Exam 2 COPY Flashcards
The process of defining a marketing problem or opportunity, systematically collecting and analyzing information and recommending actions to improve its marketing activities
a) Marketing Research
b) hypothesis
c) Market segmentation
a) Marketing Research
The process for gathering information not currently known by decision makers. Marketers must define the nature and scope of the situation by probing beneath the superficial symptoms and formulating a hypothesis and then determining what type of research is most appropriate for testing the hypothesis to ensure the results are reliable and valid.
a) conclusive research
b) research development
c) data mining
Research Development
An informed guess or assumption about a certain problem or set of circumstances.
a) sampling
b) synergy
c) hypothesis
hypothesis
Consistency of test scores over time and across alternative measurements vs. assessing the accuracy of the selection test.
a) reliability vs. validity
b) cannibalization
c) big data
Reliability vs. Validity
Research conducted to gather more information about a problem or to make a tentative hypothesis more specific.
a) data considerations
b) exploratory research
c) brand personality
Exploratory Research
Research designed to verify insights through objective procedures and to help in making decisions.
a) experimental research
b) research development
c) conclusive research
Conclusive Research
Clarifies the characteristics of certain phenomena to solve a particular problem.
a) descriptive research
b) sampling
c) product differentiation
Descriptive Research
Allows marketers to make causal inferences about relationships
a) information technology
b) experimental research
c) hypothesis
experimental research
Research previously performed and recorded prior to the project at hand vs. research newly performed or collected by you (organization)
a) sales forecast
b) 80/20 rule
c) primary vs. secondary data
Primary vs. Secondary data
Size of the Pool, Make-up of the Pool, Cost of the Research, Timeliness of the Data, and Quality of Answers are types of:
a) market segmentations
b) data considerations
c) geographic segmentations
Data Considerations
Large amount of data collected from a variety of sources
a) big data
b) branding strategies
c) feature bloat
Big Data
Characteristics (4Vs) of Big Data include:
a) Volume , Variety , Velocity, Veracity
b) introduction, growth, decline, maturity
c) intangibility, inconsistency, inventory
Volume , Variety , Velocity, Veracity
Includes all of the computing resources that collect, store, and analyze data.
a) cannibalization
b) information technology
c) data mining
Information Technology
Graphic Representation of Data
a) data visualization
b) synergy
c) perceptual map
data visualization
Examining large databases to find statistical relationships that enables predictive modeling for probability analysis
a) market-product grid
b) probability samples
c) data mining
data mining
The selection of a subset of individuals from within a statistical population to estimate characteristics of the whole population.
a) market segmentation
b) sampling
c) repositioning
sampling
Refers to the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts
a) durable goods
b) sales forecast
c) tangibility
Sales Forecast
Simple Random Sample, Cluster Sample, and Stratified Random Sample are what type of samples:
a) probability samples
b) fixed samples
c) non-probability samples
Probability Samples
Convenience Sample, Quota Sample, and Judgment Sample are what type of samples?
a) probability samples
b) fixed samples
c) non-probability samples
non-probability samples
Aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action.
a) demographic segmentation
b) market segmentation
c) behavioral segmentation
market segmentation
A strategy that involves a firm using different marketing mix actions to help consumers perceive a product as being different and better than competing products.
a) product differentiation
b) demographic segmentation
c) market segmentation
product differentiation
Substantial, Identifiable, Measurable, Accessible, and Responsive the 5 Criteria for __________:
a) Successful Market Segmentation
b) Brand Extension
c) product differentiation
The 5 Criteria for Successful Market Segmentation
Name the Multiple Market Segments:
a) single product, multiple product, mass customization
b) data product, experimental product, single product
c) multiple product, sales product, data product
Single Product Multiple Product Mass Customization
The increased customer value achieved through performing organizational functions such as marketing and manufacturing more efficiently.
a) product positioning
b) synergy
c) cannibalization
synergy
The reduction in sales volume, sales revenue, or market share of one product as a result of the introduction of a new product by the same producer.
a) cannibalization
b) research development
c) repositioning
cannibalization
Which market segment includes: Localizing products, advertising, promotion, and sales efforts to fit individual regions and even cities.
a) geographic segmentation
b) behavioral segmentation
c) demographic segmentation
geographic segmentation
Which market segment describes a population according to selected characteristics such as age, gender, ethnicity, income, and occupation.
a) geographic segmentation
b) behavioral segmentation
c) demographic segmentation
demographic segmentation
Which market segment is based on a segment’s preferences, interests, values, and lifestyles.
a) geographic segmentation
b) psychographic segmentation
c) demographic segmentation
Psychographic segmentation
Which market segment is based on Benefits Sought (the kinds of people who look for a certain benefit and the main benefit they seek) and Usage (the quantity consumed or patronage during a specific period of time).
a) geographic segmentation
b) behavioral segmentation
c) demographic segmentation
Behavioral Segmentation
A concept that suggests 80% of a firm’s sales are obtained from 20% of its customers.
a) repositioning
c) synergy
c) 80/20 rule
80/20 rule
Product class - entire category or industry
Product form - variations within the class
Product item - a specific product
Product line - related items
These are types of:
a) product considerations
b) product segmentations
Product considerations
A framework to relate the segments of a market to products offered or potential marketing actions by the firm.
a) feature fatigue
b) feature bloat
c) market-product grid
Market-Product Grid
Refers to the place an offering occupies in consumers’ minds on important attributes relative to competitive offerings.
a) product positioning
b) degree of learning
c) perceptual map
product positioning
A means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands and then take marketing actions.
a) product positioning
b) degree of learning
c) perceptual map
perceptual map
Changing the place an offering occupies in consumers’ minds
a) repositioning
b) product life cycle
c) perceptual map
repositioning
A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies customers’ needs and is received in exchange for money or something else of value.
a) brand
b) product
c) line extension
product
Capable of being perceived especially by the sense of touch
a) competition
b) tangibility
c) line extension
tangibility
goods that can be used several times
a) durable goods
b) brand personality
c) non-durable goods
durable goods
goods that are typically meant for single use only.
a) durable goods
b) brand personality
c) non-durable goods
non-durable goods
Name the 4 I’s of service:
a) intangibility, inconsistency, inseparability, inventory
b) inventory, installation, introduction, ideas
a) Intangibility Inconsistency Inseparability Inventory (Idle Capacity)
What are the 2 types of business products
a) support and production
b) customer and equity
c) support and extension
support (installation, accessories, suppliles, services) and production (labor, materials)
4 types of consumer goods include:
a) Convenience - Shopping - Specialty - Unsought
b) Profit/non-profit – Government – People – Equipment
c) Equity - Personality - Profit- Convenience
a) Convenience - Shopping - Specialty - Unsought
4 delivery classification include:
a) Convenience - Shopping - Specialty - Unsought
b) Profit/non-profit - Government - People - Equipment
c) Equity - Personality - Profit- Convenience
b) Profit/non-profit – Government – People – Equipment
What are the 3 new product perspectives:
a) company, government, consumers
b) consumer, support, perception
c) perception, company, segment
company, government, consumers
Degree of Learning includes:
a) Continuous innovations–Dynamically continuous innovations–Discontinuous learning innovations
b) Company, Learning, Consumers
c) Static innovation, product innovation, market innovation
a) Continuous innovations–Dynamically continuous innovations–Discontinuous learning innovations
The result of packing too many features and functionalities into a product.
a) feature bloat
b) feature fatigue
c) brand equity
feature bloat
A tendency for consumers to shy away from products that appear to be feature-rich.
a) feature bloat
b) feature fatigue
c) brand equity
feature fatigue
Organizational problems and new product failure includes
a) Not listening
b) Marketing too quickly
c) Groupthink
d) Not learning
e) NIH problem
f) all of the above
f) all of the above
Insignificant point of difference, Bad timing, Too little market attractiveness , Poor marketing mix execution , Poor product quality or insensitivity to needs, No economical access to buyers, Incomplete market product definition
a) product considerations
b) reasons new products fail
c) branding strategies
Reasons new products fail
The stages a new product goes through in the marketplace.
a) product considerations
b) brand extension
c) product life cycle
product life cycle
Any word, “device” (design, sound, shape, or color) or combination of these to distinguish a seller’s goods or services
a) competition
b) brand
c) market segment
brand
The added value a brand name gives to a product beyond the functional benefits provided.
a) brand equity
b) revenue
c) breakeven
brand equity
A set of human characteristics associated with a brand name.
a) brand equity
b) brand personality
c) demand
brand personality
The practice of using a current brand name to enter a new market segment in its product class.
a) price elasticity of demand
b) market research
c) line extension
line extension
The practice of using a current brand name to enter a completely different product class.
a) price elasticity of demand
b) brand extension
c) line extension
brand extension
What are the 4 stages/details of the product life cycle
a) Introduction, growth, maturity, decline
b) Volume , Variety , Velocity, Veracity
c) Intangibility, Inconsistency, Inseparability, Inventory (Idle Capacity)
Introduction, growth, maturity, decline
3 Methods of Managing the Product Life Cycle include:
a) Volume , Variety , Velocity
b) Modify the product, Modify the market, Reposition
c) company, government, consumers
b) Modify the product, Modify the market, Reposition
Multi product branding, Multi branding, Private branding, and Mixed branding are types of
a) brand equity
b) brand personality
c) branding strategies
branding strategies
Competence - Ruggedness - Excitement - Sincerity - Sophistication are:
a) 5 brand personalities
b) 5 market segments
c) 5 line extensions
5 Brand Personalities
True/False - creating customer value involves communication, functional and perceptual benefits
True
True/False - challenges and responses of packaging/labeling include customer connection, environmental concerns, health, cost reduction
True
The money or other considerations, including other goods and services, exchanged for the ownership or use of a product.
a) price
b) fixed cost
c) principle of exchange
price
Products must be priced right so that customers are willing to pay for it and so that it generates enough sales dollars to pay for the cost of offering it while earning a profit for the company.
a) discounts and allowances
b) principle of exchange
c) variable cost
principle of exchange
Graph relating quantity sold and price. Shows how many units will be sold at a given price.
a) supply curve
b) demand curve
c) break-even curve
demand curve
Measures the responsiveness of a change in quantity demanded (Qd) for a good or service to a change in price. – % Change Qd / % Change P
a) revenue
b) variable cost
c) price elasticity of demand
price elasticity of demand
The total money received from the sale of a product; equals the unit price (P) times the quantity sold (Q) TR = P x Q
a) revenue
b) total cost
c) variable cost
revenue
The total expense incurred by a firm in producing and marketing a product; equals the sum of fixed cost (FC) and variable cost (VC) - TC = TFC + (UVC * Q)
a) revenue
b) total cost
c) variable cost
total cost
The sum of the expenses of the firm that are stable and do not change with the quantity of the product that is produced and sold.
a) fixed cost
b) break-even
c) variable cost
fixed cost
The sum of the expenses of the firm that vary directly with the quantity of the product that is produced and sold.
a) fixed cost
b) break-even
c) variable cost
variable cost
The quantity at which Total Revenue and Total Cost are equal.
a) break even
b) demand
c) profit
break even
Reductions from the list price that a seller gives a buyer.
a) variable cost
b) discounts and allowances
c) break even
discounts and allowances
The buyer or seller that is responsible for freight costs
a) principle of exchange
b) government
c) Free on Board (FOB)
Free on Board (FOB)
An itemized financial statement of the income and expenses of a company’s operation.
a) principles of exchange
b) income statement
c) receipt
income statement (profit/loss statement)
______ = Total Revenue – Total Cost
a) profit
b) fixed cost
c) variable cost
profit
Penetration pricing, Skim pricing, Odd even pricing, Prestige pricing, Bundle pricing, Target pricing, Yield management pricing
7 Demand Oriented Approaches to pricing
Pricing approach that is dictated by the market
a) competition
b) repositioning
c) inseparability
competitition
pricing approach that looks at consumers taste and preferences
a) competition
b) demand
c) repositioning
demand
pricing approach that looks at production/marketing plus markup
a) competition
b) cost
c) price
cost
pricing approach that looks at a firms required margin
a) competition
b) cost
c) price
profit
True/False - demaind curve movement is caused by consumer tastes, consumer income and price availability of similar products
True
