Marketing Midterm
A brand can be better positioned by associating its name with a desirable benefit.
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A business marketer normally deals with far fewer buyers than a consumer marketer.
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A factor that can come between the purchase intention and the purchase decision is the attitudes of others.
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A laptop that is purchased for a graphic design studio is considered an industrial product.
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A market is a segment of potential consumers who share a common need or want.
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A new product must have the required functional features and also convey the intended psychological characteristics.
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A product is defined as anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
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A public is any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives.
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A role consists of the activities people are expected to perform according to the people around them.
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Advertising agencies that help a company target a certain section of customers are marketing intermediaries.
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An augmented product is a product that is built around the core benefit and actual product by offering additional consumer services and benefits.
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An effective MIS assesses information needs, develops needed information, and distributes the information to help managers with decision making.
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An innovation management system collects, reviews, evaluates, and manages new product ideas.
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An organization's mission statement should emphasize its intentions toward customers and the customer experience the organization seeks to create.
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As the economy has improved, consumers are again indulging in luxuries and bigger-ticket purchases.
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Business and consumer marketers use many of the same variables to segment their markets.
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Chosen symbols, characters, and other image elements are communicated through advertising that conveys the company's or brand's personality.
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Companies are adapting their promotional efforts to reflect the changing dynamics of American families.
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Companies like Coca-Cola and Facebook deliver customer satisfaction by spreading happiness and connecting individuals through shared experiences.
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Companies must do much more than simply shout out their positions with slogans and taglines. They must differentiate their products in the minds of the consumers.
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Companies that combine a customer-centered approach with team-based new product development gain a big competitive edge by getting the right new products to market faster.
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Concentrated marketing can market more effectively by fine-tuning its products, prices, and programs to the needs of carefully defined segments.
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Consumers have now adopted a back-to-basics sensibility in their lifestyles and spending patterns.
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Crowdsourcing refers to inviting broad communities of people—customers, employees, independent scientists and researchers, and even the public at large—into the new product innovation process.
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Customer involvement has a positive effect on the new product development process and product success.
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During the decline stage of the product life cycle, product sales may plunge to zero, or they may drop to a low level where they continue for many years.
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Each population member has a known chance of being included when a probability sampling procedure is used.
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Firms that develop strategies to change the environment are considered proactive.
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Geographic segmentation assumes that nations close to one another will have many common traits and behaviors
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Geographic segmentation assumes that nations close to one another will have many common traits and behaviors.
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Government regulations are intended to protect consumers, companies, and societal interests.
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Ideally, a sample should be representative so that a researcher can make accurate estimates of the thoughts and behaviors of the larger population.
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If marketers know what evaluative processes go on, they can take steps to influence the buyer's decision
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In cross-market segmentation, marketers form segments of consumers who have similar needs and buying behaviors even though they are located in different countries.
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In the final step of a marketing process, a company reaps the rewards of its strong customer relationships by capturing value from customers.
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In the team-based approach, if one area hits snags, it works to resolve them while the team moves on.
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Many companies have dropped formal strategic planning models like the BCG because they can be difficult, time consuming, and costly to implement.
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Many companies have started to target the LGBT market segment which has significant buying power.
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Marketing dashboards are used to monitor strategic marketing performance.
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Marketing intermediaries form an important component of a company's overall value delivery network.
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Marketing planning involves choosing marketing strategies that will help the company attain its overall strategic objectives.
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Marketing research is the systematic design, collection, analysis, and reporting of data directly relevant to a specific marketing situation facing an organization.
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Neuromarketing is used in combination with other research approaches to gain a more complete picture of what goes on inside consumers' heads.
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New communications technologies like satellite TV and social media are likely to eliminate the need for markets to be geographically segmented as clusters of countries.
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Niche marketing offers smaller companies an opportunity to compete by focusing their limited resources on serving niches that may be unimportant to or overlooked by larger companies.
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Not all companies that use income segmentation target the affluent.
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Place includes company activities that make the product available to target consumers.
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Resellers are distribution channel firms that help the company find customers or make sales to them.
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Supplier development refers to systematically developing networks of supplier-partners to ensure a dependable supply of the products and materials.
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The distinction between a consumer product and an industrial product is based on the purpose for which the product is purchased.
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The federal government has the legal authority to prevent a company from adding products through acquisitions if the acquisition threatens to lessen competition.
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The moral of the product life cycle is that companies must continually innovate; otherwise, they risk extinction.
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The product/market expansion grid, like the BCG matrix, is used to identify growth opportunities.
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The purchasing power of a population is part of the demographic environment of a company's macroenvironment.
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The total demand for many business products is not much affected by price changes, especially in the short run.
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Through consumer-generated marketing, consumers themselves are playing a bigger role in shaping their own brand experiences and those of others.
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Today, almost every company, large or small, is touched in some way by global competition.
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Total quality management is an approach in which all of the company's people are involved in constantly improving the quality of products, services, and business processes.
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Walmart's microenvironment includes suppliers.
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When a company decides to go international with a product, it must first figure out what products and services to introduce and in which countries.
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Light users are often a small percentage of a company's market but account for a high percentage of total consumption.
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Market offerings are limited to physical products.
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Marketing ROI measures the internal capabilities generated by investments in marketing activities.
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Micromarketing includes global marketing and standardized marketing
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Modifying a product is an ineffective strategy in the maturity period of the product life cycle because the product's decline is irreversible at this stage.
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Observational research is the most widely used method of primary data collection.
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People's orientation to their society does not impact their consumption patterns and attitudes toward the marketplace.
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Personal sources of information normally inform the buyer, but commercial sources legitimize or evaluate products for the buyer.
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Secondary data consist of information collected for the specific purpose at hand.
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Specialty products are primarily purchased for use in conducting a business.
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Stringent product regulations have helped to lower research costs and decrease time between new product ideas and their introduction to the market.
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The Consumer Product Safety Commission has created complex regulations for testing new drugs before they are sold to the public.
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The U.S. Patent Office and Trademark database cannot be accessed to reveal patents that competitors have filed.
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The business analysis stage is the final step in the new product development process.
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The information collected for an internal database comes only from the marketing department and the customer service department.
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The more loyal a firm's profitable customers, the lower its customer equity.
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The most common form of marketing organization is the product management organization.
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The selling concept holds that consumers will favor products that offer the most in quality, performance, and innovative features.
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Under the innovative management system approach, one company department works individually to complete its stage of the process before passing the new product along to the next department and stage.
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Using a differentiated marketing strategy, a company is likely to design a product and a marketing program that will appeal to the largest number of buyers.
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When buying unsought products, consumers spend considerable time and effort in gathering information and making comparisons.
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Developing separate marketing plans for separate segments requires very little marketing research or channel management.
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Holiday Inn divided its customer market into segments and selected the most promising segments. Deciding what position it wants to occupy in these segments is called diversification.
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In adjusting to the economy, companies may be tempted to increase their marketing budgets.
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In markets with few customers and high margins, sellers should try to develop basic relationships rather than full partnerships.
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It's important for a market pioneer to choose a launch strategy that is consistent with competitive positioning strategies.
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"At Dodson, we sell shoes" is a market-oriented business definition.
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A customer buys a can of Pepsi from a Walmart store. In this scenario, Walmart is a supplier in Pepsi's value delivery network.
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A product label gives information about the product but does not can promote the brand and engage customers.
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A sequential product development approach is team-oriented, enabling firms to bring products to market very quickly.
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According to Maslow's theory, safety and social needs must be fulfilled after self-actualization needs.
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Adoption is the decision by an individual to try the product.
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Business buying is done by newly trained purchasing agents who are learning how to buy better.
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Cian, an automobile manufacturer, offers a new car model with features comparable to that of another popular brand. However, the Cian model is priced lower than its competitor and includes a longer warranty. Cian is most likely following a more-for-the-same strategy.
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Companies today are moving away from target marketing and toward mass marketing.
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Corporate image marketing consists of activities undertaken to create, maintain, or change attitudes or behavior toward particular people.
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Customer relationship management focuses on retaining existing customers but not on acquiring new customers.
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Hammond Corp. operates in the highly aggressive electronics market. The firm aims to obtain early warnings of opportunities and threats caused by the actions of other firms that are doing well in the industry. Which of the following sources would best serve Hammond's purpose?
competitive marketing intelligence
