Business 4 – Flashcards
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_____ is the most popular mobile photo sharing application which allows users to make their photos look dreamy or retrospective with different tints and then share them with their friends.
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Instagram
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Which of the following statements is true about digital media?
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They do not relieve businesses of the task of achieving the right marketing mix.
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If a nationwide sandwich shop introduces a new sandwich in the Midwest to try out its marketing strategy before offering the product across the country, it is in the _____ stage of the product development process.
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test marketing
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In the _____ approach to market segmentation, a company develops one marketing strategy for a single market segment
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concentration
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Which of the following has most likely taken place when a customer at a bakery hands a cashier $5 for a loaf of bread?
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Exchange
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Which of the following requires organizations to gather information about customer needs, share that information throughout the firm, and use it to help build long-term relationships with customers?
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Market orientation
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Prism Phones Inc. is targeting college students and young professionals. The company has therefore decided to advertise its cell phones over social networking and other popular websites. Relative to television advertising, this strategy will help Prism Phones save costs, allowing the firm to sell its phones at a more competitive price. Prism Phones' decision to advertise via different vehicles than other firms illustrates the _____ activities of the marketing mix.
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promotion
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If a product is experiencing negative profits and the company is spending a great deal of money on advertising to make consumers aware of the product, the product is most likely in the _____ stage of the product life cycle.
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introduction
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In businesses, the _____ is an important variable—often the central focus—of the marketing mix, based on which the other variables are adjusted.
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product
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Venn Networks recently unveiled its new smartphone at a press conference. There was a news release about the new smartphone and all the members of the company's top management interacted with the media during this conference. Venn Networks is using the promotional strategy of _____ in this scenario.
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publicity
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Private distributor brands:
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are owned and controlled by a wholesaler or retailer.
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Inventory control, transportation, and warehousing are all examples of activities of:
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physical distribution.
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Which of the following is most likely the primary focus of a business that adopts a market orientation?
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Building long-term relationships with customers
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A gallon of milk is an example of a:
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convenience product.
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_____ is the only business function that is directly responsible for creating sales and revenue.
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Marketing
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A factor that has sparked the rise of consumer-generated information is:
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the consumers' tendency to trust other consumers over corporations.
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_____ is the chance of loss associated with marketing decisions.
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Risk
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In the context of the psychological variables of buying behavior, _____ is the process by which a person selects, organizes, and interprets information received from his or her senses.
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perception
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If a company develops an advertising campaign exclusively for a segment of consumers with a certain income and education, which of the following segmentation variables is the company using?
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Demographic
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A(n) _____ is a web-based meeting place for friends, family, co-workers, and peers that lets users create a profile and connect with other users for a wide range of purposes.
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social network
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Selective distribution:
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uses only a small proportion of all available outlets to expose products.
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Convenience products such as bread, milk, and chewing gum would probably be marketed:
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intensively.
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Which service allows users to "like" a company's profile and thereby interact and build a relationship with the firm?
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Facebook
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In the context of the evolution of the marketing concept, the era of production orientation was characterized by ____.
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the development of new technologies that made it possible to manufacture goods with ever increasing efficiency
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As services are generally produced and consumed simultaneously, they are usually distributed through:
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direct marketing channels.
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One challenge that digital media has created for businesses is:
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employees wasting time surfing the Internet.
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_____ encourages consumers to make purchases based on emotion, rather than rational considerations about the price.
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Psychological pricing
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Many social networking sites today provide users with the ability to:
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download applications.
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Kemmen Foods Inc., a company that manufactures and sells breakfast cereals, has customized its cereal flavors to suit different lifestyles, personal tastes, and age groups. For example, it makes organic cereals for its health-conscious customers, and it makes colorful cereals with cartoon characters for children. Which of the following market segment approaches is Kemmen Foods Inc. using in this scenario?
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Multisegment approach
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_____ is best described as a group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas.
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Marketing
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_____ are websites where users can add to or edit the content of posted articles.
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Wikis
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The form of communication that attempts to facilitate a marketing exchange by influencing people, groups, or organizations is known as:
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promotion.
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Which of the following promotion mix variables is best for promoting expensive products with specialized uses, such as houses?
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Personal selling
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_____ is the goal of the marketing concept.
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Customer satisfaction
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The first step in developing a marketing strategy is:
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selecting a target market.
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A customer's subjective assessment of benefits relative to costs in determining the worth of a product is known as ____.
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value
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Which of the following is NOT one of the four marketing activities of the marketing mix?
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Profit
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When Viera, an automobile company, pays a television network to air its commercial, it is using:
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advertising.
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Marketers' ability to process orders electronically and increase the speed of communications thereby reducing costs, inefficiencies, and redundancies most relates to which element of the marketing mix?
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Distribution
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If a company buys televisions from a manufacturer and then sells them to department stores, it is probably a _____.
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wholesaler
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When a company sets a low price for a new product to discourage competition from entering the market, it is using the _____ strategy.
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penetration pricing
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_____ is one of the most popular photo sharing sites on the Internet which enables the user to upload images, edit them, classify the images, create photo albums, and share photos with friends.
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Flickr
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Which of the following distribution channels would most likely be used for fruits and vegetables sold at a roadside stand or farmer's markets?
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Producer to consumer
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Which of the following statements is true of digital communication?
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It has made it possible for Which of the following statements is true of digital communication?
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True Pharmaceuticals Inc. manufactures and sells a variety of drugs for a large market consisting of people of different genders, ages, educational backgrounds, lifestyles, geographic locations, and income levels. It assumes that all buyers have similar medical needs and wants. In this scenario, True Pharmaceuticals Inc. is best demonstrating a _____ approach to marketing.
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total-market
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Effective promotional positioning uses promotion to:
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create and maintain an image of a product in buyers' minds.
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Products such as furniture, audio equipment, bicycles, and clothing are generally classified as:
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shopping products.
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Gear Power Inc., an automobile company, manufactures different cars for different market segments. It markets SUVs for customers who live in the mountains, sedans for customers in the coastal plains, and smaller hatchback cars for those in big cities. In this scenario, Gear Power Inc. is primarily using _____ variables of market segmentation.
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geographic
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Which of the following elements is the most flexible variable in the marketing mix?
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Price
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_____ tend to allow businesses to be more promotional than reactive because they do not permit companies to respond to or interact with customers.
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Media sharing sites
