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Terms in this set (110)According to the text, marketing means much more than selling and advertising Which of the following activities is NOT part of marketing? building a facility to make furniture
A marketing manager planning to launch a successful new product should begin by identifying a product/service customers need. Customer ________ is the extent to which a firm fulfills a customer's needs, desires, and expectations. satisfaction Which of the following statements best describes the modern view of marketing? Marketing begins with anticipating potential customer needs. Marketing applies to both profit and nonprofit organizations. The difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits is called customer value. Which of the following is true concerning marketing ethics? Marketing ethics has its critics. The prevailing practice of most businesspeople is to be fair and honest. Opinions about what is right or wrong vary from one society to another. Individuals develop moral standards based on their own values. The three basic tasks of all managers, according to the text, are planning, implementation, and control. Which of the following refers to the managerial process of developing and maintaining a match between an organization's resources and its market opportunities? strategic (management) planning In contrast to mass marketing, target marketing -ignores the need for the firm to obtain a competitive advantage. -ignores markets that are large and spread out. -is limited to small market segments. -assumes that all customers are basically the same. -None of these answers is correct. None of these answers is correct. The packaging design for a new flavor of Ben and Jerry's ice cream is an aspect of which component of the marketing mix? Product Scott Paper uses many intermediaries to reach its target markets; Citibank uses none. Which of the marketing mix variables is being considered here? Place "A firm is in a fast-growing industry." With which element of the S.W.O.T. analysis tool does this statement fit? opportunities Hewlett-Packard decided that too many other companies were attracting its customers by advertising their computer printers as "having all of the features of Hewlett-Packard's LaserJet." So Hewlett-Packard designed a new color printer with a completely new set of features that no competitors' equipment offered. Hewlett-Packard then introduced it to the same market with the hope that it could develop a larger and more profitable share. This was an effort at product development. In its annual report, Nike claims "The reasons every Nike employee comes to work every day are to create great product, to lead the athletic industry in innovation, and to serve the athlete." This is Nike's mission statement. Typically, firms need a hierarchy of objectives. Which of the following best represents a correct hierarchy of a firm's objectives? company objectives, marketing objectives, promotion objectives, sales promotion objectives X-Brand Bikes, a manufacturer of off-road bicycles, carefully developed a strategy for moving into South America. The strategy had poor results after interest rates and inflation rose rapidly in most of its South American markets, demonstrating the influence of the ________ environment on marketing strategy. economic The process of market segmentation involves identifying broad product markets and segmenting then into narrower target markets. A ________ is a relatively homogeneous group of customers who will respond to a marketing mix in a similar way. market segment Which of the following criteria should a marketing manager use when segmenting a broad product-market? The people in different segments should be as heterogeneous as possible with respect to their likely response to marketing mix variables. Strategy decisions pertaining to product features, packaging, product line assortment, and branding will be most affected by which target market dimension? behavioral needs and attitudes of consumers When moving to international markets, some firms insist that local operations and decisions should be handled by natives because the natives have a feel for the market. Misty Hancock is a sales rep for a computer producer. Her salary last year was $30,000, and she earned another $5,000 in sales commissions. She paid $6,000 in taxes, and spent $8,000 on food, housing, a car, and other "necessities." What is Misty's discretionary income? $21,000 Marketers cannot assume that a product that meets consumer needs in one country will do so in another. This is because many needs are culturally learned. ________ is one of the psychological variables that affects a person's buying behavior. Perception Attitudes are -things we believe strongly enough to be willing to take some action -reasonably enduring points of view about something. -usually thought of as involving liking or disliking. -All these answers are correct. All these answers are correct. Marketers increasingly hire celebrities and even full-time bloggers to engage consumers in social media discussions about new products. A person who is able to influence followers to try products is a(n) opinion leader. Reference group influence is likely to have the strongest effect on the particular brand of ________ purchased. watch Laurie Michaels just bought a smartphone after spending several weeks considering all the possibilities. She likes the new phone, but she still wonders if another brand at a slightly higher price would have been better. This is an example of dissonance. Which of the following statements accurately compares marketing to final consumers with marketing to organizational customers? As compared to those made by consumers, purchasing decisions by organizational buyers are usually more economic and less emotional. Natalie Simopoulos, director of procurement at Grecian Glass Company, must approve every purchase order. Anthony Markatos, purchasing manager, must authorize any sales rep who wants to talk to a Grecian Glass employee. Natalie and Anthony are acting as ________ and ________, respectively. decider; gatekeeper A buying center may vary from purchase to purchase. Which of the following is NOT part of the five-step marketing research process discussed in the text? developing the marketing information system (MIS) Information that has already been collected or published is called ________ data. secondary Gift Mart sent out promotional coupons to customers based on data gathered from a loyalty card program. Information from Gift Mart's loyalty card program is considered primary data. The research proposal may include information about all of the following EXCEPT -what the costs will be. -who will analyze the data. -what data will be collected. -how long the process will take. -what the possible solutions are. what the possible solutions are. A graphic diagram that tells the story of a customer's experience in the buying process, from need awareness through to the post-purchase relationship, is called a journey map. During your in-class activities, one of the quotes we discussed was: While great devices are invented un the laboratory, great products are .... too important to be left to the marketing department As discussed in class, suppose one of your friends comments: 'I'm starting my own business! I have a perfect product that no one else can touch, but I have no use for marketing. That's just for large corporations.' Which of the following arguments would you NOT use in talking about marketing? Marketing helps start-ups organize, operate and assess risk Which of the following terms can be defined as the extent to which a firm fulfills a customer's needs, desires, and expectations? customer satisfaction Which of the following is not a reason why a restaurant may have low customer value? The cost of the dining experience is less than its perceived value. As part of its plans for long-term success, a company that manufactures frozen dinners focuses specifically on making a profit while using sustainably farmed ingredients and compostable packaging that both employees and customers can feel good about. Which of the following best describes the guidelines this company is using to measure its long-term success? a triple bottom line Which of the following best describes marketing? Marketing should guide production, accounting, and financial activities. Which of the following statements about marketing is true? Marketing only occurs when two or more parties are willing to exchange one thing for another thing. Which of the following statements about nonprofit organizations is false? In nonprofit organizations, support often comes directly from those who receive the benefits the organization produces. Which of the following statements best explains the "marketing concept"? All of a firm's activities and resources should be focused on fulfilling the needs of its customers while making a profit. Which of the following represents the basic goal of the marketing concept? satisfying customers at a profit Which of the following statements is true of marketing-oriented firms? In a marketing-oriented firm, every department's activities are guided by what customers need and what the firm can deliver at a profit. In a marketing-oriented firm, every department's activities are guided by what customers need and what the firm can deliver at a profit. making goods or performing services The customer is the target of a marketing mix. A marketing program blends all of the firm's marketing plans into one overall plan. Natural Essences, a company that manufactures hair products, offers "dollar-off coupons" to adult women to get them to try its shampoos and conditioners. This is an example of: sales promotion. A _____ specifies a target market and a related marketing mix. marketing strategy With which of the four Ps of the marketing mix are retailers, wholesalers, warehouses, and transportation firms associated? place Which of the following scenarios best describes differentiation? The firm's marketing mix is distinct from what is available from a competitor. Target marketing differs from mass marketing in that target marketing is tailored to fit some specific target customers while mass marketing aims at everyone with roughly the same marketing mix. Which form of promotion involves direct spoken communication between sellers and potential customers that may happen face-to-face, over the telephone, or via a videoconference over the Internet? personal selling What is the purpose of a S.W.O.T. analysis? to develop screening criteria that will help a company identify what marketing strategy to pursue Which of the following statements is true of target marketing? Target marketing is limited to fairly homogeneous market segments. Which of the following is not an example of how the economic environment may affect marketing strategy planning? The demand for bicycles is increasing because consumers are becoming more health conscious. When machines operate like humans with respect to learning and decision making it is referred to as artificial intelligence. When looking for attractive opportunities, a marketing manager for a clothing manufacturer should consider -All the answers are correct. -the firm's capability to produce. -the firm's brand awareness. -the firm's financial strengths. -whether the firm has good relations with established clothing retailers. All the answers are correct. Which of the following is most likely to serve as a firm's mission statement? We exist to provide customers with the best shopping experience anywhere in cyberspace. According to the continuum of environmental sensitivity, which of the following products would be least risky to introduce in a foreign market? an industrial welding machine The Consumer Product Safety Commission has broad power to set safety standards and can impose penalties for violation of these standards. What is the purpose of free trade agreements? to eliminate import and export barriers between countries Which of the following is not an element of the external market environment? direct environment In order to identify potential competitors, it is important to take the viewpoint of _____ when conducting a competitor analysis. target customers Which of the following is not a variable associated with the cultural and social environment? technological innovation Which of the following types of segmenting dimensions are most helpful in understanding how customers in a target market decide exactly which brands of product to buy? determining dimensions Which of the following represents a broad product-market within the generic market of outdoor adventures? people who buy fly fishing equipment for fishing trips In a customer survey conducted by Radwheel Motors, it was found that customers purchased the company's cars primarily because Radwheel cars were a status symbol in the survey population. By which type of marketing dimension were Radwheel's purchasers motivated? determining dimension Which of the following statements about segmenting is accurate? it tries to aggregate individuals who have similar needs and characteristics. When segmenting a broad product-market, it is especially important that marketers create segments that are operational. Positioning analysis as it is usually practiced is not well-suited to identifying basic shifts in the market. Target marketers who are "combiners" use one marketing mix to appeal to multiple submarkets, even though the submarkets have some distinct differences. use one marketing mix to appeal to multiple submarkets, even though the submarkets have some distinct differences. -has customers with broadly similar needs. -often involves sellers who compete in different product-markets. -often includes sellers who offer diverse ways of satisfying a need. -often includes consumers who will satisfy the same need in quite different ways. -has all of these characteristics. has all of these characteristics. The purpose of a positioning statement is to provide focus for a marketing mix by concisely stating its most important features. Which of the following statements is true of generic markets? The generic market includes only three of four aspects of the product-market definition—customer needs, customer types, and geographic area. It does not include product type. Marketers are paying more attention to ethnic groups in the United States because -the wealth of ethnic minorities is growing. -ethnic minorities often share buying patterns that can be important to some businesses. -cultural and ethnic dimensions are being preserved, which creates marketing opportunities. -the number of ethnic consumers is growing at a faster rate than other populations. -All of these answers are correct. All of these answers are correct. Which of the following is true of opinion leaders? They can influence what products and brands people buy. Luis refuses to shop at big box stores, preferring to do his shopping locally. He reads in the paper that one of these stores will be having a major sale next week, but when his sister asks him later if he wants to go to the sale, he has completely forgotten about it. What is Luis experiencing? selective retention An attitude is a person's point of view toward something. Retailers create holiday-themed displays and promotions to stimulate consumer purchases during gift-giving holidays like Christmas and Mother's Day. Such marketers recognize that characteristics of the purchase situation influence consumer behavior. What are the steps of the adoption process used by consumers when faced with a new concept? awareness, interest, evaluation, trial, decision, confirmation
OneGlow personal care products' advertising states "Makes others want to be you!" The statement best appeals to consumers' _____ needs. social Which of the following best describes a drive? a strong stimulus that encourages action to reduce a need The statement, "Of course people will buy our product—each of its features offers better value than the competition," most closely reflects which consumer behavior concept? the economic-buyer theory Dissonance is tension caused by uncertainty about the correctness of a decision. Among the many factors that influence purchasing decisions are _____, who control the flow of information within an organization. gatekeepers In comparison to the buying pattern of final consumers, the purchasing behavior of organizational buyers is primarily influenced by economic needs like quality and reliability. In a competitive bid, the terms of sale are offered by the supplier in response to the purchase specifications posted by a buyer. Many firms use ______, who may specialize by product area in large companies, to help cut costs and coordinate relationships with suppliers. purchasing managers A seller of software sends a direct mailer to dentists telling them about a medical office management software package. This is an example of a seller helping buyers realize that they have a problem. A buying center refers to all the people who participate in or influence a purchase. Manuel is a manager at a company that makes office furniture. After reviewing products that the company currently makes, he determines which ones are selling best and where gaps exist in the product line. Using this information, he draws up a list of features he would like to see included in new products and gives the list to the design team. In this case, Manuel is a(n) influencer. What are the three steps in the business and organizational purchasing process? defining the problem, engaging in the decision-making process, managing the buyer-seller relationship Which of the following do new-task buying, modified rebuys, and straight rebuys have in common? the ability to meet needs Which of the following may be a business or organizational customer? -a federal government agency -a producer of goods and services -a retailer -a wholesaler -All of these examples may be business and organizational customers. All of these examples may be business and organizational customers. Which of the following statements about marketing information systems is true? Marketing information systems can handle big data, or data sets too large and complex to work with typical database management tools. Lucy is conducting market research to gauge home owners' interest levels in different types of imported rugs. However, because this is a somewhat specialized topic, she is worried that respondents may not know enough to tell the types apart, meaning they may indicate that they like Bokhara rugs best when they really prefer Khotan rugs. In other words, Lucy is concerned about the ______ of her results, or the extent to which her data measures what it is intended to measure. validity
When using randomly selected samples, researchers determine the likely accuracy of the sample by analyzing it with regard to the ______, or the range on either side of an estimate that is likely to hold the true value for the population. confidence interval Which of the following is a common mistake marketing managers tend to make during the first step of the marketing research process? They confuse problems with symptoms. A car dealership wanted to find out more about the customer experience during the car buying process. The dealership's researcher conducted an in-depth interview with Maria Jones and created a graphic diagram that depicted what she was doing, thinking, and feeling during each stage of the buying process. The researcher was creating a customer journey map. The most difficult step in the marketing research process is often defining the problem. The scientific method is important in marketing research because it uses observations to develop hypotheses and then test them. Secondary data refers to information that has been collected or published already. A situation analysis aids the marketing research process in all the following ways except that it interprets data and converts it to useful knowledge and business wisdom. For the experimental method to work, researchers must use two or more groups that are similar in most ways, except the characteristic being tested. Students also viewedChapter 2 Quiz25 terms llamallama90 Ch 1 Review134 terms m33murph MRKT 6162 Mid-Term Exam194 terms courtney_amaker Lesson 2 Quiz: Confirm your market.20 terms Kayla1234520 Sets found in the same folderChapter 525 terms xtcmen MKG300Exam167 terms oliviannchrstne Marketing chapter 647 terms Melodygev MKT CH 52 terms waleed8 Other sets by this creatorDLP Study guide for midterm44 terms richard_charles3 EXAM 1 CONSUMER BEHAVIOR GSU30 terms richard_charles3 busa 3000 final exam study guide141 terms richard_charles3 r91 terms richard_charles3 Verified questions
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