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MKT 320 uncg Final
Terms in this set (59)
When a tee shirt manufacturer states, "We only sell it in black because that way we can buy plenty of black fabric and run our plant efficiently," their statement reflects the views that were popular in which era of the evolution of marketing?
Jami sells construction equipment. Whenever she calls on her building contractor customers, she asks if they are having any problems. In doing so, Jami is addressing which of the following core aspects of marketing?
Satisfying customer needs and wants
Julia is considering a career in marketing. She is concerned about the image of marketers as fast-talking, high-pressure people. When reading about the core aspects of marketing, Julia is relieved to see that in marketing:
all parties to an exchange should be satisfied
Xavier is analyzing potential market segments. He should carefully seek potential customers who have both an interest in his products and:
the ability to buy them.
When referring to "exchange," marketers are focusing on:
the trading of things of value
Which of the following questions must be addressed when making marketing decisions?
How is the product to be designed?
How much should the product cost?
Where should the product be promoted? How will the product be delivered to the customer?
Some banks have begun offering special accounts designed to attract junior high school students. These kids save in such small amounts that the accounts cost banks more to maintain than they are worth. But bankers know that consumers are creatures of habit and hope that the young people they serve now will become adult customers. These banks recognize:
the lifetime value of customers.
Firms achieve ___________ through efficient procedures and excellent supply chain management.
Carla has been directed by her regional marketing manager to cut prices on seasonal items, submit an ad in the local paper, and tell distributors to reduce deliveries for the next month. Which step of the strategic marketing planning process is Carla engaged in?
Implement marketing mix and resources.
When discussing the marketing planning process, STP stands for:
Segmentation, targeting, and positioning
Kathy reviews her division's new marketing plan. Beyond evaluating the plan in terms of its ability to create value for the intended target market, she also is very interested that the proposed marketing plan...
is consistent with the company's mission statement
When conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged?
Brad is reviewing the performance of his franchise sandwich store. As a franchisee, he has access to comparative data from other stores. Brad will likely look at ____________ data for other stores to help him to evaluate his performance.
number of customers
What is false about employee's role in the consumer company (marketer) value match?
can generate revenues
can reduce costs
can generate revenues and reduce costs
are hired for expertise
You work at a bank which earns a great deal of profit from ATM charges. The government has decided that the post office is going to start running their own ATMs that would service all customers from any bank without any service charges. THIS IS AN EXAMPLE OF A PIECE OF DATA THAT COULD FIT IN MORE THAN ONE CATEGORY. SO IF WE EXCLUDE COMPETITION,Which category does it fit? NOTE we are using Kotler & armstrong format found in the lecture 3 slides. You can also get some background from reading chapter 4 and Grewal and Levy's structure.
Macroenvironment - Political
You work at a bank and one of the companies that provide your banking software is going out of business. Which category does it fit?
Microenvironment - Vendors (e.g., parts manufacturers)
You work at a bank and recent marketing research indicates unemployment is going to drop .5%. AGAIN YOU COULD PUT THIS IN CONSUMER, BUT WHAT OTHER category could it fit?
Macroenvironment - Economic
You work at a bank that has just developed an application for mobile communications that has awarded the best designed application for financial services. Which category does it fit?
Microenvironment - Company
You work at a bank that just found out that one of its competitors has had a very extensive security breach. Which category does it fit?
Microenvironment - Competition
You work at a bank which earns a great deal of profit from ATM charges. The government has decided that the post office is going to start running their own ATMs that would service all customers from any bank without any service charges. Use the two dimensions of SWOT to figure this out. This is an example of:
You work at a bank and recent marketing research indicates unemployment is going to drop .5%. Which category does it fit?
You work at a bank and one of your vendors that provide your banking software is going out of business. This represents a:
You work at a bank that has just developed an application for mobile communications that has awarded the best designed application for financial services.
You work at a bank just found out that one of its competitors has had a very extensive security breach
The basic goal of integrated marketing communications is to:
communicate the value proposition to the target market
Integrated marketing communications represents the _________________ P in the four Ps of a firm's marketing mix.
Garrett works for a small chain of convenience stores. He is trying to coordinate his firm's IMC efforts. Garrett's IMC goal is to:
provide clarity, consistency, and maximum communicative impact
Carlos owns a chain of retail electronic stores. He is evaluating how he allocates his firm's IMC budget. He receives offers from a variety of advertising media, spends money on his firm's public relations efforts, and is considering electronic media alternatives. Carl recognizes each IMC alternative:
is part of the whole.
Gerald knows which IMC communication channels are available and knows how he will measure the results of his IMC efforts. To implement his IMC efforts, Gerald also needs to:
focus his efforts on his target market(s).
A product is ____________________ that can be offered through a voluntary marketing exchange.
anything of value to consumers
The complete set of all products offered by a firm is called its:
A __________________ is a group of associated items that consumers tend to use together or think of as part of a group of similar products
A firm's product mix breadth is its:
number of product lines.
__________________ is the number of items within a product line.
Product line depth
Firms often add new product lines to:
capture new markets.
respond to evolving markets.
compete in new venues
For many years, General Electric had a corporate strategy of being among the top three firms in any market in which it operated; if it could not achieve a top-three position, it would exit the market. This strategy often resulted in the company _______________ when certain product lines failed to meet this expectation.
decreasing product mix breadth
A university that has separate graduate and undergraduate admission offices recognizes that these are distinct:
The primary purpose of a brand is to:
distinctly identify one seller's goods or services from competitors' offerings.
One key feature of the value of a brand is that:
it often protects the firm from competition and price competition
If many consumers in the marketplace are familiar with a brand and what it stands for and have an opinion about the brand, the brand has considerable:
When Procter & Gamble added teeth whitening products under the Crest brand, the firm was engaged in:
The potential benefits of brand extension include:
- It allows the perception of a brand with a quality image to be carried over to the new product
- It lowers marketing costs.
- It can boost sales of the core brand.
- the firm can spend less on creating brand awareness and associations
One of the categories of products for which brand extension is logical is:
Brand dilution occurs when:
- customers don't see the "fit" between products sharing the same brand name.
- there are too many products and product categories.
- new brands cannibalize existing brands.
- customer perceptions about the core brand are adversely affected.
Shell MasterCard, created cooperatively by Shell Oil Company and Master Card, is an example of:
Brand licensing is:
- common for toys.
- a way to build brand equity.
- a means of generating additional revenue.
- widely used by sports teams.
Efforts to change a brand's focus to target new markets or change the image of a brand are called
Even if they succeed, new-to-the-world products are:
not adopted by everyone at the same time.
Innovators are a critical group of new product adopters because they:
help the product gain market acceptance.
When John began helping his favorite uncle Burton with his finances, he discovered his uncle was still renting a rotary-dial telephone from the phone company. Uncle Burton had paid thousands of dollars in rental fees over the previous forty years. Uncle Burton is a(n) ______________ in the diffusion of innovation process for telephones.
Many home design businesses volunteer to provide their latest products for tours-of-homes fundraisers because they know their new products will benefit from:
Samples are often used for new products when _________________ will influence the diffusion of the product.
A major limitation in the use of internal R&D departments for new idea generation is that:
the costs tend to be quite high.
A service is any intangible offering that involves a deed, performance, or effort that:
A service is any intangible offering that involves a deed, performance, or effort that:
Along the service-product continuum, which of the following would be considered the most service dominant?
Along the service-product continuum, which of the following would be considered the most product dominant?
Because services are ____________, it is often difficult for marketers to convey the benefits to consumers
When marketers state that services are ____________, they are referring to the fact that services are produced and consumed at the same time.
Martha had several unpleasant experiences trying to find the merchandise she needed at a large lumber yard and hardware store. The employees--when she could find them--rarely seemed to know where anything was outside of their own departments. But on her most recent visit, she was pleasantly surprised to find that the store had installed kiosks where she could get directions quickly and accurately. The store had found a technological solution to the services marketing issue of ____________.
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