Flashcards and Answers – midterm –
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A favorable economic climate that encourages consumption
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In a SWOT analysis, which of the following would be considered a strength for a company?
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In the BCG matrix, _____ are low-share businesses and products in a market that is not expected to grow. They may generate enought cash to maintain themselves but do not promise to be large sources of cash.
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Dogs
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To create the best possible products and sell them at the best possible price
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Cosmetics firm SatinSilk is revamping its mission statement and advertising strategy. The planning team comes up with a list of options for the new mission statement. The CEO stresses that the new mission statement should be market-oriented rather than product-oriented. Which of the following mission statements should the company pick?
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Strategic planning involves the formulation of supporting objectives for business units based on the company's mission statement.
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Which of the following is true of strategic planning in a firm?
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Products with a low relative market share in a market with high growth prospects
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In the BCG growth-share matrix, question marks refer to
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In a SWOT analysis, _____ refer to external factors that the company may be able to exploit to its advantage.
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Opportunities
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When viewing the market from a buyer's point of view, "convenience" corresponds to _____ in the four P's according to the seller's point of view.
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Place
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The exit of a competitor from the market
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In a SWOT analysis, which of the following would be considered a weakness for a company
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Ainsworth's introduces its toys in the Indian and South-East Asian markets.
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Ainsworth's is a toy manufacture based in Australia. Which of the following indicates that the company is following a market development strategy?
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A company should invest in a question mark rather than a dog.
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Which of the following is true of the growth-share matrix?
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refers to the process of evaluating each market segments's attracting and selecting one or more segments to enter.
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Market targeting
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Acme Inc., has modified the production processes of it's widgets and gadgets in order to enter the Eastern European market. Acme is likely following a _____ strategy.
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Diversification
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Which of the following groups is included in both a company's value chain and its value delivery network?
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Customers
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Which of the following criteria does does the Boston Consulting Group approach use to provide a measure of the company's strength in the market?
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Relative market share
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Marketing ROI is the net return from a marketing investment divided by the profit from the marketing investment.
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Which of the following is true of marketing ROI
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The process that turns marketing plans into marketing actions to accomplish strategic marketing objectives is called
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marketing implementation
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Which of the following groups is included in a company's value chain?
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Customers
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Greyzone, a company manufacturing office furniture, is based in Terrania. Greyzone aims to increase sales of its products in Terrania by increasing its advertising efforts and undertake frequent promotional events. Which of the following strategies is Greyzone using?
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Marketing penetration
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Which of the following is included in the "price" component of a company's marketing mix?
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Sales Promotion
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involves looking at whether a company's basic strategies are well matched to its opportunities.
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Strategic control
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Erica Jenson has a limited budget for the marketing research she needs to conduct; however, the sample size for her research is quite large. Which of the following methods of contact would provide Erica with the most cost-effective way to reach a large sample of potential customers?
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Telephone Surveys
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Walmart sends a trained observer to watch and interact with customers as they shop in a walmart store. This is an example of
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ethnographic research
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A researcher is conducting a study on a new type of insurance that has been released for professionals in jobs that pose a high risk to their life. The researcher, who has substantial experience in this field, has decided to select people who serve as fire fighters and fighter pilots following his own assessment of the people who would serve as good prospects for this insurance. The researcher has used _____ sampling here.
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Stratified random
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NO ANSWER.
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Amanda Hills, the marketing manager for Wilcox Stories, has been asked to study the scope of a new private-lable brand of products that will be created from exclusive herbal and organic ingredients. Amanda has to conduct a full-scale study beginning with ascertaining features of the target marketing to generating estimates of projected demand through objective studies. Which of the following is true with regard to Amanda's steps in this research Study?
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is a method of gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior.
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Survey research
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Vernon Producers are running a series of marketing exercises to price their new range of goods suitably.With this purpose in mind, they have sold one of their key new products at two different prices in two different locations, holding all other factors like quality, promotion, customer service, and so on constant. This is an example of _____ research.
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Causal
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Defining the problem and research objectives.
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What is the first step in the marketing research process?
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The major advantage of survey research is its
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Flexibility
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NO ANSWER.
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Brekkies is releasing a new type of breakfast cereal that combines different grains and flavors. Since Brekkies is releasing a new product in the industry, Brekkies will
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Typically, customer information is buried deep in separate databases, plans, and records of many different company functions and departments. To overcome such problems, which of the following should you use?
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Customer relationship management
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In the second step of the marketing research process, a _____ is developed.
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Research plan
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it consists of people and procedures dedicated to the assessment and generation of customer insights.
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Which of the following is true with regard to a good MIS?
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Which of the following is an example of a free online database that a company could access in order to develop marketing intelligence?
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U.S Security and Exchange Commission's database
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Which of the following has the highest rating for speed of data collection and compilation?
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Online surveys
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assessing the information the company needs.
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A marketing information system begins with the step of
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Experimental research is best suited for gathering _____ information.
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Causal
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Coolers has come up with the product idea of a new soft-drink that will have the lowest calorie count among all the competing products in this range. Which of the following types of research should coolers use to identify the demographic group that would be their target market for this product?
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Observational Rsearch
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The objective of _____ research is to gather preliminary information that will help define the problem and suggest hypotheses.
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Exploratory
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After a research instrument is selected, the next step in the marketing research process is
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NO Answer.
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Diane Chambers, the marketing manager for FarmFresh, is currently scanning the data collected from the cash counters of the Various stores that make up its retail chain, to make sound marketing decisions. Diane is making use of _____ databases.
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NO Answer.
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James calls in a department manager to assist in a purchase of industrial equipment. He is considering a change in product specifications, terms, and possibly suppliers. This is most likely a _____ situation.
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Modified rebuy
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In which stage of the adoption process does the consumer consider whether trying the new product makes sense?
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Evaluation
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Which of the following major American social classes comprises the social elite who live on inherited wealth?
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Upper uppers
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Home Schooled students fare better on standardized tests, and are more mature than students in public school system
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Alyce believes very strongly that the public school system offers students the best opportunities to develop mentally, emotionally, and physically. Which of the following, if true, would cause Alyce the most cognitive dissonance?
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A company regularly purchases cleaning supplies for its cleaning staff, using the same vendor and ordering relative consistent amounts of the same products with each purchase. This is an example of a _____ situation.
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Strategic rebuy
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The government offers several benefits for companies adopting green technologies such as solar or wind energy systems.
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The management team at Riceborough Farms recently invested thousands of dollars of dollars in setting up wind energy units across its property,believing that this would enable the Farms to become self-sufficient in energy production. However, a year into the project, it was noted that the wind-powered system did not produce much energy, and the Farms used almost as much conventional energy as before. Which of the following, if true, would reduce the cognitive dissonance felt by the management team at Riceborough?
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Voorhees' Farms raises chickens. For years, it has used wooden coops for hauling its poultry to market. When the owner, Jason Voorhees, went to reuse some of his coops, he noticed many of them could not be sufficiently cleaned for reuse and he needed to be replaced. At which stage of the business buying process was Voorhees when he decided to replace his old coops?
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Problem Recognition
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Which of the following is an experiential source of information
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Using the Product
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Which of the following would fulfill a safety need according to Maslow's hierarchy of needs?
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A life insurance policy
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Ourkansas Retail Corp. uses Knowitall.com to improve sales force effectiveness and facilitate sharing of expertise. It allows Ourkansas retailers to link with other Ourkansas retailers to ask for managerial and marketing advice. It also allows Ourkansas retailers to ask their suppliers about product usage, deliveries, and warranties, and it allows suppliers to send new-product information directly to Pace retailers. Ourkansas Retail Corp. is using a
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Extranet
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James and Nathan attended a sales seminar. Both left the seminar with differing opinions about what was important to implement in their jobs. Both used the information in different ways, according to what each already believed was important. They have engaged in _____.
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Selective distortion.
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During which stage of the business buying process is a buyer most likely to conduct value analysis by carefully studying components to determine to determine if they can be redesigned, standardized, or made less expensive?
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Product Specification
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Business demand is derived demand as it ultimately derives from the demand for consumer goods.
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Which of the following is true of business markets?
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refers to buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation.
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Systems Selling
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refers to the practice of including ethnic themes within a company's mainstream marketing.
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Multicultural marketing
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Which of the following needs in Maslow's hierarchy of needs is generally satisfied the last?
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Self-Actualization needs
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Which of the following statements is in accordance with Maslow' hierarchy of needs theory?
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A person will not be interested in achieving recognition or social status until his physiological and safety needs are met
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Which of the following is a psycho graphic characteristic of a consumer?
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Lifestyle
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Facebook and Twitter are examples of
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Social networks
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Consumers can obtain information about their needs from any of several sources.Which of the following is a commercial source?
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dealer Web sites
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The 55-year old baby boomers share common needs in music and performers. When a music company decides to serve this group is called a
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Target market
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As you like it Inc. customizes its offers to each individual consumer. This practice of tailoring products and marketing programs to suit the taste of specific individuals and locations is referred to as
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Micro marketing
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Procter & Gamble sells six brands of laundry detergent in the United States, each designed for one of six laundry segments Procter & Gamble has identified. Together, these six brands take four times the market share of Procter & Gamble's nearest competitor. Which of the following is a disadvantage of Procter & Gamble's differentiated marketing strategy?
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Increased costs for separate marketing plans for each brand
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What competitive positioning strategy can attack a more-for-more strategy by introducing a brand offering comparable quality at a lower price?
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More-for-the-same
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A company or store gains a(n) _____ by differentiating its products and delivering more value.
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Competitive advantage
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Neiman Marcus claims superior quality, performance, and style. The owners provide the most upscale products and services and charge a higher price to cover the higher costs. What type of positioning does Neiman Marcus use?
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more-for-more
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Which type of statement first states the product's membership in a category and then shows its point-of--difference from other members of the category?
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Positioning Statement
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When Walmart customizes its merchandise store by store to meet shoppers' needs, it is practicing _____
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individual Marketing
