mkt exam 2 – Flashcards
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You and seven other people relay your feelings and thoughts about a potential new product to a trained moderator. In​ exchange, you receive a small payment. You are participating in​ a(n) ________.
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focus group interview
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Which of the following BEST describes the purpose of the customer insights​ team?
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To create more value for customers
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Sky owns a small hot air balloon company in​ Albuquerque, New Mexico. He recently started a Facebook page for his company and many of his customers are asking for​ store-sponsored hot air balloon trips. They believe​ Sky's expertise would make him the perfect guide. Sky decides to host quarterly hot air balloon trips and experiences a huge increase in sales and customer satisfaction. Which of the following is the BEST conclusion that can be drawn from​ Sky's situation?
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Customer insights can provide valuable information to a small businesses.
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A colleague needs to collect descriptive data about his​ customer's attitudes. He has not done this type of research before. What research approach would you recommend to best suit this research​ project?
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A survey
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Any contact between a customer and a company is called​ a(n) _________.
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touch point
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To develop needed​ information, marketing information systems utilize​ _________.
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internal​ databases, marketing​ intelligence, and marketing research
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Why is it important for a company to collect both primary and secondary data when conducting marketing​ research?
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To have a​ "full picture" of the subject of its study
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Competitive marketing intelligence uses​ _________ data sources.
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publicly available
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​_______ consists of the analysis​ tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance.
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marketing analytics
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Which of the following is NOT a step in the marketing research​ process?
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Comparing research findings to other studies
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The role of a​ company's marketing information system​ (MIS) is important because​ ______________.
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it enables a company to use customer insights to improve relationships with customers
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Which of the following statements about online research is​ correct?
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Online surveys generally have higher response rates than those conducted by mail or phone.
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Which of the following would be good advice for someone that is conducting marketing research in a foreign​ country?
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Reaching respondents in other parts of the world is more difficult than it is in the U.S.
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Which of the following BEST describes the research​ relationships?
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Observation is best suited for exploratory​ research, surveys for descriptive​ research, and experiments for causal research.
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Cupcakes by Cindy is attempting to gather information about its customers in order to improve its customer service. Which of the following is the BEST place for this company to start to develop an efficient​ MIS?
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Assess the information needs of the company.
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An international company has appointed a CPO to ensure the privacy and confidentiality of the consumer data it collects. Which of the following is the CPO MOST likely to do as a function of his​ job?
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Inform customers of the​ company's privacy policy.
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Which of the following statements about big data is​ correct?
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One result of big data is that marketing managers are often overloaded and overwhelmed with information.
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A company is conducting market research to determine the best areas to sell its product. It has already determined its research questions. What is the next step of this​ company's research​ plan?
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Collect the data.
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​Lydia's Lights wants to extend its market into Mexico. Before jumping​ in, the company needs to conduct some​ in-depth research to gauge​ customer's needs,​ interests, and buying patterns. Which of the following is the BEST option for​ Lydia's Lights?
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Send researchers​ door-to-door to collect the data from target consumers.
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What is​ MIS?
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A marketing information system
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Many companies build extensive electronic collections of consumer and market information obtained from data sources within the​ company's network. This is known as​ ___________.
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an internal database
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A power tool company wants to give its customers access to​ internal, non-public information about how best to use its product in creative ways. What should the company create to provide customers with this​ information?
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A company extranet
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A researcher must always evaluate secondary information​ carefully; however, the researcher does not need to ensure the evaluation is​ _________.
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subjective
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Competitive marketing intelligence is primarily responsible for​ _____________.
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the systematic collection and analysis of publicly available information
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Which kind of company would most benefit from conducting marketing​ research?
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Both large multinationals like Disney and IBM and small locals truly need market research.
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Which of the following needs in​ Maslow's hierarchy is generally satisfied​ first?
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Physiological needs
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Which of the five characteristics identified in the text has an inverse relationship with an​ innovation's rate of​ adoption? As this characteristic​ increases, the rate of adoption is slower.
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Complexity
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Which of the following is a social factor that influences consumer buying​ behavior?
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Roles and status
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Which of the following types of marketing involves creating opinion leaders to serve as brand ambassadors to spread the word about a​ company's products?
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Buzz marketing
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​_________ refers to the degree to which innovation appears superior to existing products.
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Relative advantage
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Consumers can obtain information from any of several sources. Which source is the most effective in that they legitimize the​ product?
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Personal sources
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A purse​ company's ads feature the members of a popular housewives reality show. Product sales increase significantly among the fans. From the​ fans' viewpoint, the housewives reality show is​ a(n) _____.
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reference group
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Which of the following statements regarding the business market is​ correct?
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Many sets of business purchases are made for one set of consumer purchases.
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​______________ is the first stage in the new product adoption process.
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Awareness
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​Age, personality, buying​ style, and job position are​ ________ factors that can influence the business buying decision process.
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individual
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Items such as technical​ specifications, quantity, delivery​ time, return policies and warranties are included in the​ ____________.
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order routine specification
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All the people involved in the buying decision in an organization are collectively known as​ _______.
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the buying center
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This adopter group is skeptical and only adopts new products after a majority of people has tried it.
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Late mainstream.
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According to the model of buyer​ behavior, what is in a​ buyer's black​ box?
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The​ buyer's characteristics and the​ buyer's decision process
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In which type of buying situation will a buyer usually go through all the stages of the business buying​ process?
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A new task buying situation
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In a​ _________, the​ business-to-business buyer reorders something without modifications.
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straight rebuy
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Which of the following lists the five steps of the buyer decision process in the correct​ order?
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Need​ recognition, information​ search, evaluation of​ alternatives, purchase​ decision, and postpurchase behavior.
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What is the first step of the buyer decision​ process?
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Need recognition
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​_________ refers to the practice of including ethnic themes and​ cross-cultural practices within a​ company's mainstream.
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A total market strategy
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What is the nature of demand in business​ markets?
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Demand in business markets is derived demand.
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What determines if a buyer is satisfied or dissatisfied with a​ purchase?
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The relationship between the​ consumer's expectations and the​ product's perceived performance
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Which of the following is a personal factor that influences a​ consumer's buying​ behavior?
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Occupation
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One problem with​ business-to-business e-procurement is that it​ _______.
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can erode​ long-standing customer-supplier relationships
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When marketers want to promote their products and services through​ word-of-mouth marketing​ programs, they typically begin by​ ________.
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generating​ person-to-person brand conversations
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​_________ is NOT a characteristic important in influencing an​ innovation's rate of adoption.
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motivation
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​H2Coast, an automobile​ manufacturer, produces​ fuel-efficient hybrid vehicles that are targeted toward​ middle-income consumer groups. H2Coast most likely segments the consumer market based on​ ________ variables.
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demographic
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A company can differentiate itself from competitors using symbols such as​ McDonald's golden​ arches, Twitter's​ bird, and the Nike swoosh. Which type of differentiation is​ this?
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Image differentiation
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​Heeltoe, a boutique that caters to the footwear needs of​ women, manufactures two different lines of footwear based on the purchasing power of its customers. One product line caters to the needs of​ affluent, middle-aged​ women, and the other line targets younger professionals and homemakers. Heeltoe most likely segments the consumer market based on​ ________ variables.
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demographic
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At one​ time, Miller Beer was known as the​ "champagne of bottled​ beer." It was targeted at an elite class of customers.​ Later, to increase​ sales, Miller was repositioned to attract members of the​ working, middle-class. What is this segmentation method​ called?
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Psychographic
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Byron Tied 2 Bowties groups its customers by regions in the United​ States, such as​ Midwest, Northeast, and Southwest. For each​ region, Byron Tied 2 Bowties creates a different set of advertisements and promotions. On which of the following segmentation variables does the firm divide its​ market?
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geography
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​______ 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.
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Positioning
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​________ segmentation calls for dividing the market into different​ nations, regions,​ states, counties,​ cities, or even neighborhoods.
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Geographic
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Which of the following is a variable used to segment consumer buyers that is not used to segment business​ buyers?
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Psychographics
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​Kidcomp, an American​ computer-manufacturing firm, targets children below the age of ten by providing free games and applications. The​ firm's marketing approach is reflective of​ ________ segmentation.
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age and life cycle
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Which type of market segmentation has long been used in​ clothing, cosmetics,​ toiletries, and​ magazines?
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Gender
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​________ involves dividing a market into smaller segments of buyers with distinct needs or behaviors that might require separate marketing strategies.
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Market segmenting
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Many marketers think that companies should aggressively promote only one benefit to the target market. The benefit promoted is known as​ a(n) ________.
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unique selling proposition
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If a segment is large enough or profitable enough to​ serve, it is​ ________.
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substantial
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Socially responsible target marketing would classify which of the following as an especially vulnerable target market for harmful or controversial​ products?
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children
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Firms that manufacture seasonal products target their consumers primarily through​ ________ segmentation.
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occasion
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Which of the following would make a segment less attractive to​ enter?
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New entrants finding it easy to enter the segment
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The website leftyslefthand.com markets products to​ left-handed consumers only. Which targeting strategy does this​ represent?
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concentrated marketing
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If competitors cannot easily copy the benefit a company chooses to​ promote, that benefit is said to be​ _________.
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preemptive
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Marketers must be careful to guard against stereotypes when using​ ________.
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age and life cycle segmentation
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Toyota allows Scion buyers to customize their cars to meet their exact needs and preferences. This is an example of​ ____________.
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micromarketing
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The marketing manager at​ Arbor's Delicatessen targets customers who are working to lose weight but who still want to dine out. The restaurant chain offers a wide variety of​ low-fat, low-calorie meals that appeal to dieters.​ Arbors' approach is best referred to as​ ________ segmentation.
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psychographic
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Grocers in neighborhoods with a large Hispanic population typically carry more brands that Hispanic consumers prefer than grocers in other neighborhoods. This is an example of​ ________.
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local marketing
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Dividing buyers into groups based on social​ class, lifestyle, or personality characteristics is called​ ________ segmentation.
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psychographic
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​__________ show consumer perceptions of their brands versus those of competing products on important buying dimensions.
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Perceptual positioning maps
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Your local pizzeria promises​ "Delivery in 30 minutes or less or the pizza is​ free." What point of differentiation is​ this?
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service differentiation
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In a __________ sample, the population is divided into mutually exclusive groups and random samples are drawn from each group.
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stratified random
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__________ is a form of observational research that involves sending trained observers to watch and interact with consumers in their "natural environments."
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Ethnographic research
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__________ are information collected for the specific purpose at hand.
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primary data
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__________ is marketing research to better describe marketing problems, situations, or markets such as the market potential for a product or the demographics and attitudes of consumers.
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Descriptive research
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__________ refers to a prescribed number of people in each of several categories who are identified and interviewed by the researcher.
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Quota sample
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__________ are segments of the population selected for marketing research to represent the population as a whole.
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samples
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The __________ outlines researcher responsibilities to respondents, including confidentiality, privacy, and avoidance of harassment.
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Code of Standards and Ethics for Survey Research
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__________ is gathering primary data by observing relevant people, actions, and situations.
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Observational research
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In a __________ sample, the population is divided into mutually exclusive groups and the researcher draws a sample of the groups to interview.
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cluster
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__________ is gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior.
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Survey research
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__________ is marketing research to gather preliminary information that will help define problems and suggest hypotheses.
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Exploratory research
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__________ is marketing research to test hypotheses about cause-and-effect relationships.
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Causal research
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__________ is the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.
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Competitive marketing intelligence
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Secondary data are __________.
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information that already exists somewhere, having been collected for another purpose
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__________ is gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses.
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Experimental research
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__________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
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Marketing research
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In a simple random sample, __________.
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every member of the population has a known and equal chance of selection
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A(n) __________ refers to electronic collections of customer and marketing information obtained from data sources within the company network.
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internal database
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Customer insights are __________.
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the fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships
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A(n) __________ is people and processes dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights.
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marketing information system
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Buying attitudes and preferences are __________.
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a type of buyer response
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__________ are part of the buyer's black box and produce certain responses.
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Buyer characteristics
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need recognition is ____________
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the first stage of the buyer decision process, in which the consumer notices a problem
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__________ is a group of people with shared value systems based on common life experiences and situations.
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Subculture
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________ is a descriptive thought that a person holds about something.
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belief
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__________ is relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors.
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social class
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__________ are part of the environment that enter the consumer's black box and produce certain responses.
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Economic, technological, social, and cultural stimuli
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In the __________ stage, the consumer considers whether trying the new product makes sense.
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evaluation
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In the adoption process, __________ is when the consumer becomes familiar with the new product but lacks information about it.
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awareness
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__________ are a type of buyer response.
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buying attitudes and preferences
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Culture is __________.
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the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions
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In the __________ stage, the consumer seeks information about the new product.
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interest
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________ is the first stage of the buyer decision process, in which the consumer notices a problem.
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need recognition
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__________ is the stage of the buyer decision process in which the consumer uses information to review different brands in the choice set.
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alternative evaluation
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the first step of business buying process is __________
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problem recognition
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perception Is __________________
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the process by which people select, organize, and interpret information to form a meaningful picture of the world
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__________ is the changes in an individual's behavior arising from experience.
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learning
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__________ is two or more people who interact to accomplish individual or mutual goals.
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a group
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__________ is the stage of the buyer decision process in which the consumer is motivated to locate more information.
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information research
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In the adoption process, awareness is __________.
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when the consumer becomes familiar with a new product but lacks information about it
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__________ is a person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea.
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attitude
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__________ is the buyer's decision about which brand to select.
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purchase decision
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__________ is the process by which people select, organize, and interpret information to form a meaningful picture of the world.
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perception
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__________ are such things as product, price, place, and promotion and are considered part of the environment that influences the buyer's black box
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marketing stimuli
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A __________ is the full mix of benefits on which a brand is positioned.
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value proposition
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__________ is dividing a market into segments according to the moments when buyers get the idea to buy, actually make their purchase, or use the purchased item.
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Occasion segmentation
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A __________ is gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices.
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competitive advantage
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__________ is dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation.
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demographic segmentation
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A __________ is a specific attribute that a company chooses about a brand and touts as "number one" in regards to that attribute.
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unique selling proposition
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__________ is distinguishing a market offering from other offerings in order to create superior customer value.
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Differentiation
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__________ is evaluating each market segment's attractiveness and selecting one or more segments to enter.
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Market targeting
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__________ is defined by consumers on important attributes—the place the product occupies in consumers' minds relative to competing products.
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Product position
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__________ is tailoring products and marketing programs to the needs and preferences of particular customers.
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Individual marketing
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Geographic segmentation is __________.
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dividing a market into different units such as nations, states, regions, counties, cities, or even neighborhoods
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__________ is tailoring brands and marketing to the needs and wants of cities, neighborhoods, and even specific stores.
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Local marketing
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__________ is dividing a market into different segments based on social class, lifestyle, or personality characteristics.
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Psychographics segmentation
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__________ is dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.
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Market segmentation
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__________ is dividing a market into different segments based on gender.
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gender segmentation
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Income segmentation is __________.
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dividing a market into different income groups
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__________ is a market-coverage strategy in which a firm goes after a large share of one or a few segments or niches.
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Concentrated marketing
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__________ is arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
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Positioning
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A competitive advantage is __________.
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gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices
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__________ is tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments.
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micromarketing
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__________ is dividing a market into segments based on consumer knowledge, attitudes, uses, or response to a product.
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behavioral segmentation
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__________ is dividing a market into different age and life-cycle groups.
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Age and life-cycle segmentation
