Marketing Midterm #1

A _____ documents an organization's purpose- what it wants to accomplish in the larger environment.

Mission statement

In an _____ situation, the buyer wants to revise product specifications, prices, terms, or suppliers

Modified rebuy

________ Shows consumer perceptions of a company's brand vs. competing products on important buying dimensions.

Perceptual positioning maps

________ involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.

market segmentation

From a marketing standpoint, which group of product adopters should marketers spend the least amount of time and effort in convincing them to buy a product?

Laggards

Sigma Inc. a software FIRM based in California reordered 50 printers from the designated provider without any modifications. This is an ex of ______.

A straight rebuy

Market segments that can be effectively reached and served are_______

Accessible

Which of the following is true about business purchases?

Business purchases involve more professional purchasing effort than consumer purchases

___are industrial products.

Capital items

Almost all major purchases result in ___, or discomfort caused by postpurchase conflict.

Cognitive dissonance

To the extent that a company can differentiate and position itself as providing superior customer value, it gains ______________.

Competitive advantage

The marketing department of a reputed firms wants to improve strategic decision making, track the actions of other players in the market, and provide early warning of opportunities and threats. Which of the following would help the firm achieve its objectives?

Competitive market intelligence

____________ are consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort.

Convenience products

Brad works with reputed retailer and leads a team that collects market info from a wide variety of sources ranging from marketing research studies to monitoring online conversations where consumers discuss brad's firm or its products. Brad's team uses this information to arrive at a better understanding of consumer behavior and their buying motives. This, in turn, allows Brad's firm to successfully generate more value for consumers. Brad leads the ___ team.

Customer insights

Which of the following is the first step in strategic planning?

Defining the organizational mission

Which of the following is the first step in the marketing process?

Defining the problem and objectives of the study

_____________ segmentation divides the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation.

Demographic

Demand for outbound motors depends on consumers purchasing fishing boats. This an example of __ demand.

Derived

_______ involves actually distinguishing the firm's market offering to create superior customer value.

Differentiation

Market segmentation can be best described as the process of _______.

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate products or marketing programs.

The business marketer normally deals with ______ than the consumer marketer does.

Far fewer but far larger buyers

A company sent a trained observer to watch and interact with consumers in their natural environments in order to gain deeper insights on consumer needs. This is an example of ______

Ethnographic research

In _ research, the objective is to gather preliminary information that will help define the problem and suggest hypotheses.

Exploratory

______ controls the flow of info to others in the buying center.

Gatekeeper

"Many companies today are localizing their products, advertising, promotion, and sales efforts to fit the needs of individual regions, cities, and neighborhoods." This is an example of ___________.

Geographic segmentation

Which of the following consumer buying behaviors is related to conditions of low- consumer involvement and little significant brand difference?

Habitual buying behavior

Which of the following is an advantage of using an internal database?

Internal databases can be accessed more quickly and cheaply than other information sources

A segment is less attractive if ____________.

It already contains many strong and aggressive competitors.

Which of the following is true about secondary data?

It can be obtained more quickly and at a lower cost than primary data

Which of the following is true with regard to the product/market expansion grid (aka ansoff grid)?

It's a useful device for identifying growth opportunities

_______ is a person's pattern of living expressed in his/her psychographics, and it included the individuals activities, interests, and opinions.

Lifestyle

Lark inc., an American electronics company, us currently reviewing new geographical markets to sells its highly popular LED televisions. By 2020, it plans to open new stores across all the major south asian cities. Lark is most likely following a _ strategy.

Market development

The process of evaluating each market segment's attractiveness and selecting one or more segments to enter is known as ____________.

Market targeting

__ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Marketing research

The boom in Internet marketing has created a new set of social and ethical issues. Critics worry most about__

Online privacy issues

The 4Ps are central to the marketing activity. Which of the following is NOT one of the 4Ps?

Packaging

______ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

Positioning

A ______ refers to the way a product is defined by consumers on important attributes- the place the product occupies in consumers' minds relative to competing products.

Product position

Consumer products refer to _______

Products and services bought by final consumers for personal consumption

Which of the following is true with regard to products?

Products include services, events, persons, places, organization, ideas, or a mixture of these

____________ segmentation divides buyers into different segments based on social class, lifestyle, or personality characteristics.

Psychographics

_____ are low-share business units in high growth markets that require a lot of cash to hold their share

Question mark

According to maslow's hierarchy of needs, Which of the following is the LEAST pressing need?

Self- actualization of needs

Advertising campaigns involving issues ranging from health care, education, and environmental sustainability to human rights and personal safety can be classified under______

Social marketing

A market segment that's large or profitable enough to serve is _____

Substantial

Which of the following is true regard to cash cows?

They can be used to help finance the company's question marks and stars

Which of the following is the objective of causal research?

To test hypotheses about cause and effect relationships

Kinger burgers came out with a new hamburger and, before including it into its main menu, released it in two different cities with two different prices. The marketers at kinger burgers then analyzed the different levels of purchase made at these two different places, planning to using the info to help them set a nationwide price for the new offering. This is an ex of___

experimental research

The pure drug company produces insulin, a product with a very stable demand. Even tho the price changed several times in the past 2 years, the demand for pure drug's insulin remained relatively unaffected. In this instance, the demand for insulin is representative of _______ demand.

inelastic

"To busy multitaskers who need help remembering things, evernote is the only digital content management application that makes it easy to capture and remember moments and ideas from your everyday life using your computer, phone, tablet, and the Web." This is an ex of an _______

positioning statement