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MKTG 351 > Exam 2 (Ch 8-14) > Flashcards

Exam 2 (Ch 8-14) Flashcards

1
Q

T or F:
Almost all products are differentiated.

A

True

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2
Q

What are market segments?

A

differentiate their products to appeal to different groups

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3
Q

What does MARS stand for?

A

Measurable
Accessible
Responsive (Actionable)
Substantial

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4
Q

What is MARS used for?

A

criteria for good market segmentation

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5
Q

What is the starting point for developing a market strategy?

A

size of market segments

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6
Q

T or F:
All 4 criteria in MARS don’t have to be met for a good market segment.

A

False

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7
Q

What are the 5 categories for market segmentation?

A

Demographic
Psychographic
Geographic
Benefit Sought
Usage Rate

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8
Q

Which is the most widely used category for market segmentation?

A

Demographic

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9
Q

Why is demographic segmentation the most widely used?

A

easy to measure and easily available

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10
Q

T or F:
Psychographic segmentation is more difficult to measure than demographic segmentation

A

True

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11
Q

T or F:
Consumers usually seek the same benefits from the same product

A

False

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12
Q

What is the next step after segmenting the market?

A

Choosing the segments to serve

OR

Identifying the target markets

(same thing)

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13
Q

What are the 3 strategies for selecting target markets?

A

Undifferentiated
Concentrated
Multisegment

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14
Q

Which strategy for selecting target markets is rare?

A

Undifferentiated

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15
Q

Why is undifferentiated targeting rare?

A

There’s a high chance for competitors going for specific segments to do a better job

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16
Q

What is concentrated targeting?

A

Going for 1 segment

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17
Q

Which strategy is niche targeting considered?

A

Concentrated

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18
Q

T or F:
Multisegment targeting covers a bigger portion of the market

A

True

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19
Q

What is product differentiation?

A

Distinguish their products from their competitors

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20
Q

What is positioning?

A

How consumers perceive the brand

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21
Q

Why is perceptual mapping used?

A

Compare how their brands are perceived vs competitors

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22
Q

What technique is used when positioning gets outdated?

A

Repositioning

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23
Q

Why does a company need to be cautious when considering repositioning?

A

It is difficult and causes confusion in consumers

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24
Q

What does DSS stand for?

A

Decision Support Systems

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25
Q

What is a decision support system?

A

interactive, computer based, info system that managers can rely on to make decisions

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26
Q

How many data sources are there for DSS?

A

2

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27
Q

What are the two data sources for DSS?

A

Competitive (Market) Intelligence
Marketing Research

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28
Q

What is the main difference between competitive (market) intelligence and marketing research?

A

Competitive (Market) Intelligence doesn’t need any specific data, while marketing research does need specific data

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29
Q

What are the steps for marketing research?

A
  1. Identify and Formulate the Research Problem

2a. Collect Secondary Data
2b. Plan for Primary Data Collection

  1. Sampling Procedures
  2. Collect Primary Data
  3. Analyzing Data
  4. Preparing and Presenting Data
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30
Q

What are the four types of marketing research?

A

Exploratory
Descriptive
Performance Monitoring
Causal

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31
Q

Which type of marketing research is sometimes used as the first step to other research?

A

Exploratory

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32
Q

Exploratory research uses what kind of sources to gather data?

A

small samples, use of open ended ?s, non probability sampling

AND

secondary research, in depth qualitative interviews, or focus groups

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33
Q

Descriptive research uses what kind of sources to gather data?

A

large samples, use of close ended ?s, and probability sampling

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34
Q

What are the indicators of performance monitoring?

A

characteristics of the market, profiles of different market segments, description of the purchase process, price elasticity, and customer satisfaction studies

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35
Q

What is the main way that causal research gathers data?

A

experiments

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36
Q

What is the first step in marketing research also called?

A

statement of information needs

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37
Q

What is secondary data?

A

data that is already published and readily accessible

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38
Q

What is the main advantage of secondary data?

A

gathered quickly and cheaply

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39
Q

What is the first step in data collection?

A

Secondary data

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40
Q

What is syndicated data?

A

companies collect data and put it for sale

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41
Q

What are the four ways of collecting primary data?

A

Mail
Telephone
Internet/Web Based Surveys
Personal

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42
Q

T or F:
Internet/Web Based Surveys are better than the other method of collecting primary data

A

False

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43
Q

Which method for collecting primary data is the cheapest?

A

Mail

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44
Q

Which method for collecting primary data is the most expensive?

A

Personal

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45
Q

Which method for collecting primary data has the highest response rate?

A

Personal

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46
Q

What is a sample?

A

a group of people that is representative of the entire population of interest

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47
Q

What are the two types of samples

A

Probability (Random)
Non-probability (Nonrandom)

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48
Q

What are the four types of probability sampling?

A

Simple
Stratified
Systematic
Cluster

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49
Q

What are the four types of non-probability sampling?

A

Convenience
Judgment
Quota
Snowball

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50
Q

T or F:
Non-probability sampling should only be used for exploratory research

A

True

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51
Q

What is a sample used for?

A

create an estimate of the population value

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52
Q

What are the four types of errors in sampling?

A

Frame
Non-Response
Response
Random

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53
Q

How do you reduce frame error?

A

ensuring good overlap between sample and population

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54
Q

How do you reduce non response error?

A

trying to get higher cooperation

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55
Q

How do you reduce response error?

A

careful wording of ?s

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56
Q

How do you reduce random error?

A

having large sample sizes

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57
Q

What is a product?

A

a tangible offering or satisfaction of need

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58
Q

What are the four types of consumer goods?

A

Convenience
Shopping
Specialty
Unsought

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59
Q

What is the difference between shopping and specialty goods?

A

Specialty Goods: buyers have a clear preference in brands and its best to have exclusive distribution

Shopping: buyers compare brands and best to sell with competitors’ brands

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60
Q

What is another name for the product line?

A

product mix

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61
Q

T or F:
The width of a product line is the variations within product type

A

False

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62
Q

T or F:
The depth of a product line is the variations within product type

A

True

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63
Q

What is product line expansion?

A

increase width or depth of their product line

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64
Q

What is product line contraction?

A

eliminate some products and strengthen their sales among fewer variations

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65
Q

What is product modification based on?

A

quality, functionality, or style

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66
Q

What does the augmented product consist of?

A

add-ons and warranties

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67
Q

What are the three types of packaging?

A

Primary
Secondary
Tertiary

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68
Q

What is planned obsolescence?

A

create new products, knowing that they are making their current versions obsolete

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69
Q

What are brands?

A

identify the manufacturers’ products

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70
Q

What are the three parts of branding?

A

Brand name
Logo/Brand Mark
Tagline/Slogan

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71
Q

What does a brand become if registered with the U.S. Patent and Trademark Office?

A

Trademark/Servicemark

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72
Q

What is brand equity?

A

value associated with a brand

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73
Q

What is brand loyalty?

A

consistent preference of one brand over others

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74
Q

What are private labels?

A

well established retailers can create their own brands

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75
Q

What is brand extension?

A

using an existing brand name to launch a new product

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76
Q

What is co-branding?

A

2+ brands come together to use their strengths for the benefit of all brands involved

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77
Q

What are the three types of co-branding?

A

Ingredient
Cooperative
Complementary

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78
Q

Why is developing products important?

A

sustain growth and increase revenues & profits

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79
Q

What are the 6 categories for the new products?

A

New to the world products
New Product Lines
Additions to existing product lines
Improvements over existing products
Repositioned products
Lower priced products

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80
Q

What are the benefits of new product lines?

A

increase width of product line/mix and opportunity to diversify risks

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81
Q

What are the benefits of additions to existing product lines?

A

increase depth of product line/mix and helps in appealing to other segments in the market

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82
Q

What is the main focus of improvements over existing products?

A

make continuous improvements

83
Q

What is the main focus of repositioned products?

A

changing brand’s appeal to be more relevant

84
Q

How can companies afford to make lower priced products?

A

companies tend to recover investments in later years of the product

85
Q

What are the steps in new product development process?

A
  1. Idea Generation
  2. Idea Screening
  3. Business Analysis
  4. Development
  5. Test Marketing
  6. Commercialization
86
Q

T or F:
Each step in the new product development process gets more cheaper

A

False

87
Q

What is the goal of idea generation?

A

create long list of ideas

88
Q

What ideas are kept in idea screening?

A

consistent with company’s objectives AND viable

89
Q

What is used to find the financial viability of the product?

A

estimate demand, sales, costs, and profitability

90
Q

What is development?

A

creating prototypes

91
Q

What is simultaneous product development?

A

R&D, engineering, marketing, and production teams working together

92
Q

Why do companies test products in smaller settings?

A

significantly cheaper

93
Q

What are the advantages of test marketing?

A

assessing market success, getting feedback on improving the product offering and accompanying strategies

94
Q

What are the disadvantages of test marketing?

A

delaying the product launch and offers competitors a window of opportunity to gain an edge

95
Q

What are the three types of test markets?

A

Standard
Simulated
Controlled

96
Q

How does a simulated test market work?

A
  1. participants are shown ads for product and competing products
  2. given money to spend in artificial or simulated stores
  3. follow up ?s given after to see their experience with the product
97
Q

What is commercialization?

A

launch of product in marketplace

98
Q

What are innovations?

A

products that are perceived as new by consumers

99
Q

What is diffusion?

A

process by which products are adopted by the market

100
Q

What are the five categories of adopters?

A

Innovators
Early Adopters
Early Majority
Late Majority
Laggards

101
Q

What are innovators also called?

A

variety seekers: try new products but not likely to stick with them

102
Q

What are early adopters also called?

A

opinion leaders: welcome new ideas and products because well informed and passionate about them

103
Q

What effect do opinion leaders have on others?

A

they seek their advice and follow trends set by them

104
Q

What is the main trait of the early majority?

A

rational and weigh pros & cons before adopting

105
Q

What is the main trait of the late majority?

A

skeptic and adopt only after adopted by others

106
Q

What is the main trait of the laggards?

A

reluctant to change and prefer comfort of old & traditional

107
Q

What are the five product characteristics that help determine rate of adoption?

A

Relative Advantage
Compatibility
Simplicity
Communicability (Observability)
Trialability

108
Q

T or F:
Having a higher score for the five product characteristics means it will have a faster rate of adoption

A

True

109
Q

What is relative advantage?

A

advantage new product offers over existing substitutes

110
Q

What is compatibility?

A

compatibility w/ physical setup, lifestyle, and values

111
Q

What is simplicity?

A

easy to understand and use

112
Q

What is communicability (observability)?

A

easy to tell benefits of the product by communication or demonstration

113
Q

What is trialability?

A

the ability to try a product with out making significant investment

114
Q

What is product life cycle (PLC)?

A

stages a product goes through from inception to its death

115
Q

What are the four stages of PLC?

A

Introduction
Growth
Maturation
Decline

116
Q

What is introduction in PLC?

A

investing in development and commercialization of product before it even enters market

117
Q

What are the traits of introduction in PLC?

A

-negative profits
-sales grow slowly because market has not accepted the product

118
Q

What is the marketing goal for introduction stage in PLC?

A

create awareness for product

if new product: explain benefits

119
Q

T or F:
Intensive selling and aggressive promotion is not recommended in the introduction stage

A

False

120
Q

What are the traits of growth stage in PLC?

A

high growth rate in sales and attracts other competitors

121
Q

What is the focus in the growth stage in PLC?

A

invest heavily in products instead of gaining profits

122
Q

What happens when the market growth comes to an end?

A

weaker players either purchased by stronger competitors or quit market

123
Q

What are the traits of maturation stage in PLC?

A

sales stabilize or grow at a nominal pace and prices drop & competition gets intense

124
Q

T or F:
Drastic investments are not needed so companies can recover their investments

A

True

125
Q

What are the traits of decline stage in PLC?

A

drop in sales, market shrinks, and hard to stay profitable

126
Q

What are the 3 choices companies can make in the decline stage?

A

Maintain
Harvest/Milk
Divest

127
Q

Why would you maintain the product in the decline stage?

A

hope others quit and remain profitable

128
Q

What happens when you harvest/milk the product in the decline stage?

A

stopping any further investment and substantially lowers marketing efforts

129
Q

What happens when you divest the product in the decline stage?

A

selling to buyer or withdrawing from market

130
Q

T or F:
PLC is a predictive framework

A

False

131
Q

T or F:
Services are intangibles

A

True

132
Q

What are the four characteristics of services?

A

Intangibility
Inseparability
Heterogenity
Perishability

133
Q

What are the three types of qualities that are a part of intangibility?

A

Search
Experience
Credence

134
Q

T or F:
Service providers rarely use rating agencies or the opinions of others

A

False

135
Q

What is heterogeneity?

A

large variation in services and experience

136
Q

What is perishability?

A

services can not be stored and are wasted opportunities

137
Q

What are the 5 factors in evaluating services?

A

Reliability
Responsiveness
Assurance
Empathy
Tangibles

138
Q

T or F:
physical components are easier to evaluate

A

True

139
Q

What are the 5 Gap categories?

A
  1. customers want vs what management thinks they want
  2. what management thinks customer wants vs quality specification for product
  3. service quality specification vs service actually provided
  4. what company provides vs customers perception
  5. customers perception vs their wants
140
Q

T or F:
profits are the main focus for nonprofits

A

False

141
Q

Why do nonprofits still care about getting funds?

A

covering expenses and keep operation going

142
Q

What is supply chain management?

A

coordination of activities between companies as a unified system to create efficiencies and deliver better value for their customers

143
Q

What are the two elements of supply chain management?

A

Supply Chain Integration
Demand Supply Integration

144
Q

What are the four types of integration?

A

Relationship
Technology and Planning
Material and Service Supplier
Customer

145
Q

What are the 8 key processes of supply chain management?

A

Customer Relationship Management (CRM)
Customer Service Management
Demand Management
Order Fulfillment
Manufacturing Flow Management
Supplier Relationship Management
Product Development and Commercialization
Returns Management

146
Q

What is manufacturing flow management in supply chain management?

A

firms have the necessary resources to manufacture

147
Q

What is business logistics?

A

physical movement of products through the supply chain

148
Q

what are the three groups of functions for business logistics?

A

source, make, and deliver

149
Q

What are the 7 parts of business logistics?

A

Sourcing and Procurement
Inventory Control
Order Processing
Production
Warehousing and Materials Handling
Transportation
Info Systems

150
Q

Which parts of business logistics are sourcing the product?

A

Sourcing and Procurement
Inventory Control

151
Q

Which parts of business logistics are making the product?

A

Order Processing
Production

152
Q

Which parts of business logistics are delivering the product?

A

Warehousing and Materials Handling
Transportation

153
Q

What is the foundation for an effective supply chain management?

A

reliable logistics info system

154
Q

What is the difference between offshoring and nearshoring?

A

Offshoring: outsourcing logistics to service providers outside the country
Nearshoring: outsourcing with companies in nearby locations

155
Q

What is the connection between supply chain risk, security, and resilience?

A

Risk: disruptions cause supply chain to be damaged
Security: protect inventory and assets
Resilence: Respond to disruptions

156
Q

How do countries trade around the globe with different rules and regulations?

A

more uniform rules and regulation such as from World Trading Organization (WTO)

157
Q

What is a channel?

A

entity through which products flow to the customers

158
Q

what is the main benefit to using a channel?

A

increase efficiency and lower number of transactions

159
Q

What are companies in a channel called?

A

trade members or intermediaries

160
Q

T or F:
agents and brokers make the process easier of bringing together sellers and buyers

A

True

161
Q

Why wouldn’t a manufacturer want to be an intermediary?

A

limited capital
distribution is not their core strength

162
Q

What is the length of a channel?

A

number of intermediaries between producer and end consumers

163
Q

What are the 3 types of distribution channels?

A

Intensive
Selective
Exclusive

164
Q

What is the right order for the 3 types of distribution channels, from the most outlets being first and the least being last?

A

Intensive
Selective
Exclusive

165
Q

What are the 3 types of relationships in distribution channels?

A

Arm’s Length
Cooperative
Integrated

166
Q

What is the difference between forward and backward integration?

A

Backward: retailers control manufacturing
Forward: manufacturers control distribution

167
Q

What is channel power?

A

ability to control or influence the behavior of other channel members

168
Q

What is channel conflict?

A

conflict between producers and intermediaries

169
Q

What is retailing?

A

act of selling to the final consumer

170
Q

What are the 3 types of ownership for retailers?

A

Independent
Chain Stores
Franchise

171
Q

T or F:
Location is one of the most important decisions for retailers.

A

False

172
Q

What are the 3 types of Level of Service for retailers?

A

Self Service
Limited Service
Full Service

173
Q

T or F:
Labor Cost increases as a store moves from self service to full service.

A

True

174
Q

What are the features of a department store?

A

wide and deep product mix
many departments in same store
ex: Nordstrom

175
Q

What are the features of a specialty store?

A

carry specialty goods
narrow but deep product assortment
consumers are not concerned with price
ex: Sunglass Hut/ Jewelers

176
Q

What are the features of a supermarket?

A

large store with fairly wide and deep product mix
focused mostly on grocery products
ex: Ralphs

177
Q

What are the features of a drugstore?

A

moderately wide and deep product mix
focused on pharmacy related products
offer cosmetic, health, beauty aids, and some convenience
ex: CVS

178
Q

What are the features of a convenience store?

A

moderately wide but shallow product mix
focusing on high turnover convenience goods
easy access and open for long hours
ex: 7-Eleven

179
Q

What are the features of a discount store?

A

reduced prices
ex: Kohl’s/Target

180
Q

What are the features of a warehouse membership club?

A

growing segment
wide and shallow product mix
often selling items in bulk
charge a membership fee
ex: Costco

181
Q

What are the features of an automatic vending machine?

A

narrow assortment
located in a wide variety of premises
easy access

182
Q

What are the features of direct marketing?

A

selling directly to end consumers
-door to door sales force, catalogs, and telemarketing operations

183
Q

Whats another name for direct marketing?

A

Retailing

184
Q

What are the features of online retailing?

A

-segment growing steadily
-consumers buy products online from the comfort of their homes

185
Q

Whats another name for online retailing?

A

e-tailing

186
Q

Napa Wines is launching $500 per bottle wine. Napa is not sure market is big enough - concern is about

A. Accessible
B. Substantial
C. Responsive
D. Measurable

A

B. Substantial

187
Q

Segmenting markets on the basis on location is

A. Demographic
B. Psychographic
C. Geographic
D. Family Life Cycle

A

C. Geographic

188
Q

Cirque Du Soleil has redefined the traditional circus. This is called

A. Perceptual Marketing
B. Psychographic Segmentation
C. Niche Segmentation
D. Product Differentiation

A

D. Product Differentiation

189
Q

Golf Digest targets golfers and golf related items. This publication uses __________ variables to identify the target market

A. Psychographic
B. Discretionary Income
C. Usage Rate
D. Geographic

A

A. Psychographic

190
Q

A _________ good is one that requires little evaluation or consideration.

A. Convenience
B. Specialty
C. Shopping
D. Unsought

A

A. Convenience

191
Q

Specialty goods are

A. Extensively available in many stores
B. Usually cheaper than shopping products
C. Purchased without significant planning
D. Available in only a few select stores in an area

A

D. Available in only a few select stores in an area

192
Q

Launching a new product line to a company’s range of products is called

A. Product Line Extension
B. Planned Obsolescence
C. Increasing Product Depth
D. Product Modification

A

A. Product Line Extension

193
Q

InBerv has slow sales. Considering launch of non-alcoholic version of Corona to attract different segment. This is

A. Extension to existing product line
B. New to the world
C. New product line
D. Lower Priced Product

A

C. New product line

194
Q

T or F:
Benz seeing slow sales. Most effective strategy is to reposition its brand to appeal to lower end segment

A

False

195
Q

To test P&G’s new coffee, asked consumers to view commercials then go to mock supermarket to shop. This method is

A. Performance monitoring research
B. Concept testing
C. Simulated test market
D. Standard test market

A

C. Simulated test market

196
Q

These consumers only try a new product after everyone around them seems to be using it

A. Early majority
B. Innovators
C. Late majority
D. Laggards

A

C. Late majority

197
Q

Product characteristic affecting rate of adoption that represents degree of superiority over similar existing products

A. Compatibility
B. Observability
C. Relative advantage
D. Trialability

A

C. Relative advantage

198
Q

Stage of lifecycle where products incur losses due to marketing costs of promotions to gain competitive advantage

A. Growth
B. Maturity
C. Decline
D. Saturation

A

A. Growth

199
Q

A movie theater has slow sales - so they offer $5 tickets on Tuesdays. Why is this?

A. Intangibility
B. Inseparability
C. Perishability
D. Heterogeneity

A

C. Perishability

200
Q

Vic is usually satisfied with his haircuts. Today a new barber cut his hair and did a terrible job.

A. Intangibility
B. Inseparability
C. Perishability
D. Heterogeneity

A

D. Heterogeneity

201
Q

Google is one of the world’s most valuable brands, even though its product offerings cannot be touched or owned.

A. Intangibility
B. Inseparability
C. Perishability
D. Heterogeneity

A

A. Intangibility

202
Q

A dentist performs different procedures on her patients. What is characteristic of this service?

A. Intangibility
B. Inseparability
C. Perishability
D. Heterogeneity

A

B. Inseparability

203
Q

Why do airlines post last minute travel offers?

A. Intangibility
B. Inseparability
C. Perishability
D. Heterogeneity

A

C. Perishability

MKTG 351 (3 decks)

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