question

"How do I come up with a killer product idea?"

answer

Ask, "What problems are people trying to solve."

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Marketing strategy addresses a specific target market with a cohesive marketing mix of:

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Product, price, place, promotion

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Marketing creates, communicates, and delivers value to the firm's chosen customers. This enables the firm to attract and keep customers. Attracting and keeping customers drives _____ for the firm.

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Profitability

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The path to profitability starts with:

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Understanding customers within the context of the marketing environment

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For every pair of Toms shoes purchased, the company donates a pair of shoes to a child in need. Which marketing philosophy does Toms use?

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Societal

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For the United States, people born during the same time period and who share similar life experiences represent:

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Generational cohorts

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McDonald's serves approximately 68 million customers each day in 119 countries. The domestic consumer trend of eating healthier and consuming less fast food challenges McDonald's financial performance. This is an example of whcih part of the SWOT analysis?

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Threat

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Mala is marketing manager for a new line of Indian food. The company wants to launch this new line in the U.S. Mala knows that social forces affect consumers' attitudes, beliefs, lifestyle, and ultimately consumption behavior. Which social force has the most influence on Mala's new product line--affecting what people eat?

answer

Culture

question

Bulgari sells fashionable and expensive jewelry, watches, and leather goods. What type of income is used to purchase expensive jewelry and other luxury products?

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Discretionary income

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Sve, a research analyst for Unilever, has been gathering information about age, gender, and income for the Scandinavian market - Sweden, Norway, Denmark, and Finland. Sven is gathering:

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Demographics

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Your family decides to take a vacation in Key West, Florida. You rent a two-bedroom house on the website VacationsRUs.com. Your vaction experience is terrible. The house is dirty and in need of repair. You complain to the local property manager, but he says there is nothing he can do. You return home and write a negative review on Trip Advisor, a travel rating website. This is an example of:

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Consumer power

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Cassi is under a lot of stress at work. Her position is on the line. She needs to close a sale soon. She tells herself that it is okay to possibly break the rules because she is trying to make enough money to support her family. According to the fraud triangle, which aspect is missing from this potentially unethical situation?

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Opportunity

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Your next-door neighbor tells you that you must buy a new car every four years because after four years, the engines break down. He feels that car manufacturers design cars this way on purpose to trap consumers into constantly buying new vehicles. Your neighbor believes in which myth of unethical marketing?

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Marketers believe in planned obsolescence

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For marketers, the three components of sustainability are:

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Consumers' wants, the company's requirements, and society's long-term interests

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The number one reason new products fail is because:

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They don't deliver benefits to the consumer - functional and emotional

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Marketing employs some of the most sophisticated analytical methods used in business. Suppose your client provides you a data set of survey responses from credit card users and asks you to identify market segments based on the data. Which analytical method is most useful for this research project--classifying credit card users into various segments based on how they respond to demographic and behavioral questions?

answer

Cluster analysis

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Suppose Home Depot is planning a TV advertising campaign to target do-it-yourselfers who do maintenance projects on their house, condo, or other dwelling unit they own. To find such information, the Home Depot marketing research team begins by using data from the US Census Bureau. This is an example of:

answer

Secondary data

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Frito-Lay produces more than 20 varieties of chips. Suppose a retail store offers to stock five of Frito-Lay chips products in each store across the country. Which marketing research technique would you recommend Frito-Lay use to determine the optimal variety of chips to stock in each store?

answer

TURF analysis - Total unduplicated Reach and Frequency

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Often the reason research results are invalid is because the data sample is irrelevant--coverage error. To minimize coverage error, researchers should:

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Qualify or screen respondents for the study

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In short, the primary purpose of marketing research is to:

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Support marketing decisions

question

In the consumer behavior process, problem recognition is caused by:

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A discrepancy between a person's actual state and desired state

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While on a trip to Hollywood, California, Samantha saw Selena Gomez buying a jacket from H&M. As soon as she had the chance, Samantha bought the same style jacket from H&M. Which factor influenced Samantha's buying behavior?

answer

Social

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A marketing insight is a deep understanding of consumer attitudes and beliefs that has power to shape consumer behavior. Marketing insights have limitations because:

answer

People are not all the same, and people make decisions based on the situation

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While grocery shopping, you remember that you are almost out of toothpaste. So, out of habit, you promptly put a tube of your favorite brand of toothpaste in your shopping cart. For you, toothpaste purchases represent what kind of buying decision?

answer

Low involvement

question

Although economists view markets as structures that allow buyers and sellers to engage in exchange, marketers focus on:

answer

People of the exchange (BUYERS AND SELLERS)

question

Landyachtz recently launched a new Slide Glove for longboarders--Ly Leather Slide Gloves. The local market segment consists of a few longboarders in Provo Canyon. Retailers in the Utah market are worried that the segment size is not large enough to make this product profitable. Which characteristic of effective segmentation is lacking?

answer

Substantial

question

Market segmentation is the process of grouping customers into relatively homogeneous sets or segments such that customers within a segment are similar to one another in:

answer

The way they respond to the marketing effort directed toward them

question

Perceptual maps show the judgments customers make regarding the performance of a brand's features and benefits. Gap analysis extends the perceptual maps method by asking customers to make judgments regarding:

answer

The importance of a brand's features and benefits to the buying decision

question

Why doesn't the "me too" positioning work as a value positioning strategy?

answer

The positioning approach does not give consumers a reason to change

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Product positioning is:

answer

The place a product occupies in the target customer's minds

question

The most critical stage of the new product development process is the concept testing stage because:

answer

This is the first time the idea is tested with potential customers

question

What is the basis for differentiation for functional brands?

answer

Superior performance or superior economy

question

Sociologist Everett Rogers created five categories of product adopters based on time to adopt new products and services. What name (and percent of population) did Rogers use to classify adopters who are the first to try new ideas, usually have more money and education than the general population, as well as a higher-than-average tolerance for risk?

answer

Innovators (2.5%)

question

Birkenstock, a German footwear company, manufactures and sells a variety of sandals and shoes noted for their footbed. All of the products offered by Birkenstock represent the company's:

answer

Product mix

question

Considering a product's competitive angle, _______________ is about finding significant pain points that are personally relevant to the target audience while _______________ is about demonstrating product-solving benefits.

answer

Need to believe, reason to believe

question

One of the challenges for department stores like Nordstrom is the potential for service variability—services depend on who provides them and when and where they are provided. The marketing solutions for variability are:

answer

training and standardized processes

question

Southwest Airlines faces the service challenge of perishability because the airline cannot save seats from an empty afternoon flight for a full flight in the evening. To overcome this service challenge, Southwest:

answer

Attempts to manage fluctuating demand or seeks to match supply with changing demand

question

The marketing mix for services includes the 4P's of marketing (product, price, place, and promotion), plus:

answer

People, Process, Physical environment

question

Compared to product marketing, services marketing poses unique challenges for marketing managers because unlike products, services are:

answer

(VIPI) Variabile, inseparable, perishable, intangible

question

Which determinant of service quality shows the strongest influence on customers' perceptions of service quality?

answer

Reliability

question

Which element of the marketing mix has the most profound influence on price?

answer

Place

question

With cost-plus pricing, the firm knows its costs, but not much about customers and competitors. So marketing managers simply add a margin to the cost of the product to determine price. The added amount is generally the margin needed to make the return demanded by upper management or investors. The trouble with cost-plus pricing is that:

answer

Product costs are irrelevant to buyers

question

The range of possible prices, where sellers have incentive to sell and buyers have incentive to purchase, is:

answer

Above the seller's cost of goods sold and below the buyer's perceived value

question

Reference price is an important concept in pricing strategy. ______________ is what everyone else is paying for the product and _______________ is what you think you should pay, given your past experience and the buying situation.

answer

External reference price; internal reference price

question

Which pricing strategy is used when marketers set a relatively high price to obtain high margins at the expense of sales quantity, then lower the price over time?

answer

Price skimming

question

Nestle promotes Kit Kat chocolate treat to the final consumers with the expectation that the final consumers will demand the product from retail stores. Then the retail stores will request Kit Kat from Nestle. This is an example of:

answer

Pull Strategy

question

While watching Monday Night Football, Landon noticed an ad for a new brand of deodorant bodyspray. Although Landon had never heard of this particular brand, the ad made him aware of the brand and, by the end of the ad, Landon was favorably disposed to the brand. Which two objectives did this ad accomplish?

answer

Cognitive and affective

question

Advertising effectiveness is measured by:

answer

Recall (remember the ad and the advertiser) and persuasion (remember the benefit)

question

Which sales promotion method is best for building brand loyalty?

answer

Value-added promotions

question

Marketing managers (on the business side) communicate advertising strategy to advertising agencies (on the creative side) using:

answer

Creative briefs

question

Social media marketing may be more effective than traditional marketing communication channels because social media:

answer

Offers greater flexibility of content and duration, has credibility similar to word-of-mouth, can build awareness and interest at a much lower cost

question

What is the key driver in engaging and converting potential customers using social media?

answer

Relevant content

question

Facebook, Twitter, YouTube, product blogs, and Google AdWords all play different roles in achieving marketing objectives. For example, __________________ is better for generating awareness and __________________ is better for making direct sales.

answer

Facebook, Google AdWords

question

In recent years, many marketers have asked, "How do I optimize my website to obtain a better rank with search engines?" Given the changes in search engine algorithms, like Google, the better questions is:

answer

"How can I optimize my brand so that it's a sought after participant in relevant conversations?"

question

Social media services created a new vocabulary such as cost-per-click (CPC), click-through-rate, and cost-per-action (CPA). Because ads must generate enough interest to get a click and clicks must generate an action leading to a sale, the critical number is:

answer

CPA - Cost per action

question

Channel members (intermediaries) make the selling of products more efficient by:

answer

Reducing the number of contacts between producers and consumers

question

Candy bars such as "Snickers" are best sold using which type of distribution?

answer

Intensive distribution

question

Cabela's consciously designs retail space to orchestrate various dimension of the store—layout, color, sounds, and signage—to appeal to consumers' emotions and encourage buying. This is called:

answer

Atmospherics

question

Procter & Gamble (makers of Crest and Covergirl) focuses on winning the first moment-of-truth in retail stores, that is, the first three to seven seconds it takes shoppers to make up their minds which product to take from the retailer's shelf. To do this, P&G marketing managers focus on:

answer

In-store advertising and packaging

question

Channel members can affect customer value by:

answer

Reducing non-price costs, improving image, delivering service, and enhancing the product

question

For most entrepreneurs, success comes from:

answer

Making small, important modifications to existing products

question

With NyQuil, Procter & Gamble created a cold remedy with a negative side effect—it also put people to sleep. Rather than call the project a failure, P&G featured the negative side effect—"The Nighttime, Sniffling, Sneezing, Coughing, Aching, Stuffyhead, Fever, So-You-Can-Rest Medicine." NyQuil is a good example of:

answer

Building a strategy around a marketing tactic - a cold medicine that puts people to sleep

question

A bottom-up mindset:

answer

focuses on making the most of what you have, goes where the money is and quickly adjusts the competitive angle, transitions a winning marketing tactic into a long-term successful strategy

question

Entrepreneurs face a David and Goliath competitive landscape: To have a fighting chance, entrepreneurs need to:

answer

play to his/her own strengths

question

Because Stonyfield Farm Yogurt founder Gary Hirshberg had no money for promoting his products, he asked himself, "What do I have that I can use and how will it make my competitors irrelevant?" His answer was, "I have some cows and a farm." He used his cows to promote the business—Moosletter, Adopt-A-Cow. This is an example of an important part of bottom-up mindset:

answer

Embracing constraints

question

Measuring the WOW Factor is a useful approach for testing new ideas. The Six Thinking Hats framework provides a useful process for drilling down on the WOW Factor because the results:

answer

Identify key positive and negative aspects about product alternatives, provide a quick gut-feel wow factor score, offer guidance about how to best move forward with the new idea or how to best move forward to find another idea

question

Broad thinking, opportunistic entrepreneurs (oysters):

answer

Consider customer pain points with no particular product category in mind and look for big market opportunities, then uncover associated pain points

question

Puj Tub is a low cost alternative for washing slippery infants that really works and is easy to store. The entrepreneurs who developed the product, found the idea by:

answer

Solving an everyday pain

question

Jibbitz for Crocs is a good example of finding a new idea by:

answer

Riding a wave of interest

question

After completing her undergraduate degree in business, Megan spent five years working in the financial services industry. Next, Megan became a focused entrepreneur (eagle) by:

answer

Leveraging expertise and passion in financial services, searching familiar landscape in financial services for pain points, taking a narrow focus - financial services

question

For successful entrepreneurs, working smarter, not harder and leveraging leverage are about:

answer

Finding people who can help you succeed

question

According to research about the diffusion of innovations, which product characteristic/s must stand out for attracting innovators (beta customers)?

answer

Distinct advantage relative to alternatives, fit with a customer's current way of doing things or daily routine, usability - relatively easy to understand and use

question

The segmentation concept of love, swing, and hate groups:

answer

Is important to entrepreneurs because of the important role of the love group in growing a startup business

question

Sales to innovators can get a new business going. Although innovators want the next new product, they fear that they cannot afford it. Entrepreneurs can attract innovators by:

answer

Making them product-development partners

question

For entrepreneurs, a key question to ask when seeking to identify benefactors is:

answer

Who will benefit most if I succeed?

question

Three types of people that help entrepreneurs act big are connectors, mavens, and salespeople. Mavens are particularly important because they are:

answer

Information specialists

question

A useful approach for planning and measuring potential cusomer touch points is:

answer

Understanding the steps in the customer experience - from problem recognition to evaluation

question

By giving personal attention, startup businesses can make the sale with touch points. People buy from people they know. People buy from people they like. But most importantly, people buy from people they:

answer

Trust

question

Smart, successful entrepreneurs know how to think big and act big. They also know when and where to act big—in front of customers and prospects. Josh James and John Pestana, cofounders of Omniture, found that the best venue for Omniture to act big was:

answer

At trade shows

question

Great ideas enable entrepreneurs to act big, if they communicate the great ideas to customers. Covey Leadership muddled along for years until they found a big way to communicate their great ideas. They did this by:

answer

Writing a book

question

Successful entrepreneurs create buzz for their company and products by:

answer

Creating and doing marketing events

question

Some entrepreneurs are so focused on building a better product that they do not spend enough effort on:

answer

Selling it

question

One of the first American companies to leverage the power of the Love Fest is Harley Davidson. A love fest enables Harley Davidson to:

answer

Create opportunities for best customers to "share the love" and let their customers sell for them

question

When the Harry Potter books were first released, many bookstores across the globe held midnight release parties. Fans of the series gathered together in costumes to celebrate the new books? Which launching technique did Harry Potter books use?

answer

Marketing events

question

A popular cookware store hosts a cookie contest every November featuring their popular mixer. Targeted customers (home bakers and cookie lovers) share recipes and cooking tips. The popular mixer takes center stage in a beautiful, up-to-date kitchen. Prizes are awarded and all customers receive a sample Christmas cookie. This marketing event does all of the following EXCEPT:

answer

Connecting the event to a local cause

Marketing Quizzes Combined (BUS M241) – Flashcards

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