question

Defines the purpose of the organization and answers the question of how a company defines its business.

answer

Mission Statement

question

When companies hire manufacturers to produce their products in another country.

answer

Contract Manufacturing

question

A process that helps an organization allocate its resources under different conditions to accomplish its objectives, deliver value, and be competitive in a market-driven economy.

answer

strategic planning process

question

A statement that summarizes the key benefits or value for target customers. It explains why customers should buy a product, why stakeholders should donate, or why prospective employees may want to work for an organization.

answer

value proposition

question

Granting an independent operator the right to use your company's business model, techniques, and trademarks for a fee.

answer

franchising

question

Sell products to buyers in foreign markets.

answer

export

question

A group of business units owned by a single firm.

answer

portfolio

question

An entity that is created when two parties agree to share their profits, losses, and control with one another in an economic activity they jointly undertake.

answer

joint venture

question

Creating new products or services for existing markets.

answer

product development strategy

question

A portfolio planning approach that examines a business' strengths and the attractiveness of industries.

answer

General Electric (GE) approach

question

Plans developed for the corporation as a whole take place at the corporate level.

answer

corporate level plans

question

Corporate level strategy theorizing that being the first organization to offer a product in the marketplace will be the long-term market leader.

answer

first mover strategy

question

An approach to analyzing various businesses relative to one another.

answer

portfolio planning approach

question

An assessment of an organization's internal and external environments.

answer

situation analysis

question

When a firm lowers investment in a product or business.

answer

harvest

question

What organizations want to accomplish (the end results) in a given time frame.

answer

objectives

question

Owning a company or facility overseas.

answer

direct investment

question

Marketing environmentally safe products and services in a way that is good for the environment.

answer

green marketing

question

The group of customers toward which an organization directs its marketing efforts.

answer

target market

question

A person who is paid to shop at a firm's establishment or one of its competitors' to observe the level of service, cleanliness of the facility, and so forth, and report his or her findings to the firm.

answer

mystery shopper

question

A document that is designed to communicate the marketing strategy for an offering. The purpose of the plan is to influence executives, suppliers, distributors, and other important stakeholders of the firm so they will invest money, time, and effort to ensure the plan is a success.

answer

marketing plan

question

Plans developed for each strategic business unit typically have their own mission statement.

answer

business level plans

question

Business or offering with high growth and a high market share.

answer

star

question

Selling more of existing products and services to existing customers.

answer

market penetration strategy

question

Corporate level strategy theorizing that closely observing the innovations of the first movers, and then improving on them can help an organization gain advantage in the marketplace.

answer

second mover strategy

question

Business or offering with a large share of a shrinking market.

answer

cash cow

question

When a firm drops or sells a product or business.

answer

divest

question

Offering products that are unrelated to other existing products produced by the organization.

answer

diversification strategy

question

Sell the right to use some aspect of the production process, trademark, or patent to individuals in foreign markets.

answer

license

question

An acronym for strengths, weaknesses, opportunities, and threats, the SWOT analysis is a tool that frames the situational analysis.

answer

SWOT analysis

question

A portfolio planning approach that examines strategic business units based on their relative market shares and growth rates. Businesses are classified as stars, cash cows, question marks (problem children), or dogs.

answer

Boston Consulting Group (BCG) matrix

question

Business or offering with low growth and a low market share.

answer

dog

question

Businesses or offerings with a low share of a high-growth market.

answer

question marks or problem children

question

Selling existing products or services to new customers. Foreign markets often present opportunities for organizations to expand. Exporting, licensing, franchising, joint ventures, and direct investment are methods that companies use to enter international markets.

answer

market development strategy

question

Actions (means) taken to accomplish objectives.

answer

strategies

question

Businesses or product lines within an organization that have their own competitors, customers, and profit centers.

answer

strategic business unit (SBU)

question

a value proposition

answer

A thirty-second "elevator speech" stating specific benefits of a product or service offering that it provides to a buyer is ________.

question

hat customers want

answer

The focus of a value proposition is ________.

question

The best value proposition is dependent on what benefits the student is seeking.

answer

Which of the following is the best statement of a value proposition for a prospective college student?

question

the value proposition

answer

What serves as an effective guide for developing a company's strategies for a particular target market?

question

strategic business units

answer

Large firms may have different divisions, each focusing on a business or product line within the organization. These are called ________.

question

consistent

answer

Strategies and actions implemented at the corporate, business, and functional levels must be ________ to help an organization achieve its objectives.

question

PepsiCo

answer

Which corporate example was provided in this section to illustrate the different levels of strategic planning?

question

opportunities—external

answer

In beginning a situation analysis, a SWOT analysis is often conducted. Which of the following is correct in naming an element within SWOT and its environmental focus?

question

the packaging of Tropicana

answer

Despite its strong brand awareness, which change did PepsiCo implement in 2008, but customers' mixed reviews forced PepsiCo to return to its previous strategy?

question

the competitive environment

answer

Porter's five forces model is most useful in assessing which external environment?

question

market penetration

answer

When the Campbell Soup Company offers coupons and recipes to customers who have purchased their products, what product/market entry strategy are they pursuing?

question

product development

answer

What strategy is marketing implementing when they attempt to get existing customers to buy new product offerings?

question

market development

answer

Offerings from a U.S. firm to new, rapidly emerging markets such as Russia, China, and India would represent which type of growth strategy?

question

franchising

answer

Which form of market development entry strategies, which is popular with service industries, allows a local partner to benefit from advertising and brand recognition without having to commit to actually producing products?

question

direct investment

answer

: Which form of market entry offers the challenge of providing the most control, but incurring the most risk?

question

the BCG matrix and the GE approach

answer

Although they are only tools to be used by marketers, what are two of the most widely used portfolio planning approaches?

question

star

answer

Cameron Industries are fortunate in that they have identified a profitable select target market with high market growth potential for their Domine Dominoes game in which they have a dominant share with little or no competitive challengers. Under the BCG matrix, their Domine Dominoes offering would most likely be a ________.

question

problem child

answer

Under the BCG matrix, what is the term used to refer to SBUs who have a high market growth rate but a low relative market share?

question

business strength and industry attractiveness

answer

What dimensions does the GE approach use in portfolio analysis?

question

proceed with caution depending on industry and company strengths

answer

What would be a recommended strategy if the GE approach of portfolio resulted in a yellow light?

question

Old brands or products companies "bring back" for a period of time.

answer

retro brands

question

The stages families go through over time and how it affects people's buying behavior.

answer

family life cycle

question

Targeting a very select group of customers.

answer

concentrated marketing

question

Targeting an extremely select group of consumers

answer

niche marketing

question

Segmenting buyers by tangible, personal characteristics such as their ages, incomes, ethnicity, family sizes, and so forth

answer

demographic segmentation

question

Criteria used to classify buyers.

answer

segmentation bases

question

Targeting multiple groups of consumers.

answer

multisegment marketing

question

Segmenting buyers by where they are located.

answer

geographic segmentation

question

A catchphrase designed to sum up the essence of a product.

answer

tagline

question

The process of "moving" a product to a different place in the minds of consumers.

answer

repositioning

question

Forming close, personal relationships with customers and giving them exactly what they want.

answer

one-to-one marketing

question

The description of a type of customer based on market segmentation criteria.

answer

customer profile

question

The process of segmenting buyers geographically and target them within a few hundred feet of a business businesses using wireless technology.

answer

proximity marketing

question

Choosing select groups of people to sell to.

answer

targeted marketing

question

The process of gathering multiple sources of data available on people, everything from their tax and phone records to the catalogs they receive, so as to market to them.

answer

microtargeting

question

The process of plotting geographic marketing information takes on a map.

answer

geocoding

question

Combining both demographic and geographic information for marketing purposes.

answer

geodemographics

question

An understanding of consumers that results when both quantitative and qualitative information are gathered about them.

answer

consumer insight

question

A two-dimensional graph that visually shows where a product stands, or should stand, relative to its competitors.

answer

perceptual map

question

Dividing people and organization into groups according to how they behave with or act toward products.

answer

behavioral segmentation

question

The process of breaking down all consumers into groups of potential buyers with similar characteristics.

answer

market segmentation

question

Selling the same product to all consumers.

answer

mass marketing

question

Electronic games sellers create to promote a product or service.

answer

advergames

question

Tailoring a product or its marketing so that it stands out from the competition and people want to buy it.

answer

positioning

question

The number of people per square mile.

answer

population density

question

Segmenting people by their activities, interests, opinion, attitudes, values, and lifestyles.

answer

psychographic segmentation

question

differentiated marketing

answer

What is another term for targeted marketing?

question

segmentation and targeted marketing

answer

American Express offers its cardholders different benefits, depending on which color card is issued to the customer. The different cards vary according to the annual fee paid and the benefits and credit lines associated with each card level. American Express engaged in ________.

question

undifferentiated marketing

answer

Henry Ford's success at developing and marketing the Model T was an example of ________.

question

It allows you to develop new offerings and expand profitable brands and product lines.

answer

What is a benefit of segmenting and targeting markets?

question

one-to-one marketing

answer

Which trend, proposed in a book by Peppers and Rogers, is seen as a vision of what life will be like after mass marketing, where collaborative relationships would enable customers to get exactly what they want from marketers?

question

psychographic segmentation

answer

Segmentation of a market according to the customers' thoughts and values as well as how they live their lives describes ________.

question

behavioral segmentation

answer

Clairol designs its shampoo products to correspond to offset whether a customer has dry, normal, or oily hair. In this case, Clairol's segmentation base is ________.

question

behavioral segmentation

answer

Ocean Spray plans it production and marketing of its canned cranberry sauce in response to the higher demand for this product during the November and December holiday season. They are using ______________.

question

family life cycle

answer

John and Sylvia Hammond have seen their travel destination choices change throughout their marriage. On their honeymoon, they went on a romantic trip to Las Vegas. When their children were young, it was always Disney World. Now that they are retired and the children have their own lives, John and Sylvia like going to National Parks. This best describes the impact of which demographic characteristic?

question

demographics and geography

answer

PRIZM combines which two bases of marketing segmentation to generate its categories of customers?

question

thinkers

answer

: One of the VALS types has members who are motivated by ideals. They are mature, satisfied, comfortable, and reflective people who value order, knowledge, and responsibility. These are categorized by VALS as ________.

question

quantitative and qualitative

answer

Consumer insight results when you use what type of information

question

accessibility to market

answer

Many companies have used the Internet to expand their selection of target markets into new geographic markets. What characteristic of an attractive market is best reflected by companies pursuing this strategy?

question

resources necessary to compete

answer

There are only a handful of jet aircraft manufacturers globally. What reason does not make this an attractive market for those considering this industry?

question

microtargeting

answer

Which of the following has the greatest ethical implications?

question

positioning

answer

Tailoring your product or its marketing so that it stands out from the competition and people want to buy it defines ________.

question

It will vary but should be based on criteria important to the marketer's buyers.

answer

What are the best criteria to use when developing a perceptual map?

question

positioning; tagline

answer

For years, Hallmark has used "When you care enough to send the very best" in its marketing of its greeting cards. This is a ________________ strategy using a(n) ___________.

question

repositioning

answer

Mountain Dew, a carbonated beverage brand of PepsiCo, was originally marketed as "zero proof moonshine" with depictions of hillbillies on the bottle until 197Since then, the product is now marketed as a high-energy beverage targeted to lovers of extreme sports. This strategy can be described best as ________.

question

An outline that specifies the research data to be gathered, from whom, how, and when the data will be analyzed once it has been obtained.

answer

rearch design

question

Measurements that record people's involuntary physical responses to marketing stimuli, such as an advertisement.

answer

physiological measurements

question

A system, either paper or electronic, used to manage information a firm's marketing professionals and managers need to make good decisions.

answer

marketing information system (MIS)

question

A study that, when repeated, produces the same or nearly the same result.

answer

reliable (study)

question

Questions that limit a respondent's answers. Multiple-choice and yes-and-no questions are examples of closed-ended questions.

answer

closed-ended questions

question

A small amount of a product given to consumers to try for free.

answer

sample

question

A survey question that is potentially confusing because it asks two questions in the same question.

answer

double-barreled question

question

A group of potential buyers brought together to discuss a marketing research topic with one another.

answer

focus group

question

A less-structured type of research design used to initially investigate a marketing research project that hasn't yet been defined well enough for an in-depth study to be conducted.

answer

exploratory research design

question

The process of extracting information from large databases so as to uncover patterns and trends.

answer

data mining

question

Information gathered on a regular, ongoing basis to enable a firm's decision makers to stay in touch with what's happening in the marketplace.

answer

market intelligence

question

Data collected from Web sites showing the Web pages visitors clicked on and the order of their clicks.

answer

clickstream data

question

A process whereby a native speaker translates a research instrument such as a survey into a foreign language and then back again to the original language to determine if there are gaps in meaning.

answer

back translation

question

A research sample that's not drawn in a systematic way.

answer

nonprobability sample

question

A measure of the possible inaccuracy of the data reported in a survey.

answer

margin of error

question

Type of nonprobability sample that's drawn because it's readily available and convenient to do so.

answer

convenience sample

question

Data already collected by your firm or another organization for purposes other than the marketing research project at hand.

answer

secondary data

question

A research sample in which each would-be participant has a known and equal chance of being selected.

answer

probability sample

question

The process of researching a specific market to determine its size and trends.

answer

market research

question

A study that looks at how another company, or companies, solved a problem being researched.

answer

case study

question

A person who is paid to shop at a firm's establishment or one of its competitors' to observe the level of service, cleanliness of the facility, and so forth, and report his or her findings to the firm.

answer

mystery shopper

question

Software that utilizes a firm's data, regression models, linear programming, and other statistical methods to help managers who are not computer experts make decisions.

answer

analytics software

question

A marketing research company that doesn't conduct its own research but instead buys it from other marketing research companies and then sells the reports in their entirety or in pieces to other firms.

answer

marketing research aggregator

question

The process of gathering corporate information illegally or unethically.

answer

industrial espionage

question

A marketing research experiment conducted in a natural setting such as a store versus a simulated setting in a laboratory or on a computer.

answer

field experiment

question

The place an experiment is conducted or the demographic group of people an experiment is administered to.

answer

test market

question

A type of research design that examines cause-and-effect relationships to allow researchers to answer "what if" types of questions.

answer

causal research design

question

A type of study whereby marketing researchers interview, observe, and often videotape people while they work, live, shop, and play.

answer

ethnography

question

A private, internal Web site accessible only to a firm's employees.

answer

intranet

question

The goal(s) marketing research is supposed to accomplish.

answer

research objective

question

The entire target market being studied.

answer

population

question

Data collected using hands-on tools such as interviews or surveys to answer a question for a specific research project.

answer

primary data

question

A study that actually tests what it was designed to test and not something else.

answer

valid (study)

question

Questions that ask respondents to elaborate upon, or explain, their answers.

answer

open-ended questions

question

The process of removing research data that have accidentally been duplicated (entered twice into the computer) or correcting data that have obviously been recorded wrong.

answer

data cleaning

question

An exploratory research technique of engaging in detailed, one-on-one, question-and-answer sessions with potential buyers.

answer

depth interview

question

Any type of marketing research mistake that results because a sample was utilized.

answer

sampling error

question

A study that involves gathering hard numbers, often via surveys, to describe or measure a phenomenon so as to answer the questions of who, what, where, when, and how.

answer

descriptive research design

question

An exploratory research technique used to reveal information research respondents might not reveal by being asked directly.

answer

projective technique

question

Information collected by scanners at checkout stands in stores.

answer

scanner-based research

question

Primary data marketing research firms collect on a regular basis and sell to other companies.

answer

syndicated research

question

The list from which a research sample is drawn. The sampling frame won't perfectly match the population.

answer

sampling frame

question

The process of collecting, analyzing, and reporting marketing information that can be used to improve a company's bottom line.

answer

marketing research

question

Marketing research focuses on a specific problem at a specific time whereas marketing intelligence is gathered on an ongoing basis.

answer

How does marketing research differ from marketing intelligence?

question

clickstream data

answer

A company who tracks how many visitors its Web site gets daily is analyzing

question

Intranet

answer

Making internal data accessible to employees and managers for information needed for decision-making can be accomplished through use of a(n)

question

data mining

answer

The process of accessing different databases to get the right data to the right places for decision-making in marketing is called

question

industry publications

answer

What source of marketing intelligence would be best for finding specific industry activities and marketplace trends?

question

Procter & Gamble and British Airways

answer

Which two companies mentioned in the text drew criticism in recent years for using extreme means to gather marketing intelligence about their competition?

question

industrial espionoge

answer

What term refers to gathering corporate information unethically or illegally?

question

defining the problem

answer

What is the first step in the marketing research process?

question

the research objective

answer

At the beginning of the marketing research process, what should be put into writing by the researcher?

question

One should always look at the availability of secondary data before gathering primary data.

answer

: Which of the following statements is true concerning primary data versus secondary data in the marketing research process?

question

exploratory, descriptive, and causal

answer

What are the three categories of research designs given in this section?

question

projective techniques

answer

Which type of qualitative data is used to get respondents to reveal insights that might not be gathered through direct questioning?

question

descriptive

answer

The answers to who, what, where, when, and how can often be found in what type of research design?

question

Yes. This is a double-barreled item.

answer

Take a look at the following survey item: Rate your satisfaction regarding the quality of Wendy's hamburgers and fries: _____ I am highly satisfied with their quality. _____ I am somewhat satisfied with their quality. _____ I am neither satisfied nor dissatisfied with their quality. _____ I am somewhat dissatisfied with their quality. _____ I am highly dissatisfied with their quality. Is there a problem with the wording?

question

the list from which the sample is drawn

answer

What is a sampling frame?

question

It allows more inclusion of longer, more complex questions.

answer

What is the key advantage of administering a survey face-to-face?

question

back translation

answer

When dealing with translation issues while conducting international marketing research, some firms use native speakers to translate the survey into the foreign language and then translate it again to the original language to reveal gaps in meaning. This process is called

question

reliability

answer

A marketing firm is concerned that a recent research study had flaws and that the findings would not be the same if the study was conducted again. Their concern is with the study's

question

methodology

answer

: Which section of the research report contains the margin of error of the study's findings?

question

A company that assembles and manufactures a product into its final form.

answer

original equipment manufacturer (OEM)

question

The core technology that is the basis for an offering or product.

answer

technology platform

question

The number of variations in a single product line.

answer

line depth

question

An offering that is highly differentiated from other offerings and is designed to satisfy a similar need or want.

answer

specialty offering

question

Offerings used to maintain, repair, and operate the physical assets of an organization.

answer

maintenance, repair, and operations (MRO)

question

Tangible equipment business purchases that are depreciated.

answer

capital equipment offering

question

A material that has been processed into a finished good but is not a stand-alone product; it still has to be incorporated into something else to be usable.

answer

manufactured material

question

A new idea or offering that occurs when a company comes out with another model (related product or service) based on the same platform and brand as one of its other products.

answer

line extension

question

An approach to business that centers on capturing business by focusing on creating and manufacturing better products at lower prices.

answer

product-oriented

question

An offering that is purchased on impulse, without prior planning.

answer

impulse offering

question

Someone with business responsibility for a particular product or product line. Like brand managers, product managers must make decisions, such as which offerings to include, advertising selection, and others.

answer

product manager

question

An intangible component of an offering.

answer

service

question

The entire assortment of products that a firm offers

answer

product mix

question

Marketing managers who oversee B2B products sold to a particular industry

answer

vertical market managers

question

A person responsible for all business decisions regarding offerings within one brand. A brand manager is often charged with running his or her brand as if it is its own separate business.

answer

brand manager

question

A characteristic of an offering

answer

feature

question

Packaging designed to hold a single wholesale unit of a product.

answer

secondary packaging

question

An offering for which the consumer will make an effort to compare various firms' offerings and select a brand

answer

shopping offering

question

A set of activities designed to create a brand and position it in the minds of consumers.

answer

branding

question

A name, picture, design, or symbol, or combination of those elements, used by a seller to differentiate its offerings from competitors'.

answer

brand

question

A tangible good that can be bought, sold, and owned

answer

product

question

Someone responsible for managing efforts within a particular market, such as a geographic market or another grouping of customers into a market (e.g., a single industry or size).

answer

market manager

question

The entire bundle of a tangible good, intangible service, and price that composes what a company offers to customers.

answer

offering

question

a framework for classifying consumer products as either a convenience good, a shopping good, or a specialty good. Applying the categories helps to guide marketers in developing successful strategies.

answer

three-way product classification system

question

Packaging designed for the shipping and efficiently handling of large quantities of a product.

answer

tertiary packaging

question

The amount exchanged by the buyer to receive the value offered by the product or service.

answer

price

question

A symbol or logo used to identify a brand

answer

brand mark

question

Someone responsible for managing a broad group of products that may belong to multiple manufacturers.

answer

category manager

question

The process of utilizing an existing brand name or brand mark for a new product category.

answer

brand extension

question

The number of different, or distinct, product lines offered by a company.

answer

line breadth

question

The total amount of time and money spent to acquire, use, and dispose of an offering.

answer

total cost of ownership (TCO)

question

Raw material products firms offer other firms so they can make a product or provide a service. These offerings are processed only to the point required for economic handling and distribution.

answer

raw materials offering

question

Low-priced, frequently purchased products and services that require little shopping effort

answer

convenience offering

question

Products, or parts, sold by one manufacturer to another that get built into a final product without further modification.

answer

OEM offerings or components

question

B2B customers that compose a particular industry, such as the health care industry.

answer

vertical market

question

The spoken part of an identity used to describe of a brand.

answer

brand name

question

When a new product takes sales away from the same company's existing products.

answer

cannibalization

question

Offerings that support an organization's ability to do business but do not go into the final product.

answer

facilitating offerings

question

The degree to which a feature satisfies a buyer's need or desire.

answer

benefit

question

Packaging designed to hold a single retail unit of a product.

answer

primary packaging

question

A group of offerings that serve similar needs and are sold under the same name.

answer

product line

question

An offering consumers don't typically shop for until it is needed. Examples include funeral and towing services

answer

unsought offering

question

to satisfy or solve needs

answer

Why do people buy things?

question

total cost of ownership

answer

What term refers to the total amount someone pays to own, use, and eventually dispose of a product?

question

service

answer

What is an action that provides a buyer with an intangible benefit?

question

It integrates the product, price, and service dimensions of an offering.

answer

What is a key advantage of the service-dominant approach to marketing as opposed to the product-dominant approach?

question

product line.

answer

A group of related offerings is called a

question

breadth (or width)

answer

Honda's addition of snow blowers to its categories of offerings to buyers would be adding another product line or increasing the ______________ of its offerings.

question

Marketers of convenience offerings try to get these products in many locations.

answer

Which of the following is true about convenience offerings?

question

impulse offerings.

answer

Publishers who place their magazines near checkout counters in supermarkets recognize that for many customers these are

question

specialty offerings

answer

For which type of offering do customers generally spend time comparing features, prices, and other characteristics of various brands?

question

specialty offerings

answer

For which type of offerings is building brand recognition and educating buyers about key product differences critical?

question

unsought offerings

answer

MediQuick is a 24-hour emergency health care office. They still must advertise so customers will be knowledgeable if the need for their services arises. For these customers, MediQuick offering is in the category of

question

original equipment manufacturing (OEM) offerings

answer

Which category of B2B offerings would include component parts?

question

maintenance, repair, and operations (MRO) offerings

answer

Which type of B2B offerings are usually sold through distributors who often carry thousands of items through salespeople and online purchasing Web sites?

question

a facilitating offering

answer

14: Parkington Industries decides to launch its new product offering with a new advertising campaign. They contract with a well-respected advertising to develop the campaign. What have they purchased from the advertising agency?

question

the brand

answer

What is a name, picture, design, symbol, or combination of those items used by a seller to identify its offerings and to differentiate them from competitors' offerings?

question

cannibalization

answer

One risk of offering a line extension or a brand extension is that sales of these items may take away sales from your existing offerings. This is called

question

to communicate the brand and its benefits, to protect the product during shipment, to prevent leakage of the contents, and to present government-required warnings and information labels

answer

What is an important function of packaging?

question

a brand manager

answer

: Which marketing position is more likely to be found in consumer marketing companies than in the B2B environment?

question

a category manager

answer

What is the position found at the retail level at each store who is responsible for more than one manufacturer's offering of a product?

question

a market manager

answer

Who is responsible for business decisions for a geographic region, a particular segment, or a channel of distribution?

question

Introducing a new offering across markets one by one in order to work out any challenges or problems related to marketing and supporting the offering.

answer

rolling launch

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