MARKETING 421 Week 4 Quiz

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University of Phoenix - MARKETING 421 Week 4 Quiz At Mattel, Barbie is child-tested to be sure the doll cannot be broken apart and accidentally choke a child. This type of consumer or safety test ... occurs during the __________ stage of the new-product process. • market testing • screening and evaluation • new-product strategy development • Development What is meant by “accelerating the process?” • Increase advertising costs during product launch • Create a new market space • Identify major competitors early • Speed up new product time to market Computer-based networks that trigger actions by sensing changes in the real or digital world are known as: • smart systems. • global marketing platforms. • intelligence technologies. • convergent systems The goal of a SWOT analysis is to: • identify the critical strategy-related factors that can impact the firm. • reorganize the firm’s marketing department. • identify market research questions in order to develop new products for new market segments. • determine how raises, bonuses, and dividends will be paid. Segmentation based on some subjective mental or emotional attributes, aspirations, or needs of prospective customers is referred to as: • socioeconomic segmentation. • psychographic segmentation. • affective segmentation. • psychosocial segmentation. Jay stops at the shopping mall to purchase a new pair of jeans from the Diesel store. He is the ultimate consumer in a pipeline from the producer through intermediaries, including the clothing store. This pipeline is actually a _______. • distribution matrix • consumer market • marketing channel • marketing tunnel What is the marketing objective for the growth stage of the product life cycle? • increase market share • stress differentiation • minimize promotion • maintain brand loyalty There is no single “generic” marketing plan that can apply to all organizations or all institutions. Rather, the specific format for a marketing plan for an organization depends on the following: the industry, the kind and complexity of the organization, and ________. • the target audience and purpose • available resources • the competition • the financial investment needed A global marketing strategy refers to: • the strategy of transnational firms that employ the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ. • the strategy currently used by most U.S. domestic firms that when entering a new international market, these firms offer only those products that require the least amount of product adaptation. • the strategy used by multinational firms that have as many different product variations, brand names, and advertising programs as countries in which they do business. • the global strategy of seeking out already established firms in other nations and selling them the rights to manufacture and distribute the firm’s products through a host nation’s local businesses. Customer value refers to: • a statement that, before product development begins, identifies (1) a well-defined target market; (2) specific customers’ needs, wants, and preferences; and (3) what the product will be and do to satisfy consumers. • the cluster of benefits that an organization promises customers to satisfy their needs. • the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price. • the need of a customer to receive the highest quality product at the lowest possible price. Relationship selling refers to: • when suppliers and sellers combine their expertise and resources to create customized solutions; commit to joint planning; and share customer, competitive, and company information for their mutual benefit, and ultimately the customer. • the practice of building ties to customers based on a salesperson’s attention and commitment to customer needs over time. • the practice of maintaining contact with a customer on a regularly scheduled basis following the initial sale of a product or service. • the assignment of a single salesperson to a single customer throughout the entire sales process. The initial step in the strategic marketing process is to begin planning by conducting a _______. • diversification analysis • market-product analysis and setting goals • situation (SWOT) analysis • business portfolio analysis. Advertising, personal selling, sales promotion, public relations, and direct marketing are marketing communications alternatives that make up a firm’s __________. • media strategy • marketing mix • communication source • promotional mix Online retail purchases by consumers can be the result of several very different approaches, which include: (1) paying dues to become a member of an online discount service; (2) participating in an online auction; (3) going directly to online malls; and (4) _______. • becoming a member of a research group that evaluates new products • becoming a secret shopper • participating in a buying cooperative • using a shopping “bot” to search for a product at locations with the best price Environmental scanning refers to: • assessing any possible negative impact a firm’s activities might have on the local ecology. • setting up a regular schedule to assess the performance of different divisions within a firm. • continually acquiring information on events occurring outside the organization to identify and interpret potential trends. • initiating an internal talent search to identify employees who can think “outside the box” to generate solutions to marketing problems caused by changes in the marketing environment. A __________ is a road map for the marketing activities of an organization for a specified future time period, such as one year or five years. • mission statement • marketing plan • marketing dashboard • operation plan While pricing objectives frequently reflect corporate goals, pricing constraints often relate to: • the financial realities within the organization itself. • an organization’s code of ethics. • conditions existing in the marketplace. • stockholder demands. The term branding refers to __________. • the establishment of a commercial, legal name under which a company does business • an organization’s use of a name, phrase, design, symbol, or combination of these to identify its products and distinguish them from those of competitors • the licensing of a name, phrase, design, symbol, or combination of these for a period of 17 years, at which time a firm may renew its intellectual property rights to them • the identification of an organization’s products based upon individual SKUs Developing a pool of concepts to serve as candidates for new products is the __________ stage of the new-product process. • new-product strategy development • product development • open innovation • idea generation Variables such as location, the North American Industry Classification System (NAICS) code, and type of buy are all examples of ways to: • segment an organizational market. • differentiate products. • forecast sales to a consumer market. • promote NAFTA. Which of the following transactions occurred in the marketspace? • Joan bought a brand new pair of Dansko shoes through Zappos.com. • Josh bought his mother a menorah through the Source for Everything Jewish gift catalog by calling a toll-free telephone number. • Corey bought a double-dipped chocolate ice cream cone from the ice cream person when his mobile ice cream truck came down the street. • Connie sold Discovery Toys creative puzzles at an in-home demonstration. Marketing research refers to: • the use of information technology to find objective solutions to a marketing problem. • the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions. • the process of systematically collecting and analyzing information in order to define a marketing problem. • the science of using observable human behavior in order to identify and solve marketing problems. Marketing refers to: • the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large. • the activity involved in getting a product or service from the manufacturer to ultimate consumers and organizational buyers. • the process of identifying target market segments for a product or service. • the production of products or services that will generate the highest return on investment. The product life cycle refers to __________. • a concept that describes the stages a product goes through in the marketplace—early growth, accelerated development, maturity, and decline • a concept that describes the stages a product goes through in the marketplace—introduction, growth, maturity, and decline • a concept that describes the stages a new product goes through from product concept to commercialization • the average life span of a product The study of similarities and differences among consumers in two or more nations or societies is referred to as __________. • transnational finance • market synthesis • international sociographics • cross-cultural analysis Neuromarketing is becoming more important in marketing as experts realize that traditional research methods such as focus groups and surveys may not be enough to understand what drives consumer purchase behavior due to: • The sample size is too small • The data obtained is not quantifiable • It is not possible to formulate questions without bias • Consumers cannot verbalize their emotional responses Four trends in the past decade have significantly influenced the landscape of global marketing. One of them is: • the emergence of networked global marketspace. • a decrease in most countries’ GDPs and a renewal of nationalism. • a more aggressive attitude towards initiating international tariffs and quota systems. • an increase in most countries’ GDPs coupled with an increased degree of consumer ethnocentrism. In personal branding, the “price” component of the marketing mix refers to: • The number of hours you spend job searching • The expense associated with job-hunting • The annual cost of maintaining online profiles (such as LinkedIn) • The salary range and job benefits you hope to receive In the nonprofit world of the performing arts, box office technology has essentially remained the same since the 1980s. A company called Tessitura is trying to change that. Tessitura is able to track every transaction with its patrons in one database. The information collected includes ticket purchases, fund-raising, volunteering, and gift shop purchases that will help symphonies, operas, and theaters develop customer profiles in order to tailor their sales messages to specific individuals. In other words, Tessitura will allow arts groups to engage in: • market aggregation • societal marketing • relationship marketing • mainstream marketing Which of the following conditions are necessary for marketing to occur? • two or more people, a method of assessing needs, a way to communicate, and an exchange • a quality product, a fair price, a clever method of promotion, and a place where a customer can buy the product • two or more parties with unsatisfied needs, a desire and an ability to satisfy them, a way to communicate, and something to exchange • two or more people, a product, a reasonable price, and a place to make an exchange [Show More]

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