Principles of Marketing Final Dr.Welch – Flashcards
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_____ are the form human needs take as they are shaped by culture and individual personality.
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Wants
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_____ is the act of obtaining a desired object from someone by offering something in return.
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Exchange
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Dividing a market into several sections of customers is known as
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Market segmentation
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Dollar General profitably appeals to families with more modest means. The retailer approach is most likely referred as
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Target market
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A brand's _____ is the set of benefits that it promises to deliver to consumers to satisfy their needs
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value proposition
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Henry Ford philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability. The most likely reflects the
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production concept
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Which of the following concepts is based on a customer-centered philosophy?
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the marketing concept
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The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is referred to as
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customer relationship
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The final step in the marketing process is
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capturing value from customers
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Which of the following transforms marketing strategies into real values for consumers?
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the four Ps of marketing
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A _____ is purposeful, specifying what an organization wants to accomplish in the larger environment.
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mission statement
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Business portfolio analysis is defined as the process in which management
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assesses the attractiveness of an SBU's market and the strength of its position in the market
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When a company chooses to divest a particular strategic business unit, it
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sells off or phases out the strategic business unit
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Under Armour recent expansion into the digital personal health and fitness tracking market through acquisitions of three fitness app companies is a
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diversification
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A _____ is made up of a company, it suppliers, its distributions, and its customers who partner with each other to improve the performance of the entire system.
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value delivery network
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_____ refers to process of evaluating each market segments attractiveness and selecting one or more segments to enter.
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Market targeting
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Which component of the marketing mix refers to the good and services combination a company offers to its target market?
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product
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When viewing the market from a buyer point of view, "communication" corresponds to the ____ component of the marketing mix.
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promotion
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The process that turns marketing plans into marketing actions to accomplish strategic marketing objectives is called marketing
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implementation
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For example, if CVS stop selling tobacco products altogether. How would this be classified in a SWOT analysis?
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strength or opportunity
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Demographic, economic, natural, technological, political, and cultural forces form the ____ of an organization.
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macroenvironment
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American Honda purchases over 20 billion worth of auto parts and materials every year. ___ are key players in the company success.
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Suppliers
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The citizens actions publics in a company marketing environment include
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environment groups
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______ markets consists of individuals and households that buy goods and services for personal use
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Consumer
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____ is the study of human populations in terms of size, density, location, age, gender, race, occupation and other statistics
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Demography
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Technology is a way life for ____ the largest generational group
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Millennials
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Which of the following represents a change in the technological environment of a marketing firm?
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increased use of RFID systems to track products
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Recyclable or biodegradable packaging, recycled materials and components and better pollution controls are ways that marketers have responded to
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environmental sustainability movement
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The passage of the Wheeler-Lea Amendment in 1938 had a substantial impact on advertising regulation in the United States. The passage of the amendment
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allowed the FTC to regulate practices that it considered misleading to consumers
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This act does not outlaw all unsolicited email, but rather targets fraudulent, deceptive and pornographic messages, makes up 2/3 of all commercial unsolicited messages.
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Can Spam Act
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Which of the following sources constitutes the internal database of a company?
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the company sales records
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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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The marketing manager of Appeal INC has noticed a sharp decrease in sales over the last months. Conduct marketing research to identify potential causes for the drop in sales. Which of the following should the manager do first?
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define the problem and objectives
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______ is the final step in the marketing research process
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Interpreting and reporting the findings
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The objective of ______ research is to gather preliminary information that will help define the problem and suggest hypotheses
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exploratory
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Causal research is used to
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test hypotheses about cause and effect relationships
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_____ outlines sources of existing data as well as specific research approaches, sampling plans, and measurement instruments
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the research plan
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Information collected from commercial online databases or through internet search engines are examples of ______ data
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secondary
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Ethnographic research is
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conducted in settings where people live and work
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A category of ethnographic research used to observe consumers in a natural context in virtual and mobile spaces is referred to as
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netnography
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A child in the U.S. is exposed to many values including achievement and success, freedom, individualism, hard work, and material comfort. These are symbolic of American ______
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culture
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Product sales increase significantly among the band's fans. From the fans viewpoint, the band is __
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reference group
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Which of the following terms is used to describe a specific mix of human traits that may be attributed to a particular brand?
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brand personality
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Which of the following is the first stage of the buyer decision process ?
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need recognition
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_______ is a discomfort caused by postpurchase confict.
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Cognitive dissonance
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In a straight rebuy, a buyer ______
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recorders something without any modifications
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Which of the following is most likely the final stage of the business buying decision process?
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supplier performance review
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____________ is a process of dividing a market into distinct groups of buyers who have different needs, characteristics or behavior.
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market segmentation
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Dividing buyers into groups based on their knowledge , attitudes, uses, or responses to a product is called _______ segmentation.
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behavioral
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When the size, purchasing power and profiles of a market segment can be determined the market segment is said to be ____
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measurable
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Although not recommended, some marketers decide to ignore market segmentation and target the whole market with one offer. _______
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undifferentiated
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Which of following strategies is most likely to be followed by firms that position themselves as caterers of the best products at economical prices?
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more-for-less
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Which of the following is a pure tangible good?
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shampoo
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Which of the following is an example of an unsought product?
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life insurance
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Which of the following terms best describes the process of designing and producing a container or wrapper for a product?
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packaging
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Clorox sells five major product lines including cleaning, household, lifestyle, professional and international. Together the product lines make up Clorox's ____
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product mix
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Which link in the service profit chain emphasizes superior employee selection and training?
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internal service quality
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_______ involves using an existing brand name for a new product category .
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Brand extension
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Companies like 3M,Google, and Sony have ______ that encourage employees to develop new ideas.
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intrapreneurial programs
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Which of the following steps of the new product development process would most likely use an R-W-W framework?
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idea screening
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The first part of a marketing strategy statement describes the _______ of a new product.
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target market,planned value proposition and sales goals
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______ involves a review of the sales, costs, and profit projections for a new product to determine whether they satisfy a company's objectives.
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Business analysis
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Introducing a new product into the market is called
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commercialization
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_______ can describe a product class, a product form, or a brand.
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The product life cycle concept
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A product life cycle has 5 distinct stages: product development, introduction, growth, maturity, and ________
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decline
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________ is the only element in the marketing mix that produces revenue
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Price
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Which of the following sets the upper limit for a product pricing?
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consumer perceptions of value
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A ______ pricing strategy for an offering begins with an assessment of customer needs and perceptions.
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value-based
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_______ pricing involves setting prices based on the expenses involved in producing, distributing and selling a product plus a fair rate of return for a company effort and risk.
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Cost-based
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Under ____ the market consists of many buyers and sellers trading over a range of prices rather than a single market price.
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monopolistic competition
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_______ prices are carried in buyers minds and used when looking at a given product.
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Reference
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What type of pricing is being used when a company temporarily prices its products below the list price to create buying excitement and urgency?
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promotional pricing
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A____ is made up of a company its suppliers, distributors and ultimately customers who partner with each other to improve the performance of the entire system.
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value delivery network
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An ____ is considered a marketing intermediary .
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wholesaler
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Managing upstream and downstream value added flows of materials, final goods, and related information among suppliers, the company, resellers, and final consumers is known as ____
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supply chain management
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Moving products and materials from suppliers to the factory is _____
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inbound
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Outbound logistics refers to moving ____
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products from the factory to re-sellers and ultimately to customers
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In a just-in-time logistics system ____
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retailers carry small inventories of merchandise to last for only a few days
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____ involves combining two or more systems of transportation to move products
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multimodal transportation
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A convenience store ______
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carries a limited line of high turnover goods for consumer self service
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A group of independent retailers that bands together to set up a jointly owned, central wholesale operation and conduct joint merchandising and promotion efforts is ____
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retailer cooperative
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What is most likely the first major marketing decision that a retailer must take?
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segmentation
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Retailers must decide on 3 major product variables: product assortment, services mix, and ____
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store atmosphere
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Which of the following is an impact of the Great Recession on retailing trends?
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tighter consumer spending patterns
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____ includes all the activities involved in selling goods and services to those buying them for resale or business use.
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Wholesaling
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Which compared to merchant wholesalers, brokers and agents _____
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do not take title to goods
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_____ is any paid form of nonpersonal presentation and promotion of ideas, goods or services by an identified sponsor.
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Advertising
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_____ tends to legitimize products, is very expressive, allows brand or company dramatization and can build up a long term image for a product.
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Television advertising
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Which of the following is a shortcoming of advertising ?
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it only provides one way communication with customers
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Which of the following promotion mix approaches involves a producer promoting a product to different channel members who in turn promote the product to customers?
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push strategy
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Which of the following is the first step in developing an advertising program?
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setting advertising objectives
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The objective of ______ advertising is to build primary demand .
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informative
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The most logical budget setting method in advertising method in advertising is the ______ method.
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objective and task
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Which of the following statements is true of salespeople?
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They represent a company to its customers by communicating and selling
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Sales people need to know how to _____ leads that is identifying good leads and screening out poor ones , at the beginning of the selling process.
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qualify
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The presentation stage of the selling process most likely involves ______
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showing how a company's products can solve a customers problems
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In which of the following steps of the selling process does a salesperson seek out, clarify and overcome any customer disapproval to buying?
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handling objections
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In which of the following steps of the selling process does a salesperson ask a buyer for an order?
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closing
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Which of the following are the fastest growing forms of marketing ?
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direct and digital
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The growth of the internet caused many traditional companies to _______ in response to customer demands and a changing marketplace.
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use omni-channel retailing
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Which of the following is a form of online advertising ?
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search related ad
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Which of the following is most likely true about e-mail marketing ?
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It is used by marketers to send highly targeted messages
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Which kind of marketing involves sending an offer, announcement, reminder or other item to a person at a particular postal address?
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direct-mail marketing
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The _________ established a free trade zone among the United States,Mexico,and Canada.
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North American Free Trade Agreement
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Compared to adapted global marketing, standard global marketing ______
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uses the same marketing mix worldwide
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Compared to standardized global marketing, adapted global marketing ______
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modifies marketing strategies to meet local needs
