Combo with "Marketing 304 – 5" and 4 others – Flashcards
108 test answers
Unlock all answers in this set
Unlock answers 108question
When Taco Bell shows a large close-up of a chicken taco in a television ad, it is:
answer
using a cue to encourage a particular response to the hunger drive.
Unlock the answer
question
Regarding the family life cycle, singles and younger couples without children:
answer
are more willing to try new products and brands.
Unlock the answer
question
Reference-group influence would be WEAKEST for determining which particular ______________ a person buys.
answer
laundry soap
Unlock the answer
question
With respect to culture and consumer behavior, a.culture is the whole set of beliefs, attitudes, and ways of doing things of a reasonably homogeneous set of people. b.culture may exert many subtle influences on other aspects of consumer behavior. c.different cultural subgroups are likely to require different marketing mixes.
answer
All of these alternatives are correct.
Unlock the answer
question
Consumers go through six steps when deciding to accept or reject a new idea. In this adoption process:
answer
the confirmation step follows the decision step.
Unlock the answer
question
In developing marketing mixes for consumers in international markets, marketing managers should:
answer
know about the specific social and intrapersonal variables.
Unlock the answer
question
Business and Organizational Buyers
answer
• Producers Acquires good or services that enter into production of goods or services that are sold, rented, or supplied to other buyers • Wholesalers and Retailers Acquires goods for resale • Governments • Nonprofit Organizations
Unlock the answer
question
Features of the Buyers
answer
• Fewer buyers • Larger buyers • Professional Buyers • Close supplier-buyer relationship • Centralized Purchasing • Buyers are much more focusing on economic factors (e.g., price, delivery, quality, technical services) • Buyers are less emotional than final consumers • Vendor Analysis • Reciprocity
Unlock the answer
question
Derived demand
answer
the demand for business products derives from the demand for final consumer products.
Unlock the answer
question
Fluctuating demand
answer
The demand for business goods and services tends to be more volatile than the demand for consumer goods and services ("accelerating effect").
Unlock the answer
question
The Marketing Mix
answer
• Products or services are usually technical in nature and purchased on the basis of specifications - Quality usually receives high attention; quality certifications eg ISO 9000. • There is a predominance of raw and semi-finished goods purchased. • Heavy emphasis is placed on delivery time, technical assistance, and financing assistance. • Direct selling is the rule, and physical distribution (i.e., the use of sales representatives) is very important. • Advertising and other forms of promotion are technical in nature. • Price is often negotiated. • Trade and quantity discounts are common.
Unlock the answer
question
Multiple Buying Influence
answer
means that several people share in making a purchase decision.
Unlock the answer
question
Basic Methods in Organizational Buying
answer
• Inspection Buying - Looks at every item - Usually for non-standardized products or those requiring examination. • Sampling Buying - Looks at only part of the purchase - For more standardized products. • Description Buying - Based on description (e.g., brand, grade, specification) - Services - Competitive bid. • Negotiated Contract Buying: allows for future changes.
Unlock the answer
question
Which of the following is the BEST example of a "generic market?"
answer
The senior citizen recreation market
Unlock the answer
question
A basic difference between a "generic market" and a "product-market" is:
answer
how similar the competing sellers' products are.
Unlock the answer
question
Which of the following is NOT part of a product-market definition?
answer
information about which specific retailers will sell the product
Unlock the answer
question
The first step in market segmentation should be:
answer
defining some broad product-markets where you may be able to operate profitably.
Unlock the answer
question
Saying that a "good" product-market segment should be substantial means:
answer
it should be large enough to be profitable.
Unlock the answer
question
Electro Technologies, Inc. (ETI) has limited capital and wants to reduce the risk of competitors taking customers if it invests in a new product-market. Its broad product-market consists of three reasonably distinct submarkets. To identify a target market, ETI should probably focus on using the __________ approach.
answer
single target market
Unlock the answer
question
Quality Ceramic, Inc. (QCI) defined five submarkets within its broad product-market. To obtain some economies of scale, QCI decided NOT to offer each of the submarkets a different marketing mix. Instead, it selected two submarkets whose needs are fairly similar, and is counting on promotion and minor product differences to make its one basic marketing mix appeal to both submarkets. QCI is using the:
answer
combined target market approach.
Unlock the answer
question
When segmenting broad product-markets, cost considerations tend:
answer
to lead to more aggregating.
Unlock the answer
question
When major airlines target business travelers because they travel often and typically pay at least three times the price for a ticket as leisure travelers, these airlines are segmenting the market primarily on:
answer
rate of use.
Unlock the answer
question
Which of the following statements about positioning is NOT true? Positioning techniques:
answer
position products on a graph based on price level and quantity demanded.
Unlock the answer
question
Differentiation
answer
is to design a set of meaningful differences to distinguish the company's offering from competitors' offering. can happen in - Physical product - Services - Personnel - Distribution channel - Image
Unlock the answer
question
Major Product Differentiators
answer
• Horizontal Differentiation - Features The characteristics that supplement the product's basic function - Style and design • Vertical Differentiation - Performance quality - Conformance quality The degree to which all the produced units are identical and meet the promised target specification - Durability - Reliability - Reparability
Unlock the answer
question
Major Service Differentiators
answer
• Ordering ease • Delivery • Installation • Customer training • Customer consulting • Maintenance and repair Image Differentiation • Company image and brand image • Building image - Symbols: logo, person, color, sound/music ... - Atmosphere - Events and sponsorship - Use written and audiovisual media to convey a consistent image
Unlock the answer
question
A product position
answer
is the way a product is defined by consumers on important attributes relative to competing brands.
Unlock the answer
question
Positioning
answer
is the act of designing a firm's offering and image so that they occupy a meaningful and distinct competitive position in the target customers' minds.
Unlock the answer
question
Multi-Dimensional Scaling (MDS)
answer
A class of methods for constructing perceptual maps for a set of objects by estimating the coordinates of these objects in a space of some specified number of dimensions. • Input - Data measuring the "similarities" or "distances" between pairs of objects; - Number of dimensions specified by researchers. •Output: positions of all the objects in a perceptual map. •Choose the best number of dimensions: statistical "fit."
Unlock the answer
question
Repositioning
answer
• Identify competitors • Determine how the competitors are perceived and evaluated, and their positions • Analyze potential customers (probably already done in the market segmentation analysis) - "Ideal points" • Select a position
Unlock the answer
question
Consumer Behavior
answer
consists of the activities of consumers in obtaining, using, and disposing of goods and services, including the decision processes that precede and follow these actions. - Ultimate consumer - Purchasers of products for business use
Unlock the answer
question
Psychological Influences
answer
• Motivation • Perception • Learning • Attitude • Personality/lifestyle
Unlock the answer
question
Motivation
answer
is a need pressing enough to cause a person to seek satisfaction.
Unlock the answer
question
Motivation: Freud's Theory
answer
- Motivations are subconscious; - They drive everything we do.
Unlock the answer
question
Motivation: Maslow's Theory
answer
- Needs are hierarchical from very basic to higher levels; - Reasonable attainment of each level is necessary before moving to a higher level.
Unlock the answer
question
Perception
answer
is the meaning that a person attributes to incoming stimuli received in the formats of taste, touch, smell, vision, and sound. • Selective processes - Selective exposure "There is too much noise!" - Selective perception (comprehension) Half empty versus half full cup; - Selective retention "That's what I remembered"
Unlock the answer
question
Learning
answer
is the behavioral changes due to - Direct experience: behavioral learning - Thinking: cognitive learning • The learning process
Unlock the answer
question
Attitude
answer
is a favorable or unfavorable predisposition towards an object - Has action implications - Shaped by beliefs and values
Unlock the answer
question
Belief
answer
is our opinion about an object - Based on personal experience, advertising, and discussion with other people - Do not necessarily involve liking or disliking
Unlock the answer
question
Values
answer
are deeply held attitude and belief - Resistant to external influence - May change over time
Unlock the answer
question
Personality
answer
affects how people see things
Unlock the answer
question
Social Influences
answer
• The Family • Social Class • Reference groups • Personal effects
Unlock the answer
question
Family life cycle
answer
Describes the distinctive stages that a typical family goes through, each stage bringing with it identifiable purchase behaviors. - Stages determined by the age, marital and employment status of the household head, and information about children; - Works better as a descriptive device, not as a predictive tool.
Unlock the answer
question
Reference group
answer
is the people to whom an individual looks when forming attitudes about an object.
Unlock the answer
question
Personal Effects
answer
Two personal effects are particularly important for marketing - Opinion leader (or trendsetter) • Features - More likely to purchase new products early; - More likely to serve as information sources. • Particularly useful in launching new products. - Word-of-mouth
Unlock the answer
question
Cognitive dissonance
answer
is the postpurchase anxiety caused by uncertainty about the rightness of the decision. • Resolving dissonance - Seek information supporting the decision; - Avoid information supporting alternatives; - If no enough support is found, then change his/her opinion and buy something else next time. • What do you, as a Marketing person, need to do to address this? • Warranties, Return Policies, Customer Feedback Some Interesting Behavioral Research • Mental Accounting
Unlock the answer
question
When setting objectives for the whole firm, TOP MANAGEMENT should:
answer
involve the marketing manager in the objective setting process.
Unlock the answer
question
Which of the following is NOT primarily an example of the influence of technology on the external market environment?
answer
The government passes a law that prohibits use of cell phones while driving a vehicle.
Unlock the answer
question
American legislative and economic thinking assumes that:
answer
competition among many small firms helps the economy.
Unlock the answer
question
The Wheeler-Lea Amendment specifically aims at:
answer
unfair or deceptive practices.
Unlock the answer
question
Which of the following is least likely a result of shifts in the cultural and social environment?
answer
A toy manufacturer recalls a playpen with a defective latch and Toys 'R' Us stores remove them from the shelf.
Unlock the answer
question
Gross domestic product (GDP):
answer
is affected by economic conditions and the productivity of workers in the country.
Unlock the answer
question
All of the following countries listed more than 75 percent of their populations as Internet users in 2009 EXCEPT:
answer
Algeria
Unlock the answer
question
The state with the largest percentage increase in population between 2000 and 2010 is:
answer
Nevada
Unlock the answer
question
Which of the following population groups is the most techno-savvy?
answer
Gen Y
Unlock the answer
question
According to the General Electric strategic planning grid, a business that is the strongest in its industry:
answer
is a good prospect, provided the industry has at least medium attractiveness.
Unlock the answer
question
STP marketing is...
answer
modern marketing
Unlock the answer
question
Segmentation
answer
an aggregating process that clusters people with similar needs into a "market segment." Major steps - Naming broad product-markets - Identify bases (factors or variables) for segmenting markets; - Develop relevant market segment profiles; - Segment the broad product-market - Choose the target segment(s).
Unlock the answer
question
Market segment
answer
is a (relatively) homogeneous group of customers who will respond to a marketing mix in a similar way.
Unlock the answer
question
Consumer Characteristics
answer
• Geographic - Country or a region within a country - Level of urbanization (urban, suburban, rural?) • Demographic Age, Sex, Income, Education, Family size, Family life cycle stage, Occupation, Nationality Social class. • Psychographic - Lifestyle - Attitudes about self, family, and society.
Unlock the answer
question
"Marketing strategy planning" means:
answer
finding attractive opportunities and developing profitable marketing strategies.
Unlock the answer
question
The difference between target marketing and mass marketing is that target marketing:
answer
focuses on specific customers, while mass marketing aims at an entire market.
Unlock the answer
question
"Place" is concerned with:
answer
all of these might be involved with Place.
Unlock the answer
question
When Herbal Essences offers "dollar-off coupons" to adult women to try to get them to try its shampoos and conditioners, this is an example of:
answer
sales promotion.
Unlock the answer
question
Ideally, a good marketing mix should:
answer
flow logically from all the relevant dimensions of a target market.
Unlock the answer
question
The text's discussion of Ford's marketing strategy highlights the fact that:
answer
creative strategy planning is needed for survival.
Unlock the answer
question
A S.W.O.T. analysis:
answer
identifies a firm's "strengths, weaknesses, opportunities, and threats."
Unlock the answer
question
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 pursuing?
answer
Market penetration
Unlock the answer
question
To improve its profits, Delta Tool Corp. has redesigned its entire line of rechargeable power drills--adding several new or improved features and three new models. Apparently, Delta Tool is pursuing a ______________ opportunity.
answer
product development
Unlock the answer
question
All of the following are reasons why international opportunities should be considered by managers, EXCEPT:
answer
favorable trends at home and unfavorable trends in other countries make international marketing particularly attractive.
Unlock the answer
question
The Marketing Environment: Internal
answer
• It is about the company Company mission, structure and culture, financial situation, technology, production, quality control programs, R&D (research and development), relationship with suppliers/agents/customers. • Objectives should set the course - Should be socially and economically useful - Should organize to innovate, implement strategies - Should sustain profitability - Helps to have a mission statement • It is about strength and weaknesses • It is usually controllable.
Unlock the answer
question
The Marketing Environment: External
answer
• It is about the macro-environment - Competition; - Macro-economy; - Technology; - Political and legal; - Social and cultural. • It is about opportunities and threats • It affects the company, as well as its suppliers and customers; • It is usually uncontrollable.
Unlock the answer
question
Trends of Competition
answer
• The emergence of fast, responsive "network corporations"; • Mergers reduce costs through economies of scale; • International competition from emerging countries.
Unlock the answer
question
The Economic Environment
answer
• Economic environment constantly changes • Interest rate, inflation rate, exchange rate • Global economy and trade • Tariffs and Quotas • Purchasing power and spending - Family income: no real increase since 1980; - Spending patterns (in % of total expenditure) • Food, clothing, and personal care declines; • Recreation expenditure increases.
Unlock the answer
question
The Technological Environment
answer
• Provides new product and market opportunities • Provides new processes to be more efficient • The Internet • Convergence: integrating technology with commercial activities • Challenges - Too "tech-oriented" to maintain the marketing concept; - Privacy issues.
Unlock the answer
question
The Political and Legal Environment
answer
• Political - Nationalism (e.g., "Buy American", buyBC); - Consumerism- rights and powers of consumers; - Regionalism and free trade- NAFTA, EU - Environmentalism. • Legal - Increasing emphasis on deregulation; - Protect competition: the Competition Act; - Consumer rights and protection.
Unlock the answer
question
Marketing Concept
answer
means that an organization as a whole should seek to make a profit by serving the needs of it customers.
Unlock the answer
question
MARKETING MANAGEMENT PROCESS
answer
the process of (1) planning marketing activities, (2) directing the implementation of the plans, and (3) controlling these plans.
Unlock the answer
question
STRATEGIC (MANAGEMENT) PLANNING
answer
the managerial process of developing and maintaining a match between an organization's resources and its market opportunities.
Unlock the answer
question
Marketing Strategy
answer
• Target Market - A group of customers to appeal. • Marketing Mix - Product; - Pricing; - Distribution (Place); - Promotion. • Note: customer is not part of the marketing mix!
Unlock the answer
question
Product Strategy
answer
• Are there different types of customers in the market? • What do these different segments want? • Which segment should we target? • How can we "position" our product toward this segment? • How broad of an assortment of products should we offer? • What are the appropriate quality levels?
Unlock the answer
question
Pricing Strategy
answer
• How price sensitive are potential customers? • What are our competitors charging for similar products? • What is the minimum price we need to charge to cover our variable costs of production and some of our fixed costs? • What price level would be consistent with the desired positioning for our products?
Unlock the answer
question
Distribution (Place) Strategy
answer
• What channel should we use to distribute our products? • What intensity should we deploy in the distribution of our products? • How many "middlemen" should there be between us and our final customers? Promotion Strategy • What should we communicate about our products to potential customers? - Eg: Attributes, Image, Technology etc • How should we communicate to our potential customers? - Eg: Personal Selling, Mass Selling, Sales Promotion • What specific media should we use to communicate? - Eg: Sleep Country USA
Unlock the answer
question
All of the following should be determined by the marketing department of a firm EXCEPT:
answer
actually making the product.
Unlock the answer
question
The fact that US car companies are located in the upper Midwest while their customers are located throughout the U.S. is an example of:
answer
spatial separation.
Unlock the answer
question
An economic system in which government officials determine production levels is known as:
answer
command
Unlock the answer
question
Which of the following is the BEST example of management thinking during the "production era"?
answer
"If we produce a good product, customers will find us and buy it."
Unlock the answer
question
Simple trade era (before Industrial Revolution)
answer
- Trade of "surplus" output; - Focus: Sell surplus
Unlock the answer
question
Sales era (1930s to 1950s)
answer
- Business success = sell, sell, sell...; - Focus: Beat Competition
Unlock the answer
question
Marketing department era (1950s)
answer
- Short-term marketing plan and limited integration; - Focus: Coordinate and Control
Unlock the answer
question
Marketing company era (since 1960s)
answer
- Implementation of the marketing concept. - Focus: Long run customer satisfaction
Unlock the answer
question
The owner of a company that produces electronic circuit boards sees many competitors with extra capacity and says "the only hope is that our sales manager, who makes all of our marketing decisions, will find a way to sell more boards." It seems that this company is run as if it were in the:
answer
sales era.
Unlock the answer
question
A firm with a marketing orientation is MOST likely to:
answer
advertise how a product meets customers' needs.
Unlock the answer
question
Which of the following statements about customer value is true?
answer
Customer value is the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits.
Unlock the answer
question
The term "micro-macro dilemma" means that:
answer
what is "good" for some producers and consumers may not be good for society as a whole.
Unlock the answer
question
A marketing manager made a speech in which he described his organization as having "really embraced the marketing concept over ten years ago." A critic in the audience argued that the manager didn't understand the "socially conscious" view of the marketing concept. Given the critic's argument, the marketing manager may work for:
answer
a motorcycle producer.
Unlock the answer
question
Which of the following criticisms focuses most directly on a macro view of marketing, rather than a micro view?
answer
Marketing exploits the poor and the uneducated.
Unlock the answer
question
Marketing
answer
is the process of planning and executing conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals. - by AMA (American Marketing Association)
Unlock the answer
question
Marketing myopia
answer
Firms who concentrate their thinking on the physical product instead of customer needs are said to suffer from...
Unlock the answer
question
Micro-Marketing
answer
- The performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need satisfying goods and services from producer to customer or client. - @ the firm level
Unlock the answer
question
Macro-Marketing
answer
- A social process that directs an economy's flow of goods and services from producers to consumers in a way that effectively matches supply with demand and accomplishes the objectives of society - @ the society level
Unlock the answer
question
Customer Needs and Wants
answer
• Needs - A state of deprivation of some basic satisfaction; - e.g., safety, esteem, food, clothing. • Wants - Desires for specific satisfiers of needs; - e.g., hamburger and Coke for needs of food. • Focus on customer needs!
Unlock the answer
question
In Fact, Marketing Is ...
answer
•More than selling and advertising; •Begins with customer needs; •Customer satisfaction is number one! •Starts earlier than production, and lasts later than sales; •Marketing does not do it alone.
Unlock the answer
question
Other Concepts
answer
• Customer Value and Relationship - Value= Perceived benefits - costs of benefits - Retaining a customer is cheaper and the firm should work together to provide customer value before and after each purchase - Customer satisfaction is the way to loyalty • Non Profit Organization and Marketing - Compete for the same resources but for different goals - NOT FOR PROFIT • Social Responsibility and Ethics - Gas Guzzlers - Full Disclosure vs ambiguous information
Unlock the answer
