MKG-210
A product's______ is the place it occupies relative to competitors' products in consumers' minds. A) position B) attractiveness C) appeal D) impact
A
According to your text, Channel Level is defined as: A) is a layer of intermediaries that performs some work in bringing the product and its ownership closer to the final buyer. B) a marketing channel that has no intermediary levels. C) a marketing channel containing one or more intermediary levels
A
Cost based pricing is defined as which of the following? A) is setting prices based on competitors' strategies, costs, prices, and market offerings. B) adds a standard markup to the cost of the product. C) attaches value-added features and services to differentiate the companies offers and thus their higher prices.
A
Disintermediation is defined as: A) the cutting out of marketing channel intermediaries by producers or the displacement of traditional resellers by new intermediaries. B) Designing effective marketing channels by analyzing customer needs, setting channel objectives, identifying major channel alternatives, and evaluating those alternatives.
A
Disney is taking radio-frequency identification to new levels with its cool new Magic Band (RFID wristband), This is an example of: A) Macro Environment B) Micro Environment C) Max Environment D) Minor Environment
A
Participants in the Business Buying Process include which of the following: A) Users B) Generalist C) Informers D) All the above E) None of the above
A
The buying behavior of final consumers—individuals and households that buy goods and services for personal consumption. A) Consumer Buying Behavior B) Consumer Markets C) Consumer Ideas D) All the above E) None of the above
A
Which of the following defines unsought products? A) consumer products that the consumer does not know about or knows about but does not normally think of buying B) consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort C) less frequently purchased consumer products and services that the customer compares carefully on suitability, quality, price, and style. D) consumer products and services that the customer usually buys frequently, immediately, and with a minimum comparison and buying effort
A
Product mix consists of which the following? A) Width B) Depth C) Understanding D) Consistency E) Length MULTIPLE ANSWERS
A B D E
According to the book, which of the following 4 are classified as consumer products? A) Convenience products B) Justified products C) Shopping products D) Specialty products E) Unsought products F) Unified products CHOOSE 4
A, C, D, E
How does the book define product? A) consists of activities, benefits, or satisfactions and that is essentially intangible and does not result in the ownership of anything. B) anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want. (tangible)
B
Marketing myopia is defined as which of the following: A) the act of obtaining a desired object from someone by offering something in return. B) focusing only on existing wants and losing sight of underlying consumer needs. C) a combination of products, services, information, or experiences offered to a market to satisfy a need or want.
B
Shopper Marketing is defined as: A) creates a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping, creating a single shopping experience. B) focusing the entire marketing process on turning shoppers into buyers as they approach the point of sale, whether during in-store, online, or mobile shopping. C) all the activities in selling products or services directly to final consumers for their personal, non-business use.
B
The R in R-W-W screening framework refers to which of the following? A) Right B) Real C) Refine
B
Walgreens holds regular senior discount days, offering 20% price reduction for AARP members. This would be classified as which of the following? A) Psychological Pricing B) Segmented Pricing C) Geographical Pricing D) Promotional Pricing
B
Which answer equates to the 4ps of marketing? A) potential, price, promotion, place B) product, price, promotion, place C) position, price, promotion, place
B
Product Life Cycle includes which 5 of the following? A) Prevent B) Product Development C) Growth D) Maturity E) Introduction F) Decline CHOOSE 5
B C D E F
Need recognition includes which of the following: A) Internal Stimuli B) External Stimuli C) Both D) Neither
C
Organization marketing is defined as which of the following? A) uses commercial marketing concepts to influence individuals' behavior to improve their well-being and that of society B) consists of activities undertaken to create, maintain, or change attitudes and behavior toward particular places. C) consists of activities undertaken to create, maintain, or change the attitudes and behavior of target consumers toward an organization.
C
Research that describes marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers (who, when, how, why) is an example of which of the following: A) Causal B) Exploratory C) Descriptive D) All the above E) None of the above
C
Self Service is defined as: A) provide more sales assistance because they carry more shopping goods about which customers need more information. Examples include Sears and JC Penney. B) assist customers in every phase of the shopping process, resulting in higher costs that are passed on to the customer as higher prices. Examples include department stores and specialty stores. C) serve customers who are willing to perform their own locate-compare-select process to save money. They include Wal-Mart and supermarkets.
C
The L'Oréal group serves major segments of the beauty market, and within each segment it caters to many sub segments. L'Oréal targets the larger segments through its major divisions; further within these major divisions, L'Oréal markets various brands that cater to customers of different ages, incomes, and lifestyles. According to the book, this is an example of ______ A) Pricing B) Posturing C) Positioning
C
Data collection/research method that encompasses six to ten people, trained moderators etc would classified as which of the following: A) Ethnographic Research B) Observational Research C) Survey Method D) Focus Group
D
In terms of business buyer behavior, the Major Types of Buying Situations are: A) Straight Rebuy B) Modified Rebuy C) New Task D) All the above E) None of the above
D
Which of the following is classified as responding to the marketing environment: A) Uncontrollable B) Proactive C) Reactive D) All the above E) None of the above
D
Interpersonal Factors in the business buyer behavior include: A) Influence B) Expertise C) Authority D) Dynamics E) All the above F) None of the above
E
Which of the following would be an example of Micro-environments: A) Resellers B) Physical Distribution Firms C) Marketing Service Agencies D) Financial Institutions E) All the above F) None of the above
E
Which of the following would best describe the Major American Social Classes that exist: A) Upper Class B) Middle Class C) Working Class D) Lower Class E) All the above F) None of the above
E
A horizontal marketing system (VMS) consists of producers, wholesalers, and retailers acting as a unified system. One channel member owns the others, has contracts with them, or wields so much power that they must all cooperate. The VMS can be dominated by the producer, the wholesaler, or the retailer. True/False
False
Before setting prices, the marketer does not need to understand the relationship between price and demand for its products. True/False
False
Business Portfolio is a major activity in strategic planning whereby management evaluates the products and businesses that make up the company. True/False
False
Buying and Assortment building involves the wholesaler's sales force helping the manufacturer reach many small customers at a low cost. True/False
False
Competitive Marketing Intelligence are collections of consumer and market information obtained from data sources within the company network. True/False
False
Customers and Competitors would be classified as macro-environments. True/False
False
Family is the least important consumer-buying organization in society. True/False
False
Good-value pricing: ALDI keeps costs low so that it can offer customers "impressively high quality at impossibly low prices" every day. True/False
False
International pricing involves adjusting prices continually to meet the characteristics and needs of individual customers and situations. True/False
False
Lower price=Lower demand True/False
False
Marketers are not interested in the beliefs that people formulate about specific products and services because these beliefs don't make up product and brand images that affect buying behavior. True/False
False
Product line consists of all the product lines and items that a particular seller offers for sale True/False
False
Product mix is a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges. True/False
False
Selling and Promoting is involves the selection of items and building of assortments needed by customers, saving the customers work. True/False
False
Showrooming is the practice of first checking out merchandise online, then buying it in traditional stores. True/False
False
The Great Recession of 2015 to 2016 caused a fundamental and lasting shift in consumer attitudes toward price and quality. In response, many companies have changed their pricing approaches to bring them in line with changing economic conditions and consumer price perceptions. True/False
False
Value Marketing is important in segmenting people by lifestyle or life stage instead of age. True/False
False
Webrooming is the practice of checking out merchandise in stores, then buying it online. True/False
False
When it comes to data collection the term observational research can be defined as trained observers watching and interacting with consumers in their "natural environments." True/False
False
Provide me with an example and rationale of a company that understands the importance of market offerings (the opposite of marketing myopia).
More than just a sports bar, Buffalo Wild Wings mission is to provide a total eating and social environment that "fuels the sports fan experience" through in-store and online engagement. Smart marketers orchestrate several services and products, thereby creating brand experiences for consumers.
A mission statement should: Not be myopic in product terms Be meaningful and specific Be motivating Emphasize the company's strengths True/False
True
A sample is a segment of the population selected for marketing research to represent the population as a whole. True/False
True
According to the book, there are four types of consumer products. True/False
True
Acquisition refers to the buying of a whole company, a patent, or a license to produce someone else's product. True/False
True
Break-even pricing (target return pricing) is setting price to break even on costs or to make a target return True/False
True
Bulk breaking involves the wholesaler buying in large quantities and breaking into smaller lots for customers. True/False
True
Business analysis is a review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives. True/False
True
Buying behavior differs greatly for a tube of toothpaste, a smartphone, financial services, and a new car. More complex decisions usually involve more buying participants and more buyer deliberation. True/False
True
Buzz marketing involves enlisting or even creating opinion leaders to serve as "brand ambassadors" who spread the word about a company's products. Many companies are now turning everyday customers into brand evangelists. True/False
True
Chipolte's decision to add drive thru service would call for marketing research that provides specific information regarding its consumer wants. True/False
True
Companies sometimes shorten or skip test marketing to take advantage of fast-changing market developments, as Starbucks did with the hugely successful mobile app. True/False
True
Consumer markets are made up of all the individuals and households that buy or acquire goods and services for personal consumption. (Varies tremendously by age, income, education level, and tastes.) True/False
True
Cultural factors exert a broad and deep influence on consumer behavior. Marketers need to understand the role played by the buyer's culture, subculture, and social class. True/False
True
Culture is the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions. True/False
True
Customer Relationship Management (CRM) involves managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty. True/False
True
Customer insights are fresh marketing information-based understandings of customers and the marketplace that become the basis for creating customer value, engagement, and relationships True/False
True
Downstream partners include the marketing channels or distribution channels that look toward the customer, including retailers and wholesalers. True/False
True
Dynamic pricing involves adjusting prices continually to meet the characteristics and needs of individual customers and situations. True/False
True
Economic environment would be classified as Macro-environment. True/False
True
Five guys has kept a strong focus on making better quality burgers and this has earned them a loyal following of burger fans. This is an example of what the text calls Product Quality True/False
True
Fixed costs (also known as overhead) are costs that do not vary with production or sales level. True/False
True
Franchises now command about 45 percent of all retail sales in the United States. These days, it's nearly impossible to stroll down a city block or drive on a city street without seeing a McDonald's, Subway, Jiffy Lube, or Holiday Inn. True/False
True
Horizontal conflict-occurs among firms at the same level of the channel. For instance, some firms may complain others steal sales from them by pricing too low or advertising outside their assigned territories. True/False
True
Horizontal marketing system is a channel arrangement in which two or more companies at one level join together to follow a new marketing opportunity. True/False
True
If the new product satisfies the market, it will enter a growth stage. The early adopters will continue to buy, and later buyers will start following their lead, especially if they hear favorable word of mouth. True/False
True
In one way or another, most large companies sell to other organizations. Companies such as Boeing, DuPont, IBM, Caterpillar, and countless other firms sell most of their products to other businesses. True/False
True
Independent off-price retailers either are independently owned and run or are divisions of larger retail corporations. Although many off-price operations are run by smaller independents, most large off-price retailer operations are owned by bigger retail chains. Examples include store retailers such as TJ Maxx and Marshalls. True/False
True
Influencers help define specifications and provide information for evaluating alternatives. True/False
True
Key customer insights have helped make social scrapbooking site Pinterest wildly successful with its 70 million users. In turn, more than 1.5 million brands use Pinterest to engage and inspire their customer communities. True/False
True
Many companies are responding to consumer demands with more environmentally responsible products. Others are developing recyclable or biodegradable packaging, recycled materials and components, better pollution controls, and more energy-efficient operations. True/False
True
Marketers look for lifestyle segments with needs that can be served through special products or marketing approaches. Such segments might be defined by anything from family characteristics or outdoor interests to pet ownership. True/False
True
Marketing is a process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. True/False
True
Marketing research is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization. True/False
True
Modified rebuy is a buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers. True/False
True
New product development refers to original products, product improvements, product modifications, and new brands developed from the firm's own research and development. True/False
True
People differ greatly in their readiness to try new products. In each product area, there are "consumption pioneers" and early adopters. Other individuals adopt new products much later. True/False
True
Retailing includes all the activities in selling products or services directly to final consumers for their personal, non-business use. True/False
True
Segmentation targeting, differentiation, and positioning involve the definition and profile of the market so the other retail marketing decisions can be made. True/False
True
Sources of new product ideas Internal & External sources. True/False
True
The cultural environment consists of institutions and other forces that affect a society's basic values, perceptions, preferences, and behaviors. True/False
True
The mission statement is the organization's purpose; what it wants to accomplish in the larger environment True/False
True
Upstream partners are firms that supply raw materials,components, parts, information, finances, and expertise needed to create a product or service. True/False
True
Value delivery network is made up of the company, suppliers, distributors, and ultimately customers who partner with each other to improve performance of the entire system. True/False
True
Value-based pricing uses the buyers' perceptions of value rather than the seller's cost. True/False
True
Variable costs vary directly with the level of production. Each PC produced by HP involves a cost of computer chips, wires, plastic, packaging, and other inputs. Although these costs tend to be the same for each unit produced, they are called variable costs because the total varies directly with the number of units produced. True/False
True
Vertical conflict-conflict between different levels of the same channel, is even more common. For example, McDonald's has recently faced growing conflict with its corps of almost 3,000 independent franchisees. In a recent company Webcast, based on rising customer complaints that service isn't fast or friendly enough, McDonald's told its franchisees that their cashiers need to smile more True/False
True
Warehousing involves the wholesaler holding inventory, reducing its customers' inventory cost and risk. True/False
True
he rise of megaretailers involves the rise of mass merchandisers and specialty superstores, the formation of vertical marketing systems, and a rash of retail mergers and acquisitions. True/False
True
To design a winning marketing strategy, the marketing manager must answer two important questions, what are they?
What customers will we serve (what is our target market)? How can we serve these customers best *what is our value proposition)
Needs are human wants that are backed by buying power. True/False
false
A market is set of actual and potential buyers.
true
The marketing mix is comprised of a set of tools known as the four Ps. True/False
true
