MKT 320F

18 June 2024
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Which marketing management philosophy focuses on the question, "What do customers want and need?"
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Market
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A company that wants to implement a market orientation would need to:
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-do research on its customers, competitors, and markets. -establish and maintain mutually satisfying relationships with customers. -determine how to deliver superior customer value. -implement actions that provide value to customers.
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_____ is defined as the relationship between benefits and the sacrifice necessary to obtain those benefits.
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Customer value
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_____ is a strategy that focuses on keeping and improving relationships with current customers. Correct!
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Relationship marketing
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Relationship marketing
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is a strategy that focuses on keeping and improving relationships with current customers. It assumes that many consumers and business customers prefer to have an ongoing relationship with one organization rather than switch continually among providers in their search for value. Most successful relationship marketing strategies depend on customer-oriented personnel, effective training programs, employees with the authority to make decisions and solve problems, and teamwork.
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customer value.
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The relationship between benefits and the sacrifice necessary to obtain those benefits
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production orientation
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a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace
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sales orientation
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the belief that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits
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market orientation
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a philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase a product; it is synonymous with the marketing concept
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Marketing Concept
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The marketing concept includes the following: ? Focusing on customer wants and needs so that the organization can distinguish its product(s) from competitors' offerings ? Integrating all the organization's activities, including production, to satisfy customer wants ? Achieving long-term goals for the organization by satisfying customer wants and needs legally and responsibly
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A business is concerned with many day-to-day activities. Some of the most important of these activities are the planning and development of a product, its ability to communicate value, its pricing policy, and the distribution strategy. These activities are all a part of:
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marketing
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Earl is starting a new bank. Before the opening day, Earl had a meeting with all employees. He discussed their mission, defined objectives for the bank for the coming years, and shared who their target market is. He talked about their product offerings and where their future branches would be located. Earl is sharing the bank's:
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marketing plan
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A firm that wants to develop a deeper understanding of its customers may optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups. This is _____:
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Customer Relationship Management (CRM)
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Customer Relationship Management
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is a company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups.
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The Ansoff Matrix
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This strategic opportunity matrix matches products with markets and has four sections: market penetration, market development, product development, and diversification.
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Business Portfolio Analysis
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The Boston Consulting Group's Matrix is often used by managers to predict future cash contributions for strategic business units (SBUs).
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Competitive Advantages
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Several strategies to achieve a competitive advantage in a crowded marketplace are cost leadership (no frills), differentiation (uniquely desirable products and services), and focus (specialized service in niche market) developed by Michael Porter.
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A _____ is a study conducted by an organization to identify its internal strengths and weaknesses and also examine external opportunities and threats.
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situation analysis
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Coca-Cola vending machines are found all over the world. The newest machines have an interactive screen that runs advertisements and allows users to obtain free photos of themselves and ringtones after they have bought a drink. Critics of these new vending machines are concerned that entertaining technology is being used to market sugary products. In terms of a SWOT analysis, this concern would be an example of a(n):
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threat
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Walmart realizes a _____ using its relationships with suppliers to give customers low prices and good customer service.
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cost competitive advantage
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Arizona Tea is marketed by Vultaggio & Sons. Vultaggio & Sons took a basic drink and put it into unusual bottles with elaborate designs. The wide-mouthed, long-necked bottles are now considered to be trendsetters in the new age beverage industry, and customers often buy the tea just for the bottle. The success of Arizona Tea is based on:
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a product differentiation competitive advantage.
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Ansoff Matrix
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market penetration a marketing strategy that tries to increase market share among existing customers market development a marketing strategy that entails attracting new customers to existing products product development a marketing strategy that entails the creation of new products for present markets diversification a strategy of increasing sales by introducing new products into new marke
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cost competitive advantage
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means being the low-cost competitor in an industry while maintaining satisfactory profit margins.
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product/service differentiation competitive advantage
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exists when a firm provides something unique and valuable to buyers beyond simply offering a lower price
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Enviormental Forces
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Social/Cultural/Demographic Technological Environmental (i.e., natural environment) Economic Political/Regulatory
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Marketers can control the external environment in which their organizations operate.
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False
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Marketers need a thorough understanding of the laws established by the federal government, state governments, and regulatory agencies. Correct!
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True
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Which of the following statements best describes the typical target market?
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Target markets change over time as consumers drop in or out of the market, and as tastes change.
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The external environment:
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must be continually monitored by marketing managers.
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consumer behavior
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the processes a consumer uses to make purchase decisions, as well as how they use and dispose of purchased goods or services. The purchase decision process can be broken down into the following categories: need recognition, information search, evaluation of alternatives, purchase, and post-purchase behavior.
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Americans' core value of upward mobility (i.e., success will come to anyone who works hard) has greatly influenced the way luxury goods are marketed. This phenomenon is an example of a(n) _____ factor.
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social
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The steps of the consumer decision-making process, in order, are:
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need recognition, information search, evaluation of alternatives, purchase, postpurchase behavior
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All of the following factors directly influence consumers' level of involvement in the purchase process EXCEPT:
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consumer's age
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Company X sells their products exclusively to companies in the Y market. In estimating demand from their business customers, Company X must understand that this demand is actually _____________, which means that the demand for industrial products and services is driven by demand for consumer products and services. Correct!
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derived demand
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Derived Demand
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because organizations buy products to be used in producing their customers' products.
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Inelastic Demand
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means that an increase or decrease in the price of the product will not significantly affect demand for the product.
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joint demand
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occurs when two or more items are used together in a final product.
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Segmentation
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begins with identifying all potential buyers for a product ------------------ 1Select a market or product category for study 2Choose a basis or bases for segmenting the market 3Select segmentation descriptors 4Profile and analyze the segments 5Select target markets* 6Design, implement, and maintain appropriate marketing mixes
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why marketers segment their target
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Accessibility Sustainability Identifiability and Measurability Responsiveness
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What are the twin pillars of marketing?
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segmentation, differentiation
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Why is targeting a specific group of customers usually more successful than trying to appeal to everyone?
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It will satisfy the segment's specific needs -Trying to appeal to everyone may mean that the product is not very interesting to anyone (i.e. it doesn't satisfy any particular segment's specific needs).
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A nationwide restaurant chain that varies its menu based on its location is an example of what kind of segmentation:
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Geographic
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Clear Channel owns hundreds of radio stations across the U.S. How do they decide what kind of music to play on a particular station?
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demographic
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Procter & Gamble markets six different brands of laundry detergent, each targeting a different market segment. This is an example of concentrated targeting.
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False (it's multi-segment marketing)
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Deciding who to target is the first step in market segmentation.
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False
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"One-size-fits-all" marketing is largely out of date.
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TRue
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concentrated targeting
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selecting one segmented target to target market
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undifferentiated targeting
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a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing
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multisegment targeting strategy
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a strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each
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cannibalization
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a situation that occurs when sales of a new product cut into sales of a firm's existing products
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majority fallacy
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aiming at the largest segment in the target - it's so crowded so the competitor intensity is very high
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product line
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they represent a group of closely related product items.
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product mix
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These categories represent all of the product lines they sell to a set of customers
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There are a number of detergents marketed under the Tide brand, including detergents with and without fabric softener, with and without bleach, with various pleasing smells, and fragrance-free formulations. These detergents are an example of Tide's:
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product line -Because these are closely related product items, the large variety of detergents marketed under the Tide brand is an example of a product line.
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Tortilla chips are most likely _____ products, since they are purchased with little shopping effort.
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convenience -Convenience products typically are purchased regularly, usually with little planning, and require wide distribution.
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shopping product
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a product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores
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specialty product
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a particular item for which consumers search extensively and are very reluctant to accept substitutes
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unsought product
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a product unknown to the potential buyer or a known product that the buyer does not actively seek
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Nestlรฉ's quest is to make some of its existing products more nutritious and provide a health benefit. This is an example of which type of product modification?
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Functional- modifications involve changes in a product's versatility, effectiveness, convenience, or safety. Nestlรฉ is attempting to make its existing products more versatile and effective.
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A regional utility company needs to change consumers' perceptions of its current service as being harmful to the environment. Which of the following strategies would best allow the company to accomplish this goal?
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Repositioning is a firm's attempt to change customer perceptions of a product.
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Quality modification
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: a change in a product's dependability or durability.
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style modification
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an aesthetic (how the product looks) product change rather than a quality or func- tional change.
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New-product Strategy
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Links the new-product development process with the objectives of the marketing department, business unit, and corporation.
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Idea generation
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New product ideas come from many sources including customers, employees, distributors, competitors, research and development (R), consultants, and other experts.
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Idea Screening
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Eliminates ideas that are inconsistent with the organization's new-product strategy or are inappropriate for some other reason.
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business analysis
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Preliminary figures for demand, cost, sales, and profitability are calculated for the new-product ideas that survive the initial screening.
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development
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R&D or engineering department may develop a prototype of the product (3D printing is becoming a more common tool in prototyping) and the firm starts sketching out a marketing strategy.
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TEst Marketing
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Limited introduction of a product and a marketing program to determine reactions of potential customers in the market.
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Commercialization
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Decision to market a product during the final stage of the new-product development process.
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In the adopter categories, the final 16 percent to adopt are similar to innovators in that they do not rely on the norms of the group but are independent because they are bound to tradition. They tend to have the lowest socioeconomic status, are suspicious of new products, and are alienated from a rapidly advancing society. They are called:
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lagards
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Product Life Cycle PLC
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a concept that provides a way to trace the stages of a product's acceptance, from its introduction (birth) to its decline (death)
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Adopter curve
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diffusion process of which the adoption of innnovation spreads
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All of the following are product characteristics influencing the rate of adoption EXCEPT:
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distribution
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Which of the following is not one of the stages of the product lifecycle?
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new product strategy stage
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Profits typically reach their peak during the growth stage of the product life cycle.
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true
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Services tend to exhibit more search qualities than do tangible goods.
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False - A search quality is a characteristic that can be easily assessed before purchase, and tangible goods tend to exhibit more search qualities than do intangible goods. Services exhibit more experience and credence qualities.
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Which of the following is NOT one of the four unique elements to services?
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Inherency Correct: Heterogeneity, Intangibility, Perishability, & inseparability
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Which of the following services would be most likely to exhibit strong credence qualities?
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Tax return Preperation A credence quality is a characteristic that cannot easily be assessed even after purchase and experience.
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supply chain
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the connected chain of all of the business entities, both internal and external to the company, that perform or support the logistics function
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supply chain management
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a management system that coordinates and integrates all of the activities performed by supply chain members into a seamless process, from the source to the point of consumption, resulting in enhanced customer and economic value
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All of the following are benefits of supply (value) chain management EXCEPT: Correct!
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decrease cash flow DOES DO: reduces supply chain costs. key means of differentiation for a firm. increases flexibility of supply chain activities. improves customer service.
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All of the following are logistics components of the supply chain EXCEPT:
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trade promotions DOES: inventory control. production scheduling. warehousing and materials-handling. order processing
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supply chain integration
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when multiple firms or business functions in a supply chain coordinate their activities and processes so that they are seamlessly linked to one another in an effort to satisfy the customer
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demand-supply integration (DSI)
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a supply chain operational philosophy focused on integrating the supply-management and demand-generating functions of an organization
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business processes bundles of interconnected activities that stretch across firms in the supply chain
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1Customer relationship management 2. Customer service management 3. Demand management 4. Order fulfillment 5. Manufacturing flow management 6. Supplier relationship management 7. Product development and commercialization 8. Returns management
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Horizontal channel conflict occurs most often when manufacturers practice:
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dual or multiple distribution.
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______ within the marketing channel can provide efficiencies and economies of scale as channel members take on tasks that best utilize their expertise or strategic relationships.
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Specialization or Division of labor
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The three basic functions channel intermediaries perform are:
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transactional, logistical, and facilitating.
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One configuration of a marketing channel entails producers selling to consumers without any intermediaries in the channel. This is called a(n):
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direct channel
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affects rate of adoption
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? Complexity: the degree of difficulty involved in un- derstanding and using a new product. The more com- plex the product, the slower is its diffusion. ? Compatibility: the degree to which the new product is consistent with existing values and product knowl- edge, past experiences, and current needs. Incompat- ible products diffuse more slowly than compatible products. ? Relative advantage: the degree to which a product is perceived as superior to existing substitutes. Be- cause it can store and play back thousands of songs, the iPod and its many variants have a clear relative advantage over the portable CD player. ? Observability: the degree to which the benefits or other results of using the product can be observed by others and communicated to target customers. For instance, fashion items and automobiles are highly visible and more observable than personal-care items. ? "Trialability": the degree to which a product can be tried on a limited basis. It is much easier to try a new toothpaste or breakfast cereal, for example, than a new personal computer.