Exam 1 Flashcards
Specifying constraints, identifying data needed for marketing actions, and determining how to collect data would take place during which stage of the five-step marketing research approach?
develop the research plan
The 80/20 rule suggests that:
80 percent of a firm’s sales are obtained from 20 percent of its customers.
When a firm produces only a single product or service and attempts to sell it to two or more market segments, it avoids _______, which often results in extremely high research, engineering, and manufacturing expenses.
the extra cost of developing and producing additional versions of the product
Question Marks have
High Market Growth and Low Relative Market Share
Four general categories used to segment consumer markets are geographic segmentation, demographic segmentation, ________, and behavioral segmentation.
psychographic segmentation
The largest, but poorest socioeconomic group of people in the world, is often referred to as being at the:
bottom of the pyramid.
Which market-product strategy requires no change in the product but requires a company to seek out new customers in new markets?
Market Development
The purpose of business portfolio analysis is to
determine the appeal of each SBU or offering and then determine the amount of cash each should receive.
_______ are SBUs with a low share of low-growth markets–they do not hold the promise of ever becoming real winners for the firm.
Dogs
The practice where a translated word or phrase is re-translated into the original language by a different interpreter to catch errors is refered to as:
back translation
A marketing manager must be able to put a market segmentation plan into effect. This means being able to recognize the characteristics of potential buyers and _______ without encountering excessive costs.
assigning them to a segment
You want to buy some dry breakfast cereal, and you are in the mood for unsweetened flakes. The store you go to has three cereals of that type: Post Toasties, Kellogg’s Corn Flakes, and Wheaties. Collectively, what is this group of cereal brands called?
A Consideration Set
The two main types of data are:
primary and secondary
The practice of shielding one or more sectors of a country’s economy from foreign competition through the use of tariffs or quotas is referred to as:
protectionism
Dogs have
Low Market Growth and Low Relative Market Share
Pfizer pharmaceuticals is offering low-income senior citizens some of its most widely used prescriptions for $15 each a month–much below the regular costs for these drugs. This program to better serve senior citizens likely grew out of a _____ goal.
Social Responsibility
Congressional legislation restricting Internet alcohol sales would affect online sellers such as Virtual Vineyards. For Virtual Vineyards, this legislation would be an example of a ______ factor.
Regulatory
Cash Cows have
Low Market Growth and High Relative Market Share
Very recently, ink has been developed that will conduct electricity. The application for this ink is to print circuitry that can be read electronically. This may help to drive down the cost of radio frequency (RFID) tags that are currently used in industry. This example of how ______ forces are applied to industry.
technological
Ducti is a small company that manufactures duct-tape wallets. Ducti founder, David Pippenger, discovered there is a large demand for the wallets and watches that Ducti sells. In fact, its product line has expanded to include bags as well. Clearly, some consumers have a favorable attitude of Ducti products. To have a favorable perception, consumers must _____ a experience problem recognition.
make a post-purchase evaluation
A consumer’s purchases are often influenced by the views, opinions, or behaviors of others. Two aspects of personal influence that are important to marketing are ______ and word-of-mouth activity.
opinion leadership
A recent Congressional initiative mandated that the U.S. Department of Transportation (USDOT) establish a national traffic information collection system. The marketing manager of a company that provided traffic reports for local radio stations would most likely incorporate this knowledge into its SWOT analysis as
All of the Above
President Bill Clinton attempted to protect American firms from foreign competition by placing a government tax on Japanese automobiles imported to the United States. President Clinton’s goal was to raise the price on Japanese imports, thereby encouraging American consumers to purchase American-made automobiles. The tax the president threatened to impose is an example of a _____
tariff
All of the following are true about marketing EXCEPT:
Marketing persuades people to buy the “wrong” things.
The facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors with pre-defined questions through telephone are referred to as:
questionnaire data
The element of the marketing mix demonstrated when a company places an ad in the Yellow Pages is:
promotion
High-involvement purchases typically have which of the following sets of characteristics?
The item is expensive, can have serious personal consequences, or could reflect on one’s social image.
Determining the size of specific markets using a market-product grid is helpful in determining which target market segments to select and a. how to implement the 80-20 rule.
Which product to offer
Data mining refers to:
the extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions.
In the Boston Consulting Group (BCG) model for analysis of a firm’s strategic business units, or SBUs, the horizontal axis reflects the:
relative market share
In the United States, the Harry Potter series of books were often at the top of The New York Times fiction bestseller list. These books have been marketed to preteen, teen, and adult readers around the world. Scholastic Press, the publisher of the Harry Potter books in the U.S. is using which of the following segmentation strategies?
one product with multiple market segments
Stars have
High Market Growth and High Relative Market Share
In the nonprofit world of the performing arts, box office technology has essentially remained the same since the 1980s. A company named Tessitura is trying to change that. Tessitura is able to track every transaction with patrons on one database—from tickets and fund-raising to volunteering and gift shop purchases. This technology will allow arts groups to develop detailed customer profiles, which helps symphonies, operas, and theaters tailor their sales pitches to individuals. In other words, Tessitura is going to allow arts groups to engage in:
Relationship Marketing.
Changing the place an offering occupies in consumers’ minds relative to competitive products is referred to as:
product repositioning
