MARK Exam Review PDF

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Multiple choice exam 1 Review...

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An organic farmer has identified three distinct groups that might be interested in his products: vegetarians, health-conscious individuals, and people identified as trendsetters who try out new products in the market before others. These three groups are examples of _______. Market segments 2. Mission statements should ________ and be defined in terms of ________. Be market oriented; satisfying basic customer needs 1.

3. Which of the following refers to a set of benefits that a company promises to deliver to customers to satisfy their needs? Value proposition 4. The process of evaluating each market segment's attractiveness and selecting one or more segments to enter is known as ________. Market targeting 5. Greg Williams now has the buying power to purchase the desktop computer that he has wanted for the last six months. Greg's want now has become a(n) ________. demand 6. According to management guru Peter Drucker, "The aim of marketing is to ________." Make selling unnecessary 7.

________ is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities. Strategic planning

8. Companies that define their missions in terms of products or technologies are considered myopic primarily because ________. Products and technologies eventually become outdated 9. The collection of businesses and products that make up a company is called its ________. Business portfolio 10. "Losing a customer once means losing the entire stream of possible purchases that the customer would make over an extended period of patronage." This statement specifically indicates loss in terms of ________. Customer lifetime value 11. Which of the following is the first step in strategic planning? Defining the organizational mission 12. Amor, a successful brand of women's clothing, recently introduced a line of fitness equipment. This is an example of ________.

diversification 13. The managers of Arrow, an American retail chain, are currently reviewing new demographic markets to sell the firm's current products. This is an example of ________. Market development 14. Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as ________. positioning 15. According to the Boston Consulting Group approach, ________ serves as a measure of company strength in the market. relative market share 16. Which of the following is a disadvantage to online focus groups? Observation of participants’ “body language” is not possible. 17. LandPort Transportation and Omega Warehousing help companies move and stock goods from their manufacturing plants to their destinations. These two businesses are examples of ________. Physical distribution firms 18. Mary Adams is helping her company develop a marketing program for a new product line. The program is designed to appeal most to less materialistic consumer groups who are likely to prize experience, not acquisition. The marketing program is most likely designed to appeal to which of the following demographic groups? Generation X 19. A(n) ________ is a segment of the population selected for marketing research to represent the population as a whole. Samples 20. Which of the following is an example of an open-ended question? How did your ancestors get their covered wagons across the rivers? 21. Which of the following statements is true regarding competitive marketing intelligence? Competitive marketing intelligence relies upon publicly available information. 22. Secondary data consist of ________. information that already exists somewhere, having been collected for another purpose 23. Which of the following is the final step of the marketing research process? interpreting and reporting the findings

24. With an expected increase in ethnic diversity within the American population, marketers are most likely to place a greater emphasis on ________. targeted advertising messages 25. A company sent a trained observer to watch and interact with consumers in their natural environments in order to gain deeper insights on consumer needs. This is an example of ________. ethnographic research 26. Which of the following is true about secondary data? It can be obtained more quickly and at a lower cost than primary data. 27. The research plan ________. outlines sources of existing data and spells out the specific research approaches 28. Which of the following is true with regard to the diversity segment of U.S. adults with disabilities? Most individuals with disabilities are active consumers 29. Which of the following is most likely an advantage of survey research? The flexibility of survey research is high; it can be used to obtain many different kinds of information in many different situations. 30. Which of the following is an advantage of using an internal database? Internal databases can be accessed more quickly and cheaply than other information sources. 31. The decision-making unit of a purchasing organization is called its ________. Buying center 32. Marketing stimuli include which of the following? Price stimuli 33. Which of the following is the final stage in the new product adoption process? Adoption 34. Harley-Davidson promotes its motorcycles with images of independence, freedom, and power. Harley-Davidson has created a ________. Brand personality 35. Consumers learn about new products for the first time and make the decision to buy those products during the _______. Adoption process 36. In which of the following would the buyer reorder a product without any modifications?

Straight rebuy 37. ________ refer to members of the buying organization who help define specifications and provide information for evaluating alternatives. Influencers 38. Business buyer behavior refers to the ________. Behavior of organizations that buy products and services 39. Many marketers use the self-concept premise that people's possessions contribute to and reflect their identities—that is, "we are what we consume." According to this premise, consumers ________. Buy products to support their self-images. 40. Which of the following statements is true of cultural factors that influence consumer behavior? Social classes show distinct product and brand preferences in areas such as clothing and travel. 41. Each culture contains smaller ________, or groups of people with shared value systems based on common life experiences and situations. subcultures 42. In the model of buyer behavior, which of the following is NOT a major type of force or event in the buyer's environment? channel 43. Service ________ means that services cannot be seen, tasted, felt, heard, or smelled before they are bought.(Service intangibility) 44. Tristan and Juliet, a newly married couple who intend to go to Egypt for their honeymoon, bought a Europe travel package on Jizo Inc., an online travel site. As they have never seen Europe or used the services of Jizo before, they were largely dependent on other customers' feedback and signals for service quality. Which of the following characteristics of service is highlighted in this instance? (Service intangibility) 45. A ________ refers to the way a product is defined by consumers on important attributes—the place the product occupies in consumers' minds relative to competing products. (Product position) 46. Which of the following is true about multivariable segmentation systems? (Multiple segmentation bases help identify smaller, better-defined target groups) 47. When an effective program can be designed for attracting and serving a particular segment, the segment is best described as ________. (actionable) 48. A ________ consists of a set of buyers who share common needs or characteristics that the company decides to serve. (target marketing) 49. ______ calls for dividing the market into regions, states, counties, cities, or even

neighborhoods. (Geographic) 50. _____ segmentation has long been used in clothing, cosmetics, toiletries, and magazines. (gender) 51. are the major marketing factors in the sale of most manufactured materials and parts.(price and service) 52. A segment is less attractive if it (it already contains strong and aggressive competitors or if it is easy for new entrants to come in, contains powerful suppliers) 53. Service ________ means that the quality of services depends on who provides them as well as when, where, and how they are provided. (Service variability) 54. ____consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. (positioning) 55. A company selling child-care products ran a television ad depicting women as being primarily responsible for childcare. Many women viewers considered this regressive, alleging that the ad failed to recognize the much more diversified role of women in today's world. This is an example of ________(.stereotyping) 56. Gilron Holidays runs a premium membership club that caters to customers whose annual salary exceeds $100,000. Members of this club are offered seasonal discounts on select luxury hotels in select cities worldwide. Gilron Holidays most likely follows a(n) ________ segmentation approach. (income) 57. The customers of Parry's Hair Salon have noticed that the quality of a haircut depends on who provides it as well as when, where, and how the service is provided. Which of the following characteristics of service is evident in this instance? (service variability) 58. Once the prototype of Wainwright Industries' new riding lawn mower, made especially for women, passes product tests, the next step is (test marketing) 59. In an effort to differentiate its offerings from its competitors, Pegasus Computers decided to add an extra USB port in all its laptops besides providing a free pair of Delphi power bass headphones with every Pegasus laptop. Although the additional features increased the price of the laptops by $500, Pegasus was confident that the strategy would help boost demand for its laptops substantially. This is an example of (value-added pricing) 60. What is included in the first part of a marketing strategy statement? (target market) 61. Which of the following is the most likely reason that employees regularly attend trade shows and seminars? (to generate new-product ideas) 62. Effective ________ pricing involves understanding how much value consumers place on the benefits they receive from the product and setting a price that captures that value. (customer-oriented)

63. Which of the following statements is true of the new product development process? (Marketing department decides on the product's packaging, branding, labeling, and so forth.) 64. Which of the following is an external source for ideas? (suppliers) 65. P&G introduced its Duncan Hines ready-to-spread frosting in a small geographic area. When General Mills became aware of the product, it rushed to market its own Betty Crocker ready-to-spread frosting, which eclipsed the Duncan Hines product introduction. General Foods was able to enter the ________ stage of the new product development process before P&G could. (commercialization) 66. Which of the following is true with regard to value-added pricing? (Companies practicing value-added pricing differentiate their offers by attaching value-added features to offerings that, in turn, justify higher prices.) 67. Why are customers often considered the most important sources of new product ideas? (The company can analyze customer questions and complaints to find new products that better solve consumer problems.) 68. Which of the following involves costs that most likely occur during the commercialization stage of new product development? (building or renting a manufacturing facility) 69. Price setting is usually determined by ________ in small companies. (top management) 70. Azure Air, an airline company, offers attractive prices to customers with tighter budgets. A no-frills airline, it charges for all other additional services, such as baggage handling and in-flight refreshments. Which of the following best describes Azure Air's pricing method? (good-value pricing) 71. Which of the following stages in the new product development would a firm engage in immediately after the completion of concept testing? (marketing strategy development) 72. Companies can legitimately charge a higher price if (Consumers perceive that the company's product offers greater value) 73. Which of the following is most likely true of marketing channel decisions? (They often involve long-term commitments to other firms.) 74. Which of the following companies uses product line pricing? (Mobile Point, which launched a range of cell phone models, each priced according to its features) 75. In a bid to attract more customers in a market that has several competitors, Barrymore's Bakery slashed the prices of all its prices of all its products by 50%. Managers at the firm reasoned that lower prices would draw in even more customer, making up for the reduction in price several times over. Which of the following pricing strategies are they using? (Market Penetration) 76. Trade-in allowances are most commonly used in the ________ industry. (automobile)

77. A ________ is a set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user. (marketing/ distribution channel) 78. Which of the following companies uses a direct marketing channel? (Holly Wreaths, a store that sells Christmas ornaments to customers via its online clickto-order catalogs) 79. A ________ is made up of the company, suppliers, distributors, and customers who partner to improve the performance of the entire system. (value delivery network) 80. Which of the following is true of market-penetration pricing? (It results in drawing in large numbers of buyers quickly, winning a large market share.) 81. Managers at the Imperial Hotel-Chicago complained that the chain's overall image was hurt because Imperial Hotel-Dallas was overcharging guests and providing poor service. The Imperial Hotel was experiencing ________ conflict. (Horizontal) 82. Which of the following is true of product line pricing? (The price steps take cost differences between products in the line into account.) 83. Which of the following is true of optional-product pricing? (It involves pricing accessory products sold with the main product) 84. Which of the following is true of conventional distribution channels? (It has each channel member acting as a separate business unit trying to maximize its own profits) 85. Which of the following statements is true of channel members? (Channel members provide contact efficiency.) 86. Which of the following terms refers to the wholesalers and retailers that form a vital link between the firm and its customers? (downstream partners) 87. _ involves using in-store promotions and advertising to extend brand equity to "the last mile" and encourage favorable point-of-purchase decisions. (shopper marketing) 88. Excel Enterprises uses a Web site, online social networks, and print advertisements to promote its products. Since Excel Enterprises practices integrated marketing communications, all these different brand contacts maintain ________ in design and tone. (consistency) 89. Integrated marketing communications require a company's mass-market advertisements, Web site, e-mail, and personal selling communications (the same message, look, and feel) 90. Today, ________ are flourishing due to the increased use of market segmentation and market targeting. (specialty stores) 91. Home Depot and PetSmart are examples of (category killers) 92. Any paid form of nonpersonal presentation and promotion of ideas, goods, or

services by an identified sponsor is called ________. (advertising) 93. A company's total marketing communications mix consists of a special blend of advertising, sales promotion, public relations, personal selling, and directmarketing tools that the company uses to communicate customer value and build customer relationships. Which of the following terms best describes this set of communications tools? (the promotion mix) 94. Which of the following promotional tools is the most effective in building up buyers' preferences, convictions, and actions? (personal selling) 95. Specialty stores carry ________ with ________ within the 96. (narrow product lines; deep assortments) 97. Personal communications about a product between target buyers and neighbors, friends, family members, associates, and other consumers, are known as (wordof-mouth influence) 98. Independent Grocers Alliance, Do-It Best, and Western Auto are examples of (voluntary chains) 99. The lighting in Jake's Steak Restaurant is dim. The chairs are covered in leather and each table is covered with a white linen cloth. The colors are limited to earth tones with an occasional splash of red. Patrons cannot hear any kitchen noises, only a pleasant melody that seems familiar but unrecognizable. The smells are extraordinarily varied. This is a description of the restaurant's ________. (atmosphere) 100. Which of the following best describes a similarity between Costco and Walmart? (both use everyday low pricing) 101. Which of the following is most likely true about shoppers who prefer to shop at "lifestyle centers"? (they prefer upscale stores) 102. Which of the following promotion categories is most likely to include the use of displays, discounts, coupons, and demonstrations? (sales promotion) 103. Which of the following helps companies in setting sales force size? (workload approach) 104. Which of the following types of advertising will most likely result in an advertising war? (comparative advertising) 105. Capitalizing on the customer's complaints about the previous detergents she has used, Sheila, a salesperson, explains to the customer why her company's detergent Swish is better and how it can be a one-stop solution for everyday washing. In which of the following steps of the selling process is Sheila? (presentation) 106. A(n) ________ is an individual who represents a company to customers by prospecting, communicating, selling, servicing, information gathering, and/or relationship building. (salesperson) 107. All of the following are disadvantages of team selling EXCEPT ________.

(Selling teams increase costs and are time consuming.) 108. After successfully overcoming a potential customer's objection to buying the vacuum cleaner he was selling, Terrence, a salesperson, asked the customer for an order. Terrence is in the ________ stage of the selling process. (closing) 109. Which of the following is an example of audiovisual material used by PR professionals? (news) 110. A hybrid sales rep ________(is a modern cross between a field sales rep and an inside rep) 111. At Price & Wallace Inc., a pharmaceuticals company, members of the sales force and marketing department tend to have disagreements when things go wrong with a customer. The marketers blame the salespeople for poorly executing their strategies, while the salespeople blame the marketers for being out of touch with customers. Which of the following steps should upper management at Price & Wallace take to help bring the sales and marketing functions closer together? (appoint a high-level marketing executive to oversee both marketing and sales) 112. Prospects can be qualified by looking at all of the following characteristics EXCEPT (occupational mobility) 113. Robin works in a manufacturing company in Ohio. She sells products and handles customer requests via the company's online live chat feature. In her company, Robin is most likely a part of the ________.(inside sale force) 114. Which of the following is most likely an objective of informative advertising? (suggest new uses for a product) 115. When Verizohn Wireless began offering the iPhone, it used its "Can you hear me now?" slogan to attack AT&T's rumored spotty service.(comparative advertising) 116. Encouraging customers to switch brands is most likely the objective of ________ advertising. (persuasive) 117. A university enrolled 200 graduate students in the Fall of 2011. However, the enrollment rate was only slightly affected following a ...