Updated MKTG Final

More than 80% of McDonald's restaurants worldwide are owned and operated by franchisers. This illustrates a(n) _____ marketing system.

Contractual vertical

Which of the following is the primary purpose of branded community websites?

Creating customer product engagement

The team based new product development approach saves time and increases effectiveness because departments work closely together in ____.

Cross Functional Teams

we identified a couple of alternative ways to generate new, unique ideas. Name and briefly describe five of them

Crowd Sourcing, internal/external ideas, idea screening, acquisition,

Which of the following sets the price ceiling for a product's pricing?

Customer perception of Value

Which of the following is a commercial source of product information

Dealer and manufacturer websites and mobile sites

Vertical conflicts in distribution channels are conflicts that occur between ____.

Different levels of the same channel

T/F According to Maslow's theory, safety and social needs must be fulfilled after self-actualization needs

False

T/F Social class is determined by a single factor, such as income, but is measured as a combination of occupation, income, education, wealth and other variables**

False

T/F The demand curve shows the number of units the market will buy in a given time period of similar prices.

False

When demand hardly changes with a small change in the price of a product, the demand for the product is best described as

Inelastic

Constructing the ingredients that go into certain products and reducing the level of advertising "noise" are part of proposals relating to the consumer's right to ____.

Influence marketing practices in ways that will improve quality of life

Specialty products are consumer products and services that customers generally buy ____

Without making comparisons

Rather than just creating and placing "TV ads" or "print ads" or "Snapchat branded stories," many marketers now value themselves more broadly as ____ managers.

content marketing

When the size, purchasing power, and profiles of a market segment can be determined, the market segment is said to be ______

measurable

Which of the following would be considered an upstream partner in a company's supply chain?

A firm that provides technical expertise in the production of a product

Which of the following is true advertising in the new marketing communications model?

Advertisers are increasingly shifting toward digital media

Product planners must build a _______ product around the core benefit and actual product by offering additional consumer services and benefits

Augmented

Dividing buyers into groups on their knowledge, attitudes, uses, or responses to a product is called ______ segmentation

Behavioral

Experimental research is best suited for gathering ______ information

Casual

Which of the following is an industrial product categorized under materials and parts?

Cement

Producers of popular beverages often partner with global music channels to target consumers through a variety of promotional events and advertisements. This approach to marketing is referred to as ______ segmentation

Intermarket

Susan Hart, the manager of a children's boutique, collects data from her monthly records of sales, costs, and cash flows... Susan is making use of ______ databases

Internal

Rage, a leading motor vehicle manufacturer, introduces a new superbike model. It invites proposals from independent dealers who are willing to set up exclusive showrooms that only sell Rage's superbikes. Chosen dealers will sell and service the superbikes, and Rage will oversee national advertising. This is most likely an example of a(n) ________.

Manufacturer sponsored retailer franchise system

The first Target store opened in 1962. Its initial strategy was to set prices low to attract a large number of buyers quickly and with a large market share. This is referred to as

Market Penetration Strategy

Which of the following is the right order of the steps that companies generally follow in designing a customer-driven marketing strategy

Market segmentation, market targeting, differentiation, and positioning

Jeff is in the process of buying a new car. He carefully analyzes the features that he wants in a car, and perceives significant differences as price, quality, and features among three of his favorite models. He rates the models on each factor and ranks them in the order of his preference. To which of the following stages of the buyer decision process will Jeff most likely proceed next?

Purchase Decision

Many companies are taking a ___ approach, viewing quality as an investment and holding quality efforts accountable for bottom line results.

Return on quality

In a marketing communication mix, _____ refers to any short term incentives that encourage the purchase or sale of a product or service.

Sales promotion

Which type of retailer is much larger than a regular supermarket and often a large assortment of routinely purchased food products, nonfood items, and services?

Superstores

Business advisory services such as legal or advertising are classified under which category of industrial products?

Supplies and Services

______ is a method of gathering primary data that involves asking people questions about their knowledge, attitudes, preferences, and buying behavior Survey Research

Survey Research

Informing the target market about a price change for a signature cookie dough product through a national TV campaign within 3 months is an example of a _____ objective.

advertising

Which of the following is a direct digital marketing tool?

blogs

Changes in technology and the explosive growth of direct and online marketing are having a profound impact on the nature and design of marketing channels. One major trend is toward _____ insofar as product or service producers cut out intermediaries and go directly to the final buyers or what radically new types of channels intermediaries displace traditional ones.

disermediation

A _____ becomes a motive when it is directed toward a particular stimulus object

drive

If market researcher wants to find the cause and effect relationship...

experimental research

T/F Consumers rarely compare shopping products before purchasing them.

false

T/F Pricing strategies usually remain the same as a product passes through its life cycle

false

Customers at Carat, a premium jewelry store, are encouraged to make an appointment before a visit so that a customer service representative is assigned to them. These representatives help every customer make a purchase that meets his or her needs and budget after considering numerous options. The different styles and special features of the jewelry are explained to each customer to aid the purchase decision. In this case, Carat is an example of a(n)

full service retailer

Which of the following terms best describes the process of designing and producing a container or wrapper for a product?

packaging

Surf's Up, a family owned business, offers a free surf lesson with the purchase of any surfboard over $200 during the month of May. This is an example of which promotion mix element?

sale promotion

T/F Customer involvement has a positive effect on the new product development process and product success.

true