marketing final Flashcards
1
Q
The perceived benefits, both monetary and nonmonetary, that customers receive from a product compared with the cost associated with obtaining it is referred to as
A
Customer value
2
Q
according to the BCG matrix, what defines a cash cow?
A
Products that have a large market share in an industry with low growth rates
3
Q
which group of people is the fastest growing demographic group in the United States?
A
Seniors
4
Q
according to the BCG matrix, products that are typically new to the market and require significant marketing investment in promotion, product management, and distribution are classified as
A
question marks
5
Q
according to your text, of all the external factors that affect the marketing environment, which one represents the most significant challenges, as well as the most significant opportunities, for marketing professionals?
A
technological
6
Q
- wants are the form that human needs take and are shaped by
A
Personality, culture, and buying situation
7
Q
- as a marketing strategy, what is diversification?
A
Selling new goods and services to new customers
8
Q
- compare the following statements to determine which one is accurate regarding marketing analytics.
A
The pressure to be more data driven has played a large role in the growing use of marketing analytics
9
Q
- an economy has fallen into a recession when
A
Overall GDP declines for two or more consecutive quarters
10
Q
- which marketing analytics tool is used to measure the percentage of total market sales captured by a brand, product, or firm?
A
Market share analysis
11
Q
fashion forward clothing company manufactures clothes to be sold in retail stores. After the clothing Is manufactured, it is shipped to wholesalers who, in turn, use transportation companies to ship the product to various outlets. The manufactured, wholesaler, transportation company, and retailer all work together to create and deliver the product. This is an example
A
Deliver value
12
Q
- the actions a firm must take to accomplish the marketing objectives established in its mission statement and strategic planning process are outlined in the
A
Marketing strategy
13
Q
- according to your text, taking a marketing course can help your career in all the following ways except
A
Helping you determine what career field you should enter
14
Q
- a good mission statement should be oriented around the company’s
A
customer
15
Q
- the leprechaun that appears on the box and the slogan “they’re magically delicious” are elements that help to identify Kellogg’s ________ from that of its competitors
A
brand
16
Q
- the final section is most marketing plans is the
A
controls section
17
Q
- selling domestically produced products to foreign markets is called
A
exporting
18
Q
- weights and more health club has just opened a new location in your neighborhood. The club has mailed a flyer to all households in the area that contain information about the club, its location, hours, the classes it offers, its personal trainers, ect. And a coupon for one free personal training session. In doing so, weights and more is most likely attempting to
A
communicate value
19
Q
- compare the following statements and select the one that reflects your text’s assertion as to why educated consumers are prime targets for marketing strategies
A
Educated consumers are more likely to earn significantly more money throughout the course of their lifetime
20
Q
- in marketing, states of felt deprivation are referred to as
A
needs
21
Q
- indirect competition occurs when
A
Products provide alternate solutions to the same market
22
Q
- consider the following findings from the recent SWOT analysis performed by Yolanda’s flower shop. Which finding represents a threat?
A
The summer drought has produced fewer flowers
23
Q
- inflation can be defined as
A
An increase in the general level of prices of products in an economy over a period of time
24
Q
- what document provides a one-to two- page summary of the marketing plan’s main points?
A
the executive summary
25
1. According to your text, the segmentation base that is often the most difficult to use is
behavioral segmentation
26
4. the attributes a consumer considers important about a certain product are referred to as
Evaluative criteria
27
4. the attributes a consumer considers important about a certain product are referred to as
Evaluative criteria
28
5. in what stage of the new-product development process would a company use a SWOT analysis and environmental scanning to determine where new products may be able to help strengthen the firm’s marketing position?
New-product strategy development
29
8. which data collection method uses techniques from the field of anthropology to study consumer behavior?
Ethnographic research
30
9. breen wanted to know if her main rival in the personalized dog clothing business was increasing its prices. She talked to her rival’s distributors, her suppliers, and some of her customers to get this information. Breen was engaging in?
Competitive intelligence
31
11. a group of related products marketed by the same firm is its
product line
32
12. a membership reference group is defined as
A group to which a consumer actually belongs
33
13. the process by which new products are likely to be adopted, the rate at which they will be adopted, and the process through which the products will spread into markets is referred to as?
diffusion
34
14. research plan development is also sometimes called
Research design
35
16. a succinct description of the core target market to which a product is directed and a compelling picture of how the firm wants that core market to view the product is called?
Positioning statement
36
17. according to the text, the marketing research report should allow the marketing manager to
Solve the marketing problem
37
18. which type of purchase occurs due to retailers’ prompts to consumers while consumers are in the store?
Reminder purchases
38
19. rico’s firm manufactures homemade salsa. His product sold around the country, but he adds extra jalapenos to his product sold in Texas, New Mexico, and Arizona because those customers prefer the extra heat and spice. Rico also markets the product differently based on the region of the country where it is sold. This represents what type of targeting strategy?
Differentiated
39
21. one concern about using social media, like twitter, to compile marketing research data is
Consumer privacy
40
23. market segmentation produces relatively homogenous groups of consumers called
Market segments
41
24. organizations transform raw data into actionable intelligence through the systematic process of
Marketing research
42
25. a person’s typical way of life as expressed by his or her activities, interests, and opinions is referred to as
Lifestyle
43
29. which type of research seeks to discover new insights that will help the firm better understand the problem or consumer thoughts, needs, and behavior?
Exploratory
44
30. when a company evaluates each market segment to determine which segment or segments present the most attractive opportunity to maximize sales, it is engaged in
Targeting
45
36. Udi’s gluten-free sells bread, bagel, cookies, pizza crust, and other products that are gluten-free. The combination of all the products that Udi’s gluten-free sells is referred to as its
product mix
46
45. the 80/20 rule is a theory that suggests that
20 percent of heavy users account for 80 percent of the total demand
47
47. estimating the cost of a product, identifying the price at which a product will be sold, and estimating the demand for a product all take place in which stage of the new-product development process?
Business analysis
48
49. as noted in your text, what tool is very useful for marketing low-involvement products?
in-store promotion
49
7. what is the major disadvantage of publicity as a promotion mix tool?
There is less control over how the information is presented
50
9. what is calculated in a break-even analysis
The sales volume needed to achieve a profit of zero
51
14. supply chain management refers to
The actions a firm takes to coordinate the various flows within a supply chain
52
16. a ______ is a social, entertainment, or information service that allows a company to reach and engage with its audience using tools and platforms that capture the geographic location of the audience
Location-based service
53
17. if demand is unstable, as it often is in the introductory and growth stages of the product life cycle, it might be best for a firm to use a ______ strategy.
pull
54
19. the advertising technique in which a company promotes its products through appearances on television shows, movies, or other media is called
Product placement
55
21. which social media metric helps marketers to evaluate how conversations about one brand compare with conservations about its competitors?
share of voice
56
22. charging someone less than they are willing to pay is a practice referred to as
Underpricing
57
24. when royal Caribbean cruise lines advertise its cruises on the travel channel it is attempting to target a specific audience through
narrowcasting
58
25. according to your text, all of the following are factors that companies must consider in choosing a transportation mode except
Ability to store the product until shipment
59
26. the first step in the price-setting process is to
Define the pricing objectives
60
27. social media monitoring Is also known as
social listening
61
29. expert content is also referred to as
earned media
62
31. in search engine marketing, the “golden triangle” refers to
Short exposure time
63
32. outdoor advertising is characterized by its
Short exposure time
64
38. the umbrella term that refers to the marketing of goods or services using digital media, such as email, websites, search engines, and social media platforms is
Digital marketing
65
39. the marketing mix element where most of an organization’s communications with the marketplace occurs is
promotion
66
40. the attempt by companies to reduce the amount of products that end up in a land fill by repairing returned goods or finding new buyers for products that are unwanted by retailers has what type of supply chain?
closed-loop
67
42. damages, inconsistent service, and lack of accessibility are all disadvantages of
rail transportation
68
44. if luxury brands such as Hermes clothing, Maserati automobiles, and Gucci purses wanted to promote an image of superior quality and exclusivity to customers, they would most likely use which pricing tactic?
Prestige pricing
69
47. the goal of an integrated marketing communications strategy is to coordinate the various promotion mix elements to
Provide consumers with a clear and consistent message about the firm’s products
70
48. one of the most commonly used pricing tactics, markup pricing, is also referred to as ______ pricing.
Cost-plus
71
50. what two key words in the definition of advertising are crucial to understanding how advertising fits into the promotion mix?
Paid and nonpersonal
72
1. As a marketing tool, packaging
Gives a product a chance to stand out among all the other choices on a store shelf
73
2. What metric judges the reliability of the order system, and determines that the failure to meet all of its requirements results in a score of zero
Perfect order rate
74
3. According to your text, corporate social responsibility, sustainability, and environmentalism, whether they are implemented domestically or globally, are about
communication
75
4. Products developed by a retailed and sold only by that specific retailer are known as
Private label brands
76
5. The metric that measures the ability of the order system to react to customer orders is the
order cycle time
77
7, the makers of tide laundry detergent partnered with the makers of Febreze air fresheners to come up with a new line of laundry detergent infused with Febreze scents. In turn, Febreze also came up with a new air freshener featuring tide’s original scent. This is an example of
Co-branding
78
10. emma was shopping at a local strip mall. Suddenly, her smartphone chimed to let her know that certain stores in the mail were offering coupons. This is an example of
Geofencing
79
11. the total amount a customer will spend from acquisition through the end of a relationship with a brand is referred to as
customer lifetime value
80
13. which quantitative technique for measuring brand equity helps marketers understand which brands stand out in a consumer’s memory and what the strength of his or her association Is with the brand?
Brand recognition
81
16. the process by which companies acquire new customers, keep the customers they already have, and grow the business by increasing their share of customers’ purchases is referred to as
Customer relationship management
82
18. the measurement of how well a CRM program prioritizes customers based on each customer’s profitability is referred to as
Customer focus
83
23. the strategy to recapture lost sources of brand equity and identify and establish new sources of brand equity is referred to as
Brand revitalization
84
27. what is the customer service objective that involves ensuring customers can depend on receiving a good or service within a stated lead time and that there will be no problems with the order?
Reliability
85
28. when the makers Reese’s candy bars decided to manufacture Reese’s peanut butter, it was an example of
a brand extension
86
29. in the GAP model, the distance between what customers expect and what a company thinks they expect occurs in
GAP 1
87
30. brand revitalization is also referred to as
rebranding
88
31. according to your text, the ultimate goal of achieving customer satisfaction is to
promote brand loyalty
89
33. a company’s emphasis on customer satisfaction develops as a consequence of a _____ orientation
customer
90
35. a firm that uses data to compare the costs of retaining customers and the costs of acquiring new customers with the goal of determining how much money each type of customer requires is using
Lifetime value analysis
91
36. the process of creating, communicating, and delivering value to customers in a away that recognizes and incorporates the concept of sustainability is referred to as
Sustainable marketing
92
40. according to your text, what is the biggest challenge in global branding
Staying easily recognizable at any location, while remaining compatible with local culture and traditions
93
42. a movement of citizens, government agencies, and the business community that advocates the preservation, restoration, and improvement of the environment is referred to as
Environmentalism
94
44. what is one of the four common objectives listed in your text for all employees when building an effective customer service strategy?
ease of doing business
95
47. the performance measurements that calculates the percentage of an order shipped on time and complete is called
fill rate
