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MKTG > Exam 2 > Flashcards

Exam 2 Flashcards

1
Q

In most large organizations, several people are responsible for making a purchase decision. This group is called the…
A. the reselling team.
B. decider group.
C. buying center.
D. supply chain.
E. expediters

A

C. buying center.

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2
Q

buying center

A

a group that works together to make a purchase decision.

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3
Q

An automaker selling a small sedan, a large SUV, and a sports car is likely to target each of these models to different benefit segments.
true
false

A

true

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4
Q

For B2B salespeople, usually the easiest sale is a(n) ________ situation.
A. new buy
B. adapted buy
C. straight rebuy
D. generic buy
E. modified rebuy

A

C. straight rebuy

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5
Q

Segmentation, targeting, and positioning
A. are part of the marketing plan but bear little direct relationship to the marketing mix.
B. are part of a firm’s marketing strategy.
C. are optional elements of a marketing plan.
D. should be done simultaneously so synergies can help streamline the effort.
E. are terms that can be used interchangeably in developing marketing plans.

A

B. are part of a firm’s marketing strategy.

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6
Q

Automobile manufacturers could build cars specially designed for very short people (for example, under five feet), but it is likely that this segment
A. is not substantial.
B. is not identifiable.
C. will not be responsive.
D. is not quantifiable.
E. is unreachable.

A

A. is not substantial.

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7
Q

After need recognition, a business develops ________ that suppliers might use to develop their proposals.
A. derived demand
B. focal alternatives
C. product specifications
D. initiator instructions
E. determinant attributes

A

C. product specifications

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8
Q

product specification

A

detailed descriptions of the business’s specific requirements for the purchase occasion.

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9
Q

Indea works as a sales rep for a company that produces and sells steel used in constructing large warehouses. Indea is in ________ sales.
A. G2G
B. B2C
C. G2B
D. B2B
E. C2C

A

D. B2B

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10
Q

Which of the following would be used in calculating the profitability of a segment?
A. demographics
B. segment size
C. product positioning
D. geographic segmentation
E. segment perceptions

A

B. segment size

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11
Q

When selecting a target market, firms will be most successful if they
A. reposition the brand.
B. seek out opportunities to customize products
C. decide between demographic and geographic segmentation methods.
D. develop a strong communication plan.
E. match the firm’s strengths with a market segment’s attractiveness

A

E. match the firm’s strengths with a market segment’s attractiveness

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12
Q

The president of the Carlington Academy student body made a formal request to the IT department for additional computers in the main computer lab. The student body president is the ________ in the buying center.
A. buyer
B. gateway
C. decider
D. initiator
E. gatekeeper

A

D. initiator

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13
Q

Predictive analytics tools allow firms to make informed guesses about future outcomes.
true
false

A

true

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14
Q

Which of the following would be most likely to be considered a valuable customer insight?
A. Recognizing that employees in the marketing department enjoy playing a popular mobile game during their breaks.
B. Identifying that the CEO of the company prefers to use a specific brand of coffee in the office.
C. Monitoring the popularity of the company’s official merchandise among employees and their families.
D. Observing a correlation between the number of company-sponsored sports events attended by employees and the quarterly sales figures.
E. Discovering that sales of sunscreen have surged in a specific age group due to increased awareness about skin protection.

A

E. Discovering that sales of sunscreen have surged in a specific age group due to increased awareness about skin protection.

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15
Q

Roberto is reviewing secondary data his company collected about seasonal variations in consumer spending because he is thinking about developing a new product. One of the advantages of using these data is that
A. they are new and can be used to project overall demand.
B. they are historical data that can be used to accurately predict future trends.
C. they can be quickly accessed at a relatively low cost.
D. they have been collected specifically for the purpose Roberto is using it for.
E. their high cost can be justified by the results.

A

C. they can be quickly accessed at a relatively low cost.

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16
Q

Undifferentiated marketing is a popular strategy in modern marketing.
true
false

A

false

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17
Q

One of the benefits of marketing research that it reduces the uncertainty under which managers make decisions.
true
false

A

true

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18
Q

When a research team has gathered data for specific research needs, this is known as
A. data mining.
B. data modeling.
C. secondary data.
D. data recovery.
E. primary data.

A

E. primary data

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19
Q

Data mining is defined as:
A. Conducting surveys to gather opinions and preferences
B. Programming algorithms to generate random data sets
C. Extracting valuable patterns from large datasets
D. Analyzing geological data for resource exploration
E. Creating visual representations of data through charts and graphs

A

C. Extracting valuable patterns from large datasets

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20
Q

Which of the following is NOT a challenge associated with Big Data?
A. variety - data comes in many different forms
B. vertical - data is clustered around certain sectors
C. veracity - data is not always reliable
D. volume - more and more data is being collected all the time
E. value - it can be costly to analyze overly-complex datasets

A

B. vertical - data is clustered around certain sectors

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21
Q

Which of the following is most likely to be considered a form of qualitative research?
A. experiments
B. in-depth interviews
C. panel data
D. field study
E. scanner data

A

B. in-depth interviews

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22
Q

Eye-tracking and focus groups are most likely to be considered ________ research methods.
A. syndicated marketing
B. data warehousing
C. quantitative
D. structured
E. qualitative

A

E. qualitative

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23
Q

Qualitative research methods

A

include observation, in-depth interviewing, focus groups, and social media monitoring.

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24
Q

Sales reps/Account managers/Customer success managers

A

Meet with customers/clients, manage and strengthen
business relationships

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25
Q

Content marketing specialists

A

Create content with specific
audiences in mind (social content, podcasts, blogs, reports, etc)

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26
Q

Procurement managers

A

Buy goods/services for a company’s
use, negotiate with suppliers/vendors

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27
Q

Strategic partnerships managers

A

develop relationships with
other companies to capitalize on shared opportunities

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28
Q

Business-to-Business (B2B) marketing:

A

process
of buying and selling goods or services to be used
by another business

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29
Q

Structure of Business Markets

A

Fewer but larger buyers
Derived Demand
Inelastic Demand
Fluctuating Demand

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30
Q

B2B Market Segments

A

Manufacturers
Service Providers
Resellers
Institutions
Government

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31
Q

B2B Transactions

A

Raw materials/components
Tools/machinery/equipment
Operating supplies
Technology (hardware & software)
Cloud computing
Misc. business services
Consulting

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32
Q

Consulting services

A

help businesses solve complex problems, helping them improve performance

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33
Q

Business Buyer Decision Process

A

Need Recognition
Product specification
RFP process
Proposal analysis, vendor, negotiation
Order specification
Vendor performance

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34
Q

Need Recognition

A

someone in the company recognizes a problem or need (internal, external)

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35
Q

Product Specification

A

technical criteria for the needed item

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36
Q

Request for Proposals

A

Process for inviting vendors to bid on providing solution for a business’s needs

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37
Q

Proposal Analysis

A

proposals from bidders are evaluated

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38
Q

once a vendor is selected what does a company create?

A

order specification

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39
Q

What is order specification?

A

more detailed than product specification - outlines EXACTLY what both companies are committing to.

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40
Q

Performance Assessment

A

firms hold vendors accountable and can inform priorities for contracts with future vendors

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41
Q

Members of the buying center include

A

Initiator
User
Influencer
Decider
Gatekeeper

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42
Q

Initiator

A

first to suggest making a purchase

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43
Q

User

A

those who will use the product or service

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44
Q

Influencer

A

technical personnel and others who help define the company’s needs

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45
Q

decider

A

select and approve final suppliers

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46
Q

Gatekeeper

A

Serve to separate external salespeople from firms influencers and deciders

47
Q

New Buy

A

Business purchasing a good or service for the first time

48
Q

Modified Re-buy

A

Business has purchased a similar product in the past, but has decided to change some specifications

49
Q

Straight Re-buy

A

Organization is simply buying additional units of a product or renewing a contract with a service provider for the same service.

50
Q

Market Segmentation

A

process of categorizing groups of customers to divide a market into manageable prices based on consumer differences

51
Q

stereotype

A

an over-generalized belief about a particular category of people

52
Q

Market Segment

A

a group of consumers who respond in a similar way to a given set of marketing efforts

53
Q

Geographic Segmentation

A

dividing a
market into different geographical units

54
Q

Demographic Segmentation

A

dividing the market
based on variables such as age, life-cycle stage,
gender, income, occupation, religion, or ethnicity

55
Q

Psychographic segmentation

A

based on social
class, lifestyle, values, personality, interests, and/or
opinions

56
Q

Behavioral segmentation

A

divides a market based
on consumers’ use of and/or responses to products

57
Q

Multiple Segmentation:

A

Using 2+ segmentation
strategies simultaneously to identify smaller target
groups

58
Q

Intermarket Segmentation

A

involves forming
segments of consumers who have similar needs
despite being located in different countries

59
Q

Segmentation Method 1: Define the Broad Market

A

What do customers want?
What do they need to satisfy them?

60
Q

Segmentation Method 2: narrow the market

A

focuses on both the customer and the product

61
Q

Segmentation Method 3: Select General Variable Category for Segmentation

A

Demographics, Geographics, Psychographics, Behavioral?

62
Q

Segmentation 4: Specific Segmentation Variable

A

How many variables will be used?

63
Q

Segmentation Method 5: Identify Customer Categories for each Variable

A

How many categories will each variable divide the market info?

64
Q

Segmentation Method 6: Develop a Profile for each Segment

A

Get a better understanding of all the combinations

65
Q

Effective Segmentation

A

Identifiable
Reachable
Sustainable
Responsive
Profitable

66
Q

Targeting

A

highlights differences between segments and involves selecting which segments to focus on

67
Q

Segment profitability

A

Segment size × Adoption % × Purchase × Margin %) – Fixed
Costs

68
Q

Undifferentiated Marketing

A

targets the whole market with one offer

69
Q

Differentiated Marketing

A

targets several different
market segments and designs separate offers for
each

70
Q

Niche Marketing

A

targets smaller markets that larger firms may have overlooked

71
Q

Niche Marketing

A

targets smaller markets that larger firms may have overlooked

72
Q

Micromarketing

A

is the practice of tailoring products and marketing programs to suit specific individuals and locations

73
Q

Target Market Segments

A

Company Resources
Product life-cycle stage
market opportunities
variety of applications

74
Q

Positioning

A

how the product or brand is seen by consumers

75
Q

value proposition

A

involves the full mix of costs and benefits

76
Q

perceptual maps

A

consumer perceptions of competing brands on relevant dimensions

77
Q

Consumer insights

A

fresh information-based understandings of customers and the marketplace

78
Q

Understanding the problem or opportunity that needs to be investigated

A

Defining the research objectives

79
Q

exploratory research

A

gather preliminary information that will help define the problem more clearly

80
Q

Descriptive research

A

describes marketing problems, situations, or markets-in-depth

81
Q

Casual research

A

tests specific hypotheses about cause-and-effect relationships

82
Q

Double-barreled questions, loaded questions, and double negatives are examples of

A

survey pitfalls

83
Q

Data being collected on a larger and larger scale

A

volume

84
Q

data is collected in more formats than ever before

A

variety

85
Q

data can be collected much more quickly today, but the marketing environment also changes faster

A

veloctiy

86
Q

its relevance to addressing marketers problems and research questions

A

value

87
Q

Use of available data to forecast/predict future outcomes

A

predictive analytics tools

88
Q

use simulations based on a “what-if” questions to recommend what action to take

A

Prescriptive analytics tools

89
Q

product

A

customer benefits

90
Q

price

A

cost

91
Q

place

A

convenience

92
Q

promotion

A

communication

93
Q

Value that can be offered through a marketing exchange (bundle of benefits)

A

product

94
Q

organizations, people, places, and ideas are examples of types of

A

product marketing

95
Q

set of products offered by a company is known as

A

product mix

96
Q

groups associated products that share features/ benefits

A

product lines

97
Q

identifies the producer, provider, and seller of a product

A

branding

98
Q

involves 2+ brands into a joint product

A

co-branding

99
Q

use an established brand to introduce a new product in a different category (new product line)

A

brand extension

100
Q

new product within the brands current product category using the same brand name

A

line extension

101
Q

when brand/ line extension negatively affects consumer perceptions about attributes of the core brand

A

brand dilution

102
Q

process by which ideas become new offerings

A

innovation

103
Q

specific problems faced by potential customers

A

pain points

104
Q

Degree to which an innovation appears
superior to existing products

A

Relative Advantage

105
Q

Private label brands are managed by…
A. National manufacturers
B. Retailers
C. Local boutiques
D. Governments
E. Individual Consumers

A

B. retailers

106
Q

Which of the following fictional examples represents a brand increasing the breadth of its product mix?
A. Amazon Echo Micro - Ultra-small smart speaker
B. Band-Aid x Rifle Paper Co. Adhesive Bandages
C. Levi’s Unleashed - Denim dog accessories
D. Panera Philly Cheesesteak sandwich with Kraft Cheez Wiz
E. Tesla Model Z compact electric car

A

C. Levi’s Unleashed - Denim dog accessories

107
Q

The fact that the Apple iPad is easy to try—demo units are available at Apple stores as well as other retail stores—has helped it diffuse more quickly.
true
false

A

true

108
Q

Why is experiential marketing especially important in today’s marketplace?
A. Experiential marketing is the newest fad in marketing
B. Experiential associations are more central in consumers’ minds
C. Experiential marketing appeals to loyal customers more than new customers
D. Advertising is a sensory experience
E. Experiential marketing helps brands stand out from the competition

A

E. Experiential marketing helps brands stand out from the competition

109
Q

Many restaurants roll out new ideas first in Orlando, Florida, a location that attracts a vast range of diverse tourists and thus might offer insights into what various consumer groups will like. This is an example of
A. product launching
B. market creation
C. market targeting
D. market testing
E. aftermarket updating

A

D. market testing

110
Q

In which of the following (fictional) situations would you expect brand dilution to occur?
A. all of the above
B. roblox selling a line of watches at walmart
C. starbucks offering oil changes at its locations
D. pepsi creating a line of pet foods
E. old navy selling upscale, real-fur coats

A

A. all of the above

111
Q

Brand awareness contributes to brand equity.
true
false

A

true

112
Q

When Michaela began helping her favorite uncle Barton with his finances, she discovered her uncle was still renting a rotary-dial telephone from the phone company. Uncle Barton had paid thousands of dollars in rental fees over the previous 30 years. Uncle Barton is a(n) ________ in the diffusion of innovation process for telephones.
A. early adopter
B. late majority
C. innovator
D. early majority
E. laggard

A

E. laggard

113
Q

During the ______ stage of the product life cycle, sales are low, and profits are small or negative.
A. introduction
B. leveling
C. growth
D. maturity
E. decline

A

A. introduction

114
Q

Inkjet printers were a big improvement over the dot-matrix printers they replaced, creating higher-quality prints at faster speeds. Given this information, it is likely that inkjet printers gained rapid acceptance in the marketplace primarily because of their
A. observability
B. relative advantage
C. complexity
D. compatibility
E. trialability

A

B. relative advantage

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