MK 3000 Final Exam

From its inception, Chobani wanted to place its yogurt where

in warehouse club stores like Sam’s club or Costco

All of the following are marketing mix strategies that Chobani has used to sell its yogurt except which

price the Chobani yogurt line below its major competitors (Yoplait and Dannon) to increase sales and market share

Marketing refers to

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

To serve both buyers and sellers, marketing seeks to discover and ____ the needs and wants of prospective customers

satisfy

Marketing seeks to discover the needs and wants of prospective customers and satisfy them. Essential to this process is the idea of exchange, which refers to

the trade of things of value between buyer and seller so that each is better off after the trade

Marketers often discover consumers needs by

conducting effective marketing research

A ____ occurs when a person feels deprived of basic necessitites such as food, clothing, and shelter

need

The marketing mix refers to

the marketing manager's controllable factors - product, price, promotion, and place - that can be used to solve a marketing problem

In marketing, an offering refers to

a good, service, or idea that creates value for both the organization and its customers by satisfying their needs and wants

A for-profit organization refers to

a privately-owned organization that serviced its customers to earn a profit so that it can survive

Social entrepreneurs who start new ventures such as Teach for America and SIRUM are usually structurered as ____ rather than business firms

nonprofit organizations

An industry refers to

organizations that develop similar offerings

The level in an organization where top management directs overall strategy for the entire organization is referred to as the

corporate level

The level at which managers set a more specific strategic direction for their businesses to exploit value-creating opportunities is referred to as the

strategic business unit level

By understanding its core values, an organization can take steps to define its ____ a statement of the organization's function in society that often identifies its customers, markets, products, and technologies.

mission

A new company projects that its sales will exceed its expenses within the first year of operation. This is an example of which type of goal

profit

Marketing dashboards are useful for marketers to keep track of

all of the above

A firm conducting an environmental scan of the marketplace might uncover key ____ such as the growing popularity of video bloggers and the increasing mobility and connectivity of consumers

trends

A proposed law in New Jersey would ban the use of tanning beds by anyone under the age of 18. This restriction would be an example of which environmental force

regulatory

Which of the following would be identified as a social force in an environmental scan

an increase in Asian immigration

The generation of children born between 1946 - 1964 is referred to as

baby boomers

The generation of children born between 1977 – 1994 is sometimes referred to as

millennials

Multicultural marketing refers to combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different

race or ethnic groups

Buying a book at www.amazon.com to give as a birthday present is an example of _____ transaction.

an extranet

In the Maslow hierarchy of needs, those needs that are concerned with love and friendship are referred to as ____ needs

social

The anxiety felt because the consumers cannot anticipate the outcome of a purchase but believes there may be negative consequences is referred to as

perceived risk

Consumers’ purchases are often influenced by the views, opinions, or behaviors of others. Two aspects of personal influence that are important to marketers are opinion leadership and

word-of-mouth activity

Subgroups within the larger, or national, culture with unique values, ideas, and attitudes are referred to as

subcultures

Business-to-business marketing refers to

the marketing of products and services to companies, governments, or not-for-profit organizations for use in the creation of products that they can produce and market to others

All the following are organizational buyers except

ultimate consumers

The service market sells diverse services such as legal advice, auto repair, and dry cleaning, and this market represents 75% of all industrial firms. Which of the following is another service firm

not retailers

European style furniture headquartered in New York, acquires fine furniture from several high-quality manufacturers in Europe and enjoys exclusive distribution rights from them to sell to furniture stores throughout the United States. In this context, ESF is most likely classified as

a reseller

The North America Industry Classification System (NAICS)

provides common industry definitions for Canada, Mexico, and the US to measure economic activity in the three-member countries

Derived demand refers to

the demand for industrial products and services that is driven by the demand for consumer products and services.

Firms marketing consumers’ products or services often try to reach thousands or millions of individuals or households. Firms selling to organizations

are restricted to far fewer buyers

The decision-making process that organizations use to establish the need for products and services and identify, evaluate, and choose among alternative brands and suppliers is referred to as

organizational buying behavior

Which of the following statements about the dynamics of world trade is most accurate

China, the US, and Germany far outpace other countries in terms of imports and exports

Government taxes on products or services entering a country that primarily serve to raise prices on imports are referred to as

tariffs

When firms originate, produce, and market their products and services worldwide, it is referred to as

global competition

The clandestine collection of trade secrets or proprietary information about a company’s competitors is referred to as

economic espionage

What is considered normal and expected about the way people to do things in a specific country is referred to as

customs

A country’s income distribution is important because it gives mor reliable picture of a country’s ____ than just per capita income alone

purchasing power

A global market entry strategy in which a company produces goods in one country and sells them in an other country is referred to as

exporting

A globally market entry in which a foreign company and a local firm invest together to create a local business in order to share ownership, control and profits of the new company is referred to as

a joint venture

Which of the following countries is the world’s leading importer

the US

traditional firm views the world as one market and emphasizes cultural similarities across countries or universal consumer needs and wants more than differences

traditional - transnational firm

Which of the following statements about how women buy new cars today is most accurate

women are more likely to make their new car purchase selection as a result of info provided by a friend or relative than any other type of info

An external search for product info is likely to occur when

the cost of gathering info is low

At which stage of the organizational buying decision process would a firm use key organizational buying criteria such as price, quality, delivery time, and technical capability to select a supplier

purchase decision

A decision refers to

a conscious choice among two or more alternatives

The third step of the marketing research approach is to

collect relevant info

The fifth step of the marketing research approach is to

take marketing actions

Specifying constraints, identifying data needed for marketing actions, and determining how to collect data would take place during which step of the five-step marketing research approach

develop the research plan

According to the figure above, what does A represent in the marketing research process

define the problem

In a decision, the restrictions placed on potential solutions to a problem are referred to as

constraints

Data refers to

facts and figures related to the problem that are divided into two main parts: secondary and primary data

Facts and figures that have already been recorded before the project at hand are referred to as

secondary data

A relatively homogeneous group of prospective buyers that results from the market segmentation process is referred to as

a market segmentation

A marketing strategy that involves a firm using different marketing mix actions to help consumers perceive the product as being different and better than competing products is referred to as

product differentiation

A market-product grid is a framework to relate

the market segments of potential buyers to products offered of potential marketing actions by an organization

Nike employs ____ strategy at its website, which allows customers to design a sneaker to their own personal specifications

mass customization

When a new product or a new retail chain steals customers and sales from the organization’s older products and retail outlets, it is referred to as

cannibalization

Four general categories are used to segment consumer markets. Which of these is one of them

behavioral segmentation

By dividing its tennis racquet market into three categories, which it labels Performance, Recreational, and Junior tennis players, Prince Sports is using a marketing strategy called

market segmentation

All of the following are psychographic segmentation variables except which

birth era

ExxonMobil targets consumers that fill up their gas tanks more than once a week with its Chase Visa fuel card. In this example, ExxonMobil is using which segmentation variable

behavioral

Product positioning refers to

the place a product offering occupies in the consumers’ minds on important attributes

A product refers to

a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value

Convenience products refer to

products consumers purchase frequently and with a minimum of shopping effort

Industrial services are support products that include items such as

maintenance, repair, and legal services

Making recommendations, implementing those recommendations, and evaluating the results would take place during which step of the five-step marketing research approach

take marketing actions

Nielsen collects national TV ratings by using a "people meter." This is a box that is attached to televisions, DVRs, cable boxes, and satellite dishes in about 30,000 households across the country; has a remote control that is used to indicate when a viewer begins and finishes watching a TV program, and stores and then transmits the viewing information to Nielsen each night. The information Nielsen is collecting is referred to as

observational data

The ____ method has two advantages over other traditional methods of data collection: the cost is relatively minimal and the turnaround time for data collection to report presentation is much quicker.

online survey

Personalization refers to

the consumer-initiated practice of generating content on a marketer's website that is custom-tailored to individual's specific needs and preferences

The practice of using the information provided by cookies for directing online advertising from marketers to those online shoppers whose behavioral profiles suggest they would be interested in such advertising is referred to as

behavioral targeting

The online consumer who shops online but buys offline, or shops offline but buys online is referred to as a ____ consumer

cross-channel

What is the marketing objective for the growth stage of the product life cycle

stress differentiation

The classifications of innovators, early adopters, early majority, late majority, and laggards are all based upon

when consumers are begin buying a new product

As product adopters in the diffusion of innovation, laggards

have a fear of debt and use neighbors and friends as info sources

The McDonald's Corporation recently announced that it will begin phasing out the use of eggs from hens housed in cages. The company uses about two billion eggs annually, or a little more than 4 percent of the eggs produced in the United States. This change in McDonald's egg-containing products to appeal to healthy eating habits is a ____ strategy

product modification

Unsought products are those products that

products or services that unless needed, consumers seldom think of them

The process of selecting elements from a population, collecting data from them, and using it as a representative of all those a researcher is interested in, is referred to as

sampling

In marketing experiments, the independent variable is the _____ and the dependent variable is the ____

cause of an action;result of an action

Heavy-duty Rayovac flashlights are sold to consumers throughout the United States. However, Philips manufactures the bulb s used in Rayovac flashlights. The quantity of bulbs Philips makes is related to how many flashlights Rayovac sells. This is an example of

derived demand

Services can be classified by their method of delivery. Services such as ATMs, taxis, and airlines are considered

equipment-based services

A situation that occurs when a service provider is available but there is no demand is referred to as

idle production capacity

A group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same types of outlets, or fall within a given price range is referred to as a

product line

The four stages of the product life cycle are

introduction, growth, maturity, decline

Which of the following products would have a high-learning product life cycle curve

electric cars