MKT Final Exam review
When Hunter Ceiling Fans buys electrical wire for use in producing its ceiling fans, Hunter is part of what type of market for electrical wire?
Business
What is a primary difference between business and consumer buyers?
Business buyers generally make larger orders than consumer buyers.
Most European countries use a common currency, the
Euro
Soft drink companies advertise that their products beat the competition in national "taste tests," and they refer to the rival brands by name. This type of advertising is best described as
comparative
Marc works for F1 where his responsibilities include maintaining favorable relationships between the organization and its stakeholders. Marc is most likely employed in
public relations
The Sharper Image likes to use nonpersonal communication in news story form such as press releases for its new and improved products. This is an example of
publicity
What is the main problem with using a market test as a forecasting tool?
Expensive
Jordan and Cindy are searching for an apartment. They will most likely engage in which one of the following forms of decision making?
Extended decision making
Which of the following regulates and makes rules for privacy, fraud, and misappropriation of copyrighted intellectual property, as well as other illicit Internet activities?
Federal Trade Commission
Levi Strauss markets its denim jeans in many countries and develops its marketing strategy as if the world were a single market. This approach to selling a standardized product in all countries represents which type of international marketing?
Globalization of markets
Hair stylists find it challenging to standardize their service because the customer must be involved in production (i.e., the haircut). This illustrates which of the following unique features of services?
Inseparability
Which of the following is a strategy of increasing sales of current products in new markets?
Market development
Aldi's and Dollar General stores have been expanding their footprint across the United States, opening new locations and competing against traditional discount and grocery store chains, such as Walmart, Target, Kmart, Kroger, Jewel Osco, and Schnucks. Both Aldi's and Dollar General hope to capture a large proportion of the dollars consumers spend on grocery and general merchandise items and have responded to consumer desires for value and convenience of a smaller store. What type of pricing objective are these stores utilizing?
Market share
Internet sites that allow users to share photos, videos, and podcasts are called which of the following?
Media-sharing sites
In a franchise agreement, which of the following is a franchisee not responsible for?
National advertising campaign
Walmart is currently expanding its stores into Canada and Mexico. This expansion is being facilitated by the
North American Free Trade Agreement.
Which of the following survey methods has the potential to offer quick response at a lower cost than traditional mail and telephone surveys?
Online surveys
Which of the following would be used in setting the price of a new product if considerable competition is expected?
Penetration pricing
A Macy's manager designs the casual clothing department such that one of Macy's private label pairs of jeans, priced at $24.99, is positioned next to a national brand of jeans, such as Levis, priced at $39.99. What is the manager attempting to accomplish?
Reference pricing strategy
Marketing facilitates exchange relationships between buyers and sellers. What is marketing's intended outcome for this relationship?
Satisfaction for both the buyer and seller
The U.S. Army recruits soldiers based on the slogan, "Army Strong," implying that people can reach their full personal potential in the U.S. Army. This is an appeal to what need according to Maslow's hierarchy of needs?
Self-actualization
If all the gas stations in a city collaborated to determine what gas prices should be charged, they would be violating the
Sherman Antitrust Act
Carlos Suarez has been hired as sales manager at a new firm and is trying to come up with a sales force compensation method. He would like to have selling expenses relate directly to sales resources, an aggressive sales force, and minimization of non-selling tasks. What compensation method(s) would best fulfill his requirements?
Straight commission
Dell Electronics is very interested in taking advantage of business opportunities in India but does not have access to India's market. Dell has the patent on a low-cost, quality computer system that could assist small businesses in India. Sony Computer, Dell's competitor, is experienced in India's small business market but does not have a computer comparable to Dell's. If Dell and Sony work together to utilize these strengths to seize this opportunity in India, what type of business structure would they likely use?
Strategic alliance
Cindy goes to Walmart and buys some clothing, a DVD, and all the groceries she needs for her family. What type of retailer is this particular Walmart?
Superstore
Which of the following regulatory groups is a system of nongovernmental, independent, local regulatory agencies supported by local businesses?
The Better Business Bureau
Which of the following would be considered an institutional buyer?
The United Way
The major levels of intensity at which a company can choose to distribute its products are ____ distribution.
The major levels of intensity at which a company can choose to distribute its products are ____ distribution.
What should marketers do to promote the consistency and reliability of their services most effectively?
Train employees and develop standard procedures for dealing with customers
Which of the following is an example of a behavioristic segmentation variable?
Usage rate
Which of the following are personal informal exchanges of communication that customers share with one another about products, brands, and companies?
Word-of-mouth communication
Xi Chung is the owner of a popular bar in a college town and typically advertises in the college newspaper about upcoming drink specials or special events. Xi was an early adopter of e-marketing and worked with a college intern to create a webpage for the business. At the time, Xi believed he could simply modify the newspaper advertisements and Yellow Page listings and publish those to the webpage to attract customers and inform them of events. However, his early efforts with e-marketing were not successful. Which of the following could explain why his website failed?
Xi treated digital marketing like a traditional marketing channel.
The Dyson Company, manufacturer of high-priced vacuum cleaners, has developed a promotional program with both push and pull policies. Dyson only sells its products through retailers who carry high-end household electronics items. For the push policy, Dyson will most likely use ____________; for the pull policy, Dyson will use ___________.
a bonus to the retailer for every Dyson vacuum sold; personal selling done by the retailer's employees
Most business buying decisions are made by
a firm's buying center
A business partnership between a domestic firm and a foreign firm is known as
a joint venture.
Due to the use of cookies, many websites are able to track visitors when they return to their websites. This helps them track how often the visitor views the website and in what products he or she shows an interest. Some websites have capitalized on this by providing product recommendations to users when they return to their websites based on their past activity. This is an example of
addressability
One of the most important benefits of e-marketing is the ability of marketers
and customers to share information.
The ____ is the difference in value between a nation's exports and its imports.
balance of trade
McDonald's golden arches are a classic example of a
brand mark
Suppose managers at Mahindra have determined the costs associated with producing hay balers are equal to the price that they charge for the hay balers. This indicates that Mahindra is producing at the ____ point.
breakeven
The focus of personal selling is shifting from selling a specific product to
building long-term relationships with customers.
Break-even analysis is a tool that marketers are likely to employ during the ____ stage of the new-product development process.
business analysis
A major benefit of using event sponsorship is that it
can provide large amounts of free media coverage.
Puma maintains a good deal of control over how its products are promoted, displayed, and sold. Because of this control, Puma would be appropriately described as the channel
captain
Candy and Sarah own and operate a small restaurant. On a weekly basis, they go to their local Sam's Wholesale Club to purchase the food items and cleaning supplies they need for their business. With the exception of the volume they purchase and the items' intended use, this grocery shopping trip is identical to a weekly trip by their families to a grocery store. Sam's is serving as a ____ wholesaler for these entrepreneurs.
cash-and-carry
If local Shell gasoline stations look at BP stations' prices as the primary method of determining its own prices, Shell is using ________
competition-based pricing, which considers costs to be less important than competitor's prices.
Rolls-Royce targets a very exclusive high-income market. Toyota, on the other hand, targets economy markets (Yaris), the environmentally-conscious market (Prius), and the higher-income market (Lexus). Rolls-Royce has adopted a ___________ targeting strategy. Toyota has adopted a ______________ targeting strategy.
concentrated; differentiated
In shopping for a new laptop computer for her master's degree program, Joelle has narrowed the alternatives to four brands. She is considering Dell, Toshiba, Sony, and Hewlett-Packard. These four brands make up Jocelyn's
consideration set.
Heinz uses various techniques such as coupons, free samples, and consumer contests to encourage consumers to try its products. All of these marketing activities are considered
consumer sales promotion methods.
Children often achieve ____ by observing parents and older siblings in purchase situations and then through their own purchase experiences.
consumer socialization
Product placement in television shows is becoming increasingly important due to
consumers' greater ability to screen advertisements.
Due to external pressures and concerns for privacy, Yahoo now has an opt-out option for Internet-based advertising. This is an example of
control
Julie is a retailing and consumer sciences major and plans to pursue a career in fashion design. She enjoys setting the trends for her friends and owns approximately 50 pairs of shoes. She loves shopping for shoes on Zappos, a popular online retail store that is a subsidiary of Amazon. Zappos offers millions of styles of shoes, but Julie can simplify her search through the use of filters. She can filter the search by style, color, material, brand name, and heel height in order to reduce the number of shoes that appear in the search results. Zappos is taking advantage of _____, one of the characteristics of online media.
control
Marketing is the process of
creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment
Long-term relationships with profitable customers is the key objective of
customer relationship management.
When three buyers purchase the products of three producers, nine transactions are required. If one intermediary serves both producers and buyers, the number of possible transactions is
6
Which of the following characteristics distinguish online media from traditional marketing?
Addressability, interactivity, accessibility, connectivity, and control
As Georgina enters Audio Jetz car electronics department, she is asked by the salesperson if she has seen the new plug-in cell phones with coffee-warming app. She answers that she didn't know that this type of app for cars was available. Based on this information, she is now in what stage of the product adoption process for this item?
Awareness
_______________ are online marketplaces where buyers and sellers from around the world can exchange information, goods, services, ideas, and payments.
B2B e-commerce sites
You are an experienced and very successful sales rep for a major consumer products company. You are having lunch with a group of newly hired sales reps who just got their assigned sales territories. This is a very ambitious group of new hires, which is evidenced by the fact that they offered to buy you lunch if you would let them pick your brain about successful sales tactics. Which of the following personal selling success tips will you share with the new hires?
Be thorough in your preapproach by doing your homework on your prospects.
____ are formalized rules and standards that describe what a company expects of its employees in terms of ethical behavior.
Codes of conduct
Which of the following statements does not apply to convenience goods?
Consumers are brand loyal to convenience products and are not likely to substitute other brands.
Procter & Gamble makes at least eight different laundry detergents. This is most relevant to the issue of
depth of product mix.
Firestone is a manufacturer and marketer of tires for new passenger cars. In recent years, the company's business has declined because of the overall decrease in consumer demand for new cars. In this case, the demand for Firestone's tire products is said to be ____ since it depends on the demand for new cars.
derived
The fact that senior citizens are charged a lower price at movie theaters than younger adults is an example of ____ pricing.
differential
Miss Moo produces a line of milk products that are lactose-free. The milk comes in pint, quart, and half-gallon cartons, as well as 18-ounce glass bottles. Miss Moo sells its pint cartons to school systems, its quart and half-gallon cartons to grocery stores, and its glass bottles to vending machine operators. Miss Moo appears to use a(n) _____ strategy in marketing its product to a target market that is likely to be _______.
differentiated; homogeneous
Julia was reviewing her bank statement for last month. She had paid her rent, her car payment, electric and phone bills, and made three trips to the grocery. Julia had also bought tickets to an Ariana Grande concert and new clothes to wear to the concert. The money spent on Julia's rent, car, electric, and phone bills was likely from her ____ , while the money spent on the concert tickets and new clothes was from her _____.
disposable income; discretionary income
If Papa John's wants to determine the impact of different coupon offers on pizza unit sales, it needs to conduct
experimental research.
When a company has its sales forecasts prepared by management consultants, economists, or college professors, it is using a(n)
expert forecasting survey
TONI&GUY is a global hairdressing and education business headquartered in England. It has recently opened salons in Mongolia, adding to its numerous salons worldwide. TONI&GUY allows foreign businesspeople to use its name, logo, methods of operation, advertising, and products. In exchange, TONI&GUY receives a financial commitment and an agreement to conduct business in accordance with its standard of operations. TONI&GUY is engaging in
franchising
All of the following are marketer-dominated sources of information except
friends
A common form of tactile communication in U.S. business activities is
handshaking
Most markets for products are made up of individuals or groups with diverse needs for products and are called ____ markets.
heterogeneous
Marketers use a variety of characteristics to segment markets they are interested in pursuing. When segmenting consumer markets, demographic variables are normally used. All of the following are demographic characteristics used by marketers to segment markets except
hometown
An informed guess or assumption about a certain problem or set of circumstances is known as
hypothesis
The Church of the Latter Day Saints has used advertising for many years, airing a commercial TV spot that shows parents actively playing games with their children. The Church is using marketing to promote its
ideas
When products are introduced into one nation from another, acceptance is far more likely
if there are similarities between the two cultures.
Marketing planning and ______ are closely linked in successful companies.
implementation
The purchase of products from a foreign source is called
importing
The amount of money received through wages, rents, investments, pensions, and subsidies is called
income
During the evaluation of alternatives stage of the consumer buying decision process, framing most likely influences the decision process of ____ buyers.
inexperienced
New store formats and advances in _______________ are making the retail environment highly dynamic and competitive.
information technology
When Clorox introduced bleach in a no-drip bottle, the firm was taking action consistent with its product being in the ____ stage of the product life cycle.
maturity
A valid study
measures what it is supposed to
A list of the exact magazines, newspapers, and television stations in which an advertisement will appear, along with the dates and times, is a(n)
media plan
LARC Salon is part of the hair and personal care service industry. In what type of competitive environment is LARC Salon most likely operating?
monopolistic competition
Sadie won a hot-air balloon ride and dinner for two for being the top revenue-producing mortgage loan officer at her company for the month of October. This contest exemplifies a company's efforts at
motivating salespeople.
Apple makes its computers available through its own stores, its website, and some major retailers. This is an example
multichannel distribution.
Anything that reduces the accuracy and clarity of communication is called
noise
Eliminating a wholesaler from a marketing channel will
not eliminate the functions performed by that wholesaler.
If Procter & Gamble, the maker of Dawn dishwashing liquid, wants to know what percentage of customers examine product labels before making a product selection in the grocery store, it can best gain this information through
observation
The unification of Europe through the European Union (EU)
permits virtually free trade among the member nations of the EU
Seo-yeon is beginning to wonder if she has made the right decision about purchasing a new HP laptop after she sees a friend with a new Dell. Seo-yeon's doubt whether she made the right decision occurs during the ___________ of the buying decision process.
postpurchase evaluation phase
An evaluation performed before an advertising campaign begins is a
pretest
A marketing plan
provides a framework for implementing and controlling marketing activities.
If Wilson Sporting Goods faces a standard demand curve that exists for most products, as it raises the price of its tennis rackets, the
quantity demanded goes down.
If China, in an attempt to bolster the sales of its own auto manufacturers, decided to limit the number of automobiles that could be brought in from other countries, China would be using a(n)
quota
The supply chain begins with______________ and ends with_________________.
raw materials; customers
Atticus is reading a magazine ad for a new cologne. In the ad, he sees little more than a photo of a man riding horseback on a beach, and the name of the new cologne, Rugged. In this situation, Atticus is a ___, one who ___.
receiver; decodes
After direct marketing, the next slightly longer marketing channel adds a(n)
retailer
The marketing concept focuses on
satisfying customers' needs in a way that helps to achieve organizational objectives.
The objective of sampling in marketing research is to
select representative units from a total population.
The continuum of tangibility goes from ____ on one end to ____ on the other end.
service-dominant products; good-dominant products
The three major categories of influences on the consumer buying decision process are
situational influences, social influences, and psychological influences.
Honeybees are disappearing at an alarming rate, and since they pollinate about a third of all the foods we eat, it is an important concern. That's why Ben & Jerry's launched a microsite to increase the awareness of the issue. In addition, it launched a "Twitcause" campaign on Twitter, raising $7,000 in two days. This example illustrates the positive consequences of
social responsibility
People for the Ethical Treatment of Animals (PETA) has demonstrated against the sale of coats made of animal furs. PETA's efforts to change shoppers' attitudes represent a ____ force for fur retailers.
sociocultural
An organization that decides to buy all of a certain part from the same company is using
sole sourcing
Retailers play a major role in creating all of the following except
spatial utility.
A company's customers, employees, shareholders, suppliers, governments, communities, and competitors comprise its
stakeholders
The buildup approach measure of sales potential
starts with forecasts about demand for a specific product within a relatively small area.
The United States Army purchases uniforms from a single supplier. For the last 25 years, the trousers purchased from this supplier have not changed and have been bought every six months, in seven different sizes. This example is called a
straight rebuy
Within a business organization, a profit center that is self-supporting in terms of sales, markets, production, and other resources is known as a
strategic business unit.
If Best Western bundles its rooms with services such as free local phone calls, cable television, wireless Internet access, and complimentary breakfast, these services are known as ____ services.
supplementary
Running a big sale in order to generate enough cash flow to pay creditors is typical in a situation in which a firm's primary pricing objective is
survival
On a break between classes, Linda checks her smartphone and enters her contact information on the Publishers Clearing House site. She doubts that she will win $10 million, but she never passes up a chance to participate in a
sweepstakes
Arnold and Erin are discussing the media plan for the opening of their new bar/laundromat called Soap and Suds. He tells her that while he agrees that ____ has tremendous impact, he does not feel that the upfront costs for such a campaign are in the modest budget that presently exists.
television
Consumers are changing ____ and consumption behaviors to fit with emerging technologies and trends.
their information searches
If a product has an inelastic demand and the manufacturer raises its price,
total revenue will increase
The Panama Jack Company utilizes a special strategy to sell its ECO-shirt line. Its basic promotional tool is the discount. These discounts offered to middlemen for performing certain channel activities are referred to as ____ discounts.
trade
During his presentation to Mrs. Lynch about a high-end gourmet oven, Fred asks, "Would you prefer black or stainless steel?" This is an example of a
trial close
Kashi Heart to Heart cereal is aimed at people concerned about their heart health. These people represent the Kashi
target market.
Distribution, price, promotion, and product are all elements of
the marketing mix.
Marketing activities are
used by all sizes of organizations including for-profit, nonprofit, and government agencies.
PepsiCo has recognized the significant increase in population diversity within the U.S. soft-drink market. Which one of the following best illustrates the company's integration of this knowledge into its marketing strategy?
Ads featuring Hispanic actors and Tejano music
____ provide businesses with copywriters, artists, production coordinators, media experts, researchers, and other highly skilled specialists.
Advertising agencies
When Yoplait Yogurt gives a portion of its profits to breast cancer research, it is using
cause-related marketing.
A US Airways flight from Dallas to Houston was full, and the tickets were more expensive than the almost-empty US Airways flight from Chicago to Phoenix. This is an example of what kind of service pricing?
Demand-based
Cranson Paint Manufacturing Company buys the chemicals it needs for producing its products from a chemical producer, Roth Chemicals. In this instance, the chemicals are being distributed to Cranson through which of the following types of channels?
Direct distribution
Once a company makes a long-term commitment to a foreign market that has a promising political and economic environment, which of the following options then emerges as a possibility?
Direct ownership
Which type of retailer generally accepts lower margins than traditional retailers in exchange for higher sales volume?
Discount stores
You work in the marketing department of shoe firm Weasley Inc. Over the past month you have been working with management to revise the company's mission statement and set specific marketing goals for the upcoming year. Today you are meeting with your marketing team and discussing the next step in the strategic planning process. What is this next step?
Formulating corporate and business-unit strategies
When marketers at Nabisco met with groups of young adults to identify the types of snacks that young people want, they were engaging in which phase of new-product development?
Idea generation
In Singapore, the price of imported Scotch is $30 per glass as opposed to Scotch from Singapore, which is $3. Which of the following do you think accounts for the difference in price?
Import tariff
Tojitos Mexican Restaurant purchased several large ovens for use in remodeling its kitchens. These ovens are an example of which type of business product?
Installations
Which of the following products is most likely to have its market segment based on age?
Legos
Verizon implements a program of texting its current customers to find out what changes they would like to see in the services provided. The firm is exhibiting characteristics associated with which of the following orientations?
Market
______ is(are) an essential consideration for business customers because it influences operating costs and costs of goods sold.
Price
Sterling is a corn farmer. He sells his corn to stores such as Kroger. What type of competitive structure does Jerry most likely operate in?
Pure competition
Panera wants to collect data about employee satisfaction within its organization. It decides to survey a sample of 500 employees by having a computer program automatically pick which employees will be in the sample. If it uses the payroll database as the list of names to choose from, which type of sampling method is Panera using?
Random sampling
Which of the following is the best example of disruptive innovation?
Razor blade
Which of the following agreements provides a forum for tariff negotiations, reducing trade restrictions, resolution of international trade problems, and ground rules for international trade?
The World Trade Organization
For the Christmas season, a major toy retailer decided to donate to Angel Tree, an organization that provides gifts to the families of those who are incarcerated. The retailer claimed that it would donate 10% of the proceeds of all toys sold in the month of December to the Angel Tree organization. This is an example of
cause-related marketing
Zach is new to the realm of digital marketing. Recently, he saw a blog post about his company that was just untrue. He demanded the blogger remove the post. Much to his surprise, however, the post had already spread to other sites. Zach immediately released content on the corporate website and social media pages with information that refuted the post. Much to his surprise, however, the original post continued to spread. Zach does not understand why users are spreading the post when his organization has posted information claiming that the post is untrue. Zach has failed to realize that
consumer-generated digital content is often trusted over corporate content.
When influencers fail to disclose a connection to a brand they promote, they may be charged with
deceptive advertising.
Uber uses a pricing strategy based on real-time market conditions. It charges less in periods of low demand and more during periods of high demand. Sometimes these prices double or triple during periods of high demand. Uber argues that these higher prices motivate more drivers to pick up passengers, thus increasing the supply of drivers needed to handle the additional demand. This demand-based pricing strategy is an example of
dynamic pricing.
If Princess Cruise Lines increased the price of its seven-day cruise package by 10% and, as a result, experienced a 20% decline in customer bookings, Princess's demand would be
elastic
ThrowBackGames offers free downloadable versions of its computer games for a very short time. These efforts have a primary promotional objective of
encouraging product trial
Collecting information from secondary sources such as business, government, trade, and general-interest publications plays an important role in
environmental scanning.
When more information is needed about a problem and a tentative hypothesis needs to be made more specific, marketers usually conduct ____ research.
exploratory
When Anheuser-Busch added Michelob Light to the line of Michelob beers, the firm was using ____ branding.
family
Evan has just been hired as a product manager for a major technology firm. Currently, he is making purchases for his new apartment and upcoming job. His purchase of _____ would most likely be done through extended decision making, while his purchase of ____ would be made through limited decision-making behavior.
flat screen TV; bath towels
Laurel Dudley and seven other people were paid to get together and discuss a new product idea proposed by Johnson & Johnson. Researchers observed the interaction of the group. During the discussion, Laurel was annoyed that Seth, another participant, seemed to "hog" the discussion and didn't give others a chance to speak. This is an example of a problem when using
focus-group interviews.
When Conair adds an electrical component that automatically shuts off its curling irons when they have been left on for more than one hour, this improvement would best be classified as a(n)
functional modification.
Brad Glickman of WP International, a major marketer of word-processing software, calls the secretary of Raine Dorchette, director of purchasing for MMK, Inc. He sets up an appointment to discuss an upcoming purchase of software. The secretary plays the role of ____ in this purchase decision.
gatekeeper
Aggressive pricing is typical during the ____ stage of the product life cycle.
growth
An independent businessperson who is paid a commission to sell complementary products of different producers in an assigned territory without actually taking title of the merchandise is a(n)
manufacturers' agent.
One way service businesses communicate a higher level of service quality to their customers is by having their employees be clean, sharp looking, and dressed in appropriate uniforms. This is a way to address the ____ characteristic of services.
intangibility
King Mechanic is a very profitable automobile repair shop. The company is well known for its great service and involvement in the community, but it fails to properly dispose of its used oil as outlined in environmental regulations. King Mechanic is failing in its ____ responsibilities.
legal
A major determining factor in deciding which type of decision-making process should be used depends on the individual's intensity of interest in a product and the importance of the product for that person. This is known as an individual's
level of involvement.
Jack spends most of his free time participating in extreme sports and traveling to exotic locations with a group of close friends who share his interests and opinions about most things. This is a description of Jack's
lifestyle
The psychographic variable that includes numerous characteristics related to people's activities, interests, and opinion is
lifestyle
Stephanie is planning to open an upscale dress boutique. She is evaluating ease of movement to and from sites, vehicular traffic, types of stores in the area, and transportation networks. Which strategic retailing issue is she concerned with at the time?
location
Nigel is an athlete who plays a variety of sports that all require various athletic shoes. He has a favorable attitude toward Nike shoes. This favorable attitude is called brand
loyalty.
The objective of inventory management is to minimize inventory costs while
maintaining an adequate supply of goods to satisfy customers.
The stage of the personal selling process in which the salesperson attempts to make a favorable impression, gather information about the customer's needs and objectives, and build a rapport with the prospective customers is called
making the presentation.
Kellogg's Rice Krispies, a ____ brand, is likely to be found next to Crispy Rice, a ____ brand that has very similar coloring and styling for its package.
manufacturer; private distributor
Pepsi executives realized that more consumers are concerned with health. It has since expanded into the bottled water and bottled juice markets. This is an example of a firm identifying and capitalizing on a
market opportunity
General Electric calculates that the total number of light bulbs sold to consumers in the next year by all light bulb producers is 1 billion, given anticipated marketing efforts by the firms involved. This figure represents the industry's
market potential.
A marketing manager for a small laptop manufacturer is analyzing the potential effects of political, legal, sociocultural, and economic forces on the firm's operations. The marketing manager is examining the ____ that influence(s) the firm's strategy.
marketing environment
Soft drink sales are declining as more consumers are concerned about their health. This represents a change in the __________. As a result, soft drink companies have begun releasing smaller sized soft drinks and soft drinks with less sugar.
marketing environment
The ____________ section of the marketing plan states what the company wants to accomplish through marketing activities, using a(n) ___________ of where the firm stands in the market.
marketing objectives; SWOT analysis
When a theater entices customers to see movies during the daytime by offering tickets at a reduced price, it is trying to solve the services marketing problem of
off-peak demand
Designing research procedures that produce reliable marketing data means that
others using the same procedure will get almost identical data.
A shopping center that contains stores owned by manufacturers who make a special effort not to conflict with traditional retailers is a(n)
outlet shopping center.
Matthew McKinney, director of marketing for Greenwald Industrial Products, complains to his advertising director that the continuing slump in orders has apparently been perpetuated by the firm's failure to have the necessary advertising expenditures. Based on this information, Greenwald is most likely using the ____ approach to determine its advertising expenditures.
percent-of-sales
Paid personal communication that seeks to inform customers and persuade them to purchase products in an exchange situation is
personal selling
Monsanto just came out with a new genetically modified seed that it believes will increase crop yields. The seed has been modified to withstand drought, and it kills insects that frequently feed on it. This is important especially because insects have begun developing a tolerance for many of Monsanto's genetically modified seeds already out on the market. Because these seeds are new to the market, Monsanto wants to engage in a major integrated marketing communications campaign. It knows that it will have to convince farmers about the advantages of its new seeds and invites some of its major customers to its laboratory to see how the seeds are created. The scientists inform the farmers during the visit about how the seeds will increase their crop yields. This is most likely an example of
personal selling.
McDonald's supports and funds Ronald McDonald houses for the families of terminally ill children to stay in to be near their loved ones. McDonald's action demonstrates the fulfillment of ____ responsibility.
philanthropic
Morgan needs some spaghetti sauce and always buys Ragu. However, her local supermarket is out of Ragu and since Morgan wants to get home to cook dinner she settles for Prego. Morgan has brand ____ for Ragu and brand ____ for Prego.
preference; recognition
To attract customers into a store, Safeway advertises its milk at less than cost, hoping that customers will purchase other groceries as well. This pricing strategy is called
price leader pricing.
The newest version of a product like Bose headphones is likely to use _____, while the new version of Red Bull is likely to use _____ .
price skimming; penetration pricing
The International Company needs information about trends in housing starts and remodeling around the country. Since it will be difficult to collect _______ from the numerous locations, it decides to use _____ data from the U.S. Department of Commerce reports to get this information.
primary; secondary
Edward is a high school senior and plans to attend college after graduation. Edward enjoys playing computer games such as League of Legends and hopes to pursue a career in computer game design. He's taking computer programming classes in high school, and his teacher has been discussing recent issues related to consumer _______ and concerns that the Federal Trade Commission may develop regulations that would provide additional protection to consumers by limiting the amount of consumer information that businesses can gather online.
privacy issues
The two basic types of sampling that marketing researchers use are
probability and nonprobability.
Pedro's company has launched a new product line, and he is put in charge of sales. He decides his first step will be to find potential customers in the company's sales records. Pedro is
prospecting
Dial Soap's advertising slogan "Aren't you glad you use Dial? Don't you wish everybody did?" exemplifies the use of ____ advertising.
reinforcement
Pointing out any deficiencies and the possible reasons for them should be done in the ____ step of the marketing research process.
reporting research findings
Facing competition from Walmart as a low-cost retailer, Target has updated its _____ to be a mass merchandiser of inexpensive yet chic goods. To accomplish this, it has entered into design partnerships to offer low-cost goods made by famous designers.
retail positioning
The cost of ____ is usually substantially lower than the cost of ____.
retaining existing customers; acquiring new customers
Consumers tend to remember information inputs that support their feelings and beliefs and forget inputs that do not. This is known as selective
retention
The most significant factor influencing a buyer's level of involvement is
risk
Samantha is going to the store to buy milk and cereal. She will most likely use ____ in her consumer decision-making process.
routinized response behavior
When McDonald's uses the Monopoly game in which customers receive game pieces with each visit and try to assemble a set of properties to win prizes, McDonald's is utilizing
sales promotion
Based on the work by the Boston Consulting Group, products with a dominant share of the market and good prospects for growth are
stars
Consumerism is
the efforts of independent individuals, groups, and organizations to protect the rights of consumers.
Nate Arnold's Auto Towing Service would best be described as a(n) ____ product.
unsought
Stanley works at a large electronics firm. He needs a new type of software and sends in a purchasing request. The request gets approved. Greg works as a purchasing agent and is in charge of selecting the suppliers and negotiating the terms of purchase. However, before he does so he consults with Marcus, an engineer who works in IT and is highly familiar with the latest software. In this case, Stanley is the ___________, Greg is the _______________, and Marcus is the _____________.
user; buyer; influencer
Hotels try to price rooms to maximize resources by quickly adapting to changes in demand. Part of this involves anticipating consumer behavior and calculating a number of different factors, including demand for rooms at a particular time period, likely length of stay, types of rooms likely to be requested, etc. It wants to be able to sell rooms at the right price to the right people. This pricing strategy is an example of
yield management
SUP ATX is the largest stand-up paddle board maker based in Austin, Texas, that markets their products directly to consumers via their website. SUP ATX mission is to spread the sport of stand up paddle surfing from oceans to lakes and rivers around the world. Stand up paddle surfing or boarding is a relatively new sport but is growing due to the relatively low price of the boards, ease in transportation and storage of the boards as well as the sport providing a fun way to exercise and allow users to enjoy the outdoors. Which of the following would be the "best" target market for SUP ATX paddle board products?
active adults aged 24 to 40 who enjoy outdoor recreational activities
The percentage of a market which actually buys a specific product from a specific company is referred to as that product's
market share
