question

making product, place, promotion and price decisions.

answer

A core aspect of marketing is

question

create value.

answer

The fundamental goal of marketers when creating goods, services, or combos of both is to

question

can be touched.

answer

The difference between a good and a service is that a good

question

its value

answer

Marketers determine a price based on potential buyers beliefs about

question

place.

answer

The element of the marketing mix that deals with supply chain management is

question

what you get for what you give.

answer

Value is

question

place.

answer

Internet sites, physical stores, and kiosks are most closely associated with

question

entrepreneurs.

answer

People who initiate, organize, operate, and assume the risk of a business venture are called

question

Planning

answer

When conducting a SWOT analysis, the strategic marketing process is presently engaged in what phase?

question

strengths and weaknesses.

answer

For a SWOT, a company's internal environment includes

question

opportunities and threats.

answer

For a SWOT, a company's external environment includes

question

Positioning

answer

What involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, understanding of what a product does or represents in comparison with competing products?

question

Identify and evaluate oppourtunites

answer

Which of the following is the third step in the marketing planning process?

question

market segmentation

answer

The process of dividing the market into groups of customers with different needs, wants or characteristics is called

question

perform a situational analysis

answer

After defining the business mission, a firm should

question

product development

answer

Marketers who design and offer new products and services to their existing customers are pursuing what kind of growth strategy?

question

content distributed through online and mobile technologies to facilitate interpersonal interactions

answer

Social media is

question

Engagement Excitement Experience Education

answer

The 4E framework for social media guides marketers in using social media effectively to build and deepen customer relationships. It consists of:

question

Educate

answer

Joanie is inline at Best Buy and sees signs promoting things like their mobile app and their price matching. This is an example of which E?

question

a blog

answer

Trina wants to educate people about a stain remover. Which form of social media should she do it on?

question

social networking

answer

LinkedIn is an example of what type of social media site?

question

small business owners

answer

LinkedIn is beneficial for which group?

question

Media Sharing

answer

Youtube is an example of what kind of social media site?

question

a conversion rate

answer

An important measure of social medias effectiveness is the percentage of site visitors that take the action the site owner hoped for (like subscribing) is called what?

question

the bounce rate

answer

Lolly's bookstore did not attract customers who lingered. Lolly should look at what?

question

Marketing

answer

Deceptive advertising and promotion of inferior products are examples of what kink of ethical issues?

question

each individual is a product of their culture, upbringing and other influences.

answer

Different people have different ethical standards because

question

be aligned with the long term goals of the firm.

answer

To avoid having ethical situations become problematic for a firm, the short term goals of each employee must

question

have unethical practices but demonstrated corporate social responsibility.

answer

If the leaders of a company were manipulating the finances for their own benefit but donated to local charities, they

question

identifying issues gathering information & identifying stakeholders brainstorming alternatives choosing a course of action

answer

The ethical decision making framework includes:

question

employees

answer

When considering changes to retirement programs the primary stakeholders are the

question

consumers

answer

The centerpiece of the marketing analysis framework is

question

culture demographics economics political/legal issues

answer

A firm's macro environment includes

question

the consumer

answer

The center of all marketing efforts is

question

Generation Y

answer

This generation varies the most in age, ranging from teenagers to adults who have their own families.

question

corporate partners

answer

The firms that work along with the focal firm to provide goods and services to consumers are viewed as

question

culture

answer

The shared meanings, beliefs, morals, values and customs of a group of people are their

question

regional culture

answer

The different names people have for things like sandwiches and soda are a result of

question

demographics

answer

Profiles like age, income, gender, and race are

question

greenwashing

answer

A firm acted environmentally friendly even though they're a terrible polluter, this is called

question

the steps that consumers go through before, during, and after making purchases.

answer

The consumer decision process model represents

question

performance risk

answer

James always puts a new battery in his boat before he takes it out. He is most likely concerned with which risk?

question

buyers remorse

answer

When consumers have second thoughts after buying something expensive, its called

question

Manufacturers Retailers Producers Wholesalers

answer

B2B marketing involves:

question

request for proposals (RFP)

answer

The process through which organizations invite alternative vendors or suppliers to bid on supplying their required specifications is referred to as

question

buying center

answer

In most large organizations, several people are responsible for making a purchase decision. The group is called a

question

flow across national borders

answer

Globalization refers to the processes by which goods, services, capital, people, information and ideas

question

franchising

answer

Contractual agreements that allow individuals to operate a firm overseas are using

question

pricing strategies

answer

Tariffs, quotas, and currency exchange policies affect global

question

it helps obtain a bigger share of the market

answer

Firms use a differentiated targeting strategy because

question

micromarketing

answer

An extreme targeting strategy is

question

geographic segmentation

answer

Differences in weather and climate create opportunities for

question

demographic segmentation

answer

This is the most common basis of consumer market segmentation because these segments are easy to define and reach

question

self-values, self-concept, and lifestyles

answer

To develop psychographic segments, the marketer must understand consumers'

question

perceptual map

answer

This is often used to illustrate the position of a firm's products or brands in consumers' minds

question

the unique value that a product or service provides to its customers

answer

A value proposition is defined as

question

psychographic segmentation tool

answer

VALS is the most widely used

question

defining objectives and research needs

answer

Marketing research begins with

question

secondary data.

answer

Company sales invoices, census data, and trade association statistics are examples of

question

syndicated data

answer

Commercial research firms like Nielsen are sources of

question

primary data

answer

If you need extra information, on top of what you have, you need:

question

it can be tailored to meet the specific research needs

answer

A major advantage of primary data collection is

question

focus group

answer

A small group of people brought together for an intensive discussion of a topic is a

question

survey

answer

A systematic means of collecting information from people using a questionnaire is a

question

Quantitative

answer

54% of consumers preferred the new coke formula to the existing one. This is an example of what marketing research method?

question

product mix

answer

The complete set of products offered by a firm is called its

question

product line

answer

A group of associated items that consumers tend to use together or think of as part of a group of similar products is a

question

brand association

answer

If consumers make a connection between a brand and a promotional effort, the brand has created a

question

awareness.

answer

If many consumers in the marketplace are familiar with a brand and and what it stands for and have an opinion about the brand, the brand has considerable

question

brand loyalty

answer

If someone loves a company and only shops there and talks about it all the time, its known as

question

a national brand

answer

Another name for a manufacturer's brand is

question

brand extension

answer

When a toothpaste company added teeth whitening strips to their brand it was

question

co-branding

answer

Shell Mastercard (created together) is an example of

question

brand repositioning

answer

Efforts to change a brand's focus to target new markets or change the image of a brand are called

question

brainstorming

answer

A meeting where everyone is asked to generate ideas is called

question

product development

answer

If a new product concept gets positive evaluations from potential customers during concept testing, the next step for a firm is

question

prototypes

answer

Before the development of computer-assisted design software, many firms handcrafted wooden or clay models that served as rough physical designs of a new product, they are called

question

Introductory price promotions

answer

Special incentives offering reduced prices for a limited time to get retailers to try a new product are called

question

the growth stage

answer

During which stage of the product life cycle do sales rise, profits rise rapidly, and there is a small but increasing amount of competitors?

question

MSRP, or manufacturer's suggested retail price

answer

A specific price at which manufacturers encourage retailers to sell a product is the

question

intangible

answer

The word to describe the fact that services cannot be touched, tasted, or seen like a pure product can is

question

communications gap

answer

When there is a significant difference between the service customers receive and the service the firm promotes, it is called a

question

knowledge gap.

answer

The difference between customer's expectations and the firms perception of customer expectations, it is called a

question

empowerment.

answer

Allowing employees to make decisions about how service is being provided to customers is called

question

heterogeneity

answer

The fact that services are not always of the same quality from one time period to another or from one service provider to another is

question

delivery gap

answer

When a firm knows what it needs to do to meet customers' service needs but sometimes fails to do it is called a

question

perishibility

answer

The fact that services cannot be stored for use in the future is

question

standards gap

answer

The difference between a firm's perceptions of customers' expectations and the service standards the firm has set is a

question

Price

answer

Research has consistently shown that consumers usually rank this as the most important factors in their purchase decisions

question

competitive pricing

answer

When firms set prices similar to those of competitors, they are following a strategy of

question

price and demand

answer

A demand curve shows the relationship between what?

question

Price elasticity of demand

answer

What measures consumers' sensitivity to price changes?

question

dynamic pricing

answer

The process of charging different prices for goods or services based on the type of consumer, level of demand, or time of the day, week or season is referred to as

question

changes in the quantity being produced

answer

Variable costs change with

question

profits are zero

answer

At the break even point,

question

dividing fixed costs by contribution per unit

answer

The break even point is estimated by

question

Competitor-based

answer

What type of pricing method sets prices relative to what other firms are charging?

question

value-based methods

answer

The improvement value method and the cost of ownership method are two approaches for setting prices that are

question

the price against which buyers compare the actual selling prices

answer

A reference price is

question

market penetration marketing strategy

answer

When marketers set a low initial price for the introduction of a new product or service, its called a

question

markdowns

answer

What do retailers use to get rid of slow moving or obsolete merchandise?

question

slotting allowances

answer

Fees paid to retailers simply to get new products into stores or to gain more or better shelf space for their products are called

question

Loss Leader Pricing

answer

Pricing tactics that lower the price of a product below the store's cost is called

question

price fixing

answer

The practice of colluding with other firms to control prices is

question

place

answer

The element of the marketing mix that specifically deals with supply chain management is

question

fulfillment centers

answer

What is used in the shipment of products directly to consumers?

question

a distribution center

answer

What is a facility used for the receipt, storage, and redistribution of goods to company stores?

question

direct marketing channel

answer

Having no intermediaries between the buyer and the seller is a defining characteristic of a

question

electronic data exchange

answer

The computer to computer exchange of business documents from a retailer to a vendor and back is called an

question

floor ready

answer

Merchandise that arrives in the delivery truck ready to be sold is considered

question

QR, or quick response system

answer

In retailing, a just in time delivery system is called a

question

pick ticket

answer

A document used by a forklift to indicate how much of each item to get from specific storage areas is called a

question

full-line discount stores

answer

Retailers that offer a broad variety of merchandise, limited services, and low prices is known as

question

off-price retailers

answer

Stores that offer an inconsistent assortment of brand name merchandise at low prices are called

question

location location location

answer

The three most important things in retailing are

question

extreme value retailer

answer

Stores that are small and offer a limited merchandise assortment at very low prices is an

question

Promotion

answer

Integrated marketing communications represents which element of the marketing mix?

question

Encoding

answer

Converting the sender's ideas into a message (verbal, visual or both) is

question

brand awareness

answer

A potential customers ability to recall the brand name is a particular type of retailer, product, or service is known as

question

direct marketing

answer

The increased use of customer databases has enabled marketers to identify and track customers over time and across purchase situations has contributed to the rapid growth in

question

Rule-of-thumb

answer

Using prior sales and communication activities to determine the present communication budget describes which method of IMC budgeting?

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