Marketing

________ is the degree to which the results of using an innovation can be observed or described to others.

Communicability

Which of the following statements is most likely correct about people's beliefs and values?

Core beliefs and values have a high degree of persistence.

Which of the following is the best example of a market development strategy?

Correct Selling a company's existing product line into markets not currently served

Which of the following statement is most likely accurate about business that takes a proactive stance toward the marketing environment?

Correct They develop strategies to change the marketing environment.

"Which of the following concepts is composed of the company, its suppliers, its distributors, and its customers?"

Correct Value delivery network

"In a SWOT analysis, which of the following would most likely be considered an opportunity of a company?"

Correct a favorable economic climate that encourages consumption

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is referred to as ________.

Correct customer relationship management

Which of the following is the best example of a weakness of a company in a SWOT analysis?

Correct obsolete technologies used by the company

________ is the concept describing total combined customer lifetime values of all the company's current and potential customers.

Customer equity

Which of the following is the first stage of the buyer decision process?

Need recognition

Which of the following statements about big data is correct?

One result of big data is that marketing managers are often overloaded and overwhelmed with information

Dollar Tree profitably appeals to families with more modest means. The retailer's approach is most likely referred to as ________.

Targeting

Although not recommended, some marketers decide to ignore market segmentation and target the whole market with one offer. This is known as ________ marketing.

undifferentiated

Which of the following is the best description of market segmentation?

dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors

"State Farm® insures manufacturers, distributors, and consumers against the loss or damage of goods during transportation after a purchase or sale. In this case, State Farm® is an example of a ________."

financial intermediary

A market segment is less attractive when ________.

it contains powerful suppliers who can control prices

Joe's faith in Adidas, his favorite brand of running shoes, makes him consider other offerings introduced by Adidas. Joe is not a risk-taker, and he tends to evaluate each new product carefully before purchasing it. Joe is an opinion leader in his social networking community and best described as a(n) ________.

Early Adaptor

"According to the BCG matrix, products or businesses with a low market share in a high-growth market are classified as STARS. "

False

"To design a wining market strategy, a company must first decide what product to sell."

False

Companies today are moving away from target marketing and toward mass marketing.

False

Secondary data consist of information collected for the specific purpose at hand.

False

The full positioning of a brand is called the unique selling proposition.

False

"P&G ""Tide Loads of Hope"" program provides mobile laundromats and loads of clean laundry to families in disaster-stricken areas. This is an example of ________ marketing."

Cause-related

The marketing manager at Fanny's targets customers who are working to lose weight but who still want to dine out. The restaurant chain offers a wide variety of low-fat, low-calorie meals that appeal to dieters. Frizzles' approach is best referred to as ________ segmentation.

Benefit

Starbucks' decision to sell its coffee beans (both whole and ground) in supermarkets using Starbuck's recognized name, logo and, and packaging would represent which of the following brand development strategies?

Brand extension

A company begins developing products by first examining users need and then creating products to fulfill those needs. Which of the following best describes this company's approach?

Customer-driven marketing strategy

Anna wants to buy a new jacket. She asks her friends to recommend a store and/or a style of coat. She looks for sale advertisements for coats in newspapers and also visits nearby stores to check if she can find a coat in her budget. In this case, Anna is most likely in the ________ stage of the buyer decision process.

Information Search

Which of the following is accurate statement of a good marketing information system?

It balances the information that a firm would like to have against what they really need.

Which of the following statement is correct about the marketing ROI?

Marketing ROI measures the profits generated by investments in marketing activities.

Which of the following best describes art and science of choosing target markets and building profitable relationships with them?

Marketing management

Consumers can obtain information from any of several sources. Which source is the most effective in that they legitimize the product?

Personal Sources

________ segmentation factors divide buyers into different groups based on social class, lifestyle, or personality characteristics.

Psychographic

Which of the following statement describing the advantage of primary data?

They are more relevant than secondary data.

Which of the following is true of perceptual positioning maps?

They are used to analyze consumer perceptions of a brand relative to competing products.

"Marketing Myopia describes a tendency to define business too narrowly: on the basis of the products the business sells, rather than the needs the business attempts to serve. "

True

A company chooses to divest when products or business units that are unprofitable or no longer fit the company s overall strategy

True

It's advisable for a company to fit its products into existing attitude patterns rather than attempt to change them.

True

Selective distortion describes the tendency of people to interpret information in a way that will support what they already believe.

True

The two dimensions the BCG approach uses to evaluate and manage SBUs are market growth rate and relative market share.

True

One reason demographic variables are the most popular bases for segmenting customer groups is because they ________.

are easier to measure than other variables

The major purpose of conducting Business portfolio analysis is to ________.

assess the attractiveness of an SBU's market and the strength of its position in the market

A(n) ________ describes a person's relatively consistent evaluations, feelings, and tendencies toward an object or idea.

attitude

BuyBuyBaby Corp. operates in the highly aggressive children's boutique. The firm seeks to obtain early warnings of opportunities and threats caused by the actions of their competitors in the same industry. Which of the following sources would best serve BuyBuyBaby 's purpose?

competitive marketing intelligence

Which of the following concepts refers to a customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers?

customer-perceived value

If male and female respond similarly to the marketing efforts for a beverage, they are considered not ________ market segments.

differentiable

A marketing team of a company has been assigned to watch trends in spending, personal income, savings, and interest rates. This team is most likely gathering information about consumers' ________.

economic situations

Which of the following best describes market targeting?

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

Kenny's introduced a new beverage and released it in two different cities at two different prices. Marketers of Kenny's then analyzed the sales records of their outlets at the two cities, determined the price that resulted in better profits, and used the information to set a nationwide price for their new offering. This is an example of ________.

experimental research

When marketers want to promote their products and services through word-of-mouth marketing programs, they typically begin by ________.

generating person-to-person brand conversations

Compared with undifferentiated marketing, differentiated marketing is more likely to lead to ________.

higher costs of doing business

Cathy bought two bottles Wine. When asked for an opinion on the quality of the Wines, she later mentioned that the Chateau Margaux tasted like alcoholic grape juice, but the Chateau Margaux the Pontet Canet had a crisp taste that she really enjoyed. Which of the following stages of the buyer decision process do Cathy's remarks reflect?

information search

A customer decides to purchase a Porsche to impress others with her success. This illustrates the importance of understanding the role of ________ in the marketing process.

motive

Bose promises "better sound through research." This is an example of ________.

product differentiation

A apparel company's ads feature the members of a popular rock band. Product sales increase significantly among the band's fans. From the fans' viewpoint, the band is a ________.

reference group

"In their marketing campaign, JetBlue puts ""You Above All"" by ""bringing humanity back to travel"" is their ________."

value proposition