exam prep

Question 1

Term marketing refers to:

Answer 1

a philosophy that stresses customer satisfaction

Question 2

what orientation would a company that sells life insurance or retirement plans use?

Answer 2

A sales orientation coz people don’t want to buy them

Question 3

when a customer tells a company what they want and the company institutes ie a reward program, what philosophy is that?

Answer 3

Market, coz they are listening to the customers wants and needs

Question 4

when planning marketing strategies during times of inflation, marketers must be aware inflation causes customers to?

Answer 4

decrease brand loyalty

Question 5

when a customer narrows down a list of brand choices, they are left with a…

Answer 5

evoked set

Question 6

what is it called when a customer is not happy after a purchase?

Answer 6

Cognitive dissonance

Question 7

marketing managers often use in-store promotions to stimulate sales of…

Answer 7

low-involvement products

Question 8

what to reference groups do?

Answer 8

serve an information sources and influence people

Question 9

define market

Answer 9

people or organisations that have a needs and wants and an ability and willingness to buy

Question 10

define geodemographic segmentation

Answer 10

a method that clusters potential customers into neighbourhood lifestyle categories and is a combination of geographic, demographic and lifestyle segmentation

Question 11

define benefit segmentation

Answer 11

grouping customers into market segments according to what is sought from the product

Question 12

what is a non probability sample

Answer 12

sample in which little or no attempt is made to obtain a representative cross section of the population

Question 13

what is a discrepancy of assortment

Answer 13

when a manufacturer produced one product but additional products may be needed to us the product

Question 14

what is a discrepancy of quantity

Answer 14

difference between quantity produced and amount of demand

Question 15

1. Often a seller will establish a series of prices for a family of merchandise items. There may be several different models at specific price points but no prices in between. This policy is called:

Answer 15

price lining

Question 16

1. Exxon Mobil has launched a series of ads promoting their commitment to alternative energy sources during a time when they are recording record profits and consumers struggle with high gas prices and environmentalists are concerned that burning fossil fuels is contributing to the acceleration of global warming. This is an example of _____ advertising.

Answer 16

advocacy

Question 17

1. _____ advertising is designed to enhance a company’s image rather than promote a particular product.

Answer 17

Institutional

Question 18

1. Why are advertisers looking to alternative media to advertise their products?

Answer 18

to cut through the clutter of traditional media

Question 19

1. One of the main advantages of _____ advertising is its extreme market selectivity.

Answer 19

magazine

Question 20

Which of the following is NOT an advantage offered by radio to its advertisers

Answer 20

billions of listeners

Question 21

1. When Darrell purchased a five-pound bag of 9 Lives cat food, he received a free can of the manufacturer’s new gourmet cat food. The can of cat food is an example of a:

Answer 21

premium

Question 22

1. In the summer of 2008, Starbucks began its Starbucks Card Rewards program. The Starbucks Card program rewarded frequent Starbucks shoppers with free refills on brewed coffee, free beverages with whole bean purchases, beverage customization, and free Wi-Fi computer access. The program is an example of a:

Answer 22

loyalty marketing program

Question 23

define marketing

Answer 23

process of planning and executing the conception, pricing, promotion and distribution of goods/services

Question 24

what is the marketing market philosophies

Answer 24

fulfilling customer wants and needs.

fulfilling business objectives

Question 25

what is the marketing societal philosophy

Answer 25

customer wants and needs. | enhance social well-being

Question 26

what is the cultural philosophy

Answer 26

understanding practices of markets and consumers

Question 27

how do you achieve a market orientation

Answer 27

obtain information. examine information. determine superior value. deliver superior value

Question 28

what are the four ethical guidelines

Answer 28

false claims. misleading statements. improper labelling. deceptive pricing.

Question 29

what is dominant semiotics

Answer 29

dualistic motions of being e.g black/white male/female.

Question 30

face-ism

Answer 30

medal show men with more prominent faces than women. prominent = intelligent + ambitious

Question 31

exoticisation

Answer 31

making someone seem exotic. skin, dress, etc

Question 32

idealisation

Answer 32

ideal types. unrealistic scenarios or goals

Question 33

exclusion

Answer 33

certain types of people excluded from marketing e.g a+f

Question 34

the marketing concept

Answer 34

idea that the social + economic justification for a business' existence is the satisfaction of customer wants/needs whilst satisfying organisational objectives.

Question 35

segmentation

Answer 35

process of dividing a market into meaningful, similar segments

Question 36

types of segmentation

Answer 36

``` Geographic. demographic. psychographic. benefit sought. usage rate. ```

Question 37

customer behaviour

Answer 37

``` needs recognition. information search. Evaluation of alternatives. Buy product. post purchase behaviour. ```

Question 38

types of buying decisions

Answer 38

routine response behaviour. limited decision making. extensive decision making

Question 39

define market segment

Answer 39

a subgroup of people who share characteristics, therefore same needs