MKT 332 Final – Flashcards
Unlock all answers in this set
Unlock answersquestion
building profitable relationships and creating customer delight
answer
According to the five-step model of the marketing process, which of the following is the final step in creating value for customers?
question
"Why should I buy your brand rather than a competitor's?"
answer
Which of the following customer questions is answered by a company's value proposition?
question
marketing mix
answer
The set of marketing tools a firm uses to implement its marketing strategy is called the
question
customer relationship management
answer
Building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is called ________.
question
target marketing
answer
Cathy's Clothes is a small yet successful retail chain that sells women's clothing and accessories with a focus on buyers who have relatively modest means. For this specific purpose, the firm has rolled out several marketing initiatives aimed at women of a specific demographic. This is an example of ________.
question
market segments
answer
An organic farmer has identified three distinct groups that might be interested in his products: vegetarians, health-conscious individuals, and people identified as trendsetters who try out new products in the market before others. These three groups are examples of ________.
question
social responsibility
answer
Iceco Inc., an ice-cream manufacturing company, encourages all stakeholders, including the top management and employees at all levels in their stores, to consider individual and community welfare in their day-to-day decisions. This action undertaken by Iceco reflects ________.
question
Strategic planning
answer
________ is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities.
question
It considers market growth rate to be a measure of market attractiveness.
answer
Which of the following is true of the BCG matrix approach?
question
strategic business unit (SBU)
answer
The key businesses of Kimberley and Price consist of a division that produces and sells breakfast cereals and another that manufactures gardening tools. Each of these businesses is called a ________.
question
microenvironment
answer
Dan has been directed to study the actors close to a company that affect its ability to serve its customers, such as the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. In this instance, Dan has been directed to study the ________ of the company.
question
macroenvironment
answer
Sam has been directed to study the demographic, economic, political, and cultural forces that affect an organization. In this instance, Sam has been directed to study the ________ of the organization.
question
cultural
answer
The ________ environment consists of institutions and other forces that affect a society's basic values, perceptions, preferences, and behaviors.
question
Marketing research
answer
________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
question
interpreting and reporting the findings
answer
Which of the following is the final step of the marketing research process?
question
information collected for the specific purpose at hand
answer
Primary data consist of ________.
question
secondary data
answer
Information collected from Internet search engines is an example of ________.
question
online surveys
answer
Ursula Williams owns a small publishing company in Utah and has a very restrictive budget for the market research she currently needs to conduct. She requires a large sample size for her research in order to arrive at insightful conclusions. Additionally, she wants to have excellent control over her sample. Keeping in mind her restrictive budget and other specifications, which of the following methods of contact would you advise Ursula to use?
question
Focus group interviewing
answer
________ consists of inviting 6 to 10 people to meet with a trained moderator to talk about a product, service, or organization.
question
Would you like to try our new ice cream flavor?
answer
Which of the following questions is an example of a closed-end question?
question
sample
answer
A(n) ________ is a segment of the population selected for marketing research to represent the population as a whole.
question
cross-cultural marketing
answer
Many companies use several ethnically specific themes in their mainstream marketing strategy. This is because several marketers have realized that insights gleaned from ethnic consumers can influence their broader markets. This type of marketing is known as ________.
question
opinion leader
answer
Rachel loves fashion and is always seen wearing the trendiest fashion outfits. She actively shares her knowledge with a wide group of friends and colleagues about where to shop for the latest fashion at great deals. Most of her friends and colleagues follow her fashion tips. Rachel portrays the image of a(n) ________.
question
problem recognition
answer
The first step of the business buying process is ________.
question
gatekeeper
answer
Paul, a purchasing agent for Kiel Inc., has the authority to prevent salespersons from seeing the decision makers in his organization. Which of the following best describes Paul's position?
question
straight rebuy
answer
In which of the following would the buyer reorder a product without any modifications?
question
inelastic
answer
The Pure Drug Company produces insulin, a product with a very stable demand. Even though the price changed several times in the past two years, the demand for Pure Drug's insulin remained relatively unaffected. In this instance, the demand for insulin is representative of ________ demand.
question
Market targeting
answer
________ consists of evaluating each market segment's attractiveness and selecting one or more market segments to enter.
question
Differentiation
answer
________ involves actually distinguishing the firm's market offering to create superior customer value.
question
Positioning
answer
________ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
question
demographic segmentation
answer
Delta Motorworks markets its cars based on the age, gender, and income of its customers. Which of the following types of market segmentation is evident here?
question
Value proposition
answer
________ refers to how a company will create differentiated value for targeted segments and what positions it wants to occupy in those segments.
question
a taxi ride
answer
Which of the following product offerings is intangible?
question
Brand esteem
answer
________ refers to how highly consumers regard and respect the brand.
question
new products
answer
Product improvements, product modifications, and original products can all be classified as ________.
question
product life cycle
answer
Which term refers to the course that a product's sales and profits take over its lifetime?
question
introduction
answer
Which of the following stages of the PLC is characterized with high promotional expenditures that result from an effort to create consumer awareness?
question
product costs
answer
What sets the floor for product prices?
question
facility rental payments
answer
Which of the following is most likely a fixed cost?
question
cost-plus
answer
The simplest pricing method is ________ pricing.
question
the total revenue and total cost curves intersect
answer
The break-even volume is the point at which ________.
question
market-skimming pricing
answer
Companies facing the challenge of setting prices for the first time can choose between two broad strategies: market-penetration pricing and ________.
question
product bundle pricing
answer
Which of the following product mix pricing strategies involves pricing multiple products to be sold together?
question
intensive
answer
Whitelight stocks its toothpastes in all convenience stores across the country. This is an example of ________ distribution.
question
luxury cars
answer
For which of the following would a company use an exclusive distribution strategy?
question
Distribution centers
answer
________ are large and highly automated warehouses designed to receive goods from various plants and suppliers, take orders, fill them efficiently, and deliver goods to customers as quickly as possible.
question
pop-up stores
answer
Target recently opened temporary shops to celebrate limited-run collections by Jason Wu in Toronto and Missoni in New York. These temporary shops are examples of ________
question
advertising
answer
Any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor is called ________.
question
sales promotion
answer
The use of short-term incentives to encourage the purchase or sale of a product or service is called ________.
question
public relations
answer
Which of the following promotion tools involves building up a good corporate image and handling unfavorable stories and events?
question
personal selling
answer
Extel Inc., a home appliance manufacturer, uses sales representatives to sell its products to wholesalers and individual customers. This is an example of ________. A) sales promotion
question
integrated marketing communications
answer
Today several companies are adopting the concept of ________, which carefully combines and coordinates the company's many communication channels to deliver a clear, consistent, and compelling message about the organization and its brands.
question
the same message, look, and feel
answer
Integrated marketing communications require a company's mass-market advertisements, Web site, e-mail, and personal selling communications to all have ________.
question
desire
answer
In the AIDA model, the D stands for ________.
question
comparative advertising
answer
When Verizon Wireless began offering the iPhone, it used its "Can you hear me now?" slogan to attack AT&T's rumored spotty service. This example best illustrates ________.
question
determining reach, frequency, and impact
answer
Which of the following is a major step in advertising media selection?
question
territorial
answer
Morrill Motors splits the United States of America into 10 sales regions. Within each of those regions, the company has separate sales personnel selling the company's full line of products. Which sales force structure does Morrill Motors use?
question
prospecting
answer
In the ________ stage of the selling process, a company first identifies qualified potential customers.
question
Sales promotion
answer
________ consists of short-term incentives to encourage the purchase of a product or service.
question
direct marketing
answer
Amazon.com, eBay, and GEICO approach customers via Web sites or mobile apps. This is an example of ________.
question
Viral marketing
answer
________ involves creating a Web site, video, e-mail, mobile message, advertisement, or other marketing event that is so infectious that customers will seek it out or pass it along to their friends.
question
online community
answer
Runners can compare performances, set up profiles, meet new people, and share information on Nike's Nike+ Web site. Nike+ is an example of a(n) ________.
question
competitive advantage
answer
Gaining ________ requires delivering more value and satisfaction to target consumers than competitors do.
question
Benchmarking
answer
________ is the process of comparing the company's products and processes to those of competitors or leading firms in other industries to find ways to improve quality and performance.
question
McDonald's and Burger King
answer
Which of the following are examples of close competitors?
question
overall cost leadership, differentiation, and focus
answer
According to Michael Porter, what are three effective competitive positioning strategies?
