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100 terms

marketing final

The four Ps comprise the marketing mix, which is the ______________ set of activities that the firm uses to respond to the wants of its target markets.
controllable set
Henriette offers financial counseling and management on a fee-only basis. She has found that different customers are willing to pay different rates for her services. This shows that her pricing decisions should depend primarily on:
how different customers perceive the value of her services.
Delivering the value proposition is also known as:
supply chain management
Every Christmas season, Anheuser-Busch runs television ads featuring Clydesdale horses in a winter scene. These ads focus on the promotional goal of __________ consumers about Budweiser, the company's brand of beer.
The evolution of marketing progressed along the following continuum:
production, sales, marketing, value-based marketing
Yolanda is the new restaurant manager in a major hotel. When considering changes in the restaurant
to improve benefits to customers, Yolanda will likely attempt to either provide the same quality at a
lower cost or:
improve products and services at the same cost.
As owner of a retail franchise food store, Mary Gray purchases supplies based on specials advertised
nationally throughout the franchise system. One Monday, she was surprised to find customers asking
for specials she hadn't been informed of in advance. The franchise company failed to live up to the
value-driven principle of:
sharing information across the organization.
Even though they operate from out-of-the-way airports and offer few extra services, discount airlines like Ryanair and EasyJet have been successful. Consumers obviously consider:
the benefit of lower prices to be greater than the cost of reduced services and less convenience.
After major hurricanes like Katrina, many ethical home repair and building supply businesses continue to charge pre-hurricane prices to their customers, even though due to the huge increase in demand they could charge much more. These firms probably recognize that:
lifetime profitability of relationships matters more than profits from each transaction.
Franco uses a database software system to remind him when his customers should be ready to re-order
his industrial cleaning products. With this reminder system, Franco contacts his customers when they are
most likely to be "in the buying mode." Franco's system is part of:
customer relationship management
Lionel is asked to conduct an STP analysis for his firm. The first step he should perform in this analysis is to:
divide the marketplace into subgroups
After identifying various market segments that her company could pursue, Lisa evaluated each segment's attractiveness based on size, income, and accessibility. Lisa was involved in:
target marketing
Duke's is a surfer-themed restaurant chain in Hawaii. Most of its customers are tourists. In a SWOT analysis for Duke's, the possibility that the recession might cut back on tourism in Hawaii would be considered a Weakness.
For years, when considering new products, marketers at Celestial Seasonings asked themselves, "What would Stacy think?" Stacy was a fictional character representing 25-50 year old, educated, upper-income women who rarely watched television but did a lot of reading. "Stacy" represented
target market segment
effective marketing doesnt just happen it is
if starbucks decided to start selling organic meals to corporate eating facilities it would be pursuing a diversification strategy
itunes software is often credited for the success of the apple ipod mp3 player because it made the ipod easier to use than competing plyers. this is an example of sustainable competitive advantage
Sandisk's MP3 player product line (called the Sansa) has a low relative market share. The MP3 player market is expected to decline over the next few years. In BCG portfolio analysis, the Sansa would be considered a dog.
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 Ramona, the keynote speaker at a major business leaders' conference, arrived in the middle of the night at the Ritz-Carlton, she was exhausted and her suit was wrinkled from her ten-hour plane trip. The night clerk found someone to dry clean Ramona's suit and have it ready for her morning presentation. She has been a loyal Ritz-Carlton customer ever since. In this example, Ritz-Carlton demonstrated the macro strategy of:
customer excellence
Craig sees that his company's quarterly sales and profits are significantly above projections and says thats great lets keep doing what we've been doing. craig is ignoring the ______ step of the marketing process
evaluation performance
_____ involves the process of defining the marketing mix variables so that target customers have a clear distinctive understanding of what a product does or represents in comparisons competing products
Walmarts strong supplier relations and efficient supply chain have helped the firm achieve operational excellence
successful firms focus their efforts on satisfying customer needs that
match their core competencies
Ryan knows that one of the goals of value-based marketing is to provide greater value to consumers than competitors offer. To accomplish this goal, Ryan's firm must look at everything it does:
from a customers point of view
demographic profiles of customers provide an easily understood "snapshot" of the typical consumer in target markets
Firms that provide materials, transportation, advertising, accounting and other goods and services, helping a firm create value for its customers are called:
corporate partners
the difference between a firms immediate marketing environment and its macroenvironment is taht the macroenvironment is
political candidates are notorious for appealing to the different beliefs and values of groups of potential voters in different regions of the country. these politicians are appealing to the differences in
regional culture
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
marketers in the united state are paying increasing attention to ethnic groups because
approximately 80 percent of all population growth in the next 20 years is expected to come from minority groups
by offering environmentally responsible products green marketers:
add value that the other products do not have
Recent advances in technology allow manufacturers distributors and retailers to track production distribtuion and sales. these advances help the firm to
meet inventory needs
successful firms focus their efforts on satifsying customer needs that match their core competencies
The centerpiece of the marketing environment analysis framework is
a firms macroenvironment includes all of the following except
_______________ is the set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service.
brand equity
Zappos is a successful online shoe company. One of the difficulties in running a shoe company is the need to have significant _____________, a large number of items in each product line
product line depth
A(n) ________________ is a name, symbol, design, or term that identifies a seller's good or service as distinct from those of other sellers.
A __________________ is a group of associated items that consumers tend to use together or think of as part of a group of similar products.
product line
The complete set of all products offered by a firm is called its:
product mix
A product is ____________________ that can be offered through a voluntary marketing exchange.
anything of value to consumers
A product is ____________________ that can be offered through a voluntary marketing exchange.
that asks two questions at once
When the market research problem is not clearly defined, a researcher will likely engage in __________________ research.
The major advantage of primary data collection is that
can be tailored to meet the specific research needs
Marketers often race too quickly into research studies to collect __________________ data because it is designed to address their specific questions, while _____________ data may exist that can sufficiently address the marketer's questions at a much lower cost.
Joe is reviewing secondary data his company collected about seasonal variation in consumer spending. The advantages of using this data include that:
it can be quickly accessed at a relatively low cost
A marketing research project often begins with a review of the relevant _____________ data
Once a marketing researcher is ready to move beyond preliminary insights to specific, informed questions, the researcher is ready to conduct:
conclusive resarch
Commercial research firms like ACNielsen, J. D. Power, and Simmons Market Research Bureau are sources of:
syndicated data
Company sales invoices, Census data, and trade association statistics are examples of:
secondary data
Assuming that a market research study will answer important questions and reduce uncertainty associated with the proposed project, the other major question that needs to be addressed before starting the study is:
is top management committed to the study
The first question a market researcher should ask when considering a research study is:
will the research be useful
The Marketing Research Process follows five steps, and researchers:
may not always go through them in the exact sequence if the situation changes or new information is discovered.
The AMA guidelines for marketing research:
all of these
The many incidents of identity theft and scams falsely presented to consumers as market research surveys have made:
it more difficult for market researchers to gain cooperation from respondents.
From charitable giving to medical records to Internet tracking, consumers are more anxious than ever about:
preserving their right to privacy.
Through analysis of sales data, Price-Cutters retail store found that customers who bought peanut butter also tended to buy bananas. Price-Cutters was engaged in:
data mining.
Marketing research includes all of the following except:
creating data.
A ____________ is often used to illustrate the position of a firm's products or brands in consumers' minds.
perceptual map
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.
When selecting a target market, firms should attempt to:
match the firm's competencies with a market segment's attractiveness.
Ronaldo wants to develop an Internet auction-based business and is working through the STP process. After establishing his objectives, describing potential market segments, and evaluating the attractiveness of each segment, Ronaldo now has to:
select a target market.
The manager of Plantation River Country Club wanted members of the very upscale club to use the bar and dining facilities more frequently. He offered a two-for-one "happy hour" special but few members showed up. The manager did not have a grasp of what made his target market:
Ryan wants to sell personal Web site services to American soldiers in Afghanistan. Because of the difficulty of communicating with people in a war zone, Ryan may have trouble with this segment not being:
Karen has identified four potential market segments for her Rent-A-Chef home meal catering service. She will now evaluate whether or not each segment is:
all of these
While demographic and geographic segmentation of retail customers is relatively easy, these characteristics do not help marketers determine:
what their customers need.
One of the reasons marketers use loyalty segmentation is:
the high cost of finding new customers.
Gloria is opening an upscale women's clothing store in a growing suburban residential area. Gloria knows her target market is upper-income women living within twenty miles. She can't afford to purchase a PRIZM or Tapestry analysis so she will most likely use ________________ as a basis for targeting her market.
real estate values by subdivision
Golden Years Vitamin Corporation targets consumers living in Florida who are over 65. Golden Years is using _______________ segmentation.
The Lite beer commercial with the slogan, "less filling, tastes great," was based on ______________ segmentation.
Marketers have found that ___________________ segmentation is often more useful for predicting consumer behavior than ________________ segmentation
psychographic; demographic
Paul is considering psychographics as a way to segment the market for his small travel agency. This approach to segmentation offers him an advantage because:
it is based on behaviors and underlying reasons why people make choices.
____________________ segmentation is the most common basis of consumer market segmentation because these segments are easy to define and usually easy to reach.
Alex has found that both commercial and residential real estate buyers respond positively to his marketing communication message. Alex has identified ____________ that respond similarly to his marketing efforts.
market segments
Sally is in the new marketing department of a mid-sized lawn and garden company. She is working on the first marketing plan the firm has ever used. She has defined the mission and objectives, and she just finished a situation analysis for the firm. The next step is to:
identify and evaluate opportunities by conducting segmentation, targeting and positioning analysis.
If a B2B customer is satisfied with an existing supplier, it will probably engage in a(n) ___________ to purchase additional quantities of the item.
straight rebuy
When Walmart considers re-ordering items for its stores, its buyers are instructed to negotiate price concession, quality improvements, and/or added options. In this situation, Walmart buyers are engaged in a(n) __________________ situation.
modified rebuy
Not knowing the roles of key players in the buying process could cause a sales representative to:
waste time and alienate people.
The customer Carlotta is calling on today has a(n) __________ buying center culture. This means that the decision process will involve reaching agreement among all members of the buying center.
Carlos recently graduated with a degree in marketing, and he has taken an attractive sales position with a B2B firm. He did quite well in school, but one of his strongest assets is the way he works with people. In the firms he plans to visit, he has planned to focus most of his attention on:
Carlos should focus on all of these.
In most large organizations, several people are responsible for making a purchase decision. This group is called the:
buying center.
As purchasing manager for Avalon Electronics, Carrie is required to submit a vendor performance analysis every three months. To meet this requirement, Carrie will probably:
specify and weight performance factors and quantify results.
After evaluating proposals they received for new telecommunication equipment, the buying center for USF Corporation will probably discuss ___________ with qualified suppliers.
all of these
After need recognition, a business develops ____________ that suppliers might use to develop their proposals.
product specifications
Which of the following is an example of an institutional buyer?
Mayo Clinic Hospital
Paula has developed a successful business selling appliances to homebuilders. She carefully monitors the issuance of new home permits to anticipate how many appliances she will need to buy in order to supply her customers. Paula is concerned with ______________.
derived demand
Business-to-business marketing involves buying and selling goods or services by all of the following except:
Marketers are particularly interested in postpurchase behavior because it:
involves actual rather than potential customers.
Marketers are particularly interested in postpurchase behavior because it:
involves actual rather than potential customers.
Consumers consider universal, retrieval, and evoked sets during which stage of the consumer decision process?
Evaluation of alternatives
After purchasing an expensive pair of shoes, you may question whether or not the shoes are any better than the less expensive shoes you could have purchased instead. This is an example of postpurchase cognitive dissonance.
By producing motorcycles that do more than get riders to their destinations and back, Harley-Davidson is addressing consumers'__________________ needs.
functional and psychological
Ryan believes he is responsible for his actions, and he will conduct extensive searches before making a purchase. Michael's favorite phrase, when confronted by the need to make a decision, is, "Whatever." In marketing terms, Ryan is said to have a(n) ___________ and Michael, a(n) ___________.
internal locus of control; external locus of control
Marketers often use principles and theories from ______________ and _____________ to decipher many consumer actions and develop basic strategies for dealing with their behavior.
sociology; psychology
The greater the difference between a consumer's unsatisfied need and the desired state, the greater the need recognition will be.
Natalia and her fiancée Dow are planning their wedding. She knows her mother wants her to have a traditional church wedding with a Roman Catholic priest officiating. Natalia would like to have an informal ceremony on the beach, since that type of wedding has become popular with her friends. Furthermore, Dow is from Thailand and would like to have a monk officiate. Natalia and Dow's wedding decisions are influenced by:
family, reference groups, and culture.
Last semester, Henri bought his textbooks over the Internet and saved a considerable amount of money. Classes start in a few days, and he needs to decide right away how and where to purchase his books. Henri will engage in ___________________________ process.
a limited problem solving
There is an old saying, "Never go to the grocery store hungry." This saying suggests that a consumer's _________________ state may adversely affect purchasing decisions.
Maslow's Hierarchy of Needs includes physiological needs at the lowest level and self-actualization at the top. The three levels in between are
safety, love and esteem.