FINAL EXAM Flashcards
What is the definition of marketing?
Marketing is the process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Differentiate between wants, needs, and demands.
Wants are desires not essential for survival, needs are essential necessities, and demands are wants backed by purchasing power.
How does the relationship between expectations and customer satisfaction impact marketing?
Meeting or exceeding expectations leads to customer satisfaction, a crucial aspect of successful marketing.
Define the macro and micro environments in marketing.
The macro environment includes external factors like economic and cultural forces, while the micro environment involves factors closer to the organization, such as suppliers and marketing intermediaries.
What distinguishes proactive from reactive approaches in the business environment?
Proactive approaches involve anticipating and preparing for changes, while reactive approaches respond to changes as they occur.
Explain the difference between core and secondary beliefs.
Core beliefs are fundamental principles guiding the organization, while secondary beliefs are less critical and may change over time.
What is the purpose of a mission statement, and what should it include to be considered good?
A mission statement defines the organization’s purpose, values, and goals. A good mission statement aligns with the company’s culture and provides direction.
Name and briefly describe the four strategies in the product/market expansion grid.
The four strategies are market penetration, market development, product development, and diversification.
Differentiate between internal and external components of SWOT analysis.
Internal components focus on strengths and weaknesses within the organization, while external components consider opportunities and threats in the external environment.
List and explain the 4 Ps of marketing.
The 4 Ps are Product, Price, Place, and Promotion, representing the key elements of a marketing strategy.
Define positioning in marketing.
Positioning is the way a product is defined by consumers in relation to its competitors.
What are the advantages and problems associated with using big data in marketing?
Advantages include informed decision-making, while problems arise from the overwhelming volume of data.
What is the order of steps in the marketing research process?
The steps include problem definition, research design, data collection, analysis, and reporting.
Differentiate between exploratory, descriptive, and causal research, and provide use cases for each.
Exploratory research aims to explore ideas, descriptive research seeks to describe characteristics, and causal research investigates cause-and-effect relationships.
Explain the difference between primary and secondary data.
Primary data is collected directly for the specific research, while secondary data already exists and was collected for other purposes.
What is the main difficulty with consumer research?
The main difficulty is the inability to understand precisely why people buy, as motivations can vary.
Define brand personality in marketing.
Brand personality refers to the set of human characteristics associated with a brand.
Differentiate between individual differences in product adoption, such as innovators and early adopters.
Innovators are the first to adopt, while early adopters follow, representing different consumer groups in product adoption.
Name the four major psychological forces affecting consumer behavior.
The forces are motivation, perception, learning, and attitude.
Define marketing segmentation in detail.
Marketing segmentation involves dividing a market into distinct groups based on similar needs and characteristics.
What is market targeting, and how does it relate to segmentation?
Market targeting is the selection of one or more segments to serve, and it is closely related to the segmentation process.
Name the major types of segmentation and briefly describe each.
Behavioral, Psychographic, Age and life cycle, and Demographic are major types of segmentation, each focusing on different aspects of consumer behavior.
Explain the different segment strategies in marketing.
Differentiated, concentrated, and undifferentiated are segment strategies that involve targeting different market segments in various ways.
Define a value proposition in marketing.
A value proposition is the unique value a product or service provides to its customers.
List and briefly explain the five different types of differentiation.
Differentiation can occur through product features, people, channels, image, and services, each providing a unique advantage in the market.
Which promotion tools involves building up a good corporate image and handling brand crises?
advertising
sales promotion
Public relations
personal selling
Public relations
When marketers pay for a message to be shown on Facebook, they are using:
personal selling
advertising
Public relations
sales promotion
advertising
A message that would warn consumers against smoking because it could pass a bad message to their kids, this is an example of a
emotional appeal
moral appeal
rational appeal
indifferent appeal
moral appeal
Which of the following methods is used by companies to set their advertising budgets based on the industry average?
affordable method
competitive-parity method
percentage-of-sales method
objective-and-task method
competitive-parity method
M&Ms, since they are a mature product, are likely to use _____ advertising.
comparitive
persuasive
informative
reminder
reminder
If a person provides a first hand account of how a product improved their life, what execution style are they using?
fantasy
scientific evidence
testimonial
life cycle
testimonial
Ad messages should be meaningful, believable, and
stylish
interesting
humorous
distinctive
distinctive
In marketing, the term “Products” includes services as well as tangible products.
TRUE
FALSE
True
Designing a good product begins with:
observing and understanding customers
designing a prototype
coming up with package
Deciding on specific attributes
observing and understanding customers
The Taco Bell item with a “Dorito” shell is an example of
Co-Branding
Brand Licensing
Brand Extension
Brand equity coupling
Co-Branding
For new products, marketers often create “test products” to test an idea and show to customers. This is called a
prototype
concept type
test concept
product image
prototype
Profits start to level off after a product has been on market for while, during which stage of the PLC:
Decline stage
Harvest Stage
Growth Stage
Maturity Stage
Maturity Stage
_______refers to freedom from defects and consistency in delivering a targeted level of performance.
Performance quality
Product style
Conformance quality
Branding
Conformance quality
The wireless market is controlled by a few firms. This is an example of:
Monopoly
Oligopy
Pure Competition
Monopolistic competition
Oligopy
The price floor for a product is determined by:
Cannot determine floor without
specialized analytics
the seller can decide this themselves
the product’s actual cost
what customers are willing to pay
the product’s actual cost
With its iPhone, Apple charges high prices and then lowers them over time. This is known as:
Bundled pricing
Price Skimming
Price Penetration
Dynamic Pricing
Price Skimming
When price can easily be adjusted to meet changes in demand online, this is called
reference pricing
price bundles
dynamic pricing
captive pricing
dynamic pricing
Using buyers’ perceptions of value as the key to pricing is called
competitive pricing
cost based prcing
time based pricing
customer value-based pricing
customer value-based pricing
If demand hardly changes with a small change in price, the demand is elastic.
True
False
False
What place strategy gives only a limited number of dealers the right to distribute its products?
moderate
primary
intensive
Exclusive
Exclusive
McDonald’s is an example of a
retail co-op
category killer
service center
Franchise
Franchise
____ offer sales assistance because they carry goods about which customers might need information.
Specialty Service Retailers
Self service retailers
Flat service retailers
Limited Service Retailers
Limited Service Retailers
Integrated Marketing campaigns must have:
a clear, consistent, and compelling message
a specified amount of paid advertising
one segment only to target
multiple directors to manage different strategies
a clear, consistent, and compelling message
____ is most effective in building up buyers’ preferences, convictions, and actions.
Personal Selling
Sales Promotion
Mass marketing
public relations
Personal Selling
Creating, inspiring, and sharing brand messages and conversations with consumers across a mix of channels is
public relations marketing
sales management marketing
modern promotion marketing
content marketing
content marketing
Colgate advertising directly to consumers, asking them to look for the toothpaste at stores is
push marketing
social media marketing
pull marketing
content marketing
pull marketing
An ad arguing that a cleaning product is 2x as strong as the competition is a(an):
none of the above
rational appeal
moral appeal
emotional appeal
rational appeal
Which ad budget strategy sets the advertising budgets based on the industry average?
affordable method
percentage-of-sales method
regression method
competitive-parity method
competitive-parity method
For an iPad, what is an example of an augmented product?
Warranty
Connectivity
Brand Name
Packaging
Warranty
Products cannot not include experiences, organizations, persons, places, and ideas.
TRUE
FALSE
FALSE
Life insurance is an example of a
specialty product
unsought product
convenience product
shopping product
unsought product
Superbrands like Apple and Nike are able to obtain loyalty by positioning brands on:
customer benefits
none of these options are correct
product attributes
strong beliefs and values
strong beliefs and values
Starbucks creating Tea Products is an example of a
brand extension
Diversification
Cobrand
brand licensing
brand extension
What is the first step in new product development
concept testing
research & analysis
idea generation
idea screening
idea generation
_______ programs encourage employees to develop new product ideas.
customer & team based
systematic
intrapreneurial
Entrepreneurial
intrapreneurial
Which of the following is NOT a reason for new product failure?
high prices
product design flaws
low product development costs
incorrect estimation of the market size
low product development costs
________ is the product life cycle period when sales growth slows because the product has achieved acceptance
Decline
Maturity
Growth
Introduction
Maturity
The price “floor” is determined by:
competition
branding expenses
Ad budget
product cost
product cost
________ pricing involves charging higher prices on an everyday basis but running frequent promotions to lower prices temporarily on selected items.
value added pricing
costs based
High Low Pricing
Every day low pricing
High Low Pricing
In a marketing with “pure competition”, companies
have very big ad budgets
have more control over price
spend little time and money on marketing
are close to being a monopoly
spend little time and money on marketing
Companies that set a low price for a new product in order to attract a large number of buyers and a large market share are using the ________ strategy.
price bundling
price penetration
dynamic pricing
price skimming
price penetration
Mars sells candy in many different convenience stores across the country. This is an example of ________ distribution.
exclusive
selective
omni-retailing
Intensive
Intensive
Direct marketing channels:
sell to customers through 2 intermediaries
sell directly to customers, usually via a website
sell to customers through one intermediary
sell thru megaretailers only
sell directly to customers, usually via a website
Channel decisions often involve a long term commitment between firms.
True
False
True
Which promotion tools involves building up a good corporate image and handling brand crises?
sales promotion
Public relations
personal selling
Advertising
Public relations
When marketers pay for a message to be shown on Facebook, they are using:
Public relations
personal selling
sales promotion
Advertising
Advertising
A message that would warn consumers against smoking because it could pass a bad message to their kids, this is an example of a
emotional appeal
rational appeal
moral appeal
indifferent appeal
moral appeal
Which of the following methods is used by companies to set their advertising budgets based on the industry average?
objective-and-task method
percentage-of-sales method
competitive-parity method
affordable method
competitive-parity method
M&Ms, since they are a mature product, are likely to use _____ advertising.
informative
comparitive
persuasive
Reminder
Reminder
If a person provides a first hand account of how a product improved their life, what execution style are they using?
testimonial
fantasy
life cycle
scientific evidence
testimonial
Ad messages should be meaningful, believable, and
humorous
interesting
stylish
Distinctive
Distinctive
Products
Goods, services, places, organizations, or ideas that satisfy customer needs or wants.
The demographic, economic, political, and cultural forces that affect an organization are considered the:
Group of answer choices
marketing intermediaries
marketing mix
microenvironment
macroenvironment
internal environment
macroenvironment
A mission statement serves as a ________.
Group of answer choices
plan for short-term sustainability
statement of the organization’s net profits
statement of the organization’s purpose
statement of the organization’s current liabilities
reward plan for the organization’s highly skilled employees
statement of the organization’s purpose
The four Ps of the marketing mix are:
Group of answer choices
priorities, personnel, placement, and profits
prediction, production, pricing, and promotion
predict, produce, package, and persuade
product, price, promotion, and place
product, price, production, and place
product, price, promotion, and place
Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as ________.
Group of answer choices
diversifying
segmenting
satisficing
prospecting
positioning
positioning
A researcher is looking to run an experiment to see what subject lines get clicks. They want to see if a subject line focusing on money value saved (10$ off 100$ purchase) is more effective than one that states percentages (10% off 100$). This is what type of research?
Group of answer choices
constructive
descriptive
exploratory
causal
ethnographic
causal
Using data collected from a third party (which you did not collect) to analyze for your business is an example of using ________ data.
Group of answer choices
low-level
binary
disposable
primary
secondary
secondary
A person’s buying choices are influenced by four major psychological factors. Which of the following is NOT one of these factors?
Group of answer choices
motivation
beliefs
learning
perception
rumination
rumination
After looking at segments, ________ consists of evaluating each market segment’s attractiveness and selecting one or more segments to enter.
Group of answer choices
Market segmentation
Positioning
Differentiation
Market targeting
Mass customization
Market targeting
A company like Amazon is well-known for getting products to its customer’s home faster than the competition, and they have perfected their distribution system to gain this edge. They are most likely to gain a strong competitive advantage through which type of differentiation?
Group of answer choices
people differentiation
image differentiation
product differentiation
channel differentiation
services differentiation
channel differentiation
For an Ipad, what is the augmented product?
Group of answer choices
design flaws
brand name
tech support
slick and attractive packaging
connection to entertainment and information
tech support
Advil will outsell generic pain killers even if it costs more. Advil most likely has ________.
Group of answer choices
low brand relevance
high brand equity
an aggressive brand personality
negative brand equity
no brand commitment
high brand equity
Which stage in the product life cycle is characterized by profits leveling off after the growth period?
Group of answer choices
growth
product development
decline
introduction
maturity
maturity
Which of the following is true with regard to value-added pricing?
Group of answer choices
Companies practicing value-added pricing differentiate their offers by attaching value-added features to offerings that, in turn, justify higher prices.
Companies like Wal-Mart and Costco are more likely to use this strategy.
Value-added pricing is the most suitable pricing strategy in pure monopolies.
Companies that practice value-added pricing typically match the competition by cutting prices.
Companies practicing value-added pricing primarily rely on cost differentiation.
Companies practicing value-added pricing differentiate their offers by attaching value-added features to offerings that, in turn, justify higher prices.
Hulu is offering a month free and a low monthly subscription for its service in order to attract a large number of buyers and a large market share. They are using the ________ strategy.
Group of answer choices
exclusive pricing
cost-plus pricing
inclusive pricing
market-penetration pricing
market-skimming pricing
market-penetration pricing
In which step of the communication process does the marketing communicator need to know the buyer-readiness stage of the target audience?
Group of answer choices
designing the message
determining communication objectives
choosing the media through which to send the message
collecting feedback
selecting the message source
determining communication objectives
Pull (as opposed to push) strategies are MOSTLY directed to:
Group of answer choices
retailers
consumers
wholesalers
producers
sellers
consumers
Using an ad that creates negative or positive sentiments is an example of what type of appeal:
Group of answer choices
standard
moral
emotional
rational
structural
emotional
________ companies use both offline and online marketing channels.
Group of answer choices
Click-only
Start-up
Brick-and-mortar
Brick-only
Omni-channel retailing
Omni-channel retailing
What is a disadvantage of a viral success?
Group of answer choices
The cost per exposure is relatively high.
Marketers have little control over where the message ends up.
Many people will see the marketing message.
Word-of-mouth is strong.
None of these are disadvantages
Marketers have little control over where the message ends up.
________ calls for meeting the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.
Group of answer choices
Ambush marketing
Consumerism
Environmentalism
Strategic planning
Sustainable marketing
Sustainable marketing
Deceptive practices fall into three groups: pricing, promotion, and ________.
Group of answer choices
purpose
publicity
placement
packaging
service
packaging
Marketers tend to be more effective when they appeal to ________ rather than when they ________.
Group of answer choices
teenagers; target older people
emotions; appeal to actual needs
need for healthy food; desire for junk food
existing wants; attempt to create new ones
the mass market; appeal to market segments
existing wants; attempt to create new ones
A company that makes products that give high immediate satisfaction but may hurt consumers in the long run makes ________ products.
Group of answer choices
desirable
deficient
pleasing
salutary
threatening
pleasing
When firms originate, produce, and market their products and services worldwide, it is referred to as:
Group of answer choices
free trade
global marketing
international branding
acculturation
transactional exchange
global marketing
A brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs is referred to as:
Group of answer choices
a transnational brand
a global brand
an international brand
a multinational brand
a borderless brand
a global brand
The prominent global market entry strategy for most small to medium size companies is:
Group of answer choices
exporting
joint venture
direct investment
franchising
licensing
exporting
Disney Superfans create their own websites where they talk about all things Disney with fellow fans. This is an example of:
online social network
kiosk
blog
digital catalog
branded community Web site
branded community Web site
Marketing is a process by which individuals obtain what they need and want through
value creation and exchange
Political and cultural forces are examples of factors in the
Macroenvironment
Microenvironment
Marketing MIX
Internal Environment
macroenvironment
A company is trying to sell its shoes to a new group of consumers (older women). This is an example of:
product development
market penetration
diversification
market development
market development
An article that is found from a search on the Oviatt library is an example of:
a binary resource
a primary resource
a secondary resource
an unreliable resource
a secondary resource
The process of dividing a market into groups of consumers who share similarities and respond to marketing similarly is:
marketing segmentation
targeting
brand equity
marketing positioning
marketing segmentation
Which stage in the product life cycle is characterized by rapid market acceptance and increasing profits?
growth
maturity
introduction
decline
growth
Companies that use this price strategy add features to offerings that justify higher prices.
value-added pricing
dynamic pricing
cost based pricing
high low pricing
value-added pricing
When a product is distributed in as many places as possible, the company has used:
omni-channel distrbution
Intensive distribution
direct channels
selective distribution
Intensive distribution
In which step of IMC do marketers need to know the buyer-readiness stage of the consumer?
designing the message
choosing media
selecting the message source
determining communication objectives
determining communication objectives
Desirable products are
a. Products that have low immediate appeal but may benefit consumers in the long run (ex. bicycle helmets or some insurance products)
c. Products that have neither immediate appeal nor long-run benefits (ex. bad-tasting and ineffective medicine)
b. Products that give both high immediate satisfaction and high long-run benefits (ex. tasty and nutritious fast-casual food)
d. Products that give high immediate satisfaction but may hurt consumers in the long run (ex. cigarettes and junk food)
b. Products that give both high immediate satisfaction and high long-run benefits (ex. tasty and nutritious fast-casual food)
Salutary products are
a. Products that have low immediate appeal but may benefit consumers in the long run (ex. bicycle helmets or some insurance products)
c. Products that have neither immediate appeal nor long-run benefits (ex. bad-tasting and ineffective medicine)
b. Products that give both high immediate satisfaction and high long-run benefits (ex. tasty and nutritious fast-casual food)
d. Products that give high immediate satisfaction but may hurt consumers in the long run (ex. cigarettes and junk food)
a. Products that have low immediate appeal but may benefit consumers in the long run (ex. bicycle helmets or some insurance products)
a. Products that have low immediate appeal but may benefit consumers in the long run (ex. bicycle helmets or some insurance products)
c. Products that have neither immediate appeal nor long-run benefits (ex. bad-tasting and ineffective medicine)
b. Products that give both high immediate satisfaction and high long-run benefits (ex. tasty and nutritious fast-casual food)
d. Products that give high immediate satisfaction but may hurt consumers in the long run (ex. cigarettes and junk food
