MKT 340 Mid-term Review
According to the video on Maslow's Hierarchy of Needs, very high-priced designer clothes featuring a recognizable logo would be most appropriate for satisfying which need?
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Chapter 3 begins with a summary of how this marketer has adapted to a fast-changing marketing environment.
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This is now the largest of the generational groups, recently moving into first place ahead of millennials.
--
This micro-environmental group helps companies promote, sell, and distribute their products.
--
Using the product/market expansion grid (Ansoff Model), McDonald's adding a "Beyond Meat" version of a popular burger is an example of which of the following?
--
Total U.S. sales of carbonated soft drinks for the year were $140 billion. Coca-Cola's carbonated soft drink sales for that year were $56 billion. What was Coca-Cola's market share of the carbonated soft drink market?
40%
This American psychologist created the Hierarchy of Needs.
Abraham Maslow
According to your text, this company best represents where the world is now headed.
Amazon
In the lecture video, I cited this product as an example of one that did all the right things in terms of influencing a positive rate of adoption.
Apple iPhone
Chapter 5 starts with a recap of this company that's working to change consumer attitudes and behaviors.
Beyond Meat
"Linking Brands, Consumers, and Causes" defines what?
Cause-Related Marketing
A sampling plan requires four decisions.
False
According to the text, Best Buy was affected more negatively by COVID-19 than most other retailers due to their heavy reliance on retail outlets versus online shopping.
False
Changing tastes in food, clothing, furniture, and recreation are seldom age-related.
False
In developing your Marketing Information Ecosystem (MIE), you should recognize that all the data you can accumulate and analyze is important and not be overly concerned with the costs involved in assembling and analyzing data.
False
In the BCG Growth-Share Matrix, relative market share is calculated by dividing your company's sales by total industry sales.
False
Marketers are guilty of marketing myopia when they focus more on the benefits buyers receive from a product versus the product's features.
False
Millennials are the first generational group that's entirely been born and grown up during the existence of the internet.
False
The actual value of the benefits a customer receives is usually more important than that customer's perceived value of those benefits.
False
The majority of the largest and most successful marketers, particularly those who operate globally, pursue an undifferentiated approach to segmentation.
False
When conducting a SWOT analysis, Threats and Opportunities are internal to the organization.
False
This government agency is primarily tasked with enforcing rules regulation unfair business practices.
Federal Trade Commission
This is the second largest (after White Americans) ethnic sub-culture in the United States.
Hispanic Americans
This is the largest non-white ethnic group in the United States.
Hispanic-American
According to your text, this featured company's mission is "Creating a Better Everyday Life for the Many People."
IKEA
The text identifies this firm as the number one market research and data analytics company in the United States.
Nielsen
Steve Jobs states that this company performed one of the greatest jobs of marketing ever seen.
Nike
The Chapter Preview starts with a summary of which marketer?
Starbucks
The text cites this company as a prime example of corporations practicing sustainability.
The North Face
About 9 percent of all U.S. residents move each year.
True
Advertising is effective for both internal and external information search.
True
Almost all major purchases result it some degree of cognitive dissonance.
True
Based on what you learned about writing a marketing plan, you'd expect a research report to begin with an executive summary.
True
CRM systems help marketing organizations better understand their customers and can help identify their best customers.
True
Declining birthrates are changing the age structure of the U.S. population and it is rapidly getting older.
True
Environmental forces affect both Business-to-Consumer (B2C) and Business-to-Business (B2B) marketers.
True
If segmentation is performed properly, each segment will have its own unique marketing mix.
True
Increasing share of market and share of customer are different things and either or both are involved in capturing value from customers.
True
It is better to try to fit products into existing patterns (consumer beliefs and attitudes) than to attempt to change them.
True
It's possible to have too large a focus group when conducting primary research.
True
Marketing ROI can be difficult to measure.
True
Most human behavior is learned.
True
One environmental force can affect another.
True
Online market survey research is best suited to quantitative versus qualitative research.
True
The key question that must be answered in a company's mission statement is "What business are we in?".
True
The text posits that mobile marketing is the fastest-rowing digital marketing platform.
True
The two primary theories of motivation come from Freud and Maslow.
True
Wants are needs shaped by culture and personality.
True
When looking at the 'costs' of a product or service (what the consumer gives up to obtain the related benefits), marketers should consider both the monetary cost and the time and effort the consumer puts into the purchase.
True
While technological advances such as Artificial Intelligence (AI), Additive Manufacturing (AM), and Robotics will replace a large number of human jobs, history shows that they'll generate a large number of new types of jobs.
True
This one of the 4As is the equivalent of place in the 4Ps of the marketing mix.
accessibility
Recording research results for comparison against results from future research describes what?
benchmarking
In the BCG Growth/Share Matrix, this quadrant consists of SBUs that have a high relative market share of a market that's stagnant.
cash cow
McDonald's notices that after a long period of steady growth, drive-thru breakfast sales have peaked and are showing no additional growth. They hypothesize that this is because of wait times in their drive-thru lanes. What type of research would be appropriate for confirming or disproving this hypothesis?
causal research
This type of buying behavior is characterized by high involvement and perceived significant differences among brands.
complex buying behavior
According to Steve Jobs, these should never change.
core values
Value = Benefits minus __________________.
costs
This is the most basic cause of a person's wants and behavior.
culture
Your text identifies this as the most important of the micro-environmental forces.
customers
This macro-environmental force relates to an aging U.S. population and its impact on some marketers.
demographic
This segmentation variable relates to selecting a target market based on factors like gender, age, or income.
demographic
Relating the BCG Growth-Share Matrix to shaping your future portfolio, 'divest' would be applicable to an SBU in which quadrant?
dog
Inflation is a reflection of which environmental force?
economic
This form of research involves observing consumers in their natural environments to determine how they behave.
ethnographic research
At this step in the Buyer Decision Process differentiation is of particular importance.
evaluation of alternatives
The foundation of marketing is based on _____________________.
exchanges
Customer satisfaction comes from a product's perceived performance relative to a buyer's _________________.
expectations
This form of research helps define the problem and suggests a hypothesis.
exploratory
Your text identifies this number of steps in the marketing process.
five
In this type of primary research, group interactions bring out deeper feelings and thoughts.
focus groups
A person's buying choices are influenced by how many major psychological factors?
four
How many steps are there in the marketing research process?
four
In the first _________ steps of the marketing process, the company creates value for target customers.
four
Walmart using their scanner data to see which products are often bought in conjunction with one another (such as toothpaste and mouthwash) is an example of which source of marketing information?
internal database
This adopter group is skeptical; they adopt an innovation only after a majority of people have tried it.
late mainstream adopters
Using the product/market expansion grid (Ansoff Model), McDonald's adding Uber Eats delivery is an example of which of the following?
market development
"Consumers who respond in a similar way to a given set of marketing efforts" defines what?
market segment
Most organizations, particularly the larger and better known marketers, follow which approach to targeting?
multi-segment
A pandemic - such as COVID-19 - is an example of which environmental force?
natural
A _________ becomes a motive when it's aroused to a sufficient level of intensity.
need
In terms of the major AIO dimensions, responding negatively to a certain celebrity endorser would be most closely related to which one of the three?
opinions
Age and life-stage changes are related to which factors that influence Buyer's Characteristics?
personal factors
Once you have segmented a market and decided how to differentiate your product, you should next _______________ around that difference.
position
Observational research is an example of which type of research?
primary research
According to the "Market Research Methods" video, asking consumers to rate their satisfaction on a numeric scale of 1 to 10 exemplifies which type of research?
quantitative
According to the extra video on the BCG Growth-Share Matrix, typically a new product starts as what?
question mark
According to the You Tube video for this chapter, this is NOT one of the three areas that make up consumer behavior toward products.
research
You're conducting primary research for UNCW about how all students feel about a certain issue. If you only survey CSB students, what issue would be most concerning to you in terms of the the validity of your findings?
results might be biased
This is a fraction of the population selected for market research to represent the population as a whole.
sample
A marketer using census data to determine the demographics of a particular market is an example of which type of research?
secondary research
Two people are watching the Super Bowl together and both are paying particular attention to the commercials. A commercial appears for cryptocurrency trading and gives compelling evidence of how you can quickly make significant returns. One person responds "what bunk" while the other immediately goes online to sign-up. This exemplifies what perceptual process?
selective distortion
Of the four major factors that influence consumer buyer behavior, reference groups are part of which one?
social factors
"Developing and maintaining a profitable strategic fit between the organization's goals and capabilities and its changing marketing opportunities" defines what?
strategic planning
These micro-environmental forces relates to the value delivery network described in Chapter 2.
suppliers and intermediaries
This environmental force necessitates constant development of new products by some firms and the entry of new competitors into markets.
technological
The video "Primary Market Research Explained" uses an example of a small group of stores testing a new product's sales prior to nationwide launch as what?
test marketing
The selling concept is typically practiced with which types of goods?
unsought
A company's supply chain can be used to create what? (Your text gives Subway as an example.)
value delivery network
This is the set of values a marketer promises to deliver.
value proposition
According to Steve Jobs, marketing is all about what?
values
