mkt 300 test 1

What do brands gain when they position their products well? - Neither sustainable advantage or competitive advantage - Competitive advantage - Both sustainable advantage and competitive advantage - Sustainable advantage

Both sustainable advantage and competitive advantage

A _____ is a tool used by marketers to bring their target market to life. - Customer persona - Buyer Persona - Buyer sheet - Buyer Profile

Buyer Persona

How does market segmentation provide value to marketers? - By allowing more efficient marketing and by bringing more value to the customer - By reaching the broadest group of customers possible - By marketing with the least amount of advertising funds possible - By communicating one message to all existing segments

By allowing more efficient marketing and by bringing more value to the customer

Differentiated marketing is defined as _____. - A targeted marketing strategy where a company chooses only one segment to target and customizes a marketing mix for that target market - The process of selecting one or more market segments for focused marketing efforts - The marketer uses only one strategy or marketing mix for the entire market - A targeted marketing strategy where the company targets more than one market segment and develops a unique marketing mix to target each segment separately

A targeted marketing strategy where the company targets more than one market segment and develops a unique marketing mix to target each segment separately

Positioning is _____. - A space in a market for which a product is ideally suited - A strategy for defining and portraying brands/products in ways that cause ideal customers to perceive them as the best solution for their needs - An advertising copy - When a product claims benefits or differentiation that no group of customers care about

A strategy for defining and portraying brands/products in ways that cause ideal customers to perceive them as the best solution for their needs

What is a positioning statement? - A succinct expression of a product's market position - A detailed description of where the product sits in the market - An explanation of how they chose that position - All of these options

A succinct expression of a product's market position

What items are generally listed for a buyer persona? - Pain points - Goals - All of these items are generally listed for a buyer persona - General demographic information

All of these items are generally listed for a buyer persona

Which one of these is not included in Maslow's Hierarchy of Needs? - Self-actualization needs - Interactive needs - Esteem needs - Safety needs

Interactive needs

Exploratory research is useful when _____. - Marketers have many broad research questions and need to narrow them down into more precise questions - Marketers aren't sure what to research - Marketers want to do something brand new - Marketers have plenty of data but aren't sure what it means

Marketers have many broad research questions and need to narrow them down not more precise questions

Which answer below is an example of psychographic segmentation? - Marketing to women - Marketing to ages 45-55 - Marketing to regular gym goers - Marketing to an engineer

Marketing to regular gym goers

customers who are unhappy and can hurt your brand through negative word-of-mouth communications

Detractors (scores between 0 and 6)

_____ positioning occurs when the way a product is positioned touts benefits that are simply not believable or too good to be true. - Under - Over - Confused - Doubtful

Doubtful

True or False: A smaller market segment will always be more effective.

False

True or False: Routine purchases are an example of high-involvement purchases.

False

True or False: The buying process can be much shorter for B2B purchases.

False

Which of these is not a responsibility of marketing? - Finding the best ways of reaching those customers with product information - Ensuring that a firm understands its customers - Encouraging customers to make purchase decisions - Fulfilling product shipments

Fulfilling product shipments

Which of the factors below do NOT suggest you have chosen a desirable target market? - If it is stable - If it is accessible - If it is controversial - If it is sizable

If it is controversial

T of F: The marketing mix framework shows that promotion is not all marketing is

True

True of False: Surveys are a type of market research

True

True or False: A great product comes from having good differentiation.

True

True or False: Consumption can be either actual physical consumption or consuming a service.

True

True or False: Marketing research is used when marketers need insights into customer needs, product preferences, buying behavior, satisfaction, and many other things and the data is not readily available.

True

True or False: One of the biggest mistakes a brand can make is having a product positioning that is inconsistent with the brand's positioning.

True

True or False: The customer should ideally be at the center of the marketing process.

True

"According to Nielsen research, 40 percent of U.S. consumers are responsible for 75 percent of music spending" This quote is an important example to remember why we segment the market by _____. - Usage rate - Geographic location - Psychographic - Demographic

Usage rate

One of the mistakes marketers can make is positioning product around features or technical aspects of products, rather than positioning around the _____ products create. - Revenue - Attention - Value - Differentiation

Value

customers who are satisfied but not enthusiastic about the brand; they are vulnerable to competitive offerings

Passives (scores of 7 and 8)

Which of these is NOT a common failure in creating surveys? - Asking too many questions - Forgetting to introduce your survey - All of these are common failures in creating surveys - Failing to understand the survey population

all of these are common failures in creating surveys

Which of these is NOT an example of price? - Frequent-customer discounts - Odd pricing (.99) - Bundle Pricing - All of these are examples of price

all of these are examples of price

Why are relationships important in marketing? - Happy customers are more immune to competing offers. - Happy customers are willing to pay more for solutions from the brands they love. - Happy customers will readily advocate for their favorite brands through word-of-mouth marketing. - All of these are reasons why relationships are important in marketing.

all of these are reasons

Which of the questions below is NOT a valuable research question? - How do customers rate our solutions against competing solutions? - All of these are valuable research questions. - How likely are our customers to recommend our solutions? Which new product ideas would customers most likely purchase? - What criteria do customers use when making purchase decisions?

all of these are valuable research questions

measure consumers' feelings, convictions, or beliefs about a brand

attitudes data

measure the knowledge consumers have of brands, products, and solutions

awareness data

a semi-fictional representation of an ideal consumer that is based on real research

buyer persona

intensive studies of representative examples (cases) of the subject under study

case analyses

research that is quantitative in nature and focuses on discovering the cause- and- effect relationship between variables

casual research

a targeted strategy wherein a company chooses only one segment to target and customizes a marketing mix for that target market

concentrated marketing strategy

occurs when a product is positioned by claiming too many benefits, or worse, benefits that are contradictory

confused positioning

the process of searching or "mining" for insights from the patterns, trends, and relationships within data sets

data-mining

segmenting the market according to statistics such as age, gender, income, ethnicity, and education

demographic segmentation

measure characteristics of consumers, such as income, gender, education level, marital status, social status, and many other; analyses of this data often reveals certain segments of consumers with strong affinity or loyalty to a brand

demographic/ socioeconomic data

interviews with people who are knowledgeable about the general subject under investigation

depth interviews

quantitative in nature and focusses on determining how often something occurs or how two things are related to each other

descriptive research

a targeted strategy wherein the company targets more than one market segment and develops a unique marketing mix to target each segment separately

differentiated marketing strategy

what makes a product unique and stand out to customers above other products

differentiation

occurs when the way a product is positioned touts benefits that are simply not believable, or too good to be true

doubtful positioning

a basic business function that takes place when a person or company satisfies a need by exchanging money for products or services

exchange

measure future, anticipated behaviors; this data help marketers predict demand or future consumption

intention data

a poll designed to gather input, information, or opinions from a specific population of people

survey

process of selecting one or more market segments for focused marketing efforts

target marketing

a search for statistics and content in various blogs, books, newspapers, or magazines for data or insight into the research subject

literature search

segmenting the larger market into smaller segments based on meaningfully shared characteristics and shared needs

market segmentation

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

marketing

the process of setting marketing goals, the planning and execution of activities to meet these goals, and measuring progress toward their achievement

marketing management

the building blocks that a marketer can adjust to affect the overall marketing strategy of a product Product, Price, Place, Promotion

marketing mix

the process of collecting and analyzing information from and about consumers to influence marketing strategy and decisions

marketing research

measure the motives of consumers so as to understand what conditions drive behavior

motivation data

Which of these is NOT true about the 7 P's of marketing? - The pieces are interdependent - The mix of the 7 P's can provide differentiation - The 7 P's focus on advertising - The customer is at the center

the 7 P's focus on advertising

What is top of mind awareness? - The most recent interaction a consumer had with a brand - The last brand that comes into a consumer's mind - The brands a consumer first recalls from memory - The brands consumers already know

the brands a consumer first recalls from memory

encompasses the human actors who provide good, services, and ideas to the customer

people

the tendency to focus on selling current products and services to customers

the selling concept

tangible items in the place that the good or service is sold

physical evidence

a means of getting the product, service, or idea to the consumer

place

focuses on gaining ideas or insights and is particularly helpful in funneling broad research questions into more precise ones

exploratory research

a set of individuals from whom a researcher wishes to gain insights using a structured interview process that is moderated by a facilitator

focus group

True or False: Customer behavior is the most important thing that marketers attempt to measure through market research

true

the amount that is being charged for the good, service, or ideas

price

new data that marketers collect when no data exist to help marketing researchers pursue answers to research

primary data

The research question, when referred to in marketing research, is the _____.

primary goal of the market research

the flow of activities involved in providing goods, services, and ideas to the customer

process

a good, service, or idea to satisfy the consumer's needs

product

the 7 P's of marketing

product, price, place, promotion, people, physical environment, process

form of research that uses indirect methods — usually some sort of task — that causes study participants to reveal their feelings, thoughts, and opinions or express behaviors

projective methods

segmenting the market by consumer activities, values, interests, and opinions

psychographic segmentation

measure personality traits, interests, opinions, or lifestyle characteristics of consumers; this data are frequently combined with demographic data to let marketers create a persona of the ideal consumer

psychographic/ lifestyle data

Pre-existing data is also known as _____. - Primary data - Online data - Free data - Secondary data

secondary data

pre-existing data that was originally gathered for another purpose but is helpful for current research projects

secondary data

the marketer uses only one strategy or marketing mix for the entire market; also known as mass marketing

undifferentiated marketing strategy

segmenting the population based on how consumers use (usage situation) or how much they use (usage rate) a product

usage behavior segmentation

segmenting the market according to where the consumers are located

geographic location segmentation

A restaurant's decor would be considered which of the 7 P's?

Physical Evidence

Consider a candy bar sold in a vending machine. The vending machine would represent which of the Ps of the marketing mix?

Place

What is the most important thing a marketer can do to ensure success of product? - Position it well - Acquire the biggest marketing budget - Have the coolest product features - Make the most creative advertising material

Position it well

Which data is more expensive to collect? - Quantitative data - Qualitative data - Primary data - Secondary data

Primary data

the 4 P's of marketing

Product, Price, Place, Promotion

customers who are loyal enthusiasts, tend to buy more, stay in relationships with brands longer, refer friends, and provide feedback and ideas

Promoters (scores of 9 and 10)

Which tool is useful when trying to visualize how the product is positioned compared to competitors? - Chart - Sketch - Diagram - Matrix

Matrix

How should you decide what to divide the market based on? - What you think will sell the most - Meaningful characteristics - What your coworker told you to - Customers' income

Meaningful characteristics

Which one of these is NOT an example of a common positioning error? - Doubtful positioning - Irrelevant positioning - Under-positioning - Mixed positioning

Mixed positioning

A survey which often is just a single question, "How likely is it that you would recommend [brand] to a friend or colleague?" and measures customer experiences is called a _____. - NPS or Net Promoter Score Survey - Brand Awareness Survey - Brand Image Survey - Customer Satisfaction Survey

NPS or Net Promoter Score Survey

a specific type of survey, used by many marketers, to measure the experience customers have with brands; a brand's net promoter score is calculated by subtracting the percent of detractors in the survey from the percent of promoters

Net Promoter Score (NPS)

Which of these is NOT a reaction hoped for by a marketer? - The product or service exceeds customer expectations - The customers will tell others about the product through positive word out of mouth - The customer forgets about the product - The entire experience would cause the customers to repurchase in the future

The customer forgets about the product

Which of these is correct about a low involvement purchase? - The buyer goes through all the stages of the buyer behavior process - The purchase is expensive - The decision isn't risky - It is a seldom purchase

The decision isn't risky

How do the selling concept and the marketing concept differ?

The marketing concept focusses increasing a product around a demand. The selling concept focusses on creating demand around a product.

How many "P's" are there in marketing

7

What are the product attributes that are important to consumers called? - Evaluative criteria - Alternative consideration - Significant qualities - Consideration set

Evaluative criteria

What is a trigger in the environment that signals a need? - Internal cue - Esteem needs - External cue - Need recognition

External cue

Demographic Segmentation is defined as _____. - Segmenting the market by consumer activities, values, interests, and opinions - Segmenting the market according to statistics such as age, gender, income, ethnicity, and education - Segmenting the market based on location - Segmenting the market based on rate of usage

Segmenting the market according to statistics such as age, gender, income, ethnicity, and education

What is the buyer behavior process? - The stages that consumers go through when deciding to purchase and consume a product - The strategic process of a brand to convince consumer to make purchase - When a consumer recognizes a need - The detailed thoughts of consumers during purchase

The stages that consumers go through when deciding to purchase and consume a product

a management orientation that focuses on identifying and satisfying consumer needs to ensure the organization's long-term profitability

the marketing concept