MKTG 3600 Midterm Exam 1- ch 1-7
Because there are few sellers, price competition among firms is not desirable for them in which form of competition?
an oligopoly
Strategy refers to
an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals.
A(n) __________ question is the simplest form of a fixed alternative question that allows only a yes or no response.
dichotomous
The money that remains after paying for taxes and necessities is referred to as __________.
discretionary income
SBUs with a low share of slow-growth markets that may generate enough cash to sustain themselves but do not hold the promise of ever becoming real winners for the organization are referred to as __________.
dogs
Based on the stages of the family life cycle, which of the following groups most likely has the largest amount of discretionary income?
middle-aged couples with children
A firm that views the world as consisting of unique parts and markets to each part differently is referred to as a(n)
multinational firm.
All of the following are market segmentation strategies EXCEPT:
multiple products, one segment.
The 80/20 rule suggests that
80 percent of a firm's sales are obtained from 20 percent of its customers
Overseeing strategic marketing efforts at the corporate level would most likely be the responsibility of the __________.
CMO
The country expected to have the largest population in 2050 is __________.
India
Which of the following examples best demonstrates a company's appreciation of another country's values?
McDonald's restaurants in India serve a full line of products except for hamburgers made from beef.
Which of the following statements about relationship marketing is most accurate?
Relationship marketing occurs when there is a personal, ongoing relationship between an organization and its customers.
When foreign currencies can buy more U.S. dollars,
U.S. products are less expensive to foreign customers.
A marketing research approach that uses a discussion leader to interview 6 to 10 past, present, or prospective customers simultaneously is referred to as
a focus group.
A market-product grid refers to
a framework used to relate the market segments of potential buyers to products offered or potential marketing actions by an organization.
The VALS framework is an example of
a psychographic system.
The generation of children born between 1946 and 1964 is referred to as
baby boomers.
tanks more than once a week with its Chase Visa fuel card. In this example, ExxonMobil is using which segmentation variable?
behavioral
A technique that managers use to categorize strategic business units (SBUs) as question marks, stars, cash cows, or dogs is referred to as a(n)
business portfolio analysis.
When Ann Taylor, a well-known retailer of sophisticated women's clothing, started losing sales to its own LOFT outlets that feature moderately priced casual clothes, Ann Taylor was dealing with the marketing phenomenon known as __________.
cannibalization
SBUs with dominant shares of slow-growth markets that provide cash to cover the organization's overhead and to invest in other SBUs are referred to as __________.
cash cows
The feeling of postpurchase psychological tension or anxiety consumers may experience when faced with two or more highly attractive alternatives is referred to as
cognitive dissonance.
When compared to a multiple products, multiple market segments strategy, a one product, multiple market segment strategy
creates greater savings in production costs.
The facts and figures related to the problem are referred to as __________.
data
The second step of the marketing research approach is to __________.
develop the research plan
A sudden drop in the average consumer income would be an example of which environmental force?
economic
The clandestine collection of trade secrets or proprietary information about a company's competitors is referred to as
economic espionage.
Effective marketing benefits society because it
enhances competition, which improves the quality of products and services and lowers prices.
The 50 million people of the population born between 1965 and 1976, also called the baby bust, refers to __________.
gen x
the first step in segmenting and targeting markets that links customer needs to marketing actions is to
group potential buyers into segments.
The primary purpose of a sneak preview of a film prior to its release is to
identify necessary changes prior to final editing.
The goal of a SWOT analysis is to
identify the critical strategy-related factors that can impact the firm.
In terms of the global marketplace, there are three primary types of companies: __________ firms, multinational firms, and transnational firms.
international
Generally, the U.S. population is becoming
larger, older, and more diverse.
Once a company has decided to enter the global marketplace, it must select a means of market entry. Four general options exist: (1) exporting; (2) __________; (3) joint venture; and (4) direct investment.
licensing
Two important disadvantages of secondary data are __________ and __________.
not up-to-date; not specific enough for the project
A set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization is referred to as its __________.
organizational culture
In the Maslow hierarchy of needs, those needs involving personal fulfillment are called __________.
self-actualization
There are five stages in the consumer purchase decision process. The fifth stage is __________.
postpurchase behavior
Facts and figures that are newly collected for a project at hand are referred to as
primary data.
A marketing strategy that involves a firm using different marketing mix actions to help consumers perceive the product as being different and better than competing products is referred to as __________.
product differentiation
The four Ps of the marketing mix are
product, price, promotion, and place.
The element of the marketing mix that describes a means of communication between the seller and buyer is known as
promotion
The argument for protectionism is that it
protects a nation's political security.
Four general categories used to segment consumer markets are geographic segmentation, demographic segmentation, __________, and behavioral segmentation.
psychographic segmentation
Consumers accompanied by children
purchase about 40 percent more than when shopping alone.
What marketing metric determines whether a TV program like American Idol remains on the Fox broadcast TV network?
rating
A proposed law in New Jersey would ban the use of tanning beds by anyone under the age of 18. This restriction would be an example of which environmental force?
regulatory
The marketing department of an organization is responsible for facilitating __________.
relationships, partnerships, and alliances with the organization's customers, shareholders, suppliers, and other organizations
Market segmentation involves aggregating prospective buyers into groups that have common needs and will
respond similarly to a marketing action.
An example of a marketer-dominated source of information consulted during an external search would include
salespeople.
In marketing research, the term sampling refers to
selecting representative elements from a population and treating their answers as typical of all those in whom they are interested.
Interpreting information so that it is consistent with one's attitudes and beliefs is referred to as
selective comprehension.
The set of environmental forces that consists of the demographic characteristics of the population and its culture is referred to as
social forces.
Three teenage girls spent an hour at a store trying on various outfits, looking at possible combinations, and asking each other, "How do you think this looks on me?" This situation is most closely related to which of the following situational influences?
social surroundings
The acronym SWOT, as in SWOT analysis, stands for __________.
strengths, weaknesses, opportunities, and threats
The fifth step of the marketing research approach is to __________.
take marketing actions
One or more specific groups of potential consumers toward which an organization directs its marketing program is referred to as a
target market.
The North American Free Trade Agreement was designed to encourage free trade between
the United States, Canada, and Mexico.
The combined American Marketing Association's 2004 and 2007 definitions of marketing used in the textbook define marketing as
the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large.
A customer value proposition is
the cluster of benefits that an organization promises customers to satisfy their needs.
Five trends in the past decade have significantly influenced the landscape of global marketing. One of them is
the growing prevalence of economic espionage.
Market share refers to
the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself.
A global marketing strategy refers to
the strategy of transnational firms that employ the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ.
A marketing dashboard refers to
the visual computer display of the essential information related to achieving a marketing objective.
In 1962, President John F. Kennedy outlined a Consumer Bill of Rights that codified the ethics of exchange between buyers and sellers. These were the right: (1) __________; (2) to be informed; (3) to choose; and (4) to be heard.
to safety
According to Professor Schill, the three most important words in marketing are:
unique. better. special.
Which of the following is a strategy for a market leader (rather than a market challenger) when marketing a low-involvement product?
use repetitive advertising messages that reinforce a consumer's knowledge or assure buyers they made the right choice
A __________ is a need that is shaped by a person's knowledge, culture, and personality.
want
