MAR4802-Lesson 02: Company and Marketing Strategy - Partnering to Build Customer Engagement, Value, and Relationships

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Which of the following companies has a product-oriented business definition? Select one: a. A luxury hotel, whose business definition is: "We sell out-of-the-world experiences to our guests." b. A real estate company, whose business definition is: "We sell dreams." c. A cosmetic company, whose business definition is: "We offer hope and self-expression." d. A shoe manufacturer, whose business definition is: "We manufacture affordable and long-lasting shoes for all." e. A high-technology company, whose business definition is: "We sell inspirations."

"We manufacture affordable and long-lasting shoes for all."

A company can ________ an SBU by selling it or phasing it out and using the resources elsewhere. A) divest B) promote C) expand D) harvest E) hold

A company's broad mission leads it to develop all of the following EXCEPT ________. A) budget objectives B) business objectives C) sales objectives D) marketing objectives E) customer engagement objectives

According to the Boston Consulting Group approach, ________ serves as a measure of company strength in the market. A) relative market share B) product development C) market diversification D) product attribute E) market segmentation

By harvesting its SBU, a company would most likely be ________. A) milking the SBU's short-term cash flow regardless of the long-term effect B) selling the SBU or phasing it out and using the resources elsewhere C) investing just enough to hold the SBU's current market share D) investing more in the business unit to build its share E) diversifying the company's product line

Cleats, Unlimited developed a new style of soccer shoe. This is an example of ________. A) product development B) market development C) market penetration D) diversification E) product differentiation

Each company must divide up the total market, choose the best segments, and design strategies for profitably serving chosen segments. This process involves market segmentation, ________, differentiation, and positioning. A) market targeting B) marketing implementation C) supply-chain analysis D) price discrimination E) market diversification

Fun-Spot Fun Park represents a high-growth, high-share business. According to the BCG matrix, it can be classified as a ________. A) star B) question mark C) bear D) cat E) dog

Harris Brown, the marketing manager at a small retail chain, wants to assess his firm's strengths, opportunities, weaknesses, and threats. Which of the following would be best suited for his purpose? A) SWOT analysis B) cluster analysis C) portfolio analysis D) regression analysis E) Porter's five forces analysis

In the marketing mix, design, packaging, services, and variety can be categorized under ________. A) product B) price C) promotion D) place E) position

In the marketing mix, place includes ________. A) logistics B) discounts C) sales promotion D) advertising E) packaging

Mission statements should be ________. A) meaningful and specific yet motivating B) technology oriented C) written solely for public relations purposes D) focused on increasing sales or profits E) strictly product oriented

Ravenshaw Corp. assigns its sales and marketing people to specific countries, regions, and districts. Ravenshaw Corp. is most likely an example of a ________. A) geographic organization B) product organization C) functional organization D) niche marketer E) mass marketer

When an effective program can be designed for attracting and serving a particular segment, the segment is best described as ________. Select one: a. accessible b. measurable c. competitive d. actionable e. differentiable

actionable

________ can be a poor predictor of a person's health, work or family status, needs, or buying power. Select one: a. Occupation b. Education c. Ethnicity d. Religion e. Age

age

Plasticine Palace supplies its products exclusively to Arts & Crafts, a chain of stationery stores across the country. The chain then makes the plasticine available to end consumers. This is an example of ________.

an indirect marketing channel

Generally, the consumer's purchase decision will be to buy the most preferred brand, but two factors can come between the purchase intention and the purchase decision. Which of the following is one of these factors? Select one: a. economic risks b. attitudes of others c. cognitive dissonance d. alternative evaluation e. buyer's remorse

attitudes of others

Lovelies is the leading workout and fitness center for women. The regional chain of gyms has traditionally catered to women age 40 and older who are interested in strength and cardiovascular training. Lovelies has recently begun promotions to bring younger women into its gyms. This is an example of how the market leader ________.

develops new users

At which stage in the PLC do profits increase as promotion costs are spread over a large volume, and as the firm enters new market segments? Select one: a. maturity b. introduction c. decline d. growth e. harvest

growth

which of the following terms is used to describe the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers

marketing environment

the market researchers at honeycamp foods gather daily sales data and sort it by product line and region

marketing info system

the art and science of choosing target markets and building profitable relationships with them is called_____

marketing management

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

marketing myopia

an organic farmer has identified three distinct groups that might be interested in this products: vegetarians, health conscious individauls, and people identified as trendsetters who try out new products in the market before others. these three groups are examples of_____

marketing segments

Which of the following stages in the new product development would a firm engage in immediately after the completion of concept testing?

marketing strategy development

Benchmarking refers to the process that turns marketing plans into marketing actions to accomplish strategic marketing objectives

False

Company growth through diversification involves offering modified or new products to the company's current markets.

False

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs is known as market diversification

False

On the BCG matrix, "question marks" are high-growth, high-share businesses or products.

False

One valid criticism of the four Ps concept of the marketing mix is that services are not considered.

False

The major activity in strategic planning is product innovation

False

The marketing mix consists of people, property, planning and position.

False

Which of the following is most likely a disadvantage of focus group interviewing? Select one: a. Focus group interviewing does not connect secondary data with primary data. b. Focus group interviewing is less flexible compared to mail questionnaires. c. Consumers in focus groups are always open and honest about their real feelings, behaviors, and intentions in front of other people. d. Focus group interviewing involves small samples to keep time and costs down, which makes it hard to generalize from the results. e. The moderator in a focus group interview has poor control over the group of respondents.

Focus group interviewing involves small samples to keep time and costs down, which makes it hard to generalize from the results.

Governments develop public policy to ________. A) encourage deregulation B) identify demographic patterns C) identify cultural patterns D) guide commerce E) protect marketers

Greater consumer control means that companies can no longer rely on ________. A) promoting brand-consumer interaction B) marketing by intrusion C) creating market offerings and messages that involve consumers D) developing marketing concepts with an outside-in perspective E) marketing by attraction

Kellogg's begins to sell its cereals in new markets after conducting extensive marketing research. After the cereal begins to appear in these new markets, the company increases its promotion expenditure to counteract competitive responses. Kellogg's is in the ________ stage of the product life cycle.

Growth

Which of the following is true with regard to brand equity? Select one: a. Brand equity refers to how much consumers know about the brand. b. High brand equity provides a company with many competitive advantages. c. A brand has positive brand equity if consumers react less favorably to it than to an unbranded version. d. Positive brand equity derives from low brand esteem. e. The total financial value of a brand can be easily measured. Feedback

High brand equity provides a company with many competitive advantages.

Which of the following is true with regard to geographic organization? Select one: a. It is the most common form of marketing organization. b. Different marketing activities are headed by a functional specialist. c. It requires salespeople to have international experience. d. It reduces the overall efficiency of salespeople. e. It allows salespeople to work with a minimum of travel time and cost.

It allows salespeople to work with a minimum of travel time and cost.

Which of the following is an adverse effect of using promotional pricing?

It creates "deal-immune" customers if used often.

Which of the following is true with regard to a SWOT analysis? Select one: a. It classifies SBUs into four distinct categories. b. It measures customer response to a new product. c. It evaluates the company's overall strengths. d. It evaluates the growth potential of a market segment. e. It ignores the threats faced by a company while assessing its situation in the market

It evaluates the company's overall strengths.

Which of the following best describes divisibility of an innovation that influences the rate of adoption?

It is the degree to which the innovation may be tried on a limited basis.

Which of the following is NOT a step in the strategic planning process?

evaluating members of the company's value chain

Retailers such as Costco and Walmart charge a constant, daily low price with few or no temporary price discounts. This is an example of ________ pricing.

everyday low

Juanita Petino, a nutritionist, decided to test the effects of two breakfast cereals, Kinglo and Loopy, on different consumer groups. For the purpose of her study, she divided 20 volunteers into two groups and asked the members of one group to have Kinglo cereal and the members of the other group to have Loopy cereal for breakfast. She decided to compare the responses of the volunteers after a week to gain deeper insights into consumer attitude. In this instance, Juanita is using ________. Select one: a. niche marketing b. experimental research c. product differentiation d. ethnographic research e. viral marketing

experimental research

A company's mission statement provides the depth needed for all segments of the company to reach their goals.

false

An American airline company started a grocery chain in Australia. This is an example of product development.

false

Benchmarking refers to the process that turns marketing plans into marketing actions to accomplish strategic marketing objectives.

false

Company growth through diversification involves offering modified or new products to the company's current markets.

false

Market penetration involves offering modified or new products to current markets.

false

On the BCG matrix, "question marks" are high-growth, high-share businesses or products.

false

Since companies want to work together to attract customers, marketers do not need to practice partner relationship management.

false

The major activity in strategic planning is product innovation.

false

In the 1950s, Americans made a massive exit ________. Select one: a. from the South to the Northeast b. from the West to the Midwest c. to foreign countries d. from the cities to the suburbs e. from the coastal towns to the cities

from the cities to the suburbs

At Neiman Marcus, a first-class department store, customers shop for high-end products and they are assisted in every phase of the shopping process. Neiman Marcus is a ________.

full-service retailer

Pacific Fisheries divides its customers into different regional units, such as Asia, Australia, and the Americas. This is an example of ________ segmentation. Select one: a. demographic b. psychographic c. geographic d. occasion e. benefit

geographic

________ contributes to a product's usefulness as well as to its looks. Select one: a. Sensational style b. Good design c. Quality d. Consistency e. Packaging

good design

Independent bloggers are self-made influencers. Traits that make them relevant to marketers include ________. Select one: a. creative writing skills b. professional Web site c. good fit with the brand d. a few vocal followers e. technological skills

good fit with the brand

Apollo Couriers, a company providing international express mail services, has a proactive customer communications team. The primary job of this team is to identify situations that led to customer dissatisfaction, and then provide quick remedies to fix the problems. To a great extent, this has helped Apollo in winning customer loyalty. In this instance, Apollo has benefitted from ________. Select one: a. product differentiation b. good service recovery c. multibranding d. place marketing e. co-branding

good service recovery

according to maslows hierarchy of needs, which of the following is the least pressing need

self-actualization

What is the core customer value a customer might purchase when buying Urban Decay cosmetics? Select one: a. variety of collections b. unique packaging c. unusual colors d. sense of adventure e. long-lasting makeup

sense of adventure

Dove wanted to do more than just sell its beauty care products. The company was on a quest to discover "real beauty" and help women be happy just the way they are. As a result, the Dove Campaign for Real Beauty was successfully launched in 2004. Which of the following types of marketing did Dove use?

sense-of-mission marketing

Tristan and Juliet, a newly married couple who intend to go to Egypt for their honeymoon, bought a Europe travel package on Jizo Inc., an online travel site. As they have never seen Europe or used the services of Jizo before, they were largely dependent on other customers' feedback and signals for service quality. Which of the following characteristics of service is highlighted in this instance? Select one: a. service intangibility b. service inseparability c. service variability d. service perishability e. service distinction

service intangibility

Which of the following refers to the course that a product's sales and profits take over its lifetime? Select one: a. total product process b. service life c. product mix d. product life cycle e. marketing mix

service life

keith, a clothing store owner offers product suggestions to customers based on their current purchases. which of the following is keith trying to increase

share of customer

While collecting sensitive customer data, market researchers should adhere to all of the following guidelines EXCEPT ________. Select one: a. asking only for the information needed b. using information responsibly to provide value c. providing respondents with the research firm's contact information d. sharing information without the customer's authorization e. explaining to respondents how the information will be used

sharing information without the customer's authorization

In a ________, new products and marketing tactics are tested online in a virtual shopping environment. Select one: a. controlled test market b. simulated test market c. standard test market d. focus group e. survey

simulated test market

Advertising campaigns involving issues ranging from health care, education, and environmental sustainability to human rights and personal safety can be classified under ________ marketing. Select one: a. corporate image b. internal c. social d. place e. person

social

Under the ________ concept, each manager must look beyond what is legal and develop standards based on personal integrity, corporate conscience, and long-run consumer welfare.

societal marketing

GameStop sells only video games and systems, offering a narrow product line with a deep assortment within that line. GameStop is a(n) ________.

specialty store

Which of the following is an environmental factor that influences business buyers? Select one: a. organizational procedures b. individual motives c. organizational objectives d. supply of key materials e. group dynamics

supply of key materials

The first step in designing support services is to ________. Select one: a. add new services that will both delight customers and yield profits to the company b. closely observe the product and pricing strategies of consumers c. survey customers to assess the value of current services and obtain ideas for new ones d. prevent brand dilution e. encourage customers to try new products

survey customers to assess the value of current services and obtain ideas for new ones

McDonald's "Commitments to Offer Improved Nutrition Choices" strategy has added healthy food options to its menu, phased out traditional artery-clogging trans fats, launched a major multifaceted education campaign, and addressed environmental issues. This strategy best exemplifies the ________ concept.

sustainable marketing

________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Marketing research

Which of the following is NOT an example of product-oriented mission statements?Select one: a. "We are an online library." b. "We run theme parks." c. "We sell athletic shoes." d. "We sell memorable experiences." e. "We rent hotel rooms."

"We sell memorable experiences."

Although it might seem that the market leader has the most going for it, challengers often have what some strategists call a(n) ________. The challenger observes what has made the leader successful and improves upon it.

"second mover advantage"

*Marketing ROI Advanced*

(Net return of marketing - cost of marketing) / Cost of marketing Sale and profits are not the only way to measure a return

A ________ is a need that is sufficiently pressing to direct a person to seek satisfaction. A) stimulus B) perception C) culture D) motive E) tradition

Which of the following companies has a market-oriented business definition? * 0/1 An electronics company, whose business definition is: "We produce microchips." A hotel, whose business definition is: "We rent rooms." An apparel company, whose business definition is: "We make and sell women's clothing." A cosmetic company, whose business definition is: "We sell hope and self-esteem." A pizzeria, whose business definition is: "We sell the world's most delicious thin-crust pizzas."

A cosmetic company, whose business definition is: "We sell hope and self-esteem."

Market Segment

A group of customers who respond in a similar way to a given set of marketing efforts

Which of the following is true about behavioral segmentation on the basis of the loyalty variable? Select one: a. Consumers tend to pay more for products that are targeted at their respective age group or generation. b. 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. c. Highly loyal customers of a brand are less likely to engage in word-of-mouth publicity than those who are not. d. Completely loyal customers of a brand are typically loyal to two or three brands of a given product. e. Only consumers who seek premium or luxury services are subjected to behavioral segmentation based on 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.

______ involves designing and producing the container or wrapper for a product. A) Packaging B) Patenting C)Servicing D) Co-branding E) Labeling

Which of the following would be classified as an opportunity in a SWOT analysis of Fun-Spot? * 0/1 A rival amusement park announces plans to open three new rides next season. A new luxury hotel is being constructed in the area, with the aim of attracting more high-spending families on vacation. Ron and Gail have paid off the mortgage on Fun-Spot, significantly reducing their monthly expenses. Fun-Spot employees tend to be enthusiastic and young, projecting an image of fun and vitality. Fun-Spot plans to further diversify its offerings by beginning a two-week summer camp for elementary school students.

A new luxury hotel is being constructed in the area, with the aim of attracting more high-spending families on vacation.

Growth-Share Matrix

A portfolio-planning method that evaluates a company's SBU's in terms of market growth rate and relative market share

Product/Market Expansion Grid

A portfolio-planning tool for identifying company growth opportunities through marketing penetration, market development, product development, or diversification

Teenagers are expected to respond in a similar way to a set of marketing efforts. In other words, this group represents a ________. A) channel intermediary B) line extension C) market segment D) product attribute E) brand personality

________ are low-growth, high-share businesses/products that need less investment to hold their market share. * 1/1 Stars Cash cows Question marks Dogs Bears

Cash cows

A society's ________ are expressed in how people view themselves and others, organizations, society, nature, and the universe. A) social codes B) cultural values C) demographics D) public policies E) norms

Mission Statement

A statement of the organization's purpose - what it wants to accomplish in the larger environment

Which of the following is most likely true about a straight rebuy? Select one: a. Suppliers are not required to focus on quality of products or services delivered. b. A straight rebuy is far more complex than a new-task situation. c. A straight rebuy is handled on a routine basis by the purchase department. d. A straight rebuy occurs only when a buyer wants to pinpoint and procure the best deal in the market. e. A straight rebuy involves more opportunities for "out" buyers than do other types of purchasing situations.

A straight rebuy is handled on a routine basis by the purchase department.

A regional supermarket chain runs print, radio, and television advertisements announcing that 1 percent of its sales is donated to local after-school programs for underprivileged youth. This is an example of ________.

Cause-related marketing

Fifty percent of the market is in the hands of Company A, 30 percent is in the hands of Company B, 15 percent is in the hands of Company C, and the remaining 5 percent is in the hands of Company D. Based on these hypothetical numbers, Company B is the market ________.

Challenger

According to Freud, a person's buying decisions are primarily affected by ________. A) family influences B) societal expectations C) brand images D) cultural norms E) subconscious motives

Differentiation

Actually differentiating the market offering to create superior customer value

Any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor is called ________ and includes broadcast, mobile, print, and online forms.

Advertising

Alpha Motors offers "Green automobiles for a greener world." This refers to the ________ of Alpha automobiles. A) brand resonance B) position C) brand equity D) hedonic value E) added value

What is a strategic business unit (SBU)?

An SBU can be a company division, a product line within a division, or sometimes a single product or brand.

Positioning

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target customers

The ________ limits the number of commercials aired during children's programs. Select one: a. Children's Online Privacy Protection Act b. Child Protection Act c. Fair Packaging and Labeling Act d. Children's Television Act e. Consumer Product Safety Act

Child's Television Act

A mission statement is a document embodying an organization's short-term goals

False

Market of Development

Company growth by identifying and developing new market segments for current company products

Product Development

Company growth by offering modified or new products to current market segments

Diversification

Company growth through starting up or acquiring businesses outside the company's current products and markets

Which of the following microenvironment actors has had the most influence on the Landing?

Competitors

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

Greg Williams now has the buying power to purchase the desktop computer that he has wanted for the last six months. Greg's want now has become a(n) ________.

Demand

The marketing team of 7 Star Inc., a company manufacturing smartphones, is currently studying the size, density, location, age, and occupation of its target market. Which of the following environments is being studied in this scenario?

Demographic environment

An MIS user should most likely be able to ________.

Develop customer insights

Effective positioning begins with ________.

Differentiation

Amazon.com and GEICO approach customers via Web sites or mobile apps. This is an example of ________ marketing.

Direct

Elmo Corp., a manufacturer of personal computers and printers, recently established an office furniture exporting business. This is an example of _________.

Diversification

Marketing Segmentation

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

An American airline company started a grocery chain in Australia. This is an example of product development

False

Which of the following is NOT one of the major variables used in segmenting consumer markets?

Ethical

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

Ocean Spray sells its air fresheners only through Ray's Drugs. This is an example of ________ distribution.

Exclusive

Experimental research

Flurrbies, a brand of unique winter accessories that quickly fell in and out of favor with customers, is an example of a ________.

Fad

"At Trader Joe's, our mission is to provide all our customers the best food and beverage values to be found anywhere, and the information to make informed buying decisions." This is a product-oriented business definition.

False

A company's mission should be stated as making more sales or profits

False

A market segment consists of consumers who respond in different ways to a given set of marketing efforts

False

Which of the following questions is most important for product designers to consider while developing a product? Select one: a. Which specific features of the product do customers like most? b. How does the product appear to buyers? c. What are the product's technical specifications? d. How would customers use and benefit from the product? e. How can the product be packaged to stimulate instant purchase? Feedback

How would customers use and benefit from the product?

In the context of a company's marketing mix, ________ includes company activities that make the product available to target consumers. A) position B) place C) price D) promotion E) branding

if demand hardly changes with a small change in price, the demand is ________.

Inelastic

Whitelight sells its toothpastes in many convenience stores across the country. This is an example of ________ distribution.

Intensive

Which of the following is an advantage of using an internal database? Select one: a. Data always remains current in internal databases. b. Highly sophisticated equipment and techniques are not required for maintaining internal databases. c. Internal databases can be accessed more quickly and cheaply than other information sources. d. Internal databases require less maintenance efforts. e. Information obtained from internal databases is almost always sufficient for making marketing decisions.

Internal databases can be accessed more quickly and cheaply than other information sources.

Which of the following stages of the PLC is characterized with high promotional expenditures that result from an effort to create consumer awareness?

Introduction

Which of the following is a true statement about the benefits of RFID technology? Select one: a. It allows firms to track products and customers at various points in the distribution channel. b. The chips are used to track shipments but not individual items. c. The chips do not risk invading people's privacy. d. Sharing of data decreases the buying experience for consumers. e. The technology will be available for the foreseeable future, allowing companies to fully invest in its capabilities.

It allows firms to track products and customers at various points in the distribution channel.

_______ are staged occurrences that communicate promotional messages to target. A) Focus Groups B) Encoders C)Atmospheres D)Events E)Decoders

All of the following organizations are likely part of the institutional market EXCEPT ________. Select one: a. LaGrange Community Hospital b. Worthampshire Prison c. Lancaster Real Estate Company d. Water Street Nursing Home e. Millersville Community College

Lancaster Real Estate Company

Which of the following is a drawback of local marketing? Select one: a. Local marketing increases manufacturing costs by reducing the economies of scale. b. Local marketing requires specialization that is difficult to identify. c. Local marketing is not profitable for most small firms. d. Local marketing cannot accommodate the needs of modern buyers who are technology savvy. e. Local marketing almost always results in brand dilution.

Local marketing increases manufacturing costs by reducing the economies of scale.

Many marketers use the self-concept premise that people's possessions contribute to and reflect their identities—that is, "we are what we consume." According to this premise, consumers ________. A) buy products to support their self-images B) rarely identify with brand personalities C) are affected by opinion leaders D) compare product brands E) conduct primary research

Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. This exemplifies _________.

Market penetration

Which of the following is true with regard to marketing research? Select one: a. The marketing research process depends primarily on sophisticated internal databases. b. The marketing research process requires assessing macroeconomic forces. c. Marketing research gives marketers insights into customer motivations. d. Marketing research eliminates the need for a SWOT analysis. e. Marketing research is a simple two-step process.

Marketing research gives marketers insights into customer motivations.

Marketing Control

Measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved

________ creates a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping.

Omni-channel retailing

The marketing concept takes a(n) ________. It starts with a well-defined market, focuses on customer needs, and integrates all the marketing activities that affect customers.

Outside-in perspective

SWOT

Overall eval of the company's strengths, weaknesses, opportunities, and threats

In return for participating in Honda advertising and sales support programs, Honda dealerships are rewarded with payments or price reductions, which are known as ________.

Promotional allowances

________ are low-share business units in high-growth markets that require a lot of cash to hold their share. Select one: a. Stars b. Dogs c. Question marks d. Cash cows e. Bears

Question marks

You receive a report that 68 percent of your target market has been exposed to your ad campaign during a given period of time. Which of the following aspects of media selection is represented by this information?

Reach

Which of the following is a challenge of marketing through online social networks?

Results are hard to measure.

Sally recently purchased Brand X lotion. In comparing her perception of how the lotion made her skin feel and look to her expectations about Brand X lotion, Sally was measuring her level of ________. A) share of customer B) customer satisfaction C) customer equity D) customer-perceived value E) customer lifetime value

Secondary data consist of ________. A) information collected for the specific purpose at hand B) data that does not age C) information that already exists somewhere, having been collected for another purpose D) information collected from conducting personal, in-depth interviews E) data that is unreliable and unsuitable for the purpose of making marketing decisions

Craftsman Furniture Company offers its bedroom and living room furniture through independent and smaller chain furniture stores, not through every store that sells furniture. It uses ________ distribution.

Selective

The ________ prohibits monopolies and activities (price-fixing, predatory pricing) that restrain trade or competition in interstate commerce. Select one: a. Sherman Antitrust Act b. Lanham Trademark Act c. Fair Packaging and Labeling Act d. CAN-SPAM Act e. Magnuson-Moss Warranty Act

Sherman Antitrust Act

Which term refers to looking at merchandise at a traditional store and then purchasing the merchandise online?

Showrooming

Which type of product does Delgado manufacture?

Specialty

The buyer decision process consists of five stages. Which of the following is NOT one of these stages? A) need recognition B) information search C) conspicuous consumption D) purchase decision E) postpurchase behavior

Business Porfolio

The collection of businesses and products that make up the company

Which of the following is a disadvantage of using a differentiated marketing strategy?

The costs of doing business increase.

Which of the following is the macroenvironmental force that has had the greatest effect on the Landing?

The demographic environment

Which of the following is most likely an advantage of survey research?

The flexibility of survey research is high; it can be used to obtain many different kinds of information in many different situations.

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 true with regard to strategic planning? * 0/1 At the corporate level, the company starts the strategic planning process by determining what portfolio of businesses and products is best for the company. A strategic plan deals with a company's short-term goals. The focus of strategic planning is to define a game plan for long-run survival and growth. The strategic plan is a statement of an organization's purpose. Strategic planning involves identifying segments of consumers with identical preferences.

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

Marketing Strategy

The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships

Which of the following is the macroenvironmental force that benefitted The Landing the most?

The natural environment

Marketing Return on Investment (ROI)

The net return from a marketing investment divided by the costs of the marketing investment (Gain from investment - cost of investment) / Cost of investment

Value Delivery Network

The network made up of the company, its suppliers, its distributors, and ultimately, its customer who partner with each other to improve the performance of the entire system

Porfolio Analysis

The process by which management evaluates the products and businesses that make up the company

Strategic Planning

The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities

Market Targeting

The process of evaluating each market segment's attractiveness and selecting one or more segments to enter

Value Chain

The series of internal departments that cary out value-creating activities to design, product, market, deliver, and support a firm's products

Marketing Mix

The set of tactical marketing tools - product, price, place, and promotion - that the firm blends to product the response it wants in the target market

The societal marketing concept seeks to establish a balance between ________. A) customer lifetime value and customer equity B) an inside-out perspective and an outside-in perspective C) consumer short-run wants and consumer long-run welfare D) marketing mixes and market offerings E) customer-driven marketing and customer-driving marketing

Which of the following is true of the baby boomers? Select one: a. They tend to see themselves as far older than they actually are. b. They represent a rapidly shrinking market for new housing and home remodeling. c. They are long past their peak earning and spending years. d. They control an estimated 70 percent of the United States' disposable income. e. They have utter fluency and comfort with digital technology.

They control an estimated 70 percent of the United States' disposable income.

________ means that consumers are likely to remember good points made about a brand they favor and forget good points made about competing brands. A) Selective attention B) Selective retention C) Cognitive dissonance D) Selective distortion E) Cognitive bias

"At Joe's Diner, we serve great burgers" is a product-oriented business definition.

True

A clear mission statement acts as an "invisible hand" that guides people in the organization.

True

A product's position is the place it occupies relative to competitors' products in consumers' minds.

True

Each company department can be though of as a link in the company's internal value chain

True

Market development involves company growth by identifying and developing new market segments for current company products.

True

Mission statements should be market oriented and defined in terms of satisfying basic customer needs.

True

Operating control involves checking ongoing performance against the annual plan and taking corrective action when necessary.

True

Product means the goods-and-services combination the company offers to the target market

True

Return on marketing investment refers to the net return from a marketing investment divided by the costs of the marketing investment

True

The four Cs concept adopts the buyer's view of the market.

True

The four marketing management functions are analysis, planning, implementation, and control

True

The major activity in strategic planning in business portfolio analysis, whereby management evaluates the products and businesses that make up the company

True

The purpose of strategic planning is to find ways in which your company can best use its strengths to take advantage of attractive opportunities in the environment

True

Which of the following statements is true of the idea generation stage in the new product development process?

Truly innovative companies develop extensive innovation networks that capture ideas and inspiration from every possible source.

Marketing Implementation

Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives

Which of the following questions is an example of a closed-end question?

Would you like to try our new ice cream flavor?

Which of the following statements is true of the new product development process? Select one: a. The purpose of the idea screening stage is to create a large number of ideas. b. Under the business analysis stage, if the new product satisfies the company's objectives, the product then moves to the product development stage. c. A product concept is the way consumers perceive an actual or potential product. d. The concept testing stage is the stage at which the product and its proposed marketing program are introduced into realistic market settings. e. Commercialization is the process of inviting broad communities of people such as customers, employees, and scientists into the new product innovation process.

Under the business analysis stage, if the new product satisfies the company's objectives, the product then moves to the product development stage.

________ refers to a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer.

Undifferentiated marketing

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

A marketer wanting to determine business buyer behavior is most likely to ask which of the following questions? Select one: a. Are buyers sensitive toward price changes in consumer markets? b. What are the major influences on buyers? c. Are niche markets more profitable than mass markets? d. How do interpersonal factors affect organizational performance? e. Is the role of gatekeepers relevant in the international business environment?

What are the major influences on buyers?

Which of the following is most likely influenced by marketers? A) population shifts B) core cultural values C) income distribution D) ethnic diversity E) media

Which of the following is most likely true with regard to people's views of organizations in contemporary America? A) In the American workplace, there has been an overall increase in organizational loyalty. B) Most Americans are confident in their employers and are unlikely to switch jobs as frequently as in the past. C) The past two decades have seen a sharp decrease in confidence in and loyalty toward America's business organizations. D) Most U.S. workers view work as a source of personal satisfaction and organizational pride. E) In the last decade, corporate scandals and layoffs had little impact on people's confidence in U.S. firms.

Which of the following is true with regard to a market segment? A) A market segment consists of consumers with dissimilar needs and preferences. B) A market segment consists of consumers who respond in a similar way to a given set of marketing efforts. C) Very few markets have segments. D) Dividing the market into segments decreases the efficiency of the selling process. E) Dividing the market into segments reduces composite demand.

Which of the following is true with regard to marketing research? A) The marketing research process depends primarily on sophisticated internal databases. B) The marketing research process requires assessing macroeconomic forces. C) Marketing research gives marketers insights into customer motivations. D) Marketing research eliminates the need for a SWOT analysis. E) Marketing research is a simple two-step process.

Which of the following refers to a marketing intelligence technique? A) interviewing customers randomly B) increasing the annual budget for R&D C) investing heavily on primary research D) implementing product diversification E) benchmarking competitors' products

Which of the following refers to a set of benefits that a company promises to deliver to customers to satisfy their needs? A) customer lock-in B) a cartel C) marketing mix D) value proposition E) market segmentation

RedFin manufactures diving equipment that is highly regarded by customers worldwide. Each department in RedFin contributes to its success and can be thought of as a(n) ________. A) link in the company's internal value chain B) separate organization C) independent subsidiary of the company D) separate market segment E) SBU

Ron and Gail plan to lower Fun-Spot's prices in an effort to encourage customers to stay longer, visit more often, and spend more money during each visit. What type of strategy are Ron and Gail planning? A) market penetration B) market development C) product development D) product adaptation E) diversification

The managers of Alfredo's Pizza, a popular pizzeria in New York City, have been increasingly encouraging senior citizens to visit the pizzeria's numerous outlets spread across the city. Anticipating a rise in the population of senior citizens in the area, the management of Alfredo's Pizza is seeking to tap into this promising segment that consists of retired, affluent consumers. In this instance, the managers of Alfredo's Pizza are anticipating company growth through ________. A) market development B) product development C) mass customization D) niche marketing E) product differentiation

Which of the following is a major advantage of the market organization? A) The company is organized around the needs of specific customer segments. B) The company exploits bleeding-edge technologies to keep ahead in the market. C) The company has a flat organizational structure. D) The company allows its salespeople to settle into a specific territory. E) The company caters to a single, small market segment.

Which of the following is an element of the marketing mix? A) place B) education C) needs D) wants E) esteem

________ provides a complete analysis of the company's situation. A) A SWOT analysis B) A marketing audit C) Regression analysis D) Return on marketing investment E) Marketing budget evaluation

________ refers to measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved. A) Marketing control B) Marketing implementation C) Satisficing D) Prospecting E) Benchmarking

which of the following companies has a market- oriented business- definition?

a cosmetic company, whose business definition is: we sell hope and self- esteem

In conducting ________, the company first identifies the major attributes that customers value and the importance customers place on these attributes. Next, it assesses its performance against competitors on those valued attributes.

a customer value analysis

Relative advantage, compatibility, complexity, divisibility, and communicability are all characteristics of ________. Select one: a. alternative evaluations b. the degree of buyer involvement c. a product's rate of adoption d. unexpected situational factors e. postpurchase behaviors

a product's rate of adoption

The manufacturer of Crest toothpaste provides free samples of its toothpaste to dentists and encourages them to distribute these samples to their patients and to inform the patients about advantages of using Crest. The manufacturer of Crest toothpaste is using ________.

a push strategy

Which of the following is the first stage in the new product adoption process? Select one: a. awareness b. adoption c. evaluation d. interest e. trial

awareness

A ________ documents an organization's purpose—what it wants to accomplish in the larger environment. A) vision statement B) mission statement C) business portfolio D) value proposition E) product strategy

Alpha Motors offers "Green automobiles for a greener world." This refers to the ________ of Alpha automobiles. A) brand resonance B) position C) brand equity D) pleasure value E) added value

During portfolio analysis, a company ________ after identifying the key businesses that make up the company. A) formulates a short-term marketing plan B) assesses the attractiveness of its various SBUs C) assesses its strengths and weaknesses D) performs a SWOT analysis E) assesses the effectiveness of its various channel intermediaries

FencePro, a local company, has developed an entirely new mounting system for chain link fences. After acquiring a distributor, FencePro now has the ability to market its products nationwide. FencePro is most likely following a ________ strategy. A) market penetration B) market development C) downsizing D) product adaptation E) product development

In the context of a company's marketing mix, ________ includes company activities that make the product available to target consumers. A) position B) place C) price D) promotion E) branding

Lark Inc., an American electronics company, is currently reviewing new geographical markets to sell its highly popular televisions. By 2020, it plans to open new stores across all the major South Asian cities. Lark is most likely following a ________ strategy. A) local marketing B) market development C) diversification D) product adaptation E) product development

Making more sales to current customers without changing a firm's products is known as ________. A) market segmentation B) market penetration C) product diversification D) product development E) prospecting

Market segmentation can be best described as the process of ________. A) assigning specific human attributes to a given brand B) dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate marketing programs C) evaluating each market segment's attractiveness and selecting one or more segments to enter D) turning marketing plans into marketing actions to accomplish strategic marketing objectives E) maintaining a strategic fit between organizational goals and changing marketing opportunities

Marketing ________ addresses the what and why of marketing activities, while marketing ________ addresses the who, where, when, and how. A) analysis; planning B) planning; implementation C) implementation; planning D) organization; implementation E) control; planning

Marketing plays a key role in the company's strategic planning in all of these ways EXCEPT ________. A) providing input to identify attractive market opportunities B) designing new products from scratch C) creating customer value and building profitable relationships with customer groups D) designing strategies for reaching a unit's objective E) providing a guiding philosophy

Mission statements should be defined in terms of ________. A) the advantages a company's products provide B) satisfying basic customer needs C) the value a company's products provide D) the profitability of a company's products E) the variety they offer to a customer

Modern strategic planning ________. A) exclusively consists of a company's short-term goals B) is decentralized C) does not involve cross-functional teams D) does not take the overall mission of the company into consideration E) is highly centralized

Paul Robinson has identified a group of potential customers who seem to respond in a similar way to a series of magazine and radio advertisements for his company's product. Paul has identified a ________. A) target market B) market segment C) niche market D) product attribute E) product design

Rob has been asked by his manager to identify a group of potential customers who would respond in a similar way to a given set of marketing efforts. In this instance, Rob has been asked to identify a ________. A) new product B) market segment C) marketing intermediary D) brand E) product line

The BCG matrix approach is problematic in that it ________. A) focuses on planning for the future at the cost of ignoring the present B) focuses solely on current businesses and provides little scope for future planning C) tends to undermine the importance of market growth rate as a measure of market attractiveness D) tends to undermine the importance of relative market share as a measure of company strength in the market E) fails to classify SBUs

The best business portfolio is the one that ________. A) provides the greatest opportunity for increasing profits B) best fits the company's strengths and weaknesses to opportunities in the environment C) ensures that the company will realize increased share of market D) allows the company to decrease its overall costs E) entices customers to purchase even more products from the company

The purpose of ________ is to ensure that the company achieves the sales, profits, and other goals set out in its annual marketing plan. A) benchmarking B) operating control C) strategic control D) SWOT analysis E) a marketing audit

Which of the following is NOT a market-oriented business definition? A) "We empower customers to realize their dreams." B) "We make high-quality consumer food products." C) "We sell success and status." D) "We create the Hilton experience." E) "We bring innovation to every home."

Which of the following is NOT an element of the marketing mix? A) place B) purchase C) product D) price E) promotion

companies that take a proactive stance toward the marketing environment are most likely to____

develop strategies to change the environment in their favor

Which of the following is the first step of business portfolio planning? A) shaping the future portfolio by developing strategies for growth and downsizing B) determining which businesses should receive more, less, or no investment C) identifying internal strengths and weaknesses D) identifying future opportunities E) determining short-term goals

Which of the following is true with regard to cash cows? A) They are high-growth, high-share businesses or products. B) They can be used to help finance the company's question marks and stars. C) They require significant cash to maintain market share. D) They are low-share businesses and products. E) They do not promise to be large sources of cash.

Which of the following is true with regard to the product/expansion grid? A) It classifies SBUs into four distinct categories. B) It is a useful device for identifying growth opportunities. C) It helps companies analyze their internal strengths and weaknesses. D) It functions on the premise that firms should downsize to regain market share. E) It is a useful device for segregating customers into distinct categories.

Which of the following refers to the process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors? A) market diversification B) market segmentation C) downsizing D) customer relationship management E) prospecting

Which of the following would be classified as an opportunity in a SWOT analysis of Fun- Spot? A) A rival amusement park announces plans to open three new rides next season. B) A new luxury hotel is being constructed in the area, with the aim of attracting more high- spending families on vacation. C) Ron and Gail have paid off the mortgage on Fun-Spot, significantly reducing their monthly expenses. D) Fun-Spot employees tend to be enthusiastic and young, projecting an image of fun and vitality. E) Fun-Spot plans to further diversify its offerings by beginning a two-week summer camp for elementary school students.

________ are low-growth, high-share businesses/products that need less investment to hold their market share. A) Stars B) Cash cows C) Question marks D) Dogs E) Bears

________ refers to activities that communicate the merits of the product and persuade target customers to buy it. A) Position B) Promotion C) Pricing D) Segmentation E) Prospecting

A style is best defined as a ________. Select one: a. currently popular trend in retail goods b. popular consumer taste at a given time c. temporary period of unusually high sales d. short-term component of the marketing mix e. basic and distinctive mode of expression

basic and distinctive mode of expression

________ segmentation divides buyers into segments based on their knowledge, attitudes, uses, or responses concerning a product. Select one: a. Behavioral b. Psychographic c. Age and life cycle d. Gender e. Geographic

behavioral

While creating research questionnaires, researchers must particularly AVOID the use of ________. Select one: a. biased phrasing b. simple language c. closed-end questions d. logical question arrangement e. open-ended questions

biased researching

Rather than competing head to head with established competitors, many companies seek out unoccupied positions in uncontested market spaces. They try to create products and services for which there are no direct competitors. This is called a ________.

blue ocean strategy

An increasing number of American workers currently work from their homes or remote offices and conduct their business by phone or the Internet. This trend has created a ________. Select one: a. booming real estate market in the big cities b. booming SOHO market c. decline in the demand for convenience foods d. decline in the demand for financial services e. steady increase in global enterprises

booming SOHO market

which of the following terms refers to a specific mix of human traits that may be attributed to a particular brand

brand personality

Which of the following is one of the four consumer perception dimensions used by ad agency Young & Rubicam to measure brand strength? Select one: a. brand conformance b. brand consistency c. brand convenience d. brand extension e. brand relevance

brand relevance

Which of the following involves costs that most likely occur during the commercialization stage of new product development? Select one: a. building or renting a manufacturing facility b. paying target customers for product feedback c. determining the product's planned distribution d. developing a prototype of the product e. identifying target markets

building or renting a manufacturing facility

the major activity in a strategic planning is ____ whereby management evaluates the products and businesses that make up the company

business portfolio analysis

________ may help shape product specifications, but their major role is to select vendors and to negotiate. Select one: a. Gatekeepers b. Deciders c. Buyers d. Influencers e. Users

buyers

according to the model of buyer behavior, the buyers characteristics and ____ are the two primary parts of a "buyers black box"

buyers decision process

When faced with a competitor who has cut its product's price, which of the following is the most cost-effective way for a company to maintain its own price but raise the perceived value of its offer?

by altering the company's marketing communications

Amor, a successful brand of women's clothing, recently introduced a line of fitness equipment. This is an example of ________. A) mass customization B) niche marketing C) diversification D) prospecting E) product adaptation

Arrow is "a different kind of company, manufacturing a different kind of a car"; the RoadPro is "like nothing else." Statements such as these reflect a firm's ________. A) portfolio B) marketing segment C) positioning D) marketing mix E) mission statement

Companies may want to downsize their business portfolios for all but which of the following reasons? A) The firm may have grown too fast. B) The firm may have entered areas where it lacks experience. C) The customers may have purchased all they need. D) The market environment might change. E) The products might simply age.

Customers can be grouped and served in various ways based on several factors. These include all of the following EXCEPT ________ factors. A) psychographic B) behavioral C) technological D) demographic E) geographic

Effective positioning begins with ________. A) pricing B) diversification C) differentiation D) promotion E) segmentation

Elmo Corp., a manufacturer of personal computers and printers, recently established an office furniture exporting business. This is an example of ________. A) niche marketing B) local marketing C) diversification D) product adaptation E) downsizing

Emerson Studios has designed its marketing organization along the lines of a ________ organization in which operational specialists head different marketing activities. A) geographic B) product C) functional D) customer E) market

Fun-Spot's mission is ________. A) product oriented B) technology oriented C) market oriented D) design oriented E) narrowly focused on profits

More and more, companies are shifting their brand management focus from brand profitability toward ________. A) technology management B) product management C) customer management D) functional management E) geographic management

Most standard portfolio analysis methods evaluate SBUs on the ________. A) potential for niche or global marketing B) degree of product differentiation C) strength of the market or industry position D) accessibility to rural markets E) number of successful business acquisitions

Ron and Gail, owners of Fun-Spot, strive to provide new offerings and entertainment options for their visitors. This type of strategy can be best described as ________. A) market penetration B) market development C) product development D) niche marketing E) diversification

The main section of the marketing plan most likely presents a detailed ________ analysis of the current marketing situation. A) breakeven B) SBU C) SWOT D) regression E) cluster

The major activity in strategic planning is ________, whereby management evaluates the products and businesses that make up the company. A) SWOT analysis B) benchmarking C) business portfolio analysis D) breakeven analysis E) prospecting

The most common form of marketing organization is the ________ organization. Under this organization, an operational specialist heads different marketing activities. A) geographic B) product management C) functional D) customer management E) market

The process of evaluating each market segment's attractiveness and selecting one or more segments to enter is known as ________. A) market segmentation B) diversification C) market targeting D) prospecting E) downsizing

Which of the following Ps in the marketing mix describes the goods-and-services combination the company offers to the target market? A) price B) promotion C) product D) place E) package

Which of the following best describes a strategic business unit? A) the internal value chain of a company B) the supply chain of a company C) the key businesses that make up a company D) the key channel intermediaries of a service company E) the key competitors of a company

Which of the following functions is NOT part of managing the marketing process? A) planning B) control C) budgeting D) implementation E) organization

Which of the following is NOT part of a company's decision about which customers it will serve and how? A) differentiation B) targeting C) budgeting D) segmentation E) positioning

Which of the following is a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification? A) BCG matrix B) analysis of variance C) product/market expansion grid D) Harris matrix E) SWOT analysis

Which of the following is the first step in strategic planning? A) setting short-term goals B) developing the business portfolio C) defining the organizational mission D) formulating the key marketing strategies E) identifying the organization's weaknesses and the threats it faces

Which of the following is true with regard to a SWOT analysis? A) It classifies SBUs into four distinct categories. B) It measures customer response to a new product. C) It evaluates the company's overall strengths. D) It evaluates the growth potential of a market segment. E) It ignores the threats faced by a company while assessing its situation in the market.

Jason Perkins has the informal power to approve the final suppliers in his organization. In other words, Jason plays the role of a(n) ________ in his organization's buying center. Select one: a. gatekeeper b. decider c. buyer d. influencer e. user

decider

Which of the following is true with regard to strategic planning? A) At the corporate level, the company starts the strategic planning process by determining what portfolio of businesses and products is best for the company. B) A strategic plan deals with a company's short-term goals. C) The focus of strategic planning is to define a game plan for long-run survival and growth. D) The strategic plan is a statement of an organization's purpose. E) Strategic planning involves identifying segments of consumers with identical preferences.

________ are a type of SBU that often require heavy investments to finance their rapid growth. A) Cash cows B) Question marks C) Stars D) Dogs E) Bears

________ are low-share business units in high-growth markets that require a lot of cash to hold their share. A) Stars B) Dogs C) Question marks D) Cash cows E) Bears

________ involves looking at whether a company's key action plans are well-matched to its opportunities. A) Operating control B) Benchmarking C) Strategic control D) Regression analysis E) Portfolio analysis

Companies know they cannot appeal to all buyers in the marketplace, or at least not in the same way. Reasons for this include all of the following EXCEPT ________. Select one: a. buyers are too numerous b. companies vary widely in their abilities to serve different market segments c. buyers are varied in their needs and buying practices d. companies need more information to offer the right products to the right customers e. buyers are widely scattered

companies need more information to offer the right products to the right customers

When Verizon Wireless began offering the iPhone, it used its "Can you hear me now?" slogan to attack AT&T's rumored spotty service. This example best illustrates ________.

comparative advertising

In the context of product characteristics that influence the rate of adoption, ________ refers to the degree to which the innovation fits the values and experiences of potential consumers. Select one: a. communicability b. relative advantage c. compatibility d. complexity e. divisibility

compatibility

in the context of product characteristics that influence the rate of adoption______ refers to the degree to which the innovation fits the values and experiences of potential consumers

compatibility

the marketing department of a reputed firm wants to improve strategic decision making, track the actions of other players in the market, and provide early warning of opportunities and threats. which of the following would help the firm achieve its objective

competitive marketing intelligence

Five characteristics are important in influencing an innovation's rate of adoption. Which of the following is NOT one of those characteristics?

consumability

Sparks Inc. has a growing ________ market in the United States consisting of individuals and households that buy Sparks' products for personal use. Select one: a. consumer b. government c. business d. international e. financial

consumer

A firm dumping chemical wastes in the local lake is ________. Select one: a. actively resisting social change b. contributing to organizational anarchy c. engaging in a "do well by doing good" mission d. adopting a proactive stance toward the marketing environment e. contributing to increased pollution

contributing to increased pollution

In a(n) ________, new products and marketing tactics are tested among specifically identified groups of customers and stores. Select one: a. controlled test market b. simulated test market c. standard test market d. systematic sample e. accidental sample

controlled test market

An easier, more comfortable, more stylish transfer of thought onto paper refers to the ________ of Ruben's offerings.

core customer value

Government buyers are affected by all of the following factors EXCEPT ________ factors. Select one: a. environmental b. cultural c. organizational d. interpersonal e. individual

cultural

Karl Harris, a marketing critic, is concerned about the pervasiveness of marketing. He points out that advertising messages are everywhere, from Web sites and e-mails to unwanted direct mail and catalogs to television commercials and product tie-ins to billboards and store signage. Karl is concerned about ________.

cultural pollution

Brad works with a reputable retailer and leads a team that collects market information from a wide variety of sources ranging from marketing research studies to monitoring online conversations where consumers discuss Brad's firm or its products. Brad's team uses this information to arrive at a better understanding of consumers' behavior and their buying motives. This, in turn, allows Brad's firm to successfully generate more value for consumers. Brad leads the ________ team. Select one: a. product development b. strategy implementation c. human resource d. customer relationship management e. customer insights Feedback

customer insights

More and more, companies are shifting their brand management focus from brand profitability toward ________. Select one: a. technology management b. product management c. customer management d. functional management e. geographic management

customer management

What sets the ceiling for product prices?

customer perceptions of the product's value

A company's broad mission leads to ________. A) increasing profits and more customers B) increasing sales and decreasing costs C) a higher share price D) a hierarchy of objectives, including business objective and marketing objectives E) increased market share and increasing profitability

A marketing plan begins with a(n) ________, which presents a brief summary of the main goals and recommendations of the plan for management review. A) budget B) opportunity analysis C) threat analysis D) executive summary E) action program

A women's apparel manufacturer in California recently acquired a Houston-based company that manufactures office furniture. This is an example of ________. A) product development B) market development C) market penetration D) diversification E) product differentiation

According to the Boston Consulting Group approach, ________ provides a measure of market attractiveness. A) product attribute B) product design C) market penetration D) market growth rate E) market segmentation

All of the following steps pertain to the marketing control process EXCEPT ________. A) setting goals B) measuring performance C) taking corrective action D) defining the company's mission E) evaluating the causes of gaps between expected and actual performance

Berman Electronics, a chain of appliance stores in North America, caters to a wide range of customers. It has a marketing organization in which different operational specialists head different marketing activities. Berman Electronics is a(n) ________. A) customer management organization B) niche marketer C) early adopter D) functional organization E) laggard

Companies that define their missions in terms of products or technologies are considered myopic primarily because ________. A) products and technologies result in low returns on investment B) consumer preferences with regard to products and technology are difficult to predict C) consumer preferences for different product categories vary from time to time D) products and technologies eventually become outdated E) most consumers are not comfortable using sophisticated technology during the buying process

Crocus, a gift store, specializes in serving customer segments that major competitors overlook and ignore. Which of the following best describes Crocus? A) market follower B) market challenger C) early adopter D) market nicher E) laggard

Each department in a company that carries out value-creating activities can be thought of as a link in the company's ________. A) channel of intermediaries B) external value stream C) demand chain D) internal value chain E) supplier chain

In a SWOT analysis, ________ include favorable trends in the external environment. A) strengths B) challenges C) weaknesses D) opportunities E) threats

Many managers think that "doing things right," or ________, is as important as, or even more important than, "doing the right things." A) strategy B) planning C) positioning D) implementation E) targeting

Marketing control involves four steps including all the following EXCEPT ________. A) setting specific marketing goals B) measuring the marketing plan's performance in the marketplace C) evaluating the causes of any differences between expected and actual performance D) increasing the staffing in the planning department E) taking corrective action to close the gaps between goals and performance

Mission statements should ________ and be defined in terms of ________. A) be technology oriented; meeting the self-actualization needs of customers B) be product oriented; satisfying the esteem needs of customers C) embody the company's short-term plans; current opportunities D) be market oriented; satisfying basic customer needs E) address sales and profits; the net return on investments

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 ________. A) weakness B) strength C) threat D) opportunity E) challenge

Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. This exemplifies ________. A) product differentiation B) product development C) diversification D) market penetration E) market segmentation

Sunny Brews is a coffeehouse chain based in Boston. It recently introduced Eva, a mild roast, which became immensely popular. This exemplifies ________. A) benchmarking B) diversification C) mass customization D) product development E) downsizing

The collection of businesses and products that make up a company is called its ________. A) strategic business unit B) supply chain C) strategic plan D) business portfolio E) internal value chain

The managers of Arrow, an American retail chain, are currently reviewing new demographic markets to sell the firm's current products. This is an example of ________. A) market penetration B) product development C) mass marketing D) market development E) product adaptation

The marketing logic by which a company hopes to create customer value and achieve profitable customer relationships is referred to as the ________. A) price B) marketing implementation C) value chain D) marketing strategy E) downsizing

The network made up of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system is known as the ________. A) business portfolio B) supply chain C) marketing mix D) value delivery network E) internal value chain

Which of the following is NOT something a company must determine when analyzing its current business portfolio? A) which businesses should receive more investment B) which businesses should receive less investment C) which businesses should receive no investment D) which businesses should be sold or closed E) which businesses shape the future portfolio

Within a company, who is most likely to perform strategic planning? A) the president and vice presidents B) the accounting and finance departments C) the marketing and sales departments D) cross-functional teams of divisional managers close to their markets E) the manufacturing and production departments

________ analysis is an overall evaluation of the company's strengths, weaknesses, opportunities, and threats. A) Porter's five forces B) A breakeven C) A regression D) A SWOT E) A cluster

________ measures the profits generated by investments in marketing activities. A) A SWOT analysis B) A marketing audit C) Regression analysis D) Return on marketing investment E) Marketing budget evaluation

________ refer(s) to meaningful sets of marketing performance measures in a single display used to monitor strategic marketing performance. A) Field automation systems B) Market segments C) Market share D) Marketing dashboards E) Line extensions

Refer to the scenario below to answer the following question(s). Alpha Stampings Inc. produces 14 metal stampings for the automotive industry. Due to industry design changes and consumer demands, for the next financial year, six of those stampings will require a slight change: two will have an extra hole punched through the side, two will require an extra plating process, and two will require an additional weld operation. In the meantime, purchasing agent Richard Koehl has been asked to reduce the number of Alpha's steel suppliers in an effort to cut costs. After obtaining updated price quotations and steel samples from his current suppliers, Richard faced a dilemma. Until now, he had selected his suppliers based on quality and price, but the major consideration had been the type of steel required and the specialized production processes of his respective suppliers. Not all of Alpha's suppliers could produce the exact grades of steel needed; some suppliers were better at producing certain types of steel than others. Richard contacted several employees at Alpha who had worked with the various types of steel in the past. The quality control manager and line inspector, for example, could help to determine which suppliers had the capabilities of producing specific types of steel. The production control manager could provide input regarding which types of steel worked best in which presses. The warehouse foreman gave inputs regarding how long various types of steel could be held in inventory before rust spots began to form on their surfaces. Each person contributed the necessary information to help Richard in making his decision. In this instance, Richard plays the role of a(n) ________. Select one: a. decider b. gatekeeper c. influencer d. proposal solicitor e. product designer

decider

All of the following steps pertain to the marketing control process EXCEPT ________.

defining the company's mission

Which of the following is the first step in strategic planning?

defining the organizational mission

Which of the following is the first step in strategic planning? Select one: a. setting short-term goals b. developing the business portfolio c. defining the organizational mission d. formulating the key marketing strategies e. identifying the organization's weaknesses and the threats it faces

defining the organizational mission

Which of the following variables are the most popular for marketers to use in segmenting customer groups? Select one: a. ethical b. psychographic c. demographic d. behavioral e. geographic

demographic

Demand for outboard motors depends on consumers purchasing fishing boats. This is an example of ________ demand. Select one: a. primary b. composite c. derived d. elastic e. negative

derived

Refer to the scenario below to answer the following question(s). Alpha Stampings Inc. produces 14 metal stampings for the automotive industry. Due to industry design changes and consumer demands, for the next financial year, six of those stampings will require a slight change: two will have an extra hole punched through the side, two will require an extra plating process, and two will require an additional weld operation. In the meantime, purchasing agent Richard Koehl has been asked to reduce the number of Alpha's steel suppliers in an effort to cut costs. After obtaining updated price quotations and steel samples from his current suppliers, Richard faced a dilemma. Until now, he had selected his suppliers based on quality and price, but the major consideration had been the type of steel required and the specialized production processes of his respective suppliers. Not all of Alpha's suppliers could produce the exact grades of steel needed; some suppliers were better at producing certain types of steel than others. Richard contacted several employees at Alpha who had worked with the various types of steel in the past. The quality control manager and line inspector, for example, could help to determine which suppliers had the capabilities of producing specific types of steel. The production control manager could provide input regarding which types of steel worked best in which presses. The warehouse foreman gave inputs regarding how long various types of steel could be held in inventory before rust spots began to form on their surfaces. Each person contributed the necessary information to help Richard in making his decision. The demand for Alpha Stampings' products is ultimately based on the demand for new automobiles in the consumer market. This is an example of ________ demand. Select one: a. negative b. latent c. primary d. derived e. composite

derived

The goal of ________ research is to describe things, such as the market potential for a product or the demographics and attitudes of consumers who buy the product. Select one: a. exploratory b. statistical c. causal d. analytic e. descriptive

descriptive

Which of the following types of research would be best suited for understanding the attitudes of consumers who buy a particular brand of soft drink? Select one: a. internal research b. descriptive research c. causal research d. exploratory research e. demographic research

descriptive research

Which of the following is the first step of business portfolio planning? Select one: a. shaping the future portfolio by developing strategies for growth and downsizing b. determining which businesses should receive more, less, or no investment c. identifying internal strengths and weaknesses d. identifying future opportunities e. determining short-term goals

determining which businesses should receive more, less, or no investment

An MIS user should most likely be able to ________. Select one: a. implement new technology b. increase order requests c. develop customer insights d. analyze employee turnover e. establish short-term objectives

develop customer insights

________ marketing is more suited for products that vary in design. Select one: a. Mass b. Local c. Direct d. Differentiated e. Individual

differentiated

SparkClean is a company that specializes in producing cleaning products for automobiles. In order to promote its products, SparkClean sends a complimentary sample of its products to auto enthusiasts. Which form of marketing is SparkClean involved in?

direct-mail marketing

Amor, a successful brand of women's clothing, recently introduced a line of fitness equipment. This is an example of ________. * 1/1 mass customization niche marketing diversification prospecting product adaptation

diversification

A company can ________ an SBU by selling it or phasing it out and using the resources elsewhere. * 1/1 divest promote expand harvest hold

divest

Market segmentation can be best described as the process of ________.Select one: a. assigning specific human attributes to a given brand b. dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate marketing programs c. evaluating each market segment's attractiveness and selecting one or more segments to enter d. turning marketing plans into marketing actions to accomplish strategic marketing objectives e. maintaining a strategic fit between organizational goals and changing marketing opportunities

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

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 products or marketing programs

In a SWOT analysis, which of the following would be considered a strength? A) industry trends B) technological shifts C) environmental demands D) performance challenges E) internal capabilities

The process of 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 ________. A) market segmentation B) differentiation C) target marketing D) market targeting E) positioning

Which of the following is NOT a step in the strategic planning process? A) defining the company mission B) setting company objectives and goals C) designing the business portfolio D) planning marketing and other functional strategies E) evaluating members of the company's value chain

Which of the following is true with regard to geographic organization? A) It is the most common form of marketing organization. B) Different marketing activities are headed by a functional specialist. C) It requires salespeople to have international experience. D) It reduces the overall efficiency of salespeople. E) It allows salespeople to work with a minimum of travel time and cost.

________ refers to purchasing through electronic connections between buyers and sellers-usually online. Select one: a. E-procurement b. General need specification c. Strategic sourcing d. Proposal solicitation e. Value chain management

e-procurement

________, a form of observational research, involves sending observers to watch and interact with consumers in their natural environments. Select one: a. Group interviewing b. Ethnographic research c. Survey research d. Experimental research e. Causal research

ethnographic research

Consumers are less likely to use price to judge the quality of a product when they ________.

have experience with the product

Department stores such as Kohl's and JCPenney's practice high-low pricing by ________.

having frequent sale days for store credit-card holders

Which of the following is NOT a benefit of using multivariable segmentation systems? Select one: a. help companies identify key customer segments b. help companies reach key customer segments more efficiently c. help companies more accurately price their products to appeal to key customer segments d. help companies better understand key customer segments e. help companies tailor market offering to the needs of the key customer segments

help companies more accurately price their products to appeal to key customer segments

BlueFin canned tuna has higher sales than its unbranded rival, even though the unbranded tuna costs $0.45 less per can than BlueFin tuna. BlueFin most likely has ________.

high brand equity

The term big data refers to the ________ generated by today's sophisticated information generation, collection, storage, and analysis technologies. Select one: a. large reports b. huge and complex data sets c. information requests d. social media contacts e. e-mail messages

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.

New product development starts with ________. Select one: a. concept development b. idea screening c. idea generation d. concept testing e. test marketing

idea generation

Soon-Yi Park's chain of travel agencies has identified the lesbian, gay, bisexual, and transgender community as a growing market that spends an increasing percentage of its income on travel. Which of the following would be the LEAST effective component of a marketing plan for Soon-Yi to take advantage of this opportunity? Select one: a. develop a presence on LGBT-oriented social networking sites b. position his agency as focused on specialized experiences c. implement a mass marketing campaign d. place specially targeted ads in gay-themed publications e. advertise on LOGO, the cable television network aimed at gays and lesbians and their friends and family

implement a mass marketing campaign

Which of the following is a common reason for new product failure? Select one: a. incorrect estimation of the market size b. low product development costs c. ineffective social marketing campaigns d. low selling prices of products e. patent ownership exclusively held by the company

incorrect estimation of the market size

Which of the following situations is expected to enhance the use of targeted advertising messages by marketers? Select one: a. increase in derived demand in the market b. increase in ethnic populations c. rising global inflation rates d. inadequate quality control e. low advertising budgets

increase in ethnic populations

Which form of marketing research involves talking with people in their homes or offices, on the street, or in shopping malls? Select one: a. individual interviewing b. focus-group interviewing c. telephone interviewing d. mail questionnaires e. observational research

individual interviewing

________ refer to members of the buying organization who help define specifications and provide information for evaluating alternatives. Select one: a. Gatekeepers b. Influencers c. Users d. Deciders e. Buyers

influencers

Donna wants to buy a new coat. During the ________ stage of the buyer decision process she will ask her friends to recommend stores that sell good quality winterwear clothing. She will also go through newspapers and magazines to look out for offers and sales on coats.

information search

When P&G developed the Mr. Clean Magic Eraser, the company needed to explain how the product cleans grime from walls without removing paint. What type of campaign was most likely used by P&G for the Mr. Clean Magic Eraser?

informative advertising

A company can install a(n) ________ management system to collect, review, evaluate, and manage new product ideas. Select one: a. quality b. innovation c. content d. supply chain e. customer relationship

innovation

Sage Hospitals, a nonprofit organization, provides healthcare to the people in the Midwest. Management at Sage is involved in the ________ market. Select one: a. government b. consumer c. wholesale d. institutional e. resell

institutional

Today, most companies are adopting the concept of ________, which carefully combines and coordinates the company's many communication channels to deliver a clear, consistent, and compelling message about the organization and its brands.

integrated marketing communications

Using ________ segmentation, marketers form segments of consumers who have similar needs and buying behaviors even though they are located in different countries. Select one: a. psychographic b. demographic c. occasion d. benefit e. intermarket

intermarket

in a SWOT analysis which of the following would be considered a strength

internal capabilities

Joe Kerry, owner of a small bakery, wants to obtain marketing insights to improve his business. Joe has a limited budget and would like to gather free secondary data. What is the best option for Joe? Select one: a. mail questionnaires b. focus group interviews c. Internet search engines d. personal interviews e. commercial online databases

internet search engines

Which of the following stages of the PLC is characterized with high promotional expenditures that result from an effort to create consumer awareness? Select one: a. growth b. product development c. maturity d. introduction e. decline

introduction

Pierre's Mart, a grocery store in New Orleans, Louisiana, offers less merchandise selection and fairly low levels of service. Despite the lackluster service and limited selection of merchandise, customers still flock to Pierre's because it charges rock-bottom prices. Pierre's Mart most likely uses the ________ positioning. Select one: a. more for the same b. more for less c. same for less d. less for much less e. more for more

less for much less

Which of the following terms is used to describe the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers? Select one: a. marketing environment b. marketing orientation c. strategic planning d. target markets e. marketing mix

marketing environment

Solutions selling ________. Select one: a. is often a key business marketing strategy for winning and holding accounts b. refers to a business buying situation in which the buyer purchases a product or service for the first time c. refers to a business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers d. is equivalent to cold calling e. refers to a business buying situation in which the buyer routinely reorders something without any modifications

is often a key business marketing strategy for winning and holding accounts

which of the following best describes divisibility of an innovation that influences the rate of adoption

it is the degree to which the innovation may be tried on a limited basis

Which of the following refers to a nonprobability sample in which the researcher uses his or her evaluation techniques to select population members who are good prospects for accurate information? Select one: a. quota sample b. judgment sample c. convenience sample d. stratified random sample e. simple random sample

judgment sample

______ describes changes in an individuals behavior arising from experience

learning

Product mix ________ refers to the total number of items a company carries within its product lines. Select one: a. length b. depth c. height d. width e. consistency

length

A ________ is a set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user.

marketing channel

Marketers can group people in a number of ways, including by birth date. However, the following combination of groups has proven to be more effective: ________. Select one: a. income, lifestyle, life stage b. profession, common values they seek in products they buy, lifestyle c. lifestyle, life stage, common values they seek in products they buy d. place of residence, life stage, lifestyle e. race or nationality, lifestyle, common values they seek in products they buy

lifestyle, life stage, common values they seek in products they buy

________ occurs when a company introduces additional items in a given product category under the same brand name, such as new flavors, forms, colors, ingredients, or package sizes. Select one: a. Line extension b. Megabranding c. Interactive marketing d. Internal marketing e. Co-branding

line extension

redfin manufactures diving equipment that is highly regarded by customers worldwide. each department in redfin contributes to its success and can be thought of as

link in the company's internal value chain

Lark Inc., an American electronics company, is currently reviewing new geographical markets to sell its highly popular televisions. By 2020, it plans to open new stores across all the major South Asian cities. Lark is most likely following a ________ strategy. * 1/1 local marketing market development diversification product adaptation product development

market development

According to the Boston Consulting Group approach, ________ provides a measure of market attractiveness. * 1/1 product attribute product design market penetration market growth rate market segmentation

market growth rate

Crocus, a gift store, specializes in serving customer segments that major competitors overlook and ignore. Which of the following best describes Crocus? Select one: a. market follower b. market challenger c. early adopter d. market nicher e. laggard

market nicher

Refer to the scenario below to answer the following question(s). Fun-Spot Fun Park began as a small amusement park in 1985. With nothing more than a merry-go-round, a slide, pony rides, and an ice cream stand, Fun-Spot grew into a popular family attraction with 20 rides, a restaurant, and an outdoor performing arts theater. "My wife, Gail, and I didn't know what we were getting into," commented Ron Hart, the owner. "We just knew that weekenders coming to the lakes in our rural area represented an untapped market." Today, thousands of visitors flock to Fun-Spot: families, children of all ages, and even senior citizens who enjoy strolling through the gardens and the arbors. "There's something here for everyone," Gail Hart said with a smile. "Dozens of companies hold annual company picnics here. We have welcomed class field trips. And we even had one wedding here at the park!" "Here's the funny thing," Ron chimed in. "We really don't know why we've been so successful. There is nothing else like Fun-Spot Fun Park in the area. We were just lucky." "I think it's the ambience of the park that has brought so many visitors," Gail added. "We provide a 'total package' of entertainment. Plus, we try to change our rides and various attractions from time to time for variety." Ron and Gail Hart admitted that making every visitor happy is a priority. "That has always been our philosophy," they said. "Like the park's motto at the entrance reads, 'We're here to make you happy!' And we've always been able to deliver on that because we've never allowed ourselves to grow too big too quickly." Fun-Spot's mission is ________. Select one: a. product oriented b. technology oriented c. market oriented d. design oriented e. narrowly focused on profits

market oriented

Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. This exemplifies ________. * 1/1 product differentiation product development diversification market penetration market segmentation

market penetration

paul robinson has identified a group of potential customers who seem to respond in a similar way to a series of magazine and radio advertisements for his company's product. paul has identified a

market segment

Which of the following refers to the process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors? Select one: a. market diversification b. market segmentation c. downsizing d. customer relationship management e. prospecting

market segmentation

market targeting

When marketers at Fair & Leigh Inc. selected the Millennials, a demographic group that includes many college students, as an untapped group of potential customers for their new line of products, they were engaging in ________. Select one: a. occasion segmenting b. local marketing c. market diversification d. market targeting e. product positioning

market targeting

Customer relationship management integrates everything that a company's sales, service, and ________ teams know about individual customers. Select one: a. management b. marketing c. manufacturing d. engineering e. accounting

marketing

Gant Hardware is a huge chain of hardware stores. GantHardware.com helps customers conduct product research and also lets them order directly online or redirects them to the nearest Gant retail store. Which of the following best describes GantHardware.com?

marketing Web site

Mission statements should be ________. Select one: a. meaningful and specific yet motivating b. technology oriented c. written solely for public relations purposes d. focused on increasing sales or profits e. strictly product oriented

meaningful and specific yet motivating

Which of the following strategies involves weeding out weaker brands and focusing marketing dollars only on brands that can achieve the number one or number two market share positions with good growth prospects in their categories? Select one: a. megabrand strategies b. niche marketing strategies c. social marketing strategies d. co-branding e. licensing

megabrand strategies

By harvesting its SBU, a company would most likely be ________. Select one: a. milking the SBU's short-term cash flow regardless of the long-term effect b. selling the SBU or phasing it out and using the resources elsewhere c. investing just enough to hold the SBU's current market share d. investing more in the business unit to build its share e. diversifying the company's product line

milking the SBU's short-term cash flow regardless of the long-term effect

A ________ documents an organization's purpose—what it wants to accomplish in the larger environment.

mission statement

A ________ documents an organization's purpose—what it wants to accomplish in the larger environment. 1/1 vision statement mission statement business portfolio value proposition product strategy

mission statement

Kirk's Comic Store has its own mobile app that users can download for free. The app lets users know about special events, discounts, and merchandise currently available in the store. Which of the following forms of marketing is exemplified from this scenario?

mobile marketing

Ferrari sports cars claim superior quality, performance, and style. Ferrari provides "perfection" at a premium price to keep its brand image intact. Which type of value proposition does Ferrari most likely position its products with?

more for more

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

________ refers to the measurement of brain activity to learn how consumers feel and respond.

neuromarketing

Overstock.com, a Web seller that buys furniture, clothing, electronics, and more from a variety of producers at less-than-regular wholesale prices and then charges customers less than retail, is a(n) ________.

off-price retailer

A value marketer is most likely to ________. Select one: a. offer consumers superior quality of goods and services at a very high price b. offer consumers only those products that are associated with status and prestige c. offer consumers low quality goods and services at very low prices d. offer consumers a balanced combination of product quality at a fair price e. deny discounts to consumers to increase profits

offer consumers a balanced combination of product quality at a fair price

________ involves designing and producing the container or wrapper for a product. Select one: a. Packaging b. Patenting c. Servicing d. Co-branding e. Labeling

packaging

Because of ________, a company cannot make its product illegally similar to a competitor's already established product. Select one: a. anti-monopoly laws b. patent laws c. the Consumer Product Safety Act d. product warranties e. product liability

patent laws

People vary in their attitudes toward their society-while ________ defend it, malcontents want to leave it. Select one: a. reformers b. patriots c. activists d. environmentalists e. historical revisionists

patriots

Trendy Teens manufactures fashionable clothing and accessories for the tween and teen female markets. New merchandise with a very different look is rolled out each season and heavily promoted as the "must-have" style in a variety of media. This information indicates that Trendy Teens is most likely to be criticized for ________.

perceived obsolescence

________ marketing consists of activities undertaken to create, maintain, or change attitudes toward particular people. People ranging from presidents, entertainers, and sports figures to professionals such as doctors, lawyers, and architects use it to build their reputations. Select one: a. Corporate image b. Person c. Social d. Organization e. Place

person

Consumer purchases are influenced strongly by characteristics that marketers cannot control but must take into account, including cultural, social, psychological, and ________ characteristics. Select one: a. economic b. professional c. medical d. personal e. genetic

personal

James has decided to buy a new vehicle. His brother John has recently purchased a new truck and recommends the same model to James. James finally decides to buy the same truck. Which of the following sources of information has most likely influenced James' purchase decision? Select one: a. experiential sources b. public sources c. personal sources d. commercial sources e. market mavens

personal resources

james has decided to buy a new vehicle. his brother john has recently purchased a new truck and recommends the same model to james. james finally decides to buy the same truck. which of the following sources of information has most likely influenced james purchase decision

personal sources

Life-stage segmentation allows marketers to create targeted, actionable, and ________ campaigns based on how people consume and interact with brands. Select one: a. inexpensive b. professional c. multimedia d. social media e. personalized

personalized

A company will likely identify qualified suppliers by doing all of the following EXCEPT ________. Select one: a. online searches b. reviewing trade directories c. phoning other companies for recommendations d. placing classified advertisements e. being contacted by salespeople of qualified firms

placing classified advertisements

In the model of buyer behavior, which of the following is NOT a major type of force or event in the buyer's environment? Select one: a. economic b. technological c. social d. political e. cultural

political

Which of the following states the product's membership in a category and then shows its point of difference from other members of the category? Select one: a. a mission statement b. a vision statement c. a general need description d. a positioning statement e. an order-routine specification

positioning statement

A particular automobile company works to keep its customers happy after each sale, aiming to delight each one of them in order to increase their customer lifetime value. Which of the following steps of the buyer decision process does the company exemplify? Select one: a. need recognition b. information search c. evaluation of alternatives d. purchase decision e. postpurchase behavior Feedback

postpurchase behavior

________ are the major marketing factors in the sale of most manufactured materials and parts. Select one: a. Branding and advertising b. Price and service c. Sales promotion and advertising d. Branding and packaging e. Public relations and brand management

price and service

Underpriced products ________.

produce less revenue than they would if they were priced at the level of perceived value

When Heinz introduced EZ Squirt packaging and new colors such as Blastin' Green and Awesome Orange to revitalize consumer buying, the company was modifying the ________. Select one: a. market b. pricing strategy c. distribution d. product e. competition

product

railroads were once operated based on the thinking that users wanted trains that would offer the most in quality, performance, and innovative features. the railroad managing companies overlooked the fact that there could be other modes of transportation. this reflects the____

product

Developing a product or service involves defining the benefits that it will offer. These benefits are communicated and delivered by ________. Select one: a. product labels b. product attributes c. support services d. product packaging e. branding

product attributes

Which of the following is the lowest level on which marketers can position their brands in target customers' minds? Select one: a. beliefs and values b. product benefits c. product attributes d. after-sale services e. brand equity

product attributes

An attractive product idea must be developed into a ________. Select one: a. concept alternative b. product concept c. brand personality d. brand placement e. product strategy

product concept

Sunny Brews is a coffeehouse chain based in Boston. It recently introduced Eva, a mild roast, which became immensely popular. This exemplifies ________.Select one: a. benchmarking b. diversification c. mass customization d. product development e. downsizing

product development

Which of the following stages of the new product development process occurs immediately after the completion of the business analysis for the product or service? Select one: a. idea screening b. product development c. product activation d. marketing strategy development e. product design

product development

The new felt-tip pens, multiple-cartridge pens, and quills offered by Ruben Delgado are examples of ________.

product line filling

Pepsi being prominently featured on episodes of Empire is an example of ________.

product placement

A ________ refers to the way a product is defined by consumers on important attributes-the place the product occupies in consumers' minds relative to competing products. Select one: a. core competency b. value stream c. value proposition d. product position e. product specification

product proposition

Companies that define their missions in terms of products or technologies are considered myopic primarily because ________. Select one: a. products and technologies result in low returns on investment b. consumer preferences with regard to products and technology are difficult to predict c. consumer preferences for different product categories vary from time to time d. products and technologies eventually become outdated e. most consumers are not comfortable using sophisticated technology during the buying process

products and technologies eventually become outdated

Companies that define their missions in terms of products or technologies are considered myopic primarily because ________. * 0/1 products and technologies result in low returns on investment consumer preferences with regard to products and technology are difficult to predict consumer preferences for different product categories vary from time to time products and technologies eventually become outdated most consumers are not comfortable using sophisticated technology during the buying process

products and technologies eventually become outdated

Companies can succeed against their competitors by all of the following EXCEPT ________. Select one: a. providing greater customer value and satisfaction b. better meeting the needs of target customers c. positioning their offerings strongly against competitors' offerings in the minds of consumers d. considering their own size and position compared to the competition e. providing the same product as the competition

providing the same product as the competition

Which of the following promotion tools involves building up a good corporate image and handling unfavorable stories and events?

public relations

John has decided to buy a particular smartphone that he saw reviewed online. Which of the following sources of information has most likely influenced John's purchase decision?

public services

The pharmaceuticals division of Omni Healthcare holds low market share in a high-growth market. According to the BCG matrix, the pharmaceuticals division of Omni can be classified as a ________. * 1/1 star bear question mark cash cow dog

question mark

For her current research project, Margaret Rogers wants to select a sample in which every member has a known and equal chance of selection. In other words, Margaret is looking for a ________.

random sample

Which term refers to prices that buyers carry in their minds and check with when they look at a given product?

reference prices

Some products that have entered the decline stage have been cycled back to the growth stage through ________. Select one: a. repositioning b. harvesting c. maintaining d. pruning e. expanding

repositioning

Designing a plan for primary data collection requires decisions on all of the following EXCEPT ________. Select one: a. research instruments b. contact methods c. sampling plan d. research results e. research approaches

research results

Rachel works for a furniture company in Ireland. She is responsible for buying and selling goods at a profit to small retailers. Rachel most likely operates in a ________ market. Select one: a. business b. reseller c. wholesale d. consumer e. retail

reseller

Which of the following best characterizes the decline stage of product development? Select one: a. rapid market acceptance b. slow sales growth c. sales and profits decline d. high investment costs e. increasing profits

sales and profits decline

The use of short-term incentives to encourage the purchase or sale of a product or service is called ________.

sales promotion

While Jenkins Stationeries was selling branded stationery at premium prices, Pembroke Stationeries, a store across the street, was selling the same branded stationery at discount prices. Which of the following value propositions best describes Pembroke's product positioning? Select one: a. more for less b. more for the same c. same for less d. less for much less e. more for more

same for less

Mission statements should ________ and be defined in terms of ________. Select one: a. be technology oriented; meeting the self-actualization needs of customers b. be product oriented; satisfying the esteem needs of customers c. embody the company's short-term plans; current opportunities d. be market oriented; satisfying basic customer needs e. address sales and profits; the net return on investments

satisfying basic customer needs

Which of the following is the goal of the team-based new product development approach when it uses cross-functional teams that overlap the steps in the process? Select one: a. gain a big competitive edge by getting the right new products to market b. save time and increase effectiveness c. increase production efficiency and customer satisfaction d. speed product distribution to market and reduce costs e. reduce organizational tension and confusion

save time and increase effectiveness

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

According to Maslow's hierarchy of needs, which of the following is the LEAST pressing need?

self actualization needs

Refer to the scenario below to answer the following question(s). Fun-Spot Fun Park began as a small amusement park in 1985. With nothing more than a merry-go-round, a slide, pony rides, and an ice cream stand, Fun-Spot grew into a popular family attraction with 20 rides, a restaurant, and an outdoor performing arts theater. "My wife, Gail, and I didn't know what we were getting into," commented Ron Hart, the owner. "We just knew that weekenders coming to the lakes in our rural area represented an untapped market." Today, thousands of visitors flock to Fun-Spot: families, children of all ages, and even senior citizens who enjoy strolling through the gardens and the arbors. "There's something here for everyone," Gail Hart said with a smile. "Dozens of companies hold annual company picnics here. We have welcomed class field trips. And we even had one wedding here at the park!" "Here's the funny thing," Ron chimed in. "We really don't know why we've been so successful. There is nothing else like Fun-Spot Fun Park in the area. We were just lucky." "I think it's the ambience of the park that has brought so many visitors," Gail added. "We provide a 'total package' of entertainment. Plus, we try to change our rides and various attractions from time to time for variety." Ron and Gail Hart admitted that making every visitor happy is a priority. "That has always been our philosophy," they said. "Like the park's motto at the entrance reads, 'We're here to make you happy!' And we've always been able to deliver on that because we've never allowed ourselves to grow too big too quickly." Fun-Spot Fun Park represents a high-growth, high-share business. According to the BCG matrix, it can be classified as a ________. Select one: a. star b. question mark c. bear d. cat e. dog

star

________ is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities. Select one: a. Benchmarking b. SWOT analysis c. Market segmentation d. Strategic planning e. Diversification

strategic planning

The strongest brands are positioned on ________. Select one: a. desirable benefit b. good packaging c. service inseparability d. strong beliefs and values e. product attributes

strong belief and values

Gainville Inc. manufactures Android phones. Each new Gainville phone launch advances the cause of democratizing technology. Gainville, an expert in fostering customer community, engages customers at a deep, emotional level, and has been ranked one of the Breakaway Brands by the brand consultancy, Kendell Associates. Gainville is most likely positioned on ________.

strong beliefs and values

According to Freud, a person's buying decisions are primarily affected by ________. Select one: a. family influences b. societal expectations c. brand images d. cultural norms e. subconscious motives

subconscious motives

hispanic americans tend to be deeply family oriented and make shopping a family affair. older consumers are brand loyal, while younger hispanics have shown increasing price sensitivity and willingness to choose store brands. hispanic americans make up a

subculture

Over the past two decades, the U.S. population has shifted toward the ________ states. Select one: a. Northern b. Northeast c. Sunbelt d. Midwest e. Corn belt

sunbelt

Sparex Inc. is a manufacturer of metal bolts that are used by Boilex Inc. to manufacture heavy machineries. In this instance, Sparex acts as a ________. Select one: a. financial intermediary b. supplier c. retailer d. customer e. local public

supplier

The owners of a manufacturing firm in Ohio have developed a core network of suppliers to ensure an uninterrupted supply of products. This is an example of ________. Select one: a. capability management b. a supply bottleneck c. asset management d. backsourcing e. supplier development

supplier development

________ involves systematically developing networks of supplier-partners to ensure a dependable supply of products and materials for use in making products or reselling them to others. Select one: a. Supplier development b. Business buying c. Supplier quality assurance d. Relationship management e. Executive development

supplier development

________ refers to buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation. Select one: a. Systems selling b. Performance review c. Problem recognition d. Proposal solicitation e. General need specification

systems selling

What is included in the first part of a marketing strategy statement? Select one: a. distribution strategy b. product longevity c. long-run sales goals d. promotional mixes e. target market description

target market description

Customers can be grouped and served in various ways based on several factors. These include all of the following EXCEPT ________ factors. Select one: a. psychographic b. behavioral c. technological d. demographic e. geographic

technological

Buyer responses are influenced by marketing stimuli. The responses to the stimuli include all of the following EXCEPT ________. Select one: a. brand engagement b. buying attitudes c. purchasing behavior d. buying preferences e. the "why" regarding the responses

the "why" regarding the responses

Snappy Cameras is launching a new advertising campaign to demonstrate the high quality of its digital cameras. Which media option would give the audience the most control over exposure to the ads and interactive capabilities?

the Internet

Which of the following is a trend that depicts the increasingly nontraditional nature of today's American families? Select one: a. the low percentage of working women in the workforce b. the low percentage of married couples with children c. the sharply declining number of dual-income families d. the sharply declining number of stay-at-home dads e. the decreasing reliance on convenience foods and services

the low percentage of married couples with children

Refer to the scenario below to answer the following question(s). Casey Brickly opened The Landing, a convenience store on the north shore of Witmer Lake, in 1962. With a sandwich counter on one side and a bait shop and grocery on the other, The Landing was an immediate hit with weekend lake visitors and local residents alike. In the summer, boaters parked at the piers and bought all their fishing needs, such as rods and reels, bait, snacks, and soft drinks at The Landing. Even during the winter months, snowmobilers and ice fishermen were lured to The Landing for snacks and hot coffee or hot chocolate. As time passed, the business changed and grew tremendously. What was formerly a weekend tourist area gradually became a full-fledged residential area. Many of the houses, which were built as cottages in the 1950s and 1960s, were remodeled into residential homes. By the end of the 1970s, the days of small motorboats and 10 mile-per-hour speed limits were gone; skiing and fast speedboats became the rage. Through it all, The Landing continued to attract flocks of patrons. In the 1980s, however, Casey started to realize that the grocery area in The Landing could not compete with larger local retailers. He eventually enlarged the sandwich counter, transforming the bait shop and grocery into a restaurant with a full menu typical of any diner. "Getting rid of the bait shop was hard to do," Casey admitted. "I still had a summer crowd that relied on us for their fishing needs, but we couldn't survive a whole year on four months of profit." In the early 2000s, the atmosphere of Witmer Lake and the neighboring lakes became upscale. "I could see that people were spending more on their speed boats than what they had originally paid for their cottages!" Casey exclaimed. Many of the cottages were inherited by children and grandchildren of the original owners. Once again, the scene started to change as many of the lake houses were used only as weekend lake homes. Unlike the previous generation, a vast number of the current owners could afford to live closer to their jobs while maintaining lake homes. "At this point, business wasn't growing," Casey said. As local competition continued to increase, Casey converted the diner of The Landing into a bar with a lounge area. "The change might have been too drastic," Casey said, "but it was the only way we could maintain a strong, year-round business in spite of the population shifts and competitive forces." Which of the following is the macroenvironmental force that benefitted The Landing the most? Select one: a. the legal environment b. the natural environment c. the economic environment d. the political environment e. the technological environment

the natural environment

Several structural factors affect long-run segment attractiveness. These include all of the following EXCEPT ________. Select one: a. easy entry by new competitors b. the segment does not match the company's long-run objectives c. strong and aggressive competitors d. many substitute products e. power of buyers

the segment does not match the company's long-run objectives

________ traditionally has been considered the main purchasing agent for the family in the areas of food, household products, and clothing, although this is changing as more work outside the home.

the wife

Many buyers prefer multiple sources of supplies ________. Select one: a. to avoid being totally dependent on one supplier b. to keep companies interested in doing business with them c. to ensure that suppliers do not become complacent d. to encourage their salespeople to develop broader networks of contacts e. to prepare in case of a work stoppage

to avoid being totally dependent on one supplier

________ is an approach in which all the company's people are involved in constantly improving the quality of products, services, and business processes. Select one: a. Business intelligence b. Quality function deployment c. Total quality management d. Brand equity management e. Product positioning

total quality management

In ________, companies work together to facilitate the trading process. Select one: a. reverse auctions b. trading exchanges c. procurement d. supplier selection e. order-routine specification

trading exchanges

A clear mission statement acts as an "invisible hand" that guides people in the organization.

true

Customer engagement and value are the key ingredients in the marketer's formula for success.

true

Each department in a company can be thought of as a link in the company's internal value chain.

true

Market development involves company growth by identifying and developing new market segments for current company products.

true

Mission statements should be market oriented.

true

Operating control involves checking ongoing performance against the annual plan and taking corrective action when necessary.

true

Return on marketing investment refers to the net return from a marketing investment divided by the costs of the marketing investment.

true

The four marketing management functions are analysis, planning, implementation, and control.

true

The major activity in strategic planning is business portfolio analysis, whereby management evaluates the products and businesses that make up the company.

true

The purpose of strategic planning is to find ways in which your company can best use its strengths to take advantage of attractive opportunities in the environment.

true

________ marketing is more suited for uniform products, such as grapefruit or steel. Select one: a. Niche b. Undifferentiated c. One-to-one d. Trigger-based e. Local

undifferentiated

In the context of behavioral segmentation, markets segmented by ________ can be categorized into light, medium, and heavy product users. Select one: a. benefits sought b. loyalty status c. usage rate d. user status e. occasion

usage rate

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

________ refers to how a company will create differentiated value for targeted segments and what positions it wants to occupy in those segments. Select one: a. Targeted marketing b. Market segmentation c. Product positioning d. Value proposition e. Niche marketing

value proposition

which of the following customer questions is answered by a company's value proposition

why should i buy your brand rather than a competitors

The innovation management system approach yields two favorable outcomes: it helps create an innovation-oriented company culture, and it ________. Select one: a. clearly assigns responsibility for the process to a single department b. yields a larger number of new product ideas c. guarantees successful products d. frees up senior management time e. requires less budget support

yields a larger number of new product ideas

See all study sets

MAR4802-Lesson 02: Company and Marketing Strategy - Partnering to Build Customer Engagement, Value, and Relationships

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