Flashcards About Marketing 301
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Marketing
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the process of creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment
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Marketing managers strive to develop a marketing mix that A) minimizes marketing costs B) matches what competitors are offering C) best matches the abilities of the firm D) matches the needs of the target market E) generates the highest level of sales
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D) matches the needs of the target market
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Rob is considering purchasing his own fleet of trucks to deliver the equipment instead of relying on a shipper as is currently doing. This mostly closely represents a decision about A) which market he should target B) the best way to distribute his products C) how to effectively promote his business D) the product he provides to his consumer E) which supplier he should use
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B) the best way to distribute his products
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The marketing concept is best defined as A) a second definition of marketing B) a philosophy stating that an organization should try to satisfy customer's needs through a coordinated set of activities that allows the organization to achieve its goals C) the performance of business activities that direct the flow of goods and services from producer to consumer or user D) a philosophy stating that an organization should attempt to accomplish its goals with no regard for the needs of customers E) the inclusion of marketing activities in the activities of an organization
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B) a philosophy stating that an organization should try to satisfy customer's needs through a coordinated set of activities that allows the organization to achieve its goals
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What is the formula for value? A) Value= monetary price - customer benefits B) Value= customer costs - customer benefits C) Value= customer benefits - customer costs D) Value= customer benefits - monetary price E) Value= customer benefits - time and effort
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D) Value= customer benefits - monetary price
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What is a CRM program?
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refers to practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer life-cycle, with the goal of improving business relationships with customers, assisting in customer retention and driving sales growth
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When a company decides to gather information about the changing trends in an industry is an example of... A) environmental scanning B) target marketing C) surveying D) environmental analysis E) dynamic responsiveness
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A) environmental scanning
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Successful business organizations should take actions to convert internal weaknesses into_____ and external threats into ______. A) opportunities; core competencies B) core competencies; strengths C) opportunities; strengths D) strengths; core competencies E) strengths; opportunities
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E) strengths; opportunities
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What are the four quadrants of the Boston Consulting Group Matrix? A) Cash Cows, Bulls, Question Marks, Pigs B) Bulls, Cows, Stars, Question Marks C) Stars, Cash Cows, Bulls, Dogs D) Dogs, Stars, Question Marks, Bulls E) Cash Cows, Stars, Question Marks, Dogs
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E) Cash Cows, Stars, Question Marks, Dogs
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The Boston Consulting Group Matrix is used for A) to make investments in stocks and bonds B) as a tool for measuring quality of products in a company C) To make decisions about where to place a company's resources D) To select a specific target market E) All of these are true
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C) To make decisions about where to place a company's resources
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Consumerism is
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individuals, groups, and organizations' efforts to protect the rights of the consumer
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A marketing ethics issue is... A) company members disagree about a marketing decision B) an activity does not benefit the organization but benefits the environment C) an activity results in increased prices for the consumer D) a consumer is dissatisfied with a marketing decision E) an individual or organization must choose from among several actions that must be evaluated as right or wrong
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E) an individual or organization must choose from among several actions that must be evaluated as right or wrong
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What are the factors in an environmental analysis?
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Economic, political, legal and regulatory, competitive, technological, and sociocultural
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What is a primary advantage of a concentrated targeting strategy?
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It allows a firm to specialize to meet specific customer needs
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What are the segmentation variables?
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demographic, geographic, psychographic, behavioristics
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Zerex markets its radiator liquid to different markets; one as a coolant and one as a antifreeze. Which segmentation variable are they using?
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geographic
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When evaluating market segments, assessment of competitors is important because
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sales estimates may cause a segment to appear to be lucrative, but there may be several competitors that together have a large share of that segment
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Information that deals with demographic characteristics, product benefits sought, lifestyles, geographic factors, brand preferences, and usage rates.
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Market segment profile
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What is the three step process for perception?
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selecting, organizing, and interpreting information inputs
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Cognitive, affective, and behavioral are three major components of...
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attitudes
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a culture can be divided into subcultures according to...
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geographic regions or human characteristics, such as age or ethnic background
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What is enduring involvement mean?
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when you're passionate about something (i.e. collecting cars)
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What is new task purchase?
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something that company does that they have not done before
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What is a modified rebuy purchase?
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When you order something and the next time reorder the same thing with some changes in the order
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Engineers are considered_____ in the buying center, when they design something for a company
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influencers
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When you remember something incorrectly, that is an example of...
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selective distortion
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What is an unsought good?
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something that you need in an emergency (i.e. flat tire)
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Hershey offers a single product line of candy that has 6 or 7 types. The candies illustrate Hershey's product ______
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depth
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What is a primary distinction between a line extension and a product modification?
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With product modifications, the original product is replaced in the product line while both the old and the new products remain in the case of line extension
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How does brand loyalty effect a customer's purchase decisions?
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It shortens the amount of time and reduces the risk
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The three reasons labeling is important are...
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promotional, legal, and informational
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The four characteristics of services are...
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intangibility, inseparability, perishability, and heterogeneity
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What is prestige pricing?
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where premium prices are often used to give a product an upscale or prestigious image
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Deleting a product line is an example of...
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phase-out
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The process of dropping a specific style of clothing is an example of...
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immediate drop
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What is a venture team?
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group of people that management has assembled to take on the task of new product development
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What is competition based pricing?
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When a company gathers information about the other brands sold in department stores, including their prices
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Selecting $60, $70, $80 for prices is an example of ________ to enhance its positioning strategy
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odd-even pricing
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What is penetration pricing?
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is the practice of offering a low price for a new product or service during its initial offering in order to attract customers away from competitors.
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What is price skimming?
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which a marketer sets a relatively high price for a product or service at first, then lowers the price over time
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In the introduction phase, what are the two methods used for pricing?
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penetration pricing and price skimming
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What is a perceptual map?
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technique used by asset marketers that attempts to visually display the perceptions of customers or potential customers
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What is evaluating criteria?
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A benchmark, standard, or yardstick against which accomplishment, conformance, performance, and suitability of an individual, alternative, activity, product, or plan, as well as of risk-reward ratio is measure.
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What are the product adopter categories?
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Innovators, early adopters, early majority, late majority, laggards
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What are the 5 stages of the individual adoption process?
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awareness, interest, evaluation, trial, adoption
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What is the most basic role of promotion?
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to stimulate product demand
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When you place a heavy reliance on coupons, what type of promotion is a company targeting?
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sales promotion
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What is the first stage in the development of any advertising campaign?
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identifying the advertising target audience
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A major disadvantage of personal selling is...
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that it is very expensive per contact
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When a company introduces a brand new product or line extension, its promotion will focus on...
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creating awareness
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Pioneer promotion is used during the...
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introduction stage
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Competitive advertising is used during the....
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growth stage
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Secondary demand is demand for...
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particular demand
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Parisian Dry Cleaners airs a series of radio ads that claim, "Parisian, your local dry cleaners." This campaign would best be described as
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institutional advertising
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When a company promotes its position on a public issue, this is an example of....
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advocacy advertising`
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When you're stopped by someone asking for you to remember what the last commercial you saw, is an example of...
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unaided recall test
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What is not a public relations tool?
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Product sample
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If a company calls a meeting to announce a major news event, this an example of...
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a press conference
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In recent year the proportion of promotional dollars spent on sales promotion has...
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increased relative to advertising
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Signs, counter pieces, racks, and self service cartons are all forms of...
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point of purchase displays
