How can we help?

You can also find more resources in our Help Center.

150 terms

marketing final

STUDY
PLAY
Cash cows
______ are low growth, high share businesses or products. They generate a lot of cash that the firm uses to pay its bills and support other SBUs that need investment.
Culture
_________ is the most basic influence on a person's wants and behaviors.
Exploratory
The objective of __________ research is to gather preliminary information that will help define the problem and suggest an hypotheses.
develop the needed information
A marketing information system (MIS) consists of people and procedures to assess information needs, _________, and help decision makers analyze and use the information.
mission statement
which of the following is a strategic design that answers the questions: What is our business? Who are our customers? What do our customers value? What should our business be like?
food; housing
Engle's laws generally have been supported by recent studies. He discovered that as family income rises, the percentage spent on _________ declines and the percentage spent on __________ remains about constant.
target marketing
Selecting which segments of a population of customers to serve is called _______.
yes, because the donated blood was exchanged for a feeling of satisfaction.
The American Red Cross created a series of advertisements encouraging viewers to donate blood. After viewing the advertisement, Amanda went to the local Red Cross office and donated a pint of blood. Afterwards, Amanda returned home feeling satisfied that she had performed a good deed. Was this a marketing exchange?
Generation X
Which demographic group (age cohort) has a relatively cautious economic outlook, cares about the environment, and responds favorably to socially responsible companies.
Baby Boomer
Americans born from 1946 through 1964 are members of a market segment called:
Retain
In addition to attracting new customers and creating transactions, the long term goal of marketing is to __________ customers and grow their business.
Aspirational Groups
___________ are groups to which an individual wishes to belong, as when a teenage basketball player hopes someday to play for the Los Angeles Lakers.
Market Penetration
Making more sales to current customers without changing a firm's products is ________.
diffusion of innovations
Developed in the 1960's by Frank Bass, Bass Models emulate:
marketing mix
The set of marketing tools a firm uses to implement its marketing strategy, often called the four Ps, is called the ___________.
selective retention
People forget much of what they learn. They tend to retain information that supports their attitudes and beliefs. This is called _______________.
diversification
Which growth strategy in the Product/Market Expansion grid calls for both a new product and new customers?
Status
People often buy the kind of clothing that shows the level of esteem they hold in their job, meaning their ______________.
demarketing
In the case of excess demand, ______________ may be required to reduce the number of customers or shift demand temporarily.
long-run welfare
The societal marketing concept seeks to establish a balance between consumer's short-run wants and society's __________.
SWOT
Which of the following tools helps a strategic team understand the company's internal and external influences?
the green movement
What movement has encouraged marketers to pursue environmentally sustainable strategies?
generalize the results to the entire population
Focus group interviewing has become one of the major marketing research tools for getting insight into consumer thoughts and feelings. However, the sample is small, so it may be difficult to ______.
brand personality
Researchers found that a number of well-known brands tended to be strongly associated with one particular trait, such as Jeep with "ruggedness". Which of the following terms means a specific mix of human traits that may be attributed to a particular brand?
strategic planning
_________ is the task of developing and maintaining an overall company strategy for long-run survival and growth.
Star
Atlantix Systems makes the leading brand of refurbished computer equipment with over a 60% market share, and operates in an industry that is growing rapidly worldwide. Use the Market Share/Market Growth model to determine the correct classification.
differentiating
Effective positioning begins with ____________ the company's marketing offering in order to give consumers more perceived value.
undifferentiated/mass
Which of the following is the term for a marketing strategy that attempts to target all customers?
cultural
A society's basic values, perceptions, preferences, and behaviors are all part of its ____________ environment.
implement a mass marketing campaign
Chet Hoffman's chain of travel agencies has identified the gay, lesbian, bisexual and transgender community as a growing market that spends an increasing percentage of its income on travel. Which of the following would be the least effective component of a marketing plan for Chet to take advantage of this opportunity?
data mining
After collecting data about customers, techniques to search for relationships in the data, or ____________ , often leads to new marketing opportunities.
understand the marketplace, especially customer needs and wants
According to the five-step model of the marketing process, a company needs to ________ before designing a customer-driven marketing strategy.
Customer equity
__________ is the total combined customer lifetime values of all the company's current and potential customers
marketing audit
The _____________ is a comprehensive and systematic analysis of a company's environment, objectives, strategies, and activities that is conducted by an outside and objective party.
personal interviewing
Which form of marketing research is flexible, allows for explanation of difficult questions, and lends itself to showing products and advertisements, but is also most expensive?
primary research
Survey research is one method used to gather information for _____________ .
selling concept
Jolene's firm believes that the best way to make money from its products is to have the firm focus on large-scale selling and promotion efforts. Jolene's firm is practicing the ____________ .
quality of customer insights it provides
The real value of a company's marketing research and information system lies in the __________.
personal value perception
Customer perceived value is determined by a customer's _____________ of the benefits and costs of a market offering relative to those of competing offers.
strategic business unit
The acronym SBU stands for:
intrusion into privacy
The primary concern with the boom in e-commerce and Internet marketing is _________.
channels
In the model of buyer behavior, which of the following is not a major force or event in the buyer's environment?
market segmentation
The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors is called __________.
?
The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors is called __________.
make better marketing decisions
Marketing information has no value until it is used to __________.
Lifestyle
__________ is a pattern of living as expressed in his or her psychographics, including his or her activities, interests, and opinions.
Cultural Forces
The Microenvironment includes all of the following EXCEPT:
that already exists somewhere and was gathered for another purpose
Secondary data consists of information ___________.
internal, external
The S and W portions of the SWOT model analyze things _________ to the company; the O and T portions analyze things that are _________ to the company.
offering solutions to problems
The text suggests that instead of selling products or services, marketers would be wise to take the customer's view and think of ___________.
perishability
When movie theaters have unsold seats they are dealing with which characteristic of services?
introduction
In which stage of the PLC will promotional expenditures be especially high in an attempt to create consumer awareness?
horizontal conflict
Channel conflict between two retailers is referred to as
shopping products
___________ are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style. Consumers spend much time and effort on gathering information and making comparisons about these products.
are comparatively easy to measure
Demographic variables are frequently used for market segmentation because they _______.
product concept
One of the stages of the New Product Development Strategy involves creating a detailed description of the new idea; this is called a __________________.
psychographic
What type of segmentation would you suggest to marketers who cater to people with various social class, lifestyle, and personality characteristics?
?
What type of segmentation would you suggest to marketers who cater to people with various social class, lifestyle, and personality characteristics?
price elasticity
________ describes how responsive demand will be to a change in price.
undifferentiated (mass) marketing
Developing a strong position within a few market segments creates more total sales than ___________ across all segments at once.
skimming
Pricing that is very high at the beginning, but that gradually goes down to lower level is called
commercialization
The stage of the New Product Development model when a new product is introduced into the market and selling begins is called __________.
Usually just a picture, word, or mock-up description for small focus groups
Which of the following is TRUE about the Concept Testing stage of New Product Development model?
Contractual VMS
A vertical marketing system (channel) in which independent firms join together legally to obtain more economies or sales impact than they could achieve alone is called a
undifferentiated
When competitors use differentiated or concentrated marketing, _____________ marketing can be disastrous.
similar
Market segments need to be all of the following EXCEPT:
demographic
Markets can be segmented into groups that are at different stages of the family life cycle. This is a variable in ___________ segmentation.
decline
In the ___________ stage of the Product Life Cycle, all firms have shut down operations and the product is no longer available.
demand ch
According to your text, companies would benefit from thinking of your supply chain as a _________
exclusive
Sometimes a producer chooses only one dealer in a territory to distribute its products and services. Generally these dealers are given the right to ________ distribution.
length
In marketing terms, we say that the number of intermediary levels indicates the ________ of the channel.
new-product development and acquisition
What are the two ways that a company can obtain new products?
growth
Which stage of the PLC (product life cycle) is characterized by rapid market acceptance, increasing sales, and increasing profits?
It is difficult to plot the stages as a product moves through them
All of the following are challenges presented by the product life cycle (PLC) except for which one? (which statement is False?)
predictability
A company must consider four special service characteristics when designing marketing programs. Which is NOT one of those characteristics?
captive-product pricing
When Epson sets the cost of its printer and copiers low and charges a high price for ink refills, it is practicing _________.
value delivery network
When the company, suppliers, distributors, and customers "partner" with each other to improve the performance of the entire system, they are participating in a _______.
usage rate
Shampoo marketers rate buyers as light, medium, or heavy product users. This is _______ segmentation.
time, pace, and possesion
What three utilities are offered by the distribution channel?
ceiling
Consumer perceptions of value set the _________ for pricing products and services.
Perceptual map (positioning map)
A graph displaying consumers' perceptions of product's attributes across two dimensions is called a:
positioning
Arranging for a market offering to occupy a clear, distinctive, and desirable place in the minds of consumers is called:
competitive advantage
A company gains a _________ by understanding customer needs better than competitors do and delivering more value.
fixed costs
Costs that do not vary with production or sales level are referred to as ____________.
the effect that knowing the brand name has on customer preferences and purchase decisions
Brand equity is defined as
image
When firms use symbols, colors, or characters to convey their personalities, they are using __________ differentiation.
direct
A channel that includes only the producer and the consumer is referred to as a ___________ channel.
tested for three years
Many companies do not use Test Marketing, but others spend a great deal of money on this stage. What did KFC do before they rolled out their Grilled Chicken line?
maturity
The period in a Product Life Cycle when there is a slowdown of sales because the product has achieved acceptance by most potential buyers is called:
monopolistic competition
Under ___________, the market consists of many buyers and sellers who set their own prices and strategies and trade over a range of prices rather than a single market price.
private brands
Under ___________, the market consists of many buyers and sellers who set their own prices and strategies and trade over a range of prices rather than a single market price.
channel differentiation
What type of differentiation is used to gain competitive advantage through the way a firm designs its distribution coverage, expertise, and performance?
oligopolistic competition
Under ___________, the market consists of a few sellers who are highly sensitive to each other's pricing and market strategies.channel differentiation
selective
What type of distribution is used when a producer wants to choose several retailers in a territory to carry its products, but not everyone?
E
Psychological pricing refers to
A. a price that says something about the product itself
B. is not based on economics
C. loses the company money
D. is always a discount price
E. both A. and B.
Services
____________ are products that consist of activities, ideas, benefits, or satisfaction offered for sale that are intangible.
Specialty products
Consumer goods with unique characteristics or brand identification for which buyers are willing to go out of their way to make a special purchase effort are called:
pure competition
Under ___________, the market consists of many buyers and sellers trading in a uniform commodity such as wheat, copper, of financial securities.
unsought products
___________ are consumer products that the consumer either does not know about or knows about but does not normally think about buying. These products require a lot of advertising, personal selling, or other marketing efforts.
value added strategies
When there is price competition, many companies adopt ________ rather than cutting prices to match competitors.
All of the Above
Retail convergence means the merging of:
Extra selling costs due to multiple sales visits to the same clients
Which of the following is a disadvantage of product sales force structure?
joint venture
__________ is a method of entering a foreign market that involves a company coming together with a foreign company to produce or market products or services.
an economic community
___________ is a group of nations organized to work toward common goals in the regulation of international trade.
nonstore retailing
In recent years, __________ has been growing fast. This includes selling to final consumers through direct mail, catalogs, telephone, vending machines, and the internet.
nonstore retailing
In recent years, __________ has been growing fast. This includes selling to final consumers through direct mail, catalogs, telephone, vending machines, and the internet.
click-and-mortar firms
In recent years, many brick-and-mortar firms became __________________ .
price
Which of the following is NOT one of the benefits for the buyer in direct marketing?
public relations
Lobbying, or building and maintaining relations with legislators and government officials to influence legislation and regulation, is part of _________.
public relations
Lobbying, or building and maintaining relations with legislators and government officials to influence legislation and regulation, is part of _________.
merchant wholesalers
__________ are the largest group of wholesalers. The group can be divided into the two broad types of full-service and limited-service.
Push
Which promotional strategy relies mostly on personal selling and trade promotion toward channel members?
Foll
Which step in the sales process is essential if the salesperson wants to ensure customer satisfaction and repeat business?
approach
The salesperson meets the customer for the first time in the ____________ step of the selling process.
non tariff trade barrier
Bias against bids made by American companies is an example of a (n) ___________.
informative advertising
________ is used heavily when introducing a new product category. The objective is to build primary demand.
self service
___________ is the basis of discount operations and is typically used by sellers of convenience goods. Retailers offering this level of service require customers to perform their own "locate-compare-select" process in order to save money.
reminder advertising
A product in the maturity stage may require ____________ advertising.
closing
Salespeople should be trained in understanding the ___________ signals from the buyer, which include physical actions such as leaning forward and nodding or questions about prices and credit terms.
pull
Which promotional strategy calls for spending a lot on advertising toward final consumers?
global
Because it operates in more than one country, a _________ has marketing, production, research, and financial advantages that are not available to purely domestic competitors.
promotion mix
A company's marketing mix includes a blend of advertising, sales promotion, public relations, personal selling, and direct-marketing tools that the company uses to communicate customer value and build customer relationships. This is called the __________.
identifies qualified potential customers
Prospecting is the step in the selling process in which the salesperson __________.
Prestige method
Setting the advertising budget might be done using any of the following methods EXCEPT:
advertising
Any paid form of nonpersonal presentation for the promotion of ideas, goods, or services by an identified sponsor is called __________.
sales promotion
_______ may include in-store demonstrations, free samples, give-aways, contests and sweepstakes.
Brokers; agents
__________ and ___________ differ from merchant wholesalers in two ways. They do NOT take title to goods, and they perform only a few channel functions.
personal selling
________ is the company's most expensive promotion tool.
social media networks
Online communities where people socialize or exchange information and opinions are called _________.
Category Killer
Which of the following is a giant specialty store that carries a very deep assortment of a particular line and has knowledgeable salespeople?
Americanizing
Some social critics say that globalization really means ____________ the world's cultures.
americanizing
Some social critics say that globalization really means ____________ the world's cultures.
C2C
EBay, Amazon, and other auction sites, offer popular market spaces for consumers to exchange goods and information online. These online companies are examples of ____________ online marketing.
kiosks
As consumers become more and more comfortable with technology, many companies are using _________ in stores, airports, and other locations to let the customer search for information and order online.
risk losing their home markets
Firms that play it safe and do not enter the global market are most likely to __________.
positioning
Some supermarkets are cutting costs and attempting to compete more effectively with food discounters, while others are moving upscale, providing improved store environments and higher-quality food offerings. These two different strategies represent changes in their__________.
determines a markets potential
Demographic characteristics, geographic characteristics, economic factors, sociocultural factors, and political/legal factors all help a company to ___________.
persuasive
________ advertising becomes more important as competition increases. The objective is to build selective demand.
to increase their customer pulling power
Why do most stores cluster together?
mobile
Ring-tone giveaways, mobile games, and text-in contests and sweepstakes are all examples of ____________ marketing.
indirect exporting
When entering a foreign market, companies typically start with ___________, working through independent international marketing intermediaries.
quota
A (n) _____________ is a limit on the amount of goods that an importing country will accept in certain product categories.
What does the term viral marketing mean?
What does the term viral marketing mean?
wheel-of-retailing
According to the ____________ concept, new retailing firms often begin as low-margin, low-price, and low-status operations to challenge established retailers, then become more successful with higher prices and status, and eventually take the place of the retailers they had challenged.
tariff
A (n) _____________ is a tax levied by a foreign government against certain imported products.
sales promotions
The use of short-term incentives to encourage the purchase and sale of a product or service is called __________.
to get salespeople to sign up new accounts
Which is not an objective for trade promotions?
warehouse club
Which type of discount store operates in huge warehouses with few frills?
mass reach
Which of the following is not one of the benefits for the seller in direct marketing?
Salespeople develop in-depth knowledge of a product line
Which of the following is not an advantage of territorial sales force structure?