Exam 1 Review Questions Flashcards
The vice president of marketing of a software development company periodically develops a(n) ________, which includes marketing research data on the target market, marketing objectives such as “to increase new customers by 20 percent,” and a list of who will be responsible for implementation.
Marketing Plan
Shane pulled his car into the gas station just as the fuel gauge dropped below empty. In this example, Shane benefited from the _________ utility offered by the gas station.
Place Utility
Doug, VP of Marketing, was told by his CEO to look at his company’s broad, large society forces that affect the marketing organization. What is Doug going to be looking at?
Marketing Environment
Which generation is called the generation caught in the middle and born between 1965 and 1976.
Generation X
Since the introduction of the iPhone, a booming market for smartphone applications has emerged. It is most accurate to say that this new opportunity was created through changes in the ________ environment.
Sociocultural
Before Apple released the iPad, it was questionable whether or not the product would perform as well as other Apple products. Nonetheless, after being released, it had high growth and market share. The iPad is considered a _______.
Star
Kimball Gardens is a company that operates as two distinct businesses: one that sells lawn and garden products and one that markets booklets. Each business is called a ________.
Strategic Business Unit
A film company has a high market share in the children’s film market. The children’s film market has low growth potential. This business fits into the ________ category of the BCG growth-market share matrix.
Cash Cow
When General Mills urged consumers to lower their cholesterol by eating Cheerios twice a day over the course of six weeks, the aim was to increase usage among current customers. General Mills used a ________ strategy.
Market Penetration
Kathy is performing a SWOT analysis of her jewelry company. She writes down that the company’s ___________ are multiple product offerings and a highly developed awareness of their target market, while the company’s _________ are an increasing interest in online shopping and decreasing vendor costs.
Strengths and Opportunities
Travis owns a bakery located in Center City. Currently, he only sells cookies. He is considering adding brownies to his product mix. Additionally, he is considering the opportunity to add a location on Temple University’s campus. Which Growth Strategy is he practicing?
Diversification
Kim is conducting a systematic design, collection, analysis and reporting of data relating to a specific marketing situation. What is she doing?
Marketing Research
Beatrice works for Levis and is collecting primary data by watching shoppers’ actions inside a department store. What type of research is this?
Observational Research
Terry, who is a trained interviewer, is having a one-on-one discussion with Wendy, an average consumer. What type of qualitative research is this?
Interview
Nielsen compiles ratings of television shows and then sells the information to other firms. Nielsen conducts…
Syndicated Research
Donny is about to conduct focus groups, interviews, and other information collecting activities for a specific purpose. What type of data is this?
Primary Data
An independent grocer who wants to know if cocktail and tartar sauce would sell better if the two products were moved from the salad dressing section of the store to a display next to the seafood selection would most likely use ________ research.
Causal
GEICO uses driver information such as age, gender, location and driving record before pricing and issuing auto insurance. By extracting this information GEICO determines patterns and predicts which drivers are most dependable. GEICO is using:
Predictive Analytics
Starbucks rewards members download an app to apply. After inputting their information customers receive a thank you email for signing up, points every time they use their app, and a free drink on their birthday. Every time a customer interacts with the app data is collected and analyzed to improve business relationships. Starbucks is using ___________ to analyze customer interactions.
CRM
Fresh Grocer gives all their shoppers the option of a free rewards card. This rewards card collects data on customer purchases and tells management what products the consumer is interested in. Fresh Grocer wants all customers to enroll in their rewards program because it is a ________ technique used to create coupons targeted toward the customer.
Data Mining
Macy’s sells a lot of products from various retailers. To keep up with competition pricing, Macy’s relies on analyzing the vast amount of data collected on competitors pricing to reveal patterns and trends. The type of data that Macy’s is using can be classified as:
Big Data
Thomas decides he wants to a purchase a new refrigerator. He uses google to search for possible options and talks to his friends who own different models. What is the next step Thomas should do in the decision making process?
Evaluation of Alternatives
Consumers often rely on decision guidelines, or mental rules of thumb, when weighing the merits of competing brands. These rules are referred to as ________.
Heuristics
In the total business market, what category do manufacturers, agricultural industries, and financial services fall into?
Producers
