MKT 245 Quizzes – Flashcards

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Market segmentation refers to
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aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action.
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Marketing refers to
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the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large.
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Profit refers to
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the money left over after a business firm's total expenses are subtracted from its total revenues.
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Social responsibility is
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the idea that individuals and organizations are accountable to a larger society.
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Customer value refers to
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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.
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With respect to the history of American business, the __________ era covered the years from the 1920s to the 1960s.
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sales
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The uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces are referred to as __________.
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environmental forces
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Organizational culture refers to
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a set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization.
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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) __________.
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strength
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4 P's
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product, place, price, promotion
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In a marketing context, a market refers to
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people with both the desire and ability to buy a specific offering
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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
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market orientation.
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The acronym "SWOT" in the term "SWOT analysis" stands for __________.
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strengths, weaknesses, opportunities, and threats
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The __________ element of the marketing mix includes personal selling and sales promotion.
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promotion
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A(n) __________ is a legal entity of people who share a common mission.
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organization
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Ultimate consumers refer to
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the people who use the products and services purchased for a household.
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A want refers to
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a need that is shaped by a person's knowledge, culture, or personality.
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A competitive advantage refers to
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a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation.
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The value to consumers that comes from the production or alteration of a product or service constitutes __________ utility.
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form
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The level in an organization where top management directs overall strategy for the entire organization is referred to as the
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corporate level
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Changing the place an offering occupies in consumers' minds relative to competitive products is referred to as
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product repositioning.
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The set of values, ideas, and attitudes that are learned and shared among the members of a group is referred to as __________.
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culture
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Set during the marketing research process, __________ are the specific, measurable goals the decision maker seeks to achieve in conducting the marketing research.
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research objectives
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Facts and figures obtained by watching, either mechanically or in person, how people actually behave are referred to as __________ data.
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observational
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The process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world is referred to as __________.
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perception
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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
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lifestyle
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The anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes there may be negative consequences is referred to as
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perceived risk.
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Data obtained by manipulating factors under tightly controlled conditions to test cause and effect is an example of
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an experiment.
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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?
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cognitive learning
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Marketing research refers to
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the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions.
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People to whom an individual looks as a basis for self-appraisal or as a source of personal standards are referred to as
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reference groups.
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After defining the problem, the next step in the five-step marketing research approach is to
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develop the research plan.
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The place a product occupies in consumers' minds on important attributes relative to competitive products is referred to as
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product positioning.
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A perceptual map refers to
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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.
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Manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale are referred to as
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organizational buyers.
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As a result of __________, consumers do not remember all the information they see, read, or hear, even minutes after exposure to it.
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selective retention
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A marketing research approach that uses a discussion leader to interview 6 to 10 past, present, or prospective customers is referred to as
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a focus group.
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In behavioral learning, a __________ is the action taken by a consumer to satisfy a drive.
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response
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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
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consumer behavior.
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In the hierarchy of needs, __________ needs involve self-preservation as well as physical and financial well-being.
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safety
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Having a product or service where consumers want it is __________ utility.
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place
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A channel captain refers to
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a channel member (producer, wholesaler, or retailer) who coordinates, directs, and supports other channel members.
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Brand equity refers to __________.
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the added value a brand name gives to a product beyond the functional benefits provided
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Business analysis refers to the stage of the new product process
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that specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections.
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Packaging __________.
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is any container in which a product is offered for sale and on which information is communicated
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When marketing channel members are engaged in gathering, sorting, and dispersing products, they are performing __________ functions.
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logistical
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In which stage of the product life cycle do marginal competitors begin to leave the market?
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maturity
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An intermediary who sells to other intermediaries, usually to retailers in consumer markets, is referred to as a(n) __________.
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wholesaler
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The __________ stage of the product life cycle is characterized by the appearance of competitors.
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growth
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A large assortment of each item within a product line in a store is referred to as
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depth of product line.
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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.
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maturity
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Intermediaries performing a transactional function in distribution are engaged in buying, selling, and __________.
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risk taking
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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 __________.
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inconsistency
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A product refers to
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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.
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The stage of the new-product process that positions and launches a new product in full-scale production and sales refers to __________.
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commercialization
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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.
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skimming
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Intermediaries perform facilitating function activities, which assist producers in making products and services more attractive to buyers. These activities include
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financing, grading, and marketing information and research.
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The term branding refers to __________.
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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
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Direct-mail and catalog retailing are examples of __________.
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nonstore retailing
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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.
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communication and delivery channels
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The information sent by a source to a receiver during the communication process is referred to as ______________.
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a message
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Variable cost refers to
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the sum of the expenses of the firm that vary directly with the quantity of a product that is produced and sold
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The total money received from the sale of a product is referred to as ___________.
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total revenue
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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
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loss-leader pricing
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Direct marketing refers to
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a promotion alternative that uses direct communication with consumers to generate a response in the form of an order, a request for further information, or a visit to a retail outlet
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The pricing approach that: (1) estimates the price that ultimate consumers would be willing to pay for a product; (2) workds backward through markups taken by retailers and wholesalers to determine what price to charge wholesalers; and (3) results in the manufacturer deliberatly adjusting the composition and features of the product to achieve the target price to consumers is referred to as _____________.
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target pricing
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Setting a high price so that quality- or status-conscious consumers will be attracted to the product and buy it is referred to as
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prestige pricing
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Inelastic demand exists when
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a small percent decrease in price produced a smaller percentage increase in quantity demanded
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A message is conveyed by means of a(n) ___________ such as a salesperson, advertising media, or public relations tools.
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channel of communication
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The _________ equation = (Unit price x Quantity sold) - Total cost
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profit
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In a marketing context, the acronym IMC refers to ___________.
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integrated marketing communications
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A firm may forgo higher profit on sales and follow which of the following pricing objectives because it wants to recognize its stakeholders obligations?
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social responsibility
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Proctor & Gamble created an advertisement for its High Endurance men's antiperspirant. In terms of the communication process, the ______________ of the information in the product's advertisement is Proctor & Gamble, its manufacturer.
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source
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Sales promotion refers to
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a short-term inducement of value offered to arouse interest in buying a product or service
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A field of experience refers to
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a mutually shared understanding and knowledge between the manufacturer or service provider and department or firm handling its IMC camaign so there is no incorrect encoding of the sender's message
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Advertising refers to
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any paid form of non personal communication about an organization, product, service, or idea by an identified sponsor
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Odd-even pricing refers to
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setting prices a few dollars or cents under an even number
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The unit variable cost (UVC) equals variable cost (VC) divided by ____________.
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quantity (Q)
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After a receiver responds to a message, the sender's interpretation of the response indicating whether the message was decoded and understood as intended during the communications process is referred to as ________________.
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feedback
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Cost-plus pricing refers to
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summing the total unit cost of providing a product or service and addint a specific amount to the cost to arrice at the price
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Linkedln is
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a business-oriented website that lets users post their professinal profiles to connect to a network of businesspeople
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A publicity tool that is heavily relied on by nonprofit organizations, and which involves free space or time donated by the media, is referred to as a ______________.
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public service announcement
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To create a successful advertising campaign on Facebook, a good strategy a brand manager can use is to
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create video ads with a funny, engaging, character spokesperson for the brand that will capture users' attention and "go viral."
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The social media website open to anyone age 13 and over, where users keep family and friends up to date on what they are thinking, doing, and feeling; chat with friends, create and join common-interest groups organized by workplace, high school, college, and Pages is known as
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Facebook
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Social media are
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online media where users submit news, photos, and videos- often accompanied by a feedback process to identify "popular" topics
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User generated content refers to
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another term for social media
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With a __________, a salesperson is paid a specified salary plus a commission on sales or profits generated.
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combination compensation plan
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Sales tools used to support a company's advertising and personal selling directed to wholesalers, distributors, or retailers are referred to as
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trade-oriented sales promotions
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All of the following are methods described in the textbook that firms use to set their promotional budgets EXCEPT:
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number (#) of unit of sales
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A salesperson who processes routine orders or reorders for products that were already sold by the company is referred to as a(n) ___________________.
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order taker
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A prospective buyer goes through a sequence of stages from initial awareness of a product to eventual action (either trial or adoption of the product). The stages include awareness, interest, evaluation, trial, and adoption, and are referred to as ______________.
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the hierarchy of effects
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The four more widely social media networks are
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Linkedln, YouTube, Facebook, Twitter
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Groupon, Linkedln, YouTube, Facebook, Twitter out of these which is not a discussed social media outlet in the text
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Groupon
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Broadly speaking, there are two types of personal selling: _________ and order getting.
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order taking
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If the salesperson's objective is to "ensure that the customer is satisfied with the product or service," what is the name of this stage of the personnel selling process?
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follow-up
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The click-through rate is
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the percentage of recipients who have clicked on a link on the Page to visit a specific site
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Pinterest is:
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a virtual bulletin board and content-sharing social network that allows people to share images of their favorite things by creating customized, themed "boards" to categorize their images and then sharing them with other members of the community
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A single social media site like Facebook or YouTube is referred to as a(n)
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social network
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The personal selling process refers to
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the sales activities occurring before, during, and after the sale itseld, consisting of six stages: prospection, preapproach, approach, presentation, clost, and follow-up
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A pull strategy is when a manufacturer
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directs the promotional mix at ultimate consumers to encourgae them to ask retailers for the product
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The manufacturers of drugs encourage patients to learn more about the drugs and ask for them by name from the doctor. The manufacturers of these drugs are using a(n) __________ promotional strategy
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pull
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Cultural symbols are things that
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represent ideas and concepts
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An institution that sets rules governing trade between its members through a panel of trade experts who decide on trade disputes between memebers and issues binding decisions is referred to as the _______________.
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World Trade Organization (WTO)
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Direct investment in international marketing refers to
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a global market-entry strategy that entails a domestic firm actually investing in and owning a foreign subsidiary or division
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The Foreign Corrupt Practices Act
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makes it a crime for U.S. corporations to bribe an official of a a foreign government or political party to obtain or reation business in a foreign country
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Offering the right to a trademark, patent, trade secret, or similary valued items of intellectual property in return for a royalty or fee is referred to as
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licensing
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Cross-cutural analysis refers to the study of
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similarities and differences among consumers in two or more nations or societies
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The prominent global market-entry strategy among small- and medium-sized companies is
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exporting
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A quota refers to
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a restriction placed on the amount of a product allowed to enter or leave a country
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What is considered normal and expected about the way people fo things in a specific country is referred to as ___________.
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customs
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Exporting refers to a global market-entry strategy #10 QUIZ 6
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CHECK
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A global brand refers to
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a brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs
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When firms originate, produce, and market their products and services worldwide, it is referred to as _____________.
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global competition
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Protectionism refers to
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the practice of shielding one or more sectors of a country's economy from foreign competition through the use of tariffs or quotas
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Economic infrastructure refers to
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a country's communication, transportation, financial, and distribution systems
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Tariffs refer to
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government taxes on goods or services entering a country that primarily serves to raise prices on imports
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