Marketing Exam 2

similar characteristics

Which of the following is not a characteristic of a market?

Alex is ready to use the $400 he earned mowing lawns all summer to purchase a GoPro camera from Best Buy.

When thinking about the characteristics of a market, willingness to buy can by illustrated by which of the following?

customers have different preferences and needs for vehicles and offering many different styles and models allows Toyota to meet those varying preferences.

Toyota manufactures many different styles and models of vehicles likely because:

can help marketers better allocate resources.

In five years, Volkswagen sold only 57,000 of its Routan minivan. The company decided to stop producing the model and instead developed a new SUV, the Atlas. This illustrates that market segmentation:

accessible.
responsive.
identifiable and measurable.

A house cleaning company, Speedy Clean, has identified three possible market segments for their services. To evaluate if the segments will be successful, Speedy Clean should determine if each segment is: (Check all that apply)

accessible.

Cheryl's Cookies has decided to create a charity that ships cookies to soldiers stationed in Syria. The soldiers could request the cookies through a mobile app and the orders would be paid for through donations. Because of the difficulty in communicating

It is more precise than single-variable segmentation.

Which of the following is an advantage of multiple-variable market segmentation?

They tend to research investments in-depth more than men do.

In the context of gender segmentation, which of the following statements is true of women?

Income level determines consumers' buying power.

Which of the following statements is true of income?

Personality

_____ is a psychographic segmentation variable that reflects a person's traits, attitudes, and habits.

lifestyle

A company that uses a psychographic market segmentation strategy will be most interested in the _____ of its potential customers.

lifestyle

In the context of psychographic segmentation, _____ segmentation divides people into groups according to the way they spend their time, the importance of the things around them, their beliefs, and socioeconomic characteristics such as income and education

Geodemographic

_____ segmentation clusters potential customers into neighborhood lifestyle categories.

Usage-rate

In the context of market segmentation, _____ segmentation divides a market by the amount of product bought or consumed.

a satisficer; an optimizer

A buyer that has little time to make a purchase decision would likely be classified as _____ rather than _____.

geographically

Marketers at North Face have listed their segmentation descriptors as market size, density, and climate. They are likely segmenting the market:

for whom an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group.

A target market is a group of people

It offers potential savings on production and marketing costs.

In the context of the strategies for selecting target markets, which of the following is an advantage of undifferentiated marketing?

It makes a company more susceptible to competitive inroads.

In the context of the strategies for selecting target markets, which of the following is a disadvantage of undifferentiated targeting?

multisegment targeting strategy

In the context of the strategies for selecting target markets, a firm that chooses to serve two or more well-defined market segments and develops a distinct marketing mix for each has a(n) _____.

It results in cannibalization.

Which of the following is a disadvantage of a multisegment targeting strategy?

Loyalty

Which of the following is a trend that will lead to the continuing growth of customer relationship management (CRM)?

It influences potential customers' overall perception of a brand.

Which of the following statements is true of a product's positioning?

It includes gathering and presenting factual statements.

Which of the following statements is true of the descriptive role of marketing research?

improving the quality of decision making.

Marketing research helps managers by

The Internet of Things

_____ refers to everyday devices like refrigerators, toys, lightbulbs, and hot water heaters connecting wirelessly to a network to improve their functionality.

They can be obtained from sources within a company and outside the company.

In the context of a marketing research project, which of the following statements is true of secondary data?

Sources of secondary data may not give detailed information to assess their quality or relevance.

In the context of marketing research, which of the following is a disadvantage of secondary data?

It is the exponential growth in the volume, variety, and velocity of information.

In the context of use of secondary data in marketing research, which of the following statements is true of big data?

which research questions must be answered.

In the context of marketing research, the research design specifies

They are information collected for the first time.

In the context of marketing research, which of the following statements is true of primary data?

Unlike secondary data, primary data can address almost any marketing question.

In the context of marketing research, which of the following is a difference between primary data and secondary data?

gathering data on two different projects using one questionnaire.

In the context of use of primary data in marketing research, when researchers piggyback studies, they are actually

The cost of telephone interviews increases when respondents refuse to participate.

In the context of gathering primary data through survey research, which of the following is a disadvantage of telephone interviews?

Both ask respondents to choose from a limited list of responses.

In the context of questionnaire design, which of the following is a similarity between a closed-ended question and a scaled-response question?

It provides focus group facilities to collect data.

In the context of marketing research, which of the following statements is true of a field service firm?

cross-tabulations

In the context of market data analysis, _____ allow analysts to look at the responses to one question in relation to the responses to one or more other questions.

Following up

Which of the following is the final step in the marketing research process?

They make it easier to connect with people who are difficult to reach.

Which of the following statements is true of Internet surveys?

Time is flexible online allowing respondents to be gathered from all over the world.

In the context of Internet usage by marketing researchers, which of the following is true of online focus groups?

web community

In the context of Internet marketing, a _____ is a carefully selected group of consumers who agree to participate in an ongoing dialogue with a particular corporation.

can provide immediate feedback when a consumer makes a purchase decision.
allows participants to respond to direct and immediate questions.
can be completed by a customer on the train, as they wait at a restaurant, or if they are early for an appointment.

Mobile research: (Check all that apply)

place more "Buy One, Get One Free" signage throughout the store to spur purchases.

A large grocery store would like to study how consumers respond to signage in grocery store aisles. They recruit several volunteers to participate in neuromarketing research. The grocery store found that every time the volunteers saw signage that said "Bu

when the expected value of the information is greater than the cost of obtaining it.

Market research should be conducted:

Competitive intelligence:

helps managers assess their competition and vendors in order to become more efficient and effective competitors.

is everything the customer receives in an exchange.

A product:

specialty product

When consumers search extensively for a particular item and are very reluctant to accept substitutes, that item is a(n) _____.

Prices, quality, and features vary greatly from product to product.

Which of the following statements is true of heterogeneous shopping products?

Brand names and quality of service are often very important.

Which of the following statements is true of specialty products?

unsought product

A product unknown to a potential buyer or a known product that a buyer does not actively seek is referred to as a(n) _____.

It refers to a group of closely related product items.

Which of the following best defines a product line?

package uniformity

When all the containers and boxes of a product line have a common look while still being able to keep their individual identities, it is considered to have _____.

product lines an organization offers.

Product mix width refers to the number of

Functional modification

_____ refers to changes in a product's versatility, effectiveness, convenience, or safety.

It allows marketers to distinguish their products from their competitor's products.

Which of the following statements is true of branding?

Brand identity is essential to develop brand loyalty.

Which of the following statements is true of brand loyalty?

a trademark

The exclusive right to use a brand or part of a brand is known as _____.

generic product name

A _____ identifies goods in terms of class or type and cannot be trademarked.

It holds contents together and protects goods as they move through the distribution channel.

Which of the following statements is true of packaging?

protect products from breakage, spoilage, light, and other conditions.

The purpose of packaging is to

It focuses on a promotional theme or logo of a product or brand.

Which of the following statements is true of persuasive labeling?

series of thick and thin vertical lines read by computerized optical scanners that match codes with brand names, package sizes, and prices.

The universal product code (UPC) is a

provides for greater identification of the product from market to market.

When a firm plans to enter a foreign market with an existing product, a one-brand-name strategy

that it is edible.

When you dine at a restaurant and order a hamburger, the implied warranty could be:

represent the smallest category of new products.

New-to-the-world products:

an improvement or revision of an existing product.

Nike recently released the Air Jordan XXXII basketball shoe. This shoe style is in its 32nd iteration and would be considered:

It provides general guidelines for generating, screening, and evaluating new-product ideas.

Which of the following statements is true of a new-product strategy?

product development

In the context of new-product ideas, _____ goes beyond applied research by converting applications into marketable products.

It converts applications into marketable products.

In the context of research and development, which of the following is true of product development?

Its goal is to get a group to think of unlimited ways to solve a problem.

Which of the following statements is true of brainstorming?

screening

In the product development process, _____ eliminates ideas that are inconsistent with an organization's new-product strategy or are obviously inappropriate for some other reason.

It is considered a fairly good predictor of success for line extensions.

Which of the following is true of a concept test?

business analysis

In the context of the new-product development process, preliminary figures for demand, cost, sales, and profitability are calculated in the _____ stage.

additive manufacturing

In the context of the early stage of new-product development, 3D printing is also known as _____.

development

In the context of the new-product development process, laboratory tests are often conducted on prototype models in the _____ stage.

Absolute failure

_____ occurs when a company cannot recoup its development, marketing, and product costs and the company actually loses money.

sell single-serve packets of shampoo or soap at a low price.

Many multinational companies have found that they need to alter their products to meet regulations or consumer preferences in other countries. Unilever discovered that customers in emerging markets such as Indonesia, Pakistan, and Sri Lanka have use for t

It is the process by which the adoption of an innovation spreads.

Which of the following statements best defines the term diffusion?

a laggard.

You've just joined a marketing and sales fraternity on campus. At your first meeting you met Robert, who is also a huge Green Bay Packers fan. Robert suggests you get together to watch the game the on Sunday. You ask for Robert's cell phone number and he

The PLC can be used to analyze a brand, a product form, or a product strategy.

Which of the following statements is true of the product life cycle (PLC)?

Competition intensifies as more competitors enter the market.

In the context of the product life cycle, which of the following is true of a product's growth stage?

New users cannot be added indefinitely during this stage.

Which of the following statements is true of the maturity stage of the product life cycle (PLC)?

The rate of decline is governed by how rapidly substitute products are adopted.

Which of the following statements is true of the decline stage of the product life cycle?

the targeted adopter and media may need to shift based on how various categories of adopters gather product information.

A major implication of the diffusion process to marketing managers is that

accounts for a significant portion of the U.S.'s economic output.

The U.S. service economy:

Heterogeneity

______ means that services are less standardized and uniform than tangible goods�there is some variability of services.

offer a guarantee for the customer's complete satisfaction.

Because services are inseparable, they cannot be tried before they are purchased. To counteract this, a service firm might:

identifies areas that can cause problems in service delivery and influence customer evaluations of service quality.

The gap model of service quality

It occurs when services are directed at customers' physical belongings.

In the context of service processes, which of the following is true of possession processing?

Information

_____ processing describes services that use technology or brainpower directed at a customer's assets.

core

The service offering can be viewed as a bundle of activities that includes the _____ service, which is the most basic benefit the customer is buying.

It is a group of services that supports or enhances the core service.

Which of the following statements defines a supplementary service?

They respond to individual customers' needs.

Which of the following statements is true of customized services?

convenience

A key factor influencing the selection of a service provider is

Location of a service

Which of the following most clearly reveals the relationship between the target market strategy of a service and its distribution strategy?

Someone consumers admire or can relate to personally

Which of the following refers to a personal information source?

managing the physical environment of the service facility.

A service firm can create a strong organizational image by

Postpurchase communication

_____ refers to the follow-up activities that a service firm might engage in after a customer transaction.

Patronage

_____-oriented pricing is a price strategy that involves varying the price of a service with different market segments' ability to pay.

financial

In thinking about relationship marketing in services, the least effective level of relationship marketing in the long term is:

offer grocery delivery to customers with orders placed through a mobile app that saves previous shopping lists for convenience.

A small grocery store chain is looking to enhance its relationship marketing. If executives at the company want to reach a structural level of relationship marketing, they should:

treat and reward employees well so that they provide excellent customer service.

The goal of internal marketing is to:

Customers in a nonprofit's target market may be reluctant or strongly opposed to receiving their services.

In thinking about target markets for nonprofit organizations, which of the following is true?

U.S. service industries have been successful in global markets because of their competitive advantages.
The United States is the world's largest exporter of services.
The service offered in global markets may change based on consumer preferences.

Which of the following statements are true about global services marketing? (Check all that apply)

Revenue

_____ is the price charged to customers multiplied by the number of units sold.

profit

Revenue minus expenses equals _____.

The price of a product should match the value of the product as perceived by target consumers.

Which of the following is a reason for managers to choose a price that is not too high or too low?

It is a firm's net profits after taxes divided by total assets.

Which of the following statements best defines return on investment?

market share

_____ is a company's product sales as a percentage of total sales for that industry.

Many companies believe that maintaining market share is an indicator of the effectiveness of their marketing mix.

Which of the following statements is true of a company's market share?

demand

_____ is the quantity of a product that will be sold in the market at various prices for a specified period.

Elasticity of demand

_____ refers to consumers' responsiveness or sensitivity to changes in price.

inelastic as consumers will pay whatever is charged for the product.

In the context of factors that affect elasticity, when there is no substitute available in the market for a certain essential product, the demand will be

Yield management systems

_____ is a technique for adjusting prices that uses complex mathematical software to profitably fill unused capacity by discounting early purchases, limiting early sales at these discounted prices, and overbooking capacity.

their services are perishable in nature.

Airlines and the hotel industry use dynamic pricing and yield management systems because

unused assets would result in loss of revenue.

Yield management systems are useful in cases where

Markup pricing

_____ uses the cost of buying a product from a producer, plus amounts for profit and for expenses not otherwise accounted for.

It gives an estimate of how much profit can be earned if a higher sales volume is obtained.

Which of the following is an advantage of break-even analysis?

Development costs could be recovered quickly if the product's price is set high.

Which of the following statements is true of the introductory stage of a product's life cycle?

the available supply for the product increases as competitors enter the market

When a product enters its growth stage, _____.

price skimming strategy.

When Amazon first introduced the Kindle DX, an e-reader with a screen 2.5 times larger than the Kindle, it was priced at $499--$150 more than the Kindle. It was targeted to avid readers who purchased a lot of e-books to store on their Kindle DX. Amazon wa

Price fixing

_____ is an agreement between two or more firms on the price they will charge for a product.

It prevents firms from lessening competition through unfair trade practices.

Which of the following statements is true of the Robinson-Patman Act of 1936?

Price variations are justified if designed to meet fluid product or market conditions.

Which of the following is one of the three defenses a seller has when charged with price discrimination?

reducing prices to stay in competition with other companies may be necessary

According to one of the defenses for a seller in the Robinson-Patman Act of 1936, _____.

Manufacturers may meet resistance when trying to restore the price to its original, higher level.

Which of the following is a disadvantage of rebates?