Marketing 203 Midterm - Flashcards

Q: Which of the following does the General Electric approach examine?

business\'s strengths and the attractiveness of industries

Q: A benefit of utilizing a targeted marketing strategy is that a company may be able to:

retain \"at risk\" customers in dangers in danger of defecting to a customer

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Allen's company supplies photographic film to larger corporations that package and sell them to consumers, along with their own brand of cameras. In recent years, the sale of photographic film to these firms has fallen drastically because more and more people prefer buying digital cameras. Allen's company suffered a loss of business due to the fall in _____.

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derived demand

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Sally's cookie company sells products both online and at retail locations. She has developed multiple value propositions because:

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she is serving more than one target market

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Choosing select groups of people to sell to is called, _____.

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differentiated marketing

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Which of the following does the General Electric approach examine?

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business's strengths and the attractiveness of industries

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The Federal Trade Commission regulates companies:

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in an effort to prevent from engaging in unfair trade practices

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Firm may not allow their purchasing agents to accept gifts from potential vendors because:

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they dont want their buyers to make decisions based on personal gain

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A product with high growth and a high market share is known as a _____.

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star

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____ occurs when a small change in demand by consumers has a big effect through the chain of businesses that supply all of the goods and services that produce it.

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fluctuating demand

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Hispanic consumers are the target market for many products because this is a:

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growing group of consumers with about a million dollars in buying power

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To avoid head-on competition with other firms trying to capture the same customers, a firm may choose a _____ strategy.

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targeted marketing

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Firms want to do business with firms that are responsible because:

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that is what consumers are increasingly demanding

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_____ is the relationship between two variables whereby one variable is a direct consequence of the other.

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causality

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Statistical control involves:

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mathematically removing the influence of a variable on an outcome so as to isolate the cause of a problem.

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When a manufacturer creates a product with a low share of a high-growth market, the product is known as a _____.

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question mark

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_____ allows you to smooth out the seasonal variance on sales so you can then determine how much of the change in sales is due to other factors.

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statistical control

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A/an _____ is an examination or snapshot of the state of a company's marketing strategies as they are actually implemented.

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marketing audit

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The success sequence involves taking money from _____ and investing it into _____ in hopes of them becoming _____.

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cash cow question mark stars

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The group of customers toward which an organization directs its marketing efforts is known as the _____.

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value group

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A benefit of utilizing a targeted marketing strategy is that a company may be able to:

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retain "at risk" customers in dangers in danger of defecting to a customer

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In marketing, _____ involves collaboration with suppliers and customers in order to generate offerings of value to customers.

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creating

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According to the AMA's definition of marketing, _____ is a component of marketing which involves describing offerings and learning from customers.

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communicating

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_____ refers to how much a customer will spend in the future.

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lifetime value

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Tom goes to the department store and buys some detergent. Which component of marketing does this describe?

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exchanging

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_____ typically involves researching a specific market to determine its size and trends.

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market research

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Which of the following steps in one-to-one marketing involves determining who your best customers are in terms of what they spend and will spend in the future?

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differentiate among your customers

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Which element of the marketing mix would involve delivering offering to a retail store where they may be purchased?

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place

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Sue often travels to other grocery stores in the marketplace to observe how much they are charging for the same products she stocks at her store. Sue is engaging in _____.

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market intelligence

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Which element of the marketing mix would include advertising and sales?

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promotion

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____ is a buzzword people are using to refer to the massive amounts of online and offline data being gathered today.

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Big data

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The Elliott Corporation decides to exhibit its products in an industry trade show. Which marketing activity is the company performing?

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Communicating offerings

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A/an _____ is a way to manage the vast amount of information firms have on hand.

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MIS

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A _____era refers to an approach to business that recognizes that consumers want value no matter how it is delivered, whether it's via a product, a service, or a combination of the two.

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service-dominant logic

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Combining data into one location is called _____.

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data warehousing

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_____ are the physical aspects of the selling environment retailers try to control.

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Atmospherics

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Bill lives on a farm. If Bill wants to buy an iPad, he would have to drive six hours to the nearest city that has an Apple Store. According to the personal value equation, which of the following statements would be true, if Bill were to buy an iPad?

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The benefits received from purchasing the iPad would decrease.

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Accessing internally generated information quickly:

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give a company a competitive advantage

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_____ are temporary conditions that affect how buyers behave.

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Situational influences

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Which of the following businesses can be considered as a reseller?

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consumer goods retailer

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Al manages a grocery store. He decided to put the bread on aisle 1 and the milk next to aisle 10. He is controlling his store's _____ to increase the time his customers spend in the store, which will hopefully result in more sales per customer.

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atmospherics

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How might a marketer increase a consumer's personal value equation?

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reduce the hassle and increase the benefits associated with the exchange

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Data is combined with statistical techniques by:

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analytics software

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Holding costs down is especially important to _____ because it enables the services to be provided to more people.

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institutional markets

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Situational factors that affect people's buying behavior include all of the following EXCEPT:

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consumer's lifestyle

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Which of the following examples best illustrates the marketing concept?

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A catering firm decides to expand its hours of operations to better serve working mothers.

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Stealing product strategy information from a competitor is known as:

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industrial espionage

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_____ can be either nonprofit or for-profit businesses.

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business buyers

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Michael Porter's five forces model includes all of the following EXCEPT:

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threat of supplier penetration development.

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How a person sees himself/herself is known as _____.

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self-concept

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Organizations and functions that mine, make, assemble, or deliver materials and products from manufacturer to consumer are referred to as _____.

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supply chain

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The advantage of market research is that it:

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it can help make a good decision

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In Michael Porter's five forces model, the threat of supplier bargaining power refers to:

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the likelihood a supplier will enter into a customer's market.

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Which of the following refers to personality?

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An individual's disposition as other people see it

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_____ refers to a philosophy that focuses on competing through product innovation.

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product orientation

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In the _____ section of the marketing plan, the planner describes the offering and provides a brief rationale for why the company should invest in it.

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business challenge

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The marketing plan should constantly answer the question:

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"Why should I invest in this plan?"

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Which of the following refers to a person's ideal self?

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How a person would like to view himself.

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When discussing the customer segments in the marketing plan, it is important to include:

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market share and sales goals for each segment.

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Which of the following is a reason for a firm to use multiple segmentation bases?

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To get a fuller picture of its customers and create real value for them

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Lucy lists the positive factors associated with her company, such as sales growth, world class distribution, and industry recognition for product quality. She is listing the company's _____.

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strengths

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Which of the following does green marketing typically involve?

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Marketing environmentally safe products and services in a way that is good for the environment.

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_____ combines the lifestyle traits of consumers and their personality styles with an analysis of their attitudes, activities, and values to determine groups of consumers with similar characteristics.

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psychographics

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Threats include:

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external negative conditions of the macroenvironment.

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_____ characteristics divides people and organizations into groups according to how they act toward products.

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behavioral

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A company that produces laundry detergent offers one product with stain removing action while another is made for energy efficient washing machines. Which of the following segmentation strategies has the company used?

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benefits segmentation

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_____ is how you interpret the world around you and make sense of it in your brain.

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perception

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Understanding the history that Hispanics have had with financial institutions in their home countries is important to marketers when developing campaigns. This is an example of understanding the:

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social and cultural environment

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The generation that accounts for 50% of U.S. consumer spending is known as _____.

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baby boomers

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According to Maslow's hierarchy of needs,:

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higher level needs are met after basic needs are fulfilled. Redo question

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When describing the _____, it is important to provide detail concerning features, benefits, and pricing options.

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offering

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The sub-segment of the Hispanic market that is characterized as containing individuals who are English dominant, free thinkers, and multicultural is known as _____.

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SRLrs

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Which of the following types of segmentation strategies utilize city size and population density?

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Geographic segmentation

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Selective perception is the process of:

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filtering out information based on how relevant it is to you.

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Bob specifies that it is important to have 1,000 units of product available to five of their key retailers at all times in his company's warehouse. Which part of the marketing plan would ideally contain this information? Select one:

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communication plan

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Customizing advertisements over the public address system on the subway based on the upcoming stop/destination is utilizing _____.

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proximity marketing

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Advertising meant to startle people to get their attention is _____, while advertising that is not apparent to consumers is _____.

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shock advertising; subliminal advertising

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Purchasing agents for merchandises are known as _____.

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professional buyers

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The market section of the plan should describe the firm's:

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customers, competitors, collaborators, and business climate

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____ are characterized as being motivated by self-expression and tend to be young, enthusiastic, and compulsive consumers.

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experiencers

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The Worthington National Bank utilized an advertising campaign that played to consumers' _____ in relation to banks.

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attitudes

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_____ are the people within the organization that first see the need for the product.

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initiators

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A group of people who have the same economic or educational status in society are known as a _____.

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social class

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Which of the following is the role of a user in the buying process?

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They have the responsibility of implementing what is purchased.

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Consumers respect _____ and often ask for their input before they buy goods and services.

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opinion leaders

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_____ are people who may or may not use the product but have experience or expertise that can help improve the buying decision.

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influencers

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____ are people who will decide if and when the sellers get access to members of the buying center.

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gatekeepers

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A firm's objectives should be:

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realistic and measurable.

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If the U.S. Department of Homeland Security mails free packaging guidelines to airline travelers, it is:

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engaged in marketing as a non-profit organization.

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Although Morrison and Sons, Inc. takes into account current market trends when buying products, the CEO of the company has the final say on what gets purchased or not. Therefore, the CEO acts as the _____.

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decider

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When non-profit organizations try to convince people that global warming is a real threat, it is an example of _____.

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social marketing

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A _____ strategy involves selling more of existing products and services to existing customers.

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market-penetration

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John is offering his customers a special promotion for t-shirts: buy one, get the second one for a discount of 50%. Which of the following strategies is John utilizing?

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Market-penetration

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A cookie company has decided to add a brownie product line to their inventory. Which of the following strategies is being employed by this company?

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Product-development

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A fashion house purchased a music company. This is an example of a _____ strategy.

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diversification

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The least risky and least expensive method used by companies to enter international markets is known as _____.

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exporting

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Which of the following refers to niche marketing?

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Targeting an extremely select group of customers.

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Opponents argue that marketing costs do not benefit society. Marketers counter this by stating these costs result in the creation of _____.

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informed consumers

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Universities who allow their logos to be placed on t-shirts and other goods by third parties are engaging in _____.

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licensing

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A _____ strategy can allow a firm to respond to demographic and other changes in the market.

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multisegment marketing

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Tony's work involves meeting with potential customers, determining their needs, and offering products that may meet those needs. He also keeps tabs on those customers to ascertain their level of satisfaction and obtain feedback. In which of the following areas of marketing does Tony work?

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sales

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Marketing plans aid CMOs in:

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setting their organization's marketing expectations.

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Martin has incorporated several features customers have suggested into a new model of his company's vacuum cleaners. Martin is involved in which of the following areas of the marketing profession?

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product development

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Which of the following is the last stage of the buying process?

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A post-purchase evaluation is conducted and feedback is provided to the vendor.

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Hot Rods, Inc. is an automobile manufacturing company that obtains its automotive parts from the same supplier. The price, quantity, and other terms of purchase remain the same each time the company buys from the supplier. This situation can be termed as a _____.

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straight rebuy

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One of the characteristics of secondary research is that:

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the data is collected for another purpose.

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An example of a primary data resource is:

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an in-depth interview.

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A firm's sales potential:

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is the maximum total revenue it hopes to generate from a product or the number of units of it the company can hope to sell.

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_____ measure(s) the size of television audiences in various markets.

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The Nielsen ratings

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A/an _____ is a forecast based on estimates of sales in a given time period gathered from all of a firm's salespeople.

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sales force composite

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Exploratory research includes:

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depth interviews and projective techniques.

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B2B markets differ from B2C markets because:

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salespeople personally call on business customers to a far greater extent than they do consumers.

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Which of the following types of marketing refers to selling the same product to all consumers?

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mass marketing

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The advantages of _____ are that they are low cost and fast, and they have the effect of making executives committed to achieving them.

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executive opinions

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A focus group typically involves:

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a moderator.

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_____ is a group of forecasting methods that base the future period of sales on the rate of change for previous periods of time.

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trend analysis

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As companies do not want their products to be another "face in the crowd", marketers should be sure to _____ their product.

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position

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_____ is how consumers perceive a product relative to the competition.

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positioning

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A market researcher from MTV visits the home of Phil, a 17 year-old boy from Brooklyn, to observe his behavior. The marketer is engaging in:

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ethnographic research.

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A form of trend analysis that estimates sales based on the trends of other variables is known as:

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correlational analysis

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A _____ is a two-dimensional graph that visually shows where a product stands relative to competitors.

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perceptual map

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_____ seeks to measure or describe phenomenon so as to answer the questions who, what, where, when and how.

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descriptive research

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A/an _____ can be advantageous because there is no historical data on how the product has done.

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market test

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Which of the following refers to business level plans?

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Plans developed for each strategic business unit and typically having their own mission statement. Redo question

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In the case of _____ research, all of a product's marketing elements are held constant except one.

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causal

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When a consumer realizes there is a difference between their current state and their desired state, he/she has entered the _____ stage of the buying process.

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need recognition

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Marketing strategists use the corporate strategy and mission combined with an understanding of the market to develop the company's _____.

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marketing plan

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A _____ plan was implemented at PepsiCo to create a new Aquafina bottle that uses less plastic and has a smaller label, which reduces waste and helps the environment.

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functional level

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When creating a questionnaire, it is important to:

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be clear and unambiguous.

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Forming close, personal relationships with customers and giving them exactly what they want is known as _____.

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one to one marketing

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Buyer's remorse is known as _____.

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postpurchase dissonance

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Typically once a company has decided what business it is in and expressed that in a mission statement, the firm then develops a _____.

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corporate strategy

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In a _____, the buyer lists the product to be purchased and the seller bids

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reverse auction

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If a company has multiple planning levels, the plans must be:

answer

consistent and all must help achieve the overall goals of the corporation.

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When designing a marketing plan, companies should start with _____.

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customers

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Studies that use _____ have a lot of room for sampling error and aren't considered very accurate.

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nonprobability samples

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Characteristics that are important to a consumer and often aid in making a purchase decision are known as _____.

answer

evaluative criteria

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The strategic marketing approach focused on creating and distributing valuable, relevant, and consistent content to attract and retain a clearly-defined audience is known as _____.

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content marketing

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A study that actually tests what it was designed to test and not something else is a/an _____ study.

answer

valid

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Consumers engage in _____, which are automatic purchase decisions based on limited information or previously gathered information.

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routine response behavior

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A _____ site is a Web site in which a business buys products from multiple sellers that go there to do business with the firm.

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buy-side

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A consumer who has spent a lot of time comparing product features, prices, and warranties has engaged in _____.

answer

extended problem solving

Marketing 203 Midterm – Flashcards

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