marketing exam 2

A major state university has noticed a decline in students selecting philosophy as a major and is interested in learning more about this issue. They hire a marketing research student as an intern who conducts informal interviews with faculty in the philosophy department as well as freshman students living in residence halls to gain insight into this phenomenon. What type of research is the intern engaging in?

Exploratory

Which of the following methods is most likely to counter for the negative effects of dumping

Imposing protective tariffs

Keith is searching through computerized information files of customers to detect patterns in product sales. Keith is engaged in the process of:

data mining

The term "cannibalization" refers to ________.

decrease in the sales of current project caused by the launching of new project

The term customer relationship management refers to a combination of strategies and tools that attempts to:

reorient an entire organization to a concentrated focus on satisfying customers.

An estimate of a firm's revenue for a specified future period is known as a _____.

sales forecast

A group of people chosen from a defined population to be survey respondents or research participants is called a:

sample

When Tom decided to buy a washing machine, he had very little knowledge of competing products in the market. He searched on the net, talked to his friends, and compared features of different models. Finally, he decided to buy an LG top load, semi-automatic washing machine. This is an example of buying a(n) ____

shopping product

A marketing program that enables satisfied customers to spread the word about products to other consumers is called _____ marketing.

viral

Which of the following terms refers to a series of stages consumers go through in learning about a new product, trying it, and deciding whether to purchase it again?

Adoption process

The North American Free Trade Agreement (NAFTA) is a trade accord that removes trade barriers among:

Canada, Mexico, and the United States

A _____ marketing strategy focuses on producing several products and pricing, promoting, and distributing them with several marketing mixes designed to satisfy smaller segments.

Differentiated

Aldi is a chain of discount supermarkets based in Germany. The company has recently started opening stores across the United States. Based on this information, the product development strategy being pursued by Aldi is known as a ______ strategy.

Market Development

A firm with significant operations and marketing activities outside its home country is referred to as a(n) _____.

Multinational corporation

Which of the following statements is true regarding the nature of the business market?

Personal selling plays a bigger role in business markets than in consumer markets.

Which of the following segmentation approaches is most likely to help marketers quantify aspects of consumers' personalities and lifestyles to create goods and services for a target market?

Psychographic segmentation

Which of the following industries has seen a steady growth in the United States in the recent years with nearly 80 percent of Americans now working in it ?

Service

Asmeret works as a hotel manager for a popular family resort and casino in Atlantic City, New Jersey. During the summer, hotel managers aim for an occupancy rate of at least 85% to ensure that overhead costs are covered. The resort is known for its quality services; guests generally return an average of three times during the summer and use their rewards and loyalty cards during their stays. On this particular day, Asmeret is quite stressed because the occupancy rate is only 65%. If the hotel fails to sell at least an additional 20% of the available rooms, she might be in some trouble.

Services are perishable

Evaluating a supplier's performance in categories such as price, EDI capability, delivery times, and attention to special requests is known as:

Vendor analysis

Your marketing assistant has developed recommendations for increasing customer loyalty to your wine bar. You note that most are based on frequency marketing. Choose the recommendation(s) based on affinity marketing.

Your wine bar becomes a sponsor of the state university's basketball team.

A buying situation in which business purchasers are willing to reevaluate their available options is known as:

a modified rebuy

AIO statements describe which of the following?

activities, interests, opinions

The added value that a certain brand name gives to a product in the marketplace is called _____.

brand equity

symbol or pictorial design that identifies/distinguishes a product

brand mark or logo

is a cooperative arrangement in which two businesses jointly market each other's products

co marketing

Finished business products of one producer that become part of the final products of another producer are called _____.

component parts and materials

Goods and services purchased by the ultimate consumer for personal use are called _____ products.

consumer

Consumer goods such as soap, milk, and deodorants are generally classified as _____ products.

convience

____ is a form of exporting in which a firm barters products rather than selling them for cash.

counter trade

An Internet service provider (ISP) loses approximately 12 percent of its existing customers every year. According to this information, the ISP is experiencing:

customer churn

Organic Hair Care Inc. markets a brand of shampoo and brand of conditioner. The firm is now adding several new sizes of each brand. This means OHC is changing its product mix _____.

depth

what type of demand is raw materials, machinery, supplies ?

derived demand

the practice of selling a product in a foreign market at a price lower than it commands in the producers domestic market is called

dumping

Dell manufactures and markets computers and several related products, such as laptops, desktops, notebooks, and printers, all under the Dell name. These products are examples of _____ brands.

family

A firm that divides its customers into homogeneous groups based on their locations is said to be practicing _____ segmentation.

geographic

in which stage of a products life cycle is the firm focused on establishing and fortifying the products market position by encouraging brand loyalty

growth stage

Ramon is a sales representative for a medical device company and works with orthopedic surgeons. During his discussions with surgeons about their work and the type of tools or devices that would help them perform better, he began to receive several interesting suggestions that Ramon passed along to the new product development team. What stage in the new-product development process does this represent?

idea generation

Vietnam has restricted the amount of cement, fertilizer, and fuel that can enter its borders from outside countries to protect its domestic industries and also to protect workers from being laid-off. This form of trade restriction is an example of a(n) _____.

import quota

Paul is the quality-control specialist for a furniture manufacturer. His job is to develop specifications for every potential purchase of wood and fabric. Within the buying center, Paul plays the role of a(n):

influencer

Development, growth, and maintenance of long-term, cost effective relationships with individual customers, suppliers, employees and other partners for mutual benefit.

relationship marketing

​You are the manager of a clothing manufacturing firm with operations in different countries. Your Vietnamese manufacturing facility is dedicated solely to producing elementary school uniforms for the U.S. market. Most of your product output is sold to a larger school uniform company in the United States called School Uniforms, Inc. School Uniforms, Inc. has major contracts with (and sells its uniforms to) school districts like the San Diego Unified School District. In this scenario, the San Diego Unified School District is part of which of the following business markets?

institutional market

​Procter and Gamble offers several varieties of Tide liquid detergent for high efficiency washers. It recently added a "Sport" formulation plus Febreeze targeted to active consumers who have noticed that sports apparel such as dri-fit shirts are difficult to clean. The "Sport" formulation represents a(n):

line extension

The marketing strategy that focuses on producing a single product and marketing it to all customers is called:

mass marketing

_____ refers to a first time or quire purchase situation that requires considerable effort by decision makers.

new task buying

Marketers adopt different strategies in order to promote their products in the market. But what is a market? Select the best definition of market from the choices below.​

people and organizations with purchasing power, authority, and willingness to buy goods and services

In the context of the sampling process, the universe is also known as the ______.

population

Placing a product at a certain point or location within a market in the minds of prospective buyers is known as _____.

positioning

The information collected for the first time specifically for a marketing research study is called _____ data.

primary

bundle of physical, service, and symbolic attributes designed to satisfy a customer's wants and needs

product

A _____ sample is a nonprobability sample divided to maintain the proportion of certain characteristics among different segments or groups seen in the population as a whole.

quota