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Marketing 10-12

Terms in this set (195)

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
Firms achieve____________ through efficient procedures and excellent supply chain management.
operational excellence
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, positioning
Many of today's college graduates will make their livings providing goods and services to "baby boomers," the large group of Americans born in the period after World War II. Baby boomers are a
____________ market segment.
demographic
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
After conducting STP analysis for her custom auto parts store and developing strategies for each of the 4 Ps, Brenda now has to make_____________ decision.
resource allocation
Introducing new products or services to a market segment the company is not currently serving is called:
diversification
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
New real estate disclosure regulations require sellers and their agents to tell prospective buyers about any existing problems. Previously, they were only expected to answer buyer's questions. The new regulation addressed the marketing ethical problem of:
withholding information
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
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
During the_______________ phase of the strategic marketing process, the firm's ethical questions shift from "can we" to "should we" serve the market in an ethically responsible manner.
implementation
The centerpiece of the Marketing Environment Analysis Framework is:
consumers
Firms use________________ to collect, and synthesize information about their position with respect to their rivals.
competitive advantage
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 share meanings, beliefs, morals, values, and customs of a group of people are their:
culture
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
Strategic efforts to supply consumers with environmentally friendly merchandise are called:
green marketing
One of the problems for marketing communications to today's time-poor society is consumers have
____________ as an alternative to television or radio.
all of the above
Generally, people buy one product or service instead of another because they:
perceive it to be a better value for them
The consumer buying process begins when:
consumers recognize they have an unfulfilled need
When Kelly began searching for a new car to replace her "clunker," she probably would rely on
______________________ sources of information.
internal and external
Peter wanted an unbiased source of information to help him decide what brand of appliances to buy for his new condominium. Peter would most likely search for information from:
consumer reports
Marketers are particularly interested in postpurchase behavior because:
it entails actual rather than potential customers.
A_______________ is a need or want that is strong enough to cause the person to seek satisfaction.
motive
International marketers know or have learned from experience that colors and symbols have different meanings in different cultures. They recognize consumer's_________________ are not always the same.
perceptions
Patrick bought Timberland boots because he felt they were perfect for his outdoor activities. Chris brought the same model boots because he felt they were stylish, especially with the logo clearly visible. This psychological factor that is driving Chris' behavior is:
lifestyle
The shared meanings, beliefs, morals, values, and customs of a group of people are their:
culture
Jackie is hired as a sales rep for a company that produces and sells steel used in building construction. Jackie is in________________________ sales.
B2B
For B2B salespeople, usually the easiest sale is a___________________ situation.
straight re-buy
Manitoba University is buying a distance learning system. Previously, the school had no distance learning technology. For Manitoba University this represents a________________ situation.
new buy
After need recognition, a business considers alternatives and comes up with_____________ that suppliers might use to develop their proposals to supply the product.
product specifications
NAICS is an acronym for:
North American Industry Classification System
Globalization refers to the process by which goods, services, capital, people, and ideas:
flow across national borders
Originally, offshoring focused on relocating_________________ to lower cost producer countries.
manufacturing
The main function of the________________ is to ensure that trade flows as smoothly, predictably, and freely as possible.
WTO
Manufacturers would prefer to produce in a country with a trade____________ , because it signals a greater opportunity to export products to more markets.
surplus
GDP is defined as:
the market value of goods and services produced in a country in a year
Developed countries are experiencing________________ population growth.
zero or negative
A_______________ reduces the availability of imported merchandise to compete with domestic products.
quota
A________________ is an attempt to get consumers to choose not purchase products from a country.
boycott
In recent years, the decline in the value of the dollar has helped U.S. marketers:
exporting to other countries
When entering a foreign market, the least risky strategy is:
exporting
Many of the best-known American retailers, like KFC and McDonalds, have expanded globally using:
franchising
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