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MKT 304 > FINAL EXAM > Flashcards

FINAL EXAM Flashcards

1
Q

What is the definition of marketing?

A

Marketing is the process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

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2
Q

Differentiate between wants, needs, and demands.

A

Wants are desires not essential for survival, needs are essential necessities, and demands are wants backed by purchasing power.

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3
Q

How does the relationship between expectations and customer satisfaction impact marketing?

A

Meeting or exceeding expectations leads to customer satisfaction, a crucial aspect of successful marketing.

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4
Q

Define the macro and micro environments in marketing.

A

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.

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5
Q

What distinguishes proactive from reactive approaches in the business environment?

A

Proactive approaches involve anticipating and preparing for changes, while reactive approaches respond to changes as they occur.

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6
Q

Explain the difference between core and secondary beliefs.

A

Core beliefs are fundamental principles guiding the organization, while secondary beliefs are less critical and may change over time.

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7
Q

What is the purpose of a mission statement, and what should it include to be considered good?

A

A mission statement defines the organization’s purpose, values, and goals. A good mission statement aligns with the company’s culture and provides direction.

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8
Q

Name and briefly describe the four strategies in the product/market expansion grid.

A

The four strategies are market penetration, market development, product development, and diversification.

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9
Q

Differentiate between internal and external components of SWOT analysis.

A

Internal components focus on strengths and weaknesses within the organization, while external components consider opportunities and threats in the external environment.

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10
Q

List and explain the 4 Ps of marketing.

A

The 4 Ps are Product, Price, Place, and Promotion, representing the key elements of a marketing strategy.

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11
Q

Define positioning in marketing.

A

Positioning is the way a product is defined by consumers in relation to its competitors.

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12
Q

What are the advantages and problems associated with using big data in marketing?

A

Advantages include informed decision-making, while problems arise from the overwhelming volume of data.

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13
Q

What is the order of steps in the marketing research process?

A

The steps include problem definition, research design, data collection, analysis, and reporting.

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14
Q

Differentiate between exploratory, descriptive, and causal research, and provide use cases for each.

A

Exploratory research aims to explore ideas, descriptive research seeks to describe characteristics, and causal research investigates cause-and-effect relationships.

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15
Q

Explain the difference between primary and secondary data.

A

Primary data is collected directly for the specific research, while secondary data already exists and was collected for other purposes.

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16
Q

What is the main difficulty with consumer research?

A

The main difficulty is the inability to understand precisely why people buy, as motivations can vary.

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17
Q

Define brand personality in marketing.

A

Brand personality refers to the set of human characteristics associated with a brand.

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18
Q

Differentiate between individual differences in product adoption, such as innovators and early adopters.

A

Innovators are the first to adopt, while early adopters follow, representing different consumer groups in product adoption.

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19
Q

Name the four major psychological forces affecting consumer behavior.

A

The forces are motivation, perception, learning, and attitude.

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20
Q

Define marketing segmentation in detail.

A

Marketing segmentation involves dividing a market into distinct groups based on similar needs and characteristics.

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21
Q

What is market targeting, and how does it relate to segmentation?

A

Market targeting is the selection of one or more segments to serve, and it is closely related to the segmentation process.

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22
Q

Name the major types of segmentation and briefly describe each.

A

Behavioral, Psychographic, Age and life cycle, and Demographic are major types of segmentation, each focusing on different aspects of consumer behavior.

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23
Q

Explain the different segment strategies in marketing.

A

Differentiated, concentrated, and undifferentiated are segment strategies that involve targeting different market segments in various ways.

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24
Q

Define a value proposition in marketing.

A

A value proposition is the unique value a product or service provides to its customers.

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25
Q

List and briefly explain the five different types of differentiation.

A

Differentiation can occur through product features, people, channels, image, and services, each providing a unique advantage in the market.

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26
Q

Which promotion tools involves building up a good corporate image and handling brand crises?

advertising
sales promotion
Public relations
personal selling

A

Public relations

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27
Q

When marketers pay for a message to be shown on Facebook, they are using:

personal selling
advertising
Public relations
sales promotion

A

advertising

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28
Q

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

A

moral appeal

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29
Q

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

A

competitive-parity method

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30
Q

M&Ms, since they are a mature product, are likely to use _____ advertising.

comparitive
persuasive
informative
reminder

A

reminder

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31
Q

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

A

testimonial

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32
Q

Ad messages should be meaningful, believable, and

stylish
interesting
humorous
distinctive

A

distinctive

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33
Q

In marketing, the term “Products” includes services as well as tangible products.

TRUE
FALSE

A

True

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34
Q

Designing a good product begins with:

observing and understanding customers
designing a prototype
coming up with package
Deciding on specific attributes

A

observing and understanding customers

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35
Q

The Taco Bell item with a “Dorito” shell is an example of

Co-Branding
Brand Licensing
Brand Extension
Brand equity coupling

A

Co-Branding

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36
Q

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

A

prototype

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37
Q

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

A

Maturity Stage

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38
Q

_______refers to freedom from defects and consistency in delivering a targeted level of performance.

Performance quality
Product style
Conformance quality
Branding

A

Conformance quality

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39
Q

The wireless market is controlled by a few firms. This is an example of:

Monopoly
Oligopy
Pure Competition
Monopolistic competition

A

Oligopy

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40
Q

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

A

the product’s actual cost

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41
Q

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

A

Price Skimming

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42
Q

When price can easily be adjusted to meet changes in demand online, this is called

reference pricing
price bundles
dynamic pricing
captive pricing

A

dynamic pricing

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43
Q

Using buyers’ perceptions of value as the key to pricing is called

competitive pricing
cost based prcing
time based pricing
customer value-based pricing

A

customer value-based pricing

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44
Q

If demand hardly changes with a small change in price, the demand is elastic.

True
False

A

False

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45
Q

What place strategy gives only a limited number of dealers the right to distribute its products?

moderate
primary
intensive
Exclusive

A

Exclusive

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46
Q

McDonald’s is an example of a

retail co-op
category killer
service center
Franchise

A

Franchise

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47
Q

____ 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

A

Limited Service Retailers

48
Q

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

a clear, consistent, and compelling message

49
Q

____ is most effective in building up buyers’ preferences, convictions, and actions.

Personal Selling
Sales Promotion
Mass marketing
public relations

A

Personal Selling

50
Q

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

A

content marketing

51
Q

Colgate advertising directly to consumers, asking them to look for the toothpaste at stores is

push marketing
social media marketing
pull marketing
content marketing

A

pull marketing

52
Q

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

A

rational appeal

53
Q

Which ad budget strategy sets the advertising budgets based on the industry average?

affordable method
percentage-of-sales method
regression method
competitive-parity method

A

competitive-parity method

54
Q

For an iPad, what is an example of an augmented product?

Warranty

Connectivity

Brand Name

Packaging

A

Warranty

55
Q

Products cannot not include experiences, organizations, persons, places, and ideas.

TRUE

FALSE

A

FALSE

56
Q

Life insurance is an example of a

specialty product

unsought product

convenience product

shopping product

A

unsought product

57
Q

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

A

strong beliefs and values

58
Q

Starbucks creating Tea Products is an example of a

brand extension
Diversification
Cobrand
brand licensing

A

brand extension

59
Q

What is the first step in new product development

concept testing

research & analysis

idea generation

idea screening

A

idea generation

60
Q

_______ programs encourage employees to develop new product ideas.

customer & team based

systematic

intrapreneurial

Entrepreneurial

A

intrapreneurial

61
Q

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

A

low product development costs

62
Q

________ is the product life cycle period when sales growth slows because the product has achieved acceptance

Decline

Maturity

Growth

Introduction

A

Maturity

63
Q

The price “floor” is determined by:

competition

branding expenses

Ad budget

product cost

A

product cost

64
Q

________ 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

A

High Low Pricing

65
Q

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

A

spend little time and money on marketing

66
Q

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

A

price penetration

67
Q

Mars sells candy in many different convenience stores across the country. This is an example of ________ distribution.

exclusive

selective

omni-retailing

Intensive

A

Intensive

68
Q

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

A

sell directly to customers, usually via a website

69
Q

Channel decisions often involve a long term commitment between firms.

True
False

A

True

70
Q

Which promotion tools involves building up a good corporate image and handling brand crises?

sales promotion

Public relations

personal selling

Advertising

A

Public relations

71
Q

When marketers pay for a message to be shown on Facebook, they are using:

Public relations

personal selling

sales promotion

Advertising

A

Advertising

72
Q

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

A

moral appeal

73
Q

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

A

competitive-parity method

74
Q

M&Ms, since they are a mature product, are likely to use _____ advertising.

informative

comparitive

persuasive

Reminder

A

Reminder

75
Q

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

A

testimonial

76
Q

Ad messages should be meaningful, believable, and

humorous

interesting

stylish

Distinctive

A

Distinctive

77
Q

Products

A

Goods, services, places, organizations, or ideas that satisfy customer needs or wants.

77
Q

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

A

macroenvironment

78
Q

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

A

statement of the organization’s purpose

79
Q

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

A

product, price, promotion, and place

80
Q

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

A

positioning

81
Q

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

A

causal

82
Q

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

A

secondary

83
Q

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

A

rumination

84
Q

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

A

Market targeting

85
Q

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

A

channel differentiation

86
Q

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

A

tech support

87
Q

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

A

high brand equity

88
Q

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

A

maturity

89
Q

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.

A

Companies practicing value-added pricing differentiate their offers by attaching value-added features to offerings that, in turn, justify higher prices.

90
Q

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

A

market-penetration pricing

91
Q

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

A

determining communication objectives

92
Q

Pull (as opposed to push) strategies are MOSTLY directed to:
Group of answer choices

retailers

consumers

wholesalers

producers

sellers

A

consumers

93
Q

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

A

emotional

94
Q

________ companies use both offline and online marketing channels.

Group of answer choices

Click-only

Start-up

Brick-and-mortar

Brick-only

Omni-channel retailing

A

Omni-channel retailing

95
Q

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

A

Marketers have little control over where the message ends up.

96
Q

________ 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

A

Sustainable marketing

97
Q

Deceptive practices fall into three groups: pricing, promotion, and ________.

Group of answer choices

purpose

publicity

placement

packaging

service

A

packaging

98
Q

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

A

existing wants; attempt to create new ones

99
Q

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

A

pleasing

100
Q

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

A

global marketing

101
Q

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

a global brand

102
Q

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

A

exporting

103
Q

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

A

branded community Web site

104
Q

Marketing is a process by which individuals obtain what they need and want through

A

value creation and exchange

105
Q

Political and cultural forces are examples of factors in the

Macroenvironment
Microenvironment
Marketing MIX
Internal Environment

A

macroenvironment

106
Q

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

A

market development

107
Q

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

a secondary resource

108
Q

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

A

marketing segmentation

109
Q

Which stage in the product life cycle is characterized by rapid market acceptance and increasing profits?

growth
maturity
introduction
decline

A

growth

110
Q

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

A

value-added pricing

111
Q

When a product is distributed in as many places as possible, the company has used:

omni-channel distrbution
Intensive distribution
direct channels
selective distribution

A

Intensive distribution

112
Q

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

A

determining communication objectives

113
Q

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)

A

b. Products that give both high immediate satisfaction and high long-run benefits (ex. tasty and nutritious fast-casual food)

114
Q

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

a. Products that have low immediate appeal but may benefit consumers in the long run (ex. bicycle helmets or some insurance products)

115
Q

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

MKT 304 (1 decks)

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