{ "@context": "https://schema.org", "@type": "Organization", "name": "Brainscape", "url": "https://www.brainscape.com/", "logo": "https://www.brainscape.com/pks/images/cms/public-views/shared/Brainscape-logo-c4e172b280b4616f7fda.svg", "sameAs": [ "https://www.facebook.com/Brainscape", "https://x.com/brainscape", "https://www.linkedin.com/company/brainscape", "https://www.instagram.com/brainscape/", "https://www.tiktok.com/@brainscapeu", "https://www.pinterest.com/brainscape/", "https://www.youtube.com/@BrainscapeNY" ], "contactPoint": { "@type": "ContactPoint", "telephone": "(929) 334-4005", "contactType": "customer service", "availableLanguage": ["English"] }, "founder": { "@type": "Person", "name": "Andrew Cohen" }, "description": "Brainscape’s spaced repetition system is proven to DOUBLE learning results! Find, make, and study flashcards online or in our mobile app. Serious learners only.", "address": { "@type": "PostalAddress", "streetAddress": "159 W 25th St, Ste 517", "addressLocality": "New York", "addressRegion": "NY", "postalCode": "10001", "addressCountry": "USA" } }

Final Exam :: Reading Quiz Questions Flashcards

(70 cards)

1
Q

“How do I come up with a killer product idea?”

A

“What problems are people trying to solve.”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Marketing strategy addresses a specific target market with a cohesive marketing mix of:

A

Product, price, place, promotion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

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.

A

Profitability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

The path to profitability starts with:

A

Understanding customers within the context of the marketing environment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

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?

A

Societal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

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?

A

Joint Venture

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

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:

A

Customization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

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.

A

Licensing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

The global marketing strategy based on a standard platform combined with some modification for the market is called:

A

Glocal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

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.

A

Legal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

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:

A

Consumer power

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

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?

A

Opportunity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

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?

A

Marketers believe in planned obsolescence

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

For marketers, the three components of sustainabilty are:

A

Consumers’ wants, the company’s requirements, and society’s long-term interests

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

The number one reason new products fail is because:

A

They don’t deliver benefits to the consumer–functional and emotional

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

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?

A

Cluster analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

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:

A

Secondary data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

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?

A

TURF analysis–Total Unduplicated Reach and Frequency

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Often the reason research results are invalid is because the data sample is irrelevant–coverage error. To minimize coverage error, researchers should:

A

Qualify or screen respondents for the study

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

In short, the primary purpose of marketing research is to:

A

Support marketing decisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

A marketing insight is a deep understanding of consumer attitudes and beliefs that has power to shape consumer behavior. Marketing insights have limitations because:

A

People are not all the same

People make decisions based on the situation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

In the consumer behavior process, problem recognition is caused by:

A

A discrepancy between a person’s actual state and desired state

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Although economists view markets as structures that allow buyers and sellers to engage in exchange, marketers focus on:

A

People of the exchange–buyers and sellers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

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?

A

Low involvement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
While on a trip to Hollywood, California, Samantha saw Selena Gomez (the actress and recording artist) buying a jacket from H&M. As soon as she had the chance, Samantha purchased the same style jacket from H&M. Which factor influenced Samantha's buying behavior?
Social
26
Product positioning is:
The place a product occupies in the target customers' minds
27
Market segmentation is the process of grouping customers into relatively homogeneous sets or segments such that customers within a segment are similar to one another in:
The way they respond to the marketing effort directed torward them
28
Landyachtz recently launched a new Slide Glove for longboarders--Ly Leather Slide Gloves. The local market segment consists of a few longboarders in Provo Canyon. Retailers in the Utah market are worried that the segment size is not large enough to make this product profitable. Which characteristic of effective segmentation is lacking?
Substantial
29
Why doesn't "me too" positioning work as a value positioning strategy?
The positioning approach does not give consumers a reason to change
30
Perceptual maps show the judgments customers make regarding the performance of a brand's features and benefits. Gap analysis extends the perceptual maps method by asking customers to make judgments regarding:
The importance of a brand's featurers and benefits to the buying decision
31
One of the challenges for department stores like Nordstrom is the potential for service variability—services depend on who provides them and when and where they are provided. The marketing solutions for variability are:
Training and standardized processes
32
Southwest Airlines faces the service challenge of perishability because the airline cannot save seats from an empty afternoon flight for a full flight in the evening. To overcome this service challenge, Southwest:
Attempts to manage fluctuating demand or seeks to match supply with changing demand
33
The marketing mix for services includes the 4P's of marketing (product, price, place, and promotion), plus:
People, process, and physical environment
34
Compared to product marketing, services marketing poses unique challenges for marketing managers because unlike products, services are:
Intangible, insparable, variable, and perishable
35
Which determinant of service quality shows the strongest influence on customers' perceptions of service quality?
Reliability
36
The range of possible prices, where sellers have incentive to sell and buyers have incentive to purchase, is:
Above the seller's cost of goods sold and below the buyer's percieved value
37
Which element of the marketing mix has the most profound influence on price?
Place
38
Which pricing strategy is used when marketers set a relatively high price to obtain high margins at the expense of sales quantity, then lower the price over time?
Price skimming
39
Reference price is an important concept in pricing strategy. ______________ is what everyone else is paying for the product and _______________ is what you think you should pay, given your past experience and the buying situation.
External reference price; internal reference price
40
With cost-plus pricing, the firm knows its costs, but not much about customers and competitors. So marketing managers simply add a margin to the cost of the product to determine price. The added amount is generally the margin needed to make the return demanded by upper management or investors. The trouble with cost-plus pricing is that:
Product costs are irrelevant to buyers
41
Nestle promotes Kit Kat chocolate treat to the final consumers with the expectation that the final consumers will demand the product from retail stores. Then the retail stores will request Kit Kat from Nestle. This is an example of:
Pull strategy
42
While watching Monday Night Football, Landon noticed an ad for a new brand of deodorant bodyspray. Although Landon had never heard of this particular brand, the ad made him aware of the brand and, by the end of the ad, Landon was favorably disposed to the brand. Which two objectives did this ad accomplish?
Cognitive and affective
43
Marketing managers (on the business side) communicate advertising strategy to advertising agencies (on the creative side) using:
Creative briefs
44
Advertising effectiveness is measured by:
Recall (remember the ad and the advertiser) and persuasion (remember the benefit)
45
Which sales promotion method is best for building brand loyalty?
Value-added promotions
46
Social media marketing may be more effective than traditional marketing communications channels because social media:
Offers greater flexibility of content and duration Has credibility similar to word-of-mouth Can build awareness and interest at a much lower cost
47
What is the key driver in engaging and converting potential customers using social media?
Relevant content
48
Facebook, Twitter, YouTube, product blogs, and Google AdWords all play different roles in achieving marketing objectives. For example, __________________ is better for generating awareness and __________________ is better for making direct sales.
Facebook, Google AdWords
49
In recent years, many marketers have asked, “How do I optimize my website to obtain a better rank with search engines?” Given the changes in search engine algorithms, like Google, the better questions is:
"How can I optimize my brand so that it's a sought-after participant in relevant conversations?"
50
Social media services created a new vocabulary such as cost-per-click (CPC), click-through-rate, and cost-per-action (CPA). Because ads must generate enough interest to get a click and clicks must generate an action leading to a sale, the critical number is:
CPA--cost per action
51
For most entrepreneurs, success comes from:
Making small, important modifications to existing products
52
Because Stonyfield Farm Yogurt founder Gary Hirshberg had no money for promoting his products, he asked himself, “What do I have that I can use and how will it make my competitors irrelevant?” His answer was, “I have some cows and a farm.” He used his cows to promote the business—Moosletter, Adopt-A-Cow. This is an example of an important part of bottom-up mindset:
Embracing constraints
53
With NyQuil, Procter & Gamble created a cold remedy with a negative side effect—it also put people to sleep. Rather than call the project a failure, P&G featured the negative side effect—“The Nighttime, Sniffling, Sneezing, Coughing, Aching, Stuffyhead, Fever, So-You-Can-Rest Medicine.” NyQuil is a good example of:
Building a strategy around a marketing tactic--a cold medicine that puts people to sleep
54
A bottom-up mindset:
Focuses on making the most of what you have Goes where the money is and quickly adjusts the competitive angle Transistions a winning marketing tactic into a long-term successful strategy
55
Entrepreneurs face a David and Goliath competitive landscape. To have a fighting chance, entrepreneurs need to:
Play to his/her own strengths
56
Puj Tub is a low cost alternative for washing slippery infants that really works and is easy to store. The entrepreneurs, who developed this new product, found the idea by:
Solving everyday pain
57
Jibbitz for Crocs is a good example of finding a new idea by:
Riding a wave of interest
58
Measuring the WOW Factor is a useful approach for testing new ideas. The Six Thinking Hats framework provides a useful process for drilling down on the WOW Factor because the results:
Identify key positive and negative aspects about product alternatives Provide a quick gut-feel WOW Factor score Offer guidance about how to best move forward with the new idea or how to best nove forward to find another idea
59
After completing her undergraduate degree in business, Megan spent five years working in the financial services industry. Next, Megan became a focused entrepreneur (eagle) by:
Leveraging expertise and passsion in financial services Searching familiar landscape in financial services for pain points Taking a narrow focus--financial services
60
Broad thinking, opportunistic entrepreneurs (oysters):
Consider customer pain points with no particular product category in mind Look for big market opportunities, then uncover associated pain points
61
Three types of people that help entrepreneurs act big are connectors, mavens, and salespeople. Mavens are particularly important because they are:
Information specialists
62
A useful approach for planning and measuring potential cusomer touch points is:
Understanding the steps in the customer experience--from problem recognition to evaluation
63
By giving personal attention, startup businesses can make the sale with touch points. People buy from people they know. People buy from people they like. But most importantly, people buy from people they:
Trust
64
Smart, successful entrepreneurs know how to think big and act big. They also know when and where to act big—in front of customers and prospects. Josh James and John Pestana, cofounders of Omniture, found that the best venue for Omniture to act big was:
At trade shows
65
Great ideas enable entrepreneurs to act big, if they communicate the great ideas to customers. Covey Leadership muddled along for years until they found a big way to communicate their great ideas. They did this by:
Writing a book
66
Successful entrepreneurs create buzz for their companies and products by:
Creating and doing marketing events
67
Some entreprenuers are so focused on building a better product that they do not spend enough effort on:
Selling it
68
One of the first American companies to leverage the power of the Love Fest is Harley Davidson (H.O.G. – Harley Davidson Owners Group). A Love Fest enables Harley Davidson to:
Create opportunities for best customers to "share the love" of Harley Davidson products. Let their customers sell for them.
69
When the Harry Potter books were first released, many bookstores across the globe held midnight release parties. Fans of the series gathered together in costumes to celebrate the new books? Which launching technique did Harry Potter books use?
Marketing events
70
A popular cookware store hosts a cookie contest every November featuring their popular mixer. Targeted customers (home bakers and cookie lovers) share recipes and cooking tips. The popular mixer takes center stage in a beautiful, up-to-date kitchen. Prizes are awarded and all customers receive a sample Christmas cookie. This marketing event does all of the following:
Making sure the product takes center stage Making it gorgeous--event quality reflects product quality Sending home gifts to brand the experience Targeting the event to fit a specific audience