MKTG 3650 Exam 1 Skinny Modules 1-5
The marketing mix for tangible products features the "4P's": product, price, place, and promotion. The marketing mix for intangible services features how many P's?
7
According to Time Magazine, what percentage of Americans is overweight or obese?
71%
How many people usually comprise focus groups?
8 to 12
The four-cell BCG Market Share Product Portfolio Planning matrix features two dimensions. The dimensions are:
A given brand's relative market share and the growth rate of the market in which the brand competes.
A representative sample represents:
A population of interest
Which statement best defines marketing?
A set of organizational processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
What is a need?
A state of felt deprivation
What trend did Levi respond to when the jeans maker and marketer introduced Dockers during 1986?
A trend suggesting that casual dress exercised positive outcomes on the performance of professional men.
Marketers typically cannot control all factors that exist inside market environments. When confronting these situations, what should marketers do?
Accept, then make accommodations for the fact that some factors are not controllable
Balance, the context of strategic planning, would entail:
Acting like a person of thought but thinking like a person of action
To solve problems, researchers should not confuse the symptoms of problems with the ...
Actual causes of problems
Which of the following is not an implication that follows from the best marketing definition that is provided inside this Module?
Advertising
Marketers create and sustain differentiation by managing their marketing mix. Which of the following is included in the marketing mix?
All of the above
Which of the following entities is not a product:
All of the above are products.
Secondary marketing research information:
Already exists but was originally collected for different purposes
Which of the following represents an interchangeable phrase for organization satisfying a customer's needs?
An organization solves a customer's problems
According to your book, what steps are involved in classic marketing planning processes?
Analyzing marketing opportunities; selecting target markets; developing/executing an appropriate marketing mix
What is the best reason for firms to scan and study their environments, according to classroom discussion? Firms should study their environments because:
As Willie Sutton said, that's where the money is
Marketers succeed (fail) based on their ability (inability) to create and sustain genuine or perceived differentiation for their product. All prospective customers make decisions about which alternative to purchase, generally from brands already inside evoked sets, based on their positive or negative evaluations of the competing products' attributes. This principle, or law, is best described as the principle of:
Attributes
The prejudice known as ________________________ occurs when marketers place too much confidence in the accuracy of information provided by technology.
Automation bias
Marketing between a firm and an individual is commonly referred to as:
B2C marketing
The problem with the BCG product portfolio matrix is that the matrix only works accurately when managers are looking _______, which is really difficult to do successfully when managers are trying to go and grow forward.
Backward, into past results.
Similar to other areas of personal life, most successful planners should generally function as professionals who willingly exercise and display:
Balance
Planners should accept that the nature of some strategic marketing problems is truly-wicked. Truly-wicked strategic problems include the need to:
Balance long-term goals with short-term demands Balance your firm's desire for profits with your corporation's need to be socially responsible- and thereby enhance or sustain its branding power Find a completely unclaimed marketplace All of the above (correct)
Wicked problems are:
Basically irreconcilable in nature
_______________ is the name of the measure that is used to track the speed at which information travels across the internet.
Baud
Why do marketers need primary information?
Because the exact sorts of information that marketers need often cannot be entirely found through secondary information
If a firm and its brands cannot be first to market or first to a category, then what should the firm do?
Become first of in the collective mind of the segment the firm is targeting
Who said that the primary role of U.S. Presidents "was to tell the best possible story about who we are as a country?"
Ben Rhodes
The term Demographic Winter refers to:
Birth rates falling below replacement rates, developing economic stagnation or recession
Marketing research entails collecting and analyzing information relevant to a specific marketing problem or opportunity/threat facing the marketer that is conducting the research. Insights generated through marketing research links customers or prospective customers to marketers through information.
Both statements are correct.
Micro-environments are easy to control. By contrast, macro-environments are not controllable.
Both statements are false
Hedonism, the word, relates to the pursuit of pleasure and pleasurable sensations. Hedonism is a big deal in the marketing world where most consumer decisions are driven, directly or indirectly, by the pursuit of pleasure or the desire to avoid pain.
Both statements are true.
_______________ are the names, signs, symbols, designs, colors, or some combination of these and other dimensions that identify and distinguish or differentiate the marketer of a product/service from the other organizations marketing the same product inside the same product category
Brands
The acronym B2B stands for:
Business to business market
Caveat emptor means?
Buyer beware
How do most Americans actively pursue happiness?
By pursuing economic and consumption means
Which type of risk allows the planner to make reasonable predictions about the probability of all possible outcomes?
Calculated Risk
Which BCG category includes brands that enjoy high shares in low growth markets?
Cash cow brands
If your organization, product, idea, and solution cannot be first-to-market or first-to-mind then be first in a category, including categories that your firm establishes. This principle, or law, is best described as the principle of:
Category
Which culture is the source of the idea that crises are composed in near equal parts of opportunities and threats.
Chinese
Which type of conditioning refers to the pairing of conditioned and unconditioned stimuli and to the creation of learned responses as a result?
Classical Conditioning
The pleasurable feelings that often arise inside consumers' minds after they have purchased a new product often leads to the purchase of another product. This psychological process illustrates
Classical conditioning
Pavlovian Responses, as first discovered by Russian scientist Ivan Pavlov [and his dogs, food and bell] are today better understood as
Classical conditioning.
Pavlovian Responses, as first discovered by Russian scientist Ivan Pavlov [and his dogs, food and bell] are today better understood as:
Classical conditioning.
Inside the written Chinese language, crises are pictorially represented as:
Combinations of both opportunities and threats
In modern English the ancient Greek word demos, which is frequently used today, means:
Common people
Cash cow brands:
Compete inside slow growth markets but boast high shares of those markets.
Marketing knowledge functions as the core foundation and source of ...
Competitive advantage
Honey badgers, the animal, best illustrate what key marketing success criterion?
Concentration
Marketers should strategically arrange their strengths and then target these advantages, their core competencies, against their competitors' comparative weaknesses. This principle, or law, is best described as the principle of:
Concentration
Who creates wants?
Consumer themselves
B2C marketing refers to situations where:
Consumers are involved in marketing as customers, and organizations are involved as marketers
Making observations and predictions regarding how changes in the environment or cultural trends will lead to new hot opportunities is best summarized as:
Cool-hunting
Strategy exists at two levels. These two levels are:
Corporate and functional level
Humans simultaneously _________________ and ______________ the new?
Crave, fear
The absolute best way to ensure huge marketing success is to:
Create a solution for a problem that customers don't realize they have yet.
Brands seek to create perceptions that differences exist between their brand and other brand. These differences may be real or imagined. This process is best described as ...
Creating differentiation
What economics concept best describes describe the consequences that arise when new types of technologies successful enter existing markets?
Creative destruction
Which asset contributes the most to marketing professionals' ability to produce successful innovations?
Creativity
Which of the following is not a trade-off that strategic planners must consider when making a decision?
Creativity and diversity
When a collective group's attitudes and beliefs change environmental dimension has been altered?
Cultural trends
___________________ refers to changes in targeted segments' customer attitudes, likes/dislikes, and preferred lifestyles
Customer trends
Emerging technology has a profound impact on marketers' practices. Which of the following answers best captures how technology has impacted the practice of marketing? Technology has impacted how:
Customers connect with each other Marketers connect with customers Customers connect with marketers Firms collect information from customers All of the above (Correct)
What term describes what happens when marketers attempt to decrease demand for a product; i.e. cigarettes or alcohol?
De-marketing
Why do decision-makers choose what they choose (i.e., make the decisions they make) in situations where they, the decision-makers, possess the power, resources and opportunity to choose any one among the available alternatives?
Decision-makers select what they choose based on their perceptions of which choice will produce the most value for them
What environmental trend is contributing most to the increasing loneliness of American teenagers?
Decrease in human-to-human connectednesss.
What is the first step in the marketing research processes?
Define the research problem
What strategic phrase most suggests that if marketers get and stay ahead of demographic trends it will be difficult for them to lose?
Demographics are destiny
Which industry did Ferris Jabr suggest is guilty of frequently creating solutions to problems that do not really exist?
Dental
What sort of marketing research knowledge explains what is going right or wrong, and why people - such as customers - choose what they choose?
Descriptive knowledge
________________ essentially diagnoses and explains what is going right or wrong, and why. By contrast, _______________________ informs marketers about what they should do.
Descriptive knowledge, prescriptive knowledge
What is the one best asset that most marketers should seek to own and control?
Desirable positions inside consumers' minds
Which of the following descriptions of marketing information systems is wrong? Marketing information systems:
Determine and acquire exactly the sort of information that marketers require to properly develop and execute strategic marketing plans. Deliver the right research knowledge to marketing decision-makers. Balance the information that would prove "nice-to-have" with the information that decision-makers "must-have," and can afford to attain. All three preceding answers are correct.
A target market segment, or target segment, is a group of potential customers for which marketers should generally:
Develop a unique and uniquely desirable marketing mix.
Marketing research findings are often far from absolutely accurate. Why?
Differences often exist between how many resources firms receive to conduct the research versus how many resources they actually need. Differences often exist between what firms can measure and what firms want or need to know. Predicting future consumer behavior is difficult. All of the above (correct)
The act of __________ entails strategic attempts to create the perception/reality that one brand is different from and better than alternative branded solutions. Differentiation is inextricably linked with positioning.
Differentiation
At times marketers develop new products and target the new products toward new target segments. The tactic combines the market development and product development growth strategies. Video game marketers pursued this strategy when developing new, more relationally-oriented (as opposed to violence-oriented) games, and targeting the new products toward female gamers. This example illustrates a:
Diversification Growth Strategy
A technology firm began producing a gaming device and integrated this new product into its product portfolio. The firm offered this product to a completely new market that it (this firm) has never served before. This example illustrates a:
Diversification strategy
What famous brand was used to illustrate the point that "marketers should own the trend when the trend's their friend?"
Dockers
According to Jack Welch, if your firm doesn't have a competitive advantage, then what it should do
Don't compete
Which of the following elements is not an ingredient for the service-related marketing mix?
Each element is part of the marketing mix for services.
The main goal of promotion is to:
Each preceding answer captures a main goal.
Which of the following statements about strategy is true?
Each preceding statement is true
Marketers should create strategies that allow them to:
Earn, sustain and grow their core competencies
Which activity is the last step in the marketing research process?
Engaging in follow-up
________________________ consists of the surroundings in which people, animals, plants and organizations strive to thrive.
Environment
___________________________ consists of the surroundings in which people, animals, plants and organizations strive to thrive.
Environment
Inside this book the relationship between glaciers and their surrounding environment was positioned as being analogous to the relationship between:
Environmental changes and marketing practices
__________ are environmental trends that are breaking favorably for marketers because they enhance the success prospects of their current strategic marketing plans or future strategic marketing plans that they could develop.
Environmental opportunities
The process of observing, researching, and interpreting various, almost inevitably, uncontrollable environment trends that might impact an organization, is known as:
Environmental scanning
_______________________________ helps firms identify trends that can create opportunities or threats for a strategic organization.
Environmental scanning
__________ are trends that are breaking badly for marketers because they degrade the success prospects of their current strategic marketing plans or future strategic marketing plans that marketers could develop. Stated differently, existing or emerging environmental trends moving against the best interests of individual marketing organizations or entire marketing sectors.
Environmental threats
______________________ can be both positive for one SBU in the organization and negative to another SBU inside the same firm.
Environmental trends
What is an environmental opportunity?
Environmental trends that are breaking favorably for the success prospects of marketers' current strategic marketing plans or the ones they can develop in the future.
Differentiation can be created by leveraging each of the following core competencies except:
Environmental-knowledge
__________________ consist of the surroundings in which people, animals, plants or organizations live or operate - and in which those persons, animals plants or organizations strive to survive or hopefully thrive
Environments
Who said "You would be amazed to find how often we mislead ourselves, regardless of how smart we think we are, when we attempt to explain why we are behaving the way we do?"
Ernest Dichter
Marketing organizations include:
Every organization
The market consists of:
Everyone who has purchased or who might purchase a given product (brand).
The limited (three to five) group of brands that come to mind first when problems that brands from known product categories can solve arise inside customers' lives is best known as a
Evoked set
The limited (three to five) group of brands that come to mind first when problems that brands from known product categories can solve arise inside customers' lives is best known as a:
Evoked set
The term _________ refers to the limited, usually three to five, number of brands that come-to-mind first when problems that brands from known product categories can solve, arise inside customers' lives
Evoked sets
________ involves a trade of things of value between buyer and seller so that each is better off.
Exchange
Primary information uses data that has already been collected for other purposes
FALSE
What season is the most common time for consumers to make new resolutions?
Fall
All marketers should identify, develop, and then emphasize the same/similar attributes that imitates or may be closely compared to other competitors' attributes
False
Automation bias often occurs inside marketing research efforts and is usually viewed as a desirable outcome.
False
Descriptive knowledge informs marketers about what they should do. Descriptive knowledge identifies and suggests the logical next strategic steps that marketers should pursue.
False
Dynamic changes, when integrated into new products, are always perceived as fresh and exciting outcomes by customers (and prospective customers). This is the primary reason why marketers should always seek to introduce the most innovative products.
False
Icebergs were metaphorically used to describe and summarize the sort of relationship that exists between marketers and their environments. Is the preceding statement:
False
In statistical analyses, often enormous amounts of numbers are compressed into larger, but more meaningful, understandable and actionable numbers.
False
Macro-environments can also be described an "internal-environments."
False
Macro-environments consist of organizations' (a) customer relationships; (b) relationships with suppliers and other marketing intermediaries (together, summarized as the supply chain); (c) competitors; (d) relationships with various publics (i.e., stockholders, public interest groups—who may or may not support what the firm is doing or plans to do), and so forth.
False
Marketing firms typically choose only one strong market segment to target.
False
Micro-environments are easy to control, while macro-environments are not controllable.
False
Perceptions are a set of realities that influence how a consumer makes sense of stimuli as they arise inside their environments
False
Secondary marketing research information is new or original information (before the marketing research was conducted it did not exist).
False
The "Gold rule" means marketers should always do to others as you would want them to do to you.
False
The market segment and the market share are always equal, or nearly so.
False
The marketing concept is a business philosophy that puts the wants and needs of customers first even in situations where organization does not profit from the marketing activities that executed to solve customers' problems (and wants & needs).
False
Whenever research metrics are used, marketers can be confident that the information they have generated is perfectly accurate.
False
What is the best way for marketers to create false wants in the minds of their customers?
False wants can be created by making brands appear seem irresistibly compelling
Why are some chicken farmers increasingly interested in improving the quality of life for their birds?
Farmers are also marketers who listen and respond to new consumers' needs and wants
_________________________ is a term marketers use to indicate inexpensive apparel designs that move quickly from catwalks to stores (websites).
Fast fashion
Generally, what is the emotion that people typically feel when they face change?
Fear Thrill Excitement Anxiety All of the above (correct)
The emotion that people typically experience when they confront change is:
Fear Thrill Excitement Anxiety All of the above (correct)
The marketing law known as "Category" explains that, to be successful:
Firms or brands should establish a category in which they can be first.
Extreme differentiating and positioning value is associated with owning something; specifically, owning a word inside the mind of a targeted market segment. This principle, or law, is best described as the principle of:
Focus
Austrian-born Ernest Dichter, like his mentor a Freudian, was best known for pioneering the process known as:
Focus groups
Small gatherings of deliberately selected people who participate in planned discussions that are intended to secure consumer perceptions about particular topics are known as:
Focus groups
Good marketing strategists:
Focus on developing and exploiting a narrow range - two or three at most - of core competences
Outsourcing allows each organization the ability to:
Focus on the competency that they do best
The quote "When absolute superiority is not available produce a relative one at the decisive point by making skillful use of the resources you have" suggests firms should:
Focus, concentrate, on doing what they do best.
Changes do not always represent progress, but change is always necessary:
For progress to occur
When audiences are ______________, programming that can pull a large audience can still command a high price for its ______________________ platform.
Fragmenting, advertising
New products that are most likely to succeed are those that are:
Fresh and familiar
Business strategies exist at two levels. Marketing planning is an example of which level of business strategy?
Functional Strategy
Marketing strategy entails:
Getting more (value) from a situation than the original balance of power between the assortment of competitors or enemies would have suggested was possible. The art and science of creating and executing power. leading or managing change. All three answers, dependent on context, are correct. (correct)
What does strategy mean?
Getting more out of a situation than the original balance of power suggests should be possible The art of creating and exercising power Leading or managing change All of the above (correct)
Which two characteristics make glaciers a useful analogy when describing the effects of marketing practice?
Glaciers and marketing practices each change and are each changed by their surrounding environment.
What huge environmental threat recently emerged for Planned Parenthood?
Greater availability of early pregnancy stage heartbeat monitoring and/or sonograms
Fierce rivalries often produce:
Greater hate between the two competitors Greater respect between the two competitors More and higher quality products available at lower prices for consumers All of the above (correct)
Which of the following statements best defines market segments?
Groups of customers in a market that share homogeneous characteristics
The statement that "People perform to their metrics" underscores (emphasizes) the degree to which:
Having the right measurements and rewards in place inside firms is key to their planning success.
The describes a situation where people are temporarily satisfied after they have received whatever new thing they wanted and obtained but then quickly find themselves lustfully looking forward toward something else that is new.
Hedonic treadmill
What individual coined the phrase "the only constant is change?"
Heraclitus
Who wrote: "The only constant is change"?
Heraclitus
Markets are __________ in nature.
Heterogeneous
Markets are relatively more -------------- in nature
Heterogeneous
A cash cow is a branded product that enjoys a:
High market share of a low growth market.
Market segments are generally __ in nature
Homogeneous
Market segments are generally _____ in nature.
Homogeneous
Strategic level planning primarily involves determining:
How to meet and beat competitive threats, and survive long-term, while growing
Needs are states of deprivation that exist inside human minds or bodies. Given this definition, which of the following statements is most true?
Humans always create their own needs without the intervention of marketing strategies
The human mind is fundamentally wired to operate at three levels.
I will, I won't, or I want
The marketing concept prescribes that firms should focus almost all efforts on:
Identifying and satisfying customer needs.
What is at the core of a good mission statement?
Identifying and satisfying the customers wants and needs at a profit
The actual written content of mission statements should focus primarily on:
Identifying how the firm will profitably satisfy customer needs.
For a dimension of differentiation to be determinant, the difference in question must be:
Important to consumers as they make decisions about what to buy
__________ could include anything, factor or stimuli that motivates or encourages people to do something. Agreeing to not charge homeowners who use less than a pre-agreed amount of water during a drought is an __________. To striking degrees, most voluntary human behaviors are driven by __________, as all economists understand.
Incentives
Marketing research links customers/prospects to markets through ...
Information
The daunting prospect of sinking-the-boat:
Involves risks of ruining organizations by making huge strategic bets, and losing.
Society, defined,
Is any known group of people living together in a more or less ordered, or hierarchical fashion.
Emus, kangaroos, and even sharks were used to illustrate how important it is for firms to:
Keep moving forward and growing
If Sun Tzu was a marketer, what type of knowledge would he recommend that strategists gather before they develop their marketing plans?
Knowledge about themselves, their competitors (enemy), and their terrain (marketplace)
Marketers should be first to market, entry-wise, in order to have a chance to remain first, in the mind. This principle, or law, is best described as the principle of:
Leadership
Who said that Elvis Presley, the singer, was the greatest American sociocultural-consumption force during the twentieth century?
Leonard Bernstein
Which brand discovered that workplace productivity materially increased when professional workers could dress more casually, and developed a brand that could meet these new needs?
Levi Strauss & Co.
The relative success of Apple and Samsung in the smartphone market shows that higher market share is often associated with:
Lower profits
_______ is what happens when proper preparation and the right opportunities intersect?
Luck
Which of the following is not one of the keys to marketing success?
Making fun and entertaining advertising
At times, marketers identify new market segments to pursue and do so by using existing products and the same marketing mix. The sales of Estee Lauder's premium priced cosmetics took off after the cosmetics marketer began selling them extensively throughout airports. This example illustrates a:
Market Development Growth Strategy
At times, marketers change one or more elements (typically, changing the promotion or price) in their marketing mix, while keeping the product inside the marketing mix the same in order to sell more of an existing product to the same target market. Arm & Hammer Baking Soda, for example, used promotional messaging both to explain and demonstrate how the same-ole-same-ole baking soda could be used to solve numerous other household problems having nothing to do with baking. This example illustrates a:
Market Penetration Growth Strategy
__________ is the ratio between an individual marketing organization's firm's sales volume and the overall industry sales volume (i.e., my organization's share of products sold throughout the market in which my firm competes).
Market Share
What expansion strategy involves identifying new market segments to pursue?
Market development
Which tool and analytical practice should marketers routinely use to identify threats and opportunities in the environment quicker than their competition?
Market research
_______ is the ratio between an individual marketing organization's firm's sales volume and the overall industry sales volume (i.e., my organization's share of products sold throughout the market in which my firm competes).
Market share
How is the BCG matrix formed? This four cell matrix is formed by creating an intersection between the
Market's growth rate and the firm's brand's market share
How is the BCG matrix formed? This four cell matrix is formed by creating an intersection between the:
Market's growth rate and the firm's brand's market share
Which statement is true?
Marketers can create wants but not needs.
Which of the following descriptions do not apply to perceptions?
Marketers find it difficult to change customer perceptions.
What do marketers and consumers owe to each other?
Marketers owe value to consumers and consumers owe nothing to marketers
__________________ can operate as laser-like, targeted megaphones voicing friendly reminders; delighted-to-see-you introductions; kind and gentle, or in-your-face, cajoling; "comeback-to-see-us-again-soon" missives; absolutely pertinent information, or scare-you-to-death or piss-you-off messaging.
Marketing Communications
The process of collecting and analyzing information to a specific marketing problem or opportunity facing a firm is known as:
Marketing Research
What is the origin (source) for most useful marketing insights about environmental trends?
Marketing Research
The best description of what marketing involves is:
Marketing involves processes, people, exchanges, and values
Designs, brands, colors product shapes and spokespersons are all examples of _____________________:
Marketing messages
The ___________ is the primary tool that any organization can wield to create value
Marketing mix
What is the one and only complete tool that marketers can use to initiate marketing growth?
Marketing mix
What does the existence of unsatisfied customers create for marketers?
Marketing opportunities
Which of the following is not true about marketing mixes, targeting, and positioning?
Marketing organizations should only target one market segment using multiple, well structured, marketing mixes
A primary difference between marketing researchers and novelists is; the one emphasized in the book, is ....
Marketing researchers must base their stories on data-based facts whereas novelists can invent those stories.
Markets are heterogeneous in nature. The preceding statement primarily means that:
Markets consist of diverse consumers or organizations
The primary marketing consequence that has arose dud to the environmental trend that American men are graduating from college at materially lower rates than American women is that:
Marriage is experiencing an open retreat.
Valid information is secured from questions that:
Measure exactly what they purport to measure
The word metrics is a modern strategic planning term that is primarily used to indicate or establish:
Measurements Benchmarks Both a and b are correct. (correct)
The book rightfully and logically compares the marketing mix to a __________.
Meatloaf
Which type of environment is the most manageable for marketers as they strategically plan, establish and manage key relationships?
Micro-environment
Strategy originates as an ancient Greek word that means:
Military commander
The English word "strategy" is rooted in ancient Greek word that signified:
Military commander
An organization's _______________ equals that organization's current __________________ that equals that organizations future _______________________.
Mission, vision, direction
The word obese is generally used to describe people who are dangerously (for their own health) overweight. Growing amounts of obesity is definitely an American environmental trend. According to the book, ___ of Americans are obese.
More than 1/3
Opportunities are environmental trends that are:
Moving in favor of the best interests of the firm.
What product category changed everything, culturally-speaking, during the 1950's and 1960's?
Music
Innovations are best defined as something or anything that is:
New and useful
Innovations are best described as something that is:
New and useful
__________ suggest(s) the best solution to pressing problems (planning always entails solving pressing problems), when planners are analyzing and drawing inferences from data, is the simplest explanation that accounts for all the data.
Occam's Razo
Applebee's pursues customers who want healthy foods, those who want fun and tasty foods, and those who are seeking a reasonably priced meal. How many marketing mixes does Applebee's need to prepare to satisfy the needs of these target segments?
One marketing mix per target segment (3 in total)
The asset known as ______________________________ allows marketers to identify threats and opportunities that should, in form, inform strategic decisions about which marketing mix activities to pursue.
Operant knowledge
The word operant means that something, say, an asset:
Operates in ways that produce useful results
What type of planning personae continuously seeks to identify opportunities quickly after they arise while also being willing and able to create deliver value or solutions that exploit the opportunity before anyone else?
Opportunistic planners
Environmental trends offer _______ to marketers:
Opportunities Threats Both A and B (correct)
According to the book, when and where do the best marketing opportunities exist?
Opportunities exist whenever people's problems (needs and wants) remain unsolved or unsatisfied
Recent conflicts in the Middle East have caused gas prices in the US to rise. For the electric car division at General Motors, this represents a:
Opportunity
A current US environmental trend that provides an opportunity for marketers that are promoting exercise and fitness solutions is the increasing percentage of American adults that are _________________ or ______________.
Overweight or obese
"Most, indeed nearly all, Americans have less than they want. Yet nearly all have more than they need." According to your text, these two sentences exemplify (or illustrate):
Paradox
The concept that two opposing arguments, or ideas, sometimes can hold equal claim on the truth (which is the truth) is best described as a:
Paradox
Planning processes should include carefully examining the:
Past, present, and future
Which of the following tools are tactics is not included in the Promotional mix?
Penetration Pricing
Which of the following elements is not an ingredient for the classic product-related marketing mix?
People
What step in consumers' decision-making processes is the most important?
Perceiving a situation accurately
Considering the law or principal of Perception—Marketing competitions (Coke vs. Pepsi; McDonald's vs. Burger King; Apple vs. Samsung) are often waged and won or lost based on customer perceptions about which brands provide the most value. This principle, or law, is best described as the principle of:
Perceptions
What famous dead European/American male wrote (and is famous for having said) "the only constant is change."
Philosopher Heraclitus (no, not Hercules)
Supply chain and supply chain management commonly associated with which of the 4 P's?
Place
Which approach (tactic) should marketers follow when attempting to manage change?
Plan for change and attempt to lead it in a productive direction
Why is planning so important for marketing professionals?
Planning allows marketing professionals to prepare for both opportunities and threats
What type of knowledge is developed through marketing research inferences about how marketing organizations should strategically address problems or opportunities?
Prescriptive knowledg
Strategic inferences are based on:
Prescriptive knowledge
In marketing, there are five primary types of utility. Which of the following words is not one of these five types of utility:
Prestige
What kind of data can be used to successfully execute marketing research?
Primary data Secondary data Both A and B (correct)
Which sort of information will most likely yield insights that prove useful to marketers when they are solving problems or identifying new opportunities?
Primary information
What of the following terms (concepts) function in ways that demonstrate to professionals what works?
Principles
Anything (or anyone) that can solve customers' problems while generating profits for organizations rightfully can be described as a:
Product
At times, marketers develop entirely new or tweak existing products that are subsequently targeted toward current market segments. Apple essentially has pursued a product development strategy since it first introduced iPhones in 2007. This example illustrates a:
Product Development Growth Strategy
What is the name of the factor that best permits marketers to distinguish their products from similar products in the category?
Product attributes
B2B goods can be further classified into
Product or support goods
The 4P's of the marketing mix when tangible products are:
Product, price, place, promotion
Marketers should view themselves as need-satisfiers, problem-solvers and __________.
Promise-makers, promise-keeper
In which marketing mix element among the 4Ps does the public relations activity fit?
Promotion
________________ can be considered the communication arm of the marketing mix.
Promotion
Which two types of marketing research knowledge are the most relevant to most marketing organizations?
Propositional and prescriptive knowledge.
Continuously evolving fashion trends and the nearly annual rollout of new iPhones best illustrates which core marketing practice?
Purposefully creating discontent
Firms should pick, choose and then target those segments that those firms are best able to ......
Pursue (reach), serve and satisfy
Under Howard Schultz, Starbucks began expanding to locations near dry cleaners and movie rental stores because customers would need to return to these businesses, giving Starbucks two chances at a transaction. Starbuck's strategy exemplifies which planning law?
Pursue logical solutions
What is the best strategic approach to pursue when firms seek growth?
Pursuing some combination of choice "a" and choice "b"
Assume a firm is marketing inside in a market that features a high market growth rate. Further assume that the market share of the firm's brand is low. The firm's brand should be treated as a:
Question mark
Which brand category has the highest potential of being transforming into star brands?
Question mark brands
What outcome and process might reasonably be considered as an entire winning-marketing game summed up in one phrase?
Relationship building
__________ (marketing research) information is collected from questions (measurements) that are free from systematic or statistical error. An absence of systematic error implies that the respondents (i.e., the sampled people) who answer questions actually understand what the questions were asking.
Reliable
In an effort to revive fragmenting audiences (or target segments) brand managers can engage in:
Repositioning Rebranding New product development Revised promotional strategies All of the above are true (correct)
____________________ is important because the insights it provides allows marketers to more accurately predict future human behavior.
Research
_____ is challenging, but manageable, because reasonable estimates of probability or certain known outcomes happening can be estimated based on available data. ________, on the other hand, is not manageable. What might happen is unclear, and the probabilities of the unknown are also unknown.
Risk, Uncertainty
Planners must manage two types of risks. Those two risks are:
Risks of sinking the boat or risks of missing the boat
The smallest business unit within any firm for which independent planning can be done and independent resources exist is commonly known as a:
SBU
The discussion about Martin Luther King and the civil rights movement illustrates how and why strategists are often better off when they:
Scan their environments continuously, identify opportunity, and only then establish goals
__________ is information that already exists because it was previously collected for other purposes
Secondary
__________ is information that already exists because it was previously collected for other purposes.
Secondary
Is the NFL (the National Football League) primarily a service or a product?
Service
The average American consumer spends more than ______________ hours per day staring at a screen.
Seven
Which of the following is not an environmental trend?
Slightly less than half of adults in the US - a record low - are married. The percentage of people in the US who regularly attend church, mosque, synagogue, or temple, is lower than at any point in US history, and dropping further year by year. Global apparel production essentially doubled between 2000 and 2016. Spring is the real time for making New Year Resolutions. Most weddings, gym memberships, new makeup sales and healthy diets rise during this Season. All of the above are environmental trends. (correct)
Marketing research produces information and knowledge. Hopefully this knowledge eventually produces ___________________________ and ______________________ insights.
Specific; actionable
Which brand category generates the most cash?
Star Brands
Value is the difference, hopefully negative, between the benefits gotten and the costs given up that are associated with owning and using a product. Alternatively, value can be described as the problem-solving or need-satisfying ability of any branded product. Read each statement carefully.
Statement 1 is false; statement 2, true.
Marketing success is mostly based upon being skillful enough to manipulate customers into doing what best satisfies the marketer's best interests. Marketing success is also based upon being skillful in conceiving or creating values that best satisfy the interests (i.e., wants, needs, and problems) embedded inside targeted customer segments. Which statement best honors the marketing concept?
Statement 2
"Baud" is a strange-looking but genuine contemporary word used at various places throughout the book. Baud measures the rate or velocity at which monetary exchanges travel across the internet.
Statement 2 is false.
Statement A: Many products feature a substantial service—or intangible—component. Statement B: Many services feature a substantial product—or tangible—component.
Statements A and B are each true.
A position is a(n) ______ that firms should create in the _____ of ____.
Statements a and b are correct
________________________ allow large amounts of data to be compressed into a few meaningful numbers.
Statistical analysis
_____________________ exist as some planning entity's hope that what the planners have directed ultimately comes to pass?
Strategic goals
When conducting a SWOT analysis _______ and ________ exist within (i.e., are internal to) the firm
Strengths and Weaknesses
The acronym SWOT, when written-out in full (all four words), means:
Strengths, Weaknesses, Opportunities, and Threats
What automobile marketer incidentally discovered, through marketing research, that one of its automotive brands was extremely popular among the lesbian market segment?
Subaru
Market segmentation involves .......
Subdividing larger markets into smaller subsets.
The act of market segmentation involves:
Subdividing larger markets into smaller subsets.
The author of the book The Art of War was:
Sun Tzu
Which of the following statements was not discussed as a value that emanates from the planning process. Planning facilitates:
Superior positioning
The acronym SCA, written out in full, stands for:
Sustainable competitive advantage
What is a target market?
Target markets are groups of customers/prospective customers that marketing organizations are best prepared to pursue, serve, and satisfy
The market diversification growth strategy is one where firms:
Target new products to new market segments.
When marketers strategically choose to use nostalgia in their messages while strategically pursuing customers whose ages end in 9 (29, 39, 49...) they are leveraging the power of?
Targeting
Which rule emphasizes the importance of evaluating the consequences of a strategic decision?
The 10-10-10 Rule
We use the catchy acronym the ____ to describe the amount and type of resources that any firm or organization enjoys:
The 3T's
Strategic planners should always dance close either to the revenue or cost line, or both, as they plan. If finished plans do not elevate revenues or tamp down costs, or achieve both outcomes, change and improve the plan. This principle, which is correctly stated, most closely illustrates:
The Gold Rules principle
Which marketing law did Levi Strauss and Co exploit when the marketer introduced Dockers casual slacks?
The Law of Category
Strategic planners should take into consideration:
The Past The Present The Future All of the above (correct)
The __________________ refers to a planning issue related to making decisions that allow strategists to learn from their mistakes (if the mistake is not devastating in nature), while at the same time taking risks that are big enough to benefit their organization if "the bet" pays off.
The Waterline principle
What is the singular task that highly successful marketing must master?
The ability to manipulate, usually in subtle fashions, customer's perceptions
In statistical assessments, the measurement known as mean is the:
The average value
Which brand wins in a competition among brand A, B, and C?
The brand that delivers the most value
In the "three pots" planning metaphor, water and the pots function like the environment. In this illustration, should marketers function as the carrot, egg, or coffee - and why?
The coffee, because it is the agent that changes the environment
Two conditions must be present in order for a product (brand) difference (in a branded product) to be determinant. These conditions are:
The difference must be real (genuine) and the difference must be important to customers as they make decisions.
The term supply chain indicates
The existence of a partnership between multiple organizations That one organization is outsourcing the performance of specific marketing functions to other organizations That the strength and performance of one organization depends on the strength and performance of other organizations that partner inside the supply chain All of the above are true (correct)
Changes don't always represent progress. But changes are always necessary for progress to occur.
The first statement is false, the second true. The first statement is true, the second false. Both statements are true. (correct)
What is a want?
The form needs take or assume as they are influenced by culture and individual personality
Wants are:
The form that needs take as they are influenced by culture and individual personality.
Which idea suggests that managers should be judicious about the measurements they instill inside their units, because individuals may try to anticipate the effect of a policy and take actions that alter its outcome.
The good-heart principle
Which of the following statements was economist's Milton Friedman referencing when he said: "If the U.S. were in charge of the Sahara Desert the nation would quickly run out of sand"?
The governments poor treasure management
________ is a philosophy that puts customers, and identifying and satisfying their wants and needs first; as long as firms profit.
The marketing concept
________ is a philosophy that puts customers, and identifying and satisfying their wants and needs first; as long as firms profit..
The marketing concept
Every firm must make its plans and execute its decisions in light of what is happening in its micro- and macro-environment. You already knew this. You should also know that:
The micro-environment exists inside the firm, the macro-environment exists outside the firm.
The phrase "replacement rate" is a measure that indicates:
The number of babies each woman needs to birth to replace a county's population.
Which of the following is not something a mission statement should ideally describe?
The organizations greatest weaknesses
Which analysis (or test) provides insights about how changes in pricing strategies will impact demand for individual brands or branded product lines
The price elasticity test
What is market share?
The ratio between the firm's sales volume and the entire industry sales volume
The primary reason that marketing information systems exist is to deliver:
The right information at the right form at the right time
All serious strategists should quickly realize that they must successfully manage two types of risk:
The risks of sinking the boat or missing the boat
When firms use market penetration growth strategies they seek to serve:
The same market segment they have been pursuing with the same product while changing other elements of marketing mix
The baud is used to measure:
The speed at which information travels along the internet
In statistical assessments, the measurement known as the median is the:
The value that sets right in the middle in any list of values
Which trait or characteristic is most important for effective strategic planners?
The willingness to incorporate balance into one's planning processes or mindset
According to Sun Tzu, what are the three sorts of insights should Generals possess?
Themselves, their enemy and their terrain
According to this book, "First-in-the-Mind" is the:
Third marketing law
The primary value of statistical analyses is that the process itself permits often massive amounts of information (raw data) to be compressed into a few meaningful numbers.
This statement is true
Is the following environmental threat or opportunity to U.S. funeral home marketers? The cultural and social trend that clearly suggests cremation is becoming more acceptable to families.
Threat
Which statement is not true about marketing opportunities?
Three of preceding answers is correct.
How many brands typically reside inside consumers' evoked sets?
Three to five
The evoked set usually features no more than three to five brands. Then, when problems arise from which known brands from a known product category can resolve, this set of brands come to mind.
Three to five is about right
When planning, strategists should remember that only three ways to differentiate anything exist. Which of the following statements is not one of the three core pathways to differentiation?
Through managing perceived branding values.
Marketing planning entails decisions made about how best to allocate the 3Ts. What are the 3Ts?
Time, Talent, Treasure
What is the main reason why marketers in market segmentation and target marketing?
To deliver specifically-designed marketing mixes that are precisely customized and positioned to satisfy the needs of select customers
What is/are the best reasons to conduct marketing research?
To describe or diagnose marketing problems or opportunities (threat) more accurately. To develop effective prescriptive inferences regarding how firm should strategically address problems or opportunities through thoughtful, informed management of its marketing mix. To develop marketing strategies intended to achieve highest possible market shares. A and B All of the above (correct)
Successful strategic processes often require planners to look backward toward the past. Why is this important?
To provide marketing professionals with contemplative looks into what processes were successful and those process that were not successful in order to guide future decisions.
Danica Patrick has garnered commercial success not by being the first female racecar driver, but by being the first female driver that most people think of. This is an example of which marketing principle?
Top of mind awareness
A great marketing tactic, one related to managing customer expectations, is to "under-promise" (values and benefits) and "over-deliver" (values and benefits).
True
Defined technically, environmental-scanning entails observing, researching, and interpreting various, almost inevitably uncontrollable environment trends that might impact an organization. Explained more practically, environmental-scanning is a process that entails continuously monitoring firms' external and internal environments
True
Descriptive / diagnostic information must come before prescriptive information.
True
Domestic marketers manipulate too many American consumers to purchase products or services that those individual consumers don't need and/or cannot afford.
True
Each addresses motivation theories about consumer behavior
True
Environmental trends are patterns of gradual or more rapid change unfolding along an environmental dimension.
True
For any organization, its mission equals its vision equals its (basic) goals.
True
For determinant differences to exist, actual or perceptual differences must exist between brands. And the brand difference must be important to customers as they decide which brand to purchase.
True
In any given day, more than half of the women in the US are dieting
True
In the traditional marketing mix, intangible services are considered products
True
Information that is collected through marketing research can be reliable without being valid.
True
Laws and regulations affect marketing mix activities.
True
Market(s)—consist(s) of all actual or potential customers for products or services.
True
Marketers should get excited when they hear or read: "The data says/suggest." Data is important to marketers because it allows them to make contemporary predictions about future events.
True
One of the best ways to understand needs is as states or conditions of felt or perceived deprivation.
True
Risk is more tolerable than uncertainty because the full range of outcomes are known
True
SWOT is an acronym. The lettes S and W stand for Strengths and Weaknesses; O and T indicate Opportunities and Threats. Strengths and weaknesses exist inside the organization; opportunities and threats exist outside the organization—opportunities and threats would exist independently inside the firm's external environment even if the firm did not exist. Each preceding statement is:
True
Strategic-Level planning entails of planning for purposes of meeting and beating the competition in ways that ensure the long-run survival and success of the organization.
True
The US Air Force, Army Marine Corp and Navy are all marketing organizations and powerful brands with their own identity and core competency.
True
The developers of social media and video games services/produce often intentionally design them to create addictive behaviors among users.
True
The first rule of storytelling is "Make me care":
True
What is the most difficult planning condition that most strategists ever have to address?
Uncertainty
When __________ exists, not only is what might happen unclear; the probabilities of these unknown things happening are not known, either. Two sets of unknown-unknowns are in play.
Uncertainty
What entity should be developed for each segment that marketers pursue?
Unique and uniquely desirable marketing mix
__________ marketing research information is secured from questions measuring exactly what they're supposed to measure. Valid questions capture no more and no less information than what they purportedly measure. Marketers cannot develop valid information unless they have first developed reliable measures, or questions.
Valid
An exchange, defined, involves a "get and a given." What is typically "gotten and given" during exchange processes?
Value
In statistical analysis, which of the following measurements represents the range of a sample of responses?
Variance
Focus groups are used as marketing research methods that focus on:
What 8-10 individual customers have to say or think about particular issues or problems
What conditions must exist in order for customers to be satisfied with marketers and their products?
When customers' expectations are met
Automation bias arises inside marketing research settings:
When the computers they use lull experts into a false sense of security
Which statement best summarizes what happens when uncertainty prevails?
When uncertainty prevails, planners don't know all the possible outcomes nor do they know the probabilities of those unknown outcomes arising
Who said, "The further one can see back into the past the further ahead one can see in the future"?
Winston Churchill
What current cultural buzzword indicates that consumers are alert and tuned into perceived or actual social injustices?
Woke
Is marketing success really so simple to achieve that the firm or brand that tells the best story usually win?
Yes it is
Is it acceptable for organizations to consciously hate another organization and to then use this enmity to motivate and direct the hater's strategy?
Yes, this is a valid strategy but one that should be carefully considered prior to enacting
Knowing your terrain, which exists as one key to marketing success (or victory), entails knowing:
Your external environment and the opportunities/threats residing therein
Goals and objectives should always be consistent (or compatible) with the ------
marketing firm's mission
