MKT:3400 Midterm problems Based on topics 1-6 keys

Product, price, promotion, and place are all components of what?

The marketing mix

What is a target market?

One or more specific groups of potential consumers toward which an organization directs its marketing program and strengths

What is the cluster of benefits an organization promises customers called?

Customer value proposition

Target has been successful by offering consumers the best what?

Price

What is the internal response customers have to all aspects of an organization and its offerings?

Customer experience

Which is NOT a success factor for Chobani?

It increased the margin by reducing manufacturing costs

Which is NOT a characteristic of a successful marketing mix?

Independence of each activity

Which is NOT a direct goal of marketing?

Company profit

Which activity is NOT part of the aspiration stage of the marketing process?

Company Analysis

What is market size?

Total demand in the market

What does B-Corp certification mean?

Recognized for efforts to solve social and environmental problems

What is strategy?

An organization's long-term course of action designed to deliver a unique customer experience while achieving its goals

What does corporate-level strategy decide?

Where to enter

What are two common techniques for setting direction and allocating resources?

BCG analysis and growth strategy analysis

In SWOT, innovation in product design and marketing is what?

A strength

What two factors are necessary for goals/objectives?

Quantitative measure and specific time range

Walgreens reshaping products to fit its mission is what in SWOT?

Strength

What is true about a core capability?

It is hard for competitors to imitate

In the BCG matrix, what is a business with high market share in a growing industry?

Star

What is market penetration?

Increasing sales of current products in current markets

Which is NOT one of the Five Cs?

Capital

Which factor is NOT part of Context analysis?

Firm Capabilities

Which player is NOT relevant in a competitor analysis for a car-sharing service?

Satellite navigation service providers

According to cognitive learning theory, what has the greatest impact on customer choice?

Spokesperson

Retirement plans and wealth management are primarily targeted toward which generation?

Baby Boomers

Which generation most values diversity, inclusivity, environmental issues, and social justice?

Generation Z

Who collects and disseminates information during the buying process?

Gatekeepers

Which situation does NOT make competition harder?

Industry is expanding

Low customer switching costs increase customer bargaining power.

True

Which factor does NOT affect Starbucks' strategic changes?

Baby Boomers calling for a stronger Starbucks social media presence

What is postpurchase psychological tension called?

Cognitive dissonance

Which is an example of a low-involvement purchase?

Bounty paper towels

Health insurance satisfies which Maslow need?

Safety

According to behavioral learning theory, which marketing tactic can increase brand loyalty?

Test samples

What is a favorable attitude and consistent purchase of one brand over time called?

Brand loyalty

When do consumers mainly rely on internal search?

When buying a bottle of water

What characterizes a high-involvement purchase?

Expensive, serious personal consequences, or reflects social image

When is comparative advertising most effective?

When consumers are engaged in high involvement

Which promotion is based on behavioral learning theory?

Test driving

Which statement about cognitive dissonance is incorrect?

It affects only post-purchase behavior

What are the three organizational buyer markets?

Industrial, reseller, and government

What does an industrial firm do?

Reprocesses a product or service before selling it again

What is an important characteristic of organizational buying?

Derived demand

What type of demand is steel demand based on consumer demand for cars?

Derived demand

Which is NOT a unique characteristic of B2B marketing?

Buyers often skip stages based on involvement

Which marketing strategy uses different products, brands, and advertising programs across countries?

Multinational

Which market-entry option requires the fewest changes?

Exporting

What is licensing?

Offering intellectual property rights for a royalty or fee

What is a joint venture?

A foreign company and local firm investing together to create a local business

Which is NOT a success factor of B2B marketing?

Understanding buyer biases involved in purchasing