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If a firm wants to develop a sustainable competitive advantage, it should: examine its operations and customer relations to identify
significant things competitors cannot easily copy.
Niro Music Source Inc. is considered the best in the industry in terms of human resource management and its excellent supply chain that
assures the company will deliver products on time. Which macro strategy does this company demonstrate to achieve a sustainable
competitive advantage?: operational excellence
For many years, Southwest Airlines distinguished itself as the low-cost airline. Now, many other low-cost competitors have entered the
market. Similarly, Southwest was one of the first airlines to offer online ticketing. Now, all airlines have online ticketing. These examples
suggest that: no single strategy is likely to be sufficient to build a sustainable competitive advantage.
Cindy is charged with assessing her company's external environment as part of a SWOT analysis. Cindy will study her company’s::
opportunities and threats.
After defining the business mission, what should a firm do next to develop a marketing plan?: Answer Situational Analysis
The SWOT analysis is typically conducted during which step in the marketing planning process?::conducting a situation analysis
After a firm has conducted a SWOT analysis, it would typically progress to the next step of marketing planning, which is ________ and
involves using STP (segmentation, targeting, and positioning): identifying and evaluating opportunities
What two metrics are used in the BCG portfolio analysis to evaluate the various products of a firm?: relative market share and market
growth rate
A struggling company determined that it would close down divisions that were in low-growth markets that had relatively low market shares.
According to the BCG product portfolio analysis, this company was identifying divisions in the ________ category for closure.:Answer
Dogs
According to the BCG matrix, which type of product typically has excess resources, which can be used to support other products that need
additional resources?: Cash Cows
In the context of the BCG matrix, which group requires the most significant resources to maintain its market share:question marks
Listerine introduced a new version of mouthwash which is alcohol free. This product design is for their current customers and based on their
feedback: the alcohol mouthwash is too harsh. This is an example of:: Product Development
Bliss Massage Therapy Center maintains a database of over 700 clients and sends each one a special discount offer in the month of his or
her birthday. Managers hope that as existing customers use the discount, they will see an overall growth in sales: Market Penetration
Time Express, a well-established North American delivery service, wants to expand service into Central and South America : Market
Development
A _____ objective focuses on increasing sales or market share.:Growth
Products that compete for the same customer dollar are referred to as _____. :budget competition
Soda, coffee, tea, sports drinks, and bottled water are _____ competition.: generic
___ are the stages of the consumer decision-making process in order:Problem recognition, information search, alternatives evaluation,
product choice decision, post purchase assessment
What need pertains to the performance of a product or service?: Functional Needs
According to the consumer decision process, after consumers recognize the need for a product, they then engage in: Answer:an information
search.
_____ involves the buyer considering his own or her personal knowledge about a product based on past experiences:An internal search for
information
When Carlos was considering buying a new car, he sought out unbiased information and ratings about different makes and models in Car
and Driver magazine. What corresponds most closely to this aspect of the decision process?:external search for information
Dylan is in the market for a new laptop and is spending a considerable amount of time researching the various brands and models available.
In contrast, he does not spend much time researching the purchase of an inexpensive kitchen appliance, like a toaster. This can best be
explained by which concept?: perceived benefits versus perceived costs of search
Of the five types of risk associated with purchase decisions, which one involves the perceived danger inherent in a poorly performing
product or service?:performance
Aaron considered three important attributes when deciding which mechanic he wanted to use: the convenience of the location, hours of
operation, and price for services. In this situation, these three attributes are called: Evaluative Criteria
Sometimes called buyer’s remorse, ________ is the internal conflict that arises from an inconsistency between two beliefs or between
beliefs and behavior:Postpurchase Cognitive Dissonance
Maslow's hierarchy of needs includes physiological needs at the bottom-most level of the pyramid and self-actualization at the top-most
level. The three levels in between are:Safety, love and esteem.
A(n) ________ is a need or want strong enough to cause a person to seek satisfaction:motive
Negative attitudes are typically difficult for marketers to change because: attitudes are learned and long lasting.
Lululemon customers tend to like the company and love its products. Lululemon has nurtured this ________ component of its customers'
attitudes.: Psychological
Among the factors affecting the consumer decision-making process is the way consumers spend their time and money to live, otherwise
known as:lifestyle
The consumer decision process is influenced by ________ factors, which consists of the customer’s family, reference groups, and
culture.:Social
The shared meanings, beliefs, morals, values, and customs of a group of people constitute its: Reference Group
Segmenting markets means that a company is __:dividing the market into meaningful smaller markets based upon common
characteristics
The program My Starbucks Rewards or Amazon Prime Membership, is an example of how one business focuses on building customer
loyalty.:True
Which of the following criteria for market segmentation is least likely to enable successful segmentation?:It should be undifferentiated
The different methods of segmenting a market include targeting, positioning, psychographic, and behavioral.:False
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Age is a commonly used method of segmentation. Age alone, however, may be dangerous because __.:grouping older customers into one
group is an approach that fails to consider the vast differences in other important variables
Differences in weather and climate create opportunities for marketers to engage in:geographic segmentation
Kellogg's marketing communications about its Special K cereal appeal almost exclusively to women. This is an example of ________
segmentation.:demographic
To develop psychographic segments, the marketer must understand consumers’:self-values, self-concept, and lifestyles
More and more women have been posting photos of themselves on social media wearing little to no make-up to emphasize the concept of
real and natural beauty. Beauty brands such as Glossier have responded to this trend by producing and marketing a product line that
celebrates the natural beauty of women. What type of segmentation method is being used to segment this market?:psychographics
Michael has identified four potential market segments for his Rent-A-Teacher service. He will now compare the segments to see if they are
distinct from each other. Michael is evaluating whether or not each segment is: identifiable
When Yoga Anywhere first opened, the owner decided to target only events at resorts in its geographic region. Yoga Anywhere was using
a(n) ________ targeting strategy.:concentrated
Maria’s favorite online store allows her to have skirts made to her exact measurements. At just 4’8” tall, it’s difficult for her to find work
appropriate skirts anywhere else. The online store Maria shops at is using:micromarketing
________ involves defining the firm's marketing mix variables so that target customers have a clear, distinctive, desirable understanding of
the firm's offerings relative to competitors' offerings.:Positioning
A ________ is often used to illustrate the position of a firm's products or brands in consumers' minds.:perceptual map
The marketing research process follows five steps, and to be effective they must be followed in order without omitting any steps.: FALSE
Before conducting marketing research, it is important to establish in advance exactly what problem needs to be solved.:TRUE
The process a business uses for systematically collecting, recording, analyzing, and interpreting data that can be used to help decision
makers plan for the marketing of products is called: Marketing Research
Last week, the bank manager took her staff to lunch and asked them to share customer comments and concerns about the bank’s newly
reduced hours and other new policies. The bank manager is using the lunch as an informal marketing research effort intended primarily to
:help her understand the needs of her customers.
Kim opened a juice bar near a fitness center. She wants to know which juices will be most popular among health-conscious individuals. She
has two of her staff members stand outside the shop and invite everyone exiting the fitness center for a free glass of juice of their choosing.
This customer group is known as a:SAMPLE
When companies store information on customers' purchase histories in large computer files, this is known as data warehousing: True
Jalen is responsible for marketing research for a manufacturer of heating and cooling systems for the housing market. His boss asked him to
cut back expenses, and asked "Why can't you just use information off the Internet? There's plenty out there." What is Jalen’s best response
to try to get his boss to change his mind?:"Those are secondary data, and they may not be as timely, accurate, and relevant as what we
need."
Marketing executives at Gatorade want to analyze the number of Powerade customers who switch to its product when Gatorade is offered at
a deep discount. What data would likely show this information?: Primary internal data
Pet Food Plus wants to determine if packaging affects customer purchase decisions, so it placed two different packages for the same cat
food on a local pet store shelf and then viewed store video to see which package customers reached for first. What form of research is this?
Observation
What is an example of an unstructured question?"What are the most important characteristics for choosing a brand of shampoo?"
Which type of research would be considered quantitative research? experimental research
Recently, the number of students enrolled in the business program increased while enrollment in the engineering program decreased. The
chair of the engineering department will probably use ____ as a first step to gain a better understanding of why enrollments are
changing.:Qualitative research
ass1:The activity set of institutions and processes for creating, capturing, communicating, delivering, and exchanging offerings that
have value for customers, clients, partners, and society at large. 2. An example is a customer wants coffee because he needs to feel
energetic in the morning or a customer wants gas because he needs fuel to drive his vehicle. 3. An example of this is a customer
exchanges money to get a product or service that they want and need. 4. The 4 P's are Product, Price, Place, and Promotion. The
product creates value, the Price captures value, the Place delivers value, and the Promotion communicates the value. Ass3:Question
1 D. reference groups Question 2 D. external social environment Question 3 B. Authenticity Question 4 The three stages of memory are
Information encoding, what happens in this stage is transform info into storable info and an example is taking what you learn about your
own car and trying to get a new one. The second is Information storage. What happens here is knowledge gets integrated and stored with
what consumers already know and an example of this is going car shopping and integrating your own knowledge with things you learn
when looking, like comparing the speed of the cars. The last one is Retrieval. This is what happens in this is the consumers access desired
info an example is that when the consumer gets all the info he makes a decisionAss5:What are differences between primary data and
secondary data? Secondary Research Adv: Saves time in collecting data because they are readily available; Free or inexpensive
(except for syndicated data).Disadv: May not be precisely relevant to info needs; Info may not be timely; sources may not be
original and therefore usefulness is an issue; Methodologies for collecting data may not be appropriate; Data sources may be
biasedPrimary Research Adv: Specific to the immediate data needs and topic at hand; Offers behavioral insight generally not
available from secondary research Disadv: Costly;Time consuming;Requires more sophisticated training and experience to design,
study and collect data. The four growth strategies are:- Market Penetration is utilizing current products and markets to grow by offering
discounts or promotions (Example: Discounts or Promotions/Warranties)- Market Development is using current products and entering into a
new market. (Example: Yoga ball used for therapy as opposed to just yoga)-Product Development is using new products and advertising
them to an existing market (Example: Yoga ball chair created instead of using regular yoga ball)- Diversification is using new products and
going into new markets. (Example: KFC introducing new product in the chinese market) The two growth strategies are Increasing outputs
Examples: (Increasing price and decreasing discounts) (Improve sales mix such as products or services that are the most profitable)
Decreasing inputs Examples: (Decreasing costs such as advertising, promotion, market research, NPD, etc.) (Improving asset utilization by
using resources more efficiently)