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Flashcards in Exam 1 Deck (50):
1

Which of the following marketing management orientations focuses primarily on improving efficiencies along the supply chain?

Production Concept

2

________ are human needs that are shaped by culture and individual personality.

Wants

3

When backed by buying power, wants become ________.

Demands

4

A ________ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want.

Market Offering

5

A(n) ________ is the set of actual and potential buyers of a product or service.

Market

6

The set of marketing tools a firm uses to implement its marketing strategy is called the ________.

Marketing Mix

7

________ is determined by a customer's evaluation of the benefits and costs of a market offering relative to those of competing offers.

Customer-perceived value

8

The portion of the customer's purchasing that a company gets in its product categories is known as ________.

Share Customer

9

Which of the following refers to the total combined customer lifetime value of all of the company's current and potential customers?

Customer Equity

10

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

11

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with any other costs of using the service, they are acting upon ________.

Customer-perceived value

12

Sally recently purchased Brand X lotion. In comparing her perception of how the lotion made her skin feel and look to her expectations about Brand X lotion, Sally was measuring her level of ________.

Customer Satisfaction

13

The extent to which a product's perceived performance exceeds a buyer's expectations is called _______ .

Customer Satisfaction

14

The major activity in strategic planning is ________, whereby management evaluates the products and businesses that make up the company.

Business Portfolio Analysis

15

Orion Inc. operates in many industries, including pharmaceuticals and food products. The company's goal is to create "abundant and affordable food for all and a healthy environment." This represents Orion's ________.

Mission Statement

16

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

17

Amor, a successful brand of women's clothing, recently introduced a line of fitness equipment. This is an example of ________.

Diversification

18

Sunny Brews is a coffeehouse chain based in Boston. It recently introduced Eva, a mild roast, which became immensely popular. This exemplifies ________.

Product Developement

19

The marketing management philosophy that holds, that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than do competitors, is called.

Market Concept

20

Market segmentation can be best described as the process of ________.

Dividing a market into distinct groups of buyers who have different needs,characteristics, or behaviors, and who night require separate products or marketing programs

21

Teenagers are expected to respond in a similar way to a set of marketing efforts. In other words, this group represents a ________.

Market Segment

22

________ measures the profits or other company value generated by investments in marketing activities.

Return on marketing investment

23

An American airline company started a grocery chain in Australia. This is an example of product development.

False

24

When marketers at Fair & Leigh Inc. selected the Millennials, a demographic group that includes college students, as an untapped group of potential customers for their new line of products, they were engaging in ________.

Market Targeting

25

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

26

Marketers who use ________ often segment their markets by consumer lifestyles and base their marketing strategies on lifestyle appeals.

Psychographic Segmentation

27

An American cola-manufacturing company that primarily targets rebellious and adventurous people most likely uses ________ segmentation.

Psychograhpic Segmentation

28

When the size, purchasing power, and profiles of a market segment can be calculated, the market is ________.

Measurable

29

A market segment that is large or profitable enough to serve is ________.

Substantial

30

Once the marketer has developed the appropriate segmentation bases for analyzing the overall market potential, the next step, _________, is critical because it assists in focusing the firm’s limited resources on providing value to a select group of customers.

Targeting

31

Different soft drinks target different personalities. This is an example of ________ segmentation.

Psychographic

32

A segment is less attractive if ________.

It already contains many strong and aggressive competitors

33

________ refers to a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer.

Undifferentiated Marketing

34

Sanguine Services is a small company that uses a marketing strategy in which its limited resources are employed to target a large share of two small market segments. Sanguine most likely uses which of the following marketing strategies?

Concentrated Marketing

35

Texas Instruments, one of the first producers of handheld calculators, put a great deal of effort into expanding production of calculators to drive down the cost and thus expand the market. This is most indicative of the __________ concept:

Production

36

GamaPix makes point-and-shoot cameras and handycams for amateur photographers and hobbyists. It also has a separate line of cameras dedicated to professional photographers. Additionally, it designs separate offers for each segment. Which of the following marketing strategies does GamaPix most likely use in this instance?

Differentiated Marketing

37

Which of the following stages of the PLC is characterized with the same level or slightly higher level of promotional expenditures in an attempt to respond to increasing competition?

Growth

38

________ shows consumer perceptions of a company's brands versus competing products on important buying dimensions.

Perceptual positioning maps

39

When it first opened stores across the United States, Bateman's, an office supply chain store, had the best product selection, the best service, and the lowest prices compared to other office supply chain stores. As a result, Bateman's captured a significant chunk of the market in the short run. Which of the following positioning strategies did Bateman's most likely use?

More for Less

40

Which of the following states the product's membership in a category and then shows its point of difference from other members When it first opened stores across the United States, Bateman's, an office supply chain store, had the best product selection, the best service, and the lowest prices compared to other office supply chain stores. As a result, Bateman's captured a significant chunk of the market in the short run. Which of the following positioning strategies did Bateman's most likely use?of the category?

A positioning statement

41

Chronos Inc. designs and markets different brands of cycling watches. Each brand has a single unique feature: the Chronos Cosmos has a heart rate monitor, the Chronos Acumen is designed for older cyclists who prefer a large display, and the Chronos Aegis has a GPS function. Which of the following is evident here?

Product Differentiation

42

Which of the following is true with regard to the same for less value proposition?

Offering the same for less can be a powerful value proposition because everyone likes a good deal

43

Which stage in the PLC normally lasts longest and poses strong challenges to marketing managers?

Maturity

44

Marketing mix planning begins with ________.

Building an offering that brings value to target customers

45

Product planners need to consider products and services on three levels. Each level adds more customer value. The most basic level is the ________, which addresses the question, "What is the buyer really buying?"

Core Customer Value

46

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

47

Which of the following questions is most important for product designers to consider while developing a product?

How would customers use and benefit from the product?

48

A ________ is a name, term, sign, symbol, design, or a combination of these, that identifies the maker or seller of a product or service.

Brand

49

________ involves adding more items within the present range of the product line.

product line filing

50

Titan Inc., an automobile manufacturer based in Utah, recently added two new models to its existing line of sedans in order to increase profits and satisfy dealers. This is an example of ________.

Line Filing