Exam 3 marketing

A set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers who are marketing goods, services, or ideas is known as

marketing research

Tia has joined the marketing department of a small appliance retailer that will be exploring the market potential for a new product. What will be the first step in the marketing research process that Tia’s team will undertake?

defining the objectives and research needs

Which step in the marketing research process consists of identifying the type of data needed and choosing the method necessary to collect it?

designing the research

Jaxon’s market research team has defined its objectives and needs and designed the appropriate research process. What is the team’s next step?

collecting the data

Mason’s manager has given him some relevant data to review before the start of their research project. These data are ________ data

secondary

One of the primary purposes of the analyzing data and developing insights step of the marketing research process is to turn data into

information

Data gathered from trade journals, the Census Bureau, and specialized research firms is considered to be ________Blank data.

secondary

Although often an inexpensive source, ________ are sometimes not adequate to meet the needs of the researcher, since they were acquired for some purpose other than the research question at hand.

external secondary data

When a company purchases information about people’s cheese and butter buying behavior from National Purchase Diary Panel, it is acquiring a form of

syndicated secondary data.

Nielsen purchases scanner data from retail transactions to track the sales of packaged consumer goods, gathered at the point of sale in retail stores of all types and sizes. Scanner data is an example of

syndicated secondary data.

Bryce must decide whether to collect scanner research or panel research about his company’s new product. The key difference between these is that scanner research typically focuses on a particular ________, while panel research typically focuses on a particular _____.

product; person or household

One of the most valuable sources firms have at their disposal is a rich cache of customer information and purchase history from their day-to-day operations, which is a type of

internal secondary data.

__is the use of a variety of statistical analysis tools in marketing research to uncover previously unknown patterns in data or relationships among variables.

Data mining

Suppose Target wanted to discover how often customers buying shampoo also purchase conditioner. Which technique would help answer this question?

data mining

The number of participants who discontinue use of a service, expressed as a percentage of the average number of total participants, is called

Churn rate

The marketing team at Home Audio and Video wants to statistically confirm its insights and hypotheses. It will use

quantitative research.

A healthcare company wants to conduct research to assess whether the new home blood pressure monitor it is developing is useful in people’s everyday lives. It will most likely use ________ research

observation

Your college might use ________Blank, even though it is a more expensive and time-consuming research method, to better understand how students perceive its sustainability efforts and what it could do better.

in-depth interviews

If a firm uses social media sites like Facebook, X, and online blogs to collect consumer comments about companies and their products, it is engaged in a process known as

sentiment analysis.

Within the 5 Vs of big data, which “V” refers to the many forms of data that are obtained from different formats?

variety

Using an unstructured method of inquiry, ________ rely/relies on a trained moderator guiding the conversation of a small group of individuals in an intensive discussion about a particular topic.

focus group interviews

What is the most popular type of quantitative primary collection method?

survey research

A survey asks respondents, “What are the most important features you would look for in choosing a new dishwasher, and why?” What type of question is this?

unstructured question

A survey question for which a discrete set of response alternatives or specific answers is provided for respondents is a type of ________ question.

structured

A real estate company created advertisements to post on its Facebook page, using Facebook’s targeting options to deliver those ads to the most appropriate customer segments. To make sure the communication is just right, the company produced alternate versions so it could identify which advertisement was most effective. This is an example of

an experiment

Which organization provides the three guidelines that marketers should use for conducting marketing research?

American Marketing Association

Sharon’s manager asked her to take all the data they had collected and put it into an easy-to-understand report. Sharon’s report included tables and charts to help everyone using the report have a better understanding of the contents. Which type of analytics tool is Sharon using?

descriptive

Which form of analytics tools incorporate artificial intelligence algorithms in order to analyze the input gathered from various databases?

active

Which of these characteristics is associated with primary research?

If offers behavioral insights.

A churn rate identifies the percentage of customers who

stop using a service.

A(n) ________Blank is anything that is of value to a consumer and can be offered through a voluntary marketing exchange.

product

When a bagel shop determines that some consumers use its app for ordering a single bagel for picking up on the way to work while others use it for large catering orders, it is most likely assessing the ________Blank of its services.

core customer value

George, a professional chef, has carefully developed a set of product attributes for his new line of salad toppings, such as the brand name, features/design, and quality level. George is developing the

actual product.

When a patio furniture manufacturer develops the nonphysical aspects of its products by adding warranties, financing, and after-sale service, it is focusing on the

augmented product.

At his local supermarket, Keith buys dish soap, toilet paper, and a bag of peanuts. These purchases are

consumer products.

Sylvie spent a lot of time shopping for her dentist, devoting considerable time and effort to visiting many of the dentists in her area recommended by friends. Sylvie is very particular about who she wants for a dentist and is willing to spend as much time as it takes to find one. For Sylvie, her dentist is a(n) ________Blank product.

specialty

Roberto never spends a lot of time or thought selecting dental floss when he is at the store. For him, dental floss is a ________Blank product.

convenience

Injury law offices expend a lot of effort marketing their offerings, mainly due to the fact that their services are a(n) ________Blank that consumers don’t normally think about much.

unsought product

The complete set of a food company’s offerings includes cereal, toaster pastries, snacks, soup, yogurt, and baking products. These represent the company’s

product mix

General Mills has a variety of brands in its snacks category, including Chex, Nature Valley, Fiber One, and Cascadian Farm. These represent a

product line

In response to increased consumer demand for healthy beverages, some soft-drink companies introduced new product lines of flavored water and fruit juices in order to ________Blank their product mix.

increase the breadth of

As the market continues to show growth potential for new flavors and varieties of ciders, companies in this industry can be expected to ________Blank their product lines.

increase the depth of

Häagen-Dazs brand ice cream has added City Sweets flavors to its offerings and released nondairy versions of its ice cream bars. Over the years, Häagen-Dazs has increased its

product line depth.

A frozen foods company decided to stop making frozen french fries. The firm has

decreased its breadth.

A luxury jewelry maker goes to great lengths to protect itself and its products through the use of trademarks and copyrights. This best represents which advantage of branding?

Brands are assets.

The set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service is referred to as

brand equity.

Liftmaster’s ________Blank measures how many consumers in a market are familiar with the brand’s garage door openers, what the company stands for, and if they have an opinion about it.

brand awareness

Kohl’s FLX active wear line provides higher-quality apparel at Kohl’s-level pricing, enhancing the product’s

perceived value

Lilly is excited that her favorite brand of swimsuits has released a new suit in the company’s trademark color. Lilly probably has a strong ________Blank with this company.

brand association

KitchenAid develops its merchandise, produces it to ensure consistent quality, and invests in a marketing program to establish an appealing brand image. KitchenAid is an example of a ________Blank brand.

manufacturer

The majority of the brands marketed in the United States are ________Blank brands.

manufacturer

In the grocery store, you can see the Kraft name on salad dressings, cheese, pasta, and condiments. Having the Kraft name on various products is an example of the use of

a family brand

As the size of retail firms has increased through growth and consolidation, more retailers have developed ________Blank merchandise, which they use to establish a distinctive identity.

private-label

A lawncare equipment company also makes and markets weed killer, plant food, and yard waste bags all under the same name. The company is applying a _____Blank strategy.

brand extension

Zippo Lighters launched a women’s perfume in a failed attempt at extending its brand to a new product line. To the extent that this brand extension adversely affected consumers’ perceptions about its current product lines, it could lead to

brand dilution

In an effort to reach BuzzFeed’s audience of more than 200 million readers, Best Friends Animal Society teamed up with the online publication to create and publish a video interview with film star Emma Watson in which she answered fan questions while playing with kittens that were up for adoption. This is an example of

co-branding

Star Wars memorabilia has been continually successful since the first film was released in the 1970s. The most recent film and television releases, such as The Mandalorian, have led to a massive increase in sales. This example shows the power of

brand licensing

In response to public outcry over racial stereotyping, PepsiCo renamed and redesigned its classic brand of Aunt Jemima’s breakfast brand, which featured the image of a Black woman based on a minstrel character. This is an example of a _______Blank strategy.

brand repositioning

For most products, the UPC code is located on the ________Blank package.

secondary

The primary federal agency that reviews food and package labels to ensure that the claims made by the manufacturer are true is the

Food and Drug Administration

Which term refers to the process by which ideas get transformed into new offerings, including products, services, processes, and branding concepts that will help firms grow?

innovation

When Amazon created the Echo, smart speakers that respond to voice commands and connect via Bluetooth, the most likely reason was

to adapt to changing customer needs.

Carson has made it a company-wide goal that a specific percentage of yearly sales must come from new products. Carson is attempting to

manage risk through diversification.

Disney recently released new versions of its classic movies The Little Mermaid and The Lion King. This is an example of new product innovation based on

a fashion cycle

Taxes were historically prepared on paper by consumers or professionals. Now, tax-preparation software programs are in wide use by taxpaying consumers and small businesses. This shows the process of

diffusion of innovation.

Downy Unstopables® in-wash scent booster beads are an example of a __________Blankproduct because their introduction to the market radically changed consumer behavior and preferences and the entire competitive landscape.

pioneer

As ________Blank, pioneers have the advantage of creating a new market or product category, establishing a commanding initial market share lead.

first movers

Nate is highly knowledgeable about new developments in electric automobile technology, since he reads everything he can find about the subject. Typically, being the first to try out new electric cars, he would be classified ________Blank in terms of the diffusion of innovation curve.

as an innovator

_______Blank will be crucial to the success of Jeremiah’s new online birthday cake delivery service because they will help the service gain market acceptance by spreading positive word of mouth about it.

Innovators

Alisa enjoys novelty and her friends consider her an opinion leader. But as a(n) ________Blankshe is not the first to purchase new product innovations but waits to purchase a product until after careful review.

early adopter

If the _______Blank buying group is relatively small, the number of people who ultimately adopt the innovation likely will also be small.

early adopter

Which large group of consumers, representing a substantial portion of the population, will be critical to the success of Darren’s Doggy Collars new line of glow-in-the-dark collars?

the early majority

When _________Blank enter a new product market, the product has achieved its full market potential and sales tend to level off, or they may be in decline.

late majority adopters

________Blank rely on traditional products until they are no longer available, and then they may reluctantly adopt the product.

Laggards

A product perceived to be better than most substitutes is said to have ________Blank, which should speed up the diffusion process.

a relative advantage

Horton’s Home Appliances Group introduced a line of extra-large refrigerators in Asia, but cultural differences are slowing down the diffusion process since many consumers in Asia live in smaller apartments. As marketing manager for the brand, you understand the reason is most likely low levels of

compatibility

People who get Botox treatments consider it to be a private matter; therefore, they do not discuss it with others. This lowers the level of ________Blank, slowing down the diffusion process.

observability

________Blank describes how easily consumers can test and use the product.

Trialability

When you recommend collaborating with other firms, brainstorming, licensing, and conducting customer research to your marketing team, you are suggesting ways to boost

idea generation

As head of new-product development, Gretchen has purchased a competitor’s new kitchen blender. She asks her team to analyze it and create an improved product that does not infringe on the competitor’s patents, if any exist. Gretchen’s team will be conducting

reverse engineering

Gretchen’s product-development team has provided brief written descriptions of the new kitchen blender they’re developing and the customer needs it would satisfy, including visual images of what the product would look like. The team is engaging in

concept testing.

During what stage of the new-product development process does a marketer develop a prototype for alpha or beta testing?

product development

__is a process of balancing various engineering, manufacturing, marketing, and economic considerations to develop a product’s form and features or a service’s features.

product design

Backyard Fun’s new splash and play set is still in rough form, but it has the same footprint, water nozzles, and interactive pieces the finished set will have, even though it was produced through different manufacturing processes. This rough version of the play set is called a(n)

prototype

When Ben & Jerry’s Ice Cream tests all its proposed new flavors on its own employees at its corporate headquarters in Vermont, it is using

alpha testing

Fore Birdies Golf Group has invited some potential consumers to test a prototype of its new golf club in a real-use setting. These consumers will assess the club for functionality, performance, and potential problems. Fore Birdies Golf Group is conducting

beta testing

To evaluate the market potential of its spicy fajita burger, a fast-food company started offering and promoting the product in select cities in Illinois and Texas. This move is an example of

test marketing

Pilates Pro has developed a new thicker Pilates mat. At which stage in its product life cycle will sales of the new mat increase most rapidly?

growth

During the ________Blank stage, firms face intense competition for market share, causing them to market their product aggressively.

maturity

Although sales of long-playing vinyl records (LPs) recently surged after slowing for years, they usually pale in comparison with the number of digital downloads. LPs are likely in the ________Blank stage of their life cycle.

decline

Which term represents the most fundamental difference between a product and a service?

tangibility

Service providers must offer cues to help their customers experience and perceive their service more positively because the service is

intangible

Natalia treats all her clients at the nail salon where she works with a friendly and attentive attitude. Her contribution to the clients’ experience highlights the concept that services are

inseparable

Bank tellers have been largely replaced by ATMs, which provide consistent levels of service and thus overcome the ________Blank nature of service provided by humans.

heterogeneous

Services are ________Blank in that they cannot be stored for use in the future.

perishable

Due to the _____Blank nature of a service, if a process like a lift at a ski area fails, customers may decide to do something else and the sales opportunity will be lost.

perishable

The Service Gaps Model is a diagnostic tool designed to highlight specific areas where

marketers are falling short in their service delivery.

If firms can set appropriate service criteria, train employees to meet and exceed those criteria, and measure service performance, they generally can close the ________Blank gap.

standards

Felicity and her friends planned a girlfriends’ weekend at a lakeside resort but discovered that the price advertised was not available on summer weekends, and a three-night minimum stay was required. This scenario reflects a(n) _______Blank gap between the friends and the lakeside resort.

communication

Customers have begun to complain to Renee that her card and gift shop does not provide gift wrapping service, which many customers need. The best way for Renee to close this knowledge gap is to

understand customer expectations.