Midterm Exam Flashcards
1
Q
A marketer is in charge of which of the tasks in a business?
A
Creating a strategic plan to guide branding, marketing, and communications
2
Q
How can businesses best cope with the quick pace of digital disruption?
A
Let marketing lead the way
3
Q
A brand consusts of three core components. One is Brand Strategy, another is Brand Positioning. What is the third?
A
Brand Identity
4
Q
How does the brand development process begin?
A
By researching the market to determine the target audience
5
Q
What is the role of brand management in marketing?
A
Building a strong brand is the essential foundation for successful marketing
6
Q
Since 2017, consumers have watched video content the most on which type of technology?
A
Mobile phones
7
Q
How has the media consumption of young adults and teenagers changed in recent years?
A
These groups tend to browse the internet for information and entertainment rather than relying on print sources
8
Q
A marketer’s job is to ____________
A
Understand how a product or service fits into the target consumer’s life in a way that will make their life better and tell them that
9
Q
What are the four stages of the AIDA model?
A
Awareness, interest, desire, action
10
Q
Which of the following describes responsive purchasing?
A
When a customer makes a purchase based on a recommendation or an advertisement
11
Q
You found an interesting survey online that was conducted on 5,000 American’s getting their opinions related to climate change. You are going to use this research as part of a paper you are working on. What type of research would this be classified as?
A
Quantitative Secondary research
12
Q
When you look at the behaviors of people as well as their demographics, their behaviors, and their psychological makeup, what are you trying to do?
A
Determine the target audience
13
Q
The ___________ is at the center or every marketing decision.
A
Consumer
14
Q
How would you define market research?
A
The systematic gathering information about consumers’ needs and preferences.
15
Q
Market research that you do yourself on a small number of people, would be classified how?
A
Primary and qualitative
16
Q
Consumers have three different ways of processing in order to make a purchase. What is the one where you have to do a lot of research in order to make the decision?
A
Cognitive
17
Q
What are the two main types of research that marketers use that are related to the number of people that the research is conducted on?
A
Qualitative research and Quantitative research
18
Q
What is the definition of a “Dumb-To-Do” when doing an in-store learning exercise?
A
An action that a marketer takes that isn’t driving incremental sales
19
Q
When performing an in-store learning experience, the benefits that market leaders provide that set a product apart and give it a competitive advantage is called what?
A
Smart To-Do’s
20
Q
At times, marketers assume they know enough to sell their product without the need for consumer insight/. What do we call this?
A
The Assumption Trap
21
Q
What is a working mission statement?
A
A concise statement that helps focus employees on the company’s ultimate objective and map out the road to success
22
Q
How long should a working mission statement be?
A
One sentence
23
Q
What question does the working mission statement aim to answer for employees in a business?
A
What do you do?
24
Q
Which of the following is an element needed when building a working mission statement?
A
The core ideas that sum up your job activities
25
What is an operating charter?
A document that defines interactions and authority across and between groups in an organization or department
26
Operating charters are created at which level of an organization?
Each department can create its own operating charter
27
T/F: The combined working mission and operating charter create the backbone for developing the marketing plan
True
28
Edward Deming wrote that 94% of problems in most corporations are due to inadequate _________
Systems
29
Which of the following are included in an operating charter?
Quantitative measures of success
30
How is an operating charter different from a business plan?
An operating charter shows the big picture of what you want to accomplish, whereas the business plan is more detailed
31
____________ provides consumers a method of classification, differentiation, and identification for similar products.
Branding
32
Products are made in factories. Where are brands made?
In the mind
33
What is the difference between marketing and branding?
Marketing focuses on execution, while branding is the strategy that guides the marketing
34
Branding is figuring out how to make your product ____________ in the minds of consumers.
Different, better, and special
35
Which company invented the business strategy of brand management?
Procter & Gamble
36
T/F: In order to find success, marketer's must have product superiority versus competitors products and services.
False
37
When marketer's develop their brand, what is the ultimate emotional connection they seek to establish?
Trust
38
Which of the following describes brand positioning?
The focused articulation of the brand strategy using insights gained from research
39
Branding is about understanding how your product or service fits into the customers ______ in order to make it better?
Life
40
What is typically the key to success in marketing?
Differentiating your product or servuce from competitors’ products / services so that they see you as the ONLY solution to their problem.
41
What are the three main elements of a brand positioning statement?
Target audience, benefit, compelling reason why
42
Which of the following is true of an effective brand positioning statement?
It drives everything the customer knows and believes about the product.
43
The brand positioning statement provides the foundation for __________
Advertising
Pricing
Promotions
44
The first words of the "Reason Why" in the brand positioning must be what?
That's because
45
Which of the following is true of the target audience for a brand?
The target audience is the core group, but other consumers may be interested in the brand as well.
46
What is an example of a product that offers a functional benefit?
An energy drink can that is resealable
47
What does "Kitchen Logic" mean?
You need to ensure that you’ve stated your reason why in a clear, uncomplicated way such that two people sitting at the kitchen table could explain it easily to one another.
48
How can you differentiate your brand from other brands in the consumer’s mind?
Tell them how your product / service will fit into their life in a way that will make their fife better.
49
What is the key to creating an emotional connection with the consumer?
Trust
50
What phrase should always begin the articulation of the benefit in brand positioning?
The product name
51
What percent if products, services, and businesses fail within the first 12 months?
85%
52
Which of the following is true about innovation?
Companies that fail to innovate will eventually see their brands decline and die.
53
An important principle when creating new ideas is to push _________, not ___________
Consumer benefits; product functions
54
An important principle when creating new ideas is that innovations must _____________
Thrive on their own merit, not just because of having a known brand name
55
The __________ method of brainstorming is often successful because it uses the brain to absorb and process things or events, then make new connections
Stimulus response
56
Which of the following contributes to an effective environment for brainstorming?
Fun
57
What is the cardinal rule of brainstorming?
Keep all ideas and treat them as if they are great, no matter how ridiculous they sound
58
What is a “concept” as described in this topic?
A one-paragraph ad for a proposed innovation based on the product’s brand positioning
59
What is concept testing as described in this topic?
Surveying people in the target audience to gauge their interest in a product concept without actually making the new product
60
What are the stages of the improvement cycle (cycles of learning)?
Plan, do, study, act
61
What is the next step after moving a product idea through concept testing and prototyping?
Figuring out how to sell the product
62
It is important to make a new product available ____________ because that is where most people begin their shopping journey.
On Amazon
63
What is the law of gravitational marketing?
To successfully introduce a new product, you must disrupt marketplace equilibrium by offering something significantly different, better, and special than current offerings
64
Why is it important to have a generous marketing budget set aside for a new product launch?
If customers don’t know the product exists, then there’s no way they will buy it.
65
Which of the following is an indication of a flawed innovation process?
Scientists and engineers are driving the process rather than consumer insights and marketing
66
What innovation problem led to the failure of Kellogg’s Breakfast Mates?
The product required a new distribution system that led to many difficulties. (milk)
67
Which of the following correctly describes a line extension?
A line extension borrows the name and brand equity from an existing product to create new products within the same product category
68
Which of the following is an example of a brand extension?
P.F. Chang’s, a Chinese restaurant, offering frozen entrées at the grocery store.
69
What is typically the best source of new business, product, and service ideas?
Crowdsourcing
70
Which of the following is a way to reduce risk in the innovation process?
Conduct concept testing
71
T/F: When determining a pricing strategy, your competitors price is the primary factor in determining what you can charge.
False
72
Which type of pricing changes the price depending on time of day?
Price Discrimination
73
When the Maverik Convenience Store chain enters a new market, they price their gasoline at a 25 cent discount to the competitive prices at existing gas stations in order to attract gas buyers and force the other gast station owners to sell their stations to them. What is this pricing strategy called?
Predatory pricing
74
What pricing strategy is used by airlines to maximize profit?
Dynamic pricing
75
Which of the following best describes price elasticity?
Sell until the marginal profit equals the marginal cost.
76
When you price your product or service at $99.99 instead of $100.00 it is called.
Psychological pricing
77
When customers react negatively to small price changes, its called:
Price sensitivity
78
Taco Bell managers ran a pricing test and discovered that ton matter what price they posted for their Crunchwrap Supreme, the volume they sold didn't change. What is this called?
Price Insensitivity
79
When pricing through the product life cycle, at which inflection point do you have to start dropping price?
Declining
80
When you calculate how much money you can make off a single purchase transaction, what is that called?
Profit Margin
81
What are some life currencies?
Information
Time
Love
Space
Money
82
T/F: The monetary cost of a product or service is the primary decision maker of whether or not to make a purchase
False
83
You are doing your federal income tax return. It's very complicated, so you decide to take your information to H&R Block and have them do your taxes for you. The cost of their service is quite expensive for a college student at $299.00, yet you decide to pay for it anyway.
Which life currencies could have impacted your decision? `
Trust
Frustration
84
T/F: To be successful in today's competitive environment, marketer's should spend most of their efforts on finding ways to lower the price of their products and services to customers.
False
85
A good friend told of this cool new shoe called Kizik that you can step right into without needing to bend down or tie shoe laces. No heel crushing, no hands. Interesting, right? You are standing in their new store at Fashion Place Mall, but it's busy with customers and only one clerk is working. You want to try on a pair of their Athens model (price $129) and ask some questions (like, does the back of the shoe break down and wear out quickly?). You've been standing around for 20 minutes and the clerk is still busy, so you leave the store.
What life currencies likely caused you to leave without making a purchase?
Space to Information
86
You are the BIGGEST Utah Jazz fan that ever lived, and are buying tickets today for the upcoming Jazz game in Salt Lake City. The ticket prices are $250 each, and you need four tickets for your family. (Total cost $1,000). Which life currencies likely impacted your decision to make such a large purchase?
Fear
Love
87
How do we define the life currency "Frustration"?
A feeling of dissatisfaction from unfulfilled needs or problems
88
You walk into a Maverik gas station to get a drink, but you see that the Doritos display by the front door and grab some of those too!
Which life currency is most responsible for impulse purchases such as this?
Convenience
89
Fred and his buddy Mike went to a football game and decided to grab some food / drinks before they sat down. They walked the concourse looking at the options, and decided on Cheesesteaks and beer. The total price came to $94 for two cheesesteaks and 2 beers. No one in their right mind would pay that much elsewhere? Why did they do it and feel OK about it?
The value each customer places upon the purchase is a combination of life currencies determines their actions
90
You live in a small, rented one-bedroom apartment that's about 566 sq ft. You were out shopping today, and walked into Costco. By the doors they have the TV's displayed. Your eyes are drawn to the magnificent 83 inch LG OLED that's on sale for $3,899. It's expensive, but its also AWESOME. The prettiest picture you've ever seen on a TV. You just got your tax return, so you have the cash available to buy it. You REALLY want it, but you walk away and don't purchase it. What life currency most likely drove this decision?
Space
91
The only place where you are guaranteed the opportunity to show your customer why your product is worth purchasing is __________
At the point of purchase
92
____________ can communicate that your brand is unique, different, or special.
Proprietary packaging
93
Placing a cartoon shark character on the packaging of a brand of children’s swimwear is an example of which packaging strategy?
Creating brand personality through packaging
94
Packaging together a complete set of travel-size toiletries in an attractive bag instead of selling them one by one is an example of which packaging strategy?
Creating new product categories through packaging innovation
95
Is copying a competitor’s packaging a successful packaging strategy?
No
96
Covergirl uses the same minimalist tube design for its line of mascara but differentiates specific varieties through the color and shape of the tube.
This is an example of _____________
Family packaging
97
What are some functional packaging benefits?
Added portability
Added convenience
Added storability
98
If a consumer cannot spot your package from ___________, your packaging needs improvement
15 feet away and within 3 seconds of looking
99
Which products tend to receive the most shelf space in a store?
Items that sell the most units
100
Which of the following is a good practice in the packaging development process?
Consider the competitive environment in which the product will be situated on the store shelf before developing packaging
101
Which is an element in the Three Ingredients of Greatness in consumer promotions?
They make it easy to enter
102
What are the Four Plagues of Consumer Promotion?
Been there, done that; sleeping sickness; trinkets and trashitis; oddsitis
103
What is the primary tool used to drive product sales?
Consumer promotion
104
In what situation should a promotion be repeated?
If it’s compelling, unusual, or remarkable
105
Coupons are a prime example of which of the Four Plagues of Consumer Promotion?
Sleeping sickness
106
Why is a brand hosting a grand prize—such as a car or a free trip—an excellent promotion?
It’s not; it’s an example of sleeping sickness
107
Which type of brands are common victims of the plague of oddsitis?
Soft drinks
108
What makes Publishers Clearing House’s Prize Patrol Giveaway promotion so successful? (million dollars)
It allows consumers to fantasize about seeing themselves win, the promotion builds momentum, and it’s personalized.
109
What is it called when you encourage consumers to give it a try with a low-cost, one-use package?
Trial size
110
Which is always true of consumer promotions that contain the Three Ingredients of Greatness?
They make their product into a hero
111
True or false: Categorizing consumer needs is a rigorous task we call segmentation analysis.
True
112
True or false: It’s not necessary for brands to craft their product mix in various sizes, shapes, colors, forms, and usage occasions to specifically meet consumers’ needs and expectations, resulting in maximized brand appeal. One size can fit all.
False
113
True or false: Through its product mix strategy, Band-Aid was able to target different usage occasions
True
114
True or false: Marketers should slice their consumer segments into tiny benefit slices and create a product for each of them specifically.
False
115
True or false: Where your product is sold and how it is displayed creates a powerful communication message about your brand in the mind of consumers.
True
116
True or false: When choosing a distribution strategy, match brand image with the consumer perception of the potential distribution point to find those channels that enhance and synergize with your product identity.
True
117
True or false: “Ubiquity” means having your product at very exclusive retailers only.
False
118
True or false: “Exclusivity” distribution means to have a specific place in the store that is exclusive to your products.
False
119
True or false: Defining the kind of outlets where you want to sell your products is called a “channel strategy.”
True
120
True or false: Smart marketers make variations in their product between distribution channels to align with that channel’s strengths.
True
121
T/F: You should mail everyone you encounter during your interview day a handwritten thank you note immediately after leaving the building so that it arrives in their mail over the next one or two days.
True
122
T/F: Most of the people you may meet during your interview day will have no bearing on whether you get the job—only the interviewer(s) matter.
False
123
T/F: You should leave your smartphone in the car during the interview so that it doesn’t interrupt the interview or tempt you to look at it between interviews.
True
124
T/F: You should ask the interviewer about the job’s salary and benefits during the job interview.
False
125
T/F: If you are divorced and have custody of your children, you should discuss this with the interviewer.
False
126
How many stories should you have prepared and rehearsed before the interview?
3
127
T/F: The interviewer will refrain from forming an opinion of you until after the interview has ended.
False
128
T/F: You should be spontaneous and think up your responses on the fly during the interview
False
129
It’s important that you communicate what during the course of the job interview?
I’m good enough.
I’m smart enough.
Dog-gone it, people like me.
I get things done.
130
Which of these is NOT one of the three true job interview questions that you need to prepare for?
Can we afford you? Is your salary expectation in line with the salary allocated for this position?
131
What is Heuristic?
Mental shortcuts to ease the cognitive load of making a decision
132
T/F: As marketers, we assume people are interested in our product.
False
133
T/F: The brain-drain technique is considered more effective than stimulus response.
False
134
Most problems come from 2 roots, one of which is infrequent but largely negative, what is the other?
Frequent and annoying
135
What are the 4 steps in the cycle of learning?
Plan
Do
Study
Act
136
What 2 colors do market leaders typically use on their packaging?
Blue and red
