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Marketing refers to
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Muzuno desgns and sells high quality baseball gloves. who does not benefit from the firms marketing activities for its gloves
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Markting Exam 1
| Question | Answer |
|---|---|
| Marketing refers to | the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for custormers, clients partners, and society at large |
| Muzuno desgns and sells high quality baseball gloves. who does not benefit from the firms marketing activities for its gloves | Actually, all stakeholders shouold be benefit from Muzuno's marketing efforts, even society at large |
| In marketing, the idea of exchange refers to | the trade of things of value between buyer and seller so that each is better off after the trade |
| The American Red Cross creates advertisements to encourage people to donate blood, Amanda decided to doneate a pint of blood, After she did, Amanda felt happy that she had performed a good deedk Did an exchange occur in a markeitng sense | Yes, because the donated blood was exchangedfor a feeling of satisfaction |
| Which of the following statements about marketing activities is most accurate | the marketing department both shapes and is shaped by its relationship with internal and external groups |
| which of the following statements about marketing departments is most accurate | the marketing department must work closely with other departments and employees to help provide the customer-satisfying products required for the organization to survive and prosper |
| All of the following are the factors required for marketing to occur | parites to communicate, desire & ability to satisfied, something to exhange btwn 2 or more parties, 2 or more parties with unsatisfied needs |
| The Arizona Biltmore in Phoenix is a resort hotetl, The hotel wants to promoximity to the shopping center as well as its many other amenities to convention-goers from other states. Which of the following marketing actions would most likely help AZ Bilt | place an ad in the in-flight magazines of all the major airlines targeting business/first-class fliers |
| Conducting marketing research is an excellent way to address the first objective in marketing which is to discover consumers | needs, to create prodcuts that could satisfy them |
| pepsi true is new cola from pepsi-cola is sweetened with a combination of sugar and stevia leaf extract, resulting in a soft drink with the same flavor of pepsi but only 60 calories. Ap potential showstopper for this porduct is likely to be | mid-calorie softdrink such as pepsi next (2012) have not been successful in the past |
| which of hte following statements best distingquishes between consumer needs and wants | needs occur when a peson feels deprived of basic necessities such as food, clothing, and shelter while wants are determined by a persons knowledge, culture, or personality |
| in a marketing context a market refers to | people with both the desire and ability to buy a specific offering |
| the best description of the market for cosmetic dentistry, where costs can be as much as $15000 for teeth straightening and whitening is | anyone who has the time, the money, and the desire to undergo the procedures |
| A target market refers to | one or more specific groups of potential consumres toward which an oranization directs its marketing program |
| the marketing mix referes | The marketing managers controllable factors--Product, Price, Promotion, & Place-- that can be used to solve a marketing porblem |
| Jakubowski farms Gourmet bread name for a mix designed for use i bread making machines. The mixes are sold in 2-pound canisters for $14 plus shippin. People learn about the product through word-of-mouth & bread machine demonstrations the co. founder | Marketing mix |
| Michelin's __ can be summed up as "poviding safety-conscious parents greater security in tires at premium price" | Customer Value Proposition |
| Environmental forces refer to | the marketing manager's uncontrollable forces in a marketing decision involving social, economic, tech, comopetitive, and regulatory forces |
| which of the following statements about environmental foreces is most accurate | some environemental forces can actually enhance a firms marketing opportunities |
| customer value refers to | a unique comibnation of benefits received by targeted buyers that includes quality, convenience, on-time delievery, and BOTH BEFORE-SALE and AFTER-SALE servies at a specific price |
| Tessitura is trying to change that by tracking every patron transaction, including ticket purchases, fund-rasing, volunteering, &giftshops. the info helps theaters develop customer profiles to tailor sales messages to specific individuals. Tess will a | realationship marketing |
| The marketing concept refers to | the idea tha an organization shoud 1) strive tosatisfy the needs of consumers 20 while also trying to achieve the organizations goals |
| A live theater performance cannot be touched like a physical object, but is still considered a product, To a marketer, this is an example of | a service |
| which of the following is the best example of an organizational buyer | a store owner buying hand-woven tablecloths to sell in her store |
| effective marketing benefits society because it | enhances competition, which improves the quality of products and services and lowers prices |
| in marketing , an organization refers to | a legal entity that consists of people who share a common mission |
| today's oranizations can be divided inot three groups, which are ___ organizations | for-profit, nonprofit, and gov't |
| A nonprofit organization is | a nongov't organization that serves its customers buy does not have profit as an organizational goal |
| an industry refers to | organizations that develop similar offerings |
| Strategy refers to | an oranizations long-term COURS OF ACTION designed to deliever a unique customer experince while achieveing its goals |
| ABCD refers to | board of directors, corporate lvl, strategic buisness unt lvl, functional lvl |
| a strategic business unit (SBU) refers to | a subsidiare,division, or unit of an organiazaiont that markets a set of related offerings to a clearly defined group of customers |
| at the functional lvl , the marketing department | looks outward, in part by listening to customers |
| cross-functional teams refere to | a small number of people from different departments in an organization who are mutually accountable to accomplish a task or a common set of performance goals |
| core values refer to | the fundamental, passionate, and enduring principles tha guide an organizations conduct over time |
| by understanding its core values an organization can take steps to defin its __ a statement of organaizations funtion in society tha often identifies its customers, markets, products, and tech | mission |
| recently, many organizations have added __ to their mission statements | a social element to reflect an ideal tha is morally right and worthwhile |
| Organiazational culture refers to | a set of alues, ideas, attitudes, and norm of behavior that is learned and shared among the members of an organiaztion |
| a business model | consists of the strateies an organization develops to provide value to the customers it serves |
| market share refers to | the ratio of SALES ReVENUE of the firm to the total sales revenue of all firms in the industry, INCLUDING the firm inself |
| A marketing plan refers to | a road map for the marketing activities of an organization for a specified furture time period, such as one year or five years |
| According to figure, the image shown is an example of a(n) | Marketing dashboard |
| the single measure that is shown in firgure in as part of a larger marketing dashboard is referred to as | a marketing metric |
| according to firgure which of the following SBUs 13-monh sales trend has declined over the past few months | software |
| an organizations special capabilities, including skills, tech, and resources that distinguish it from other organizations and provide customer value, are referred to as | competencies |
| two commonly used techniques to aid mangers with important decisions for setting a direction and allocating resources include __ and __ analysis strategies | a buisness portfolio; diversification |
| the purpose of business portofolio analysis is to | determine which strategic business uit or offering generates cash and which one requires cash to fund the organizations growth opportunities |
| an approach whereby an organization allocates its marketing mix resources through planning | the strategic marketing process |
| what are the three steps involved in the planning phase of the strategic marketing process | step 1: situation (SWOT) analysis 2) market-product focus and goal setting 3) marketing program |
| an effective summary tool for an organizations situation analysis is referred to as | SWOt analysis |
| Marketing research refers to | the process of defining a marketing problem and opportunity, systematically collecting and analyzing info, and recommending actions |
| in marketing research, __ involves generalizing the reults from the sample to much larger groups of distributors, customers, or prospects to help decide on marketing actions | statistical inference |
| the facts and figures related to a research problem are referred to as | data |
| Facts and gigures that have already been recorded before the project at hand are referred to as | secondary data |
| facts and figures that are newly collected for a project at hand are referred to as | primary data |
| Published data from outside the organization are referred to as __ data | external secondary |
| facts and figures obtained by watching, either mechanically or in person how people actually behave are referred to as __ data | observational |
| People posing as customers who are paid to check on the quality of a companys poducts and services and write a detailed report on the experience are referred to as | mystery shoppers |
| the field of marketing that studies the brain and its response to marketing stimuli is referred to as | neuromarketing |
| a special kind of individual interview in which researchers ask lengthy, free-flowing kinds of questions to probe for underlyin ideas and feelins is called a | depth interview |
| a marketing research approach that uses a discussion learder to interview 6-10 past, present, or prospective customers simultaneously is referred to as | a focus group |
| the practice of identifying "emerging shifts in social behavior" which are driven by changes in pop culture that can lead to new produts, is called __ hunting | trend |
| an __ questoin allows respondents to express opinions, ideas, or behaviors in their own words without being forced to choos among alternatives that have been predeterminded by a marketing researcher | open-ended |
| a fixed alternativequestions requires respondents to select one or more response otions from the set of predetermined choices. another name for this kind of question is | a closed-ended question |
| Liert and semantic differential are two forms of fixed alternative questions that have three or more choices and use | a scale |
| carma labs inc the maker of carmex lip balm, used __ to conduct marketing research to understand the nature of online conversations about lip balm | social media |
| A __ is a sample of consumers or store s from which researchers take a series of measurements | panel |
| data obtained by manipulationg factors under tightly controlled conditions to test cause and effect is an example of | an experiment |
| in marketing experiments the independent variables of in interest sometimes called the marketing __ are ofetn one or more of the marketing mix elements | drivers |
| offering a product for sell in a small geographic area to help evaluate potential market actions is called | test market |
| __ is a vague term generally used to descirbe large amounts of data collected from a variety of sources and analyzed with an icreasingly sophisticated set of tech | Big data |
| the presentation of the reults of data analysis is becoing a new field of marketing research known as | data visualization |
| data fro internal and extertanl sources are stored, organized, and managed in databases | data warehouse |
| the extraction of hidden predictive information from large databases o find statistical links between consumer purchasing patterns and marketing actions is referred to as | data mining |
| trend extrapolation involves | extending a pattern observed in past data into the future |
| market segmentation involves aggregating prospective buyers into groups that __ will respond similarly to a marketing action | have common needs |
| Dollar shave club overs high-quality blades,avaliable by mail for a few dollars a month, advertising promotes the time- and money -saving aspects of its product as an example of | product differentiation |
| a business firm uses market segmentation to respond more effectively to the want of groups of potential buyers in order to | in crease sales and profits |
| which of the following is an example of a sigle product with multiple market segments | johnsons baby oil is advertised as a skin softner for babies and as a makeup remover for women |
| which of the following statements is most accurate about build-to-order (BTO) manufacturing | BTO is similar is mas ccustomization except that BTO allows for fewer otions |
| walmart has been opening wlamart neighborhood market stores that are one-fith the size of its supercenters and intended to compete with stores like dollar general. one risk to this effort is | canniablization |
| there are 5 steops involved in segmenting and targeting a market. what should a marketer do once he or she has group potential buyers and products to be sold | develop a market-product grid and estimate size of markets |
| potential buyers within a market segment should be | similar in terms of the product features sought |
| which of the following is a variable that could be used for demographic segmentation of consumer markets | gender |
| people who live active outdoor lives are part of the target market for REI this suggest that REI would most likely segment the market based on which consumer segmentation basis | psychographic |
| thogh the percentages are not always the same a general rule in business says that the large majority of a firms revenues come from what percent of its customers | 20% |
| which two of the following demographic segmentation variables would firms use to segment organizational markets | NAICS |
| Kitchen world has put its offerings in store locations based upon the cooking activity -- the way consumers prepare and present various meals, everything forbaking is in one spot while food preparation utensils are in another and table setting are in anot | product groupings |
| an important part of creating a market-product grid is to | estimate the size of the markets |
| which of the folowing is a criterion used to select a target market segment | costs of reaching the segment |
| running horizontally across a market-product grid, each row represents an opportunity for effeciency in terms of | a market segment |
| positioning a product or brand effectively involves taking four steps of one of which includes | identifying the important attribute for the product |
| two major types of product positioning are | head-to-head differntiation |
| when mcdonalds introduced its low-fat mclean deluxe hamburger, it used __ to avoid direct competition with wendys and burger king | differentiation positioning |
| a meas of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to see how consumers perceive competing products or brands, as well as its own product or brand is referred to as | perceptual map |
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msbarjam