MGMT 105 Quiz #2
________ uses skills in mathematics, computer science, and trend analysis to explore multiple, disparate data sources to discover hidden insights that will provide a competitive advantage. Question content area bottom Part 1 A. Sentiment analysis B. A data broker C. A data scientist D. Emotion analysis E. Artificial intelligence
A data scientist
Which of the following terms refers to features, functions, benefits, and uses of a product? Question content area bottom Part 1 A. Actual products B. Goods C. Attributes D. Core products E. Augmented products
Attributes
Which of the following product layers might include a warranty, credit, delivery, installation, and repair service after the sale? Question content area bottom Part 1 A. Core product B. Actual product C. Augmented product D. Good E. Attributes
Augmented product
A company is likely going to use a media blitz in which step of the adoption pyramid? Question content area bottom Part 1 A. Interest B. Awareness C. Trial D. Evaluation E. Adoption
Awareness
________ is a popular term to describe the exponential growth of both structured and unstructured data in amounts so massive that they require new ways of processing. Question content area bottom Part 1 A. Big Data B. one-to-one marketing C. customer relationship management (CRM) D. search engine optimization (SEO) E. data mining
Big Data
Which of the following refers to a name, a term, a symbol, or any other unique element of a product that identifies one firm's product(s) and sets it apart from the competition? Question content area bottom Part 1 A. Brand B. Anthropomorphism C. Sustainability D. Brand personality E. Licensing
Brand
________ is a measure of a brand's value to the company that owns it. Question content area bottom Part 1 A. Brand meaning B. A brand C. Brand equity D. A trademark E. Brand cannibalization
Brand equity
Which of the following is an individual who is responsible for developing and implementing the marketing plan for a single brand? Question content area bottom Part 1 A. Venture team B. Brand manager C. Market manager D. Product category manager E. Product management
Brand manager
________ measure how well a company is performing relative to its overall profitability goals. Question content area bottom Part 1 A. Key performance indicators (KPI) B. Marketing metrics C. Customer perception metrics D. Business performance metrics E. User adoption metrics
Business performance metrics
In the buying center, which role has responsibility to execute the purchase? Question content area bottom Part 1 A. Influencer B. Decider C. Gatekeeper D. Buyer E. Initiator
Buyer
Which of the following refers to the loss of sales of an existing brand when a new item or product family is introduced? Question content area bottom Part 1 A. Brand equity B. Internal customer mind-set C. Stock-keeping unit (SKU) D. Product line remix E. Cannibalization
Cannibalization
Which of the following branding strategies benefits partnering companies by combining the two brands to provide more recognition power than either enjoys alone? Question content area bottom Part 1 A. Generic brand B. Family brand C. Private-label brand D. National or manufacturer brand E. Cobranding
Cobranding
Which of the following is the phase in the new product development process in which companies launch a new product, with full-scale production, distribution, advertising, and sales promotion? Question content area bottom Part 1 A. Product concept development and screening B. Commercialization C. Test marketing D. Idea generation E. Marketing strategy development
Commercialization
Which of the following terms refers to the process individuals or groups go through to select, purchase, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and desires? Question content area bottom Part 1 A. Perceived risk B. Involvement C. Consumer behavior D. Search engine marketing (SEM) E. Search marketing
Consumer behavior
Which of the following refers to a modification of an existing product intended to set a brand apart from its competitors? Question content area bottom Part 1 A. Design thinking B. Convergence C. Continuous innovation D. First mover advantage E. Value co-creation
Continuous innovation
Which of the following refers to a consumer product that is usually low-priced, widely available, and purchased frequently with a minimum of comparison and effort? Question content area bottom Part 1 A. Unsought product B. Convenience product C. Specialty product D. Emergency product E. Durable product
Convenience product
Which the following consists of all the benefits a product will provide for consumers or business customers? Question content area bottom Part 1 A. Attributes B. Augmented product C. Core product D. Good E. Actual product
Core product
The use of online platforms that allow thousands of individuals to each contribute small amounts of money to fund a new product from a start-up company is known by what term? Question content area bottom Part 1 A. Crowdfunding B. Commercialization C. Product adoption D. Diffusion E. Test marketing
Crowdfunding
Which of the following refers to the values, beliefs, customs, and tastes a group of people produces or practices? Question content area bottom Part 1 A. Culture B. Subculture C. Microcultures D. Time poverty E. Sensory marketing
Culture
________ such as satisfaction are concerned with the extent to which customer experiences are enhanced as a result of CRM. Question content area bottom Part 1 A. Key performance indicators (KPI) B. Marketing metrics C. Business performance metrics D. Customer perception metrics E. User adoption metrics
Customer perception metrics
Which of the following refers to a systematic tracking of consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs? A. Touchpoint B. Customer equity C. One-to-one marketing D. Customer relationship management (CRM) E. Share of customer
Customer relationship management (CRM)
Which of the following best describes a process in which analysts sift through Big Data to identify unique patterns of behavior among different customer groups? Question content area bottom Part 1 A. Data warehousing B. Web scraping C. Machine learning D. Data mining E. Marketing analytics
Data mining
At what stage of the product life cycle is the goal to remain profitable and decide whether to keep or phase out the product? Question content area bottom Part 1 A. Decline stage B. Cannibalization stage C. Introduction stage D. Growth stage E. Maturity stage
Decline stage
Which of these refers to the influence that consumer purchasing demand has on business purchasing? Question content area bottom Part 1 A. Joint demand B. Derived demand C. Fluctuating demand D. Elastic demand E. Inelastic demand
Derived demand
Which of the following refers to a design or technological development so revolutionary that it creates a new market and value chain and eventually disrupts an existing market and value chain, displacing established market-leading firms, products, and alliances? Question content area bottom Part 1 A. Convergent thinking B. Ideation C. Disruptive innovation D. First mover advantage E. Continuous design thinking
Disruptive innovation
Which of the following adopters are concerned about social acceptance, so they tend to gravitate toward products they believe will make others think they are cutting-edge or fashionable? Question content area bottom Part 1 A. Laggards B. Early majority C. Early adopters D. Late majority E. Innovators
Early adopters
________ can analyze the content of social media communications within the context of a specific brand or product and determine what emotional category the communication fits within. Question content area bottom Part 1 A. Emotion analysis B. Data mining C. Web scraping D. Sentiment analysis E. Data structuring
Emotion analysis
Which of the following refers to the products an organization uses in its daily operations, such as the robotics Ford uses to assemble automobiles? Question content area bottom Part 1 A. Raw materials B. Equipment C. Maintenance, repair, and operating (MRO) products D. Component parts E. Processed materials
Equipment
Which of the following refers to the stage of the product adoption pyramid in which consumers weigh the costs and benefits of the new product? Question content area bottom Part 1 A. Adoption B. Awareness C. Trial D. Interest E. Evaluation
Evaluation
In which step in the consumer-decision making process will a consumer narrow down choices deciding on feasibility, and comparing the pros and cons of each remaining option? Question content area bottom Part 1 A. Evaluation of alternatives B. Post-purchase evaluation C. Product choice D. Problem recognition E. Information search
Evaluation of alternatives
Which of the following terms refers to the extent to which a person's sensory receptors are capable of registering a stimulus? Question content area bottom Part 1 A. Interpretation B. Attention C. Exposure D. Motivation E. Perception
Exposure
Which of the following refers to a branding strategy that encompasses a group of individual products or brands from a single company? Question content area bottom Part 1 A. Family brand B. Private-label brand C. Cobranding D. National or manufacturer brand E. Generic brand
Family brand
Which of the following refers to a combination of hardware and software that ensures only authorized individuals gain entry into a computer system? Question content area bottom Part 1 A. Encryption B. Malware C. Firewall D. Outsourcing E. Reverse marketing
Firewall
Which of these terms refers to a more authentic view of admitting one's mistakes and striving for greater transparency? Question content area bottom Part 1 A. Opinion leader B. Status leader C. Reference group leader D. In-homing E. Flawsome
Flawsome
________ refers to the use of GPS or RFID technology to create virtual boundaries that enable software to trigger a response when a mobile device enters or leaves a particular area. Question content area bottom Part 1 A. Geofencing marketing B. Convenience products C. Emergency products D. Geographic segmentation E. Impulse products
Geofencing marketing
If a new product catches on during the introduction stage, which stage of the product life cycle will it advance to? Question content area bottom Part 1 A. Maturity stage B. Decline stage C. Growth stage D. Adoption stage E. Cannibalization stage
Growth stage
Which of the following refers to demand in which changes in price have little or no effect on the amount demanded? Question content area bottom Part 1 A. Derived demand B. Joint demand C. Fluctuating demand D. Organizational markets E. Inelastic demand
Inelastic demand
________ is a situation in which marketers are buried in so much data that it becomes nearly paralyzing to decide which of the data provide useful information and which do not. Question content area bottom Part 1 A. Unstructured data B. Information overload C. Artificial intelligence D. Sentiment analysis E. Emotion analysis
Information overload
At what step in the consumer decision-making process is a marketer likely to utilize search marketing techniques such as search engine optimization (SEO), sponsored search ads, and shopbots to help consumers find and learn more about their products? Question content area bottom Part 1 A. Information search B. Evaluation of alternatives C. Problem recognition D. Product choice E. Post-purchase evaluation
Information search
In which stage of the product life cycle does a company usually not generate profits from a new product? Question content area bottom Part 1 A. Cannibalization stage B. Maturity stage C. Introduction stage D. Growth stage E. Decline stage
Introduction stage
________ are a company's most critical indicators of progress toward intended results. Question content area bottom Part 1 A. User adoption metrics B. Key performance indicators (KPI) C. Customer perception metrics D. Business performance metrics E. Marketing metrics
Key performance indicators (KPI)
What is the term for an individual or organization with a potential interest in buying something a company has to sell? Question content area bottom Part 1 A. Channel partner B. C-suite C. Churn D. Convert E. Lead
Lead
________ is the automated process of sending personalized and relevant content to prospects to build their trust, making it more likely that they will eventually make a purchase. Question content area bottom Part 1 A. One-to-one marketing B. MarTech C. Lead nurturing D. Sale funnel E. Marketing automation
Lead nurturing
________ are brands that seek to inspire, guide, and motivate people with the goal of contributing to the consumer's way of life. Question content area bottom Part 1 A. Social justice brands B. Packaged brands C. Ingredient brands D. Lifestyle brands E. Cobrands
Lifestyle brands
Which of the following refers to an individual who is responsible for developing and implementing the marketing plans for products sold to a particular customer group? Question content area bottom Part 1 A. Product management B. Market manager C. Venture team D. Product category manager E. Brand manager
Market manager
________ comprises a group of technologies and processes that enable marketers to collect, measure, analyze, and assess the effectiveness of marketing efforts. Question content area bottom Part 1 A. Data mining B. Marketing analytics C. Search engine optimization (SEO) D. Customer relationship management (CRM) E. One-to-one marketing
Marketing analytics
Which phase of the new product development process involves identifying the target market, estimating its size, and determining how the company can effectively position the product to address the target market's needs? Question content area bottom Part 1 A. Test marketing B. Commercialization C. Marketing strategy development D. Product concept development and screening E. Idea generation
Marketing strategy development
Which of the following stages of the product life cycle is likely to utilize reminder advertising for marketing communications as profit margins narrow? Question content area bottom Part 1 A. Cannibalization stage B. Introduction stage C. Decline stage D. Maturity stage E. Growth stage
Maturity stage
Which of the following is the term used by marketers to indicate the broad range of possibilities for product value and attributes? Question content area bottom Part 1 A. Shopping product B. Components C. Design thinking D. Durable good E. Offering
Offering
Which of the following refers to decisions by companies in one country to move their product manufacturing or other business functions to other countries? Question content area bottom Part 1 A. Reverse marketing B. Outsourcing C. Offshoring D. Reciprocity E. Single sourcing
Offshoring
Which of the following terms refers to the process by which people select, organize, and interpret information from the outside world? Question content area bottom Part 1 A. Evaluation B. Exposure C. Attention D. Perception E. Motivation
Perception
If a consumer is experiencing buyer's remorse regarding his or her purchase, the consumer is on what step of the consumer decision-making process? Question content area bottom Part 1 A. Product choice B. Postpurchase evaluation C. Evaluation of alternatives D. Problem recognition E. Information search
Postpurchase evaluation
Which of the following uses large quantities of data within variables that have identified relationships to more accurately forecast specific future outcomes? Question content area bottom Part 1 A. Search engine optimization (SEO) B. Marketing metrics C. Data mining D. Customer relationship management (CRM) E. Predictive analytics
Predictive analytics
If a consumer sees a significant difference between his or her current state of affairs and some desired or ideal state, which step of the consumer decision-making process is the consumer in? Question content area bottom Part 1 A. Product choice B. Evaluation of alternatives C. Problem recognition D. Information search E. Postpurchase evaluation
Problem recognition
Which of the following is produced when firms transform raw materials into a new product? Question content area bottom Part 1 A. Maintenance products B. Specialized services C. Accessories D. Processed materials E. Equipment
Processed materials
What step of the consumer decision-making process is a consumer likely to be in if heuristics such as brand loyalty and country-of-origin are factoring into the decision? Question content area bottom Part 1 A. Information search B. Product choice C. Post-purchase evaluation D. Evaluation of alternatives E. Problem recognition
Product choice
Which of the following refers to a concept that explains how products go through four distinct stages from birth to death: introduction, growth, maturity, and decline? Question content area bottom Part 1 A. Product quality B. Product mix C. Product line D. Product management E. Product life cycle
Product life cycle
Which of the following refers to a firm's total product offering to satisfy a group of target customers? Question content area bottom Part 1 A. Cannibalization B. Product management C. Product mix D. Product line E. Product line length
Product line
Which of the following refers to the systematic and usually team-based approach to coordinating all aspects of a product's strategy development and execution? Question content area bottom Part 1 A. Product mix B. Product-line length C. Product line D. Product management E. Cannibalization
Product management
Which of the following refers to the number of different product lines the firm produces? Question content area bottom Part 1 A. Product quality B. Cannibalization C. Product mix D. Product line E. Product mix width
Product mix width
Which of the following terms refers to creating a written description of the quality, size, weight, color, features, quantity, training, warranty, service terms, and delivery requirements for the purchase? Question content area bottom Part 1 A. Product specifications B. Customer reference program C. Single sourcing D. Reciprocity E. Multiple sourcing
Product specifications
Which of the following terms is an actual or imaginary individual or group that has a significant effect on an individual's evaluations, aspirations, or behavior? Question content area bottom Part 1 A. Opinion leader B. Reference group C. Social class D. Mass class E. Status symbol
Reference group
Which of the following describes the degree to which a consumer perceives a new product as providing superior benefits? Question content area bottom Part 1 A. Complexity B. Relative advantage C. Trialability D. Compatibility E. Observability
Relative advantage
Which of the following refers to a group that purchases finished goods for the purpose of selling those finished goods for a profit, renting, or leasing to consumers and other businesses? Question content area bottom Part 1 A. Government markets B. Resellers C. Not-for-profit markets D. Organizational markets E. Producers
Resellers
For years, supermarkets have sold data derived from all the items processed at the cash register when consumers check out with their loyalty cards. Which of the following refers to this type of information? Question content area bottom Part 1 A. Structured data B. Data mining C. Web scraping D. Unstructured data E. Scanner data
Scanner data
Which of the following digital marketing methods refers to a systematic process of ensuring that your firm comes up at or near the top of lists of typical search phrases related to your business? Question content area bottom Part 1 A. Marketing metrics B. Predictive analytics C. Conversion D. Data mining E. Search engine optimization (SEO)
Search engine optimization (SEO)
Which of the following refers to a standard of no more than 3.4 defects per million—getting it right 99.9997% of the time? Question content area bottom Part 1 A. Six Sigma B. Total quality management (TQM) C. Product quality D. ISO 9000 E. Internal customers
Six Sigma
Which of these is a visual representation of relations between people or other entities, and has been referred to as a "global mapping of everybody and how they are related"? Question content area bottom Part 1 A. Social graph B. Subculture C. Social network D. Microcultures E. Culture
Social graph
Which of the following product categories classifies milk, bread, and gasoline as basic or necessary items that are available almost everywhere and for which most consumers don't perceive big differences among brands? Question content area bottom Part 1 A. Staple product B. Shopping product C. Unsought product D. Impulse product E. Specialty product
Staple product
Which of the following business-to-business terms refers to the routine purchase, with minimal decision making, of items that a B2B customer regularly needs? Question content area bottom Part 1 A. New-task buy B. Buying center C. Modified rebuy D. Straight rebuy E. Buyclass
Straight rebuy
Which of the following refers to data that is typically numeric or categorical; can be organized and formatted in a way that is easy for computers to read, organize, and understand; and can be inserted into a database in a seamless fashion? Question content area bottom Part 1 A. Web scraping B. Structured data C. Machine learning D. Unstructured data E. Artificial intelligence
Structured data
At what phase of the new product development process is a firm likely to create a prototype of the product? Question content area bottom Part 1 A. Technical development B. Marketing strategy development C. Idea generation D. Business analysis E. Product concept development and screening
Technical development
Which of the following terms refers to any direct interface between customers and a company (online, by phone, or in person)? Question content area bottom Part 1 A. One-to-one marketing B. Touchpoint C. Share of customer D. Customer equity E. Customer relationship management (CRM)
Touchpoint
Which of the following refers to the legal term for a brand name, brand mark, or trade character? Question content area bottom Part 1 A. Trademark B. Licensing C. Stock-keeping unit D. ISO E. Extensions
Trademark
Which of the following refers to non-numeric information that is typically formatted in a way that is meant for human eyes and not easily understood by computers? Question content area bottom Part 1 A. Web scraping B. Structured data C. Machine learning D. Unstructured data E. Data mining
Unstructured data
Which of the following refers to a group of people from diverse areas within an organization who work together to focus exclusively on the development of a new product? Question content area bottom Part 1 A. Brand manager B. Product management C. Venture team D. Market manager E. Product category manager
Venture team
________ describes the process of using computer software to extract large amounts of data from websites. Question content area bottom Part 1 A. Internet collecting B. Scanner data C. Sentiment analysis D. Web scraping E. Computer analysis
Web scraping
Conducting a trial of the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter is known as ________. Question content area bottom Part 1 A. crowdfunding B. a prototype C. a simulated market test D. commercialization E. a market test
a market test
The feeling component of attitudes is referred to as ________. Question content area bottom Part 1 A. personality B. cognition C. sadvertsing D. self-concept E. affect
affect
Many innovative technology products are released as a(n) ________ test to allow usage and feedback from a small number of users who are willing to test the product under normal, everyday conditions of use. Question content area bottom Part 1 A. bleeding edge B. beta C. observability D. relative advantage E. trialability
beta
Marketers estimate technical success when they decide whether a new product is technologically feasible and a(n) ________ success when they decide whether anyone is likely to buy the product. Question content area bottom Part 1 A. marketing B. commercial C. innovative D. strategic E. profitable
commercial
Packaging designed to mimic the look of a similar or functionally identical national branded product often meant to lead the consumer to perceive the two products as comparable is known as ________. Question content area bottom Part 1 A. copycat packaging B. generic packaging C. brand cannibalization D. trademarking E. brand meaning
copycat packaging
A(n) ________ is where companies store and process data that result from data mining. Question content area bottom Part 1 A. Big Data box B. information storehouse C. data warehouse D. data mine E. web pocket
data warehouse
A ________ is a new product that copies, with slight modification, the design of an original product. Question content area bottom Part 1 A. discontinuous innovation B. patent C. convergence D. prototype E. knockoff
knockoff
When people learn that their actions result in rewards or punishments, the type of behavioral learning that occurs is ________ conditioning. Question content area bottom Part 1 A. cognitive B. basic C. modern D. classical E. operant
operant
The business-to-business (B2B) market is also commonly referred to as the ________ market. Question content area bottom Part 1 A. organizational B. non-consumer C. business buyers D. government E. commercial
organizational
The ________ is determined by the number of separate items within the same category. It is typically reflected in the number of stock-keeping units (SKUs). Question content area bottom Part 1 A. sales line depth B. stock units measure C. product line length D. categorical product line E. product option expansion
product line length
The direction and focus that marketers establish for their products, which ultimately support the broader marketing objectives of the business unit and are consistent with the firm's overall mission, are known as ________. Question content area bottom Part 1 A. product objectives B. business unit objectives C. brand management D. product management E. marketing objectives
product objectives
If a firm decides to take an established brand and intentionally and strategically create a new name, concept, symbol, design, imagery, and messaging in order to develop a new, differentiated identity in the minds of consumers and other stakeholders, it is engaging in ________. Question content area bottom Part 1 A. social branding B. rebranding C. ingredient branding D. lifestyle branding E. cobranding
rebranding
When it comes to determining an organization's commitment to innovation, investment in ________ can be used as a central metric. Question content area bottom Part 1 A. degree of newness B. convergence C. discontinuous innovation D. design thinking E. research and development
research and development
Tablet computers are an example of a(n) ________ because the consumer spends considerable time and effort gathering information and comparing alternatives before making a purchase. Question content area bottom Part 1 A. specialty product B. staple product C. convenience product D. unsought product E. shopping product
shopping product
Those who exhibit similarities in occupations, education, and income level, and have similar tastes in style and activities are members of a(n) ________. Question content area bottom Part 1 A. reference group B. consumer movement C. social class D. microculture E. organizational market
social class
If an advertiser uses hidden messages in its product commercial, or hides messages in the product itself (such as baking words into the tops of crackers), the advertiser is using ________ advertising. Question content area bottom Part 1 A. subliminal B. behavioral C. cognitive D. conditioning E. observational
subliminal
Internal performance measurements focused on the extent to which employees are using a CRM system as intended are known as ________. Question content area bottom Part 1 A. customer perception metrics B. business performance metrics C. marketing metrics D. user adoption metrics E. key performance indicators (KPI)
user adoption metrics
________ is a method of measuring the effectiveness of altering one characteristic of a marketing asset such as a web page, a banner advertisement, or an email. Question content area bottom Part 1 A. Predictive analytics B. A/B testing C. Search engine optimization D. Product testing E. Marketing analytics
A/B testing
In digital marketing, which of the following refers to an online ad purchase in which the cost of the advertisement is charged each time the advertisement shows up on a page that the user views? Question content area bottom Part 1 A. Cost-per-click B. Cost-per-order C. Cost-per-impression D. Click-through E. Conversion
Cost-per-impression
Which of the following utilizes the four steps of identifying, differentiating, interacting, and customizing to facilitate a relationship with consumers? Question content area bottom Part 1 A. Touchpoints B. Marketing automation C. One-to-one marketing D. Share of customer E. Customer equity
One-to-one marketing
Costco's store brand Kirkland Signature is an example of which branding strategy? Question content area bottom Part 1 A. Private-label brand B. Family brand C. Cobranding D. National or manufacturer brand E. Generic brand
Private-label brand
Google's paid search ads can be purchased or bid on based on a ________ in which the cost of the advertisement is charged only each time an individual clicks on the advertisement and is directed to the Web page that the marketer placed within the advertisement. Question content area bottom Part 1 A. cost-per-click B. search engine optimization (SEO) C. cost-per-order D. cost-per-impression E. click-through
cost-per-click
A(n) ________, with fewer product variations, can improve the firm's image if consumers perceive it as a specialist with a clear, specific position in the market. Question content area bottom Part 1 A. limited-line strategy B. filling-out strategy C. full line D. upward-line stretch E. downward-line stretch
limited-line strategy