Final Exam :: Reading Quiz Questions Flashcards
(70 cards)
“How do I come up with a killer product idea?”
“What problems are people trying to solve.”
Marketing strategy addresses a specific target market with a cohesive marketing mix of:
Product, price, place, promotion
Marketing creates, communicates, and delivers value to the firm’s chosen customers. This enables the firm to attract and keep customers. Attracting and keeping customers drives _____________ for the firm.
Profitability
The path to profitability starts with:
Understanding customers within the context of the marketing environment
For every pair of Toms shoes purchased, the company donates a pair of shoes to a child in need. Which marketing philosophy does Toms use?
Societal
Kentucky Fried Chicken, a U.S. based company, entered the China market by combining efforts with two Chinese companies–Beijing Corporation of Animal Production, Processing, Industry, and Commerce and Beijing Travel and Tourism Corporation. Each company owns shares in the new business called Beijing Kentucky Company, Ltd. This is an example of which global market entry strategy?
Joint Venture
When Nestle entered India with package goods products, the company changed the packaging and pricing for many products to adapt to Indian customers. This is an example of:
Customization
When The Clorox Company purchased the right to manufacture and sell products under the Brita name in the United States, Clorox entered into a(n) _________ agreement with Brita GmbH.
Licensing
The global marketing strategy based on a standard platform combined with some modification for the market is called:
Glocal
The overall attractiveness of a foreign market depends on the risks and rewards of conducting business in the country of interest. Inadequate protection of intellectual property in a number of developing countries has caused some U.S. companies to avoid certain foreign markets because of the ____________ risk.
Legal
Your family decides to take a vacation in Key West, Florida. You rent a two-bedroom house on the website VacationsRUs.com. Your vaction experience is terrible. The house is dirty and in need of repair. You complain to the local property manager, but he says there is nothing he can do. You return home and write a negative review on Trip Advisor, a travel rating website. This is an example of:
Consumer power
Cassi is under a lot of stress at work. Her position is on the line. She needs to close a sale soon. She tells herself that it is okay to possibly break the rules because she is trying to make enough money to support her family. According to the fraud triangle, which aspect is missing from this potentially unethical situation?
Opportunity
Your next-door neighbor tells you that you must buy a new car every four years because after four years, the engines break down. He feels that car manufacturers design cars this way on purpose to trap consumers into constantly buying new vehicles. Your neighbor believes in which myth of unethical marketing?
Marketers believe in planned obsolescence
For marketers, the three components of sustainabilty are:
Consumers’ wants, the company’s requirements, and society’s long-term interests
The number one reason new products fail is because:
They don’t deliver benefits to the consumer–functional and emotional
Marketing employs some of the most sophisticated analytical methods used in business. Suppose your client provides you a data set of survey responses from credit card users and asks you to identify market segments based on the data. Which analytical method is most useful for this research project–classifying credit card users into various segments based on how they respond to demographic and behavioral questions?
Cluster analysis
Suppose Home Depot is planning a TV advertising campaign to target do-it-yourselfers who do maintenance projects on their house, condo, or other dwelling unit they own. To find such information, the Home Depot marketing research team begins by using data from the US Census Bureau. This is an example of:
Secondary data
Frito-Lay produces more than 20 varieties of chips. Suppose a retail store offers to stock five of Frito-Lay chips products in each store across the country. Which marketing research technique would you recommend Frito-Lay use to determine the optimal variety of chips to stock in each store?
TURF analysis–Total Unduplicated Reach and Frequency
Often the reason research results are invalid is because the data sample is irrelevant–coverage error. To minimize coverage error, researchers should:
Qualify or screen respondents for the study
In short, the primary purpose of marketing research is to:
Support marketing decisions
A marketing insight is a deep understanding of consumer attitudes and beliefs that has power to shape consumer behavior. Marketing insights have limitations because:
People are not all the same
People make decisions based on the situation
In the consumer behavior process, problem recognition is caused by:
A discrepancy between a person’s actual state and desired state
Although economists view markets as structures that allow buyers and sellers to engage in exchange, marketers focus on:
People of the exchange–buyers and sellers
While grocery shopping, you remember that you are almost out of toothpaste. So, out of habit, you promptly put a tube of your favorite brand of toothpaste in your shopping cart. For you, toothpaste purchases represent what kind of buying decision?
Low involvement
