Principles of Marketing Final Dr.Welch

Wants
_____ are the form human needs take as they are shaped by culture and individual personality.
Exchange
_____ is the act of obtaining a desired object from someone by offering something in return.
Market segmentation
Dividing a market into several sections of customers is known as
Target market
Dollar General profitably appeals to families with more modest means. The retailer approach is most likely referred as
value proposition
A brand’s _____ is the set of benefits that it promises to deliver to consumers to satisfy their needs
production concept
Henry Ford philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability. The most likely reflects the
the marketing concept
Which of the following concepts is based on a customer-centered philosophy?
customer relationship
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is referred to as
capturing value from customers
The final step in the marketing process is
the four Ps of marketing
Which of the following transforms marketing strategies into real values for consumers?
mission statement
A _____ is purposeful, specifying what an organization wants to accomplish in the larger environment.
assesses the attractiveness of an SBU’s market and the strength of its position in the market
Business portfolio analysis is defined as the process in which management
sells off or phases out the strategic business unit
When a company chooses to divest a particular strategic business unit, it
diversification
Under Armour recent expansion into the digital personal health and fitness tracking market through acquisitions of three fitness app companies is a
value delivery network
A _____ is made up of a company, it suppliers, its distributions, and its customers who partner with each other to improve the performance of the entire system.
Market targeting
_____ refers to process of evaluating each market segments attractiveness and selecting one or more segments to enter.
product
Which component of the marketing mix refers to the good and services combination a company offers to its target market?
promotion
When viewing the market from a buyer point of view, “communication” corresponds to the ____ component of the marketing mix.
implementation
The process that turns marketing plans into marketing actions to accomplish strategic marketing objectives is called marketing
strength or opportunity
For example, if CVS stop selling tobacco products altogether. How would this be classified in a SWOT analysis?
macroenvironment
Demographic, economic, natural, technological, political, and cultural forces form the ____ of an organization.
Suppliers
American Honda purchases over 20 billion worth of auto parts and materials every year. ___ are key players in the company success.
environment groups
The citizens actions publics in a company marketing environment include
Consumer
______ markets consists of individuals and households that buy goods and services for personal use
Demography
____ is the study of human populations in terms of size, density, location, age, gender, race, occupation and other statistics
Millennials
Technology is a way life for ____ the largest generational group
increased use of RFID systems to track products
Which of the following represents a change in the technological environment of a marketing firm?
environmental sustainability movement
Recyclable or biodegradable packaging, recycled materials and components and better pollution controls are ways that marketers have responded to
allowed the FTC to regulate practices that it considered misleading to consumers
The passage of the Wheeler-Lea Amendment in 1938 had a substantial impact on advertising regulation in the United States. The passage of the amendment
Can Spam Act
This act does not outlaw all unsolicited email, but rather targets fraudulent, deceptive and pornographic messages, makes up 2/3 of all commercial unsolicited messages.
the company sales records
Which of the following sources constitutes the internal database of a company?
Marketing research
____ is the systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organization
define the problem and objectives
The marketing manager of Appeal INC has noticed a sharp decrease in sales over the last months. Conduct marketing research to identify potential causes for the drop in sales. Which of the following should the manager do first?
Interpreting and reporting the findings
______ is the final step in the marketing research process
exploratory
The objective of ______ research is to gather preliminary information that will help define the problem and suggest hypotheses
test hypotheses about cause and effect relationships
Causal research is used to
the research plan
_____ outlines sources of existing data as well as specific research approaches, sampling plans, and measurement instruments
secondary
Information collected from commercial online databases or through internet search engines are examples of ______ data
conducted in settings where people live and work
Ethnographic research is
netnography
A category of ethnographic research used to observe consumers in a natural context in virtual and mobile spaces is referred to as
culture
A child in the U.S. is exposed to many values including achievement and success, freedom, individualism, hard work, and material comfort. These are symbolic of American ______
reference group
Product sales increase significantly among the band’s fans. From the fans viewpoint, the band is __
brand personality
Which of the following terms is used to describe a specific mix of human traits that may be attributed to a particular brand?
need recognition
Which of the following is the first stage of the buyer decision process ?
Cognitive dissonance
_______ is a discomfort caused by postpurchase confict.
recorders something without any modifications
In a straight rebuy, a buyer ______
supplier performance review
Which of the following is most likely the final stage of the business buying decision process?
market segmentation
____________ is a process of dividing a market into distinct groups of buyers who have different needs, characteristics or behavior.
behavioral
Dividing buyers into groups based on their knowledge , attitudes, uses, or responses to a product is called _______ segmentation.
measurable
When the size, purchasing power and profiles of a market segment can be determined the market segment is said to be ____
undifferentiated
Although not recommended, some marketers decide to ignore market segmentation and target the whole market with one offer. _______
more-for-less
Which of following strategies is most likely to be followed by firms that position themselves as caterers of the best products at economical prices?
shampoo
Which of the following is a pure tangible good?
life insurance
Which of the following is an example of an unsought product?
packaging
Which of the following terms best describes the process of designing and producing a container or wrapper for a product?
product mix
Clorox sells five major product lines including cleaning, household, lifestyle, professional and international. Together the product lines make up Clorox’s ____
internal service quality
Which link in the service profit chain emphasizes superior employee selection and training?
Brand extension
_______ involves using an existing brand name for a new product category .
intrapreneurial programs
Companies like 3M,Google, and Sony have ______ that encourage employees to develop new ideas.
idea screening
Which of the following steps of the new product development process would most likely use an R-W-W framework?
target market,planned value proposition and sales goals
The first part of a marketing strategy statement describes the _______ of a new product.
Business analysis
______ involves a review of the sales, costs, and profit projections for a new product to determine whether they satisfy a company’s objectives.
commercialization
Introducing a new product into the market is called
The product life cycle concept
_______ can describe a product class, a product form, or a brand.
decline
A product life cycle has 5 distinct stages: product development, introduction, growth, maturity, and ________
Price
________ is the only element in the marketing mix that produces revenue
consumer perceptions of value
Which of the following sets the upper limit for a product pricing?
value-based
A ______ pricing strategy for an offering begins with an assessment of customer needs and perceptions.
Cost-based
_______ pricing involves setting prices based on the expenses involved in producing, distributing and selling a product plus a fair rate of return for a company effort and risk.
monopolistic competition
Under ____ the market consists of many buyers and sellers trading over a range of prices rather than a single market price.
Reference
_______ prices are carried in buyers minds and used when looking at a given product.
promotional pricing
What type of pricing is being used when a company temporarily prices its products below the list price to create buying excitement and urgency?
value delivery network
A____ is made up of a company its suppliers, distributors and ultimately customers who partner with each other to improve the performance of the entire system.
wholesaler
An ____ is considered a marketing intermediary .
supply chain management
Managing upstream and downstream value added flows of materials, final goods, and related information among suppliers, the company, resellers, and final consumers is known as ____
inbound
Moving products and materials from suppliers to the factory is _____
products from the factory to re-sellers and ultimately to customers
Outbound logistics refers to moving ____
retailers carry small inventories of merchandise to last for only a few days
In a just-in-time logistics system ____
multimodal transportation
____ involves combining two or more systems of transportation to move products
carries a limited line of high turnover goods for consumer self service
A convenience store ______
retailer cooperative
A group of independent retailers that bands together to set up a jointly owned, central wholesale operation and conduct joint merchandising and promotion efforts is ____
segmentation
What is most likely the first major marketing decision that a retailer must take?
store atmosphere
Retailers must decide on 3 major product variables: product assortment, services mix, and ____
tighter consumer spending patterns
Which of the following is an impact of the Great Recession on retailing trends?
Wholesaling
____ includes all the activities involved in selling goods and services to those buying them for resale or business use.
do not take title to goods
Which compared to merchant wholesalers, brokers and agents _____
Advertising
_____ is any paid form of nonpersonal presentation and promotion of ideas, goods or services by an identified sponsor.
Television advertising
_____ tends to legitimize products, is very expressive, allows brand or company dramatization and can build up a long term image for a product.
it only provides one way communication with customers
Which of the following is a shortcoming of advertising ?
push strategy
Which of the following promotion mix approaches involves a producer promoting a product to different channel members who in turn promote the product to customers?
setting advertising objectives
Which of the following is the first step in developing an advertising program?
informative
The objective of ______ advertising is to build primary demand .
objective and task
The most logical budget setting method in advertising method in advertising is the ______ method.
They represent a company to its customers by communicating and selling
Which of the following statements is true of salespeople?
qualify
Sales people need to know how to _____ leads that is identifying good leads and screening out poor ones , at the beginning of the selling process.
showing how a company’s products can solve a customers problems
The presentation stage of the selling process most likely involves ______
handling objections
In which of the following steps of the selling process does a salesperson seek out, clarify and overcome any customer disapproval to buying?
closing
In which of the following steps of the selling process does a salesperson ask a buyer for an order?
direct and digital
Which of the following are the fastest growing forms of marketing ?
use omni-channel retailing
The growth of the internet caused many traditional companies to _______ in response to customer demands and a changing marketplace.
search related ad
Which of the following is a form of online advertising ?
It is used by marketers to send highly targeted messages
Which of the following is most likely true about e-mail marketing ?
direct-mail marketing
Which kind of marketing involves sending an offer, announcement, reminder or other item to a person at a particular postal address?
North American Free Trade Agreement
The _________ established a free trade zone among the United States,Mexico,and Canada.
uses the same marketing mix worldwide
Compared to adapted global marketing, standard global marketing ______
modifies marketing strategies to meet local needs
Compared to standardized global marketing, adapted global marketing ______