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Marketing Management > Chapters 1,2,4,6,8,9 Homework Problems > Flashcards

Chapters 1,2,4,6,8,9 Homework Problems Flashcards

1
Q

Which of the following is true of an exchange?

a. There must be more than two parties for an exchange to take place.	
b. Money must be traded for the product or service being sold.	
c. Marketing can occur even if an exchange does not take place.	
d. If all the conditions exist, exchange will take place.
A

c. Marketing can occur even if an exchange does not take place.

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2
Q

Which of the following is true of customer value?

a. Good value is signified by a low-quality, low-priced product.	
b. Good value cannot be determined by quality or price, just by the benefits the product provides to customers.	
c. Good value is signified by the quality a customer expects at the price they are willing to pay.	
d. Good value is signified by a high-quality, high-priced product.
A

c. Good value is signified by the quality a customer expects at the price they are willing to pay.

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3
Q

Which of the following is true of marketing?

a. Marketing efforts are performed by many departments in an organization.	
b. Fostering long-term relationships with customers is not part of marketing.	
c. Marketing has occurred only if a product is sold.	
d. The goal of marketing is to advertise products.
A

a. Marketing efforts are performed by many departments in an organization.

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4
Q

A production orientation is successful when _______.

A

d. consumer wants and needs match what the company can best produce

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5
Q

Delivering products to customers at the right time, in the right place, and at the right price is illustrated by which of the following reasons to study marketing?

A

Marketing plays an important role in society.

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6
Q

The four marketing management philosophies are _______.

A

production, sales, market, and societal marketing orientations

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7
Q

For a market-oriented firm, the advantages of considering the benefits customers seek include which of the following?

A

Bolsters creativity and innovation by encouraging employees to come up with new ways to satisfy customers, The company remains focused on the customer rather than the products it produces,Allows the company to create new products and to modify products due to changing customer needs

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8
Q

A market-oriented company _______.

A

sees marketing as a company-wide activity

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9
Q

A market-oriented company targets its products to__ while a sales-oriented company targets its products to ___

A

A market-oriented company targets its products to specific groups of consumers while a sales-oriented company targets its products to everyone

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10
Q

Which reason to study marketing supports the idea that, as a consumer, you will better understand the buying process?

A

Marketing impacts your everyday life.

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11
Q

Market-oriented companies create long-term relationships with customers by doing which of the following?

A

Providing value to customers

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12
Q

Which of the following strategies would be most appropriate for a market-oriented firm?

A

Understanding what products and services customers want and need and offering those in order to meet organizational objectives

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13
Q

A disadvantage of a sales orientation is _______.

A

a lack of understanding customers’ wants and needs

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14
Q

Broadly speaking, customer relationship management (CRM) allows marketers to _______.

A

collect information about customers and create marketing promotions and communications specific to groups of consumers

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15
Q

successful relationship marketing strategies depend on all the following EXCEPT _______.

A

Offering high quality products

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16
Q

Market-oriented companies are__ focused while sales-oriented companies are __ focused.

A

Market-oriented companies are externally focused while sales-oriented companies are internally focused.

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17
Q

A _______ strategy increases sales by introducing new products into new markets, while a _______ strategy entails creating a new product targeted to its current customers.

A

diversification; product development

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18
Q

In a SWOT analysis, the prospect of entering new markets and launching new products would be listed under

A

Opportunities

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19
Q

Which of the following is NOT a requirement of effective strategic planning?

A

Resource allocation

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20
Q

Elements of product strategy can include all of the following EXCEPT _______.

A

where the product is sold

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21
Q

Harvesting is an appropriate strategy for all the following products or SBUs EXCEPT

A

Stars

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22
Q

Strategic planning is usually conducted by _______.

A

top managers

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23
Q

A _______ is the description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessment of key competitors in these market segments.

A

Market opportunity analysis (MOA)

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24
Q

The innovation matrix identifies three levels of change and innovation. They include _______, _______, and _______.

A

core innovation, transformational innovation, adjacent innovation.

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25
Q

An organization that chooses a _______ strategy attempts to maintain the product’s market share in order to take advantage of the positive cash flow.

A

hold

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26
Q

_______ is the most flexible of the four Ps because it is the easiest and quickest component to change.

A

Price

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27
Q

Which of the following are reasons for failing to achieve a marketing objective? (Select four)

A

changes in the environment after the objective was specified, Inappropriate marketing strategies in the plan, Unrealistic marketing objectives

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28
Q

Carefully specified objectives should have all of the following characteristics EXCEPT _______.

A

To have unspecified end dates.

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29
Q

In the GE model, the appropriate action for areas of the matrix with high attractiveness is _______.

A

invest/grow

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30
Q

When conducting a SWOT analysis, managers can identify opportunities and threats by

A

analyzing the external marketing environment

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31
Q

Strategic marketing management addresses which of the following questions? (Select two)

A

what is the organizations main activity at a specfic time, and how it will reach its companies goals.

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32
Q

The three general strategies for selecting target markets include which of the following? (Select three)

A

appeal to multiple market segments using mutliple marketing mixes. appeal to the entire market with one marketing mix, concentrate on one segment with one marketing mix

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33
Q

A company that focuses on a unique aspect of its product is likely using a _______.

A

product/service differentiation competitive advantage

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34
Q

_______ provides the mechanisms for evaluating marketing results in light of the plan’s objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines.

A

Control

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35
Q

A control device that marketing managers use is a _______.

A

Marketing Audit

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36
Q

Which of the following are ways that a company choosing a cost competitive advantage can reduce costs? (Select three)

A

reverse engineering competitors products, outsourcing low skill labor intensive tasks. utlizing technology to reduce production costs

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37
Q

which of the following is NOT true about strategic business units (SBUs)?

A

Each SBU shares its mission statement with the parent company.

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38
Q

A _______ is a written document that acts as a guidebook of marketing activities for the marketing manager.

A

Marketing plan

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39
Q

_______ occurs when a company defines its business in terms of goods and services rather than in terms of the benefits customers seek.

A

marketing myopia

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40
Q

A _______ is an advantage that cannot be copied by the competition in the near future.

A

Sustainable competitive advantage

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41
Q

Key performance indicators _______.

A

help managers compare outcomes to stated objectives

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42
Q

Which legislation created the Consumer Financial Protection Bureau (CFPB) to oversee checking accounts, private student loans, mortgages, and other financial products?

A

The Dodd-Frank Wall Street Reform and Consumer Protection Act

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43
Q

_______ are the largest U.S. minority.

A

Hispanics

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44
Q

Which American value is illustrated by ensuring that the disadvantaged and people with disabilities have what they need to become productive members of society?

A

Helping others

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45
Q

Which generational cohort has never known a world without smartphones?

A

Gen z

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46
Q

Through a process called _______, marketers collect and evaluate information about the marketing environment.

A

Environmental scanning

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47
Q

_______ aims to expand knowledge, not to develop new or improved products

A

Disruptive innovation

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48
Q

A firm that conducts research attempting to develop new or improved products is conducting _______.

A

Applied research

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49
Q

Which generational cohort accounts for the majority of prescription drug sales?

A

Baby boomers

50
Q

The _______ prohibits price discrimination in sales to wholesalers, retailers, or other producers.

A

Robinson-Patman Act

51
Q

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

A

Inflation

52
Q

_______ represent 7 percent of the U.S. population and often live in multigenerational households, which can impact purchases based on age, dietary habits, and health.

A

Asian Americans

53
Q

Marketers making product decisions during a recession should _______.

A

lower prices and offer special deals to get consumers to buy

54
Q

Knowing how customers research products and reach decisions is part of understanding _______.

A

how consumers work

55
Q

The _______ is an international trade agreement among Canada, Mexico, and the United States designed to facilitate trade by removing tariffs and other trade barriers among the three nations.

A

c. North American Free Trade Agreement (NAFTA)

56
Q

Setting goals, planning, and measuring results are keys to getting things done. This describes which American value?

A

Achievement orientation

57
Q

It is difficult to separate the information search and evaluation of alternatives steps in the consumer decision-making process because consumers _______.

A

are not likely to be influenced by external information sources

58
Q

The broadest determinant of consumer behavior is _______.

A

Culture

59
Q

_______ is derived from a good or service that helps the consumer solve problems and accomplish tasks.

A

Utilitarian value

60
Q

The goal for marketers in the consumer decision journey is to _______.

A

eliminate the consumer’s research and evaluation stages of the decision-making process

61
Q

ome people avoid buying specific products and brands so they are not associated with specific groups. These groups would be classified as ______.

A

nonaspirational groups

62
Q

According to Maslow, the most basic needs are _______.

A

physiological needs

63
Q

One of the least useful concepts in consumer behavior is _______, even though it may influence the types and brands of products people purchase.

A

personality

64
Q

When consumers are overwhelmed by stimuli in the environment, they use _______ to choose what information is processed.

A

selective exposure

65
Q

During _______, the consumer conducts a mental review—do I have experience with this product?

A

an internal information search

66
Q

The second step of the consumer decision-making process is ______.

A

information search

67
Q

Social class is based on _______.

A

occupation, education, income, and wealth

68
Q

consumer purchasing a new pair of shoes is likely to have which level of involvement in the consumer decision process?

A

Limited decision making

69
Q

The pleasure or happiness you receive from purchasing a product has _______.

A

Hedonic value

70
Q

When a consumer has previous experience with a product or brand, it is likely the level of involvement would

A

decrease

71
Q

The driving force that causes a consumer to take action and satisfy a specific need is a _______.

A

motive

72
Q

Someone who influences the opinions of others is a(n) _______.

A

opinion leader

73
Q

The collection of alternatives a consumer actually considers when making a decision is known as the _______.

A

evoked set

74
Q

When consumers worry about a purchase impacting others’ opinions of them, they are concerned about _______.

A

. social risk

75
Q

A person’s _______ is how they wish to be perceived.

A

ideal self-image

76
Q

Customers at the _______ level of loyalty tell others about the brand and have an emotional connection.

A

d. committed

77
Q

Consumer purchases are made based on _______, what the consumer expects to obtain from a purchase.

A

perceived value

78
Q

A consumer who has an ongoing interest in a product or category experiences which type of high involvement?

A

Enduring involvement

79
Q

Market segmentation helps marketers _______.

A

define customer needs and wants more precisely

80
Q

A _______ is a way to display or graph, in two or more dimensions, the location of products, brands, or groups of products in customers’ minds.

A

perceptual map

81
Q

Walgreens stores in warmer, sunnier parts of the country might dedicate more shelf space to sunscreen, while stores in colder areas might dedicate more space to gloves and hats. This is based on which geographic variable?

A

Climate

82
Q

A positioning strategy that positions the product as being associated with a particular category of products is using a ______ positioning base.

A

product class

83
Q

When a company targets several different market segments and creates a different marketing mix for each segment, they are using _______.

A

multisegment targeting

84
Q

A person’s traits, attitudes, and habits are part of their _______.

A

personality

85
Q

Marketers should monitor their chosen segments _______.

A

continually

86
Q

The characteristics of consumers and organizations that marketers use to divide a market into segments are known as _______.

A

segmentation bases

87
Q

When marketers look at the segment size, expected growth, and sales and profit potential, they are in which step of the market segmentation process?

A

profile and analzye segments

88
Q

_______ focuses on the attributes that consumers seek and what they expect to receive from a good or service.

A

benefit segmentation

89
Q

A market segment _______.

A

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

90
Q

If a company wishes to better compete on price and service, it should consider segmenting its business market on which basis?

A

geographic location

91
Q

When a company changes consumers’ perception of a brand in relation to competing brands, they are ______ the product.

A

repostioning

92
Q

A market segment is _______ if marketers can distinguish who is in the segment through demographic information or geographic location.

A

identifiable

93
Q

A market segment that is large enough to justify its own marketing mix is said to be _______, while a market segment is _______ if marketers can reach members of the segment with customized marketing mixes.

A

substantial; accessible

94
Q

When a company uses a single marketing mix to target all customers, it is utilizing _______.

A

undifferentiated targeting

95
Q

Carrying different recreation products in stores in different parts of the country is based on which geographic variable?

A

region

96
Q

A positioning strategy that focuses on personality or type of consumer is using a _______ positioning base.

A

product users

97
Q

Companies that use frequency/loyalty programs hope that consumers purchase more of the product or service. This is an example of _______.

A

usage-rate segmentation

98
Q

Which of the following is not a trend that will lead to the continuing growth of CRM as a targeting tool?

A

cost savings

99
Q

An advantage of the _______ strategy is the firm may have a competitive advantage over other firms trying to reach multiple markets.

A

concentrated targeting

100
Q

Business customers who consider numerous suppliers (both familiar and unfamiliar), solicit bids, and study all proposals carefully before selecting one are called _______.

A

optimizers

101
Q

A company’s customer relationship management (CRM) cycle and CRM system _______.

A

provide built-in marketing research for the company

102
Q

Sending out a questionnaire to determine which product features consumers prefer is an example of which type of primary research?

A

surveys

103
Q

Before a marketing research project can be designed, you must first _______.

A

identify the problem/opportunity

104
Q

At which step in the marketing research process do you interpret and draw conclusions from the information you’ve collected?

A

Analyze the data

105
Q

The marketing research problem _______.

A

d. involves determining what information is needed and how it can be obtained

106
Q

If a researcher needs a sample that is representative of the population they are studying, they will utilize a _______.

A

probability sample

107
Q

Scanner-based research gathers information _______.

A

from consumers about the promotions and pricing they are exposed to and the things they buy

108
Q

Competitive intelligence helps managers assess _______.

A

their competitors

109
Q

After collecting and analyzing the data, what is the next step in the research process?

A

Preparing and presenting the report

110
Q

Data previously collected for any other purpose than the specific research project at hand is _______.

A

secondary data

111
Q

A questionnaire of car owners asks, “On a scale of 1 to 10 (with 10 being most important), how important is gas mileage when deciding which car to buy?” What type of survey question is this?

A

scaled response

112
Q

A supplier of scanner-based research _______.

A

collects checkout scanner data and aggregates it for analysis

113
Q

Which survey method allows users to create a survey and distribute it to their own audience through email, their website, or social media?

A

web survery systems

114
Q

Which type of sample makes little attempt to get a representative cross section of the population?

A

nonprobablility sample

115
Q

A graph showing historical sales trends for the company would be an example of ______, while a three-year sales projection for a product the company is about to launch would be _______.

A

descriptive research; predictive research

116
Q

A questionnaire of car owners asks, “What do you like most about your car?” What type of survey question is this?

A

open ended

117
Q

which survey method involves a business hiring a firm that facilitates an online group discussion and delivers a recap of the discussion?

A

online panel providers

118
Q

Marketing research may not be needed if you are _______.

A

entering a stable market that is well-understood by the company

119
Q

The customer relationship management (CRM) cycle _______.

A

allows companies to identify their most profitable customers

120
Q

Which of the following statements is true?

A

Mobile surveys have higher response rates than paper surveys.

Marketing Management (4 decks)

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