Chapters 1,2,4,6,8,9 Homework Problems Flashcards
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.
c. Marketing can occur even if an exchange does not take place.
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.
c. Good value is signified by the quality a customer expects at the price they are willing to pay.
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. Marketing efforts are performed by many departments in an organization.
A production orientation is successful when _______.
d. consumer wants and needs match what the company can best produce
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?
Marketing plays an important role in society.
The four marketing management philosophies are _______.
production, sales, market, and societal marketing orientations
For a market-oriented firm, the advantages of considering the benefits customers seek include which of the following?
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
A market-oriented company _______.
sees marketing as a company-wide activity
A market-oriented company targets its products to__ while a sales-oriented company targets its products to ___
A market-oriented company targets its products to specific groups of consumers while a sales-oriented company targets its products to everyone
Which reason to study marketing supports the idea that, as a consumer, you will better understand the buying process?
Marketing impacts your everyday life.
Market-oriented companies create long-term relationships with customers by doing which of the following?
Providing value to customers
Which of the following strategies would be most appropriate for a market-oriented firm?
Understanding what products and services customers want and need and offering those in order to meet organizational objectives
A disadvantage of a sales orientation is _______.
a lack of understanding customers’ wants and needs
Broadly speaking, customer relationship management (CRM) allows marketers to _______.
collect information about customers and create marketing promotions and communications specific to groups of consumers
successful relationship marketing strategies depend on all the following EXCEPT _______.
Offering high quality products
Market-oriented companies are__ focused while sales-oriented companies are __ focused.
Market-oriented companies are externally focused while sales-oriented companies are internally focused.
A _______ strategy increases sales by introducing new products into new markets, while a _______ strategy entails creating a new product targeted to its current customers.
diversification; product development
In a SWOT analysis, the prospect of entering new markets and launching new products would be listed under
Opportunities
Which of the following is NOT a requirement of effective strategic planning?
Resource allocation
Elements of product strategy can include all of the following EXCEPT _______.
where the product is sold
Harvesting is an appropriate strategy for all the following products or SBUs EXCEPT
Stars
Strategic planning is usually conducted by _______.
top managers
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.
Market opportunity analysis (MOA)
The innovation matrix identifies three levels of change and innovation. They include _______, _______, and _______.
core innovation, transformational innovation, adjacent innovation.
An organization that chooses a _______ strategy attempts to maintain the product’s market share in order to take advantage of the positive cash flow.
hold
_______ is the most flexible of the four Ps because it is the easiest and quickest component to change.
Price
Which of the following are reasons for failing to achieve a marketing objective? (Select four)
changes in the environment after the objective was specified, Inappropriate marketing strategies in the plan, Unrealistic marketing objectives
Carefully specified objectives should have all of the following characteristics EXCEPT _______.
To have unspecified end dates.
In the GE model, the appropriate action for areas of the matrix with high attractiveness is _______.
invest/grow
When conducting a SWOT analysis, managers can identify opportunities and threats by
analyzing the external marketing environment
Strategic marketing management addresses which of the following questions? (Select two)
what is the organizations main activity at a specfic time, and how it will reach its companies goals.
The three general strategies for selecting target markets include which of the following? (Select three)
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
A company that focuses on a unique aspect of its product is likely using a _______.
product/service differentiation competitive advantage
_______ 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.
Control
A control device that marketing managers use is a _______.
Marketing Audit
Which of the following are ways that a company choosing a cost competitive advantage can reduce costs? (Select three)
reverse engineering competitors products, outsourcing low skill labor intensive tasks. utlizing technology to reduce production costs
which of the following is NOT true about strategic business units (SBUs)?
Each SBU shares its mission statement with the parent company.
A _______ is a written document that acts as a guidebook of marketing activities for the marketing manager.
Marketing plan
_______ occurs when a company defines its business in terms of goods and services rather than in terms of the benefits customers seek.
marketing myopia
A _______ is an advantage that cannot be copied by the competition in the near future.
Sustainable competitive advantage
Key performance indicators _______.
help managers compare outcomes to stated objectives
Which legislation created the Consumer Financial Protection Bureau (CFPB) to oversee checking accounts, private student loans, mortgages, and other financial products?
The Dodd-Frank Wall Street Reform and Consumer Protection Act
_______ are the largest U.S. minority.
Hispanics
Which American value is illustrated by ensuring that the disadvantaged and people with disabilities have what they need to become productive members of society?
Helping others
Which generational cohort has never known a world without smartphones?
Gen z
Through a process called _______, marketers collect and evaluate information about the marketing environment.
Environmental scanning
_______ aims to expand knowledge, not to develop new or improved products
Disruptive innovation
A firm that conducts research attempting to develop new or improved products is conducting _______.
Applied research
Which generational cohort accounts for the majority of prescription drug sales?
Baby boomers
The _______ prohibits price discrimination in sales to wholesalers, retailers, or other producers.
Robinson-Patman Act
_______ is a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year.
Inflation
_______ 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.
Asian Americans
Marketers making product decisions during a recession should _______.
lower prices and offer special deals to get consumers to buy
Knowing how customers research products and reach decisions is part of understanding _______.
how consumers work
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.
c. North American Free Trade Agreement (NAFTA)
Setting goals, planning, and measuring results are keys to getting things done. This describes which American value?
Achievement orientation
It is difficult to separate the information search and evaluation of alternatives steps in the consumer decision-making process because consumers _______.
are not likely to be influenced by external information sources
The broadest determinant of consumer behavior is _______.
Culture
_______ is derived from a good or service that helps the consumer solve problems and accomplish tasks.
Utilitarian value
The goal for marketers in the consumer decision journey is to _______.
eliminate the consumer’s research and evaluation stages of the decision-making process
ome people avoid buying specific products and brands so they are not associated with specific groups. These groups would be classified as ______.
nonaspirational groups
According to Maslow, the most basic needs are _______.
physiological needs
One of the least useful concepts in consumer behavior is _______, even though it may influence the types and brands of products people purchase.
personality
When consumers are overwhelmed by stimuli in the environment, they use _______ to choose what information is processed.
selective exposure
During _______, the consumer conducts a mental review—do I have experience with this product?
an internal information search
The second step of the consumer decision-making process is ______.
information search
Social class is based on _______.
occupation, education, income, and wealth
consumer purchasing a new pair of shoes is likely to have which level of involvement in the consumer decision process?
Limited decision making
The pleasure or happiness you receive from purchasing a product has _______.
Hedonic value
When a consumer has previous experience with a product or brand, it is likely the level of involvement would
decrease
The driving force that causes a consumer to take action and satisfy a specific need is a _______.
motive
Someone who influences the opinions of others is a(n) _______.
opinion leader
The collection of alternatives a consumer actually considers when making a decision is known as the _______.
evoked set
When consumers worry about a purchase impacting others’ opinions of them, they are concerned about _______.
. social risk
A person’s _______ is how they wish to be perceived.
ideal self-image
Customers at the _______ level of loyalty tell others about the brand and have an emotional connection.
d. committed
Consumer purchases are made based on _______, what the consumer expects to obtain from a purchase.
perceived value
A consumer who has an ongoing interest in a product or category experiences which type of high involvement?
Enduring involvement
Market segmentation helps marketers _______.
define customer needs and wants more precisely
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.
perceptual map
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?
Climate
A positioning strategy that positions the product as being associated with a particular category of products is using a ______ positioning base.
product class
When a company targets several different market segments and creates a different marketing mix for each segment, they are using _______.
multisegment targeting
A person’s traits, attitudes, and habits are part of their _______.
personality
Marketers should monitor their chosen segments _______.
continually
The characteristics of consumers and organizations that marketers use to divide a market into segments are known as _______.
segmentation bases
When marketers look at the segment size, expected growth, and sales and profit potential, they are in which step of the market segmentation process?
profile and analzye segments
_______ focuses on the attributes that consumers seek and what they expect to receive from a good or service.
benefit segmentation
A market segment _______.
is a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs
If a company wishes to better compete on price and service, it should consider segmenting its business market on which basis?
geographic location
When a company changes consumers’ perception of a brand in relation to competing brands, they are ______ the product.
repostioning
A market segment is _______ if marketers can distinguish who is in the segment through demographic information or geographic location.
identifiable
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.
substantial; accessible
When a company uses a single marketing mix to target all customers, it is utilizing _______.
undifferentiated targeting
Carrying different recreation products in stores in different parts of the country is based on which geographic variable?
region
A positioning strategy that focuses on personality or type of consumer is using a _______ positioning base.
product users
Companies that use frequency/loyalty programs hope that consumers purchase more of the product or service. This is an example of _______.
usage-rate segmentation
Which of the following is not a trend that will lead to the continuing growth of CRM as a targeting tool?
cost savings
An advantage of the _______ strategy is the firm may have a competitive advantage over other firms trying to reach multiple markets.
concentrated targeting
Business customers who consider numerous suppliers (both familiar and unfamiliar), solicit bids, and study all proposals carefully before selecting one are called _______.
optimizers
A company’s customer relationship management (CRM) cycle and CRM system _______.
provide built-in marketing research for the company
Sending out a questionnaire to determine which product features consumers prefer is an example of which type of primary research?
surveys
Before a marketing research project can be designed, you must first _______.
identify the problem/opportunity
At which step in the marketing research process do you interpret and draw conclusions from the information you’ve collected?
Analyze the data
The marketing research problem _______.
d. involves determining what information is needed and how it can be obtained
If a researcher needs a sample that is representative of the population they are studying, they will utilize a _______.
probability sample
Scanner-based research gathers information _______.
from consumers about the promotions and pricing they are exposed to and the things they buy
Competitive intelligence helps managers assess _______.
their competitors
After collecting and analyzing the data, what is the next step in the research process?
Preparing and presenting the report
Data previously collected for any other purpose than the specific research project at hand is _______.
secondary data
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?
scaled response
A supplier of scanner-based research _______.
collects checkout scanner data and aggregates it for analysis
Which survey method allows users to create a survey and distribute it to their own audience through email, their website, or social media?
web survery systems
Which type of sample makes little attempt to get a representative cross section of the population?
nonprobablility sample
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 _______.
descriptive research; predictive research
A questionnaire of car owners asks, “What do you like most about your car?” What type of survey question is this?
open ended
which survey method involves a business hiring a firm that facilitates an online group discussion and delivers a recap of the discussion?
online panel providers
Marketing research may not be needed if you are _______.
entering a stable market that is well-understood by the company
The customer relationship management (CRM) cycle _______.
allows companies to identify their most profitable customers
Which of the following statements is true?
Mobile surveys have higher response rates than paper surveys.
