Marketting Quiz 1
Developing a customer insight survey is a _________ process. • simple • 10-step • low-level • none of the above
10 step process
Roughly... Percent of the dollar price paid by consumers for product goes to cover the cost of marketing
50
If a family purchases 2 season tickets for the Dallas Cowboys and 4 season tickets for the Oklahoma City Thunder, what is the SOW of season tickets for this family from OKC's perspective? • 48% • 54% • 67% • 83%
67%
Service providing sectors are projected capture .... percent of all jobs added between 2014 and 2024.
94.6
A service blueprint is
A diagram that depicts the process of interaction between the customer and the service system.
Marketings objectives are .... Derives from overall business objectives
Always
Which type of marketing includes a middleman?
Centralized exchange
Good CX tool
Customer journey mapping
Marketing is
Exchange
In customer insight research, it is appropriate to assume that if two variables are correlated with one another, one of the variables has caused the other variable to occur. • True • False
False
It is important that any employee that interacts with the companies customers carries marketing as part of their job title
False
Which company is generally credited with originating the marketing concept
General electric
....... uses internal data to get external people such as shareholders, the media or the government to support and protect the company and its views.
Investor Relations
What kind of company might be most interested in separating market segments based on age? • Life insurance • Automobile manufacturer • Cable and streaming • Retail
Life Insurance
Which of these is not a trait of desirable target markets? • Limited size • Clearly defined • Stable • Accessible
Limited Size
People processing
Services directed at people's bodies. Ex: massage, haircut, tattoo.
Perishability
The characteristic of a service that makes it impossible to store for later sale or consumption.
Process is
The flow of activities involved in providing goods services and ideas to the customer.
Customer service
The individual moments when employees are providing direct service to a customer
What makes a word-of-mouth recommendation more valuable to potential consumers? • A celebrity endorsement • Many variations of the advertisement • Familiarity with the same advertisement over time • A belief that the recommendation is non-commercial
A belief that the recommendation is non-commercial.
A recent example of the anti-alignment positioning strategy was carried out by ____________. • A firm in the phone carrier industry • A firm in the restaurant industry • A Division 1 university • A professional athletic team
A firm in the phone carrier industry
What is a niche market? • A narrowly defined segment of consumers with specific needs • A market that has not yet been fully defined • An unchangeably small market segment • A segment of consumers disgruntled with current market offerings
A narrowly defined segment of consumers with specific needs
Blue Spruce in downtown Stillwater provides craft coffee and a range of higher-end brewing methods. The majority of Stillwater residents are content with standard drip coffee from either their home or one of the other coffee sellers in town. What kind of market does Blue Spruce cater to, compared to these other sellers? • A niche market • An income-segmented market • A location-segmented market • An activity-segmented market
A niche market
Sales orders, inventory data, and shipment information are examples of sources of A. Business Intelligence B. Competitive Intelligence C. Investor Relations or D.Market Research
A. Business Intelligence
Fred and George have a great idea for joke shop products, but are currently attending a school where such products are banned. The only market they can think to sell their products to is outside of the school, and they have no way to ship large quantities beyond the campus. What feature does their current target market lack? • Accessibility • Identifiability • Stability • Congruency
Accessibility
The lightweight design of an iPad is an example of: • Add-on Attribute • Expected Attribute • Core Benefit • Design Superiority
Add on attribute
Lehcar Diamond Jewelers, a French company, recently entered the U.S. market by pointing out several favorable characteristics of Tiffany & Co., an industry leader, and noting how it also possessed those characteristics. Which of the following positioning strategies is Lehcar Diamond Jewelers attempting to pursue? • Alignment • Anti-Alignment • Divide and Conquer • Confidence Marketing
Alignment
Ethical decisions are the responsibility of Company executives. • Marketing analytics professionals. • Frontline employees. • All of the above.
All of the above
What is a benefit of alignment marketing strategies? • Companies can tell the truth about their performance • Companies can connect themselves with the good reputations of better-known firms • Companies can use comparisons with their competition for their own benefit • All of these are benefits
All of these are benefits
Why do many firms that "come in second" resort to the Divide and Conquer strategy when entering the market after a pioneer? • Finding and growing niche markets is a good way to ensure survival • Using reviews of the pioneer's performance allows the second firm to tailor its products/services to better fit needs • Not every consumer is generally fully satisfied with the pioneer's performance • All of these are good reasons for Divide and Conquer
All of these are good reasons for divide and conquer.
_____________ is a simple field experiment in which two versions of some marketing element are randomly assigned to subjects in the field and then compared on outcomes of interest. • An A/B test • An analytic test • Big data • A sub-optimization study
An A/B test
Service
An actor performance provided by one entity or person to a second entity or person.
When an industry as a whole has a negative reputation, what strategy might a firm use to work this to their advantage? • Anti-Alignment • Alignment • Divide and Conquer • Market Defying
Ant-Alignment
The ingredients list on a package of food could best be described as a list of the: • Attributes of the food • Benefits of the food • Customer Target Segment • Market Research
Attributes of the food
How does business purchasing differ from consumer purchasing? • B2B purchasing requires a qualified expert • B2C products are more customized • More buying units exist in B2B markets • Businesses are very concerned with a product's appearance
B2B purchasing requires a qualified expert
Most of the seven types of primary data are used to predict what type of data? • Attitudes • Awareness/ knowledge • Purchase intentions • Behavior
Behavior
Consumers buy ________, not _________. • Benefits; Attributes • Attributes; Benefits • Products; Services • Production; Innovation
Benefits; Attributes
Goodyear is looking to sell tires to both Walmart and individual consumers. Goodyear's marketing team is expecting to need a different strategy for each of these two groups. Which of these is not a reason for them to expect these differences? • Consumers are more likely to buy spontaneously • Businesses are more concerned with the brand image • Businesses are generally more informed than consumers • Consumers buy what they want, not always what they need
Businesses are more concerned with the brand image
Starbucks receives a shipment consisting of coffee beans and coffee cups - materials that the store will need in order to sell coffee in the upcoming weeks. What type(s) of business products and services are these products? • Coffee beans are components; coffee cups are support products • Coffee beans are support products; coffee cups are components • Both are components • Both are support products
Coffee beans are components; coffee cups are support products
After several years of starting his morning with coffee, Brett studies abroad in England where most people are accustomed to drinking tea. When Brett attempts to start his day with tea, he will be comparing that day's experience to his usual experience with coffee. Why? • Coffee is the "pioneer" in this situation, and therefore Brett will use coffee as the standard • Coffee is more caffeinated than tea • Changes in the market are generally scorned by existing consumers • Culture differences change a product's position in consumers' minds subconsciously
Coffee is the "pioneer" in this situation, and therefore Brett will use coffee as the standard
Rachel's younger sister is beginning to look at universities she might like to attend. Rachel is extremely interested in having her sister attend Oklahoma State University, but her sister is expressing interest in attending a different Big 12 school. If Rachel begins to mention negative attributes of that other school -things that her sister didn't previously know -what positioning strategy is Rachel using? • Competitive Repositioning • Divide and Conquer • Alignment • Anti-Alignment
Competitive Re-positioning
Exploratory research has several characteristics. Which of the following is not typically one of those characteristics? • Flexible • Small scale • Concerned with cause and effect • Each of the above characteristics is typically true of exploratory research
Concerned with cause and effect
__________ is defined as the set of products or services that comes to mind when a consumer recognizes a need. • Objective Attributes • Subjective Attributes • Alternative Evaluation • Consideration Set
Consideration Set
Developing a protocol shifts the focus onto what? • Consumer needs • The product itself • Comparison with competition • Which markets to target
Consumer needs
The real power in positioning lies with the __________. Why? • Consumer; no one can ultimately control what the consumer thinks about products and companies • Competition; a company's position is only in comparison to the other industry leaders • Production manager; quality of product is the most important factor in positioning • Marketing manager; specific advertisements are persuasive
Consumer; no one can ultimately control what the consumer thinks about products and companies
What is a danger of introducing a Discontinuous Innovation? • Consumers will likely have difficulty learning how to use your product • Consumers might find other products that perform the same tasks • It is low risk and therefore low in potential rewards • Consumers change too quickly and you will get left behind
Consumers will likely have difficulty learning how to use your product
The comparison between the iPhone 7 and the iPhone 6 is best described as an example of _____, and the comparison between the first iPhone and its predecessors is best described as ______. • Continuous Innovation; Discontinuous Innovation • Discontinuous Innovation, Continuous Innovation • Maturity Stage; Product Development Stage • Innovation; Design
Continuous Innovation; Discontinuous Innovation
Which of these is not a part of the Market Segmentation Process? • Create distinct products for each target segment • Identify distinct segments • Create marketing mix for each target segment • Consider who, what, how, when, where, and why
Create distinct products for each target segment
Great customer service...
Creates brands loyalty, selling and marketing costs are less, customers on my resistance to advances from other companies, customer retention is better, share of wallet is better, customers market for you.
Two categories of service error
Customer errors, service provider errors.
Which of the following companies recently identified a pain point Faced by business travelers
DUFL
Interworks wants to help companies through which of the following progressions? • Data Information Insight • Information Data Insight • Insight Data Information • Data Insight Information
Data, Information, Insight
With ...... Individuals find exchange partners to obtain the items they need.
Decentralized exchange
What is derived demand? • Demand that comes from the sale of consumer products • Demand created and manipulated by advertising • An equation to determine the marketing mix • Analysis used by managers to research new products
Demand that comes from the sale of consumer products
Positioning is defined as _____ • Developing a market strategy to influence how a specific segment views the company • Developing specific variations of a product to fit each segment • Determining the easiest market segments for focused marketing efforts • Jostling for market position with other corporations in the industry
Developing a market strategy to influence how a specific segment views the company
Idea Generation is primarily concerned with what? • Developing a pool of concepts (ideas) • Assessing the practicality of potential products • Choosing an idea to pursue • Finding new uses for the product
Developing a pool of concepts
When does the Introduction stage for a product start? • Directly following commercialization • When the product is introduced to investors • Directly following test completion • When warehouses agree to stock the product
Directly following commercialization
Most evaluation with services takes place: • While researching the service • While discussing the service with others • During and after consumption • Before consumption
During and after consumption
Why is stability so important a trait to look for in potential target markets? • Dynamic markets require frequent change, and change is expensive • Dynamic markets are high-risk, high-reward, and therefore fully saturated • Stable markets are rare • Dynamic markets have many new entrants, making the marketing environment too risky
Dynamic Markets Require frequent change, and change is expensive.
Although there are many things that managers must consider when evaluating the results of research projects, there are four primary areas of concern. Which of the following is not one of those areas of concern? • Missing information • False precision • Assumed causation • Biased samples • Each of the above is a primary area of concern
Each of the above is a primary area of concern.
Exchange brings
Efficiency
Treatment errors
Errors in the interaction between customers and service providers
Task errors
Errors in the task performed or not performed
Service scape errors
Errors with the setting in which the service is delivered.
Gas light Coming on is a
Example of feel sleeping, preventing the product or service failure.
Jessie just bought a new TV, and is curious to see how well it performs when it is positioned in her home (she is concerned about glare from the windows). When she evaluates the quality of the picture in her home, what type of attribute of the TV is she evaluating? • Experience • Shopping • Believability • Quality
Experience
The consumption chain is the sequence of stages that comprise the customers... With a product or service.
Experience
Marketing is crucial for triggering ____ cues within the consumer base. • Internal • External • Peer-influenced • Inherent
External
A firm with excellent Product-Market Fit will always be the market leader • True • False
False
Brands tend to be extremely important to consumers purchasing staple products. • True • False
False
Buyers are less loyal to services than they are to products of equal value. • True • False
False
Competitive intelligence uses external data for external uses.
False
Credence attributes are those attributes that can be evaluated within five years of consuming the product or service • True • False
False
Exploratory research is used to find final answers to research problems. • True • False
False
If a company has the technical ability to acquire and analyze data, it is always legal for it to do so.
False
It is more likely that individual consumers will be willing to bargain than larger companies. • True • False
False
Marginal products can still reach excellent market position with good advertising • True • False
False
Marketers can create core needs
False
Needs and desires are preexisting and unchangeable. • True • False
False
Pioneers in product development are always the most successful • True • False
False
Positioning has more to do with what a company does with its products than what it does in marketing to potential customers • True • False
False
Product-Market Fit is only profitable in large markets • True • False
False
Profits are both high and unchanging in the maturity stage of the product life cycle • True • False
False
Pseudo Analytics or marketing analytics that rely on proxy data from external sources
False
Separating market segments based on demographics is entirely subjective • True • False
False
Services are most likely to be judged based on Shopping Attributes. • True • False
False
The Pioneering advantage is always easily overcome by later competitors • True • False
False
The consumer experience is exactly the same for all consumers. • True • False
False
The greatest amount of competition exists while in the maturity stage. • True • False
False
The role of marketing is solely to observe the needs and desires of consumers. • True • False
False
Most companies are flying blind when it comes to marketing analytics
False (ask about this)
Polaroid cameras first broke into the market in the 20th century, and were popular for many years. They fell out of favor with consumers when digital cameras became more popular, but recently Polaroid cameras have seen an increase in sales again. What variation of the product life cycle does this fall under? • Fashion product • Fad product • Nostalgic product • Re-introduced product
Fashion Product
The example of BeneFIT scrubs is an example of • Finding and growing a niche market within an existing market • Aligning an unknown product with reputable brands • Competing with market leaders head-on • Creating a brand-new product
Finding and growing a niche market within an existing market
Which of these is the best example of Product Innovation? • The first iPod compared to a Walkman • Gluten-free bread compared to regular • Offering the product in new colors • Juice marketed as "organic" compared to regular
First I-POd compared to a walkman
Companies that have no marketing process, make decisions by instinct, and view marketing as an expense might be referred to as
Flying blind
What is the point of Target Marketing? • Focusing the firm's marketing efforts more specifically • Decreasing overall marketing • Cautious spending in unpredictable markets • Marketing only high-quality products
Focusing the firm's marketing efforts more specifically
How does the Process of Consumption for products differ from the Process of Consumption for services? • For Products, Information Search appears before Need Recognition • For Services, Need Recognition appears after Purchase • For Services, Evaluation of Alternatives appears after Purchase • There is no difference between the Processes.
For Services, Evaluation of Alternatives appears after Purchase
What would be an objective attribute for the purchase of a first car? • Favorite color • Comfort • Design • Gas mileage
Gas mileage
People are
Human actors who provide goods, services, and ideas to the customer.
Who is in charge of idea generation? • Ideas come from many places, both inside and outside the company • A select, small group of engineers • Internal R&D only • A research team focused on other firms' products
Ideas come from many places, both inside and outside the company
The first step in the marketing analytics process is to
Identify the right metrics
When do most companies look to extend the life of their product's life cycle? • In the maturity phase • In the growth phase • All throughout the life cycle • It is impossible to change the life cycle of a product
In the maturity Phase
Problems with services
Inability of the customer to evaluate, cannot inventory, customer has to be involved, people are part of the product, time is extremely important, the distribution channel is shorter.
A business can attempt to increase its SOW for individual consumers by a. Increasing repeat business b. Increasing positive word of mouth c. Implementing more coupons and discounts d. Directing more individual advertising
Increasing repeat business.
Service failure is
Inevitable
Which of these is not a stage in the life cycle of a successful product? • Innovation • Introduction • Maturity • Development
Innovation
Four key characteristics of services
Intangibility, perishability, variability, inseparability.
Mariah has a new job at a rock climbing supply store. Her store has a range of equipment to fit everyone from recreational climbers to elite professionals. What specific market segmentation strategy might Mariah be most interested in using? • Lifestyle (Activity) • Lifestyle (Opinions) • Demographics (Age) • Demographics (Location)
Lifestyle Activity
What should a marketing manager whose company makes shopping products do with information about the products? • Make it available and easy for the consumer to find • Refrain from publishing so competitors can't see • Publish only the minimum amount of information • Ensure salespeople are vague but encouraging
Make it available and easy for the customer to find.
What should be the main goal for a marketing manager whose company makes convenience products? • Make the product widely available • Make the product high quality • Lower the price of the product • Run advertisements that use Competitive Repositioning
Make the product widely available.
Which of these is not a demographic criterion used to separate market segments? • Marital status • Gender • Annual household income • Ethnicity
Marital Status
Which of the following offers a solution to the problem that everyone has an opinion about the quality of marketing efforts?
Marketing analytics
This concept recognizes that people don't really buy products they buy solutions to problems.
Marketing concept
When an individual donates money to a charity a ... Transaction has taken place.
Marketting
Amazon, a popular online shopping website, is currently in the beginning stages of expanding its business into the more rural parts of India. Executives are hoping that this will allow Amazon to continue growing and retain its dominance in the industry. What is this expansion an example of? • Modifying markets • Modifying the offering • Product innovation • Customer service
Modifying markets
B2B companies put ______ effort into trying to retain customers than B2C companies. • Less • More • An equal amount • This is irrelevant to B2B transactions
More
Building a survey is _____________ than most people think it is. • much simpler • more difficult • more fun • a shorter process
More difficult
A... Is the recognition of any difference between a consumers actual states and some ideal or desired state
Need
Marketing exists because people have .... that they're willing to give up things of value to satisfy.
Needs and wants
The _________________________ uses a single item to group respondents into two categories, "detractors" and "promoters." • net promoter score • traditional satisfaction measure • promotion assessment measure • SERVQUAL measure
Net promoter Score
What is mass marketing? • Offering the same marketing mix to all potential consumers • Campaigning against the trend of market segmentation • Assembly-line production • Creating a large quantity of advertisements
Offering the same marketing mix to all potential consumers
Why is transaction size so crucial for B2B transactions? • One or two deals can make a huge difference • The spending range of businesses is limited • More buying units exist in B2B transactions • Transaction size is not important
One or two deals can make a huge difference.
The past twenty years have witnessed an explosion in the use of ______________. • focus groups • personal interview surveys • online surveys • telemarketing
Online Surveys
Where do consumer expectations come from? • Other consumers (friends and family, etc) • Celebrity endorsements of the product • The amount of time spent researching the product • Enthusiasm of the salesperson
Other Consumers
Which of these factors does not influence how much time consumers spend searching for information? • Loyalty to brand • Packaging • Risk involved with purchase • Purchasing habits
Packaging
If physical product is a collection of individual service .... plus raw materials.
Performances
Which of the following types of needs would likely be satisfied last of other types of needs were present
Personal needs
List the PSSP hierarchy of needs
Personal, social, safety, psychological
What are the marketing functions that must take place in order to get products from producers to consumers
Physical distribution, matching, promotion
A business culture my function as a barrier when it encourages employees to
Play politics, work on what urgent, punish Mistakes
A _________________ norm compares scores on a measure for different entities at a single point or over time. • time-based • population-based • routinized • none of the above
Population based
Three types of customer errors
Preparation errors, encounter errors, resolution errors.
Which of these is not part of the New Product Development Process? • Price Gouging • Business Analysis • Market Testing • Commercialization
Price gouging
Service blueprint depicts the
Process of service delivery, rolls of the customers, rolls of service employees, visible elements of service, and potential failure points.
Which of the following types of needs resides at the lowest level on the PSP hierarchy of needs
Psychological needs
Which type of need but most food and beverage company is primarily attempt to satisfy
Psychological needs
Four customer service core competencies
Purposeful leadership, compelling brand values, customer connectedness, employee engagement
What is the last stage of the Process of Consumption? • Purchase • Reaction • Alternative Evaluation • Finality
Reaction
For which of the following tasks is the respondent presented with a target object (e.g., a brand name) and asked whether or not s/he has seen the object? • Recall task • Surface memory task • A/B test • Recognition task
Recognition Task
What is an example of a social need? • Relationships • Food • Health • Achievement
Relationships
Anna is a recent graduate, unhappy with her current job. She is looking to re-apply to some companies that she tried to work for previously, and understands that she will need to dress and act much more professionally this time around if she wants them to hire her. If Anna begins to focus on her personal organization, email etiquette, and writing style while applying to jobs, she is essentially _______ • Repositioning herself in the minds of potential employers • Competitively repositioning herself when compared to her peers • Repositioning herself in the minds of her peers • Competitively repositioning herself when compared to job incumbents
Repositioning herself in the minds of potential employers
There are two sources of marketing data, internal data and external data. Which of the following types of data come from an external source? Sales orders, Shipment data, Retailer POS, None of the above types of data comes from an external source.
Retailer POS
The right marketing analytics metrics are typically related to
Revenues
Which of these is not part of the process of consumption? • Information search • Alternative Evaluation • Reverse Marketing • Need Recognition
Reverse Marketing
Which of these is not a physiological need? • Food • Beverage • Safety • Rest
Safety
Allstate insurance has traditionally focused it's advertising on which type of consumer need?
Safety needs
Product is a good service or idea to ... The customers needs.
Satisfy
From a marketing perspective, how does a business succeed in the long run? a. Building up cash stores b. Satisfying customer needs c. Efficient supply chain d. Direct advertising
Satisfying customer needs.
Market segmentation is defined as ______. • Segmenting consumers in order to market to the groups more efficiently • Segmenting consumers into age ranges only • Segmenting products so consumers can pick what they prefer • Segmenting products based on quality
Segmenting consumers in order to market to the groups more efficiently.
Which of the following types of markets is least efficient?
Self-sufficiency
The evolution of marketing is
Self-sufficiency, decentralized exchange, centralized exchange
Robert Louis Stevenson once said that everyone lives by... Something
Selling
Which of the following management orientations makes profits through sales volume?
Selling concept
Josh is getting his haircut in Stillwater for the first time. A haircut is defined as a ____, therefore he will rely most heavily on _______ when making his decision of where to go. • Product; Information Search • Product; Recommendations from personal sources • Service; Information Search • Service; Recommendations from personal sources
Service; Recommendation from personal sources
Information processing
Services directed at intangible assets. Ex: accounting, banking, data processing.
Mental stimulus
Services directed at people's minds. Ex: advertising, arts and entertainment, education.
Possessions processing
Services directed physical possessions, examples... Repair and maintenance, laundry and dry cleaning, landscaping.
Hidden services are...
Services that go into the production of physical products.
Jake is a photographer looking to purchase a new lens. When he is comparing different lenses before making this purchase, what kind of attribute is he evaluating? • Shopping • Price • Quality • Experience
Shopping
New technology products and new medications are generally extremely expensive when first released to the market. These companies are using which kind of pricing? • Skimming • Penetration • Derived • Market-driven
Skimming
The consideration set for services is ________ when compared to the consideration set for products • Larger • Smaller • The same size
Smaller
In 2014, Porsche released a 50th anniversary edition of its Porsche 911. The company only made a select number of these models, making this a _________ product. • Specialty • Shopping • Off-market • Expensive
Specialty
Apple mainly sells phones and computers, but also sells accessories for these products. These chargers, protective cases, and other accessories are best described as what? • Support Products • Derived Products • Raw Materials • Convenience Products
Support Products
Which of the following is an example of primary data? • Operational data used to identify errors in manufacturing • Election data from preliminary rounds of voting, typically restricted to candidates from a single political party • Survey data collected to measure customer satisfaction • Analytics used to isolate operational factors that influence firm revenue
Survey data collected to measure customer satisfaction.
What is an example of relationship marketing? • Personalized advertising • Customized products • Taking a customer to lunch • Offering discounts
Taking a customer to lunch
SOW is defined as • The amount of a customer's spending captured by the business • The surplus product produced by a business • The opportunities for future profit earned by advertising • The amount of a customer's spending spent in a single purchase
The amount of a customer's spending captured by the business.
Intangibility
The characteristic of a service that means it is a performance, not a tangible thing that can be owned.
Inseparability
The characteristic of a service that means it is impossible to separate the production of a service from the consumption of that service.
Variability
The characteristics of a service that means that even the same service performance by the same individual for the same customer can vary.
What is the definition of the Product/Service Bundle? • The collection of benefits and attributes of a product or service • A list of future improvements for a product or service • Research on a competitor's innovation, production, and customer service • Selling products and services together (e.g., selling and installing washing machines)
The collection of benefits and attributes of a product or service
What is the center of the manufacturing strategy
The customer
In Business-to-Business transactions, the main focus is on: • Efficiency • Price • The customer relationship • The product itself
The customer Relationship
A Protocol statement should identify all of the following except: • The expected initial sales of the product • The target market • Customer needs, wants, and preferences • How the product will satisfy customers
The expected initial sales of the product
Which of these is not a reason why a company should try to reposition its product? • The firm becomes a market leader • Consumer tastes change • Competitors' product offerings change • The overall marketing environment changes
The firm becomes a market leader
Service-dominant logic
The idea that organizations markets in society are fundamentally concerned with exchange of services.
Failsafing is
The implementation of systems to prevent product and service failure or signal the presence of a product or service failure.
Your grandfather's first car was a Ford, and though he has bought several cars over his lifetime, he only ever purchases from this manufacturer. This is an example of what? • The importance of pioneering in building brand loyalty • The importance of ingenuity in automobile design • The brand loyalty ingrained in older generations • The failures of other car manufacturers
The importance of pioneering in building brand loyalty.
Coproduction
The involvement of consumers in the various value creating activities through which products and services are made.
Promotion is
The means of communication with the customer
Barter is
The process of exchanging goods and services between two parties. No money is exchanged.
Marketing management is
The process of setting marketing goals, the planning and execution of activities to meet these goals, and measuring progress towards their achievement.
Service scape
The setting in which a service performance is delivered.
Customer experience
The sum of all interactions a customer has of the company
What is the difference between CPGs and FMCGs? • There is basically no difference • CPGs are more likely to be shopping products • FMCGs sit on the shelves longer • CPGs are picked based on brand awareness
There is basically no difference
Your friend, an avid reader, gives you a list of her favorite science fiction books. The fact that these books are her "favorite" implies what? • These books hold a more positive position in your friend's mind when compared to other books of the same genre • These books are objectively better than any other science fiction novels • All avid readers have the same opinions about which science fiction books are best • These books were marketed to your friend's market segment
These books hold a more positive position in your friend's mind when compared to other books of the same genre
What are marketing analytics benefits?
They keep marketing focused on objectives, they build marketing's credibility, they help marketing improve its performance.
If the Target Corporation routinely assesses customer satisfaction at each of its stores, thereby allowing a store manager to track customer satisfaction at her store over time, the manager is utilizing a ___________________. • time-based • population-based • routinized • none of the above
Time-Based
What is the goal of Idea Generation? • To generate as many ideas as possible • To solidify one "best fit" idea • To make a short list of feasible products • To take all ideas directly to production
To generate as many ideas as possible.
What is the goal of market segmentation? • To have segments that are as internally homogenous as possible • To retain significant diversity in the market segments • To make the market segments clear using color coding • To use the same marketing strategy for all groups
To have segments that are as internally homogenous as possible
Why does marketing need data?
To know how effective its efforts are, to improve upon its efforts, to prove its contribution to the rest of the organization.
Add-on Attributes can become Expected Attributes over time. • True • False
True
Advertisements that use competitive repositioning can include information about product ingredients, product origin, and firm authenticity (or lack thereof). • True • False
True
Data and measurements can be used to prove the Effectiveness of marketing efforts
True
Data mining is a quantitative form of exploratory research. • True • False
True
Durable products are more likely to be Shopping Products than nondurable products • True • False
True
From a marketing standpoint, satisfying needs is more important than selling products. • True • False
True
Having a point of comparison for a rating scale score on a variable such as satisfaction is important for understanding the meaning of the score. • True • False
True
If the national Institute of health issue the guideline with cautions about the intake of certain types of artificial sweeteners this would be an example of marketing
True
In a recall task, respondents are asked to retrieve the target object (e.g., a brand name) from memory. • True • False
True
Marketing analytics data can be used both internally and externally.
True
One of the ways in which a company's culture can serve as a catalyst is when it encourages employees to trust data.
True
One outcome of taking improvement actions is identifying the right metrics?
True
Services are riskier purchases than products. • True • False
True
When an individual cells her time and labor to an organization, I'm working transaction takes place?
True
Sarah is on her way to a job interview when it suddenly starts to rain. Which of these purchase decision criteria is likely the biggest driver for her decision to buy an umbrella on her way to the interview? • Discounts • Warranty • Peer-influence • Urgency
Urgency
As an Aspen barista, James is convinced that 25% of his regular customers account for nearly 60% of the store's weekly orders. He wants to speak with his manager about a rewards program as a way to continue marketing specifically to these customers. James' hunch and subsequent plan are best defined as ______ • Usage Rate Segmentation • Demographics Segmentation • Lifestyle Segmentation • Value Segmentation
Usage Rate Segmentation
A local mall only advertises during the months of November-January, but advertises aggressively for that entire span of time. What best describes this marketing strategy? • Usage Situation Segmentation • Usage Rate Segmentation • Geographic Location Segmentation • Income Segmentation
Usage Situation Segmentation
Which of these is not a Target Market Strategy? • Value-Weighted • Undifferentiated • Differentiated • Concentrated
Value-weighted
Marketers are most effective at influencing consumer
Wants
Why does competition tend to decrease in the Maturity stage of a product's life cycle? • Weaker competitors leave the industry • Monopolies are unavoidable • In this stage, the product is no longer valuable • Consumers no longer purchase the product
Weaker competitors leave the industry
What is marketing myopia? • When a firm thinks too narrowly about its products • When a firm is too focused on the competition • When a firm focuses too much on marketing and not enough on production • When marketing fails
When a firm thinks too narrowly about its product.
Two crucial questions consumers must determine after deciding to purchase a product are: • When and How much • When and Where • Where and Why • What and Where
When and Where
Is using a Buyer Persona more helpful than using basic demographics, and if so, why? • Yes, a Buyer Persona provides marketers with a more personable, tangible, and holistic idea of who to target • Yes, a Buyer Persona lets companies better determine income • No, basic demographics and Buyer Persona are equally helpful for marketers • No, demographics are more helpful because they are objective and empirical
Yes, a Buyer Persona provides marketers with a more personable, tangible, and holistic idea of who to target.
Anna has been promoted to Head of Advertising in her company's marketing department. The company currently allocates the same amount of money for advertising to individual consumers and advertising to businesses. Should Anna change this advertising budget, and if so, how? • Yes; she should give more money to B2B advertising • Yes; she should give more money to B2C advertising • Yes; she should decrease the advertising budget altogether and give more money to sales • No; advertising should be equal for B2B and B2C marketing
Yes; she should give more money to B2C advertising
According to Johnnie Hurns, Chief Operating Officer of Interworks, "Data without a question is pretty useless...it's just ___________." • wasted effort • taking up space • waiting for the right question • more data
more data