Marketing 255 Exam 1 (Modiri Spring 2024)
If a company needs a loan from a financial institution to invest in their new product, what market intermediaries is the company utilizing? a. Physical distribution b. Marketing services c. Resellers d. Financial services
D
True/False: If two brands are further away from each other on a Positioning Map, then this implies that consumers perceive the brands to be more similar to each other.
False
True/False: Lifestyle, personality and income are examples of Psychographic segmentation.
False
True/False: Publics are the most important microenvironment force.
False
True/False: When backed by buying power, demands become wants.
False
True/False: When consumers obtain information from a company's website, they use a public source of information.
False
Companies who adopt the societal marketing concept will not consider _________ as an underlying factor. a. social welfare b. government's revenue c. company's profit d. customer's need
B
Mike just told Peter about a new product release from Apple that he is very interested in. Mike is at the ______ stage of the adoption process. a. awareness b. interest c. evaluation d. trial
B
4 P's of Marketing
Product, Place, Price, Promotion
True/False: Selective retention occurs when consumers only remember information from marketing communications that is in accordance with their feelings or beliefs
True
True/False: Suppliers and customers having more power in a market segment results in a lower structural attractiveness for that segment.
True
Customer Lifetime Value (CLV)
approximate worth of a customer to a company in economic terms; overall profitability of an individual consumer
Maslow's Hierarchy of Needs
physiological, safety, love/belonging, esteem, self-actualization
___________ segmentation divides buyers into different groups such as nations, states, regions, cities, etc. a. Geographic b. Psychographic c. Demographic d. Behavioral
A
A company produces high-end clothing with high quality material and classic designs. To reach its target market, segmentation based on which variable is the least relevant to consider? a. Education b. Income c. Gender d. Personality
A
All but _____ are different types of needs in the Maslow's hierarchy of needs. a. psychological b. self-actualization c. esteem d. safety
A
Assuming iPod has lost most of its market share during the last few years, this product is an example of a ___________ in the BCG growth/share matrix. a. Dog b. Question Mark c. Star d. Cash Cow
A
Donna needs to buy a new iPad. Before finalizing her decision, she goes to the Apple store and works the different models available for a few minutes. Donna is using a _________ source of information. a. experiential b. commercial c. public d. personal
A
Harry often skips the ads of the political party he opposes whereas he carefully watches the ads of the party he is in favor of. This behavior is caused by ___________. a. selective attention b. selective distortion c. selective retention d. selective connection
A
Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on ___________. a. customers' existing wants b. company's current objectives and goals c. customers' future demands d. company's available resources
A
SoLoMo is an example of _______ among the targeting strategies. a. Micromarketing b. Niche Marketing c. Segmented Marketing d. Mass Marketing
A
Distinguish between a need and a motive with an example
A need is a fundamental, universal requirement for survival or well-being, while a motive is the specific driver or desire that prompts an individual's actions to fulfill that need, influencing their purchasing behavior in marketing.
After having multiple products from Microsoft, Larry has a positive feeling about Microsoft and thinks that the company makes the best products. This is an example of __________. a. Learning b. Attitude c. Motivation d. Perception
B
All but _____ are different types of needs in Maslow's hierarchy of needs. a. physiological b. self-expression c. esteem d. social
B
Choose the one that is not among the marketing macroenvironment forces. a. Demographic b. Customer c. Economic d. Technological
B
Uber entered the transportation market aiming to provide convenient service at a reasonable price for passengers. Passengers can now order their rides using their phone which is perceived more convenient compared to an in-person or over-the-phone order. Additionally, using its own drivers, the company can offer lower prices for the same service. Considering the traditional taxicab market, what is the overall positioning strategy of Uber? a. More for more b. More for less c. The same for less d. Less for much less
B
What step/steps of the marketing process does the strategic planning of the company most impact? a. Step 1 and 2 b. Step 2 and 3 c. Step 1 and 4 d. Step 4 and 5
B
Which group among new product adopters includes the highest portion of the market? a. Innovators b. Early mainstream c. Early adopters d. Lagging adopters
B
A local business produces and sells Organic Potato Chips. As to enhance its profits and get a bigger share of its market, the company has decided to introduce Organic Tortilla Chips to its current market. This is an example of __________ strategy. a. Market penetration b. Diversification c. Product development d. Market development
C
Choose the statement that is not correct. a. Customer satisfaction can result in customer loyalty. b. Loyal customers remain with the company. c. Loyal customers do not shop from competitors. d. Loyal customers think and talk positively about the brand
C
In the process of choosing a new phone, you narrowed down your list to three choicesApple 11, Apple 11Pro and Samsung Galaxy S20. You are now at the __________ stage in the buyer's decision process. a. Purchase decision b. Information search c. Evaluation of alternatives d. Need recognition
C
What SBU strategies do you suggest for a product that is categorized as a Star in the BCG growth/share matrix. a. Build, Harvest b. Harvest, Divest c. Build, Hold d. Harvest, Hold
C
You have recently seen an advertisement of a new foldable smart phone which you heard about a few weeks ago. As you find yourself interested, you look at the company's website to obtain new information about the product. According to the adoption process, you are at the ___________ stage. 6 a. Evaluation b. Awareness c. Interest d. Trial
C
A good market segmentation should _______. a. divide the market into equal segments b. maximize the difference within segments c. happen after value proposition d. maximize the difference between segments
D
A video streaming company is dividing the customers based on how much time they spend watching shows on their website. This is an example of _________ segmentation. a. Geographic b. Demographic c. Psychographic d. Behavioral
D
Among the retail stores, Walmart is a well-known brand. Walmart provides the same products as other stores but with slightly lower prices. However, the quality of the service 7 is also lower compared to its competitors. What overall positioning strategy has Walmart adopted? a. More for more b. More for the same c. More for less d. Less for much less
D
In ___________ and __________ strategies in the product/market expansion grid model the company produces new products. a. Market development, Product Development b. Market development, Diversification c. Product development, Market Penetration d. Product development, Diversification
D
Lack of highly skilled employees and old machinery are examples of _________ in a SWOT analysis. a. Strength b. Opportunities c. Threats d. Weaknesses
D
Mass Customization is an example of __________ among the targeting strategies. a. Mass Marketing b. Segmented Marketing c. Niche Marketing d. Micromarketing
D
Multiple drug companies are facing a media disaster due to their false advertising of a specific type of medicine. What marketing environment force is impacting the company in this case? a. Political b. Competitors c. Cultural d. Publics
D
The first group of customers to adopt a new product are _________. a. Early adopters b. Late mainstream c. Early mainstream d. Innovators
D
True/False: At the buyer's decision process, need recognition occurs when consumers have gathered enough information that they are ready to evaluate their alternatives.
False
True/False: Companies write the mission statement after they define their goals and objectives.
False
True/False: A company is trying to segment their market based on how much their customers spend time with others or on their own. This is an example of usage rate segmentation.
False
True/False: According to the customer relationship groups model, True Friends are more loyal than Barnacles
False
True/False: An increase in profit margin and acquisition cost will increase the customer lifetime value
False
profit margin
Profit margin is a financial metric that expresses a company's profitability as a percentage of its total revenue. It measures how much profit a company makes for every dollar of revenue it generates.
Retention Rate
Retention rate refers to the percentage of customers or users who continue to use a product, service, or remain engaged with a company over a specific period of time
Acquisition Cost
This is the cost associated with acquiring a customer, such as marketing expenses, sales commissions, etc.
True/False: A company that uses only natural and organic ingredients follows the societal marketing concept.
True
True/False: Companies should be market oriented when writing their mission statement
True
True/False: Companies target fewer segments in niche marketing compared to segmented marketing.
True
True/False: Having strong financial resources is an example of a Strength in the SWOT analysis.
True
True/False: Higher customer retention has a positive impact on the company's profitability.
True
True/False: If two brands are closer together on a Positioning Map, then this implies that consumers perceive the brands to be more similar to each other.
True
True/False: In the consumer behavior model, price and promotion are among the inputs to the buyer's black box.
True
True/False: Income and education are among the factors determining an individual's social class.
True
