MARKETING FINAL- JIM SCOTT PROVIDENCE COLLEGE

When backed by buying power wants become
demands
A _________ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want
Market Offering
What term refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs
market Myopia
_____ is the act of obtaining a desired object from someone by offering something in return
Exchange
Consumer research, product development, communication, distribution, pricing, and service are all core _____ activities
marketing
Selecting which segments of a population to serve is called
target marketing
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
Which of the following refers to a set of benefits that a company promises to deliver to customers to satisfy their needs?
Value Proposition
Which of the following customer questions is answered by a company’s value proposition?
“Why should i Buy your brand rather than a competitors”
The collection of businesses and products that make up a company is called its
business portfolio
The key businesses of kimberly and Price consist of a division that produces and sells breakfast cereals and another that manufactures gardening tools. Each of these businesses is called a
Strategic Business unit (SBU)
_____ are low growth, high share business/products that need less investment to hold their market share.
Cash Cows
______ are low share business units in high growth markets that require a lot of cash to hold their share
Question Marks
A company can _____ an SBU by selling it or phasing it out and using the resources elsewhere
Divest
Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. This exemplifies ________
Market Penetration
The managers of Arrow, an american retail chain are currently reviewing new demographic markets to sell the firms current products. This is an example of _____
Market Development
Amor, a successful brand of womens clothing recently introduced a line of fitness equipment. This is an example of ____.
Diversification
Dan has been directed to study the forces close to a company that affect its ability to serve its customers, such s the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. In this instance, Dan has been directed to study the _______ of the company.
Microenvironment
Sam has been directed to study the demographic, economic, political, and cultural forces that affect an organization. In this instance, sam has been directed to study the ____ of the organization.
Macroenvironment
Sparex Inc. is a manufacturer of metal bolts that are used by Boilex Inc. to manufacture heavy machineries. In this instance, spare acts as a _____.
Supplier
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
Among the generational groups in the US population, the ____ are still the wealthiest generation in US history.
Baby Boomers
Which of the following is true of Gen Xers?
They were the first to grow up in the Internet Era
Which of the following generational groups is most comfortable with digital technology and embraces technology?
Millennials
Which of the following is a trend that depicts the increasingly nontraditional nature of todays american families?
the low percentage of married couples with children
which of the following has lost population?
The Northeast states
In the US, job growth currently is the weakest for ____
Manufacturing Workers
Which of the following is an accurate statement about the diversity of the American population?
By 2050 hispanics are estimated to be 30 percent of the population
Marketing Stimuli consist of the four P’s. Which of the following in NOT one of these?
Packaging
Which consumer group tends to show more brand loyalty and make shopping a family event, with children having a big say in the purchase decision?
Hispanic Americans
Hispanic Americans tend to be deeply family oriented and make shopping a family affair. Older consumers are brand loyal while younger hispanics have shown increasing price sensitivity and willingness to choose store brands. Hispanic americans make up a ________.
subculture
_______ consumers are the most affluent US demographic segment and are expected
Asian American
______ are society’s relatively permanent and ordered divisions whose members share similar values, interests, and behaviors.
Social Classes
_____ are groups to which an individual wishes to belong, as when a young basketball players hopes to play someday for the los angeles lakers
Aspirational groups
A shoe manufacturing company uses ads featuring the members of a country music band with the hope that the band’s fans will see them wearing the comapnys shoes and hence purchase the same brand shoes. The shoe company believes that the band portrays the image of a ____ to the bands fans.
reference group
______ are people within a reference group who, because of special skills, knowledge, personality, or other characteristics, exert influence on others.
Opinion Leaders
Which of the following is characteristic of online social networks?
User- Controlled content
What is the most important consumer buying organization in society?
family
Generation Z is sometimes called
the igeneration
packaged facts, a food and beverage market research firm, found 67% of consumers prefer:
fewer and simpler ingredients
to determine whether a food contains GMO ingredients in the near future, consumers will need to be able to:
read a Smart Label QR code
One product bucking the downward trend in diet carbonated beverages is:
Sparkling ICE
Business Buyer behavior refers to the ______
Buying behavior of the organization that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others
Which of the following is NOT part of the business market?
Sue shops for her family’s groceries at the local Whole Foods store
The business marketer normally deals with _____ than the consumer marketer does.
far fewer but far larger buyers
A university enrolled 200 graduate students in the Fall of 2011. however the enrollment rate was only slightly affected following a 12-percent hike in tuition the following fall. This illustrates _____ demand.
inelastic
Demand for outboard motors depend on consumers purchasing fishing boats. this is an example of _____ demand.
derived
Which of the following is true about business purchases?
Business purchases involve more professional purchasing effort than consumer purchases .
the owners of a manufacturing firm in ohio have developed a core network of suppliers to ensure an uninterrupted supply of products. This is an example of ________
supplier development
Sigma inc., a software firm based in california, recorded 50 printers from the designated provider without any modifications. This is an example of ______
a straight rebuy
In a ______ situation, the buyer wants to revise product specifications, prices, terms, or suppliers.
Modified rebuy
_______ refers to buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation.
systems selling
The decision making unit of a purchasing organization is called its ______
buying center
A ______ controls the flow of information of information to others in the buying center
gatekeeper
Pho Nyguen, a manufacturing mechanic, determines that the molds for manufacturing plastic jar lids are wearing out sooner than expected. Pho contacts her manager to request that the parts be reordered. In this instance, Phoi played the role of a ________.
user
_______ involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.
Market Segmentation
When marketers at Fair and Leigh Inc. selected the millennial, a demographic group that includes many college students, as an untapped group of potential customers for their new line of products, they were engaging in _______.
Market Targeting
_____ consists if arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Positioning
“Many companies today are localizing their products advertising, promotion, and sales efforts to fit the needs of individual regions, cities, and neighborhoods.” This is an example of _______.
Geographic Segmentation
Delta Motorworks markets its cars based on the age, gender, and income of its customers. Which of the following types of market segmentation is evident here?
demographic segmentation
_______ segmentation has been used in clothing, cosmetics, toiletries, and magazines.
Gender, Benefit
marketers who use _____ often segment their markets by consumer lifestyles and base their marketing strategies on lifestyle appeals.
psychographic segmentation
a recent study conducted by estelle cosmetics company showed that heavy users of estelle’s products comprise a small percentage of the market. the study indicated that less than 7 percent of all shoppers buy nearly 71 percent of estelle’s products in the US. This is an example of
segmentation by usage rate
Which of the following i true about multivariable segmentation systems?
multiple segmentation bases help identify smaller, better-defined target groups.
Marketers often segment international markets according to the type and stability of government. In such instances, they segment markets based on ______.
Political factors
When the size, purchasing power,a dn profile of a market segment can be calculated, the market is _________.
Measurable
______ segments are conceptually distinguishable and respond differently to different marketing mix elements and programs
differentiable
Market segments that can be effectively reached and served are ______
accessible
______ refers to a market coverage strategy in which a firm decides to ignore market segment difference and go after the whole market with one offer
undifferentiated
A market-converge strategy in which a firm decided to target several market segments and designs separate offer for each is known as _____.
differentiated marketing
______ is the practice of tailoring products and marketing programs to suit the tastes of specific individual and location.
micromarketing
Which of the following is true with regard to services?
services are a form of product that consists of activities, benefits, or satisfaction offered for sale
which of the following is an example of a pure tangible good?
a bag of potato chips
which of the following product offerings is intangible?
a taxi ride
______ are industrial products
office supplies
Which of the following is an example of a convenience product?
fast food
erica wants to replace her old washing machine with a new one. in order to get the maximum value for her money, she plans to spend substantial time and effort in gathering information and making product comparisons before making the actual purchase. in this instance, erica is planning to buy a _________ product.
shopping
__________ are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
speciality products
______ are consumer products that the consumer either does not know about or knows about tu
unsought products
______ products are those products purchased for further processing or for use in conducting business
industrial
______ are industrial products that aid in the buyers production or operation, including installations and accessory equipment
capital items
Lubricants coal paper and pencils are examples of ____
operating supplies
The advertising slogan “we bring good things to life” used by G E to market itself, is an example of _______ marketing
corporate image
______ marketing consists of activities undertaken to create, maintain, or change attitudes toward particular people. people ranging from presidents, entertainers, and sports figures to professionals such as doctors, lawyers, and architects use it to build their reputations.
Person
tourism australia’s global marketing campaign, “there nothing like australia” is an example of place marketing
place
advertising campaigns involving issues ranging from healthcare, education, and environmental sustainability to human rights and personal safety can be classified under _____ marketing.
social
electron corp purchased proton corp. by buying all of its assets and ownership equity. this is an example of _____.
acquisition
product improvements, product modifications, and original products can all be classified as _____.
new products
new product development starts with ____
idea generation
which of the following is an internal source for new product ideas?
company executives
many companies have developed ____ programs that encourage employees to develop new product ideas
intrapreneurial
Which of the following is an external source for ideas?
suppliers
which of the following is the practice of inviting broad communities of customers, employees, independent researchers, and members of the public into the new product innovation process?
crowdsourcing
executives at an automobile manufacturing company conducted a brainstorming session for selected employees. This session resulted in a large number of ideas for developing new cars after extensive R&D. The executives then planned to filter out the best ideas during the _____ stage.
idea screening
a detailed version a new idea stated in a meaningful customer terms is called a product _______.
concept
a ________ is the way consumers perceive an actual or potential product
product image
Which of the following stages in the new product development would a firm engage in immediately after the completion of concept testing?
market strategy development
Once managers of the Grecian Um have decided on their product concept and marketing strategy, they can evaluate the businesses attractiveness of the proposal in the _______ stage of the new product development
business analysis
in the ___ stage of the new product development process, products undergo rigorous tests to make sure that they perform safely and effectively, or that consumers will find value in them.
product development
Once the prototype of wainwright industries new riding lawnmower, made especially for women, passes tests, the next step is ________.
Test marketing
P&G introduced 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. This illustrates _____
One of the problems associated with test marketing
Which of the following is the most likely circumstance for a company to decide to do little or no test marketing?
when the costs of developing and introducing the product are low
Ina _______, new products and marketing tactics are tested online in a virtual shopping environment.
simulated test market
Introducing a new product into the market is called ________.
commercialization
According to the WSJ article “a new approach to new products” discussed in class “with open innovation” companies solicit ideas from all the following… except :
Their paid innovation consultants
According to the in-class discussion, TOMS shoes had a lot of success gaining market share with its products because
Consumers believe in TOMS “one for one” mission statement
According to the in-class article and discussion, which of the following companies executed the first commercial delivery of a product by a drone in the US… an inhaler delivered to an island near boston?
UPS
According to the in-class discussion involving differentiating a product from the competition, the example used was :
“Single Cow” ground beed versus conventional ground beef
the example given in class for a poor idea screening outcome was:
PLanter’s Vacuum packed peanuts in a “brick pack”