MKT 320 Final exam – Flashcards
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In addition to calculating the potential profitability of a market segment, marketers will also consider what?
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customer loyalty, defection rates, the cost of replacing customers, likely future sales to customers.
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Airlines were among the first retailers to embrace loyalty segmentation when they created what?
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frequent flyer programs.
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Toothpastes sold in supermarkets and pharmacies promise various results, such as whiter teeth, protection against gum disease, tartar control, or fresh breath. Toothpaste marketers are using __________ segmentation.
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benefit
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Firms might use multiple segmentation methods to ?
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tailor communications, design products, determine the substance of the marketing message
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NASCAR redirected its marketing efforts when a survey indicated that almost 50 percent of race fans were female. This is an example of __________ segmentation.
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demographic
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Four frequently used targeting strategies are the micromarketing, undifferentiated, differentiated, and __________ targeting strategies.
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concentrated
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Many companies use the Internet to allow consumers to design customized products; for example, Nike allows customers to order shoes with custom color combinations. This is a form of what?
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micromarketing.
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Adidas Group owns Reebok, Rockport, and Greg Norman brands. Adidas uses the different brands to pursue a(n) __________ strategy.
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differentiated targeting
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Alex has found that both commercial and residential real estate buyers respond positively to his marketing communication message. Alex has identified __________ that respond similarly to his marketing efforts.
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market segments
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Segmentation, targeting, and positioning
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are part of a firm's marketing strategy.
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When entering a foreign market, the least risky strategy
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exporting
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Which of the following is NOT one of Hofstede's cultural dimensions?
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Certainty assurance
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Which of the following are the major trade agreements affecting global marketing?
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ASEAN, CAFTA, NAFTA, EU
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Exchange controls refers to the regulation of a country's .....?
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currency exchange rate
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Tariffs protect domestic producers by what?
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making imported products more expensive.
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When considering global marketing opportunities in Bangladesh, Tom asked the question, "How will we get it there?" Tom is concerned about __________ capabilities in Bangladesh
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infrastructure
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The Big Mac Index is a novel measure of what?
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purchasing power parity
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The most common measure of market potential of an economy is a country's what?
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GDP
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To determine the market potential for its particular product or service, a firm should use ?
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as many measures as it can obtain
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Globalization refers to the process by which goods, services, capital, people, and ideas that......
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flow across national borders
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Which of the following is NOT one of the roles typically played by one of the members of a buying center?
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Auctioneer
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While consumers weigh postpurchase dissonance, business buyers.......?
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conduct vendor analysis
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During the RFP stage, B2B buyers.......?
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invite suppliers to bid on supplying what is requested
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After need recognition, a business develops __________ that suppliers might use to develop their proposals.
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product specifications
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The first stage of the B2B buying process is what?
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need recognition
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Marketing research includes all of the following:
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recording data, interpreting data, analyzing data, collecting data.
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After a year in business, Tyrone hired a market research company to analyze his sales data and tell him which groups of customers were the most profitable to his firm. Tyrone will probably use the results of this research to?
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define market segments, adjust positioning strategies, change product offerings,adjust prices.
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Retail checkout scanning systems create a tremendous amount of purchasing information usually stored in a company's what?
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data warehouse
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From charitable giving to medical records to Internet tracking, consumers are more anxious than ever about?
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preserving their right to privacy
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Academic researchers often jump at the opportunity to conduct a research study, curious to learn more and address unanswered questions for the sake of general knowledge. Business people tend to be more cautious before embarking on a marketing research study, recognizing that research is often what?
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expensive and time consuming
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Market research begins with what?
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defining objectives and research needs
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Company sales invoices, census data, and trade association statistics are examples of what?
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secondary data
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The major advantage of primary data collection is that what?
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it can be tailored to meet the specific research needs
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The major disadvantages of primary data collection are that what?
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it takes more time to collect than secondary data and is more costly
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A(n) __________ is a small group of people brought together for an intensive discussion of a topic.
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focus group
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A product is __________ that can be offered through a voluntary marketing exchange.
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anything of value to consumers
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A __________ is a group of associated items that consumers tend to use together or think of as part of a group of similar products.
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product line
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A __________ is a name, symbol, design, or term that identifies a seller's good or service as distinct from those of other sellers.
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brand
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A firm's product mix breadth is its what?
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number of product lines
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__________ is the number of items within a product line.
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Product line depth
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For many years, General Electric had a corporate strategy of being among the top three firms in any market in which it operated; if it could not achieve a top-three position, it would exit the market. This strategy often resulted in the company __________ when certain product lines failed to meet this expectation.
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decreasing product mix breadth
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One important purpose of a brand is to what?
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increase consumer recognition and awareness of product offerings.
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Brands are assets that can be legally protected through what?
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copyrights and trademarks
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__________ is the set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service.
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Brand equity
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A personal digital assistant programmed with key customers' birthdates, wine preferences, and food allergies is a(n) __________ tool.
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CRM
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Which of the following is NOT one of the benefits to a firm of new product development?
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Reduced costs of production.
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Even if they succeed, new-to-the-world products are what?
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not adopted by everyone at the same time.
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The process by which the use of a new product or service spreads throughout a market group is referred to as what?
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diffusion of innovation
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Which of the following is NOT one of the five groups in the diffusion of innovation curve?
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Non-adopters
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The ________________ diffusion of innovation group is crucial because few new products can be profitable until this large group buys them.
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early majority
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The _________________ diffusion of innovation group is the last large group of consumers to adopt a new product or service.
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late majority
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Samples are often used for new products when _________________ will influence the diffusion of the product.
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trialability
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___________________ involves taking apart a product, analyzing it, and creating an improved product that does not infringe on the competitor's patents.
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Reverse engineering
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Before the development of computer-assisted design software, many firms handcrafted ______, wooden or clay models that served as rough physical representations of the new product.
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prototypes
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Before Segway manufactured their two-wheeled people movers, they built a prototype and had staff engineers test it for performance and stability. At this stage, Segway was involved in what?
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alpha testing
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A service is any intangible offering that involves a deed, performance, or effort that what?
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cannot be physically possessed
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Many product dominant firms use quality service
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to maintain a sustainable competitive advantage
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Along the service-product continuum, which of the following would be considered the most service dominant?
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doctor's office
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Along the service-product continuum, which of the following would be considered the most product dominant?
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grocery store
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Medical services, assisted living care, and active senior travel are all examples of what?
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services an aging population will increase their demand for
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The marketing of services differs from product marketing because services are all of these EXCEPT what?
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renewable
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When marketers state that services are __________, they are referring to the fact that services are produced and consumed at the same time.
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inseparable
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When marketers state that services are __________, they are referring to the fact that services cannot be stored for use in the future.
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perishable
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Because services like cruises and car rentals are perishable, many marketers use what?
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pricing strategies to match supply with demand.
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The Gaps Model is designed to highlight those areas where....?
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customers believe they are getting less or poorer service than they should
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The full price of a product or service includes all of the following EXCEPT:
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the price of alternative products and services
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If firms price their products too low, it may what?
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signal poor quality
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Which of the following is NOT one of the Five Cs of pricing?
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Collaboration
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A demand curve shows the relationship between ___________________ in a period of time.
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price and demand
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_________________ measures consumers' sensitivity to price changes.
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Price elasticity of demand
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Variable costs, primarily labor and materials, are those costs that vary with what?
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production volume
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The break-even point is estimated by what?
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dividing fixed costs by contribution per unit
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If the fixed costs of manufacturing a new cell phone are $10,000, the sales price is $60, and variable cost per unit is $20, the break-even point is what?
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250 units
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A reference price is what?
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the price against which buyers compare the actual selling price
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Charging a relatively high price for new and innovative products to those consumers most willing and able to pay the high price is called price what?
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skimming
