Principles of Marketing
Nora is in the market for a new HD television. She has spent quite a bit of time gathering information and thinking about the purchase. She has asked her friends for opinions about the models they own and is happy that there are a lot of models to choose from. Nora is most likely what type of adopter?
Early Majority
Compare the following statements and select the one that reflects your text's assertions as to why educated consumers are prime targets for marketing strategies
Educated consumers are more likely to ear significantly more money throughout the course of their lifetime
The five key components of the marketing plan are
Executive summary, situation analysis, marketing strategy, financials, controls
The consumer protection agency for the United States is the
Federal Trade Commission
What federal agency is evaluating mobile tracking technology as part of its ongoing mission to protect consumer privacy?
Federal Trade Commission
Which of the following accurately represents the steps in the consumer adoption process?
Awareness, interest, evaluation, trial, and adoption
What term is used to describe the increasingly interconnected nature of the world economy?
Globalization
Read the following statements to select the choice that is not true of market segmentation.
Market segmentation identifies which products will be profitable and which ones are not worth pursuing
The practice of measuring, managing, and analyzing market performance is referred to as
Marketing analytics
marketing is defined as
The process of creating, communicating, and delivering value to customers and managing those relationships in ways that benefit the organization and its employees, customers, investors and society as a whole
Wants are the form that human needs take and are shaped by
Personality, culture, and buying situation
A new ice cream shop in town allows customers to create their own sundaes using various flavors of ice cream and toppings. The store owners have decided to have a contest for the most unique customer creation. They are asking customers to create a sundae, take a picture of their creation, and post in on their Facebook page as well as on Instagram so people can vote for their favorite. The winning creation will be featured on the shop's menu. This use of social media relates to which element of the marketing mix?
Promotion
Psychographic segmentation refers to the science of segmenting markets based on
Psychology, demographics, and personality
The three basic characteristics of quality marketing objective is that it be
Specific, measurable, and realistic
A measure of how optimistic consumers are about the overall state of the economy and their own personal finances is referred to as
consumer confidence
Which of the following is not considered to be a demographic characteristic?
consumer confidence
One concern about using social media, like Twitter, to compile marketing research data is
consumer privacy
The final section in most marketing plans in the
controls section
The fact that you see a Starbucks on practically every corner would indicate that Starbucks is most likely geographically segmenting based on
customer convenience
The perceived benefits, both monetary and nonmonetary, that customers receive from a product compared with the cost associated with obtaining it is referred to as
customer value
The focus of the marketing concept era was on
customers
The process by which new products are likely to be adopted, the rate at which they will be adopted, and the process through which the products will spread into markets is referred to as
diffusion
A situation in which products that perform the same function compete against one another is referred to as
direct competition
Which method of entering a foreign market carries with the most risk?
direct ownership
The people that an individual would not like to be like make up his or her
dissociative reference group
What type of adopter is typically well respected by their peers and sought by marketers because they tend to be opinion leaders who are willing to talk to other people about their experiences with their purchases?
early adopter
A sudden drop in average consumer income would be example of which external force affecting the marketing environment?
economic
The attributes a consumer considers important about a certain product are referred to as
evaluative criteria
Which of the following is not a qualitative method for data collection?
experiments
Which of the following is a demographic segmentation variable?
gender
The stage of the new-product development (NPD) process in which a set of product concepts is generated from which to identify potentially viable new products is called idea
generation
A measure of the market value of all officially recognized final goods and services produced within a country in a given period is referred to as
gross domestic product
Janie buys a pack of gum each time she is at the checkout line in the grocery store. This is an example of what type of decision making?
habitual decision making
Market segmentation produces relatively homogeneous groups of consumers called
market segments
John works for a consumer products company. His job is to use information to identify and define marketing opportunities, evaluate marketing actions, and monitor marketing performance. John's work involves
marketing research
A concise affirmation of a firm's long-term purpose is known as its
mission statement
Once the situation analysis is complete, marketers focus on defining their
mission statement
According to the VALS framework, why different consumer groups exhibit different behaviors or why different consumer groups exhibit the same behaviors for different reasons is based on
motivation and resources
Individuals who exert an unequal amount of influence on the decisions of others because they are considered knowledgeable about particular products are called
opinion leaders
In Maslow's hierarchy of needs, what need must be satisfied first before a person will seek to satisfy any other need?
physiological
Which element of the marketing mix includes the distribution activities necessary to get the product in the hands of the customer?
place
Which marketing mix element involves decisions regarding logistics and managing the supply chain?
place
What external marketing factor is at work when political action committees raise money to help elect individuals to promote a particular issue related to their industries
political
A succinct description of the core target market to which a product is directed and a compelling picture of how the firm wants that core market to view the product is called a
positioning statement
What type of sampling occurs when every person in the target population has a chance of being selected, and the probability of each person being selected is known?
probability
According to your text, any discussion of the marketing mix typically begins with which of the four Ps?
product
If a product idea is deemed to have the potential of being profitable in the business analysis stage, then it moves on to the
product development stage
Which era in the history of marketing began in the early years of the United States and lasted until the mid-1920s when the growth in production outpaced consumer demand?
production orientation
All of the following are elements contained in the 4 Ps of the marketing mix except:
profit
Attitudes, perception, learning, and motivation are all processes that can influence consumer behavior.
psychological
Which of the following is not one of the need levels in Maslow's hierarchy of needs?
psychological
Products that are typically new to the market and require significant marketing investment in promotion, product management, and distribution are classified as
question marks
Which type of purchase occurs due to retailers' prompts to consumers while consumers are in the store?
reminder purchases
Research plan development is also sometimes called
research design
The generic term used to describe a measurement device such as a survey, test, or questionnaire is the
research instrument
A product that has new packaging, different features and updated designs and functions is a
revamped product
Data obtained from UPC codes at check-out counters is what type of data?
scanner data
Information collected for alternative purposed prior to the study is referred to as
secondary data
The group of customers toward which and organization had decided to direct its marketing efforts is called its
target market
When a company evaluates each market segment to determine which segment or segments present the most attractive opportunity to maximize sales, it is engaged in
targeting
While shopping for back-to-school clothes, Josie uses apps on her smartphone to comparison shop, and to obtain coupons and fashion advice. What external factor affecting the marketing environment does this represent?
technological
Which of the following is the focal point of all marketing efforts?
the buying decision
4. A consumer searching for information will create a list of brands or products that he or she will evaluate as options for the solution of a particular problem. This list is referred to as
the evoked set
What document provides a one-to-two page summary of the marketing plan's main points?
the executive summary
What element of the marketing plan helps firms understand where they are currently and how best to move forward?
the situation
Which of the following is a behavioral segmentation variable?
usage rate
According to your text positioning assumes that consumers
will compare goods and services on the basis of benefits
A person's typical way pf life is expressed by his or her activities, interest, and opinions is referred to as
lifestyle
As it pertains to a situation analysis, the term market refers to
a. The group of consumers that are interest in and able to buy a particular product.
Consider the following findings from a recent SWOT analysis performed by Sasha's flower shop. Which of the following represents a threat?
a. The summer drought has produced fewer flowers.
The 80/20 rule is a theory that suggests that
20 percent of heavy users account for 80 percent of the total demand
The internal considerations in SWOT analysis are
A firm's strengths and weaknesses
The controls section of the marketing plan should contain which of the following?
Implementation, organizational structure, and contingency planning
What was the purpose of the Wheeler-Lea Act (1938)?
It made deceptive and misleading advertising illegal
According to your text, what three elements should be contained within a company's financial projections?
Sales forecast, expense forecast, and break-even analysis
Which regulation was passed to eliminate monopolies and guarantee competition?
Sherman Antitrust Act (1890)
Which of the following products would most likely be considered a dog?
compact disc
As noted in your text, what was the result when some of the world's most ethical companies were compared with the MSCI ACWI Index on the profitability measure?
The firms that were identified as ethical outperformed the mix of companies included in the MSCI ACWI Index through positive and negative economic circumstances
Which of the following sets of characteristics is representative of a low-involvement purchase?
The item to be purchased is inexpensive and frequently purchased, is an item of limited risk, and requires little forethought
The superior position a product enjoys over competing products if consumer believe it has more value than other products in its category is referred to as a
competitive advantage
Business analysis refers to the stage of the new-product development process
Where a new product is analyzed to determine its profitability
A recent survey conducted by U.S. News and World Report on the best overall hybrid car, ranked the Ford Fusion Hybrid as one of the bed hybrid cars for the money. For Ford, this represents
a competitive advantage
Which of the following would you use if you were tasked with reviewing company data in order to look for trends in sales, identify problems with elements of the marketing mix, and provide quick feedback to managers concerning proposed marketing plans?
a decision support system
What type of human issue is shaped by personality, culture, or buying situation?
a want
Which of the following is the correct definition of inflation
a. An increase in the general level of prices of products in an economy over a period of time
What is the key to creating value?
a. Providing customers with benefits that meet their needs and wants
Gathering data about what competitors are doing in the market place
competitive intelligence
The first step marketers should take when deciding how best to position their product is to
analyze competitors' positions
Undifferentiated targeting is a strategy that
approaches the market place as one large segment
The generation of children born between 1946 and 1964 is retiring at a rate of 10,000 per day. What is the name of the demographic group?
baby boomers
"Cookies" that are placed on consumers' browsers in order to trace which websites they visited are a form of
behavioral targeting
Which term describes both the growth in information that inundates businesses each day and the complex tools used to analyze the data and derive meaningful insights?
big data
Direct competition is also known as
brand competition
Which of the following is not a way to categorize new products?
brand development
Which of the following products does not satisfy a customer need?
cable television
Which of the following is not one of the five major strategic options for entering the international market place?
capital investment
High-involvement purchases are characterized by the fact that they
carry a great risk to consumers if they fall
Which of the following is not one of the stages in the new-product development process?
concept testing
Which of the following questions relates to the place element of the marketing mix?
how much inventory should i have?
A legal process in which one firm pays to use or distribute another firm's resources, including products, trademarks, patents, intellectual property, or other propriety knowledge is called
licensing
