Marketing Exchange and STP: Key Concepts Quiz Insights

Question 1 8 / 8 pts In a marketing exchange, the main players are: customer and company collaborators and competitors price and promotion context and market concentration Question 2 7 / 7 pts In Marketing, STP is a critical process. In this process, positioning helps a marketer to: evaluate groups of industrial customers who share similar wants and needs. analyze the market potential for a product's horizontal diversification. choose a niche group segment from a selected set of industrial customers. communicate a product's benefits clearly to the intended target customers. Question 3 8 / 8 pts Which of the following is an example of an industry marketing itself? An ad introducing Pizza Hut's new menu.

An ad encouraging the purchase of a Firefox mountain bike. An ad encouraging the consumption of eggs. An ad encouraging the consumption of a Snickers bar. Question 4 10 / 10 pts Which of the following statements is TRUE? Great marketing is an art based entirely on an individual's soft skills and instincts. In the context of the marketing management framework, the 4Ps precede STP. With respect to the 5Cs in the marketing framework, "context" includes the backdrop of micro-environment factors. In the context of the marketing framework, company is one of the elements in the 4Cs. The 5Cs, STP, and 4Ps operate interdependently. Question 5 7 / 7 pts STP stands for ________________, targeting, and positioning. subdivisions

segmentation splitting segregation Question 6 8 / 8 pts With respect to STP in the marketing framework, the targeting process helps: select a group of customers from a set of identified groups. educate customers about a product's benefits and values. create an image of the product in the mind of a selected customer. provide additional information about a product to the public. Question 7 7 / 7 pts With respect to STP in the marketing framework, which of the following statements distinguishes segmentation from targeting? Segmentation identifies groups with similar wants or needs, while targeting deals with the matching of a value proposition to groups of customers. Segmentation deals with tangible goods, while targeting deals with intangible services. Segmentation identifies the customers and collaborators of a company, while targeting deals with the competitive factors in an industry.

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Segmentation identifies the marketing effort required for a macro- environment group, while targeting identifies the marketing effort required for a micro-environment group. Question 8 8 / 8 pts With respect to the 5Cs in the marketing framework, which of the following is an example of "context"? A firm's complementary good A firm's stock product A firm's natural resources A firm's stockholder Question 9 7 / 7 pts Which of the following is a pre-purchase behavior exhibited by consumers? Searching for possible solutions Assessing the purchase process Deciding on a retail channel Narrowing the consideration set

Question 10 8 / 8 pts Which of the following is an example of a post-purchase behavior exhibited by consumers? Eddie could not decide whether to pick up a sports game or a strategy game for his son, Nathan. Peter was happy with the car audio system he purchased from RadioShack. Brad wanted to own an apartment in New York, just like Michael. Barlow decided to buy a new Sony PS3 as the Nintendo Wii was too expensive. Question 11 7 / 7 pts Which of the following statements distinguishes convenience purchases from specialty purchases? Convenience purchases are commonly B2B purchases, while specialty purchases are mostly B2C. Convenience purchases are fairly mindless staple purchases, while specialty purchases require more thought. Convenience purchases usually generate word-of-mouth referrals, while specialty purchases do not. Convenience purchases are purchases internal to an organization, while specialty purchases are external purchases.

Question 12 8 / 8 pts In the context of types of B2B customers, which of the following is an example of a business service? Timber dealers Rivets manufacturers Consulting agencies Equipment manufacturers Question 13 7 / 7 pts Santos Industries, a furniture manufacturing company, purchases lumber from a company called Josh Timbers. Lumber is an example of a(n) _____. component raw material accessory installation Question 14 8 / 8 pts Which of the following statements distinguishes a straight rebuy from a modified rebuy?

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A straight rebuy deals with purchases from the same vendor, while a modified rebuy deals with purchases from a new or different vendor. straight rebuy deals with intangible purchases, while a modified rebuy deals with tangible purchases. A straight rebuy is analogous to a shopping purchase, while a modified rebuy is analogous to a specialty purchase. A straight rebuy deals with the internal customers of an organization, while a modified rebuy deals with external customers. Question 15 7 / 7 pts Which of the following statements distinguishes a modified rebuy from a new buy? In a modified rebuy, the customer is familiar with the product attributes to be considered, while in a new buy scenario the customer is not aware of the product's attributes. In a modified rebuy, products are broken down into small units for easy handling, while in a new buy the customer buys the product as a whole. In a modified rebuy, the customer purchases the product from an approved seller, while the customer in a new buy chooses a brand new seller in the market. In a modified rebuy, the customer is mainly concerned with purchasing raw materials, while the customer in a new buy is interested in business services. Question 16

8 / 8 pts The process by which brand associations get past the sensory and perception stages into short-term memory, and then with repetition and elaboration, long-term memory is called Need Recognition Learning Motivation Values Question 17 7 / 7 pts According to Maslow's hierarchy of needs, which of the following refers to the most basic needs a human must satisfy before achieving any others? Self-actualization needs Physiological needs Belonging needs Esteem Needs Question 18 8 / 8 pts Which of the following is TRUE Loyalty programs are based on the theory of operant conditioning.

The second stage of the decision-making process is conducted by non- compensatory mechanisms. The last stage of the decision-making process is conducted by non- compensatory mechanisms. Loyalty programs are based on the theory of classical conditioning. Question 19 7 / 7 pts Total variable costs = ? Variable unit costs + Sales volume (in units) Variable unit costs × Sales volume (in units) Sales volume (in units) / Variable unit costs Variable unit costs / Sales volume (in units) Question 20 8 / 8 pts In the context of price changes, operationally low prices and __________ necessitate the hassle of having to deal in large volume. high perishability low margins high net income

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low revenue Question 21 7 / 7 pts A company reduces its fixed costs by: finding a less expensive but requisite quality supplier. reducing the number of units and becoming a niche provider. spending less on R&D, unless the company prides itself on being innovative. outsourcing part of its business operations that appear expensive. Question 22 7 / 7 pts What does the phrase "milk the brand" mean? Spending more on a company's fixed brand costs and variable brand costs. Spending more on a company's brand extension rather than on a product line extension. Allowing a supplier and distributor to incur a loss on their brand equities. Letting a strong brand speak for itself and not spending much on its growth Question 23

10 / 10 pts In the context of the BCG matrix, a _____ describes brands doing well in a growth industry. question mark dog cash cow star Question 24 8 / 8 pts In the context of the BCG matrix, which of the following statements explains the difference between a question mark and a dog? A question mark deals with cash cows, while a dog deals with stars. A question mark's market potential is unknown, while a dog's market potential is pretty low. A question mark receives less marketing attention than a dog. A question mark's product tangibility is greater than that of a dog's product tangibility. Question 25 7 / 7 pts In the context of the General Electric model, which of the following statements explains the difference between market attractiveness and business strengths?

Market attractiveness is related to the external factors of a SWOT, while business strengths are related to the internal factors of a SWOT. Market attractiveness is analogous to stars, while business strengths are analogous to question marks. Market attractiveness is related to tangible products, while business strengths are related to intangible services. Market attractiveness is analogous to cash cows, while business strengths are analogous to dogs. Question 26 8 / 8 pts In the context of the Porter strategies, which of the following statements explains the difference between focused and differentiation strategies? Focused strategies relate to a firm's internal strengths, while differentiation strategies relate to a firm's opportunities. Focused strategies relate to question marks in a BCG matrix, while differentiation strategies relate to cash dogs. The scope of focused strategies is narrow, while the scope of differentiation strategies is broad in nature. Differentiation strategies have a definite relationship to the stars of a firm, while focused strategies have a definite relationship to the cows of a firm.

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Quiz 1 MKT 605

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