mktg

Question 1

Marketing is _______________.

Answer 1

Exchange

Question 2

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

Answer 2

barter

Question 3

Marketing exists because people have ________________ that they are willing to give up
things of value to satisfy.

Answer 3

needs and wants

Question 4

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

Answer 4

marketing

Question 5

When an individual “sells” her time and labor to an organization, a marketing transaction
takes place.

Answer 5

true

Question 6

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

Answer 6

Marketing Management

Question 7

A product is a good, service, or idea to _______ the customer’s needs

Answer 7

Satisfy

Question 8

__________ is/are the means of communication with the customer

Answer 8

Promotion

Question 9

Robert Louis Stevenson once said that “Everyone lives by _________ something.

Answer 9

selling

Question 10

If the National Institutes of Health issued a guideline with cautions about the intake of certain
types of artificial sweeteners, this would be an example of marketing.

Answer 10

True

Question 11

It is important that any employees that interact with a company’s customers carry
“marketing” as part of their job titles

Answer 11

False

Question 12

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

Answer 12

50%

Question 13

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 is NOT one of those functions?

Answer 13

producing the physical product

Question 14

Which company is generally credited with originating the marketing concept?

Answer 14

General Electric

Question 15

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

Answer 15

selling concept

Question 16

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

Answer 16

marketing

Question 17

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

Answer 17

Marketing Analytics

Question 18

Data and measurements can be used to prove the effectiveness of marketing efforts

Answer 18

True

Question 19

Which of the following is not a benefit of marketing analytics

Answer 19

They require very low resource investment

Question 20

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

Answer 20

“flying blind”

Question 21

Pseudo Analytics” are marketing analytics that rely on proxy data from external sources.

Answer 21

false

Question 22

The first step in the Marketing Analytics Process is to

Answer 22

identify the right metrics.

Question 23

One outcome of taking improvement actions (as a stage in the Marketing Analytics Process)
is identifying the right metrics

Answer 23

true

Question 24

The “right” marketing analytics metrics are typically related to

Answer 24

Revenues

Question 25

Marketing’s objectives are ________ derived from the overall business objectives

Answer 25

always

Question 26

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

Answer 26

all of the above

Question 27

One of the ways in which a company’s culture can serve as a catalyst is when it encourages employees to trust data.

Answer 27

true

Question 28

_____________ 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

Answer 28

An A/B test

Question 29

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

Answer 29

more data

Question 30

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

Answer 30

Data > Information > Insight

Question 31

Market Segmentation is defined as:

Answer 31

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

Question 32

What are the 4 types of segmentation?

Answer 32

Geographic, demographic, psychographic, behavioral

Question 33

When is geographic segmentation most useful?

Answer 33

When location requires different products or forces

Question 34

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

Answer 34

Create distinct products for each target segment

Question 35

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

Answer 35

Life insurance

Question 36

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

Answer 36

Psychographic

Question 37

Brand loyalty influences behavior

Answer 37

True

Question 38

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

Answer 38

Location

Question 39

What is the first step in the Market Segmentation process?

Answer 39

Identify distinct segments

Question 40

What is the point of Target Marketing?

Answer 40

Focusing the firm's marketing efforts more specifically

Question 41

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

Answer 41

limited size

Question 42

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

Answer 42

Dynamic markets require frequent change, and change is expensive

Question 43

Fred 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 target market lack?

Answer 43

accessibility

Question 44

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

Answer 44

false

Question 45

Product-Market Fit is only profitable in large markets

Answer 45

false

Question 46

From a marketing standpoint, satisfying needs is more important than selling products.

Answer 46

true

Question 47

Is using a Buyer Persona more helpful than using basic demographics? If so, why?

Answer 47

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

Question 48

Positioning is defined as

Answer 48

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

Question 49

Positioning has more to do with what a company does with its products than what it does in marketing to potential customers

Answer 49

false

Question 50

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

Answer 50

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

Question 51

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?

Answer 51

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

Question 52

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?

Answer 52

The importance of pioneering in building brand loyalty

Question 53

The Pioneering advantage is always easily overcome by later competitors

Answer 53

false

Question 54

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

Answer 54

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

Question 55

Which of these is not part of the process of consumption

Answer 55

Reverse Marketing

Question 56

What is an example of a social need

Answer 56

relationships

Question 57

Which of these is not a physiological need?

Answer 57

safety

Question 58

Needs and desires are preexisting and unchangeable

Answer 58

false

Question 59

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

Answer 59

false

Question 60

Marketing is crucial for triggering _______ cues within the consumer base

Answer 60

external

Question 61

Which of these factors does not influence how much time consumers spend searching for information

Answer 61

packaging

Question 62

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

Answer 62

gas mileage

Question 63

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

Answer 63

Consideration Set

Question 64

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

Answer 64

when and where

Question 65

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?

Answer 65

urgency

Question 66

Where do consumer expectations come from?

Answer 66

Other consumers (friends and family, etc.)

Question 67

What is the last stage of the Process of Consumption?

Answer 67

reaction

Question 68

What is the definition of the Product/Service Bundle?

Answer 68

The collection of benefits and attributes of a product or service

Question 69

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

Answer 69

attributes of the food

Question 70

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

Answer 70

Add-on Attribute

Question 71

Consumers buy ______, not ______.

Answer 71

benefits; attributes

Question 72

Add-on Attributes can become Expected Attributes over time

Answer 72

true

Question 73

Jessie just bought a new TV, and is curious to see how well it performs 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?

Answer 73

experience

Question 74

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

Answer 74

shopping

Question 75

Services are most likely to be judged based on Shopping Attributes

Answer 75

false

Question 76

Credence Attributes are those attributes that can be evaluated within five years of consuming the product or service

Answer 76

false

Question 77

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

Answer 77

Make the product widely availabl

Question 78

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

Answer 78

Make it available and easy for the consumer to find

Question 79

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

Answer 79

specialty

Question 80

Durable products are more likely to be Shopping Products than nondurable products

Answer 80

true

Question 81

Brands tend to be extremely important to consumers purchasing staple products.

Answer 81

false

Question 82

What is the difference between CPG's and FMCG's

Answer 82

There is basically no difference

Question 83

What is derived demand?

Answer 83

Demand that comes from the sale of consumer products

Question 84

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

Answer 84

Support Products

Question 85

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 upcoming weeks. What type(s) of business products and services are these products?

Answer 85

Coffee beans are components; coffee cups are support products

Question 86

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

Answer 86

Innovation

Question 87

When does the Introduction stage for a product start?

Answer 87

Directly following commercialization

Question 88

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

Answer 88

Skimming

Question 89

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

Answer 89

Weaker competitors leave the industry

Question 90

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

Answer 90

Fashion product

Question 91

Profits are both high and unchanging in the Maturity stage of the product life cycle

Answer 91

False

Question 92

The greatest amount of competition exists while in the Maturity stage.

Answer 92

False