mkc1 set 2
.Which of the following examples best illustrates the marketing concept?
A catering firm decides to expand its hours of operations to better serve working mothers.
In which phase of U.S. government regulation were major laws such as the Sherman Antitrust Act, Clayton Act, and Federal Trade Commission Act passed to maintain a competitive environment?
Antimonopoly period
According to Engel's laws:
As family income increases, the percent spent on recreation and education increases.
What is the last step in the process of successful communication?
Audience provides feedback to the sender.
Food manufacturers often set up tables in grocery stores where customers can sample featured products. The goal of this type of promotion is to influence ___________ component of attitude.
Behavioral
occurs when a company offers two or more complementary products and sells them for a single price.
Bundle pricing
Which scenario requires high involvement decision making?
Buying a home
How do marketers obtain primary data?
By using observation, survey, and controlled experiments
Primary data are:
Collected for the first time specifically for a marketing research study
Which of the following pricing strategies tries to reduce the emphasis on price as a competitive weapon?
Competitive pricing
Which of the following is an example of relationship marketing?
Customer service
Identify the latest regulatory frontier
Cyberspace
Which of the following is an example of indirect competition?
Deciding whether to come WGU or take a special vacation to Europe
One of the steps in the marketing research process is:
Defining the problem
The most common method of market segmentation is:
Demographic
Which of the following has ended total monopoly protection for most utilities like natural gas, electricity, water, and cable TV service?
Deregulation period
How can a manufacturer add to its product mix?
Develop new product lines
How would you define the competition between Wendy's and McDonalds
Direct because they are offering similar products and services
Which one of these is a characteristic of a shopping product?
Emphasis on seller's image
Marketers applying a positioning strategy want to
Emphasize a unique advantage of the product that differentiates it from competitors
Which type of problem solving process do consumers use when making a major purchase?
Extended problem solving
Which of the following ethical issues is associated with the product component of the marketing mix?
Fair packaging and labeling
A marketer believes its product has become obsolete for all markets. The marketer feels that a new technology may have created a substitute product and created new desire for their former consumers. Which of the following would be the best response by the firm?
Find out new technologies that may open new opportunities for the company
.What factors would a consumer consider when buying a Speciality product, as opposed to a Convenience product?
For specialty products image and quality are very important issues
When a company launches a website to market its products, which type of communication is the company using:
Formal
A commonly used basis for segmenting consumer market is:
Geographic segmentation based on locations
What is an example of marketing myopia?
IKEA sees itself as a furniture store
The personal determinants of consumer behavior include the
Individual's needs and motives
Monopoly in the competitive environment
Is enjoyed by few organizations as sole suppliers of a good or service
An example of a firm most likely engaged in monopolistic competition is:
Macy's department store.
When consumers have many competing products and services available to them, which orientation should a firm adopt?
Market orientation
Penetration pricing strategy is sometimes referred to as _
Market-minus
Marketers must constantly monitor their competitors' products, prices, distribution, and promotional efforts because the
New products offerings by a competitor may require adjustments to one or more components of the firm's marketing mix
A(n) _____ is a structure that refers to a limited number of sellers in an industry in which high start-up costs form barriers to keep out new competitors and deters newcomers from breaking into markets while ensuring that corporations remain innovative.
Oligopoly
An industry with a few large competing firms is called a
Oligopoly
Which market structure best describes the U.S. auto industry?
Oligopoly
Which step in the pyramid of social responsibility focuses on contributing resources to the community and improving quality of life?
Philanthropic
At which stage of the consumer decision-making process might cognitive dissonance occur?
Post purchase evaluation
Which types of marketing are common positioning strategies?
Price/quality and Product user
Information collected for the first time that will be used specifically for a marketing research study is _______ data.
Primary
"Crest is a cavity fighter" is an example of a positioning strategy based on:
Product attributes
Porsche's "There is no substitute" is an example of which of the following positioning strategies?
Product class
Which Act prohibits price discrimination in sales to wholesalers, retailers, or other producers?
Robinson-Patman Act
Megan is using data collected and published by a trade association in her marketing research study. What kind of data is Megan using?
Secondary data
Online marketers run the risk of cannibalization when they:
Self-inflict price cuts by creating competition among their own products
A positioning map
Shows how consumers view a product relative to competitive products
In order to recover research and development costs and earn high initial profits, SenseTV is setting a high price for its plasma TVs. The pricing strategy Sense TV is using is called _______ .
Skimming
A group of Occupy Wall-Street demonstrators protest on the streets of Salt Lake City. Which environment is influencing this behavior?
Social-cultural environment
If a company is expanding into the global market and will be facing rather low foreign marketing costs, which is the recommended price approach?
Standard worldwide price
Which process technique can produce an effectively structured presentation?
Stimulating interaction
A firm designed a plan that will last five or more years and provide long-term direction for its decision makers. What type of planning has the firm developed?
Strategic planning
A firm designs a plan that will affect the company for three or more years and provides the firm's decision makers with a long-term direction. What best describes the plan that has been made?
Strategic planning
What are the two elements of every marketing strategy?
Target market and marketing mix
How does the internet impact new entrants in an industry?
The internet lowers barriers to entry
To be effective, market segmentation must meet which of the following basic requirements?
The market segment must have measurable purchasing power and size
Lockheed Martin won the largest Defense Department contract by proving it could be the first company to develop and fly new drones over Iraq. This illustrates the importance of ________ :
Time-based competition
Why would a company choose a second-mover strategy over a first-mover strategy?
To avoid costly mistakes
What strategy should a firm pursue when its products move into the maturity stage of the product life-cycle?
To differentiate its product from those offered by competito
What is the purpose of market segmentation?
To target customers who have similar characteristics
When a company institutes a continuous effort to improve products and work processes, they are practicing
Total quality management
When spouses independently make equal numbers of decisions about the purchases of products, they are said to be acting:
autonomic.
The product-related segment of the consumer market based on the attributes people seek when they buy a product is called the _____ segment.
benefits-sought
When a consumer begins to feel dissatisfied with a product or service recently purchased, the anxiety they feel is called:
cognitive dissonance
A speaker at a meeting continues to talk well beyond the time allocated to him. He needs to be better prepared next time. He can address this issue by being more
concise
Secondary data has two important advantages over primary data. These advantages include:
cost and speed of locating the data.
The product features that a consumer considers while choosing among alternatives is known as the:
evaluative criteria.
The interpersonal influences on consumer behavior include a person's:
family
Monopolistic competition:
features large numbers of buyers and sellers of heterogeneous and relatively well-differentiated products, giving marketers some control over prices
Jeff watched a video of his last presentation, he realized that he was restricting eye contact to his boss, largely ignoring the rest of the audience. This observation will specifically help him:
focus on improving a specific type of non-verbal communication
Segmentation by benefits is a type of product-related segmentation used to:
focus on the attributes that people seek in a product.
The internet and social media:
have changed company promotion strategies
Product-usage segmentation can be an important tool for marketers as they attempt to:
identify heavy users and lure them away from a competitive brand.
Marketers can influence the outcome of the evaluation stage of the consumer purchase decision process by:
identifying which evaluative criteria are important to the individual, and pointing out which brand best meets those criteria.
Pharmaceutical companies are often able to achieve temporary monopolies from patents granting them the exclusive right to produce and market drug formulations they have developed. These patents are:
intended to reward a firm for investing millions of dollars into research and development
Kurt Lewin's theory of consumer behavior asserts that consumer behavior is a function of personal factors and their interaction with
interpersonal influences.
The introduction of a new brand into an array of familiar brands for which a consumer has previously set evaluative criteria may create the need for:
limited problem solving.
The global pricing strategy that allows the greatest flexibility in setting prices to reflect local marketplace conditions is:
market-differentiated pricing.
One type of volume pricing objective is:
market-share.
An imbalance between a consumer's actual and desired states is a(n):
need
A company that chooses to focus its efforts on satisfying only one market segment for profit is using a _____ strategy
niche marketing
A one-time reduction in list price typically offered at time of sale is referred to as a(n):
non-cumulative discount
When groups establish values and behaviors they deem appropriate for their members, those values and behaviors are called group:
norms.
Pricing objectives that seek to develop and maintain an image of quality and exclusiveness so as to appeal to status-conscious consumers are _____ objectives.
prestige
In the absence of other cues:
price is an important indicator of product quality to consumers.
For the purpose of transfer pricing, any part of the organization to which revenue and controllable costs can be assigned, such as a department, is referred to as a
profit center.
Your home has been infested with mice of late. So when you see an advertisement in the newspaper for a new mousetrap, you immediately pay attention. This case your response to the advertisement is mainly influenced by your:
psychological state
Prestige pricing objectives emphasize
quality and exclusivity
A master plan or model for conducting marketing research is called a(n):
research design.
Jay, a salesman for a pharmaceutical company, delivered a sales presentation for doctors that was heavily skewed towards a male audience. This ended up alienating the women in the audience. Which barrier to communication is related to the situation?
role identities
When a firm decides on a minimum acceptable profit level and seeks to increase its sales subject to this profit constraint, its pricing objective is:
sales maximization.
An example of odd pricing would be:
selling a radar detector for $129.99 instead of $130.
The pricing strategy that permits marketers to control demand in the introductory stages of a product's life cycle and then adjust productive capacity to match changing demand is known as _____ pricing.
skimming
The number of alternatives a consumer actually considers in making a purchase decision is referred to as:
the evoked set.
In the learning process, reinforcement is:
the reduction in drive that results from a proper response.
The cohort effect describes:
the tendency of members of a generation to be influenced and bound together by events occurring during the key formative years when they were 17 to 22 years of age.
One of the ways in which marketers can attempt to affect the outcome of the alternative evaluation stage of the consumer decision-making process is by:
trying to get consumers to expand their evoked sets to include their product.
The strategy sometimes referred to as mass marketing is also known as:
undifferentiated marketing.
State laws requiring sellers to maintain specified minimum prices for comparable merchandise are called _____ laws.
unfair-trade
