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98 Cards in this Set
- Front
- Back
Define the difference between Niche Mass & Segmented markets. Site an example of each
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Mass = undifferentiated market - go after entire marketplace Segmented = differentiated - go after several specific markets Niche = concentrated - market to one or few segments of the marketplace
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Define brand equity and site an example of its use
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positive differential effect that knowing the brand name has on a customer’s response to the product or service.
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In which stage of the PLC will promotional expenditures be especially high in an attempt to create consumer awareness
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Introduction
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_____ is never simple yet understanding it is the essential task of marketing management
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Consumer buying behavior
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The ________ is the most important consumer buying organization in society; the roles and influences of different members have been researched extensively
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Family
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The third level of a product that product planners must build is a(n) ________ around the core benefit and actual product that offers additional consumer services and benefits
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augmented product
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_____ are people within a reference group who because of special skills knowledge personality or other characteristics exert influence on others
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Opinion leaders
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Increasing profits will most likely occur at which stage of the PLC
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growth
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The search for new-product ideas should be ________ rather than haphazard
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systematic
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_____ is the product life cycle period when sales fall off and profits drop
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Decline
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A segmenting approach that has been around for a long time that can be very effective ________ tailors brands and promotions to the needs and wants of specific cities neighborhoods and even stores
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local marketing
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The marketer’s job does not end when the product is bought. After purchasing the product the consumer will be satisfied or dissatisfied and will engage in ________
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postpurchase behavior
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When a market segment is large or profitable enough to serve
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it is termed ________,substantial
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In the competition between ________ and ________ brands retailers like Ingles have the advantages of controlling what national branded products such as Kraft will be stocked where products will be stocked and what prices will be charged
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national; private
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New product development starts with
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idea generation
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A ________ is a group of products that are closely related because they function in a similar manner are sold to the same customer groups are marketed through the same type of outlets or fall within given price ranges
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product line
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Product planners need to think about products and services on three levels. The most basic level is the ________ which addresses the question “What is the buyer really buying
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core benefit
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Once managers of Keek & Brees Tavern have decided on their product concept and marketing strategy
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they can evaluate the business attractiveness of the proposal in the ________ stage of the new-product development process,business analysis
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What are the four steps (in order) to target marketing
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market segmentation, targeting differentiation, and positioning
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_____ is defined as the use of commercial marketing concepts and tools in programs designed to influence individuals’ behavior to improve their well-being and that of society
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Social marketing
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As in consumer segmentation, many marketers believe that ________ and ________ segmentation provide the best basis for segmenting business markets
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benefits ; buying behavior
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When Ingles customizes its merchandise store by store to meet shopper needs it is practicing
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local marketing
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Which of the following types of quality refers to freedom from defects and consistency in delivering a targeted level of performance
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conformance
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_____ describes changes in an individual’s behavior arising from experience
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Learning
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What are the two ways that a company can obtain new products
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new-product development and acquisition
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Companies rarely solicit ideas from customers during the idea generation stage of product development
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False
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With what groups do firms conduct concept testing for new products
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target consumers
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{BLANK} are less frequently purchased consumer products and services that customers compare carefully on suitability quality price and style. Consumers spend much time and effort in gathering information and making comparisons about these products
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Shopping products
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Maslow’s theory is that ________ are arranged in a hierarchy from the most pressing at the bottom to the least pressing at the top
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human needs
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A company getting ready to launch a new product must make several decisions. The company must first decide on
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when to time the new product introduction
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Executives manufacturing employees and salespeople are all examples of
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internal sources for new-product ideas
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[ BLANK ]has been affected by the need to include unit pricing open dating and nutritional information
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labeling
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The total financial value of a brand is measured through the process of brand
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valuation
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As Serria Trading Post Inc. customizes its offers to each individual consumer. This practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations is referred to as ________ marketing
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micro
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Which of the following is an advantage offered by co-branding
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A company can expand its existing brand into a category it otherwise might have difficulty entering alone.
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Product is a key element in ________. At one extreme it may consist of pure tangible goods or at the other extreme pure services
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the market offering
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The buying process starts with ________ in which the buyer recognizes a problem or need
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need recognition
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The answer to the customer’s question “Why should I buy your brand?” is found in the
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value proposition
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Mass marketers such as Target and Venture Stores often ignore market segment differences and target the whole market with one offer. What is their approach to segmenting
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undifferentiated marketing
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People cannot focus on all of the stimuli that surround them each day. A person’s tendency to screen out most of the information to which he or she is exposed is called
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selective attention
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Cigarette beer and fast-food marketers have generated much controversy in recent years by their attempts to target
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inner-city minorities
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Many marketers are now using new interactive technologies such as Frito-Lay’s online virtual convenience store to reduce the cost of
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test marketing
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A detailed version of a new idea stated in meaningful customer terms is called a
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product concept
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Which of the following is perhaps the most important external source of new-product ideas
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Customers
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People change the goods and services they buy over time because of the two changing factors of
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age and life-cycle stage
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In recent years product safety and environmental responsibility have become major
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packaging
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In the ________ stage of new-product development products often undergo rigorous tests to make sure that they perform safely and effectively or that consumers will find value in them
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concept development and testing
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The income segmentation process divides the market into different
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income groups
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Gender segmentation divides the market up into different groups based on
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gender
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Marketing researchers usually draw conclusions about large groups of consumers by studying a small ________ of the total consumer population.
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sample
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Over the past 50 years, which of the following groups of workers has become smaller?
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blue collar
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_____ is the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.
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Marketing intelligence
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Which of the following terms is used to describe the factors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers?
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the marketing environment
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Guided by marketing strategy, the company designs a marketing mix made up of factors under its control—product, price, place, and promotion.
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True
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What is the purpose of a data warehouse?
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to integrate information a company already has
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Because of increasing ________, Americans will demand higher quality products, books, magazines, travel, personal computers, and Internet services.
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levels of education
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Which of the following is an example of consumer-generated marketing?
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BMW’s use of brand-related consumer videos posted on video-sharing Web sites
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_____ can be a company division, a product line within a division, or sometimes a single product or brand.
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An SBU
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What are the two main types of research instruments used to collect primary data?
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questionnaires and mechanical devices
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The most common research instrument used is the ________.
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questionnaire
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A company’s marketing environment includes various ________ that are made up of groups that have an actual or potential interest in, or impact on, an organization’s ability to achieve its objectives.
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publics
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Making more sales to current customers without changing a firm’s products is ________.
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market penetration
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_____ are low-growth, high share businesses or products. They generate a lot of cash that the firm uses to pay its bills and support other SBUs that need investment.
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Cash cows
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As part of the rapid globalization of today’s economy, companies are selling more locally produced goods in international markets and ________.
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purchasing more supplies abroad
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The first step in strategic planning is to ________.
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define the company mission
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_____ refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs.
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Marketing myopia
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You are directed to study the factors that are larger societal forces that affect your company—demographic, economic, natural, technological, political, and cultural. What are you studying?
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the macroenvironment
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_____ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation and exchange.
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Marketing
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_____ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
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Marketing research
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The ________ environment consists of factors that affect consumer purchasing power and spending patterns.
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economic
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The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors is called ________.
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market segmentation
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Your marketing department is currently researching the size, density, location, age, and occupations of your target market. Which environment is being researched?
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demographic
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Defining people by their birth date may be less effective than segmenting them by their ________ or ________.
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lifestyle; life stage
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Selecting which segments of a population of customers to serve is called ________.
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target marketing
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Customers buy from stores and firms that offer the highest ________.
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customer perceived value
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The ________ concept is aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer high quality, performance, and innovative features.
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product
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A ________ defines a business in terms of satisfying basic customer needs.
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market-oriented mission statement
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A marketing information system (MIS) consists of people and procedures to assess information needs, ________, and help decision makers analyze and use the information.
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develop the needed information
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Which demographic group is characterized by a total fluency and comfort with computer, digital, and Internet technology?
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Millennials
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More and more companies involve only upper-level management teams in strategic planning, True or False?
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False
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Companies that do not keep up to date with the ________ environment may miss new product and market opportunities and find their current products outdated.
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technological
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What movement has encouraged marketers to pursue environmentally sustainable strategies?
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the green movement
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Which of the following statements regarding marketing intelligence is true?
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Marketing intelligence is publicly available information.
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The microenvironment consists of larger societal forces that affect a company, such as demographic, economic, political, and cultural forces, true or false?
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False
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The collection of businesses and products that make up a company is called its ________.
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business portfolio
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With an expected increase in ethnic populations, marketers are likely to place a greater emphasis on ________.
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targeted advertising messages
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_____ is the task of developing and maintaining an overall company strategy for long-run survival and growth.
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Strategic planning
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Consumer research, product development, communication, distribution, pricing, and service are all core ________ activities.
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marketing
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Secondary data consists of information ________.
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that already exists somewhere and was collected for another purpose
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As more and more Americans are moving to “micropolitan areas,” marketers can most reasonably assume that ________.
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micropolitan areas may offer the same advantages as metropolitan areas
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Secondary data are ________.
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sometimes not accurate
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A radio station that carries news, features, and editorial opinions about your area is which type of public?
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media
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Behavioral targeting, the practice of __________, is being used by more and more companies.
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tracking consumers' online movements and using this information to target ads to them
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The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction.
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True
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Four common sources of internal data supplied to internal databases include the accounting department, operations, the sales force, and the _____.
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marketing department
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Which of the following provides an answer to these questions: What is our business? Who are our customers? What do our customers value? What should our business be?
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mission statement
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Define Engel's law and how it applies in today's business world.
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Difference noted a century ago on how people shift their spending across food, housing, transportation, health care, & other goods and services as their family income changes.
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Define marketing strategy & site an example of how it is used.
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Marketing logic by which a business unit hopes to create customer value & acheive a profitable relationship.
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