Question 1

Market segmentation refers to

Accepted Answer

aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action.

Question 2

Marketing refers to

Accepted Answer

the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large.

Question 3

Profit refers to

Accepted Answer

the money left over after a business firm\'s total expenses are subtracted from its total revenues.

Question 4

Social responsibility is

Accepted Answer

the idea that individuals and organizations are accountable to a larger society.

Question 5

Customer value refers to

Accepted Answer

the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.

Question 6

With respect to the history of American business, the __________ era covered the years from the 1920s to the 1960s.

Accepted Answer

sales

Question 7

The uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces are referred to as __________.

Accepted Answer

environmental forces

Question 8

Organizational culture refers to

Accepted Answer

a set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization.

Question 9

Procter & Gamble (P&G) is a consumer packaged goods company where innovation is a key competitive advantage. This allows the firm to develop new products like Crest Whitestrips that consumers crave. P&G also uses its marketing expertise to develop unique product placements on television shows that highlight its brands. A SWOT analysis for P&G would indicate that the innovation that takes place within the firm is a(n) __________.

Accepted Answer

strength

Question 10

4 P\'s

Accepted Answer

product, place, price, promotion

Question 11

In a marketing context, a market refers to

Accepted Answer

people with both the desire and ability to buy a specific offering

Question 12

An organization that focuses its efforts on: (1) continuously collecting information about customers\' needs; (2) sharing this information across departments; and (3) using it to create customer value is said to have a

Accepted Answer

market orientation.

Question 13

The acronym \"SWOT\" in the term \"SWOT analysis\" stands for __________.

Accepted Answer

strengths, weaknesses, opportunities, and threats

Question 14

The __________ element of the marketing mix includes personal selling and sales promotion.

Accepted Answer

promotion

Question 15

A(n) __________ is a legal entity of people who share a common mission.

Accepted Answer

organization

Question 16

Ultimate consumers refer to

Accepted Answer

the people who use the products and services purchased for a household.

Question 17

A want refers to

Accepted Answer

a need that is shaped by a person\'s knowledge, culture, or personality.

Question 18

A competitive advantage refers to

Accepted Answer

a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation.

Question 19

The value to consumers that comes from the production or alteration of a product or service constitutes __________ utility.

Accepted Answer

form

Question 20

The level in an organization where top management directs overall strategy for the entire organization is referred to as the

Accepted Answer

corporate level

Question 21

Changing the place an offering occupies in consumers\' minds relative to competitive products is referred to as

Accepted Answer

product repositioning.

Question 22

The set of values, ideas, and attitudes that are learned and shared among the members of a group is referred to as __________.

Accepted Answer

culture

Question 23

Set during the marketing research process, __________ are the specific, measurable goals the decision maker seeks to achieve in conducting the marketing research.

Accepted Answer

research objectives

Question 24

Facts and figures obtained by watching, either mechanically or in person, how people actually behave are referred to as __________ data.

Accepted Answer

observational

Question 25

The process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world is referred to as __________.

Accepted Answer

perception

Question 26

A mode of living that is identified by how people spend their time and resources, what they consider important in their environment, and what they think of themselves and the world around them is referred to as

Accepted Answer

lifestyle

Question 27

The anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes there may be negative consequences is referred to as

Accepted Answer

perceived risk.

Question 28

Data obtained by manipulating factors under tightly controlled conditions to test cause and effect is an example of

Accepted Answer

an experiment.

Question 29

Making connections between two or more ideas or simply observing the outcomes of others\' behaviors and adjusting one\'s own behavior accordingly is known as what type of learning?

Accepted Answer

cognitive learning

Question 30

Marketing research refers to

Accepted Answer

the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions.

Question 31

People to whom an individual looks as a basis for self-appraisal or as a source of personal standards are referred to as

Accepted Answer

reference groups.

Question 32

After defining the problem, the next step in the five-step marketing research approach is to

Accepted Answer

develop the research plan.

Question 33

The place a product occupies in consumers\' minds on important attributes relative to competitive products is referred to as

Accepted Answer

product positioning.

Question 34

A perceptual map refers to

Accepted Answer

a means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands, as well as its own product or brand.

Question 35

Manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale are referred to as

Accepted Answer

organizational buyers.

Question 36

As a result of __________, consumers do not remember all the information they see, read, or hear, even minutes after exposure to it.

Accepted Answer

selective retention

Question 37

A marketing research approach that uses a discussion leader to interview 6 to 10 past, present, or prospective customers is referred to as

Accepted Answer

a focus group.

Question 38

In behavioral learning, a __________ is the action taken by a consumer to satisfy a drive.

Accepted Answer

response

Question 39

The set of actions a person takes in purchasing and using products and services, including the mental and social processes that come before and after these actions, is referred to as

Accepted Answer

consumer behavior.

Question 40

In the hierarchy of needs, __________ needs involve self-preservation as well as physical and financial well-being.

Accepted Answer

safety

Question 41

Having a product or service where consumers want it is __________ utility.

Accepted Answer

place

Question 42

A channel captain refers to

Accepted Answer

a channel member (producer, wholesaler, or retailer) who coordinates, directs, and supports other channel members.

Question 43

Brand equity refers to __________.

Accepted Answer

the added value a brand name gives to a product beyond the functional benefits provided

Question 44

Business analysis refers to the stage of the new product process

Accepted Answer

that specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections.

Question 45

Packaging __________.

Accepted Answer

is any container in which a product is offered for sale and on which information is communicated

Question 46

When marketing channel members are engaged in gathering, sorting, and dispersing products, they are performing __________ functions.

Accepted Answer

logistical

Question 47

In which stage of the product life cycle do marginal competitors begin to leave the market?

Accepted Answer

maturity

Question 48

An intermediary who sells to other intermediaries, usually to retailers in consumer markets, is referred to as a(n) __________.

Accepted Answer

wholesaler

Question 49

The __________ stage of the product life cycle is characterized by the appearance of competitors.

Accepted Answer

growth

Question 50

A large assortment of each item within a product line in a store is referred to as

Accepted Answer

depth of product line.

Question 51

The __________ stage of the product life cycle is characterized by the slowing of total industry sales or product class revenue, causing marginal competitors to begin leaving the market.

Accepted Answer

maturity

Question 52

Intermediaries performing a transactional function in distribution are engaged in buying, selling, and __________.

Accepted Answer

risk taking

Question 53

Services depend on the people who provide them. As a result, their quality varies with each person\'s capabilities and day-to-day job performance. This element of services is referred to as __________.

Accepted Answer

inconsistency

Question 54

A product refers to

Accepted Answer

a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers\' needs and is received in exchange for money or something else of value.

Question 55

The stage of the new-product process that positions and launches a new product in full-scale production and sales refers to __________.

Accepted Answer

commercialization

Question 56

During the introduction stage of the product life cycle, a(n) __________ pricing strategy may be used. This pricing strategy charges a high initial price to recoup the costs of product development.

Accepted Answer

skimming

Question 57

Intermediaries perform facilitating function activities, which assist producers in making products and services more attractive to buyers. These activities include

Accepted Answer

financing, grading, and marketing information and research.

Question 58

The term branding refers to __________.

Accepted Answer

an organization\'s use of a name, phrase, design, symbol, or combination of these to identify its products and distinguish them from those of competitors

Question 59

Direct-mail and catalog retailing are examples of __________.

Accepted Answer

nonstore retailing

Question 60

Multichannel marketing is the blending of different __________ that are mutually reinforcing in attracting, retaining, and building relationships with consumers who shop and buy in traditional intermediaries and online.

Accepted Answer

communication and delivery channels

Question 61

The information sent by a source to a receiver during the communication process is referred to as ______________.

Accepted Answer

a message

Question 62

Variable cost refers to

Accepted Answer

the sum of the expenses of the firm that vary directly with the quantity of a product that is produced and sold

Question 63

The total money received from the sale of a product is referred to as ___________.

Accepted Answer

total revenue

Question 64

Deliberately selling a product below its customary price, not to increase sales, but to attract customer\'s attention in hopes that they will buy other products as well, is reffered to as

Accepted Answer

loss-leader pricing

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