marketing final exam
________ data consist of information collected for the specific purpose at hand. A) Primary B) Secondary C) Derived D) Archival E) Historical
A) Primary
Which of the following sets the price ceiling for a product's pricing? A) profits B) product costs C) consumer perceptions of value D) elements of the product mix E) competition
C) consumer perceptions of value
states of felt deprivation
needs
Marketing via the Internet using company Web sites, online ads and promotions, e-mail, online video, and blogs
online marketing
Working closely with partners in other company departments and outside the company to jointly bring greater value to customers
partner relationship management
Personal presentation by the firm's sales force for the purpose of making sales and building customer relationships
personal selling
how it will make the offering available to target consumers
place
Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
positioning
Focusing the entire marketing process toward turning shoppers into buyers as they approach the point of sale, whether during in-store, online, or mobile shopping
shopper marketing
a company should make marketing decisions by considering consumers' wants, the company's requirements, consumers' long-run interests, and society's long run-interests
societal marketing
a company should make marketing decisions by considering consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests
societal marketing
The idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests
societal marking concept
large, low-cost, low-margin, high-volume, self-service operation
supermarket
a store much larger than a regular supermarket that offers a large assortment of routinely purchase food products, nonfood items, and services
superstore
socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs
sustainable marketing
a sales force organization that assigns each salesperson to an exclusive geographic territory in which that salesperson sells the company's full line
territorial sales force structure
the stage of new product development at which the product and its proposed marketing program are tested in realistic market settings
test marketing
Nations, regions, states, counties, cities, neighborhoods, population density (urban, suburban, rural), climate
geographic
offering just the right combination of quality and good service at a fair price
good-value pricing
Collections of consumer and market information obtained from data sources within the company's network
internal databases
some combination of products, services, information, or experiences offered to a market to satisfy a need or want
market offerings
Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs
market segmentation
setting a high price for a new product to skim maximum revenues layer by layer from the segments willing to pay the high price; the company makes fewer but more profitable sales
market skimming pricing
the process of evaluating each market segment's attractiveness and selecting one or more segments to enter
market targeting
A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
marketing concept
planning, implementing, and controlling the physical flow of goods, services, and related information from points of origin to points of consumption to meet customer requirements at a profit
marketing logistics
a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer
undifferentiated (mass) marketing
the 4 steps on strategic planning
1. defining the company mission 2. setting company objectives and goals 3. designing the business portfolio 4. planning marketing and other functional strategies
When establishing prices, it's important for a manager to understand that "good value" is not the same as ________. A) "low price" B) "high price" C) "bargain basement" D) "perceived value" E) "everyday value"
A) "low price"
________ uses buyers' perceptions of what a product is worth as the key to pricing. A) Customer value-based pricing B) Target return pricing C) Cost-plus pricing D) Psychological pricing E) Competition-based pricing
A) Customer value-based pricing
Changes in variables, such as income, cost of living, interest rates, and savings and borrowing patterns most likely reflect changes in the ________ environment of a company. A) economic B) natural C) demographic D) political E) cultural
A) economic
Which of the following is a personal factor that influences a consumer's buying behavior? A) life-cycle stage B) motivation C) status D) family E) social networks
A) life-cycle stage
The first generation Apple iPod was introduced in 2001 and sold for $500. The following year a mini version was introduced for $250. Apple initially used a ________ strategy to price their digital music innovation. A) market-skimming B) target costing C) deceptive D) market-penetration E) predatory
A) market-skimming
The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. A) marketing B) product C) production D) selling E) societal marketing
A) marketing
____________ is the only element in the marketing mix that produces revenue A) price B) place C) promotion D) product E) profit
A) price
Both market penetration strategies and market development strategies primarily involve ________. A) selling a company's current products B) modifying the company's product line C) selling in new as well as existing markets D) developing a new product E) leaving the current market
A) selling a company's current products
________ marketing calls for socially and environmentally responsible actions that meet the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs. A) Sustainable B) Customer driving C) Mass D) Customer-driven E) Differential
A) sustainable
________ pricing is when a firm tries to determine the price at which it will break even or earn the profit it is seeking. A) Competition-based B) Target return C) Cost-plus D) Good-value E) Value-added
B) Target return
Demographic, economic, natural, technological, political, and cultural forces form the ________ of an organization. A) supply chain B) macro environment C) marketing intermediary network D) internal environment E) microenvironment
B) macro environment
The simplest way to enter a foreign market is through ________. A) joint ownership B) exporting C) direct investment D) licensing E) contract manufacturing
B) exporting
Safari Unlimited recently conducted national research to generate ideas for a new line of fatigues geared to women. The company uncovered a number of ideas about clothing and accessory preferences as well as important benefits such as built-in sunblock and durability. The Safari Unlimited product development team will most likely use ________ next to arrive at a realistic number of products for the new fatigues line. A) crowdsourcing B) idea screening C) concept testing D) concept development E) business analysis
B) idea screening
Which of the following represents a change in the technological environment of a marketing firm? A) increased use of cause-related marketing B) increased use of RFID systems to track products C) increased need to comply with environmental regulations D) increased use of value marketing techniques and promotions E) increased need to engage in mass marketing over market segmentation
B) increased use of RFID systems to track products
which of the following is a shortcoming of advertising? A) it does not allow dramatization of the brand or company B) it only provides one-way communication with customers C) it can be too customized and only attracts small, niche markets D) it reaches targeted customers too slowly in most cases E) it is the most costly promotional tool for companies
B) it only provides one-way communication with customers
Specialty stores are characterized by ________. A) the sale of convenience and staple items B) narrow product lines with deep assortments C) a wide range of products and categories D) low prices on a wide range of goods E) routinely purchased food products and services
B) narrow product lines with deep assortments
Fargo Inc. is a carbonated beverage manufacturer that has many manufacturing plants around the world. It is planning to shift from using thermal power to wind power for its manufacturing plants in the Netherlands to decrease dependency on nonrenewable sources of energy. This scenario depicts Fargo's concern for its ________ environment. A) economic B) natural C) demographic D) political E) cultural
B) natural
________ creates a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping. A) Shopper marketing B) Omni-channel retailing C) Test marketing D) Online marketing E) Consolidation marketing
B) omni-channel retailing
The ________ concept specifically focuses on future company needs, but not the future welfare of customers. A) societal marketing B) strategic planning C) sustainable marketing D) global marketing E) cause marketing
B) strategic planning
The ________ environment is perhaps the most dramatic force shaping the destiny of individuals and offering exciting opportunities for marketers. A) demographic B) technological C) political D) social E) cultural
B) technological
A firm has a huge amount of individual customer data saved in different databases. Which of the following can be used to integrate, analyze, and apply the available information effectively? A) online market research tools B) integrated marketing systems C) CRM systems D) internal survey methods E) quality assurance tools
C) CRM systems
Which of the following is true of a good marketing information system? A) It focuses solely on maximizing the amount of data generated irrespective of relevance. B) It typically uses only external sources of data in marketing research. C) It balances the information that a firm would like to have against what they really need. D) It develops a way of offering information about future plans of action that might not be very feasible or cost-effective. E) It eliminates the time-consuming task of assessing the information needs of a firm.
C) It balances the information that a firm would like to have against what they really need
Which of the following is true of personal selling? A) It is the most effective promotional tool for geographically dispersed buyers. B) It allows firms to dramatize product offers through arts and visuals. C) It is the most expensive promotional tool for companies to utilize. D) It is an ineffective method for building long-term customer relationships. E) It presents a firm's message as news rather than as a sales-directed communication.
C) It is the most expensive promotional tool for companies to utilize.
________ segmentation factors divide buyers into different groups based on social class, lifestyle, or personality characteristics. A) Geographic B) Demographic C) Psychographic D) Behavioral E) User status
C) Psychographic
What country has the highest rate of inflation in the world right now? A) Monaco B) Germany C) Venezuela D) Brazil E) United States
C) Venezuela
Hollingsworth is a retail company that is planning to release a new line of luxury personal care products. Its managers are now reviewing the sales history of similar products and conducting marketing surveys to estimate minimum and maximum sales for the product. In which of the following stages of the new product development process is the product? A) test marketing B) idea screening C) business analysis D) marketing strategy development E) concept testing
C) business analysis
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is referred to as ________. A) perceived-value management B) societal marketing C) customer relationship management D) partner relationship management E) enterprise resource planning
C) customer relationship management
A strategy for company growth that involves increasing sales to current market segments without changing the product is known as ________. A) market development B) market differentiation C) market penetration D) product development E) diversification
C) market penetration
In which of the following structures does a company organize its sales force along customer or industry lines? A) demographic sales-force structure B) service sales-force structure C) market sales-force structure D) territorial sales-force structure E) product sales-force structure
C) market sales-force structure
Managing upstream and downstream value-added flows of materials, final goods, and related information among suppliers, the company, resellers, and final consumers is known as ________. A) marketing logistics B) distribution system management C) supply chain management D) full-line forcing E) physical distribution
C) supply chain management
Which of the following sources constitutes the internal database of a company? A) commercial online databases B) conversations on social media C) the company's sales records D) reports sold by market research firms E) the Web
C) the company's sales records
Which of the following is part of the microenvironment of a firm's marketing environment? A) the political state of the country in which the firm exists B) the cultural forces that exist in a society C) the suppliers who work with the company D) the technological resources available to the company E) the different demographic trends in the market
C) the suppliers who work with the company
Which of the following is true about customer relationship management (CRM)? A) It eliminates the need for primary research. B) It minimizes the need for costly marketing analytics. C) It relies on the use of exploratory and causal research. D) It consists of sophisticated software and analytical tools. E) It excludes data on existing customers to focus on potential customers.
D) It consists of sophisticated software and analytical tools.
PetSafe Pet Supplies, a pet-food company, divides the pet market according to the pet owners' gender, occupation, income, and family life cycle. In this case, which of the following variables has the company used for market segmentation? A) geographic B) psychographic C) benefit D) demographic E) occasion
D) demographic
Which of the following is true of strategic planning in a firm? A) It deals with maintaining the company's current business ventures. B) It focuses on the firm's internal environment rather than the external environment. C) It occurs at the business-unit, product, and market levels rather than at the corporate level. D) It deals with adapting the firm to take advantage of changing marketing opportunities. E) It involves preparing short-term investment objectives at the product level.
D) It deals with adapting the firm to take advantage of changing marketing opportunities.
________ is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behavior. A) Differentiation B) Mass marketing C) Market targeting D) Market segmentation E) Positioning
D) Market segmentation
Which of the following is true of product positioning? A) A product's position is defined by the number of competitors in a market. B) Product positioning has little influence on the design of marketing mixes. C) Consumers generally reevaluate products every time they make a buying decision. D) To simplify the buying process, consumers are likely to position products in their minds. E) Consumers cannot position products with or without the help of marketers.
D) To simplify the buying process, consumers are likely to position products in their minds.
One reason demographic variables are the most popular bases for segmenting customer groups is because they ________. A) create smaller segments B) create more easily accessible segments C) do not involve stereotypes D) are easier to measure than other variables E) involve fewer attributes to consider
D) are easier to measure than other variables
A(n) ________ describes a person's relatively consistent evaluations, feelings, and tendencies toward an object or idea. A) role B) cue C) drive D) attitude E) motive
D) attitude
Becca wants to buy a new coat. 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, Becca is most likely in the ________ stage of the buyer decision process. A) product evaluation B) evaluation of alternatives C) need recognition D) information search E) purchase decision
D) information search
Consumers' needs and wants are fulfilled through ________. A) value B) demand C) desire D) market offerings E) ideas
D) market offerings
PC manufacturer, Lenovo, focuses on low labor costs and mass distribution to ensure the continuous availability of its products at reasonable prices. Lenovo most likely follows the ________. A) customer-driving marketing concept B) marketing concept C) societal marketing concept D) production concept E) selling concept
D) production concept
According to the five-step model of the marketing process, the first step in marketing is ________. A) capturing value from customers to create profits and customer equity B) constructing an integrated marketing program that delivers superior value C) engaging customers, building profitable relationships, and creating customer delight D) understanding the marketplace and customer needs and wants E) designing a customer-driven marketing strategy
D) understanding the marketplace and customer needs and wants
put the marketing process in order: A) capturing value from customers to create profits and customer equity B) constructing an integrated marketing program that delivers superior value C) engaging customers, building profitable relationships, and creating customer delight D) understanding the marketplace and customer needs and wants E) designing a customer-driven marketing strategy
D, E, B, C, A
Which of the following is most likely true of a global firm? A) A global firm typically operates from one country. B) A global firm engages in joint partnerships overseas. C) A global firm sees the world as many different markets. D) A global firm maximizes the importance of national boundaries. E) A global firm manufactures and markets goods wherever it can do the best job.
E) A global firm manufactures and markets goods wherever it can do the best job.
In a(n) ________ marketing system, leadership over production and distribution is assumed through the size and power of one or a few dominant channel members. A) direct B) contractual vertical C) horizontal D) corporate vertical E) administered vertical
E) administered vertical
A tax on an imported product designed to raise revenue or protect domestic firms is referred to as a(n) ________. A) exchange B) excise C) fine D) quota E) tariff
E) tariff
what are the 4 marketing p's?
Product, Price, Place, Promotion
Occasions, benefits, user status, usage rate, loyalty status
behavioral
dividing a market into segments based on consumer knowledge, attitudes, uses of a product, or responses to a product
behavioral segmentation
Setting price to break even on the costs of making and marketing a product, or setting price to make a target return
break-even pricing (target return pricing)
Actors in microenvironment
company, suppliers, marketing intermediaries, competitors, publics, customers
setting prices based on competitors' strategies, prices, costs, and market offerings
competition-based pricing
a sales force organization in which salespeople specialize in selling only to certain customers or industries
consumer (or market) sales force structure
a small store, located near a residential area, that is open long hours seven days a week and carries a limited line of high-turnover convenience goods
convenience store
adding a standard markup to the cost of the product
cost-plus (markup pricing)
the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satifaction
customer relationship management (CRM)
The customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers
customer-perceived value
Human wants that are backed by buying power
demand
Age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, generation
demographic
actors in the macroenvironment
demographic, economic, natural, technological, political, cultural
a retail store that carries a wide variety of product lines, each operated as a separate department managed by specialists buyers or merchandisers
department store
a market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each
differentiated (segmented) marketing
Actually differentiating the market offering to create superior customer value
differentiation
a retail operation that sells standard merchandise at lower prices by accepting lower margins and selling at higher volumes
discount store
Company growth through starting up or acquiring businesses outside the company's current products and markets
diversification
information collected for the specific purpose at hand
primary data
to deliver on its value proposition, the firm must first create a need-satisfying marketing offering
product
a sales force organization in which salespeople specialize in selling only a portion of the company's products or lines
product sales force structure
the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency
production concept
engage target consumers, communicate about the offering, and persuade consumers of the offer's merits
promotion
social class, lifestyle, personality
psychographic
pricing that considers the psychology of prices and not simply the economics; the price is used to say something about the product
psychological pricing
information that already exists somewhere, having been collected for another purpose
secondary data
The idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort
selling concept
the idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort
selling concept
attaching value-added features and services to differentiate a company's offers and charging higher prices
value-added pricing
the form human needs take as they are shaped by culture and individual personality
wants
