Marketing 10-12

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Marketing involves all of the following EXCEPT:

production scheduling

Xavier is analyzing potential market segments. He knows he has to carefully seek potential customers who have both an interest in his products and:

the ability to buy them

Which of the following is a core aspect of marketing?

making product, place, promotion, and price decisions

Which of the following questions must be addressed when making marketing decisions?

all of the above

The fundamental goal of marketers when creating goods, services, or combinations of both, is to:

create value

The basic difference between a good and a service is a good:

can be physically touched

Marketing efforts designed to get the product or service to the right customer, when that customer wants it, are called:

supply chain management

The advent of auction sites like eBay has increased _______________ marketing.

C2C

Which of the following is not one of the four overarching strategies to create and deliver value and to develop sustainable competitive advantages?

planning excellence

Which of the following represents a way to build a sustainable competitive advantage using product excellence?

Positioning the product using a clear, distinctive brand image

When conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged?

planning

As part of her company's SWOT analysis, Valerie is assessing the company's internal environment, including:

strengths and weaknesses

When identifying and evaluating opportunities, STP refers to:

segmentation, targeting, and positioning

Most university bookstores take the price they paid for textbooks and add a standard markup, usually 25-35 percent. These university bookstores are using a _____________ pricing strategy.

cost-based

Firms with strong ethical climates tend to:

be more socially responsible

One of the criticisms of corporate social responsibility is the difficulty of demonstrating:

tangible benefits to the company

When marketers look at advertising media they often begin with viewer or listener profiles such as, age, income, gender, and race. They then compare the media profile with their target audience. These marketers are using _____________ to see if the media "fits" with their advertising agenda

demographics

In New England foot-long sandwiches are called "grinders" while in many other parts of the country they are called "subs." This is an example of a:

regional cultural difference

Mattel needed to act quickly when they learned of potential lead hazards in some of its toys. As a firm, they used ethical principles and approaches to:

maintain its strong relationship with its customers by recalling products that posed dangers to children and their customers

Marketers have learned that gender roles:

have been blurred

By paying close attention to customer needs and continuously monitoring the environment in which it operates, a good marketer can:

identify potential opportunities

The firms that work along with the focal firm to provide goods and services to consumers are viewed as:

corporate partners

When targeting new markets, marketers of liquor, tobacco, and other alcoholic beverages should always ask the ethical issue question of:

Should the firm be targeting this market with this product?

Firms use _______________ to collect, and synthesize information about their position with respect to their rivals.

competitive advantage

Generational cohorts are groups of people of the same generation who have similar purchase behavior because they have:

shared experiences and are in the same stage of life

After a marketing firm has identified the various stakeholders and their issues and gathered the available data, all parties relevant to the decision should engage in brainstorming and evaluation of alternatives. _________________ then reviews and refines these alternatives, and then chooses a course of action.

management

The centerpiece of the Marketing Environment Analysis Framework is:

consumers

Denny is considering the question, "Did our actions have a negative impact on any stakeholder group?" Denny is addressing marketing ethical issues in the __________ phase of the strategic marketing planning process.

control

Coca-Cola introduced Coke Zero to increase sales without taking away from its existing product sales. Which of the following is not true about this effort?

Segmentation and targeting were of little use compared to developing appealing special advertising.

For products like pencils and paperclips which provide the same benefit for all consumers, marketers should probably use a(n):

undifferentiated segmentation strategy

__________________ is an extreme form of a segmentation strategy.

Micromarketing

Alex has found that investment real estate buyers and residential real estate buyers both respond positively to his marketing communication message. Alex has identified ____________ that respond similarly to his marketing efforts.

market segments

Differences in weather and climate create opportunities for:

geographic segmentation

NASCAR re-directed their marketing efforts when a survey indicated that almost fifty percent of their race fans were female. This is an example of ______________ segmentation.

demographic

Travel marketers know Baby Boomers represent a huge demographic segment. They also know Baby Boomers are heavily motivated by self-fulfillment which creates the possibility of ______________ segmentation.

psychographic

The beer commercial "less-filling, tastes great" was based on ______________ segmentation.

benefit

Airlines were among the first retailers to embrace loyalty segmentation when they created:

frequent flyer programs

Karen has identified four potential market segments for her Rent-A-Chef home meal catering service. She will then evaluate whether each segment is:

all of the above

_______________ involves defining the firm's marketing mix variables so that target customers have a clear, distinctive, and desirable understanding of the firm's offerings relative to competitors' offerings.

positioning

Whenever the president of the local, public university promotes the institution, he emphasizes the university's price (much lower than neighboring private colleges) and quality. He is positioning the institution based on:

value

Almost every political candidate uses a combination of red, white, and blue in their campaign posters. They are trying to position themselves in voters' minds using:

symbols

Several years ago, General Motors ran an advertising campaign for their Oldsmobile line of cars using the slogan, "Not your father's automobile" and an attractive young woman as spokesperson. GM was attempting to _______________ the Oldsmobile line.

reposition

A(n) _________________________ is a set of procedures and methods applied to the regular, planned collection, analysis, and presentation of information to be used in marketing decisions.

marketing information system

The difference between an MkIS and a market research study is, an MkIS:

is an ongoing process of collecting, analyzing and presenting information

Retail check out scanning systems create a tremendous amount of purchasing information usually stored in a company's:

data warehouse

When conducting a survey about choosing vacation destinations, Hillary will need to ______________________________, in order to get reluctant respondents to provide honest information.

assure consumers that their individual responses will be kept confidential

Market research begins with:

defining the objectives and research needs

Company sales invoices, Census data, and trade association statistics are examples of:

secondary data

Primary data usually _________________ than secondary data.

all of the above

In retailing, effective packaging sends the message:

Buy me!

The complete set of all products offered by a firm is called its product assortment or:

product mix

Within each __________________, there are often multiple product categories.

product line

A(n) ________________ is a name, symbol, design, or term that identifies a seller's good or service as distinct from those of other sellers.

brand

Colgate-Palmolive has five product lines. They are the firm's:

product line breadth

For a brand to be effective, it needs to be:

easy for consumers to recognize and remember.

Brands that are owned by ___________ are called private-label brands.

retailers

________________ is the process by which ideas are transformed into new products and services that will help firms grow.

innovation

If they create new markets, pioneer or breakthrough products:

can add tremendous value to firms

The process by which the use of a new product or service spreads throughout a market group is referred to as:

diffusion of innovation

The ________________ diffusion of innovation group is crucial because few new products can be profitable until this large group buys them.

early majority

When microwaves were new, they often cost over $300, were huge, and full of numerous settings and options. Brenda and Bart waited, concerned about potential health hazards and for more choices in the market. By the time they purchased one, microwave sales had leveled off and prices had declined significantly. Brenda and Bart were part of the ____________________ diffusion of innovation group.

late majority

By 2009, if someone asked for your cell phone number and you said you did not have one, you would probably have been considered a _________________ in the diffusion of innovation process.

laggard

Samples are often used for new products when _________________ will influence the diffusion of the product.

trialability

service is any intangible offering that involves a deed, performance, or effort that:

cannot be physically possessed

By providing good customer service, firms __________ their products or services.

add value to

In countries like the United States, services:

account for an increasing share of jobs

When marketers state services are _____________, they are referring to the fact that services are produced and consumed at the same time.

inseparable

When the management or owners of a service establishment have a different idea than the customers do about the expectations and service standards, the firm will likely have a ____________.

standards gap

When there is a significant difference between the service customers receive and what the firm promotes, the firm has a ____________________.

communications gap

A systematic ____________ program collects customer inputs and integrates them into managerial decisions.

voice-of-customer

Price is the _______________________ a consumer is willing to make to acquire a specific product or service.

overall sacrifice

If a marketer prices their product too low, it may:

signal poor quality

Unlike product, promotion, or place, price is the only part of the marketing mix:

that generates revenue

Using "keystoning" as a pricing strategy:

ignores consumers' sensitivity to changes in prices

Bernard's firm has set corporate direction to become one of the leaders in each of its significant market segments. It was Bernard's job to examine the pricing to determine how to maximize market share, even at the expense of profits in the short run. What kind of company objective would guide Bernard's effort?

sales-oriented

Customers must see value in a product or service before they are willing to exchange their time or money to obtain it. Not all customers see the same value in a product, though, and to analyze how many units will be sold at any given point where the consumer sees value, marketers draw on ________________.

a demand curve

_________________ measures consumers' sensitivity to price changes.

price elasticity of demand

Supply chain management adds value for customers by:

getting products to customers efficiently

Stores like Home Depot and Costco act as wholesalers when they:

sell to contractors or restaurant owners

Each day Wal-Mart's integrated supply chain management system is used to ship products from distribution centers to the company's stores. Their system is used to achieve the supply chain management goal of:

all of the above

A marketing channel:

all of the above

______________________ is an element of supply chain management that concentrates on the movement and control of the physical products.

logistics management

Manufacturers use wholesalers and retailers because:

they create value through convenience and lower prices

By reducing the number of transactions needed to move a product from the manufacturer to the consumer, wholesalers and retailers make a supply chain:

more efficient

Retailing is where marketing:

meets the consumer

In the past, _____________________ dominated supply chains.

manufacturers

Retailers like Wal-Mart, Home Depot, and Kroger dictate to their suppliers all of the following EXCEPT:

which competitors they should collaborate with

Coupons, rebates, and online discounts are types of:

pricing promotions

Personal selling is particularly important for retailers selling:

products that are complicated or expensive

Benefits of the Internet as a channel include:

all of the above

______________________ is the term used to describe when retailers use some combination of stores, catalogs and the Internet to sell merchandise

multichannel retailing

For products like pencils and paperclips which provide the same benefit for all consumers, marketers should probably use a(n):

undifferentiated segmentation strategy

__________________ is an extreme form of a segmentation strategy.

micromarketing

Differences in weather and climate create opportunities for:

geographic segmentation

NASCAR re-directed their marketing efforts when a survey indicated that almost fifty percent of their race fans were female. This is an example of ______________ segmentation.

demographic

Marketers have found that ___________________ are often more useful for predicting consumer behavior than ________________.

psychographics; demographics

The beer commercial "less-filling, tastes great" was based on ______________ segmentation.

benefit

One of the reasons marketers utilize loyalty segmentation is:

the high cost of finding new customers

Whenever Donald calls on potential pest control customers, he emphasizes the fact that, unlike the national franchise competitors, he is a local business person and has been in business over twenty years. Donald is _______________ his business relative to his competition.

positioning

Political consultants have been using market research for decades to help their candidates understand:

who makes up the voting public and how to reach them

Quitman is creating a database system for his real estate company that will regularly collect, analyze, and present information about market trends, interest rates, sales, and leads. Quitman is creating a(n):

marketing information system

Retail check out scanning systems create a tremendous amount of purchasing information usually stored in a company's:

data warehouse

Through analysis of sales data, Price-cutters retail store found that customers who bought peanut butter tended to also buy bananas. Price-cutters was engaged in:

data mining

In the example of the Whirlpool "World Washer," the research was:

not particularly valuable since the firm pursued a strategy contrary to the research findings

Market research begins with:

defining the objectives and research needs

Company sales invoices, Census data, and trade association statistics are examples of:

secondary data

A _________________ is a small group of people brought together for an unstructured, intensive discussion of a topic.

focus group

The complete set of all products offered by a firm is called its product assortment or:

product mix

Colgate-Palmolive's ____________ includes Oral Care, Personal Care, Household Care, Fabric Care, and Pet Nutrition product lines.

product assortment

A(n) ________________ is a name, symbol, design, or term that identifies a seller's good or service as distinct from those of other sellers.

brand

Colgate-Palmolive has five product lines. They are the firm's:

product line breadth

A typical Wal-Mart Super Store has around 120,000 different products. Wal-Mart tracks sales and inventory levels of each product using:

SKUs

The primary purpose of a brand is to:

distinctly identify one seller's goods or services from competitors' offerings

Most soft drink consumers buy the same brand product every time they have a choice. For soft drink marketers, their brands have:

established loyalty

Jenna always buys Stacy's brand pita bread chips. She does not even consider alternatives. Jenna is a _________________ customer.

brand loyal

Brands that are owned by ___________ are called private-label brands

retailers

When Coca-Cola introduced Diet Coke, sales increased dramatically but sales of Tab, the firm's existing diet drink, declined. The introduction of Diet Coke resulted in:

cannibalization

________________ is the process by which ideas are transformed into new products and services that will help firms grow

innovation

Robin waited before she bought voice over the Internet protocol (VOIP) phone service. Several friends were the first to use VOIP but many other friends were interested in Robin's opinions of the new phone service. Robin is a(n) ________________ in this product category.

early adopter

The ________________ diffusion of innovation group is crucial because few new products can be profitable until this large group buys them.

early majority

By 2009, if someone asked for your cell phone number and you said you did not have one, you would probably have been considered a _________________ in the diffusion of innovation process.

laggard

______________ is important for rapid diffusion of new products because products that are consistent with consumers' past behavior will be more readily accepted.

compatibility

Gatorade was a new product that came out of research at the University of Florida. The drink company used ___________________ to gain access to the new product idea.

licensing

A service is any intangible offering that involves a deed, performance, or effort that:

cannot be physically possessed

When marketers state services are _____________, they are referring to the fact that services are produced and consumed at the same time.

inseparable

The customers at Marielle's coffee shop wanted to grab a quick cup of coffee before boarding the commuter train into the city. The sign in the window promised "Quick, In-and-Out Service". The customers were frustrated, though, when the team behind the counter was more interested in telling each other about their social lives than waiting on the customers. Marielle is likely suffering from a ____________ in her shop.

delivery gap

When the delivery of a service fails to meet customers' expectations, a ______________ gap exists.

service

If there is a difference between the actual service provided to customers and the service the firm has promoted, a ___________________ gap exists.

communication

The concept of the ______________ refers to the area between customers' expectation regarding their desired service and the minimum level of acceptable service.

zone of tolerance

Price is the _______________________ a consumer is willing to make to acquire a specific product or service.

overall sacrifice

A demand curve shows the relationship between ___________________ in a period of time.

price and quantity demanded

_________________ measures consumers' sensitivity to price changes.

price elasticity of demand

For which of the following is demand likely to be least sensitive to price increases?

prescription drugs

Firms using a ____________ pricing method set their prices to reflect the way they want consumers to interpret their prices relative to what other firms are charging.

competitor-based

________________ pricing involves pricing a product above the prices set for competing products to capture those consumers who always shop for the best.

premium

When a seller labels a product with the "regular price" or the "original price," and then offers a lower price, they are creating a(n):

external reference price

Loren walked into his local beverage store and found his favorite beverage at $3 less than what he paid last week. He immediately bought enough to last for at least a month. Loren was responding to his:

internal reference price

In a ______________________ pricing strategy, marketers rely on the promotion of sales, during which prices are temporarily reduced to encourage purchases.

high/low

When Apple Computer Company introduced their iPhone in 2007, they priced the new combination iPod, Internet, and cellular telephone at $499, considerably higher than either their iPod or competing cellular phones. Apple Computer was probably pursuing a ___________________ pricing strategy.

skimming

With a ________________ strategy, marketers set a low initial price for the introduction of a new product or service.

market penetration

Mona is selling her artwork at a local festival. Her art is selling well, but t-shirts she had made up with her artwork are not selling. She decides to offer a package price for her art with a t-shirt included. Mona is using:

price bundling

Retailers use ____________ to get rid of slow moving or obsolete merchandise.

markdowns

The goal of coupons is to:

all of the above

Marketing involves all of the following EXCEPT:

production scheduling

When referring to "exchange," marketers are focusing on:

the trading of things of value

Marketing traditionally has been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, including all of the following EXCEPT:

performance

Marketing efforts designed to get the product or service to the right customer, when that customer wants it, are called:

supply chain management

is communication by a marketer that informs, persuades, and reminds potential customers.

promotion

The traditional marketing channel through which consumers find and purchase goods and services is known as:

B2C

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