Exam 1

Question 1

Which of the following marketing management orientations focuses primarily on improving efficiencies along the supply chain?

Answer 1

Production Concept

Question 2

________ are human needs that are shaped by culture and individual personality.

Answer 2

Wants

Question 3

When backed by buying power, wants become ________.

Answer 3

Demands

Question 4

A ________ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want.

Answer 4

Market Offering

Question 5

A(n) ________ is the set of actual and potential buyers of a product or service.

Answer 5

Market

Question 6

The set of marketing tools a firm uses to implement its marketing strategy is called the ________.

Answer 6

Marketing Mix

Question 7

________ is determined by a customer’s evaluation of the benefits and costs of a market offering relative to those of competing offers.

Answer 7

Customer-perceived value

Question 8

The portion of the customer’s purchasing that a company gets in its product categories is known as ________.

Answer 8

Share Customer

Question 9

Which of the following refers to the total combined customer lifetime value of all of the company’s current and potential customers?

Answer 9

Customer Equity

Question 10

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 ________.

Answer 10

Market Segments

Question 11

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 ________.

Answer 11

Customer-perceived value

Question 12

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 ________.

Answer 12

Customer Satisfaction

Question 13

The extent to which a product’s perceived performance exceeds a buyer’s expectations is called _______ .

Answer 13

Customer Satisfaction

Question 14

The major activity in strategic planning is ________, whereby management evaluates the products and businesses that make up the company.

Answer 14

Business Portfolio Analysis

Question 15

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 ________.

Answer 15

Mission Statement

Question 16

Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. This exemplifies ________.

Answer 16

Market Penetration

Question 17

Amor, a successful brand of women’s clothing, recently introduced a line of fitness equipment. This is an example of ________.

Answer 17

Diversification

Question 18

Sunny Brews is a coffeehouse chain based in Boston. It recently introduced Eva, a mild roast, which became immensely popular. This exemplifies ________.

Answer 18

Product Developement

Question 19

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.

Answer 19

Market Concept

Question 20

Market segmentation can be best described as the process of ________.

Answer 20

Dividing a market into distinct groups of buyers who have different needs,characteristics, or behaviors, and who night require separate products or marketing programs

Question 21

Teenagers are expected to respond in a similar way to a set of marketing efforts. In other words, this group represents a ________.

Answer 21

Market Segment

Question 22

________ measures the profits or other company value generated by investments in marketing activities.

Answer 22

Return on marketing investment

Question 23

An American airline company started a grocery chain in Australia. This is an example of product development.

Answer 23

False

Question 24

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 ________.

Answer 24

Market Targeting

Question 25

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?

Answer 25

Demographic Segmentation

Question 26

Marketers who use ________ often segment their markets by consumer lifestyles and base their marketing strategies on lifestyle appeals.

Answer 26

Psychographic Segmentation

Question 27

An American cola-manufacturing company that primarily targets rebellious and adventurous people most likely uses ________ segmentation.

Answer 27

Psychograhpic Segmentation

Question 28

When the size, purchasing power, and profiles of a market segment can be calculated, the market is ________.

Answer 28

Measurable

Question 29

A market segment that is large or profitable enough to serve is ________.

Answer 29

Substantial

Question 30

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.

Answer 30

Targeting

Question 31

Different soft drinks target different personalities. This is an example of ________ segmentation.

Answer 31

Psychographic

Question 32

A segment is less attractive if ________.

Answer 32

It already contains many strong and aggressive competitors

Question 33

________ 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.

Answer 33

Undifferentiated Marketing

Question 34

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?

Answer 34

Concentrated Marketing

Question 35

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:

Answer 35

Production

Question 36

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?

Answer 36

Differentiated Marketing

Question 37

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?

Answer 37

Growth

Question 38

________ shows consumer perceptions of a company’s brands versus competing products on important buying dimensions.

Answer 38

Perceptual positioning maps

Question 39

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?

Answer 39

More for Less

Question 40

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?

Answer 40

A positioning statement

Question 41

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?

Answer 41

Product Differentiation

Question 42

Which of the following is true with regard to the same for less value proposition?

Answer 42

Offering the same for less can be a powerful value proposition because everyone likes a good deal

Question 43

Which stage in the PLC normally lasts longest and poses strong challenges to marketing managers?

Answer 43

Maturity

Question 44

Marketing mix planning begins with ________.

Answer 44

Building an offering that brings value to target customers

Question 45

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?”

Answer 45

Core Customer Value

Question 46

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.

Answer 46

Shopping

Question 47

Which of the following questions is most important for product designers to consider while developing a product?

Answer 47

How would customers use and benefit from the product?

Question 48

A ________ is a name, term, sign, symbol, design, or a combination of these, that identifies the maker or seller of a product or service.

Answer 48

Brand

Question 49

________ involves adding more items within the present range of the product line.

Answer 49

product line filing

Question 50

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 ________.

Answer 50

Line Filing