Marketing 302 – Quizes – Flashcards
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Robert was running low on cash and could not buy his Marketing textbook by the first day of class if the bookstore did not accept his credit card. Luckily, the bookstore accepted his VISA card, so the bookstore created __________ utility for Robert.
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Possession utility is the value to the consumer of making an item easy to purchase so consumers can use it. The bookstore accepts major credit cards, thus increasing ease of purchase
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In a marketing context, a market refers to...
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people with both the desire and ability to buy a specific offering.
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The value to consumers that comes from having the offering available when they need it constitutes __________ utility.
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time utility
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The element of the marketing mix demonstrated when an art gallery suggests a $2.00 donation at the door is __________.
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price; Price is what is exchanged for the product - in this case, access to an art gallery.
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The owners of Old School Brand Authentic Antique Foods researched Civil War records to come up with recipes for the old-fashioned products they market. Concern about the __________ element of the marketing mix would make them eager to be featured in an upcoming edition of Taste of Home magazine.
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promotion; Promotion is a means of communication between the seller and buyer. Taste of Home magazine would be likely to communicate to the target market for old-fashioned food products.
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A farmhand would like to buy a moped scooter to commute to his job at a nearby ranch. He doesn't know how to find a dealer though, and doesn't have Internet access. Which of the following reasons explain why marketing fails to occur here?
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Four factors are required for marketing to occur: (1) two or more parties (individuals or organizations) with unsatisfied needs; (2) a desire and ability on their part to be satisfied; (3) a way for the parties to communicate; and (4) something to exchange. The farmhand is unable to communicate with those that would be willing to sell him a scooter, particularly those who use Internet-based "want ads" like CraigsList.; There is no way for the parties involved to communicate.
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You change the oil in your car yourself and dump the used oil down the sewer drain that ultimately flows into the local river. Oil manufacturers know this is not an isolated occurrence, so should they be concerned?
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Yes, this is an issue of social responsibility because the polluted water affects others in the society at large; The used oil will contaminate the river, so society will bear a portion of the cost of your behavior and the oil company's inaction to prevent it. This example illustrates the issue of social responsibility, the idea that organizations and individuals are accountable to a larger society.
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The two central concerns of marketing are __________.
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discovering and satisfying consumer needs
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Explain the marketing concept.
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In using the marketing concept, companies tried to satisfy the needs of consumers while also achieving their goals; Starting in the late 1950s, marketing became the motivating force among many American firms. The marketing concept is the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals.
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People who control the flow of information in the buying center, such as technical experts and secretaries, can keep salespeople and information from reaching others in the buying center and are referred to as...
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gatekeepers
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The personal moral philosophy of utilitarianism underlies the economic tenets of...
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capitalism
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A sudden drop in the average consumer income would be an example of which environmental force?
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Economic
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Solarcom is a 30-year-old information technology company that owns several subsidiaries. One of its subsidiaries is Atlantix Global Systems, which is one of the leading wholesalers for refurbished computer equipment that has a large share of an industry that is growing worldwide. According to the BCG business portfolio analysis framework, Atlantix Global would most likely be classified as a...
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star
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The obligation organizations have to the preservation of ecological environment and to the general public is referred to as...
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societal responsibility
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Which is the purpose of environmental scanning?
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Environmental scanning identifies and interprets potential trends
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IBM regularly creates what it calls global action teams, which take people from functional groups and bring them together to work on large client projects. These global action teams are a type of...
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cross-functional team
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An alternative to gov. control where an industry attempts to police itself is referred to as...
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self-regulation
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When compared to Gen X, Gen Y are most likely to influence what?
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All forms of communication
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The best-known self-reglatory group is the ____, which is a voluntary alliance of companies whose goal is to help maintain fair practices.
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Better Business Bureau
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The terms ____ and a ______ are often used interchangeability when referring to a company's goals and purpose
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vision and mission statement
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Consumers are buying hybrid gas-electric cars such a the Toyota Prius. This is an example of...
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preserving the environment
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Economic infrastructure refers to a country's...
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communications, transportation, financial, and distribution systems
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In the VALS framework, consumers with fewer resources who are practical people, have constructive skills, value self-sufficiency, and are unimpressed by material possessions except those with a practical or functional purpose are referred to as
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Makers
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KFC in Japan sells tempura crispy strips. In northern England, it stresses gravy and potatoes. In Thailand, it offers fresh rice. In Holland, instead of potatoes, KFC offers customers a potato and onion croquette. In France, KFC sells pastries alongside its chicken. These examples illustrate that KFC exhibits an appreciation for the __________ of other societies.
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Customs
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A recent American Express advertising claim that "membership has its privileges" creates which type of reference group?
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Aspiration
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Three teenage girls spent an hour at a store trying on various outfits, looking at possible combinations, and asking each other, "How do you think this looks on me?" This situation is most closely related to which of the following situational influences?
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Social Surroundings
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A favorable attitude toward and consistent purchase of a single brand over time is referred to as...
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brand loyalty
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Starbucks and Tata Global Beverage have together formed Starbuck Coffee A Tata Alliance in order to bring Starbucks to India. The global market-entry strategy is known as...
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a joint venture
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The tendency to pay attention to messages consistent with one's attitudes and beliefs and to ignore messages that are inconsistent with them is referred to as...
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selective exposure
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The fifth step in segmenting and targeting markets that link customer needs to marketing actions is to...
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Take marketing actions to reach target markets
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A _____ scale is one in which the respondent indicates the extent to which he or she agrees or disagrees with a statement
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Likert
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Two key elements in deciding how to collect marketing data are __________ and __________
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concepts and methods
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Obtaining primary and secondary data would take place during which stage of the five-step marketing research approach?
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Collect relevant information
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Observational data refer to:
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facts and figures obtained by watching, either mechanically or in person, how people actually behave.
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Offering a product for sale in a small geographic area to help evaluate potential market actions is called...
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a test market
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When P&G revamped Pantene shampoo and conditioner with a new vitamin formula and relaunched the brand with a multimillion-dollar ad and promo campaign, what strategy did it use to manage the product through its life cycle?
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Product Modification
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The stage of the new process that specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections is referred to as...
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business analysis
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During the introduction of the product life cycle, the strategy that discourages competitive entry by charging a low price for a new product is referred to as ________ pricing
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penetration pricing
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When Callaway Golf opened its online store, it wanted to be sensitive to its retail channel. It did this by
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creating a platform with original content that helps consumers, whichever channel they use.
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Family Dollar Stores, Dollar Value Stores, and 99′ Only Stores sell everything in their stores for $2 or less, using what type of pricing policy?
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one-price
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A flexible-price policy allows marketers to respond to
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changes in demand, cost, and competitive factors.
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Which of the following best describes the goal for a firm's inventory and transportation costs?
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minimize the sum of inventory and transportation costs
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Which of these statements about consumer demand as a pricing constraint is most accurate? -The number of potential buyers for the product class has little effect on the price a seller can charge. -The number of potential buyers for the product affects the price a seller can charge, but only if the product is a luxury item. -The number of potential buyers for the product affects the price a seller can charge, but only if the product is a necessity item. -The number of potential buyers for the brand affects the price a seller can charge in the growth stage of a product life cycle, but not in the introductory stage. -The number of potential buyers generally affects the price a seller can charge.
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The number of potential buyers generally affects the price a seller can charge.
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Individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users are referred to as a
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marketing channel.
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Target return-on-investment pricing refers to
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setting a price to achieve an annual target ROI.
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Trade discounts are offered to resellers in the marketing channel on the basis of the marketing activities they are expected to perform in the future and
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where they are in the channel.
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Franchising refers to...
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a contractual arrangement between a parent company and an individual or firm that allows the latter to operate a certain type of business under an established name and according to specific rules.
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Jay stops at the shopping mall to purchase a new pair of jeans from the Diesel store. He is the ultimate consumer in a pipeline from the producer through intermediaries, including the clothing store. This pipeline is known as a
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marketing channel.
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Controlling agreements between independent buyers and sellers whereby sellers are required to not sell products below a minimum retail price is called
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vertical price fixing.
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In terms of distribution, when marketing channel members are engaged in buying, selling, and risk taking, they are performing __________ functions.
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transactional
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Penetration pricing is intended to appeal to which market?
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the mass market
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Assume it costs Lady Marion Seafood, Inc. $30 to catch, process, freeze, package, and ship 5-pound packages of Alaskan salmon. The firm adds 60 percent to the cost of its salmon products and charges customers a total of $48 for a postage-paid vacuum-sealed package. What type of pricing does Lady Marion Seafood use to arrive at its final price?
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standard markup pricing
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Procter & Gamble can obtain cooperation from supermarkets in terms of displaying, promoting, and pricing its products, given its broad assortment of brand-name products. Which type of vertical marketing system does Procter & Gamble represent?
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administered vertical marketing system
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Barter refers to...
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the practice of exchanging products and services for other products and services rather than for money.
