CHAPTERS 1 to 10 STUDY GUIDE-1-1

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CHAPTERS 1 to 8 STUDY GUIDE CHAPTER 1 Janet is very upset that she can't get tickets to the Rolling Stones concert because they are sold out. Which of the following demand states applies to Janet's situation? A) nonexistent demand B) latent demand C) full demand D) unwholesome demand E) overfull demand Which of the following is true of business markets? A) Buyers are usually not skilled at comparing competitive product offerings. B) Buyers have limited purchasing power. C) Property rights, language, culture, and local laws are the most important concerns. D) Products sold in such markets are usually highly standardized. E) Business buyers purchase goods to make or resell a product to others at a profit. During market segmentation analysis, the marketer identifies which segments present the greatest opportunity. These segments are called ________ markets. A) target B) capital C) tertiary D) demographic E) developing ________ reflects a customer's judgment of a product's performance in relation to his or her expectations. A) Brand equity B) Satisfaction C) Value D) Perception E) Brand image Chipotle engages customers through Facebook, Twitter, and other social media via its grassroots "Food with Integrity" digital strategy, which puts the focus on what it sells and where it comes from. These are examples of ________ media. A) owned B) earned C) paid D) service E) marketing Which of the new four Ps encompasses the old four Ps as well as a range of other

marketing activities that might not fit well into the old view of marketing? A) programs B) processes C) promotion D) people E) performance Identify the concept that emerged in the mid-1950s as a customer-centered, sense-and- respond philosophy. A) the product concept B) the production concept C) the selling concept D) the marketing concept E) the holistic marketing concept The marketing concept holds that ________. A) a firm should find the right products for its customers, and not the right customers for its products B) customers who are coaxed into buying a product will most likely buy it again C) a new product will not be successful unless it is priced, distributed, and sold properly D) consumers and businesses, if left alone, won't buy enough of the organization's products E) a better product will by itself lead people to buy it without much effort from the sellers True or False The marketing concept stresses finding the right customers for the company's products. McCarthy classified marketing activities into the four Ps of the marketing mix. These four Ps stand for ________. A) product, positioning, place, and price B) product, production, price, and place C) promotion, place, positioning, and price D) place, promotion, production, and positioning E) product, price, promotion, and place CHAPTER 2 1) The task of any business is to ________. A) create customer needs B) differentiate in terms of cost of production C) deliver customer value at a profit D) reduce competition E) communicate similar value as provided by competitors The value delivery process can be divided into three phases, out of which "choosing the

value" implies ________, which is the essence of strategic marketing. A) segmentation, developing, and delivering B) targeting, positioning, and communicating C) targeting, positioning, and delivering D) segmentation, targeting, and positioning E) researching, developing, and delivering Activities involved in building deeper understanding of existing consumers and what the product offerings mean to them would be a part of the ________ process. A) customer acquisition B) customer relationship management C) customer prospecting D) customer integrating management E) customer equity The marketing plan , the central instrument for directing and coordinating the marketing effort of a company, operates at the ________ levels. A) functional and operational B) strategic and tactical C) corporate and operational D) customer and expenditure E) corporate and division TRUE OR FALSE A strategy is a game plan for achieving what the business unit wants to achieve. When a firm aims to underprice competitors and win market share, it is using a(n) ________ strategy that requires relatively less marketing skills as compared to other strategies. A) product differentiation B) overall cost leadership C) focus D) domestic customer relationship E) price skimming Briefly list the contents of a marketing plan. Answer: The contents of a marketing plan include: • an executive summary and table of contents • a situation analysis • marketing strategy • financial projections • implementation controls

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CHAPTER 3 True or False Companies with superior information enjoy a competitive advantage. True or False A fad is more predictable and durable than a trend. The ________ market is the set of consumers with an adequate interest, income, and access to a particular offer. A) potential B) available C) target D) penetrated E) reserve Jeanine would like to own a Mercedes but is unable to afford one at this time. Jeanine is part of the ________ market for this product. A) potential B) available C) target D) projected E) penetrated CHAPTER 4 A(n) ________ is a gathering of 6 to 10 people carefully selected by researchers based on certain demographic, psychographic, or other considerations and brought together to discuss various topics of interest at length. A) target group B) pilot group C) focus group D) customer base E) ethnographic group The marketing manager needs to know the cost of the research project before approving it. During which stage of the marketing research process would such a consideration most likely take place? A) defining the problem B) analyzing the information C) drafting the report D) developing the research plan E) collecting information

Primary data can be collected in several ways. Installing CCTV cameras in a retail store whereby consumers' actions can be recorded is an example of ________ research . A) focus group B) survey C) observational D) behavioral E) experimental Why must researchers avoid generalizing from focus group participants to the whole market? A) Participants' responses are not reliable. B) Most of the participants are likely to be ignorant about the topic of discussion. C) The size of the group is too small and the sample is not drawn randomly. D) Most of the participants are likely to exhibit similar tastes and preferences. E) The participants usually come from diverse backgrounds. Because of its flexibility, ________ are the most common technique of collecting primary data. A) questionnaires B) telephonic interviews C) behavioral research studies D) experimental designs E) focus groups "Truancy should be checked in schools: 1) Strongly disagree, 2) Disagree, 3) Neither agree nor disagree, 4) Agree, 5) Strongly agree." This is an example of a ________. A) Likert scale B) semantic differential C) multiple choice question D) Thematic Appreciation Test (TAT) E) dichotomous question CHAPTER 5 In the modern customer-oriented organizational chart, which of the following is considered to be at the top of the organizational pyramid? A) sales B) top management C) front-line people D) customers E) middle management ________ is the difference between the prospective customer's evaluation of all benefits and all costs of an offering and the perceived alternatives. A) Perceived usefulness

B) Failure avoidance rate C) Total customer benefit D) Customer-perceived value E) Competitors' market share rate Of customers who register a complaint, ________. A) all will do business with the company again because they are unwilling to dedicate the effort required to find another vendor B) none will do business with the company again C) customers whose complaints are satisfactorily resolved are more likely to provide publicity than those who are dissatisfied D) the speed of resolution has no impact on the likelihood of repeat business E) some will do business with the company again if their complaint is resolved What are the steps in a customer value analysis? Answer: Managers conduct a customer value analysis to reveal the company's strengths and weaknesses relative to those of various competitors. The steps in this analysis are: 1. Identify the major attributes and benefits that customers value. 2. Assess the quantitative importance of the different attributes and benefits. 3. Assess the company's and competitors' performances on the different customer values against their rated importance. 4. Examine how customers in a specific segment rate the company's performance against a specific major competitor on an individual attribute or benefit basis. 5. Monitor customer values over time. A customer ________ is any occasion on which a customer encounters the brand and product — from actual experience to personal or mass communications to casual observation. A) touch point B) point of order C) point of difference D) pivot point E) point of parity CHAPTER 6 ________ is the study of how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants. A) Target marketing B) Mind mapping C) Consumer activism D) Consumer behavior E) Product differentiation A(n) ________ group is one whose values or behavior an individual rejects. A) aspirational

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B) dissociative C) membership D) primary E) procreational Jason writes a weekly column in his school's newspaper about movies he has seen, books he has read, and concerts he has attended. His column provides information and opinions. Feedback from his fellow students is positive, and they are appreciative of the advice that is given. Which of the following would be the most apt description of the role played by Jason? A) silent majority B) protestor C) protector D) adapter E) opinion leader If a direct-mail marketer wished to direct promotional efforts toward the family of ________, efforts need to be directed toward parents and siblings of the family members. A) orientation B) procreation C) immediacy D) intimacy E) reference Steve has only 20 minutes to have lunch. Although he really likes McDonald's, the line is very long and he is concerned that he will not have a chance to get through the line and eat his lunch before he is due back at work. Steve perceives ________ risk in going to McDonald's today. A) time B) functional C) physical D) psychological E) social CHAPTER 7 How can a marketer overcome the negative effects of commoditization? A) convince target consumers that the firm's products are as good as those of competitors B) convince target consumers that price is irrelevant in determining quality C) convince target consumers that the firm's products are different from those of competitors D) convince target customers that buying the highest-priced product is no guarantee of quality E) convince target customers that all the products in the market are equivalent Which of the following is true for business marketers?

A) They deal with more and larger buyers than consumer marketers. B) They deal with more and smaller buyers than consumer marketers. C) They deal with fewer and larger buyers than consumer marketers. D) They deal with fewer and smaller buyers than consumer marketers. E) They deal with the same kind of buyers as consumer marketers. True or False Given the highly competitive nature of business-to-business markets, the biggest enemy to marketers here is commoditization. In the purchasing decision process, the ________ are those who request that something be purchased. They may be users or others in the organization. A) users B) initiators C) influencers D) deciders E) approvers If you performed the role of the ________ in a buying center, you would be the person that has the power to prevent sellers or information from reaching other members of the buying center. A) initiator B) influencer C) decider D) gatekeeper E) approver List the seven roles played by members of a buying center. Answer: The roles are: 1. initiators 2. users 3. influencers 4. deciders 5. approvers 6. buyers 7. gatekeepers Diff: 1 CHAPTER 8 What is a global firm? A) A firm that operates in one country and exports its goods and services to foreign countries.

B) A firm that operates in more than one country and has a sales and marketing staff in those countries. C) A firm that operates in more than one country and captures R&D, production, logistical, marketing, and financial advantages not available to purely domestic competitors. D) A firm that sells its products and services across the world but restricts manufacturing to the home country. E) A firm that operates in more than one country but restricts the sale of its products to the home country. Which of the following is NOT a challenge associated with international marketing? A) Managers need to learn new languages and laws. B) Managers need to deal with volatile currencies. C) Managers face political and legal uncertainties. D) International markets are less safe. E) All of the above are challenges. Which of the following is the first stage of the internationalization process that can induce firms to enter the international arena? A) no regular export activities B) export via independent representatives (agents) C) establishment of one or more sales subsidiaries D) establishment of production facilities abroad E) adoption of a flexible exchange rate regime Which of the following causes a difference between marketing in developed countries and marketing in developing countries? A) The cost of production varies substantially between the developed and the developing world. B) The disparity between the rich and the poor in the developing world is reducing. C) There are substantial cultural differences between the developed and the developing world. D) Marketing in developing countries is far more expensive than in the developed world. E) The developing countries have more trade barriers in place than the developed countries. As people in developing countries often prefer to buy in smaller quantities, ________ is one of the most important functions of intermediaries in developing countries and helps perpetuate the long channels of distribution, which are a major obstacle to the expansion of retailing. A) product adaptation B) breaking bulk C) diversification D) transfer pricing

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E) dual adaptation CHAPTER 9 What are the five segmentation criteria? What ways can a company divide the consumer market into segments? How should/can business markets be segmented? CHAPTER 10 –NOT INCLUDED **ALSO KNOW**  Everything on the Marketing Rock Star Handout  Know the key steps in research (REFER TO YOUR MARKETING MEMO)  Know the Ansoff matrix/growth matrix listed on the Marketing Rock Star handout  Know the JOB OF MARKETING  Be able to explain the concept of MILKSHAKE MARKETING  Customer Value Equation as discussed in lecture

CHAPTERS 1 to 10 STUDY GUIDE-1-1

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