MARKETING 333 - VOLTZ FINAL EXAM REVIEW

________ is distinguished from the other generational cohorts in that the group's oldest members are now collecting Social Security.

Baby boomers

Psychographics is the segmentation method that delves into how consumers

describe themselves and what they like

Adidas Group owns Reebok, Rockport, and TaylorMade brands. Adidas uses the different brands to pursue a(n) __________ strategy.

differentiated targeting

4E Framework for Social Media includes

excite, educate, experience, engage

The least risky way to enter a global market is __________.

exporting of goods

A(n) ______ is a small group of people brought together for an intensive discussion of a topic.

focus group

Many of the best-known American retailers, like Starbucks and McDonalds, have expanded globally using

franchising

When mountain climbers purchase clothing for scaling Mount Everest, their purchases are primarily addressing __________ needs. a. functional b. psychological c. functional and psychological d. social e. safety

functional

Differences in weather and climate create opportunities for

geographic segmentation

ABC Company knew that its customers were interested in environmentally friendly business practices, so it began marking all of its products as environmentally friendly because they were made with all natural ingredients, even though ABC's plant was one of the worst polluters in town. The new term for this practice is

greenwashing

Every month, Dr. Combahee takes her staff to lunch and asks them to share patients' comments and concerns. Dr. Combahee uses the lunches as an informal marketing research effort intended primarily to

help her understand the needs of her customers

When marketers say that services are _______, they are referring to the fact that services cannot be touched, tasted, or seen, like a pure product can

intangible

Marketers must determine the price of a product carefully, based on potential buyers' beliefs about

its value

Typical demographic data include all of the following EXCEPT

language differences

The ___________ for natural skin care company Burt's Bees is to "create natural, Earth-friendly personal care products formulated to help you maximize your well-being and that of the world around you."

mission statement

Samantha is charged with assessing her company's external environment as part of a SWOT analysis. Samantha will study her company's

opportunities and threats

The Apple iPod changed the way people listen to music but it also created an entirely new industry devoted to accessories such as cases, ear buds, docking stations, and speakers. The Apple iPod is considered a

pioneer product

If a new product concept gets positive evaluations from potential customers during concept testing, the next step for a firm is

product development

Upscale men's and women's clothing stores like Nordstrom's, Neiman-Marcus, or Saks Fifth Avenue are more likely to appeal to consumers' __________ needs. a. psychological b. situational c. functional d. postpurchase e. safety

psychological

Social media monitoring, in-depth interviews, and focus group are all ______ research methods.

qualitative

Company sales invoices, census data, and trade association statistics are examples of

secondary data

When the delivery of a service fails to meet customers' expectations, a __________ gap exists.

service

LinkedIn is an example of what type of social media site?

social networking

As part of her company's SWOT analysis, Valerie is assessing the company's internal environment, including

strengths and weaknesses

Manufacturers would prefer to produce in a country with a trade __________, because it signals a greater opportunity to export products to more markets.

surplus

GDP is defined as

the market value of goods and services produced in a country in a year.

In 2006, Ford Motor Company announced it would severely cut back automobile production. For parts companies supplying Ford Motor, this represented a(n)

threat

New real estate disclosure regulations require sellers and their agents to tell prospective buyers about any existing problems. Previously, they were only expected to answer buyers' questions. The new regulation addressed the marketing ethical problem of

withholding information

______ provides a detailed, multi-pronged "Statement of Ethics" that can serve as a foundation for marketers.

The American Marketing Association

By providing good customer service, firms __________ their products or services.

add value to

If many consumers in the marketplace are familiar with a brand and what it stands for and have an opinion about the brand, the brand has considerable

awareness

Business-to-business marketing involves buying and selling goods and services by all of the following except a. producers b. wholesalers c. consumers d. retailers e. manufacturers

c. consumers

All of the following terms are generally associated with the definition of corporate social responsibility except a. environmental impact b. social impact c. profit d. voluntary e. stakeholders

c. profit

One important measure of social media's effectiveness is the percentage of site visitors who take the action the site owner hoped for—making a purchase, subscribing to a service, or donating money, for example. This measure is called the site's

conversion rate

The firms that work along with the focal firm to provide goods and services to consumers are viewed as

corporate partners

For every consumer who purchases a pair of TOMS shoes for $55.00, the company promises that a needy child will receive a pair of shoes. TOMS shoes is actively engaging in a. business ethics b. environmental marketing c. corporate social responsibility d. marketing ethics e. overpricing of its products

c. corporate social responsibility

The complete set of all products offered by a firm is called its

product mix

A ___________ is a group of associated items that consumers tend to use together or think of as part of a group of similar products

product line

____________ is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service so as to influence their opinions and elicit a response.

promotion

A university using benefit segmentation and targeting students who want to get a degree quickly while still working full time and would most likely focus on

providing classes at convenient times and offering online courses

A _______ limits the quantity of imported merchandise, thus minimizing competition faced by domestic products.

quota

In New England, foot-long sandwiches are called "grinders," while in many other parts of the country they are called "subs." This is an example of the impact of

regional culture

Jackie works as a sales rep for a company that produces and sells steel used in building construction. Jackie is in __________ sales.

B2B

The fundamental goal of marketers when creating goods, services, or combinations of both is to a. stimulate short-term sales b. serve all consumers c. operate according to government regulations d. create value e. defeat the competition

d. create value

Jordana is a travel agent. Whenever she sells an expensive vacation package, she encourages the customer to buy travel insurance, which provides reimbursement in case of trip cancellation due to illness or another emergency. Jordana is trying to reduce her customers' __________ risk. a. performance b. psychological c. physiological d. financial e. social

d. financial

When Ramona, the keynote speaker at a major business leaders' conference, arrived in the middle of the night at the Ritz-Carlton, she was exhausted and her suit was wrinkled from her 10-hour plane trip. The night clerk found someone to dry clean Ramona's suit and have it ready for her morning presentation. She has been a loyal Ritz-Carlton customer ever since. In this example, Ritz-Carlton demonstrated the macro strategy of a. customer excellence b. promotional excellence c. operational excellence d. global excellence e. product excellence

a. customer excellence

One of the benefits of a differentiated targeting strategy is that it allows the firm to diversify its business and a. lower overall risk b. focus on a single market segment c. use undifferentiated strategies in micro markets d. decrease advertising spending e. more widely market basic commodities

a. lower overall risk

One of the goals of value-based marketing is a. to offer greater value than competitors offer b. to sell to all consumers, regardless of their needs c. to sell products for the highest possible price d. to provide the greatest value for the least profit e. to determine the value of the brand

a. to offer greater value than competitors offer

Before Segway manufactured its two-wheeled people movers, it built a prototype and had staff engineers test it for performance and stability. At this stage, Segway was involved in

alpha testing

When Toyota owners began to report problems with sticking accelerator pedals and non-functioning brakes, Toyota at first ignored or rejected the claims. Eventually, the company evaluated the issue and did a recall. Which of the four steps of the Ethical Decision-Making Framework was Toyota performing when it recalled several of its 2007-2010 models? a. assess risk b. identify issues c. choose a course of action d. gather information and identify stakeholders e. brainstorm and evaluate alternatives

c. choose a course of action

Laura has an almost-new economy car, but she wants a Ford Mustang because she thinks it would be exciting to own one. If she decides to purchase a sports car such as the Mustang, she will be primarily fulfilling a __________ need. a. postpurchase b. functional c. psychological d. functional and psychological e. safety

c. psychological

Marketers frequently design customer loyalty programs to a. attract consumers who have safety needs b. improve profit margins c. retain customers d. increase internal information search e. reinforce postpurchase cognitive dissonance

c. retain customers

The centerpiece of the marketing environment analysis framework is

consumers

The shared meanings, beliefs, morals, values, and customs of a group of people constitute their

culture

Segmentation, targeting, and positioning a. are optional elements of a marketing plan b. should be done simultaneously so synergies can help streamline the effort c. are terms that can be used interchangeably in developing marketing plans d. are part of the firm's marketing planning stage e. are part of the marketing plan but bear little direct relationship to the marketing mix

d. are part of a firm's marketing planning stage

One measure of traffic from visitors on sites, the total requests for a page, is measured in units called

hits

Generally, people buy one product or service instead of another because they a. are unaware of key determinant attributes b. want to get the lowest price possible c. have conducted a thorough internal search for information d. perceive it to be the better value for them e. prefer to avoid doing extended problem solving

d. perceive it to be the better value for them

Imagine that you are in a convenience store choosing your favorite "comfort" food instead of being in a classroom taking this test/ You might notice the packaging, colors, labels, even the fonts used on labels. All of these efforts are part of the marketer's a. value-based promotions b. customer excellence strategy c. target market d. positioning strategy e. market segmentation

d. positioning strategy

When Walmart issued new standards for livestock products that were raised on food without antibiotics or artificial growth hormones, it considered multiple ______, including the ranchers that supply the food, its customers, and animal welfare groups. a. bankers b. corporate shareholders c. investors d. stakeholders e. marketing executives

d. stakeholders

YouTube is an example of what type of social media site?

media sharing

Firms that use the same brand name for new products can spend relatively less on marketing costs for the new product because

people already know what the brand means

In the product development process, what takes place between concept testing and market testing?

performing product development

Golden Years Vitamin Corporation targets consumers living in Florida who are over age 65. Golden Years is using __________ segmentation.

geodemographic

Using _______, trained researchers ask questions, listen to and record the answers, and then pose additional questions to clarify or expand on a particular issue.

in-depth interviews

One important purpose of a brand is to

increase consumer recognition and awareness of product offerings.

Hospitals, schools, and religious organizations are examples of __________ buyers.

institutional

When a firm pools its resources with that of a local firm to enter a new market, they create a(n)

joint venture

Hollywood studios typically release movies targeted toward general audiences during the summer when children are out of school. the timing of the release pertains to the product's

launch

In 2015, Nike signed an 8-year, $1 billion apparel deal with the NBA. This is an example of a deal for _______ rights.

licensing

Unlike manufacturers, __________ buy products from other businesses but do not significantly alter the form of the products they buy before selling them.

resellers

Commercial research firms such as IRI, the National Purchase Diary Panel, and Nielsen are sources of

syndicated data

Many restaurants roll out new ideas first in Orlando, Florida, a location that attracts a vast range of diverse tourists and thus might offer insights into what various consumer groups will like. This is an example of

test marketing

Ironically, while the leaders of Enron Corporation were manipulating the company's finances for their personal benefit, the company was a major donor to Houston area charities. Enron had unethical business practices, but was also

demonstrating corporate social responsibility

Kim is the sales representative for a major textbook publisher. When she calls on the business faculty at general university, her first stop is to chat with Frank, the business department secretary. From Frank, Kim learns which professors have left the university or have newly arrived. Frank also helps Kim make appointments to see professors to discuss textbook choices. Frank acts as the __________ in the business department buying center.

gatekeeper

Southwest Airlines operates a blog called Nuts About Southwest. A group of employees share the responsibility for posting items of potential interest to customers -- for example, short videos about Southwest's travel destinations, articles (with photos) about special events, and news about airline promotions. Nuts About Southwest is an example of a

corporate blog

Through analysis of sales data, Price-Cutters retail store found that customers who bought peanut butter also tended to buy bananas. Price-Cutters was engaged in

data mining

When Amanda shops for lipstick, she always buys Really Red by Cover Girl. This is an example of

brand loyalty

After identifying various market segments that her company could pursue, Lisa evaluated each segment's attractiveness based on size, income, and accessibility. Lisa was involved in a. positioning b. market penetration estimation c. target marketing d. situation analysis e. diversification

c. target marketing

The basic difference between a good and a service is that a good

can physically be touched

When there is a significant difference between the service customers receive and the service the firm promotes, the firm has a _____ gap.

communications

Marketing channel management is also known as

endless chain marketing

One of the potential benefits to a firm of introducing new-to-the-world products or services is

establishment of a completely new market

When Marvel launched several successful series on Netflix, including Jessica Jones, Daredevil, Iron Fist, and Luke Cage, it employed a _______ strategy. a. customer development b. product development c. market development d. diversification e. market penetration

b. product development

Despite its vivid design, the website for Lolly's Bookstore did not seem to attract customers who lingered. In fact, most website visitors left the site before they made a purchase. Which measure does the owner need to address?

bounce rates

Suppose that you work for an advertising agency and are brought into a meeting where everyone is asked to generate ideas for names for a new beach resort. You are engaged in ______, a form of new idea generation.

brainstorming

Sometimes consumers have second thoughts after buying goods that are expensive, infrequently purchased, or associated with a high level of risk. This is an especially critical time for marketers, as their customers are dealing with

buyer's remorse

In most large organizations, several people are responsible for making a purchase decision. This group is called the

buying center

Globalization refers to the processes by which goods, services, capital, people, information, and ideas a. affect corporate culture b. are integrated through IMF facilitation c. are similar in various markets d. are onshored and offshored e. flow across national borders

e. flow across national borders

Tariffs protect domestic producers by a. avoiding regulation b. reducing the cost of production c. increasing brand recognition d. offering subsidies e. making imported products more expensive

e. making imported products more expensive

Which of the following is a core aspect of marketing? a. creating a product that everyone will want to buy b. increasing the company's profit c. setting prices lower than all competitions d. satisfying as many needs as possible e. making product, place, promotion, and price decisions

e. making product, place, promotion, and price decisions

The process through which organizations invite alternative vendors or suppliers to bid on supplying their required components or specifications is formally referred to as a. contract development b. specification review c. a bidding initiative d. invitation to review e. request for proposals (RFP)

e. request for proposals (RFP)

Trina is developing a marketing campaign for an organic stain-removal product. As "stain removal" is rather dull, she is trying to educate consumers about the value and uniqueness of the product, and appeal to the environmentally conscious. Which of the following is the BEST social media application for this task?

YouTube

When retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller amounts it is considered _______ marketing.

B2C

Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, including all of the following EXCEPT a. performance b. place c. price d. promotion e. product

a. performance

Whether targeting customers or resellers, marketers need to focus on a. buying center synergy b. reducing derived demand c. creating value for their customers d. corporate profit sharing e. private exchange efficiency

c. creating value for their customers

When conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged? a. segmentation b. implementation c. control d. planning e. metrics

d. planning

The consumer decision process model represents a. the shift from an internal to an external locus of control b. the types of decisions all consumers must make c. the concept of habitual decision making d. the steps that consumers go through before, during, and after making purchases e. the retrieval of an evoked set based on physiological needs.

d. the steps that consumers go through before, during, and after making purchases

Kellogg's marketing communications about its Special K cereal appeal almost exclusively to women. This is an example of __________ segmentation.

demographic

After reviewing the existing data on seasonal spending by his company's customers, Marvin decided he needed new information collected to address his research questions. Marvin will need _____ data to address the questions in his marketing research study.

primary

When McDonald's comes up with a new drink or sandwich for its restaurants, it often markets it in a dozen or so of its outlets. When the company does this, it is engaged in

test marketing