Marketing quiz answers 1-3

What is NOT one of the three phases of the Strategic Marketing Process? 1.) Activation Phase 2.) Planning Phase 3.) Implementation Phase 4.) Evaluation Phase

Activation Phase

What is NOT one of the company benefits of marketing? 1.) All of these are benefits 2.) Creates competitive insulation 3.) Can charge more for products and services 4.) Increases relevancy

All of these are benefits

What is needed for marketing to occur? 1.) All of these are needed 2.) two or more parties with unsatisfied needs 3.) something to exchange 4.) a way for the parties to communicate

All of these are needed

What tool helps answer the question "how do I grow my business considering new and existing products vs. new and existing markets"? 1.) Diversification Analysis / Ansoff's Growth Matrix 2.) BCG Portfolio Analysis Matrix 3.) Porter's Five Forces 4.) SWOT Analysis

BCG Portfolio Analysis Matrix

What tool helps prioritize investments in products based on market share and market growth? 1.) BCG Portfolio Analysis Matrix 2.) Diversification Analysis / Ansoff's Growth Matrix 3.) Porter's Five Forces 4.) SWOT Analysis

BCG Portfolio Analysis Matrix

________ is a vague term generally used to describe large amounts of data collected from a variety of sources and analyzed with an increasingly sophisticated set of technologies. 1.) Big data 2.) Data visualization 3.) Data intelligence 4.) Data mining

Big data

According to the lecture which is not one of the 5 C's of Marketing? 1.) Comparison 2.) Competitors 3.) Company 4.) Context

Comparison

You research social and economic trends as part of a 5 C analysis. Which category does this cover? 1.) Context 2.) Comparison 3.) Competitors 4.) Company

Context

A __________ is a special capability, such as of skills, technologies, or resources, that distinguish a firm from other organizations and provide customer value. 1.) Core Competency 2.) Product Differentiation 3.) Point of Distinction 4.) Business Portfolio

Core Competancy

What is the first step in the five-step market research approach? 1.) Define the problem 2.) Develop the research plan 3.) Collect relevant information 4.) Take marketing actions

Define the problem

When its beer sales were flat, Budweiser became interested in entering the premixed cocktail segment by providing a product that would appeal to those who don't enjoy traditional beer. It launched Bud Light Lime-A-Rita, a margarita-flavored, beer-based cocktail, sold in cans and bottles and best served over ice. This is an example of _______. 1.) Diversification 2.) Product Development 3.) Market Penetration 4.) Market Development

Diversification

When Sadie was buying new soccer cleats at the start of the season, she considered comfort, durability, color, and price, which were her 1.) Evaluative criteria 2.) Consideration set 3.) Cognitive cluster 4.) Value attributes

Evaluative criteria

According to the lecture only 30% of the dollars spent in digital transactions are Business-2-Business transactions. 1.) False 2.) True

False

True or False? According to the lecture, consumers are willing to pay more for products that are charitable and socially responsible vs. products that provide friendly service and convenience. 1.) False 2.) True

False

True or false? A survey run by Meta to measure their customer satisfaction is considered secondary research. 1.) False 2.) True

False

According to the Brought-To-Life video, the human brain does which of the following? 1.) Feels first and thinks later 2.) Thinks first and feels later 3.) Thinks and feels at the same time 4.) None of these options

Feels first and thinks later

According to the Brought-To-Life Video how did the World Food Programme solve the problem of distributing food to refugees without IDs? 1.) It used a blockchain-backed iris scanning device to make refugees' eyes their ID 2.) It used RFID enabled cards to act as the refugees' IDs 3.) It partnered with IBM Watson to aggregate ID information from their countries of origin 4.) It created a direct response marketing program that allowed the refugees to opt-in to food distribution

It used a blockchain-backed iris scanning device to make refugees' eyes their ID

_______ are homogeneous in two ways: prospective buyers will respond similarly to marketing action and they have common needs 1.) Market Segments 2.) Buying Relationships 3.) Marketing Mixes 4.) Environmental Forces

Market Segments

What is NOT one of the steps in the purchase decision process? 1.) Market scanning 2.) Problem recognition 3.) Evaluation of alternatives 4.) All of these are steps

Market scanning

What is another name for the 4Ps? 1.) Marketing Mix 2.) Pillars of Marketing 3.) The Marketing Continuum 4.) Marketing Mania

Marketing Mix

Writing an ad for a new product line is an example of which of these? 1.) Marketing Tactic 2.) Marketing Program 3.) Marketing Plan 4.) Business Plan

Marketing Tactic

Decisions about advertising and personal selling for a product are a part of ________ in a marketing program. 1.) Promotion 2.) Profit 3.) Price 4.) Purchase

Promotion

Which of the following is NOT one of the four Ps? 1.) Purchase 2.) Product 3.) Price 4.) Promotion

Purchase

A $5 in-store coupon most effects which stage in the purchase decision process? 1.) Purchase decision 2.) Problem recognition 3.) Evaluation of alternatives 4.) Market scanning

Purchase decision

Jimbo cracked the glass on his smartphone. He had hoped it was just the screen protector, but he saw that he really could not do much with his phone in that condition. Jimbo knew he'd need to get a new one; he had just begun the 1.) Purchase decision process 2.) Usage buying sequence 3.) Stages of consumption 4.) VALS typology

Purchase decision process

Organizational ________ describes why an organization exists, what problems it wishes to solve, and who it wants to be to every person it touches through its work. 1.) Purpose 2.) Structure 3.) Strategy 4.) Dynamic

Purpose

_______are people to whom an individual looks as a basis for self-appraisal or as a source of personal standards. 1.) Reference groups 2.) Dissociative groups 3.) Social circles 4.) Advocates

Reference groups

What tool is a strategic summary of a situation analysis or environmental scan? 1.) SWOT Analysis 2.) BCG Portfolio Analysis Matrix 3.) Porter's Five Forces 4.) Diversification Analysis / Ansoff's Growth Matrix

SWOT Analysis

__________ occurs when people pay attention to messages that are consistent with their attitudes and beliefs and ignore messages that are inconsistent with them. 1.) Selective exposure 2.) Engagement bias 3.) Subliminal retention 4.) Information allocation

Selective exposure

What brand did the lecture reference as a brand that successfully leveraged consumer behavior to revitalize a once faded brand? 1.) Shinola 2.) Levi's 3.) Abercrombie 4.) Dr. Martens

Shinola

According to the lecture, what was NOT one of the actions taken by Glucerna to turn around their performance? 1.) Spent 17% more on social media 2.) Compared its products vs. real foods 3.) Performed market research to identify the issue 4.) Placed a "1 per day" logo on its packaging and advertising

Spent 17% more on social media

Google Nest Protect, an alarm system that sends alerts of smoke or carbon monoxide to your phone, is easily muted and has a "heads-up" warning before triggering its siren. It also self-tests and has a motion-activated path light. These innovations are an example of a(n)________ force that could impact other industries. 1.) Technological 2.) Regulatory 3.) Social 4.) Competitive

Technological

Which is NOT one of the ways to discover needs according to the lecture? 1.) Tertiary Research 2.) Personal Insight 3.) Secondary Research 4.) Primary Research

Tertiary Research

Patagonia's Worn Wear program, which encourages its customers to repair, trade, and eventually recycle all its products, is an application of _____. 1.) The Societal Marketing Concept 2.) Profit Maximization 3.) Environmental Forces 4.) Market Segmentation

The Societal Marketing Concept

Community pools like the Worthington City Pool are noticing that people with pools are becoming more willing to rent their personal pools out to strangers. A SWOT analysis of Worthington City Pool would consider this change in consumer behavior as a(n) 1.) Threat 2.) Strength 3.) Opportunity 4.) Weakness

Threat

Not only do businesses see benefits from the protections of ________, consumers do as well; they allow consumers to correctly identify the products they want to purchase. 1.) Trademarks 2.) Ethics 3.) Legislation 4.) Patents

Trademarks

True or False? High involvement purchases with significant brand differences usually have a longer buying cycle than low involvement purchases with few brand differences. 1.) True 2.) False

True

True or false? An industry report on Gen Z internet behavior bought by Meta is considered secondary research. 1.) True 2.) False

True

A marketing research approach that uses a discussion leader to interview 6 to 10 past, present, or prospective customers simultaneously is 1.) a focus group 2.) a depth interview 3.) data mining 4.) a focused interview

a focus group

A picture or verbal description of a product or service a firm might offer for sale is referred to as 1.) a new-product concept 2.) a protocol 3.) an exemplar 4.) a test offering

a new-product concept

The total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts is 1.) a sales forecast 2.) a prognostication 3.) marketing intuition 4.) the marketing potential

a sales forecast

According to the lecture, which is NOT one of the benefits of market research? 1.) all of these are benefits 2.) helps minimize risk 3.) helps eliminate boardroom biases 4.) identifies whitespace opportunities

all of these are benefits

Marketers can identify key trends such as the growing popularity of personal shoppers, the increasing emphasis on reuse rather than disposal of products and resources, and the importance of new e-commerce purchasing alternatives by conducting 1.) an environmental scan 2.) a trend analysis 3.) primary research 4.) an organizational inquiry

an environmental scan

The group of people within an organization who participate in the buying process and share common goals, risks, and knowledge important to a purchase decision is referred to as the 1.) buying center 2.) gatekeeper 3.) purchasing department 4.) procurement committee

buying center

The facts and figures related to a research problem are referred to as 1.) data 2.) statistics 3.) variables 4.) concepts

data

The demand for industrial products and services that is driven by demand for consumer products and services is referred to as 1.) derived demand 2.) secondary marketing 3.) reciprocal supply 4.) sequential demand

derived demand

Observational data are 1.) facts and figures obtained by watching, either mechanically or in person, how people actually behave. 2.) facts and figures obtained by asking people questions either through personal interviews, panel discussions, or questionnaires. 3.) facts and figures newly collected for the project at hand. 4.) conclusions developed from information obtained from a representative sample of a population.

facts and figures obtained by watching, either mechanically or in person, how people actually behave.

Opinion leaders are considered to be ________, so their opinions influence others' choices. 1.) knowledgeable about or users of particular products 2.) highly connected to others in social terms 3.) ethical and principled in their actions 4.) successful in business or otherwise possessing high status

knowledgeable about or users of particular products

Which of the following is typically true of B2B marketing? 1.) more logic-based benefits 2.) larger target audience 3.) shorter buying cycle 4.) less expensive per conversion

more logic-based benefits

According to the lecture, what environmental scanning data drove Wallick Communities' decision to create The Ashford Senior Living Communities? 1.) more than half of middle-income seniors would not be able to afford senior living 2.) a rapidly growing segment of high-net-worth seniors 3.) the significant growth of home-care options for seniors 4.) all of these drove the decision

more than half of middle-income seniors would not be able to afford senior living

In routine problem solving, the number of external information sources used is typically which of these? 1.) none 2.) one 3.) a few 4.) many

none

The decision-making process that organizations use to establish the need for products and services and identify, evaluate, and choose among alternative brands and suppliers is referred to as 1.) organizational buying behavior 2.) the consumer purchase decision process 3.) the industrial purchase procedure 4.) the offering purchase framework

organizational buying behavior

Which is not one of the four influences on the consumer purchase decision process? 1.) positioning influences 2.) psychological influences 3.) sociocultural influences 4.) situational influences

positioning influences

According to the lecture, which topic is NOT covered in the second step of the Planning Phase of the Strategic Marketing Process? 1.) pricing 2.) segmentation 3.) targeting 4.) positioning

pricing

Marketing research is the 1.) process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions. 2.) process of systematically collecting and analyzing information in order to define a marketing problem 3.) use of subjective data such as interviews and observation to complement empirical data obtained through the use of information technology. 4.) science of using observable human behavior in order to identify and solve marketing problems.

process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions.

Business-to-business marketing is the marketing of 1.) products and services to companies, governments, or not-for-profit organizations for use in the creation of products that they can produce and market to others. 2.) goods to companies, governments, or ultimate consumers for use in the creation of goods and services. 3.) products to not-for-profit organizations at a reduced fee or nominal cost for use in the creation of goods and services that they can produce and market to others. 4.) services in the area of intellectual property such as legal, financial, or creative consulting.

products and services to companies, governments, or not-for-profit organizations for use in the creation of products that they can produce and market to others.

Set during the marketing research process, ________ are specific, measurable goals the decision maker seeks to achieve in conducting the marketing research. 1.) research objectives 2.) measures of success 3.) research constraints 4.) marketing research plans

research objectives

Wholesalers and retailers that buy physical products and resell them without any reprocessing are referred to as 1.) reseller firms 2.) industrial firms 3.) government agencies 4.) consumer product firms

reseller firms

According to the lecture what is the translation of the AMA definition of marketing? 1.) the process of discovering and satisfying consumer needs 2.) the process of creating advertisements to sell products 3.) adding value to products through targeted communications 4.) communicating the value of products to the customer

the process of discovering and satisfying consumer needs

What is the metric called when companies not only try to deliver shareholder value, but also stakeholder and social value? 1.) triple bottom line 2.) earnings per share 3.) green growth 4.) cause profit

triple bottom line