Marketing exam 1 quiz supplementation

Marketing is __________

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

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

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

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

With_________________, individuals find exchange partners to obtain the items that they need.

The evolution of marketing proceeds in which of the following orders:

Which of the following types of markets includes a middleman (that is, a merchant)?

Which of the following types of markets is least efficient?

Exchange brings ___________

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

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

__________ is/are the means of communication with the customer

Robert Louis Stevenson once said that “Everyone lives by _________ something.”

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.

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

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

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?

Which company is generally credited with originating the marketing concept?

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

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

Which of the following types of needs would likely be satisfied LAST if other types of needs were present?

Which of the following types of needs reside at the lowest level in the PSSP Hierarchy of Needs?

A ______ is the recognition of any difference between a consumer’s actual state and some ideal or desired state.

Which type of need would most food and beverage companies primarily attempt to satisfy?

Allstate Insurance has traditionally focused its advertising on which type of consumer need?

Marketers can create core needs.

Marketers are most effective at influencing consumer _______.

Which of the following companies recently identified a pain point faced by business travelers?

The consumption chain is the sequence of stages that comprise the customer’s __________ with a product or service.

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

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

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

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

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

“Pseudo Analytics” are marketing analytics that rely on proxy data from external sources.

Most companies are “flying blind” when it comes to marketing analytics.

The first step in the Marketing Analytics Process is to

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

The “right” marketing analytics metrics are typically related to:

Marketing’s objectives are ________ derived from the overall business objectives.

A business’s culture might function as a barrier when it encourages
employees to

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

There are two sources of marketing data, internal data and external data. Which of the following types of data come from an external source?

Marketing analytics data can be used both internally and externally.

Sales orders, inventory data, and shipment information are examples of sources of ___________.

Competitive intelligence uses external data for external uses.

______________________ uses internal data to get external people such as shareholders, the media or the government to support and protect the company and its views.

If a company has the technical ability to acquire and analyze data, it is always legal for it to do so.

Ethical decisions are the responsibility of ____________________.

_____________ 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.

According to Johnnie Hurns, Chief Operating Officer of Interworks, “Data without a question is pretty useless…it’s just ___________.”

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

Which of the following is an example of primary data?

Exploratory research is used to find final answers to research problems.

Exploratory research has several characteristics. Which of the following is not typically one of those characteristics?

Data mining is a quantitative form of exploratory research.

Most of the seven types of primary data are used to predict what type of data?

Building a survey is _____________ than most people think it is.

The past twenty years have witnessed an explosion in the use of ______________.

Developing a customer insight survey is a _________ process.

In a recall task, respondents are asked to retrieve the target object (e.g., a brand name) from memory.

For which of the following tasks is the respondent presented with a target object (e.g., a brand name) and asked whether or not s/he has seen the object?

The _________________________ uses a single item to group respondents into two categories, “detractors” and “promoters.”

Having a point of comparison for a rating scale score on a variable such as satisfaction is important for understanding the meaning of the score.

A _________________ norm compares scores on a measure for different entities at a single point or over time.

If the Target Corporation routinely assesses customer satisfaction at each of its stores, thereby allowing a store manager to track customer satisfaction at her store over time, the manager is utilizing a ___________________.

Although there are many things that managers must consider when evaluating the results of research projects, there are four primary areas of concern. Which of the following is not one of those areas of concern?

In customer insight research, it is appropriate to assume that if two variables are correlated with one another, one of the variables has caused the other variable to occur.

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

What is an example of a social need?

Which of these is not a physiological need?

Needs and desires are preexisting and unchangeable.

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

Marketing is crucial for triggering ____ cues within the consumer base.

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

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

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

Two crucial questions consumers must determine after deciding to purchase a product are:

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?

Where do consumer expectations come from?

What is the last stage of the Process of Consumption?

Most evaluation with services takes place:

How does the Process of Consumption for products differ from the Process of Consumption for services?

Services are riskier purchases than products.

Josh is getting his haircut in Stillwater for the first time. A haircut is defined as a ____, therefore he will rely most heavily on _______ when making his decision of where to go.

The consideration set for services is ________ when compared to the consideration set for products

Buyers are less loyal to services than they are to products of equal value.

The consumer experience is exactly the same for all consumers.

In Business-to-Business transactions, the main focus is on:

It is more likely that individual consumers will be willing to bargain than larger companies.

Goodyear is looking to sell tires to both Walmart and individual consumers. Goodyear’s marketing team is expecting to need a different strategy for each of these two groups. Which of these is not a reason for them to expect these differences?

How does business purchasing differ from consumer purchasing?

Why is transaction size so crucial for B2B transactions?

Anna has been promoted to Head of Advertising in her company’s marketing department. The company currently allocates the same amount of money for advertising to individual consumers and advertising to businesses. Should Anna change this advertising budget, and if so, how?

What is an example of relationship marketing?

B2B companies put ______ effort into trying to retain customers than B2C companies.

SOW is defined as

If a family purchases 2 season tickets for the Dallas Cowboys and 4 season tickets for the Oklahoma City Thunder, what is the SOW of season tickets for this family from OKC’s perspective?

What makes a word-of-mouth recommendation more valuable to potential consumers?

From a marketing perspective, how does a business succeed in the long run?

A business can attempt to increase its SOW for individual consumers by

Market segmentation is defined as ______.

What is the goal of market segmentation?

What is mass marketing?

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

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

Which of these is not a demographic criterion used to separate market segments?

Separating market segments based on demographics is entirely subjective

Mariah has a new job at a rock climbing supply store. Her store has a range of equipment to fit everyone from recreational climbers to elite professionals. What specific market segmentation strategy might Mariah be most interested in using?
Lifestyle (Activity)
Lifestyle (Opinions)
Demographics (Age)
Demographics (Location)

As an Aspen barista, James is convinced that 25% of his regular customers account for nearly 60% of the store’s weekly orders. He wants to speak with his manager about a rewards program as a way to continue marketing specifically to these customers. James’ hunch and subsequent plan are best defined as ______

A local mall only advertises during the months of November-January, but advertises aggressively for that entire span of time. What best describes this marketing strategy?

What is the point of Target Marketing?

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

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

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 beyond the campus. What feature does their current target market lack?

Which of these is not a Target Market Strategy?

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

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

Product-Market Fit is only profitable in large markets

Is using a Buyer Persona more helpful than using basic demographics, and if so, why?

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

Positioning is defined as _____

The real power in positioning lies with the __________. Why?

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?

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?

The Pioneering advantage is always easily overcome by later competitors

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?

Lehcar Diamond Jewelers, a French company, recently entered the U.S. market by pointing out several favorable characteristics of Tiffany & Co., an industry leader, and noting how it also possessed those characteristics. Which of the following positioning strategies is Lehcar Diamond Jewelers attempting to pursue?

What is a benefit of alignment marketing strategies?

When an industry as a whole has a negative reputation, what strategy might a firm use to work this to their advantage?

A recent example of the anti-alignment positioning strategy was carried out by ____________.

What is a niche market?

Blue Spruce in downtown Stillwater provides craft coffee and a range of higher-end brewing methods. The majority of Stillwater residents are content with standard drip coffee from either their home or one of the other coffee sellers in town. What kind of market does Blue Spruce cater to, compared to these other sellers?

Why do many firms that “come in second” resort to the Divide and Conquer strategy when entering the market after a pioneer?

Rachel’s younger sister is beginning to look at universities she might like to attend. Rachel is extremely interested in having her sister attend Oklahoma State University, but her sister is expressing interest in attending a different Big 12 school. If Rachel begins to mention negative attributes of that other school –things that her sister didn’t previously know –what positioning strategy is Rachel using?

Marginal products can still reach excellent market position with good advertising

Advertisements that use competitive repositioning can include information about product ingredients, product origin, and firm authenticity (or lack thereof).

Which of these is not a reason why a company should try to reposition its product?

What is marketing myopia?

Anna is a recent graduate, unhappy with her current job. She is looking to re-apply to some companies that she tried to work for previously, and understands that she will need to dress and act much more professionally this time around if she wants them to hire her. If Anna begins to focus on her personal organization, email etiquette, and writing style while applying to jobs, she is essentially _______

The example of BeneFIT scrubs is an example of

What is the definition of the Product/Service Bundle?

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

The lightweight design of an iPad is an example of:

Consumers buy ________, not _________.

Add-on Attributes can become Expected Attributes over time.

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 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?

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?

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

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

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

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

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.

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

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

What is the difference between CPGs and FMCGs?

What is derived demand?

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?

Starbucks 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?

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

When does the Introduction stage for a product start?

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

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

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?

Amazon, a popular online shopping website, is currently in the beginning stages of expanding its business into the more rural parts of India. Executives are hoping that this will allow Amazon to continue growing and retain its dominance in the industry. What is this expansion an example of?

When do most companies look to extend the life of their product’s life cycle?

Profits are both high and unchanging in the maturity stage of the product life cycle

The greatest amount of competition exists while in the maturity stage.

Which of these is the best example of Product Innovation?

The comparison between the iPhone 7 and the iPhone 6 is best described as an example of _____, and the comparison between the first iPhone and its predecessors is best described as ______.

What is a danger of introducing a Discontinuous Innovation?

A Protocol statement should identify all of the following except:

Which of these is not part of the New Product Development Process?

Pioneers in product development are always the most successful

What is the goal of Idea Generation?
To generate as many ideas as possible
To solidify one “best fit” idea
To make a short list of feasible products
To take all ideas directly to production

Who is in charge of idea generation?

Idea Generation is primarily concerned with what?