marketing 350 chapter 1-12

A “Product” should be thought of as potential customer satisfaction or benefits.
When comparing two similar products, the product with the most features is the higher quality product.
The market introduction stage of the product life cycle is usually marked by losses, as money is being invested in the hope of future profits.
Market introduction, market growth, market maturity, and sales decline are the four stages of the product life
It is always in the best interest of the market pioneer for competitors to stay out of the market.
Goods are intangible and services are tangible.
It is usually more difficult to provide consistent quality for goods as opposed to services.
Some firms are forced to use direct distribution when they can’t find intermediaries willing to carry innovative, new products
The risks and costs of failure in new-product development are minor when one considers the likely rewards.
Place decisions make goods and services available in the right quantities and locations, when customers want
The most important reason to use indirect channels is if intermediaries can help serve customers better and at lower cost.
In countries where physical distribution systems are inefficient, consumers face shortages of the products they
Higher physical distribution service levels is not a source of differentiation.
A channel of distribution is a series of firms or individuals participating in the flow of products from the producer to the consumer.
Just-in-time delivery reduces storing and handling costs for business customers.
Convenience food stores now compete with supermarkets, gas stations, and fast-food outlets.
The product life cycle concept is concerned with planning foterm-33r product recycling to protect the environment.
Department stores are larger stores that are organized into many separate departments and offer many product
With the Internet, even very small specialized firms can draw customers from all over the world.
It’s oversimplified to classify retailers and their strategies on the basis of a single characteristic-such as sales
volume, services, product assortment, etc.
Specialty shops are limited-line stores; they aim at a carefully defined target market with a unique product assortment, good service, and knowledgeable salespeople.
Most physical distribution decisions involve trade-offs between costs, the customer service level, and sales.
Internet retailers don’t need to develop whole marketing strategies due to their self-service nature.
For short distances and higher-value products, trucks may charge higher rates, but provide slower service.
A trademark can be a word, but cannot be a symbol.
The ____ ultimately determines a product’s quality and value?
The set of laptop computers sold by Dell is called a(n):
product line
The primary purpose of branding is:
to identify a product.
If a brand consistently delivers on a promise that purchasers consider important, those purchasers are likely to develop a _______ for the brand.
_____ can help create brand recognition, but only _____ can create brand insistence.
Advertising; satisfying experiences
The stage of the product life cycle characterized by informative promotion but little customer awareness of a
product is:
market introduction
Industry profits are largest in which of the following product life cycle stages?
market growth
Competition is toughest in which of the following product life cycle stages?
market maturity
Marketing managers should recognize that:
firms that enter mature markets have to compete with established firms for declining industry profits.
During the sales decline stage
new products replace the old.
Producers who consider handling the entire distribution job themselves may be especially inclined to do so
a channel partner (intermediary) is not available or will not cooperate.
A company may be inclined to use both direct and indirect channels of distribution:
When serving multiple target markets.
Dividing large quantities into smaller quantities as products get closer to the final market is called _____.
bulk breaking
A manufacturer prefers to produce and ship in large quantities to take advantage of economies of scale. Final consumers often want to purchase in small quantities. This difference between the producer and consumer is a:
Discrepancy of quantity
Marketers need to foster cooperation with various members of a channel system to prevent:
channel conflict
Physical distribution differs from logistics in that
physical distribution is another common name for logistics.
Which of the following questions is likely to be MOST important to a customer concerning a company’s physical distribution practices?
How dependably does the company deliver the product?
When planning physical distribution, the marketing manager should:
minimize the cost of distribution for a given customer service level.
The “total cost approach” to physical distribution management:
might suggest a high-cost transporting mode if storing costs could be reduced enough to lower total
distribution costs.
Honda requires its brake suppliers to deliver parts to its production plants three hours before the parts are scheduled to be installed in a new car. This is an example of which logistics activity?
A retailer’s “Place” may include: (E)
A. a physical store and/or an online store.
B. store size and layout.
C. number of stores.
D. store hours.
E. all of these are included in a retailer’s “Place.”
A good marketing manager for a retailer knows that:
individual consumers have different economic and emotional needs.
When the manager of a local electronics store decides to offer its customers a gift-wrapping service for the holidays, this is a decision about:
Specialty shops:
rely heavily on knowledgeable salesclerks.
are large, self-service stores which stress low price to get faster turnover.
A marketing information system (MIS) is an organized way of continually gathering, accessing, and analyzing information that marketing managers need to make ongoing decisions.
In its raw form, marketing managers find data useful.
An intranet works like the Internet but access is limited to a company’s employees.
Decision support systems that include marketing models help managers by showing the relationships among
marketing variables.
Identify the INCORRECT statement about marketing research.
Most small companies have a separate marketing research department.
Regarding a marketing information system (MIS):
Can be used to improve implementation and control.
Big data does not comes from which of the following sources? (E)
A. spreadsheets
B. social media sites
C. clickstreams
D. digital sensors on industrial equipment
E. big data comes from all of these sources
An outside sales force can provide customers with up-to-date inventory levels, product prices, delivery dates, and so forth by accessing information on the firm’s own:
The _____ is a decision-making approach that focuses on being objective and orderly in testing ideas before accepting them.
scientific method
The function of marketing research is to develop and analyze new information to help marketing managers
make better decisions.
company objectives should shape the direction and operation of the whole business
the marketing manager can control the variables in the market economy
a firm may find that both the competitive and economic enviroments are better in a foreign market than it is in a domestic market
marketers should be aware of federal legislation, as well as the state and local laws, when planning marketing strategy
consumer products that are linked to cultural varibles tend to be lower risk when entering international markets
A positioning analysis is a product-oriented approach.
An attitude is a person’s point of view about something, and usually involves liking or disliking.
A firm’s “relevant market for finding opportunities” should be bigger than the present product-market but not
so large that it couldn’t expand and still be an important competitor.
It is possible for marketing managers to change or create new attitudes about goods and services-but overcoming negative attitudes is a really tough job.
Customer satisfaction is the extent to which a firm fulfills a consumer’s needs, desires, and expectations.
Effective market segmentation is a two-step process that starts with naming broad product-markets and then goes on to segmenting these broad product-markets into more homogeneous submarkets.
Dependability of supply is usually much less important than price for most business customers.
Customer satisfaction is the extent to which a firm fulfills a consumer’s needs, desires, and expectations.
The U.S. government reports data on the number of firms, sales volume, and number of employees by NAICS code.
Marketing activities should begin with potential customer needs, not with the production process.
“Economies of scale” means that as a company produces larger numbers of a particular product, the cost for each unit of the product goes down.
Strategic planning is the managerial process of developing and maintaining a match between an organization’s resources and its market opportunities.
Marketing activities should be of no interest to a nonprofit organization
White papers, case studies, blogs, and videos are all ways for a seller’s website to provide a buyer with useful content
A marketing plan is a written statement of a marketing strategy and the time-related details for carrying out the strategy.
Most retail and wholesale buyers see themselves as purchasing agents for their target customers.
A target market consists of a group of consumers who are usually quite different.
A channel of distribution is any series of firms or individuals that participate in the flow of products from producer to final user or consumer.
Given the same income, consumers in different social classes will handle themselves and their money very differently.
A straight rebuy is a routine repurchase that may have been made many times before.
Many needs are culturally (or socially) learned.
Mass marketing means focusing on some specific customers, as opposed to assuming that everyone is the same and will want whatever the firm offers.
The qualifying dimensions help identify the “core benefits” that must be offered to everyone in a product- market.
Discretionary income is the income from investments.
Clustering techniques can be used in segmenting to help find similar patterns within sets of data-to identify homogeneous groups of people.
When planning a marketing strategy , managers have control over:
their responce to forces in the external market enviroment
overall company obectives should:
be specific , focus on returning some profit to the business, be realistic and acheivable, be compatible with one another
when conducting a competitor analysis , it is important for managers to take the viewpoint of:
targert customers
increased demand for new homes due to low interest rates is an example of the impact of the ________ enviroment
An emphasis on a single country’s interest before everything else is known as
A ____ is a group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services.
In a generic market, (E)
A. diverse types of products may compete for customers
B. customers have broadly similar needs.
C. there may be many ways to satisfy customers’ needs.
D. sellers may compete in different product-markets.
E. All of these are correct for a generic market.
Correct answer is E
Which of the following offers a firm the greatest potential for profit? (E)
A. Mass marketing
B. The multiple target market approach
C. The combined target market approach
D. The single target market approach
E. Any of these-depending on the situation
Correct answer is
When deciding how far to carry the segmenting process,
profit should be the balancing point-determining how unique a marketing mix the firm can offer to some target market.
Planning marketing strategies for international markets:(D)
A. is usually most effective when the marketing manager uses the same marketing strategy for all markets.
B. is often easier than planning domestic strategies because economic, political, and other uncontrollable variables are less important.
C. is “easy” because each country should be treated as one target market.
D. None of these alternatives is true.
Correct answer is
_____ are concerned with making the best use of a consumer’s time and money-as the consumer judges it.
Economic needs
______ needs are concerned with things that involve a person’s interaction with others.
A marketing manager who wants to apply the “hierarchy of needs” model should keep in mind that:
the same marketing mix might satisfy two or more levels of need.
The fact that our eyes and minds seek out and notice only information that interests us is called:
selective exposure
The AIO items used in life-style analysis include:
activities, interests, and opinions.
Buying specialists for organizations are commonly called:
Purchasing managers
_____ are responsible for working with suppliers and arranging the terms of sale.
An office manager needs office supplies, so he fills out a form indicating what he needs and sends it to the purchasing department to be ordered. This form is usually called
a requisition
occurs when an organization has a new need and the customer wants a great deal of information
New-task buying
A formal rating of suppliers in all relevant areas of performance is best referred to as _____.
Vendor analysis
affects almost every aspect of our daily lives.
The aim of marketing is to
identify customers’ needs and meet those needs so well that the product almost “sells itself.”
Marketing will not happen unless
two or more parties each have something they want to exchange for something else
Which of the following statements about marketing is FALSE?
Marketing can help with individual transactions but not in building relationships with customers.
When a firm considers a triple bottom line as a measure of long-term success, this means that it measures outcomes in which of the following three different areas:
economic success, social impact, and environmental impact.
The three basic tasks of ALL managers, according to the text, are:
planning, implementation, and control.
A marketing strategy specifies:
a target market and a related marketing mix.
The “four Ps” of a marketing mix are:
Product, Place, Promotion, and Price
Any series of firms or individuals that participate in the flow of products from producer to final user or consumer is known as:
a channel of distribution.
______ refers to personal communication between a seller and a customer who wants the seller to resolve a problem with a purchase.
Customer service
The extent to which a firm fulfills a consumer’s needs desires and expectations.
Customer satisfaction
The development and spread of new ideas, goods, and services
As a company produces larger numbers of a particular product, the cost of each unit of the product goes down
Economies of scale
Looking for and evaluating goods and services
Buying function
Promoting the product
Selling function
Sorting productions according to size and quality
Standardization and grading
Bearing the uncertainties that are part of the marketing processes
Risk taking
Firms that provide one or more of the marketing functions other than buying or selling
the way an economy organizes to use scarce resources to produce goods and services and distribute them for consumption by various people and groups in the society.
Economic system
The idea that an organization should aim all its efforts at satisfying its customers at a profit
Marketing concept
trying to carry out the marketing concept
Marketing orientation
The difference between the benefits a customer sees from the marketing offering and the costs of obtaining those benefits
Customer value
A Firm’s obligation to improve its positive effects on society and reduce its negative effects
Social responsibility

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