Marketing Adv
If a low-risk marketing program has a return on marketing investment (ROMI) of 4.0, this means that any marketing program must generate at a minimum $4.00 in revenue for every ________ in marketing expenditure.
$1
________ choices tend to be more holistic than emotional choices, using summary impressions rather than specific attributes to evaluate the options and affect even important purchases such as a car or house.
Attitude-based
Which of the following is an internal source of collecting information for making marketing decisions?
Customer orders
"Little m" marketing refers to strategies the firm uses to reach its stakeholders.
False
Brad's company is in the process of determining the best way to get enough wood to build the furniture that they need to manufacture. This represents the value-creating activity of inbound logistics.
False
Societal marketing refers to practices of promoting products to entire consumer markets rather than to individuals.
False
The most common foreign market entry strategy is joint venture.
False
________ means that structure, processes and tools, and managerial knowledge and commitment are formally established in support of the culture.
Formalization
________ include a set of methods facilitated by technology that utilize individual-level and market-level data to identify and communicate meaningful patterns within the data for the purpose of improving marketing-related decisions.
Marketing Analytics
________ fulfill an important role by classifying, explaining, and then bestowing information, most often to family and friends but occasionally to a broader audience.
Opinion leaders
________ is an offshoot of ROMI that was developed to apply the same principles to customers.
ROCI
Which of the following statements is true of secondary data?
Secondary data will not fit the research problem exactly.
________ data refers to data that is generated in such a way that a logical organization is imposed on it during its generation, thus enabling it to be more readily analyzable for knowledge creation.
Structured
Which of the following statements is TRUE about government purchases?
The U.S. government is the single largest buyer of goods and services in the world.
What country spends the most on market research?
The United States
Of all the business fields, marketing is the most visible to people outside the organization.
True
Some firms come close to one-to-one marketing by employing mass customization.
True
________ relates to the reliability and validity of the data.
Veracity
________ relates to the amount of data produced, which is generally measured in bytes, given the digital media in which data is most commonly stored.
Volume
The CEO of Big Wheel Automotive is concerned about declining sales. He has identified his research problem as the fact that his competitors are drawing away his business. He purchases access to J. D. Power's automobile rankings to learn about possible reasons for the shift in consumer purchasing. In this case, the CEO is using ________ to collect secondary data for his research problem.
a market research organization
During which stage do consumers purchase a product with the intent of becoming a dependable user?
adoption
The rate at which new products become accepted is known as the ________ process.
adoption
Brand X diapers, a national brand, has been declining in absolute level of sales for the last four consecutive months. The product manager asks the market research department to do a study to determine why sales have declined. The most appropriate research type would be ________.
an exploratory research
The ________ phase of the customer relationship management process is where organizational learning occurs based on customer response to the implemented strategies and programs.
analysis and refinement
Reasons for conducting exploratory research include ________.
answering the research question
Of the five dimensions of service quality, the ability to convey trust and build a customer's confidence in the quality of a service refers to ________.
assurance
To compete in today's market, how often should firms focus on marketing planning so that managers and executives have the core information about progress toward relevant goals and metrics at their fingertips?
at all times
The probability of a product's success is determined in the ________ stage of the product development process.
business case analysis
Which of the following is an overall evaluation of a product and usually assesses the product's probability of success?
business case analysis
A restaurant's marketing manager is interested in finding out if reducing the price of food items will lead to increased sales. For this purpose, the manager should conduct ________ research.
causal
Many companies are using popular songs from the 1960s and 1970s in their advertising. When individuals, particularly baby boomers, hear that music it connects them with positive memories and the product and brand being advertised. This demonstrates ________.
classical conditioning
In the purchase process, once a problem has been identified, the next step is to ________.
clearly define the need and develop product specifications
The use of ________ at an early stage in a customer's exploration of an e-commerce website can provide insight into the state of his or her intentions.
clickstream data
During the evaluation stage of the product adoption process, consumers ________.
combine all information and assess the product for trial purchase
Customer relationship management (CRM) is considered critical largely because of ________.
competitive pressures in the marketplace
The early majority represents a good portion of total product sales. Generally this group needs to be ________.
convinced of the product's claims and value proposition before making a commitment
Electronic data interchange (EDI) allows ________.
customer computers to communicate directly with supplier computers
What is one of the four elements of the process cycle for customer relationship management?
customer interaction
The service-profit chain is designed to help managers better understand the key linkages in a service delivery system that drive ________.
customer loyalty, revenue growth, and higher profits
The marketing ________ is a comprehensive system providing managers with up-to-the-minute information, including data such as actual sales versus forecast and progress on marketing plan objectives.
dashboard
The primary function of marketing and the entire organization, in a broader context, is to ________.
deliver value to the customer
The marketing manager for Ned's Bar and Grill notices that his typical customer is a male college student. In the context of external information sources, he is using ________ to define his market.
demographics
The owners of Tyrell's Tattoo Shop are interested in determining the nature of the relationship between their clients' professional occupation and the number of tattoos that individuals have. In this case, which research will result in the most appropriate way to explain the nature of this relationship?
descriptive
Into the Abyss is an outdoor clothing company that is just starting to conduct analyses on new data. Which approach would be the appropriate first step before employing more complex analyses?
descriptive analytics
Carol's Croissants has always limited its products to U.S. customers but recently decided to introduce one of its products in Belgium. The company does not plan to change anything about the product before introducing it. This is an example of a ________.
direct product extension
The most significant global economic trend in the past 15 years has been the ________.
emergence of regional market zones
In the service-profit chain, external service value leads to all of the following EXCEPT ________.
employee turnover
Every time Tabitha pays bills for her cell phone or car insurance, services that are important for her, she is practicing the central tenet of marketing called ________.
exchange
The most widely used measure of economic growth is the strength of the currency.
false
Understanding cultural and societal trends is not important in B2B markets compared to B2C markets.
false
Value may be defined as the want-satisfying power of a good or service.
false
When consumers order a newspaper subscription, they want the paper delivered early in the morning so that they can read it before setting out for the day. It appears that newspaper publishers are offering form, time, and place utility, but not ownership utility.
false
The household life cycle is changing due to changes in ________.
family structure
The innovation diffusion process is how long it takes a product to move from ________.
first purchase to last purchase
It is important to remember that a marketing plan should be able to change as customers change, competitors develop new products, or there is a change in the external environment. In other words, a marketing plan should be ________ to be successful.
flexible
Apex Jerseys, a manufacturer of sports apparel and sports equipment, has experienced a sharp drop in sales over the last quarter. The marketing manager asks the marketing research department to investigate this alarming development. The first step taken by the researchers in their process should be to ________.
formulate a specific research problem
Fun Time Corp. has decided to move production of its board games for children and adults from the United States to Mexico to realize cost savings. At the same time, the company has decided to make Spanish-language versions of the games and distribute them in Central and South America. Most likely Fun Time is pursuing a strategy of ________.
growth/concentration based on horizontal integration
Which of the following is one of the basic elements that should be considered in making investment decisions in marketing?
hurdle rates
As the marketing manager of Tiny Tire Company, you are interested in assessing whether it is possible to decrease the amount of time between customers' tire replacement services and also whether it is possible to increase average transaction amounts through add-on sales. To assess customer satisfaction with current services, you decide to consult your CRM system to ________ customer orders.
identify the frequency and size of
Gen Y consumers are much more receptive than their parents and grandparents to electronic commerce as a primary means of receiving marketing communication and purchasing. The marketing change driver represented by this is a shift ________.
in generational values and preferences
A dashboard creates transparency in marketing's goals, operations, and performance. This in turn ________.
increases marketing's perceived credibility and trust by others
The manager of an automotive after-market specialties firm is interested in collecting secondary data. He is concerned with the future of the industry and his competition. He would like to find industry research reports along with industry and company analysis of his competitors. His best sources of this information would be ________.
independent online databases
It is said that B2B demand is more ________ in general than B2C demand for products or services.
inelastic
Juan Martinez, a researcher for ABC Research Group, is working on crafting a survey for a client. He is concentrating on framing the questions, selecting response choices, refining the wording, and determining how many questions to ask. In the context of establishing the research design, Juan is focusing on the ________.
information content
________ are product enthusiasts who enjoy being the first to try and master a new product.
innovators
There are times when marketers forget that marketing is not just a department, and they fail to market the dashboard to ________.
key stakeholders
In the CRM process cycle, ________ is the process of analyzing the customer information acquired through various customer touchpoints.
knowledge discovery
A product ________ is a group of products linked through usage, customer profile, price points, and distribution channels.
line
When a company is focused on uncovering needs that customers do not realize they have, it is using a ________ strategy.
market-driving
Peter Drucker, the father of modern management, stated that the business function(s) of an organization include ________.
marketing and innovation
In the ________ phase of the product life cycle (PLC), sales continue to increase but at a decreasing rate.
maturity
Combining all the products offered by a company is called the product ________.
mix
Big Data from ________, such as Cartwheel from Target, can be used to assist customers in finding in-store deals and provides opportunities for retailers to maximize the value of in-store shopping experiences.
mobile apps
The marketing manager of Big Wheel Motors notices an increased demand for "green" cars that use less fossil fuel and emit fewer pollutants. Under which of the following external information sources for making marketing decisions will this information be included?
natural world
Estimating total demand is a function of three separate purchase situations, which are ________ purchases.
new, repeat, and replacement
Jeffie completed his mission statement for his marketing plan and has written down company goals; now he is focusing on his business's ________, or how he will be able to attain these goals in specific, measurable ways.
objectives
Having too many internal metrics puts the focus on what a company already knows and fails to put the focus on the unpredictably dynamic external marketplace. Which pitfall of marketing dashboards does this represent?
overreliance on inside-out measurement
A disadvantage of online focus groups is that ________.
participants can become distracted and environmental factors can affect their concentration
When Nike moved manufacturing to China, it took into account China's labor laws when fulfilling hiring needs. Which type of information was being addressed?
political and legal
The National Do Not Call Registry is an example of how the ________ environment affects marketing.
political/legal
The National Do Not Call Registry is an example of how the ________ environment affects marketing. Multiple Choice
political/legal
At Nancy's Natural Potato Chip Corp., the company always take into account the quality of the ingredients going into the snack foods it produces and recently rejected a supplier who claimed to use all-natural ingredients but actually did not. What part of the marketing mix did this claim affect?
product
Cost reduction is a specific method for introducing lower-cost products to the market. This may involve ________.
reducing features
A luxury car dealership assigns a service representative to each customer. This service rep handles all routine and emergency service appointments, writes thank-you letters, and advises the car owner when the next service date is anticipated. This dealership has adopted a ________ approach.
relationship orientation
The most fundamental criterion in vendor selection is ________.
reliability
The choice of generic strategy is usually driven by ________ capabilities of the firm, as well as the ________.
resource; competitive landscape
In the service-profit chain, customer satisfaction leads to customer loyalty, and results in ________.
revenue growth and profitability
Any influence on the product and supplier choice is an organizational factor. The primary organizational factor is ________.
risk tolerance
An individual moves through stages before adopting a product. During the interest stage, consumers ________.
seek out added information about a product for further evaluation
Product followers who purchase older generation models with lower prices and fewer features are called ________.
the late majority
A beer manufacturer has noticed that the cost of hops has increased four times in the last year. A description of this would be found in the ________ section of the SWOT analysis.
threats
When a sales representative calls on a customer, or a call comes in to the customer service center, these are called customer ________.
touchpoints
New purchases of new products are called ________ purchases.
trial
According to the BCG matrix, a business that is classified as a cash cow has high market share and low growth.
true
Regional market zones usually form as a result of economic and political factors, geographic proximity, and cultural similarities.
true
The GE Business Screen portfolio analysis uses three levels—high, medium, and low—to rank business position and market attractiveness.
true
Even if companies do not engage in direct foreign marketing, they may still sell abroad through intermediaries.
true?
Unsought goods are characterized as being the kinds of goods that consumers ________.
would rather not purchase at all
