MKG 300 Exam 1 – Flashcards
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According to the text, marketing means
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Much more than just selling and advertising
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For Tesla, a new firm that makes an electric sports car, estimating how many competitors will make electris vehicles and what kinds they will make, is
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A part of marketing
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Marketing
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Provides direction for promotion
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Customer satisfaction is the extent to which a firm fulfills a consumers
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Needs, desires, and expectations
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Marketing can be viewed as
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A set of ativities performed by individual organizations, relevant to both business and nonprofit organizations, and a social process.
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Looking at marketing as a set of activities focuses on
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Micro-marketing
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What statement by a U.S. president best reflects a MICRO view of marketing?
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"Tourism firms should advertise more to attract more international visitors."
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Marketing will no happen unless
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Two or more parties each have something they want to exchange for something else.
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MACRO-marketing
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emphasizes how the whole marketing system works
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Discrepancies of assortment happen when
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producers specialize in producing a narrow range of goods and services but consumers need a wide variety.
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"economies of Scale" means that
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As a company produces larger numbers of a particular product, the cost of each unit of the product goes down
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Which of the following is NOT one of the 'universal functions of marketing'?
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Production
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The standardization and grading function of marketing involves
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Sorting products according to size and quality.
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In a market-directed economy
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consumers decide what is to be produced and by whom through their dollar votes
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The 3 basic ideas in the 'marketing concept' are
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customer satisfaction, total company effort, and profit
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customer value
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is greater if benefits exceed costs and affects a customers relationship with a firm before and after a sale.
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A marketing strategy
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SPECIFIES A TARGET MARKET AND A RELATED MARKETING MIX
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Target marketing, in contrast to mass marketing
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tailors a marketing mix to fit some specific group of customers
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Marketing strategy planners should recognize that
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target marketing is not limited to small market segments
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The market mix
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helps to organize the marketing strategy decision areas
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"Product" is concerned with
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branding, packaging and warranty, physical goods, and services
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Big Fizz Co, a manufacturer of cola-flavored drinks, wants to add packaged fruit juices to its exisiting product line. Big FIzz needs to make some decisions regarding packaging and branding of the fruit juices. THese decisions would fall under which variable of the marketing mix?
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Product
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A firms decisions regarding channel type, market exposure and kinds of intermediaries would fall under which variable of the marketin mix?
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Place
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PLACE is not concerned with?
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Telling the target market what products are available-and where
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The ____ area of the marketing mix includes decisions related to telling the target market or others in the channel of distribution about the "right" product
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Promotion
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The PRICE area of the marketing Mix
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Requires consideration of the cost of the marketing mix and the competition facing the firm when setting prices and requires an understanding of discounts and allowances
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MARKETING PLAN is
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a marketing strategy-- plus the time-related details for carrying it out.
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Happy Feet shoe compan's strategic policy states "carry as limited a line of colors, styles, and sizes as will satisfy the target market." THis policy best relates to which deicisoin area of the marketing mix?
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Product
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Differentiation means that
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A firms marketing mix is distinct from and better than what is available form a compeitior
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When colgate encourages its current customers to brush more often by taking their toothbrush and toothpaste to work with them, which market opportunity is Colgate pushing?
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Market penetration
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When a firm tries to increase sales by selling its present products in new markets, this is called
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Market development
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When a firm tries to increase sales by offering new or imporved products to its present markets, this is called
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Product developement
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When a firm tries to incraese its total sales by offering new products to new markets, its pursuing
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diversification
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A good mission statement should NOT
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embrace everything the firms stands for
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Jazzy Tile Co. segmented its broad product-market and decided to aim at 2 different segments, offering each segment a different marketin mix. Jazzy Tiel Co. is following ______ apporach.
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Multiple Target Market
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When Procter & Gamble offers both Pantene and Vidal Sassoon shampoos to its customers, which target market apporach are they using?
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Multiple
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Watson's Bakery fond 5 different market segments among customers for its bakery goods. When developing a market-oreinted stratgy, the marketing manager used a ___ approach, putting 2 target markets together and developing a single marketin mix that would meet the needs of the new larger segment
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Combined Target Market
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Combiners
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Try to increase the size of their target markets by merging 2 or more segments
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A combined target market apporach
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many not satisfy customers as well as the multiple target market approach
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Ideally, product-markets should be desicribed in terms of
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Behavrioal needs, attitudes, and how present and potential goods or services fit into customers cinsumption patterns. Urgency to get needs staified and desire and willingness to compare and shop. Geoghraphic location and other demogrphic charateristics or potential customers
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BEHAVIORAL (rather then DEMPGRPAHIC) segmenting dimensions include"
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Purchase relationship
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Which of the following is a DEMOGRAPHIX segemtnting dimension
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Family Life cycle
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Deciding whether a group of customers should be included ina target market is the purpose of
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Qualifying
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"Qualifying Dimensions" in contrast to "determinign dimensions"
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indicate whether a person might be a potential customer but do not show which product or brand that person may buy.
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COmpared to qualifying dimensions, determing dimensions
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Are more likely to be related to the specific brand selected and are usally much more specific
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James is a prospective car buyer. In his context, which of the following statemtns would reflect a determing dimension?
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he needs a safe car
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In the 7-step apprach to segmenting product markets, what is the next step after 1) selecting the broad product-market; and 2) identifying potential customers' needs?
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Form homogenous submarkets
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Travel Magic Company wants to enter the hotel business. Its marketing managers are brainstorming ideas about why customers go to different hotels and then writing down customer requirements. At this point, Travel Magic is engaing in which step of the 7-step appraoch for segmentin product markets?
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Identifying potential customers need
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The 7-step appraoch to market segmentaion used in the text shows that
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submarkets are nicknamed based on their determing needs.
