Marketing Management 2 – Flashcards
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You company segments customers by gender age, education, and income. In your marketing plan, you should specify that your company bases its segmentation on ____________ factors
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Demographic¡
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Tori knows a lot about technology, but she still wants to consult an expert before buying equipment for her company. After all, technology changes so fast and it is so expensive! Which of the 5Cs is she considering?
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Context
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The executive summary is typically followed immediately by a
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Situation Analysis
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To perform this task, Jerrilyn needs to understand the differences among current customers, non-users, and ideal customers. What task is she performing?
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Segmentation
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Kelly is writing a marketing plan for a new energy drink. What should her plan begin with?
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Executive Summary
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In order to truly know its customers, a company should strive to obtain fresh, primary data on which of the following groups of customers?
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Current, past, potential and competitors' customers
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Megan is writing a marketing plan and is trying to communicate that her company has the benefits that the target market will value. She is working on which section of the marketing plan?
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Positioning
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Lin worries about delivering his frozen nutritious treats to his customers. He wants to form relationships with local delivery companies that can deliver his products and keep them from melting before they reach his customers' freezers. Which of the following is Lin thinking about?
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Collaborators
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With regard to discussing the company, Ben and Henrik should
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Do a SWOT Analysis
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If we are assessing the macro-environmental issues we must attend to, such as legal, technical, and social changes, then we are considering our
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Context
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Sometimes marketers gloss over contextual factors, which is sometimes okay, because many of these factors
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Are relatively stable
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Dani and Jacki are brainstorming over possible segments they may want to target with their new smoothie shop in Collegetown, USA. They have a very limited marketing budget, and want to make sure that their money is well spent. One of the questions Dani and Jacki should consider in choosing segments to target is:
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Will the segment be profitable enough?
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Creating coupons for new customers
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Peter and Piper are working on the 4Ps section of their marketing plan. Which of the following activities are they performing?
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"Are we high-end or basic?" is a question about
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Products
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Jenna's beauty salon is thinking about offering occasional discounts for regular customers. Jenna is considering which of the 4 P's
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Price
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Staff at Paper Goods, Inc. are working on a marketing plan. One asks another, "When our buyers buy, do they seem to be price sensitive?" They are working on the part of the marketing plan that is related to which of the 5Cs?
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Customer
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"What are we know for?" is a question about which of the 5C's?
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Company
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Which of the following is a piece of psycholographic information
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Attitude toward product
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Marketing plans are often viewed as
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Work In Progress
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Jerome is ranking the desirability of segments. Which of the following marketing activities is he performing?
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Targeting
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A marketing plan begins with an assessment of
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Where things currently stand
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22. Good Stuff, Inc. sets high prices for its products and distributes to the small number of customers who are willing to pay the price for Good Stuff's products. Which of the following activities does this describe?
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Positioning
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In the spirit of a SWOT analysis, a company's strengths are defined somewhat relative to
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Other Providers in the market place
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"Do we have a loyalty program?" is a question about which of the 5C's
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Customer
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DeAndre is writing a marketing plan for his "Everything for the Beach!" company and he is considering the relationship his company has with suppliers and distribution partners. Which of the 5Cs is he thinking about?
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Collaborators
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Segmentation should be based on
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Data
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Gary wants to create a perceptual map for positioning using the attribute-based approach. He comes to you for advice as to how he should get started on this. What is the first step you would advise Gary to undertake?
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Determine the specific questions to be used for the two types of ratings (1) How does our company rate on a number of attributes? (2) How important is each of these attributes?
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Focus groups are typically used as a(n) __________ technique
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Exploratory
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Josh is convinced that subgroups exist within his company's current customer base. Further, he believes that these different groups of customers opt to purchase his company's brand for different reasons, and he feels this information is critical if he is to effectively target these customers and potential customers like them. Which type of market research analysis should Josh look into conducting in order to address his concerns?
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Clustering
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Marketing information should be gathered __________ so the company can be in the know and poised for action.
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Constantly
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Which of the following is an exploratory study?
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Interviews
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What is NOT a job of a focus group moderator?
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Screen focus group members
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You are a customer taking a survey. It lists two brands and asks youth rate how similar they are. What type of survey are you taking?
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A survey based on multidimensional scaling
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Bob at Bob's Furniture is looking at a perceptual map about customers' ideas about his products. The attributes customers care most about are price and comfort. They care less about aesthetics and quality. The attributes in which Bob's products are doing worst are comfort and quality. They are doing best on price and aesthetics. Which attribute should be Bob's priority as he tries to improve?
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Comfort
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A survey should contain questions that are actionable
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Actionable
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___________ are used to understand customer perceptions of brands
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Positioning studies
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About how long does a focus group typically last
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1.5 hours
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What type of statistical analysis must you do in a conjoint study
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Regression
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Which of the following is a study that is meant to show cause and effect?
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Experiment
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__________ examines the strong and weak correlations to identify underlying factors common to the responses.
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Factor Analysis
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Marketing Research is tremendously
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Flexible
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Rafael wants to conduct market research about his brand's STP. Which of the following market research tools is the most relevant?
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Cluster Analysis
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In an attribute-based approach, a map created from attributes would involve customer
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Surveys
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Scanners began in __________ to help inventory management, but it quickly became obvious that the information obtained was far more valuable.
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Grocery Stores
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Experiments have an advantage when it comes to __________ validity
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Internal
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Typically, a focus group should include ____________ customers
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8-10
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A cluster analysis helps identify
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Segments
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Which is NOT one of the steps in the marketing research process?
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Seeking customer relationship management databases
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Field studies are conducted in the real world, so they are strong in __________ validity, but they tend not to be as clean in terms of __________ validity.
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External, Internal
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Perceptual maps are pictures of which of the following?
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Competing brands and attributes
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Rather than asking customers, "What's important?" MDS starts by asking which of the following questions?
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How similar are these two brands
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Sam's Sandwich Shack recently conducted two focus groups, each with 6 customers and a moderator. Sam believes he gathered enough feedback from these focus groups to revamp his menu and to initiate some changes to the level of service provided by his staff. What would you recommend to Sam?
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Predicting how the marketplace will respond based on focus groups is not a great idea
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Which is an approach in creating a perceptual map?
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Attribute-Based
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Conjoint studies are run to understand how consumers make
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Trade-Offs
