Upgrade to remove ads
Only $35.99/year

Marketing Exam 1

Terms in this set (158)

Which of the following types of markets includes a middleman (that is, a merchant?)
Centralized exchange
Marketing exists because people have ____ that they are willing to give up things of value to satisfy.
Needs and wants
______ is/are the means of communication with the customer.
Promotion
No money is exchanged in ____, the process of exchanging goods and services between two parties.
Barter
A product is a good, service, or idea to ____ the customer's needs.
Satisfy
When an individual "sells" her time and labor to an organization, a marketing transaction takes place.
False
______ is the process of setting marketing goals, the planning and execution of activities to meet these goals, and measuring progress toward their achievement.
Marketing management
The evolution of marketing proceeds in which of the following orders:
Self-sufficiency, decentralized exchange, centralized exchange
Which of the following management orientations makes profits through sales volume?
Selling concept
Roughly ____ of the dollar price paid by consumer for a product goes to cover the cost of marketing.
50%
There are several different types of marketing functions that must take place in order to get products from producers to consumers. Which of the following is NOT one of those functions?
Producing the physical product
The _____ concept recognizes that people don't really buy products, they buy solutions to problems.
Marketing
It is important that any employees that interact with a company's customers carry "marketing" as part of their job titles.
False
If the National Institutes of Health issued a guideline with cautions about the intake of certain types of artificial sweeteners, this would be an example of marketing.
True
Which type of need would most food and beverage companies primarily attempt to satisfy?
Physiological needs
which of the following types of needs reside at the lowest level in the PSSP Hierarchy of Needs?
Physiological needs
Marketers are most effective at influencing consumer _______.
Wants
Marketers can create core needs.
False
A ______ is the recognition of any difference between a consumer's actual state and some ideal or desired state.
need
Allstate Insurance has traditionally focused its advertising on which type of consumer need?
Safety needs
A _________________ norm compares scores on a measure for different entities at a single point or over time.
Time-based
The past twenty years have witnessed an explosion in the use of ______________.
online surveys
The _________________________ uses a single item to group respondents into two categories, "detractors" and "promoters."
Net promoter score
Having a point of comparison for a rating scale score on a variable such as satisfaction is important for understanding the meaning of the score.
True
Most of the seven types of primary data are used to predict what type of data?
Behavior
Building a survey is _____________ than most people think it is.
More difficult
Which of the following is an example of primary data?
Survey data collected to measure customer satisfaction
In a recall task, respondents are asked to retrieve the target object (e.g., a brand name) from memory.
True
For which of the following tasks is the respondent presented with a target object (e.g., a brand name) and asked whether or not s/he has seen the object?
Recognition task
Exploratory research has several characteristics. Which of the following is not typically one of those characteristics?
Concerned with cause and effect
Mariah has a new job at a rock climbing supply store. Her store has a range of equipment to fit everyone from recreational climbers to elite professionals. What specific market segmentation strategy might Mariah be most interested in using?
Lifestyle (Activity)
What is the goal of market segmentation?
To have segments that are as internally homogenous as possible
Market segmentation is defined as
Segmenting consumers in order to market to the groups more efficiently
Which of these is not a part of the Market Segmentation Process?
Create distinct products for each target segment
Separating market segments based on demographics is entirely subjective
False
What is mass marketing?
Offering the same marketing mix to all potential consumers
A local mall only advertises during the months of November-January, but advertises aggressively for that entire span of time. What best describes this marketing strategy?
Usage Situation Segmentation
As an Aspen barista, James is convinced that 25% of his regular customers account for nearly 60% of the store's weekly orders. He wants to speak with his manager about a rewards program to continue marketing specifically to these customers. James' hunch and subsequent plan are best defined as:
Usage Rate Segmentation
Is using a Buyer Persona more helpful than using basic demographics, and if so, why?
Yes, a Buyer persona provides marketers with a more personable, tangible, and holistic idea of who to target
which of these is not a trait of desirable target markets?
Limited size
Which of these is not Target market strategy?
Value-weighted
Fred and George have a great idea for joke shop products, but are currently attending a school where such products are banned. The only market they can think to sell their products to is outside of the school, and they have no way to ship large quantities of their product beyond the campus. What feature does their current target market lack?
Acessibility
Product-market fit is only profitable in large markets.
False
From a marketing standpoint, satisfying needs is more important than selling products.
True
Why is stability so important a trait to look for in potential target markets?
Dynamic markets require frequent change, and change is expensive.
What is the point of Target Marketing?
Focusing the firm's marketing efforts more specifically
Positioning is defined as
Developing a market strategy to influence how a specific segment views the company
After several years of starting his morning with coffee, Brett studies abroad in England where most people are accustomed to drinking tea. When Brett attempts to start his day with tea, he will be comparing that day's experience to his usual experience with coffee. Why?
coffee is the "pioneer" in this situation, and therefore Brett will use coffee as the standard
Your friend, an avid reader, gives you a list of her favorite science fiction books. The fact that these books are her "favorite" implies what?
These books hold a more positive position in your friend's mind when compared to other books of the same genre.
Positioning has more to do with what a company does with its products than what it does in marketing to potential customers
False
When an industry as a whole has a negative reputation, what strategy might a firm use to work this to their advantage?
Anti-alignment
Lehcar Diamond Jewelers, a French company, recently entered the U.S. market by pointing out several favorable characteristics of Tiffany & Co., an industry leader, and noting how it also possessed those characteristics. Which of the following positioning strategies is Lehcar Diamond Jewelers attempting to pursue?
Alignment
What is a benefit of alignment marketing strategies?
Companies can tell the truth about their performance, companies can connect themselves with the good reputations of better-known firms, companies can use comparisons with their competition for their own benefit (all of these are benefits)
What is a niche market?
A narrowly defined segment of consumers with specific needs
Marginal products can often reach excellent market position with good advertising.
False
Advertisements that use competitive repositioning can include information about product ingredients, product origin, and firm authenticity (or lack thereof).
True
Which of these is not a reason why a company should try to reposition its product?
The firm becomes a market leader
BeneFIT scrubs are an example of
Finding and growing a niche market within an existing market
Needs and desires are preexisting and unchangeable.
False
Which of these is not a physiological need
safety
which of these factors does not influence how much time consumers spend searching for information?
packaging
Marketing is crucial for triggering ____ cues within the consumer base.
external
which of these is not part of the process of consumption?
reverse marketing
What is an example of social need?
Relationships
________ is defined as the set of products or services that comes to mind when a consumer recognizes a need.
Consideration Set
Where do consumer expectations come from?
Other consumers (friends and family, etc)
what is the last stage of the process of consumption?
Reaction
Sarah is on her way to a job interview when it suddenly starts to rain. Which of these purchase decision criteria is likely the biggest driver for her decision to buy an umbrella on her way to the interview?
Urgency
Two crucial questions consumers must determine after deciding to purchase a product are:
When and where
what would be an objective attribute for the purchase of a first car?
Gas mileage
Anna has been promoted to Head of Advertising in her company's marketing department. The company currently allocates the same amount of money for advertising to individual consumers and advertising to businesses. Should Anna change this advertising budget, and if so, how?
Yes; she should give more money to B2C advertising
A business can attempt to increase its SOW for individual consumers by
increasing repeat business
business-to-business transactions, the main focus is on:
the customer relationship
Most evaluation with services takes place:
During and after consumption
the consideration set for services is _____ when compared to the consideration set for products.
Smaller
If a family purchases 2 season tickets for the Dallas Cowboys and 4 season tickets for the Oklahoma City Thunder, what is the SOW of season tickets for this family from OKC's perspective?
67%
how does business purchasing differ from consumer purchasing?
B2B purchasing requires a qualified expert
SOW is defined as
The amount of a customer's spending captured by the business
The lightweight design of an iPAD is an example of a(n):
Add-on attribute
Jake is a photographer looking to purchase a new lens. When he is comparing different lenses before making this purchase, what kind of attribute is he evaluating?
Shopping
What is the definition of the product/service bundle?
Selling products and services together (eg selling and installing washing machines)
Add-on attributes can become expected attributes over time.
True
Consumers buy ___, not ____.
benefits, attributes
The ingredients list on a package of food could best be described as a list of the:
Attributes of the food
In 2014, Porsche released a 50th anniversary edition of its Porsche 911. The company only made a select number of these models, making this a _______ product.
specialty
What is derived demand?
Demand that comes from the sale of consumer products.
Apple mainly sells phones and computers, but also sells accessories for these products. These chargers, protective cases, and other accessories are best described as what?
Support products
A Starbucks franchise receives a shipment consisting of coffee beans and coffee cups - materials that the store will need in order to sell coffee in the upcoming weeks. What type(s) of business products and services are these products?
Coffee beans are components; coffee cups are support products
What is the difference between CPG's and FMCG's?
There is basically no difference
What should a marketing manager whose company makes shopping products do with information about the products?
Make it available and easy for the consumer to find
When do most companies look to extend the life of their product's life cycle?
Maturity phase
Which of these is not a stage in the life cycle of a successful product?
Innovation
Profits are both high and unchanging in the Maturity stage of the product life cycle.
False
The greatest amount of competition exists while in the Maturity stage.
False
New technology products and new medications are generally extremely expensive when first released to the market. These companies are using which kind of pricing?
Skimming
Polaroid cameras first broke into the market in the 20th century, and were popular for many years. They fell out of favor with consumers when digital cameras became more popular, but recently Polaroid cameras have seen an increase in sales again. What variation of the product life cycle does this fall under?
Fashion product
When does the Introduction stage for a product start?
Directly following commercialization
Amazon, a popular online shopping website, is currently in the beginning stages of expanding its business into the more rural parts of India. Executives are hoping that this will allow Amazon to continue growing and retain its dominance in the industry. What is this expansion an example of?
Modifying markets
Because boxes are so important for ecommerce packaging and shipping, it is impossible for ecommerce brands to find affordable options for boxing their products.
False
From the article, which of these elements of a well-designed branded packaging and unboxing experience is the biggest to consider?
Box
According to the article, it is almost always less expensive to get a current customer to purchase again that it is to constantly find new customers.
True
Packaging and labeling is a necessary, but rather unimportant part of selling a product.
False
Primary packaging is used to:
Package one retail unit of a product
How does the article define a "branded packaging experience"?
A thoughtful selection of packaging and shipping materials, as well as the deliberate presentation of products
Idea Generation is primarily concerned with what?
Developing a pool of concepts (ideas)
Pioneers in product development are always the most successful.
False
What is a danger of introducing a Discontinuous Innovation product?
Consumers will likely have difficulty learning how to use your product
Which of these is the best example of Product Innovation?
The first iPod compared to a Walkman
What is the goal of Idea Generation?
To generate as many ideas as possible
A Protocol statement should identify all of the following except:
The expected initial sales of the product
In which category of the consumer market is the firm likely to "make or break" success?
Early adopters
Growth hackers release their product when:
They believe it can satisfy early adopters
Which category of the consumer market is best known as the opinion leaders?
Early adopters
Growth hackers are only concerned with change at the product level, not the business.
False
What happens in the stage of market testing?
Actual products are exposed to prospective consumers in real-life conditions
At which stage of the New Product Development Process does the firm determine what producing a new product will cost?
Business analysis
The Diffusion of Innovation model includes estimates for all new products introduced to the market.
False
What happens in the stage of Commercialization?
A new product is launched in full-scale production and sales
Managers in production-based industries are generally unconcerned with the services side of marketing.
False
A physical product is a collection of _______, plus _________.
Individual service performances; raw materials
Market research that goes into the creation and production of a new car is best described as a(n):
Hidden Service
Service organizations must inherently be small in order to manage service providers.
False
Allyson is looking for jobs she can apply to after graduation. She is primarily searching for jobs closer to the "All Service" side of the product-service spectrum. Which type of job is she most likely to pursue?
consulting
The idea that organizations, markets, and society are fundamentally concerned with the exchange of service is commonly known as:
service-dominant logic
The majority of new marketing jobs being added to the American economy are based in:
services
What is co-production?
The involvement of the consumer in the act of providing the service
A patient who has been waiting for his doctor's appointment for over an hour is likely to be frustrated. From a marketing standpoint, why would this consumer be more frustrated about the wait for receiving this service than they would be if faced with a similar wait for receiving a product?
Importance of time
Gracen is an Oklahoma City Thunder fan, and follows the statistics of her favorite players regularly. She notices that many of the players have remarkably different performances from game to game, rather than being consistent throughout the season. Which characteristic of services would this change in performance fall under?
Variability
A housecleaner's services would best be categorized under which dimension of service outcomes?
Visible
Services have more ______ attributes and fewer _______ attributes (compared with products), making them harder to evaluate.
experience; shopping
The channel of distribution tends to be longer for products than services.
True
Services can only be provided to people.
False
Why is perishability an important characteristic of services?
Services cannot be stored over time
Which of these is an example of mental stimulus processing?
Education
What is defined as the flow of activities involved in providing goods, services, and ideas to the customer?
Process
Which of these is not a line crossed in a services blueprint?
Line of communication
Why should a services blueprint depict potential failure points?
so that the service process can be "failsafed"
From a marketing standpoint, what is the best definition for people?
The human actors who provide goods, services, and ideas to the customer
All the elements of managing processes should be focused on:
the customer
The importance of processes in providing services shows the overlap between what two fields?
service and operations management
Good services marketers are concerned with how the service is experienced by whom?
consumers
A service blueprint depicts the interaction between which two entities?
consumer and service
Why is it critical to determine where failures are likely to occur?
All of these are reasons why it is critical to determine where failures are likely to occur.
Receiving an emailed survey after a service experience is an example of
Passive communication
Passive communication can be an issue because consumers
rarely let you know when they are displeased with a service
which of these is the best example of preparation error?
not preparing questions for office hours
which of these is the best example of services cape error?
a foul-smelling kitchen in a restaurant
what is a reason why services are so prone to errors?
provided and received by humans
the light coming on in your car is an example of?
signaling the presence of a product/service failure
which of these is not a customer error?
information
Customer experiences are most often neutral.
False
Customers who have a poor customer experience will tell more people about their experience than customers who have a good customer experience.
True
Which of these is not a core competency of developing a good Customer Experience?
Consumer interaction
What is the definition of customer experience?
a buyer's satisfaction and perceived benefit with or about many aspects of a brand
Why is brand loyalty beneficial for companies to develop?
retention increases, customers begin to market for you, and customers are more resistant to competitors advances
Visualizing the customer's objectives, needs, feelings, and barriers, on their path to making a purchase decision is known as
Customer journey mapping
customer journey mapping must be done from what perspective?
customer
customer lifetime value is defined as
the worth of a customer to the business over the life of the relationship
Students also viewed