delegation of authority to solve customers\' problems quicklyâusually by the first person the customer notifies regarding a problem

mkt 320f - Flashcard | StudyHippo.com

question

Magazine advertisement: "Your well being is important to us. It's our commitment to The Greater Good." - What kind of orientation?

answer

societal

question

Company website: "We realize it is a privilege for our products to be invited into our customers' homes and we strive to exceed their expectations. State-of-the-art worldwide physical testing labs allow us to continually analyze the quality of our raw materials, construction methods, and finished products." - What kind of orientation?

answer

Product-oriented

question

Company profile: "Our products are sold in more than 35 markets around the world and our global independent sales force exceeds 2 million." - What kind of orientation?

answer

Sales-oriented

question

Mission statement: "Continuing the founder's legacy of commitment to consumers, community and children, we provide high-quality products while conducting our business in a socially responsible and environmentally sustainable manner."- What kind of orientation?

answer

Societal

question

Company website: "Confidence isn't just a word to us. Strengthening your confidence so you can achieve your goals is our first priority, and the reason millions of consultants have achieved success on their own terms." What kind of orientation?

answer

Sales-oriented

question

Which marketing management philosophy focuses on the question, "What do customers want and need?"

answer

Market

question

A company that wants to implement a market orientation would need to:

answer

implement actions that provide value to customers. establish and maintain mutually satisfying relationships with customers. determine how to deliver superior customer value. do research on its customers, competitors, and markets.

question

_____ is defined as the relationship between benefits and the sacrifice necessary to obtain those benefits.

answer

Customer value

question

_____ is a strategy that focuses on keeping and improving relationships with current customers.

answer

Relationship marketing

question

A business is concerned with many day-to-day activities. Some of the most important of these activities are the planning and development of a product, its ability to communicate value, its pricing policy, and the distribution strategy. These activities are all a part of:

answer

marketing.

question

Earl is starting a new bank. Before the opening day, Earl had a meeting with all employees. He discussed their mission, defined objectives for the bank for the coming years, and shared who their target market is. He talked about their product offerings and where their future branches would be located. Earl is sharing the bank's:

answer

marketing plan.

question

A firm that wants to develop a deeper understanding of its customers may optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups. This is _____:

answer

customer relationship management.

question

A _____ is a study conducted by an organization to identify its internal strengths and weaknesses and also examine external opportunities and threats.

answer

situation analysis

question

Coca-Cola vending machines are found all over the world. The newest machines have an interactive screen that runs advertisements and allows users to obtain free photos of themselves and ringtones after they have bought a drink. Critics of these new vending machines are concerned that entertaining technology is being used to market sugary products. In terms of a SWOT analysis, this concern would be an example of a(n):

answer

threat.

question

Walmart realizes a _____ using its relationships with suppliers to give customers low prices and good customer service.

answer

cost competitive advantage

question

Arizona Tea is marketed by Vultaggio & Sons. Vultaggio & Sons took a basic drink and put it into unusual bottles with elaborate designs. The wide-mouthed, long-necked bottles are now considered to be trendsetters in the new age beverage industry, and customers often buy the tea just for the bottle. The success of Arizona Tea is based on:

answer

a product differentiation competitive advantage.

question

marketing

answer

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

question

exchange

answer

people giving up something in order to receive something else they would rather have

question

production orientation

answer

a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace

question

sales orientation

answer

the belief that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits

question

marketing concept

answer

the idea that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives

question

market orientation

answer

a philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase a product; it is synonymous with the marketing concept

question

societal marketing orientation

answer

the idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals' and society's long-term best interests

question

customervalue

answer

therelationshipbetweenbenefitsand the sacrifice necessary to obtain those benefits

question

customersatisfaction

answer

customers'evaluationofa good or service in terms of whether it has met their needs and expectations

question

relationship marketing

answer

a strategy that focuses on keeping and improving relationships with current customers

question

empowerment

answer

delegation of authority to solve customers' problems quickly—usually by the first person the customer notifies regarding a problem

question

teamwork c

answer

collaborative efforts of people to accomplish common objectives

question

customer relationship management (CRM)

answer

a company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups

question

on-demand marketing

answer

delivering relevant experiences, integrated across both physical and virtual environments, throughout the consumer's decision and buying process

question

Shrinking middle class

answer

Threat

question

Introducing new, lower-priced products to the market

answer

Neither opportunity or threat

question

Customers moving to higher and lower-priced products

answer

Both opportunity/threat

question

P&G has a lot of brands in the marketplace at different price points

answer

Neither opportunity or threat

question

Competitors are starting to introduce lower-priced options into the market

answer

Threat

question

Some customer segments are interested in spending more money on new products in the personal care category

answer

opportunity

question

Marketers can control the external environment in which their organizations operate.

answer

false

question

Marketers need a thorough understanding of the laws established by the federal government, state governments, and regulatory agencies.

answer

true

question

Which of the following statements best describes the typical target market?

answer

Target markets change over time as consumers drop in or out of the market, and as tastes change.

question

The external environment:

answer

must be continually monitored by marketing managers.

question

Americans' core value of upward mobility (i.e., success will come to anyone who works hard) has greatly influenced the way luxury goods are marketed. This phenomenon is an example of a(n) _____ factor.

answer

social

question

The steps of the consumer decision-making process, in order, are:

answer

need recognition, information search, evaluation of alternatives, purchase, postpurchase behavior

question

All of the following factors directly influence consumers' level of involvement in the purchase process EXCEPT: consumer's age social visibility of the purchased item perceived risk of negative consequences as a result of the purchase previous experience with the product financial risk associated with the product

answer

consumer's age

question

Company X sells their products exclusively to companies in the Y market. In estimating demand from their business customers, Company X must understand that this demand is actually _____________, which means that the demand for industrial products and services is driven by demand for consumer products and services.

answer

derived demand

question

consumer behavior

answer

processes a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods or services; also includes factors that influence purchase decisions and product use

question

value

answer

a personal assessment of the net worth one obtains from making a purchase, or the enduring belief that a specific mode of conduct is personally or socially preferable to another mode of conduct

question

perceived value

answer

the value a consumer expects to obtain from a purchase

question

utilitarian value

answer

a value derived from a product or service that helps the consumer solve problems and accomplish tasks

question

hedonic value

answer

a value that acts as an end in itself rather than as a means to an end

question

consumer decision-making process

answer

a five-step process used by consumers when buying goods or services

question

need recognition

answer

resultofanimbalancebetweenactual and desired states

question

want

answer

recognition of an unfulfilled need and a product that will satisfy it

question

stimulus

answer

any unit of input affecting one or more of the five senses: sight, smell, taste, touch, hearing

question

internal information search

answer

the process of recalling past information stored in the memory

question

external information search

answer

the process of seeking information in the outside environment

question

nonmarketing-controlled information source

answer

a product information source that is not associated with advertising or promotion

question

marketing-controlledinformationsource

answer

a product information source that originates with marketers promoting the product

question

evoked set (consideration set)

answer

a group of brands resulting from an information search from which a buyer can choose

question

cognitivedissonance

answer

innertensionthataconsumer experiences after recognizing an inconsistency between behavior and values or opinions

question

involvement

answer

the amount of time and effort a buyer invests in the search, evaluation, and decision processes of consumer behavior

question

business marketing (industrial, business- to-business, B-to-B, or B2B marketing)

answer

the marketing of goods and services to individuals and organizations for purposes other than personal consumption

question

business product (industrial product)

answer

a product used to manufacture other goods or services, to facilitate an organization's operations, or to resell to other customers

question

consumer product

answer

a product bought to satisfy an individual's personal wants or needs

question

Content marketing

answer

a strategic marketing approach that focuses on creating and distributing content that is valuable, relevant and consistent.

question

strategic alliance (strategic partnership)

answer

a cooperative agreement between business firms

question

relationship commitment

answer

a firm's belief that an ongoing relationship with another firm is so important that the relationship warrants maximum efforts at maintaining it indefinitely

question

trust

answer

the condition that exists when one party has confidence in an exchange partner's reliability and integrity

question

keiretsu

answer

a network of interlocking corporate affiliates

question

original equipment manufacturers (OEMs)

answer

individuals and organizations that buy business goods and incorporate them into the products they produce for eventual sale to other producers or to consumers

question

North American Industry Classification System (NAICS)

answer

a detailed numbering system developed by the United States, Canada, and Mexico to classify North American business establishments by their main production processes

question

derived demand

answer

the demand for business products

question

joint demand

answer

the demand for two or more items used together in a final product

question

multiplier effect (accelerator principle)

answer

phenomenon in which a small increase or decrease in consumer demand can produce a much larger change in demand for the facilities and equipment needed to make the consumer product

question

business-to-business online exchange

answer

an electronic trading floor that provides companies with integrated links to their customers and suppliers

question

reciprocity

answer

apracticewherebybusiness purchasers choose to buy from their own customers

question

majorequipment(installations)

answer

capital goods such as large or expensive machines, mainframe computers, blast furnaces, generators, airplanes, and buildings

question

accessory equipment

answer

goods, such as portable tools and office equipment, that are less expensive and shorter-lived than major equipment

question

raw materials

answer

unprocessed extractive or agricultural products, such as mineral ore, lumber, wheat, corn, fruits, vegetables, and fish

question

component parts

answer

either finished items ready for assembly or products that need very little processing before becoming part of some other product

question

processed materials

answer

products used directly in manufacturing other products

question

supplies

answer

consumable items that do not become part of the final product

question

business services

answer

expense items that do not become part of a final product

question

buying center

answer

all those people in an organization who become involved in the purchase decision

question

new buy

answer

a situation requiring the purchase of a product for the first time

question

modified rebuy

answer

a situation in which the purchaser wants some change in the original good or service

question

straight rebuy

answer

a situation in which the purchaser reorders the same goods or services without looking for new information or investigating other suppliers

question

target market

answer

a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the need of that group, resulting in mutually satisfying exchanges

question

environmental management

answer

when a company implements strategies that attempt to shape the external environment within which it operates

question

component lifestyles

answer

the practice of choosing goods and services that meet one's diverse needs and interests rather than conforming to a single, traditional lifestyle

question

demography

answer

the study of people's vital statistics, such as age, race and ethnicity, and location

question

Millennials

answer

people born between 1979 and 1994

question

Generation X

answer

people born between 1965 and 1978

question

baby boomers

answer

people born between 1946 and 1964

question

purchasing power a

answer

a comparison of income versus the relative cost of a standard set of goods and services in different geographic areas

question

inflation

answer

a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year

question

recession

answer

a period of economic activity characterized by negative growth, which reduces demand for goods and services

question

basic research

answer

pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon

question

applied research

answer

research that attempts to develop new or improved products

question

Consumer Product Safety Commission (CPSC)

answer

a federal agency established to protect the health and safety of consumers in and around their hom

question

Food and Drug Administration (FDA)

answer

a federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products

question

Federal Trade Commission (FTC)

answer

a federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce

question

What are the twin pillars of marketing?

answer

segmentation, differentiation

question

Why is targeting a specific group of customers usually more successful than trying to appeal to everyone?

answer

It will satisfy the segment's specific needs

question

A nationwide restaurant chain that varies its menu based on its location is an example of what kind of segmentation:

answer

Geographic

question

Clear Channel owns hundreds of radio stations across the U.S. How do they decide what kind of music to play on a particular station?

answer

Demographic

question

Procter & Gamble markets six different brands of laundry detergent, each targeting a different market segment. This is an example of concentrated targeting. T/F

answer

false

question

Deciding who to target is the first step in market segmentation. T/F

answer

false

question

"One-size-fits-all" marketing is largely out of date. T/F

answer

true

question

There are a number of detergents marketed under the Tide brand, including detergents with and without fabric softener, with and without bleach, with various pleasing smells, and fragrance-free formulations. These detergents are an example of Tide's:

answer

product line.

question

Tortilla chips are most likely _____ products, since they are purchased with little shopping effort.

answer

convenience

question

Nestlé's quest is to make some of its existing products more nutritious and provide a health benefit. This is an example of which type of product modification?

answer

Functional

question

A regional utility company needs to change consumers' perceptions of its current service as being harmful to the environment. Which of the following strategies would best allow the company to accomplish this goal?

answer

Repositioning

question

The first stage of the new-product development process is:

answer

establishing the new-product strategy

question

During which stage of the process does the marketer lead the preliminary analysis and calculations for demand, cost, sales, and profitability?

answer

Developing a business analysis

question

A manufacturer of office furnishings is finding it difficult to compete with cheaper imported merchandise. Which of the following is a potential source of new product ideas that would allow it to compete more effectively? The company's employees Its foreign competitors Customers who have requested its catalogs R&D All of these

answer

all of these

question

In the adopter categories, the final 16 percent to adopt are similar to innovators in that they do not rely on the norms of the group but are independent because they are bound to tradition. They tend to have the lowest socioeconomic status, are suspicious of new products, and are alienated from a rapidly advancing society. They are called:

answer

laggards.

question

All of the following are product characteristics influencing the rate of adoption EXCEPT: compatibility. distribution. observability. complexity. relative advantage.

answer

distribution

question

Which of the following is not one of the stages of the product lifecycle?

answer

New product strategy stage

question

Profits typically reach their peak during the growth stage of the product life cycle. T/F

answer

true

question

Services tend to exhibit more search qualities than do tangible goods. T/F

answer

false

question

Which of the following is NOT one of the four unique elements to services?

answer

Incoherency

question

Which of the following services would be most likely to exhibit strong credence qualities?

answer

Tax return preparation

question

All of the following are benefits of supply (value) chain management EXCEPT: key means of differentiation for a firm. reduces supply chain costs. improves customer service. decreases cash flow. increases flexibility of supply chain activities.

answer

decreases cash flow

question

All of the following are logistics components of the supply chain EXCEPT: inventory control. production scheduling. order processing. warehousing and materials-handling. trade promotions.

answer

trade promotions

question

Which of the following is the inventory control system that manages the replenishment of raw materials, supplies, and components from the supplier to the manufacturer?

answer

Materials requirement planning (MRP)

question

______ within the marketing channel can provide efficiencies and economies of scale as channel members take on tasks that best utilize their expertise or strategic relationships.

answer

Specialization or Division of labor

question

The three basic functions channel intermediaries perform are:

answer

transactional, logistical, and facilitating.

question

One configuration of a marketing channel entails producers selling to consumers without any intermediaries in the channel. This is called a(n)

answer

direct channel.

question

________ is a form of distribution aimed at having a product available in every outlet where target customers might want to buy it.

answer

Intensive

question

_____ use another manufacturer's already established channel and are used most often when the creation of marketing channel relationships may be expensive and time-consuming.

answer

Strategic channel alliances

question

______ is a clash of goals and/or methods that occurs between different levels in a marketing channel, most typically between the manufacturer and wholesaler or between the manufacturer and retailer.

answer

Vertical conflict

question

market

answer

people or organizations with needs or wants and the ability and willingness to b

question

market segment

answer

a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs

question

market segmentation

answer

the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups

question

segmentationbases(variables)

answer

characteristicsof individuals, groups, or organizations

question

geographic segmentation

answer

segmenting markets by region of a country or the world, market size, market density, or climate

question

demographic segmentation

answer

segmenting markets by age, gender, income, ethnic background, and family life cycle

question

family life cycle (FLC)

answer

a series of stages determined by a combination of age, marital status, and the presence or absence of children

question

psychographicsegmentation

answer

segmenting markets on the basis of personality, motives, lifestyles, and geodemographics

question

geodemographicsegmentation

answer

segmenting potential customers into neighborhood lifestyle categories

question

benefit segmentation

answer

the process of grouping customers into market segments according to the benefits they seek from the product

question

usage-rate segmentation

answer

dividing a market by the amount of product bought or consumed

question

80/20 principle

answer

a principle holding that 20 percent of all customers generate 80 percent of the demand

question

satisficers

answer

business customers who place an order with the first familiar supplier to satisfy product and delivery requirements

question

optimizers

answer

business customers who consider numerous suppliers (both familiar and unfamiliar), solicit bids, and study all proposals carefully before selecting one

question

target market

answer

a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges

question

undifferentiated targeting strategy

answer

a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix

question

concentratedtargetingstrategy

answer

a strategy used to select one segment of a market for targeting marketing efforts

question

niche

answer

one segment of a market

question

multisegmenttargetingstrategy

answer

a strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each

question

cannibalization

answer

a situation that occurs when sales of a new product cut into sales of a firm's existing products

question

positioning

answer

developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general

question

position

answer

the place a product, brand, or group of products occupies in consumers' minds relative to competing offerings

question

productdifferentiation

answer

apositioning strategy that some firms use to distinguish their products from those of competitorw

question

perceptual mapping

answer

a means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers' minds

question

repositioning

answer

changingconsumers'perceptions of a brand in relation to competing brands

question

brand

answer

a name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitors' products

question

brand name

answer

that part of a brand that can be spoken, including letters, words, and numbers

question

brand mark

answer

the elements of a brand that cannot be spoken

question

brand equity

answer

the value of a company or brand name

question

global brand

answer

a brand that obtains at least a one- third of its earnings from outside its home country, is recognizable outside its home base of customers, and has publicly available marketing and financial data

question

brand loyalty

answer

consistent preference for one brand over all others

question

manufacturer's brand

answer

the brand name of a manufacturer

question

private brand

answer

a brand name owned by a wholesaler or a retailer

question

captive brand

answer

a brand manufactured by a third party for an exclusive retailer, without evidence of that retailer's affiliation

question

individualbranding

answer

usingdifferentbrand names for different products

question

familybranding

answer

marketingseveraldifferent products under the same brand name

question

co-branding

answer

placing two or more brand names on a product or its package

question

trademark

answer

the exclusive right to use a brand or part of a brand

question

service mark

answer

a trademark for a service

question

generic product name

answer

identifies a product by class or type and cannot be trademarked

question

The two major categories of communications are:

answer

mass and interpersonal.

question

When Castrol Syntec, a premium motor oil, sought a new way to reach its young, car-passionate audience, the brand found its mark with video games. In its first-ever attempt at in-game advertising, Castrol Syntec found a way to show consumers (in a virtual world) the brand's power and performance. In the communication process, the game served as a(n) _____ for transmitting the message.

answer

channel

question

Innovyx is an email marketing service provider. It has a new ad campaign aimed at changing negative perceptions of email. The ads explain how much cheaper email advertising is than traditional advertising and what a high return on investment it can generate if used properly. Finally, the message ends by suggesting that companies wanting to promote their products give email a chance to show what it can do. This promotion has the task of:

answer

persuading.

question

M&M's famous slogan, "Melts in your mouth, not in your hand," is an example of a(n):

answer

unique selling proposition.

question

Which type of consumer sales promotion rewards loyal consumers for making multiple purchases of a particular good or service?

answer

A frequent buyer program

question

Angela and Dominic own Cincy by the Slice pizzeria. They are interested in keeping track of the number of mentions their store receives on sites like Twitter and Facebook, but they are unsure of which steps to take next. Which of the following resources would best meet their needs?

answer

A listening platform with key word report capabilities

question

Cutting costs is the best way to maximize profitability. T/F

answer

false

question

Willingness to pay is a way to measure demand elasticity. T/F

answer

true

question

Assume a firm sells 1M units of its product for $10 and has a 30% gross profit margin ($3). Cutting the price to $9.50 might stimulate unit sales by 10%. Will the assumed increase in sales volume offset the decrease in margin?

answer

No, the increase in sales will not offset the decrease in margin.

question

Which of the following statements about yield management systems (YMS) is true? YMS are complex pricing systems used to set equilibrium pricing points. YMS are mathematically complex systems to make use of underutilized capacity and reduce the cost of perishability. YMS eliminate the problem of simultaneous production and consumption from services. The first use of YMS was in the U.S. car industry as it looked for ways to compete with imports. YMS cannot be used by any other businesses but services.

answer

YMS are mathematically complex systems to make use of underutilized capacity and reduce the cost of perishability.

question

Although many factors can influence price, the primary determinants are:

answer

the demand for the good and the cost to the seller.

question

With value-based pricing:

answer

the firm is both customer driven and competitor driven.

question

Imagine that you are planning a fund raising party for after the symphony, and you need a life-size grand piano cake. Or, you are a developer proposing a new shopping center to a group of investors, and you want to serve a cake shaped like an architectural rendition of the center. Is this impossible? No, you just need to contact Cecilia Villaveces Cakes. She actually built a life-size grand piano for a gala in Macon, Georgia. You can expect to pay anywhere from $75 to $10,000 for one of Cecilia's artistic creations, depending on complexity of design and size. She uses only the best ingredients, and no two cakes are ever quite alike. Although many factors determine the prices charged by Cecilia Villaveces Cakes, the two primary determinants are:

answer

the demand for the good and the cost to the seller.

question

To help understand why attendance at the team's games was so poor, the Atlanta Falcons used marketing research to gather factual information. The organization used in-game surveys and end-of-season surveys of ticket holders. The gathering of factual statements is an example of marketing research in its _____ role.

answer

descriptive

question

Through marketing research, the Boston Symphony Orchestra (BSO) learned it has an older market and is not attracting younger concertgoers. It next conducted marketing research to determine if a social media advertising and engagement campaign they were considering that would be targeted to the younger market would be successful. In its second use of research, BSO employed _____ marketing research.

answer

predictive

question

The first step in the marketing research process is to:

answer

identify and formulate the problem/opportunity to be studied.

question

Post Properties is a company that manages apartments in various communities. It is concerned with a glut of apartments in Atlanta, Orlando, and Dallas. Its market researcher begins by examining the rental markets in the Southeast, the history of apartment buildings, local economies, competitive rents, and ownership—all information that was on hand and did not require any new research to locate. The market researcher looked at:

answer

secondary data.

question

_____ specifies the research questions to be answered, how and when the data will be gathered, and how the data will be analyzed.

answer

The research design

question

The most popular method for gathering primary data is _____, in which a researcher interacts with people to obtain facts, opinions, and attitudes.

answer

survey research

question

_____ research is the study of human behavior in its natural context, involving observation of behavior and physical setting.

answer

Ethnographic

question

In a study whose purpose is to determine the market for a vitamin that is to be chewed like bubble gum, what is the first question to be answered before a sampling plan is selected?

answer

What is the population or universe of interest?

question

An intelligence system that helps managers assess their competition and vendors in order to become more efficient and effective competitors is called:

answer

competitive intelligence.

question

A carefully selected group of consumers who agree to participate in an ongoing online dialogue with a particular corporation is known as a(n):

answer

web community.

mkt 320f – Flashcard

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards