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Cluster > Marketing Final Exam (Online Q's) > Flashcards

Marketing Final Exam (Online Q's) Flashcards

1
Q

The Segmentation, Targeting, and Positioning Process is not always linear, but the final stage is to

A

Identify and Develop a Positioning Strategy

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2
Q

Which of the following (Behavioral, Benefits, Psychographic, Sociological, Geographic) is not one of the segmentation methods a firm may utilize?

A

Sociological Segmentation

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3
Q

Marketers like Benetton want their ads to appeal to one’s ______________, suggesting to consumers “I’m like them, so I should buy their products.”

A

Self-Concept

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4
Q

If a company is targeting consumers living in a specific city and are in a certain age group, they are using ____________ segmentation

A

Geogemographic

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5
Q

Once a marketer has selected potential market segments for a product or service, he or she can evaluate each segment to determine if customers in the segment will react similarly and positively to the firm’s offering. In doing so, the marketer is evaluating if the segment is ________________ (Substantial, Responsive, Profitable, Reachable, Identifiable)

A

Responsive

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6
Q

(Fixed Costs, Segment Size, Segment Adoption Percentage, Profit Margin Percentage, Variable Costs) would not be used in calculating the profitability of a segment?

A

Variable Costs

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7
Q

When selecting a target market, a marketer should…

A

Match the firm’s competency with a market segment’s attractiveness.

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8
Q

Firms using a __________ Targeting strategy, target several market segments with a different offering for each

A

Differentiated

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9
Q

Once segmentation and targeting have been completed, the marketer turns to _____________, often using a perceptual map to display graphically the customers’ perceptions of the product and of its competitors’ products

A

Positioning

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10
Q

One reason companies invest in retention by using ____________ (demographic, benefit, psychographic, loyalty, geographic) segmentation is because finding new customers is costly.

A

loyalty

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11
Q

Supply chain efficiency, a strong brand name, and customer satisfaction are likely to be sources of a __________

A

Sustainable competitive advantage

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12
Q

Although competitors can copy or match the goods and services a firm offers, the firm can still develop a sustainable competitive advantage through ____________ if its products have high perceived value and effective branding or positioning.

A

Product Excellence

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13
Q

What is a Situational Analysis?

A

A document that analyzes the current marketing situation, opportunities, and threats for the firm, marketing objectives in terms of the four P’s, action plans, and pro forma financial statements

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14
Q

Which step of the strategic marketing planning process usually comes first?

A

Define the business mission

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15
Q

What does SWOT stand for?

A

Strengths, Weaknesses, Opportunities, Threats

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16
Q

Steve has been working his way through the five steps in the development of a marketing plan. He has examined the firm’s business mission and objectives and develop a SWOT analysis in some detail. Before he can implement the marketing mix, he must begin identifying market segments that his company could pursue. In target marketing, Steve will:

A

Choose one of the four macro strategies

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17
Q

When marketers execute pricing, promotion, place, and product strategies, they are in the ______________ phase of marketing planning.

A

Implementation

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18
Q

What are measuring systems that quantify a trend, dynamic, or characteristic?

A

Metrics

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19
Q

What does the term cash cow mean?

A

A unit has excess resources that can be spun off to other business units that need it

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20
Q

____________ (Dynamic market segmentation, Merger and acquisition, Customer evaluation and retention, Market Development, Vertical integration) is one of the four major growth strategies marketers typically pursue?

A

Customer Evaluation and Retention

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21
Q

What is globalization?

A

The process by which goods, services, capital, people, information, and ideas flow across national borders

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22
Q

What is the most widely used measure of market potential of an economy?

A

GDP

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23
Q

Firms use economic analysis to help determine the relative attractiveness of various marketing opportunities. These analyses include all of the following (The general economic environment, market size, population growth rate, working capital, real income) EXCEPT

A

Working Capital

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24
Q

Eduardo is working on creating a marketing mix for his firm’s business-to-business products, and he is looking at government action. He is concerned that some foreign governments may place limits on the quantity of his products that can be imported. What kind of government action is Eduardo worried about?

A

Quotas

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25
Q

Which of the following (Aesthetic symbolism, time orientation, religion, commercial speech, collectivism) is one of Hofstede’s cultural dimensions?

A

Time Orientation

26
Q

What is the correct sequence of least risky to most risky of global entry strategies?

A

Exporting, Strategic Alliance, Direct Investment

27
Q

Based on predicted growth rates, which country is expected to become the world’s fifth largest economy within a few years?

A

Brazil

28
Q

What offers a firm control over the foreign enterprise and the highest potential return?

A

Direct Investment

29
Q

What includes all of the four P’s, domestic or global marketing mix?

A

Both of them

30
Q

What are the four P’s?

A

Product, Price, Place, and Promotion

31
Q

what is the major challenge in developing a global communication strategy?

A

Identifying the elements that need to be adapted to be effective in the global marketplace

32
Q

While most consumers look at price and quality, the majority of customers are looking for…

A

High Value

33
Q

Which of the following (Customers, Channel members, cost, continuity, company objectives) is NOT one of the Five Cs of Pricing?

A

Continuity

34
Q

If a firm is taking an aggressive pricing approach by setting prices very low to generate new sales and take sales away from the competition, the firm would be adopting a _________ pricing objective.

A

Sales-Oriented

35
Q

What does the demand curve show?

A

The relationship between price and quantity demanded in a period of time.

36
Q

What does the price elasticity of demand measure?

A

Manufacturers’ response to inflation

37
Q

What are fixed costs?

A

Costs that remain constant as the volume of production increases or decreases

38
Q

What does Break-Even analysis do?

A

Enables managers to examine the relationship among cost, price, revenue, and profit over different levels of production and sales

39
Q

If the fixed costs of opening a business are $2,000, the sales price is $6 per unit, and the variable costs are $2 per unit, the break-even point is ___________ units

A

500

40
Q

When companies sell commodity products that consumers perceive as substitutable, the market will be characterized as ________ competition

A

Pure

41
Q

The internet allows consumers access to more products, services, and information, which has made them (less price sensitive, less willing to go beyond their pricing comfort zone, less willing to take risks, more price sensitive, more willing to keep a good deal to themselves once they’ve discovered it)

A

More price sensitive

42
Q

What are the three basic pricing strategies that firms use to set their prices?

A

Cost-Based, Value-based, and Consumer-based

43
Q

One of the reasons marketers don’t always select a _________ pricing strategy is that it necessitates a great deal of consumer research to be implemented successfully.

A

Value-based

44
Q

___________ is an example of an external reference price.

A

The “Regular Price” or “Original Price”

45
Q

To recoup high research and development costs, signal high quality, limit demand, or test consumers’ price sensitivity, marketers would most likely use a __________ pricing strategy

A

Skimming

46
Q

If HP introduced a new home printer system for which consumers could only use HP paper, toner, and software, they might logically use a ___________ strategy for their printer in order to maximize profit from the sale of paper, toner, and software.

A

Market Penetration Pricing

47
Q

What are Markdowns?

A

The reductions retailers take on the initial selling price of the product or service

48
Q

Markdowns, price bundling, and leader pricing are all pricing tactics aimed at

A

Consumers

49
Q

Manufacturers like ____________ because as much as 90% of consumers never bother to redeem them

A

Rebates

50
Q

Which of the following (slotting allowances, zone pricing, noncumulative quantity discount, seasonal discount, cash discounts) pricing tactics is directly related to shipping, which represents a major cost for many manufacturers?

A

Zone Pricing

51
Q

If all gas stations within a one-mile radius agree to charge the same price for gas, they would be engaging in

A

Horizontal price fixing

52
Q

Which of the following (Choosing retailing partners, identifying types of retailers, developing a retail strategy, managing a multichannel strategy, identifying retail locations) is NOT one of the factors, outlined in your text, that manufacturers consider to establish their strategy for working with retailers?

A

Identifying retail locations

53
Q

With regard to channel structure, the level of difficulty a manufacturer experiences in getting retailers to purchase its products is determined by the degree to which the manufacturer has a strong brand, the relative power of the manufacturer and retailer, and…..

A

The degree to which the channel is vertically integrated

54
Q

Frito-Lay has developed a new line of snack foods. The company wants to place the products in as many outlets as possible - grocery stores, vending machines, convenience stores, and restaurants. By doing so, Frito-Lay is striving to achieve _____________ distribution.

A

Intensive

55
Q

Manufacturers would be using an __________ distribution strategy if they were to grant one or a very few retail customers the right to sell its product in a given geographic territory, thereby ensuring no other retailers in the territory could sell the product.

A

Exclusive

56
Q

Which of the following (Full-line discount stores, specialty stores, convenience stores, off-price retailers, extreme value retailers) is NOT considered one of the types of general merchandise retailers?

A

Convenience Stores

57
Q

Save-A-Lot and ALDI are two types of ___________ food retailers

A

Extreme Value

58
Q

Manufacturers can use the data they collect on customer shopping habits to modify a product, its price and/or its promotion strategy. In doing so, they are attempting to increase the percentage of customers purchasing from them, otherwise known as

A

Share of wallet

59
Q

When manufacturers choose to add value by offering customers a variety of ways to purchase products, they are using a __________ strategy

A

Multichannel

60
Q

Browsing, personal service, cash and credit payment, entertainment and social interaction, instant gratification, and risk reduction are benefits provided by which channel?

A

Stores

61
Q

When a company houses a complete history of each customer’s interaction in order to expedite returns or target future promotions, they are addressing which aspect of multichannel marketing

A

Integrated CRM

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