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Marketing > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Question

A

Answer

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2
Q

Like most developed countries, much of America’s productivity is based in which type of industry?

A

Service

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3
Q

The world is now largely a __________-based economy.

A

Service

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4
Q

Market Research that goes into the creation and production of a new car is best described as a(n):

A

Hidden Service

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5
Q

The majority of new marketing jobs being added to the American economy are based in:

A

Services

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6
Q

Managers in production-based industries are generally unconcerned with the services side of marketing. (T/F)

A

FALSE

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7
Q

Service organizations must inherently be small in order to manage service providers. (T/F)

A

FALSE

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8
Q

What is co-production?

A

The involvement of the consumer in the act of providing the service

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9
Q

Allyson is looking for jobs she can apply to after graduation. She is primarily searching for jobs closer to the “All Service” side of the product-service spectrum. Which type of job is she most likely to pursue?

A

Consulting

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10
Q

Marketing is _______.

A

Exchange

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11
Q

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

A

Barter

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12
Q

Marekting exists because people have ______that they are willing to give up things of value to satisfy.

A

needs and wants

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13
Q

When an individual donates money to a charity, a ______transaction has taken place

A

marketing

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14
Q

When an individual “sells” her time and labor to an organization, a marketing transaction has taken place. (T/F)

A

TRUE

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15
Q

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

A

Marketing management

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16
Q

A product is a good, serivce or idea to ______the customer’s needs.

A

satisfy

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17
Q

_______is/are the means of communication with the customer.

A

Promotion

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18
Q

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

A

selling

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19
Q

If the National Institutes of Health issued a guidline with cautions about the intake of certain types of artificial sweeteners, this would be an example of marketing. (T/F)

A

TRUE

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20
Q

It is important that any employees that interact with a company’s customers carry “marketing” as a part of their job titles. (T/F)

A

FALSE

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21
Q

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

A

50

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22
Q

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 are NOT one of those functions?

A

producing the physical product

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23
Q

Which company is generally credited with originating the marketing concept?

A

General Electric

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24
Q

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

A

selling concept

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25
Q

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

A

marketing

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26
Q

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

A

All of the above are reasons that marketing needs data.

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27
Q

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

A

Marketing analytics

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28
Q

Data and measurements can be used to prove the effectiveness of marketing efforts. (T/F)

A

TRUE

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29
Q

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

A

They require very low resource investment

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30
Q

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

A

“flying blind”

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31
Q

“Psuedo Analytics” are markeing analytics that rely on proxy data from external sources. (T/F)

A

FALSE

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32
Q

The first step in the Markeitng Analytics Process is to

A

identify the right metrics.

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33
Q

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

A

TRUE

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34
Q

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

A

Revenues

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35
Q

Marketing’s objectives are ______derived from the overall business objectives.

A

Always

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36
Q

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

A

All of the above are correct

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37
Q

One of the ways in which a company’s culture can serve as a catalyst is when it encourages employees to trust data. (T/F)

A

TRUE

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38
Q

______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.

A

An A/B test

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39
Q

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

A

more data

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40
Q

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

A

Data > Information > Insight

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41
Q

Services can only be provided to people. (T/F)

A

FALSE

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42
Q

A housecleaner’s services would best be categorized under which dimension of service outcomes

A

Visible

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43
Q

Which of these is an example of people processing?

A

Healthcare

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44
Q

Which of these is an example of possessions processing?

A

Appliance Repair

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45
Q

Which of these is an example of mental stimulus processing?

A

Education

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46
Q

Which of these is an example of information processing?

A

Software Consulting

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47
Q

Which of these is not a key characteristic of services?

A

consistency

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48
Q

Why is intangibility an important characteristic of services?

A

Services are a performance that cannot be resold

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49
Q

Why is perishability an important characteristic of services?

A

Services cannot be stored over time

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50
Q

A patient who has been waiting for his doctor’s appointment for over an hour is likely to be frustrated. From a markeing standpoint, why would this consumer be more fustrated about the wait for receiving this service than they would be if faced with a simiar wait for receiving a product?

A

Importance of time

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51
Q

Services have more ______attributes and fewer ______ attributs (compared with products), making them harder to evaluate.

A

experience; shopping

52
Q

The channel of distribution tends to be longer for products than services. (T/F)

A

TRUE

53
Q

Market Segmentation is defined as:

A

The process of categorizing groups into manageable pieces based on consumer differences

54
Q

What are the 4 types of segmentation?

A

Geographic, demographic, psychographic, behavorial

55
Q

When is geographic segmentation most useful?

A

When location requires different products or forces

56
Q

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

A

Create distinct products for each target segment

57
Q

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

A

Life insurance

58
Q

Which type of segmentation should Nike use for their new tennis shoes?

A

Psychographic

59
Q

Brand loyalty influences behavior. (T/F)

A

TRUE

60
Q

What is not a criteria you should choose your target market by?

A

Location

61
Q

What is the first step in the Market Segmentation process?

A

Identify distinct segments

62
Q

What is the point of Target Marketing

A

Focusing the firm’s marketing efforts more specifically

63
Q

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

A

Limited size

64
Q

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

A

Dynamic markets require frequent change, and change is expensive

65
Q

Fed 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 of their product beyond the campus. What feature does their current market lack?

A

Accessibility

66
Q

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

A

FALSE

67
Q

From a marketing standpoint, satisfying needs is more important than selling products. (T/F)

A

TRUE

68
Q

Product-Market Fit is only profitable in large markets. (T/F)

A

FALSE

69
Q

Is using a Buyer Personal more helpful than using basic demographics? If so, Why?

A

Yes, a Buyer Persona provides marketers with a more personable, tangible, and holistic idea of who to target

70
Q

Positioning is defined as:

A

developing a market strategy to influence how a specific segment views the company

71
Q

Positioning has more to do with what a company does with its products what what it does in marketing to potential customers. (T/F)

A

FALSE

72
Q

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

A

consumer: no one can ultimately control what the consumer thinks about products and companies

73
Q

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?

A

These books hold a more positive position in your friend’s mind when compared to other books of the same genre

74
Q

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?

A

The importance of pioneering in building brand loyalty

75
Q

The Pioneerign advantage is always easily overcome by later competitors. (T/F)

A

FALSE

76
Q

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 thea, he will be comparing that day’s experience to his usual experience with coffee. Why?

A

Coffee is the “pioneer” in this situation, and therefore Brett will use coffee as the standard

77
Q

What is defined as the flow of activities involved in providing goods, services, and ideas to the customer?

A

Process

78
Q

The importance of processes in providing services shows the overlap between what to fields?

A

Service and Operations Management

79
Q

All the elements of managing processes should be focused on:

A

the customer

80
Q

From a marketing standpoint, what is the best definition of people?

A

The human actors who provide goods, services, and ideas to the customer

81
Q

A service blueprint depicts the interaction betweeen which two entities?

A

Consumer and service

82
Q

Which of these is not depicted by a service blueprint?

A

Predictions for service success

83
Q

Which of thes is not a line crossed in a services blueprint?

A

Line of communication

84
Q

Why should a services blueprint depict potential failure points?

A

so that the service process can be “failsafed”

85
Q

Good services marketers are concerned with how the services is experienced by whom?

A

Consumers

86
Q

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

A

Reverse Marketing

87
Q

What is an example of a social need?

A

Relationships

88
Q

Which of these is not a physiological need?

A

Safety

89
Q

Needs and desires are preexisting and unchangeable. (T/F)

A

FALSE

90
Q

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

A

FALSE

91
Q

Marketing is crucial for triggering ______ cues whithin the consumer base.

A

External

92
Q

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

A

Packaging

93
Q

Which of these is a function of failsafing?

A

Signal the presence of a product/service failure

94
Q

A light coming on in your car is an example of:

A

signaling the presence of product/service failure

95
Q

Receiviang an emailed survey after a service experience is an example of:

A

Passive communication

96
Q

Passive communication can be an issue because consumers:

A

rarely let you know when they are displeased with service

97
Q

Why is it critical to determine where failures are likely to occur?

A

All of these are reasons why it is critical to determine where failures are likely to occur

98
Q

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

A

Gas mileage

99
Q

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

A

Consideration Set

100
Q

Two curcial questions consumers must answer after deciding to purchase a product are:

A

When and Where

101
Q

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?

A

Urgency

102
Q

What is the last stage of the Process of Consumption?

A

Reaction

103
Q

What is the definitiona of the Product/Service Bundle?

A

The collection of benefits and attributes of a product or service

104
Q

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

A

attributes of the food

105
Q

The lightweight design of an iPad is an example of a(n):

A

Add-on Attribute

106
Q

Consumers buy ______, not ______.

A

benefits; attributes

107
Q

Add-on Attributes can become Expected Attributes over time. (T/F)

A

TRUE

108
Q

Jessie just bought a new TV, and is curious to see how well it perfoms when it is positioned in her home (she is concerned about the 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?

A

experience

109
Q

Jake is a photographer looking to purchase a new lens. When he is comparign different lenses before making this purchase, what kind of attribute is he evaluating?

A

shopping

110
Q

Services are most likely to be judged based on Shopping Attributes. (T/F)

A

FALSE

111
Q

Credence Attributes are those attributes that can be evaluated within five years of consuming the product or service. (T/F)

A

FALSE

112
Q

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

A

Make the product widely available

113
Q

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

A

Make it available and easy for the consumer to find

114
Q

In 2014, Porsche released a 50th anniversary edition of its Porche 911. The company only made a select number of these models, making this a ______ product.

A

specialty

115
Q

Durable products are more likely to be Shopping Products than nondurable products. (T/F)

A

TRUE

116
Q

Brands tend to be extremely important to consumers purchasing staple products. (T/F)

A

FALSE

117
Q

What is the difference between CPG’s and FMCG’s?

A

There is basically no difference

118
Q

What is derived demand?

A

Demand that comes from the sale of consumer products

119
Q

Apple mainly sells phones and computers, but also sells accessories for these prodcts. These chargers, protective cases, and other accessories are best described as what?

A

Support Products

120
Q

A starbucks franchise receives a shipment consisting of coffee beans and coffee cups - materials that the store will need in order to sell coffee in the upccoming weeks. What type(s) of business products and services are these products?

A

Coffee beans are componenets; coffee cups are support products

121
Q

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

A

Innovation

122
Q

When does the Introduction stage for a product start?

A

Directly following commercialization

123
Q

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

A

Skimming

124
Q

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

A

Weaker competitors leave the industry

125
Q

Polaroid cameras first broke into the market in the 20th centurey, and were popular for many years. They fell out of favor with consumers when digital cameras became more popular, but recently Polariod cameras have seen an increase in sales again. What variation of the product life cycle does this fall under?

A

Fashion product

126
Q

Profits are both high and unchanging in the Maturity stage of the product life cycle. (T/F)

A

FALSE

127
Q

The greatest amount of competition exists while in the Maturity stage. (T/F)

A

FALSE

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