likely to respond if we are successful? If we are successful, which firms will be hurt?
A firm developing a marketing strategy seeks to answer which question? How can we serve the market without utilizing the marketing mix? How can we portray our competitors in a negative light in the minds of consumers? How can we provide products to consumers at the highest price possible? How will we provide superior customer value to our target market?
How will we provide superior customer value to our target market?
What is the likely outcome for a firm that bases its marketing decisions on explicit consumer behavior theory, assumptions, and research? It does not provide a clear focus for the firm in its decision making. It can put the firm at a competitive disadvantage. It can create a competitive advantage for the firm. It can lead to poor decisions based on narrow-minded thinking.
It can create a competitive advantage for the firm.
Identify an accurate statement about behavioral targeting. It has enabled firms to target large market segments for the first time. It focuses on larger markets rather than market segments. It has made it harder for firms to target smaller segments. It makes individualized communication more cost effective.
It makes individualized communication more cost effective.
When conducting market analysis, which of the following must a company do? Multiple choice question. It must devise an innovative marketing plan. It must understand its own ability to meet customer needs. It must create a solution to a problem that does not yet exist. It must diversify and venture into unchartered territory.
It must understand its own ability to meet customer needs.
Select the ways by which a company can understand its own ability to meet customer needs. (Check all that apply.) It should poll its employees to see what they want the company to produce. It should consider the trade-off between wages and fringe benefits. It should consider its production capabilities. It should evaluate its own financial condition. It should understand the skills of its marketing department.
It should consider its production capabilities. It should evaluate its own financial condition. It should understand the skills of its marketing department.
Match the term to its correct description. Price - Consumer cost- The amount of money that must be paid to obtain the right to use a product What is surrendered in order to receive the benefits of owning/using a product
Price - The amount of money that must be paid to obtain the right to use a product Consumer cost- What is surrendered in order to receive the benefits of owning/using a product
The consumer decision process, along with the experiences and acquisitions associated with it, affects the internal and external characteristics of consumers. What aspect of the consumer is most influenced by this? The credit rating The awareness of new products The situations in which a consumer makes decisions Self-concept and lifestyle
Self-concept and lifestyle
Select the regulatory bodies and/or policies that are designed to protect and educate consumers. (Select all that apply.) The Nutrition Labeling and Education Act The National Labor and Relations Board The Food and Drug Administration The Internal Revenue Service
The National Labor and Relations Board The Food and Drug Administration
Match the components of a market analysis (in the left column) to what the components entail (in the right column). The consumer - The company- The competitors- The conditions- The economic, physical, and technological context of the components The capabilities of present and future rivals The organization's own capabilities The consumption process of potential customers
The consumer - The consumption process of potential customers The company- The organization's own capabilities The competitors- The capabilities of present and future rivals The conditions- The economic, physical, and technological context of the components
Which of the following are true of consumer decisions? (Select all that apply.) Multiple select question. They can be a result of powerful and nuanced motivations. They are based solely on need and function. They are predictable and linear. They are the result of a complex set of forces.
They can be a result of powerful and nuanced motivations. They are the result of a complex set of forces.
True or false: Purchases can increase a consumer's need rather than reduce it when he or she has a negative level of satisfaction.
True
Which of the following is most likely a social marketing campaign? a health food store distributing leaflets that illustrate harmful effects of drug use an advertisement promoting a furniture company's carpets a clothing store selling many different styles of clothing to attract a larger market segment a company that manufactures office supplies distributing promotional samples of printer paper
a health food store distributing leaflets that illustrate harmful effects of drug use
For an individual, the most obvious outcome of the consumption process is taking consumption decisions that negatively affect his or her well-being. achieving some level of satisfaction of the need that initiated the process. attaining complete satisfaction of all possible needs. making a purchase regardless of how well it fulfills a need.
achieving some level of satisfaction of the need that initiated the process.
When does a firm select its target market for a product? before identifying customers with similar need sets related to the product before grouping customers according to their need sets after describing each group of customers with similar need sets after developing all the elements of a marketing mix, including the advertising and sales promotion
after describing each group of customers with similar need sets
An element in a marketing strategy that involves making a product available in places where its target customers can purchase it is known as distribution. pricing. communication. advertising.
distribution.
Marketers use ______ to understand how specific consumers will behave in specific situations for any given product category. promotional tactics pricing strategies consumer research purchase intent
consumer research
The difference between all the benefits derived from a total product and all the costs of obtaining those benefits is known as market analysis. consumer cost. product price. customer value.
customer value.
What two items have prompted consumer demand for environmentally sound products? deterioration of the physical environment the ethnic makeup of the market government regulations international trade barriers
deterioration of the physical environment government regulations
What two items have prompted consumer demand for environmentally sound products? deterioration of the physical environment the ethnic makeup of the market government regulations international trade barriers
deterioration of the physical environment government regulations
Which of the following are approaches to identify need sets of groups in the process of market segmentation? identifying a market segment first followed by its definition, then its characteristics, and lastly, its needs identifying a target market first followed by characteristics and needs of the market segment identifying ethnic groups first followed by consumption-related needs across the groups identifying needs first followed by consumer characteristics associated with those needs
identifying ethnic groups first followed by consumption-related needs across the groups identifying needs first followed by consumer characteristics associated with those needs
Select all that apply Which of the following are approaches to identify need sets of groups in the process of market segmentation? identifying needs first followed by consumer characteristics associated with those needs identifying a market segment first followed by its definition, then its characteristics, and lastly, its needs identifying a target market first followed by characteristics and needs of the market segment identifying ethnic groups first followed by consumption-related needs across the groups
identifying needs first followed by consumer characteristics associated with those needs identifying ethnic groups first followed by consumption-related needs across the groups
Place the steps of the market segmentation process in the order in which they are implemented by a firm. describing each group of consumers with similar need sets identifying the need sets related to products choosing one or more attractive segments to serve sorting consumers into groups with similar need sets
identifying the need sets related to products sorting consumers into groups with similar need sets describing each group of consumers with similar need sets choosing one or more attractive segments to serve
Identify a phenomenon that has a major negative impact on the social welfare of a society and not just the individuals involved. product positioning social marketing injurious consumption customer satisfaction
injurious consumption
Any and all signals that a company provides about itself and its products through advertising, packaging, or public relations are referred to as marketing communications. social marketing. product analysis. market segmentation.
marketing communications.
Which is the most effective way to discover customers' needs? regulatory oversight marketing research using social media selecting a target market
marketing research
A ______ is how a company can provide superior customer value to its target market that involves the formulation of a marketing mix. market analysis product-related need set marketing strategy regulatory policy
marketing strategy
A ______ is how a company can provide superior customer value to its target market that involves the formulation of a marketing mix. product-related need set market analysis marketing strategy regulatory policy
marketing strategy
Along with obtaining a profit for the firm, a marketing strategy also seeks to maximize customer value. maximize competition. minimize competition. minimize customer value.
maximize customer value.
In the process of market segmentation, marketers need to identify product-related need sets because
most products in developed economies fulfill more than one need.
An image of a product or brand in a consumer's mind in comparison to its competitors is known as total product. consumer value. product position. self-concept.
product position.
Which application of consumer behavior serves to protect consumers? market analysis social marketing greenwashing regulatory policy
regulatory policy
A portion of a larger market with similar needs that are somewhat different from the larger market is known as a market mix. position. segment. outcome.
segment.
Consumer behavior can best be defined as the study of the processes individuals, groups, or organizations go through in order to navigate through the various promotional messages aimed at getting the consumers' attention. select, secure, use and dispose of products, services, experiences or ideas. minimize the amount of time needed to make a purchase decision. determine whether a product or service classifies as a consumer need or a consumer want.
select, secure, use and dispose of products, services, experiences or ideas.
A firm that offers auxiliary or peripheral activities that enhance the primary product is offering a _________________.
service
The application of marketing strategies and practices not for profit but rather to change or create behaviors that have a beneficial impact on targeted individuals or society as a whole is known as online marketing. social marketing. commercial marketing. product marketing.
social marketing.
Which market analysis component includes consideration of the state of the economy, the physical environment, government regulations, and technological developments? the company the consumers the conditions the competitors
the conditions
Which of the following is a major determinant of the state of a country's economy? the number of developing countries that neighbor the country the emphasis the country places on keeping its citizens well informed the degree to which the country encourages gender equality the cumulative impact of its citizens' consumption decisions
the cumulative impact of its citizens' consumption decisions
Customer value can be defined as obtaining a product or service at the lowest price possible, regardless of the benefits received. a marketing strategy that results in the purchase of a product by a consumer. the steps a consumer goes through in order to select a product or service. the difference between the benefits derived from a total product and the costs of acquiring those benefits.
the difference between the benefits derived from a total product and the costs of acquiring those benefits.
Need set
used to reflect the fact that most products in developed economies satisfy more than one need