Exam 1 Flashcards
Which of the following marketing management orientations focuses primarily on improving efficiencies along the supply chain?
Production Concept
________ are human needs that are shaped by culture and individual personality.
Wants
When backed by buying power, wants become ________.
Demands
A ________ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want.
Market Offering
A(n) ________ is the set of actual and potential buyers of a product or service.
Market
The set of marketing tools a firm uses to implement its marketing strategy is called the ________.
Marketing Mix
________ is determined by a customer’s evaluation of the benefits and costs of a market offering relative to those of competing offers.
Customer-perceived value
The portion of the customer’s purchasing that a company gets in its product categories is known as ________.
Share Customer
Which of the following refers to the total combined customer lifetime value of all of the company’s current and potential customers?
Customer Equity
An organic farmer has identified three distinct groups that might be interested in his products: vegetarians, health-conscious individuals, and people identified as trendsetters who try out new products in the market before others. These three groups are examples of ________.
Market Segments
FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with any other costs of using the service, they are acting upon ________.
Customer-perceived value
Sally recently purchased Brand X lotion. In comparing her perception of how the lotion made her skin feel and look to her expectations about Brand X lotion, Sally was measuring her level of ________.
Customer Satisfaction
The extent to which a product’s perceived performance exceeds a buyer’s expectations is called _______ .
Customer Satisfaction
The major activity in strategic planning is ________, whereby management evaluates the products and businesses that make up the company.
Business Portfolio Analysis
Orion Inc. operates in many industries, including pharmaceuticals and food products. The company’s goal is to create “abundant and affordable food for all and a healthy environment.” This represents Orion’s ________.
Mission Statement
Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. This exemplifies ________.
Market Penetration
Amor, a successful brand of women’s clothing, recently introduced a line of fitness equipment. This is an example of ________.
Diversification
Sunny Brews is a coffeehouse chain based in Boston. It recently introduced Eva, a mild roast, which became immensely popular. This exemplifies ________.
Product Developement
The marketing management philosophy that holds, that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than do competitors, is called.
Market Concept
Market segmentation can be best described as the process of ________.
Dividing a market into distinct groups of buyers who have different needs,characteristics, or behaviors, and who night require separate products or marketing programs
Teenagers are expected to respond in a similar way to a set of marketing efforts. In other words, this group represents a ________.
Market Segment
________ measures the profits or other company value generated by investments in marketing activities.
Return on marketing investment
An American airline company started a grocery chain in Australia. This is an example of product development.
False
When marketers at Fair & Leigh Inc. selected the Millennials, a demographic group that includes college students, as an untapped group of potential customers for their new line of products, they were engaging in ________.
Market Targeting
Delta Motorworks markets its cars based on the age, gender, and income of its customers. Which of the following types of market segmentation is evident here?
Demographic Segmentation
Marketers who use ________ often segment their markets by consumer lifestyles and base their marketing strategies on lifestyle appeals.
Psychographic Segmentation
An American cola-manufacturing company that primarily targets rebellious and adventurous people most likely uses ________ segmentation.
Psychograhpic Segmentation
When the size, purchasing power, and profiles of a market segment can be calculated, the market is ________.
Measurable
A market segment that is large or profitable enough to serve is ________.
Substantial
Once the marketer has developed the appropriate segmentation bases for analyzing the overall market potential, the next step, _________, is critical because it assists in focusing the firm’s limited resources on providing value to a select group of customers.
Targeting
Different soft drinks target different personalities. This is an example of ________ segmentation.
Psychographic
A segment is less attractive if ________.
It already contains many strong and aggressive competitors
________ refers to a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer.
Undifferentiated Marketing
Sanguine Services is a small company that uses a marketing strategy in which its limited resources are employed to target a large share of two small market segments. Sanguine most likely uses which of the following marketing strategies?
Concentrated Marketing
Texas Instruments, one of the first producers of handheld calculators, put a great deal of effort into expanding production of calculators to drive down the cost and thus expand the market. This is most indicative of the __________ concept:
Production
GamaPix makes point-and-shoot cameras and handycams for amateur photographers and hobbyists. It also has a separate line of cameras dedicated to professional photographers. Additionally, it designs separate offers for each segment. Which of the following marketing strategies does GamaPix most likely use in this instance?
Differentiated Marketing
Which of the following stages of the PLC is characterized with the same level or slightly higher level of promotional expenditures in an attempt to respond to increasing competition?
Growth
________ shows consumer perceptions of a company’s brands versus competing products on important buying dimensions.
Perceptual positioning maps
When it first opened stores across the United States, Bateman’s, an office supply chain store, had the best product selection, the best service, and the lowest prices compared to other office supply chain stores. As a result, Bateman’s captured a significant chunk of the market in the short run. Which of the following positioning strategies did Bateman’s most likely use?
More for Less
Which of the following states the product’s membership in a category and then shows its point of difference from other members When it first opened stores across the United States, Bateman’s, an office supply chain store, had the best product selection, the best service, and the lowest prices compared to other office supply chain stores. As a result, Bateman’s captured a significant chunk of the market in the short run. Which of the following positioning strategies did Bateman’s most likely use?of the category?
A positioning statement
Chronos Inc. designs and markets different brands of cycling watches. Each brand has a single unique feature: the Chronos Cosmos has a heart rate monitor, the Chronos Acumen is designed for older cyclists who prefer a large display, and the Chronos Aegis has a GPS function. Which of the following is evident here?
Product Differentiation
Which of the following is true with regard to the same for less value proposition?
Offering the same for less can be a powerful value proposition because everyone likes a good deal
Which stage in the PLC normally lasts longest and poses strong challenges to marketing managers?
Maturity
Marketing mix planning begins with ________.
Building an offering that brings value to target customers
Product planners need to consider products and services on three levels. Each level adds more customer value. The most basic level is the ________, which addresses the question, “What is the buyer really buying?”
Core Customer Value
Erica wants to replace her old washing machine with a new one. In order to get the maximum value for her money, she plans to spend substantial time and effort in gathering information and making product comparisons before making the actual purchase. In this instance, Erica is planning to buy a ________ product.
Shopping
Which of the following questions is most important for product designers to consider while developing a product?
How would customers use and benefit from the product?
A ________ is a name, term, sign, symbol, design, or a combination of these, that identifies the maker or seller of a product or service.
Brand
________ involves adding more items within the present range of the product line.
product line filing
Titan Inc., an automobile manufacturer based in Utah, recently added two new models to its existing line of sedans in order to increase profits and satisfy dealers. This is an example of ________.
Line Filing
