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finals Flashcards

1
Q

uses less structured and wide-ranging methods to identify issues for further
research without imposing a priori structure or hypotheses on the data collection or the respondent

A

Exploratory Research

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2
Q

data collected specifically for the project and issue at hand.

A

Primary Data

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2
Q

An underappreciated element in brand building and also a potential trap toward brand
destruction is the selection, affiliation with, and control of channel partners.

A

Distribution

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2
Q

data that are developed from observation or via textual, verbal, and open-ended
responses method.

A

Qualitative Data

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2
Q

when the research finds positive results for something that is, in fact, not true (these are
also called “false positives”)

A

Type 1 Errors

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2
Q

Collected data by third parties, usually one of a very few large market research
companies

A

Syndicated Sources

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2
Q

The broad, exploratory, and inductive study of customers in general to
identify trends in needs and demand and customer insights

A

Customer Assessment

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2
Q

It relates two or more variables and isolates the causal factors.dentify trends in needs and demand and customer insights

A

Causal Research

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3
Q

Pre-existing data already collected for some other purpose either by the firm or
elsewhere.

A

Secondary Data

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3
Q

A Powerful Tool to fine-tuning marketing programs and linking specific actions
(causes) with specific outcomes (effects)

A

Experiments

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3
Q

What does Andreasen suggest should be drafted before starting the research process?
A)The final report, including tables for presenting results
B) The research budget
C) The methodology and sampling plan
D) The research staff team members

A

A)The final report, including tables for presenting results

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3
Q

Characterizes the who, what, and where of the market

A

DESCRIPTIVE RESEARCH

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3
Q

Can be summarized numerically and conducted through statistical analysis

A

QUANTITATIVE DATA

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3
Q

The Market research process created by Andreasen is in what year

A

1965

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3
Q

What is a potential downside of market research highlighted in the text?
A) It can be expensive and time-consuming
B) It always leads to correct decisions
C) It guarantees that all products will succeed
D) It often leads to too many product innovations

A

A) It can be expensive and time-consuming

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3
Q

The four-step process of marketing research process is
adapted by them

A

PHILIP KOTLER AND GARY ARMSTRONG

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3
Q

How does market research contribute to the marketing strategy?
A) It provides insights for segmenting customers, developing marketing programs, and
assessing results
B) It helps develop a product’s features without any changes to the market
C) It is used solely for launching new products
D) It only helps in assessing advertising effectiveness

A

A) It provides insights for segmenting customers, developing marketing programs, and
assessing results

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3
Q

One of the most useful ways to present and to think about competitive position in
the marketplace

A

PERCEPTUAL MAP

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3
Q

What type of research would be most appropriate for identifying customer experiences
and the factors driving observed behavior?
A) Exploratory research
B) Descriptive research
C) Causal research
D) Statistical analysis

A

A) Exploratory research

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3
Q

Which of the following is considered a “technical” aspect of the market research
process?
A) Sampling plans and data collection
B) Identifying the issue to be researched
C) Drafting the final report
D) Thinking through managerial decisions based on research results

A

A) Sampling plans and data collection

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4
Q

2.Which benefit of brands to customers reduces cognitive effort?
a. Efficiency
b. Social signals/symbolic value
c.Personal identity and self-image
d. Assurance

A

a. Efficiency

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4
Q

1.What is NOT a benefit of brands to customers?
a. Price discounts
b. Assurance
c. Efficiency
d. Social signals/symbolic value

A

a. Price discounts

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4
Q

3.What is a benefit of brands to markets/firms?
a. Loyalty
b. Increased competition
c. Reduced prices
d. Decreased distribution efficiency

A

a. Loyalty

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4
Q

Conjoint analysis helps understand how customers evaluate products with:
a. Multiple attributes
b. Single attributes
c. No attributes
d. Irrelevant attributes

A

A. Multiple attributes

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4
Q

According to the American Marketing Association, which of the following best defines a brand?
A. A name, term, design, symbol, or feature that identifies a product as distinct from others
B. A logo or symbol used to identify a product
C. The price at which a product is sold
D. A marketing strategy to reach a target market

A

A. A name, term, design, symbol, or feature

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5
Q

What is the legal term for a brand, as mentioned in the definition?
A. Trademark
B. Copyright
C. Patent
D. License

A

A. Trademark

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5
Q

What is an outcome of effective market research?
a. Strategy development and implementation
b. Increased competition
c. Reduced prices
d. Decreased customer loyalty

A

a. Strategy development and implementation

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6
Q

What is the connection between brand quality and brand loyalty in brand equity?
A. Brand quality contributes to brand loyalty, which in turn affects brand equity
B. Brand quality reduces the need for brand loyalty
C. Brand quality has no effect on brand loyalty
D. Brand loyalty is unrelated to brand quality

A

A. Brand quality contributes to brand loyalty,

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6
Q

What is an example of “unaided recall” when measuring brand awareness?
A. A consumer mentioning a brand without being prompted
B. A consumer recognizing a brand when shown a logo
C. A consumer being asked about their favorite brand in a survey
D. A consumer seeing a brand name in an advertisement

A

A. A consumer mentioning a brand without being prompted

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7
Q

What aspect of brand equity is associated with a belief system about product performance?
A. Brand quality
B. Brand awareness
C. Brand loyalty
D. Brand image

A

A. Brand quality

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7
Q

It refers to more applied and incremental.

A

DEVELOPMENT

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8
Q

An activity linking the new product development process to the customers
and to the firm’s strategy.

A

PRODUCT DESIGN

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9
Q

Defined by the degree of change in consumer behavior.

A

INNOVATION

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10
Q

It is a process of an innovation that includes stages that a consumer
moves through on their way from unaware of a new product to eventual success

A

ADOPTION PROCESS

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10
Q

This phase is the most costly phase

A

PRODUCT LAUNCH

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10
Q

The particular challenge in this phase is the estimation of demand

A

BUSINESS ANALYSIS

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10
Q

Innovations that can be seen in use, will diffuse into a market more quickly
than products that are not visible.

A

OBSERVABILITY

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10
Q

The so-called “fuzzy front end” of innovation usually is not very capital
intensive, but it can consume up to 50 percent of the development time

A

IDEA GENERATION

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10
Q

Factors that increase customer satisfaction if delivered but do not
cause dissatisfaction if they are not delivered.

A

EXCITEMENT FACTOR

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10
Q

The less the degree of change and the lower the price of change required to
try a product, the more likely customers and consumers will be to try.

A

COMPATIBILITY

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11
Q

A two-dimensional space representing trade-offs between
relative price and relative

A

CUSTOMER VALUE FRONTIER

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11
Q

The framework used to study how new innovations spread
through markets and are adopted by consumers

A

DIFFUSION OF INNOVATIONS

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11
Q

They can provide important design feedback and may be the source of
innovative ideas

A

INNOVATORS

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11
Q

Products that are “new to the world” and significantly
change how customer needs are met

A

DISCONTINUOUS INNOVATIONS

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11
Q

The segment in the diffusion of innovation framework that includes
individuals who are skeptical, risk-averse, and conservative.

A

LATE MAJORITY

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12
Q

A marketing tactic used to
reduce customers’ perceived financial risk and encourage them to try a product.

A

Money-back guarantee or lower pricing for first-time buyers

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12
Q

This is part of the process where the business starts to
develop a physical prototype and test it in a typical usage situation.

A

Prototype and market testing

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13
Q

Factors that lead to satisfaction if performance is high and to
dissatisfaction if performance is low.

A

Performance Factor

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13
Q

The target market has to be clearly defined in this phase.

A

Concept Development and testing

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13
Q

They are sometimes referred to as opinion leaders or gatekeepers

A

Early adopters

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13
Q

Which of the following is crucial during the development phase of a
new product.

A

Prototyping and testing

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14
Q

It is a widely used tool in concept development and testing.

A

Conjoint Analysis

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15
Q

Factors that have a minimum requirement

A

Basic Factor

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15
Q

It involves explorations of fundamental ideas and advances in theory to be applied

A

Research

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15
Q

The first and most obvious attribute of an innovation itself that is related to
its speed of diffusion .

A

Relative Advantage

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15
Q

They are moderately interested in the product category

A

Early Majority

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16
Q

They have low interest in the product category.

A

Laggards

17
Q

referred to as collections of products and businesses.

A

Product Portfolios

17
Q

The first and most obvious attribute of an innovation itself that is related to its speed of diffusion

A

Relative advantage

17
Q

is an uncomplicated description of strength and attractiveness.

A

BCG matrix

18
Q

business units have an unsure and risky future.

A

Question mark

18
Q

refers to the speed at which a truly new product (or an idea, for that matter) spreads through or “diffuses” into a market.

A

Diffusion of innovations

19
Q

This is where the some substantive, core benefits of an innovation may also grow up with wide market adaptation.

A

Network Effects

19
Q

Holding a weak position in an unattractive market should be a sure warning against further investment.

A

Dogs

19
Q

It is more comprehensive and more detailed than the BGC matrix

A

GE/Mckinsey grid

19
Q

It only makes sense when economies of scale and experience curve effects play a major role using this.

A

Early Adopters

20
Q

These strategic business units are the market leaders in high-growth markets.

A

Stars

21
Q

By considering customerattractiveness and relative competitive position

A

Customer portfolios

21
Q

By considering segmentattractiveness and relative competitive position

A

Segment portfolios

21
Q

The first step of applying the Ge matrix.

A

Define and weight market attractiveness markers

21
Q

By considering marketattractiveness and relative competitive position.

A

Country portfolios

21
Q

A company knows the precise cost and demand functions for its products and markets.
A.Product positioning
B.Maximum current profit
C.Building and protecting market share
D.Market Penetration

A

B.Maximum current profit

21
Q

The price sensitivity depends on the product lifecycle and varies across market segments.
A.Maximum current profit
B.Price Strategies
C.Market Skimming
D.Survival

A

C.Market Skimming

22
Q

A premium price can serve to position the product as the quality leader in the category.
A.Price Strategies
B.Market Penetration
C.Market Skimming
D.Product positioning

A

D.Product positioning

22
Q

The short run, sales contribute to survival as long as all variable costs are covered.
A.Survival
B.Product positioning
C.Building and protecting market share
D.Maximum current profit

A

A.Survival

22
Q

A pricing strategy that aims at quickly gaining substantial market
share with a relatively low price.
A.Penetration pricing
B.Economies of scale
C.Diseconomies of scale
D.Razor Blade pricing

A

A.Penetration pricing

22
Q

It has to be in line with the core strategy of the business unit.
A.Company’s pricing strategy
B.Penetration pricing
C.Diseconomies of scale
D.Low price

A

A.Company’s pricing strategy

23
Q

The company sets a high price to
“skim” profits from customers with low price sensitivity and high, unmet need for the new product and
its advantages.
A.Price skimming
B.Penetration pricing
C.The value map
D.Economies of scope

A

A.Price skimming

23
Q

Which analysis tool is commonly used to assess competitors in a market?
a) SWOT analysis
b) Cost-benefit analysis
c) Customer lifetime value (CLV)
d) 4Ps of marketing

A

a) SWOT analysis

23
Q

Which of the following is an unethical practice in dealing with competitors?
a) Offering better customer service
b) Price fixing with competitors
c) Conducting market research
d) Creating innovative products

A

b) Price fixing with competitors

23
Q

Which of the following is NOT a common method for gathering customer feedback?
a) Surveys
b) Focus groups
c) Competitor benchmarking
d) Online reviews

A

c) Competitor benchmarking

23
Q

What is the primary goal of customer satisfaction?
a) To maximize company profits
b) To ensure customer retention and loyalty
c) To reduce production costs
d) To eliminate competition

A

b) To ensure customer retention and loyalty

24
Q

What is the fundamental principle behind the “razorblade” pricing strategy?
A. Offering high-margin products for free to drive future sales of low-margin products.
B. Discounting or giving away a durable product to generate profits from consumables.
C. Selling all products at a consistent price to ensure steady revenue streams.
D. Offering premium products exclusively to loyal customers.

A

B. Discounting or giving away a durable product to generate profits from consumables.

24
Q

It is a very practical tool to define the
pricing strategy .
A.Pricing strategy
B.The value map
C.Penetration pricing
D.Skimming pricing

A

B.The value map

25
Q

What is promotional pricing typically used for?

A. To increase demand during specific periods
B. To standardize prices across all segments
C. To reduce the variability of pricing strategies
D. To maintain premium pricing throughout the year

A

To increase demand during specific periods

25
Q

A marketing strategy focuses on building demand within the distribution channel by directing sales efforts toward distributors, wholesalers, and retailers.

A. Push Strategy
B. Marketing Strategy
C. Pull Strategy

A

A. Push Strategy

25
Q

Which distribution strategy involves using multiple channels simultaneously, allowing customers to choose their preferred method of purchasing?
A. Exclusive distribution
B. Intensive distribution
C. Multiple-channel distribution
D. Hybrid distribution

A

C. Multiple-channel distribution

25
Q

What is the term for a marketing approach that focuses on addressing individual customers through personal channels like email or phone?
A. Sales
B. Direct
C. Inter-Customer Communication
D. Advertising

A

B. Direct

25
Q

Which of the following is an example of the traditional “razorblade” pricing strategy?
A. A coffee shop giving away free coffee to attract customers.
B. A cell phone company providing discounted phones with monthly calling plans.
C. An airline charging for snacks and checked baggage.
D. A software company offering free trials of its premium products.

A

B. A cell phone company providing discounted phones with monthly calling plans.

26
Q

What are the logistical functions of a distribution channel primarily concerned with?
A. Managing cash flow and promotional activities
B. Ensuring the physical distribution of products to customers
C. Promoting the brand to end-users
D. Selling directly through the internet

A

B. Ensuring the physical distribution of products to customers

26
Q

What is a common source of channel conflict?
A. A channel member offering a wide range of services
B) Disagreement over distribution goals and roles within the channel
C) Achieving price control and market dominance
D) Establishing a close and exclusive partnership between channel members

A

B) Disagreement over distribution goals and roles within the channel

26
Q

Which of the following is NOT a typical function in a distribution channel?
A. Transporting products
B. Customizing products for customers
C. Advertising the product
D. Making the product available to the customer

A

C. Advertising the product

27
Q

Which category does the function of transporting products from the manufacturer to the customer fall under?
A. Logistical functions
B. Transactional functions
C. Facilitating functions
D. Marketing functions

A

A. Logistical functions

27
Q

The more concentrated a market is and the more easily addressed the entities in the market are, the more likely it is that personal selling can be used to engage the market.

A. Engaging to Market
B. Market Segmentation
C. Target Market Concentration and Addressability
D. Market Research

A

C. Target Market Concentration and Addressability

27
Q

When a company exerts influence over a channel member’s beliefs, attitudes, and behavior, often through pricing, margins, and direct interaction, they are known as?
A. Channel Control
B. Channel Power
C. Channel Conflict
D. Channel Member

A

B. Channel Power

27
Q

What is the first step in the communications management process?
A. Establishing a campaign budget
B. Implementing the program
C. Specifying the target market and segments
D. Evaluating the communication effort

A

C. Specifying the target market and segments

28
Q

What factor determines whether personal selling is more appropriate than mass communication for a product?
A. The stage in the product life cycle
B. The complexity and cost of the product
C. The number of competitors in the market
D. The advertising budget available

A

B. The complexity and cost of the product

28
Q

Which communication method is considered a form of earned media and often influences brand perception?
A. Public Relations
B. Sales Promotion
C. Advertising
D. Inter-Customer Communication

A

D. Inter-Customer Communication

28
Q

It’s viewed as a strategic function that contributes to the overall success of the organization.
A. Availability
B. Decision
C. Assortment
D. Customer Service

A

D. Customer Service

29
Q

A marketing strategy used to increase awareness and sales of a product or service.
A. Promotion
B. Advertising
C. Sales Promotions
D. Public relations

A

A. Promotion

29
Q

One essential driver of the channels required by a firm, a product, or a brand is the?

A. Mission and Vision
B. Company’s Objectives
C. Customer Needs and Behaviors
D. Product Research

A

C. Customer Needs and Behaviors

29
Q

A method for budgeting that reacts to available resources rather than setting goals first.

A

Reactive Budgeting

29
Q

The process of gathering information about customers, competition, and the market, and sharing it with channel partners.

A

Marketing Research

29
Q

A map that shows how customers perceive a product or brand compared to competitors.

A

Perceptual Map

30
Q

Refers to the calculated lifetime value of customers to evaluate returns from marketing tools.

A

Customer Lifetime Value

30
Q

A budgeting method that starts with objectives and calculates the needed resources.

A

Task-based Budgeting

30
Q

A promotional tool that relies on unpaid, mediated coverage, such as press articles or news segments.

A

Public relations

31
Q

Providing and backing warranties, guarantees, promised repairs and replacements, etc.

A

Assuring

31
Q

Bringing together diverse products (creating assortments) to meet simultaneous or related needs.

A

Assorting

32
Q

It is the term for using journalists or unpaid media to generate public interest in a product or brand.

A

Publicity

32
Q

The repurchase and disposal of customers’ previous equipment or product.

A

Disposal

33
Q

Physically moving products toward the customer and place of need.

A

Transporting

33
Q

Holding products until needed (time convenience)

A

Storing

34
Q

Converting heterogeneous supply into homogeneous supply.

A

Grading

34
Q

It is the name for communication programs where multiple tools are coordinated to ensure consistent messaging.

A

Integrated marketing communications

35
Q

Taking title (possession) and making payment to vendor/manufacturer.

A

Buying

36
Q

a customer metric that measures the psychological commitment
of a customer to a brand/company.

A

Net promoter score

36
Q

The following are cost for all marketing activities that can be divided into direct marketing
costs except:

A

Indirect Marketing Cost

36
Q

make up the heart of the marketing plan. It specifies what the objectives are
and how they should be achieved.

A

Budgeting

36
Q

It measures to what extent a company generates
value for its shareholders.

A

Market-related and Dividend ratios

36
Q

It is the general, long-term desired conditions that are often part of or implicit in
corporate mission and visions

A

Goal

37
Q

It is the maximum of all customers who could possibly purchase in
the product category.

A

Market potential

37
Q

The formula for the Total Contribution Margin:

A

Sales revenue – total variable cost

37
Q

It measures how well a company performs compared to
competitors.

A

Competitive metrics

38
Q

is primarily focused on measuring how well a marketing plan is
executed and whether the objectives are achieved.

A

Progress Control

39
Q

a budgeting approach that uses the previous year’s budget as a
foundation and adjusts it by increasing, decreasing, or maintaining the same allocations
based on expected changes.

A

Extrapolation

39
Q

It is the formula used to determine total revenue (R)

A

R = price per unit x quantity sold

40
Q

It describes the responsiveness of customer
demand to changes in marketing inputs like price or advertising.

A

Elasticity of Demand

41
Q

It indicates the company’s ability to repay long-term debt

A

Debt ratios

42
Q

It measures whether a company is able to meet its current financial
obligations.

A

Liquidity ratios

43
Q

Based on accounting information, this type was to relate the
income earned with the amount of resources used to generate the income.

A

Profitability ratios

44
Q

It relates all net income to all resources committed to the
firm for long periods of time. This type of financial ratio was calculated as Net Income
divided by the overall Total liabilities and stockholder’s equity minus on current liabilities.

A

Return on Invested capital

45
Q

It is a model used within that mix that is adjusted or adjusted including
forecasts, budget implications, and resource constraints.

A

Pro model

46
Q

He is a well-known management adage that says, “If you can’t measure
it, you can’t manage it!”.

A

Peter Ducker

47
Q

This framework decomposes the marketing strategy’s contribution
to the overall profits of a business unit into its subordinate parts.

A

Cost-Volume-Profit

48
Q

It measures the factors that actually drive financial
profits of a company.

A

Marketing performance metrics

49
Q

It is based on accounting information that most of them are
meaningful when they are used on a comparative basis compared with industry
standards, prior periods, competitors, and previously established plans or budgets.

A

Financial ratios

50
Q

The more specific and desired results tied to specific timeframes.

A

Objectives

51
Q

This approach determines all marketing activities that are
needed, calculates the costs for each, and computes the total marketing budget.

A

Bottom-up Budgeting

52
Q

The process of testing and questioning the values, assumptions, and
policies behind a marketing mix

A

Premise Control

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