Deck 6: Marketing Basics

Question 1

A company's capabilities with respect to marketing, manufacturing, and distribution are components of its external marketing environment.

Answer 1

False

Question 2

The selection of a target market should always precede market segmentation.

Answer 2

False

Question 3

Each component of marketing mix is controlled by the company, so that they are not affected by factors internal or external to the company.

Answer 3

False

Question 4

Each element of marketing mix is impacted by decisions made for the other elements.

Question 5

Customer segment pricing refers to charging different prices for different groups.

Question 6

An influencer of a buying center does not necessarily use the product or the service.

Question 7

B2C customer experiences should not involve emotional connections.

Question 8

The expectation of ethical and responsible behavior is implicit in the societal marketing concept.

Question 9

A company's website is not a product.

Question 10

B2B customers are people who buy for themselves.

Question 11

Differentiation involves placing a brand in the consumer's mind in relation to other competing products, based on product traits and benefits that are relevant to the consumer.

Question 12

Focus groups are not likely to be chosen by small businesses because they are costly.

Question 13

The term 'product' cannot be used to refer to intangible services.

Question 14

A target market is one or more segments that have been chosen as the focus for business operations.

Question 15

A customer experience begins at the point of need awareness and ends at need extinction.

Question 16

All of the five stages of the consumer buying process take the same amount of time and effort.

Question 17

Customer value is the difference between perceived benefits and perceived costs.

Question 18

Small businesses are particularly vulnerable to changes in the external marketing environment because they do not have multiple product and service offerings and financial resources to insulate them.

Question 19

The customer and the consumer are always the same person.

Question 20

In the context of a buying center, one person could play multiple roles and there could be multiple people in a single role.

Question 21

When a product or service has an ability to perform its utilitarian purpose, it is said to have:

A) functional value
B) social value
C) emotional value
D) epistemic value
E) conditional value

Question 22

The published work of others is a great place to start secondary market research, but it is often outdated and provides only broad knowledge.

Question 23

Adding to the traditional marketing concept, the societal marketing concept states that:

A) the focus of all company operations should be meeting the customer's needs and wants in ways that distinguish a company from its competition.
B) company efforts should be integrated and coordinated in such a way to meet organizational objectives and achieve profitability.
C) a company is required to balance customer satisfaction, company profits, and the long-term welfare of society.
D) a company's sales and revenues are inextricably tied to the quality of each of its products, services, and modes of delivery and to its image and reputation among its constituencies.
E) a company markets itself through everything it does, its substance as well as its style; it is that all-encompassing package that the organization then sells.

Question 24

In-person survey is a type of primary marketing research.

Question 25

Which of the following Ps of the marketing mix is another word for distribution?

A) Product
B) Price
C) Promotion
D) Place
E) Process

Question 26

Statistics taken from Wall Street Journal for identifying the competitors of a firm will be considered as secondary marketing research.

Question 27

Because sales are the only generator of revenue in most small businesses, marketing decisions play a major role in the health of a company's cash flow.

Question 28

Marketing research is about gathering the information that is needed to make decisions about a business.

Question 29

Secondary market research is appropriate when looking for things such as economic trends, online consumer purchasing habits, and competitor identification.

Question 30

The traditional marketing concept holds that:

A) the focus of all company operations should be meeting the customer's needs and wants in ways that distinguish a company from its competition.
B) a company will have an advantage over competitors if it applies the marketing concept in a manner that maximizes society's well-being.
C) a company is required to balance customer satisfaction, company profits, and the long-term welfare of society.
D) a company's sales and revenues are inextricably tied to the quality of each of its products, services, and modes of delivery and to its image and reputation among its constituencies.
E) a company markets itself through everything it does, its substance as well as its style; it is that all-encompassing package that the organization then sells.

Question 31

The timely collection of money owed and being able to pay for the products and the services needed to run the business are critical to a positive cash flow.

Question 32

Concerns such as user status, usage rate, and loyalty status fall under:

A) operational business segmentation.
B) personal consumer segmentation.
C) psychographic consumer segmentation.
D) behavioral consumer segmentation.
E) demographic business segmentation.

Question 33

Economic trends picked up by doing secondary marketing research may not meet a company's needs.

Question 34

Which of the following Ps of marketing mix has its objective as "having products and services available where customers want them when they want them"?

A) Product
B) Price
C) Promotion
D) Place
E) Physical evidence

Question 35

Which of the following defines social customer value?

A) It relates to the product's or the service's ability to perform its utilitarian purpose.
B) It involves a sense of relationship with other groups by using images or symbols.
C) It is derived from the ability to evoke an emotional or an affective response.
D) It is generated by a sense of novelty or simple fun.
E) It is derived from a particular context or a socio-cultural setting.

Question 36

Marketing is the establishment of a strong link between customer value requirements and the major value-producing activities of the firm.

Question 37

Buying proprietary reports that have been prepared by other companies is an option that is exclusive to large companies.

Question 38

Which of the following values is derived from a particular context or a socio-cultural setting?

A) Functional value
B) Social value
C) Emotional value
D) Epistemic value
E) Conditional value

Question 39

A customer buys a product due to its epistemic value. This means that the product:

A) performs a utilitarian purpose.
B) provides a sense of relationship with other groups through images or symbols.
C) has the ability to evoke an emotional or an affective response.
D) offers novelty or fun.
E) evokes values derived from a socio-cultural setting.

Question 40

In keeping with the trends and forces that are defining the twenty-first century, the holistic marketing concept states that:

A) the focus of all company operations should be meeting the customer's needs and wants in ways that distinguish a company from its competition.
B) company efforts should be integrated and coordinated in such a way to meet organizational objectives and achieve profitability.
C) a company will have an advantage over competitors if it applies the marketing concept in a manner that maximizes society's well-being.
D) a company is required to balance customer satisfaction, company profits, and the long-term welfare of society.
E) a company's sales and revenues are inextricably tied to the quality of each of its products, services, and modes of delivery and to its image and reputation among its constituencies.

Question 41

Which of the following stages of the consumer buying process does a consumer go through when she makes a choice?

A) Problem recognition
B) Information search
C) Evaluation of alternatives
D) Purchase decision
E) Post-purchase behavior

Question 42

Data gathered through secondary marketing research is different from data gathered through primary marketing research in that secondary data:

A) are frequently outdated.
B) are for a specific purpose or project.
C) tend to be more expensive.
D) are customized to meet a company's needs.
E) are proprietary-no one else has it.

Question 43

Which of the following factors does a firm prioritize when it sets ambience as its main concern?

A) Social factors
B) Personal factors
C) Situational factors
D) Psychological or individual factors
E) Price factors

Question 44

In a buying center, the person in a company who utilizes a product or takes advantage of a service is known as the:

A) initiator.
B) gatekeeper.
C) user.
D) approver.
E) influencer.

Question 45

Which of the following factors of consumer behavior deal with how people see, hear, touch, and smell and then interprets the world around him or her?

A) Social factors
B) Psychological or individual factors
C) Personal factors
D) Situational factors
E) Price factors

Question 46

Before buying a cell phone, a customer wanted to find out the options available within her budget. She asked her friends for recommendations, checked out reviews, and did a Google search. Which of the following stages of the consumer buying process did she go through?

A) Problem recognition
B) Information search
C) Evaluation of alternatives
D) Purchase decision
E) Post-purchase behavior

Question 47

In a buying center, the person who authorizes the proposed actions of the decider or the buyer is known as the:

A) initiator.
B) gatekeeper.
C) user.
D) approver.
E) influencer.

Question 48

Which of the following factors of consumer behavior deal with how we see ourselves and how we would like others to see us?

A) Social factors
B) Personal factors
C) Situational factors
D) Psychological or individual factors
E) Price factors

Question 49

Which of the following is a situational factor of consumer behavior?

A) Life-cycle stage
B) Reference group
C) Perception
D) Quality of the product
E) Time available to shop and buy

Question 50

Data gathered through primary marketing research is different from data gathered through secondary marketing research in that primary data:

A) have already been gathered and published.
B) tend to be more expensive.
C) may not meet a company's needs.
D) are frequently outdated.
E) are available to competitors.

Question 51

Before deciding which car to buy, Suzanne arrived at a final set of brand choices and compared them based on her needs. Which of the following stages of the consumer buying process did she go through?

A) Problem recognition
B) Information search
C) Purchase decision
D) Evaluation of alternatives
E) Post-purchase behavior

Question 52

In the context of a buying center, the person who requests that something be purchased is known as the:

A) initiator.
B) gatekeeper.
C) decider.
D) approver.
E) influencer.

Question 53

Which of the following is the first stage of consumer buying process?

A) Information search
B) Problem recognition
C) Purchase decision
D) Evaluation of alternatives
E) Post-purchase behavior

Question 54

Which of the following is the last step of a B2B buying process?

A) Identification of feasible solutions
B) Identification of feasible vendors
C) Negotiation of purchase terms
D) Evaluation of vendors
E) Vendor selection

Question 55

Which of the following is the person responsible for the flow of information to the buying center?

A) Initiator
B) Gatekeeper
C) Decider
D) Approver
E) Influencer

Question 56

Data gathered through primary marketing research is different from data gathered through secondary marketing research in that primary data:

A) have already been gathered and published.
B) tend to be lower cost.
C) are frequently outdated.
D) are customized to meet a company's needs.
E) are available to competitors.

Question 57

In the establishment of the specifications stage of a B2B buying process:

A) each vendor's proposal, bid, or price quotation is evaluated for acceptability.
B) the buyer works out any terms that still remain.
C) the business spells out what is needed and develops decision criteria on which to make a vendor choice.
D) the requirements arising out of a company's operations are recognized.
E) the choice of how to acquire a product is made.

Question 58

In the context of buying center, the person who chooses product requirements, suppliers, or both is known as the:

A) initiator.
B) gatekeeper.
C) user.
D) decider.
E) influencer.

Question 59

Which of the following factors of consumer behavior include race, ethnicity, occupation, and income?

A) Personal factors
B) Social factors
C) Psychological or individual factors
D) Situational factors
E) Price factors

Question 60

The person who has an impact on the buying decision but does not necessarily use the product or the service is known as the:

A) initiator.
B) gatekeeper.
C) decider.
D) approver.
E) influencer.

Question 61

_____ refers to the combination of product, price, promotion, and place (distribution).

Question 62

_____ marketing research is based on information that has already been gathered and published.

Question 63

_____ refers to the websites that feature user-generated content or material created by visitors rather than the website publishers and encourage visitors to read and respond to that material.

Question 64

_____ are reports from organizations that conduct original research and then sell it.

Question 65

Data gathered through secondary marketing research is different from data gathered through primary marketing research in that secondary data:

A) are for a specific purpose or for a specific project.
B) tend to be more expensive.
C) are customized to meet a company's needs.
D) are fresh, new data.
E) are available to competitors.

Question 66

What is meant by the holistic marketing concept?

Question 67

The _____ is defined as the individual or the group that makes the business-to-business buying decisions.

Question 68

_____ is the result of a complex interplay of factors constituting how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy the consumers' needs and wants.

Question 69

A(n) _____ is six to ten people carefully selected by a researcher and brought together to discuss various aspects of interest at length.

Question 70

_____ pricing occurs when different prices are charged depending on where the customer purchases the product.

Question 71

In a buying center, the person who authorizes the proposed actions of the decider or the buyer is known as the _____.

Question 72

_____ is defined by the American Marketing Association as "the activity, set of institutions, and processes for creating, communicating, and exchanging offerings that have value for customers, clients, partners, and society at large."

Question 73

Compare marketing strategy with marketing management.

Question 74

_____ entails placing a brand in the consumer's mind in relation to other competing products, based on product traits and benefits that are relevant to the consumer.

Question 75

A(n) _____ is a way for shoppers to engage with their favorite retail brand or store using their mobile phones.

Question 76

What is meant by the societal marketing concept?

Question 77

A(n) _____ market is a small, narrowly defined market that is not being served well or at all by mainstream product or service marketers.

Question 78

Explain the difference between a customer and a consumer.

Question 79

The _____ marketing concept assumes that a company will have an advantage over competitors if it applies the marketing concept in a manner that maximizes society's well-being.

Question 80

In the marketing mix, _____ comes first, followed by price, promotion, and place.