Marketing exam 1 review

35. Which of these is not a part of the Market Segmentation Process?

Create distinct products for each target segment

Marketing is _______________.

Exchange

. No money is exchanged in ___________, the process of exchanging goods and services between two parties.

barter

Marketing exists because people have ________________ that they are willing to give up things of value to satisfy.

needsandwants

When an individual donates money to a charity, a ____________ transaction has taken place.

marketing

When an individual "sells" her time and labor to an organization, a marketing transaction takes place.

True

___________________ is the process of setting marketing goals, the planning and execution of activities to meet these goals, and measuring progress toward their achievement.

Marketing management

7. A product is a good, service, or idea to _______ the customer's needs.

satisfy

9. Robert Louis Stevenson once said that "Everyone lives by _________ something."

selling

The __________ concept recognizes that people don't really buy products, they buy solutions to problems.

marketing

Which of the following offers a solution to the problem that everyone has an opinion about the quality of marketing's efforts?

Marketing analytics

19. Data and measurements can be used to prove the effectiveness of marketing efforts.

True

One of the ways in which a company's culture can serve as a catalyst is when it encourages employees to trust data

True

32. Market Segmentation is defined as:

The process of categorizing groups into manageable pieces based on customer differences

38. Brand loyalty influences behavior.

True

41. What is the point of Target Marketing?

Identify distinct segments

47. Product-Market Fit is only profitable in large markets.

False

57. What is an example of a social need?

Relationships

59. Needs and desires are preexisting and unchangeable.

False

Credence Attributes are those attributes that can be evaluated within five years of consuming the product or service.

False

What should be the main goal for a marketing manager whose company makes convenience products?

Make the product widely available

87. Which of these is not a stage in the life cycle of a successful product?

Innovation

92. Profits are both high and unchanging in the Maturity stage of the product life cycle.

False

A housecleaner's services would best be categorized under which dimension of service outcomes?

a. Visible

104. Which of these is an example of people processing?

Healthcare

107. Which of these is an example of information processing?

Software consulting

All the elements of managing processes should be focused on:

the customer

127. Why is it critical to determine where failures are likely to occur?

All of these are reasons why it is critical to determine where failures are likely to occur
Failures are inevitable, but can be mitigated
Consumers are less likely to actively complain to your company about errors with your
services
Service failures can ruin a business

8. __________ is/are the means of communication with the customer.

Promotion

If the National Institutes of Health issued a guideline with cautions about the intake of certain types of artificial sweeteners, this would be an example of marketing.

True

It is important that any employees that interact with a company's customers carry "marketing" as part of their job titles.

False

Roughly ___ % of the dollar price paid by consumers for a product goes to cover the cost of marketing.

50

. There are several different types of marketing functions that must take place in order to get products from producers to consumers. Which of the following is NOT one of those functions?

producing the physical product

14. Which company is generally credited with originating the marketing concept?

General Electric

15. Which of the following management orientations makes profits through sales volume?

selling concept

Which of the following is not a reason that marketing needs data?

All of the above are reasons that marketing needs data.

20. Which of the following is not a benefit of marketing analytics?

They require very low resource investment

Companies that have no marketing analytics process, make decisions by instinct, and view marketing as an expense might be referred to as _________________.

"flying blind"

22. "Pseudo Analytics" are marketing analytics that rely on proxy data from external sources.

False

23. The first step in the Marketing Analytics Process is to

identify the right metrics.

One outcome of taking improvement actions (as a stage in the Marketing Analytics Process) is identifying the right metrics.

True

25. The "right" marketing analytics metrics are typically related to:

Revenues

26. Marketing's objectives are ________ derived from the overall business objectives.

Always

27. A business's culture might function as a barrier when it encourages employees to

Work on what’s urgent

Punish mistakes

Play politics

All of the above are correct

____________ is a simple field experiment in which two versions of some marketing element are randomly assigned to subjects in the field and then compared on outcomes of interest.

An A/B test

. According to Johnnie Hurns, Chief Operating Officer of Interworks, "Data without a question is pretty useless...it's just ___________."

more data

31. Interworks wants to help companies through which of the following progressions?

Data > Information > Insight

33. What are the 4 types of segmentation?

Geographic, demographic, psychographic, behavioral

34. When is geographic segmentation most useful?

When location requires different products or forces

What kind of company might be most interested in separating market segments based on age?

Life insurance

37. Which type of segmentation should Nike use for their new tennis shoes?

Psychographic

39. What is not a criteria you should choose your target market by?

d. Location

40. What is the first step in the Market Segmentation process?

Identify distinct segments

42. Which of these is not a trait of desirable target markets?

Limited size

43. Why is stability so important a trait to look for in potential target markets?

Dynamic markets require frequent change, and change is expensive

Fred and George have a great idea for joke shop products, but are currently attending a school where such products are banned. The only market they can think to sell their products to is outside of the school, and they have no way to ship large quantities of their product beyond the campus. What feature does their current target market lack?

c. Accessibility

45. A firm with excellent Product-Market Fit will always be the market leader.

False

46. From a marketing standpoint, satisfying needs is more important than selling products.

True

48. Is using a Buyer Persona more helpful than using basic demographics? If so, why?

Yes, a Buyer Persona provides marketers with a more personable, tangible, and holistic idea of who to target

49. Positioning is defined as:

developing a market strategy to influence how a specific segment views the company

Positioning has more to do with what a company does with its products than what it does in marketing to potential customers.

False

51. The real power in positioning lies with the _________. Why?

consumer; no one can ultimately control what the consumer thinks about

products and companies

Your friend, an avid reader, gives you a list of her favorite science fiction books. The fact that these books are her "favorite" implies what?

These books hold a more positive position in your friend's mind when compared to other books of the same genre

Your grandfather's first car was a Ford, and though he has bought several cars over his lifetime, he only ever purchases from this manufacturer. This is an example of what?

c. The importance of pioneering in building brand loyalty

After several years of starting his morning with coffee, Brett studies abroad in England where most people are accustomed to drinking tea. When Brett attempts to start his day with tea, he will be comparing that day's experience to his usual experience with coffee. Why?

Coffee is the "pioneer" in this situation, and therefore Brett will use coffee as the standard

Which of these is not part of the process of consumption?

Reverse Marketing

54. The Pioneering advantage is always easily overcome by later competitors.

False

58. Which of these is not a physiological need?

Safety

60. The role of marketing is solely to observe the needs and desires of consumers.

False

61. Marketing is crucial for triggering _______ cues within the consumer base.

External

Which of these factors does not influence how much time consumers spend searching for information?

Packaging

63. What would be an objective attribute for the purchase of a first car?

b. Gas mileage

_______ is defined as the set of products or services that comes to mind when a consumer recognizes a need.

a. Consideration Set

65. Two crucial questions consumers must answer after deciding to purchase a product are:

When and Where

Sarah is on her way to a job interview when it suddenly starts to rain. Which of these purchase decision criteria is likely the biggest driver for her decision to buy an umbrella on her way to the interview?

Urgency

67. Where do consumer expectations come from?

Other consumers (friends and family, etc.)

68. What is the last stage of the Process of Consumption?

Reaction

69. What is the definition of the Product/Service Bundle?

The collection of benefits and attributes of a product or service

70. The ingredients list on a package of food could best be described as a list of the:

attributes of the food

71. The lightweight design of an iPad is an example of a(n):

Add-on Attribute

72. Consumers buy ______, not ______.

benefits; attributes

73. Add-on Attributes can become Expected Attributes over time.

a. True

74. Jessie just bought a new TV, and is curious to see how well it performs when it is positioned in her home (she is concerned about the glare from the windows). When she evaluates the quality of the picture in her home, what type of attribute of the TV is she evaluating?

experience

Jake is a photographer looking to purchase a new lens. When he is comparing different lenses before making this purchase, what kind of attribute is he evaluating?

d. Shopping

76. Services are most likely to be judged based on Shopping Attributes.

False

What should a marketing manager whose company makes shopping products do with information about the products?

Make it available and easy for the consumer to find

In 2014, Porsche released a 50th anniversary edition of its Porsche 911. The company only made a select number of these models, making this a _______ product.

specialty

81. Durable products are more likely to be Shopping Products than nondurable products

True

82. Brands tend to be extremely important to consumers purchasing staple products.

False

83. What is the difference between CPG's and FMCG's?

b. There is basically no difference

84. What is derived demand?

Demand that comes from the sale of consumer products

Apple mainly sells phones and computers, but also sells accessories for these products. These chargers, protective cases, and other accessories are best described as what?

Support Products

A Starbucks franchise receives a shipment consisting of coffee beans and coffee cups - materials that the store will need in order to sell coffee in the upcoming weeks. What type(s) of business products and services are these products?

Coffee beans are components; coffee cups are support products

88. When does the Introduction stage for a product start?

Directly following commercialization

New technology products and new medications are generally extremely expensive when first released to the market. These companies are using which kind of pricing?

Skimming

90. Why does competition tend to decrease in the Maturity stage of a product's life cycle?

Weaker competitors leave the industry

Polaroid cameras first broke into the market in the 20th century, and were popular for many years. They fell out of favor with consumers when digital cameras became more popular, but recently Polaroid cameras have seen an increase in sales again. What variation of the product life cycle does this fall under?

Fashion product

93. The greatest amount of competition exists while in the Maturity stage.

False

Like most developed countries, much of America's productivity is based in which type of industry?

Service

95. The world is now largely a _________-based economy.

Service