FOR EACH QUESTION SELECT ALL ANSWERS THAT APPLY:

The promotional mix's main goal(s) is to:

-Inform

-Create value

-Remind

-Persuade

-Advertise

-Relate to the public

What is a way a customer could learn about a product/service?

-Asking others about the product

-Looking at the product's packaging

-Sampling the product

-Looking at the product's website

-Using the product

Which of these would be involved in B2B transactions?

-You pay your GVSU bill

-Grand rapids public schools

-Grand Rapids Municipality

-Ford

-Target

Suppose that GM is preparing an RFP for a hands-free phone addition for a new car. What information can the company omit from the RFP?

-A description of the required features for the device

-Instructions for preparing proposals

-Specifications for connecting the device to the car

-A time frame when the devices are needed

-An assessment of the vendor's performance

A researcher is ready to conduct _________ when she is ready to move to specific, informed questions

-Qualitative research

-Data warehousing

-Quantitative research

-Research design

-Syndicated marketing surveys

What statements apply to exchange rates?

-They are an important part of the political/legal environment

-A stronger Euro will make French goods less competitive here

-If we can buy a Canadian dollar for $1.50, the U.S dollar is weaker

-A weaker dollar will make U.S goods sold overseas more competitive

-They could be a strength or a weakness for a firm

Attitudes affect consumers:

-Behavior

-Beliefs

-Regional culture

-Feelings

-Generational cohort

Which consumer is relatively young an its income has risen nearly 50% in 15 years?

-Young and single

-Immigrants

-African Americans

-Generation Y

-None of the above

What was the main characteristic(s) of the sales era?

-It used persuasive techniques to overcome habits of the Great depression

-It finally focused on what was being sold

-It preceded on getting rid of excess product

-None of the above

Which of the statement(s) is true related to a relation orientation?

-It is necessary component of market and value-oriented firms

-It is cheaper to keep customers than acquire new ones

-CRM systems are an integral part of aligning distribution strategies with supply chain purposes

-It focuses on building loyalty with all customers

-B2C, B2B, and B2E relationships are all important

Which of the statements show(s) the proper order of steps?

-Need recognition, information search, evaluate information, evaluate alternatives, post purchase evaluation

-Define research needs, design the research, collect data, analyze data, implement action plan

-Segmentation, targeting, positioning

-Mission statement, objectives, SWOT analysis, marketing strategy

-Pick a target market, develop a marketing mix

I have two students that just got married. They would make a great target market for:

-Graduate school at GVSU

-Consumables like toothpaste an ketchup

-Baby products

-Vacations and motorcycles

-None of the above

What is the relationship between a market, target market, and segment?

-A segment has a general need/want and a willingness and ability to satisfy that need a want, plus some other shared characteristic that separates it from the market

-A separate marketing mix is designed for each segment targeted

-A targeted market is a market a firm decided to attempt to satisfy with a valuable marketing mix

-A segment is part of a market

-A target market is part of a market

Debbi Kiekover shared that Ranir will often ________ before in home use testing

-Collect secondary data

-Outsource research to gather quantitative feedback

-Conduct in home observations

-Hold focus groups

-Concept test all products

What do consumers do when they realize their present state doesn't match their desired state?

-They perform a SWOT analysis and then create objectives to accomplish

-They feel cognitive dissonance

-They experience pre an post purchase regret

-They search for information

-None of the above

Global Consumers insights uses _______ as primary research

-Survey data

-Focus groups

-Observation

-IRI and Nielson

-Point of sale data

When Bob receives the RFP issued by one of his customers, he sees that the firm has changed the specifications since it placed a previous order with him. His company's products do not meet the new specifications. In this situation: being the current vendor:

-Offsets a consensus buying center culture

-Will probably not be an advantage in getting the new order

-Will necessitate renegotiating price and delivery terms

-Allow for a straight rebuy

-Will allow Bob to get the order even though his products do not meet the specifications

Why should marketers bother with segmentation?

-It's the hottest new trend in marketing

-It allows them to better define needs/wants

-It's the only option

-It's not that expensive, and the benefits are great

-It leads to more effective utilization of resources

Other than the internet, what has the greatest effect on marketing?

-Cell phones

-Working woman

-Higher education

-Amazon

-Social media

If you decide to buy a car an picked the one that had the best rated gas mileage, no matter the brand, color, or price:

-You would likely experience some dimension of cognitive dissonance

-Your discretionary income is likely high enough to compensate for your desires

-You were most likely using a non-compensatory decision rule

-You are most likely from generation Y

-You are practicing conscious marketing

What variables make up socio-economic status?

-Education

-Income

-Neighborhood status

-Ethnicity

-Occupation

Because pharmaceutical sales representatives spend the majority of their time driving to doctors' offices, hospitals, and other medical facilities, they are given a company car. When a pharmaceutical company like Merck prepares to purchase a new fleet of cars, it will ask it's sales reps for feedback about different car models an features. However, the higher levels of management will be the ones to make the final purchase decision. What buying center role(s) do management play in this buying situation?

-Users and influencers

-Influencers

-Decider

-Influencers an initiators

-Decider an influencer

Micro marketing relies heavily on:

-Strong positioning

-Technology

-A value proposition

-Social media

Alex bought a new kind of toothpaste because of $1.00 off coupon. When he got home, he noticed there was a $1.75 off coupon in the package, along with a tony pamphlet that described the benefits of the new toothpaste, The marketer is:

-Hoping to change behavior through stimulus generalization

-Likely using a shaping approach

-Targeting a new segment of the market

-Positioning itself as the healthier alternative

-Attempting to around social an physiological needs

Undifferentiated targeting:

-Would offer several scents in the deodorant market

-Was the strategy coca cola used at first

-Meets specific needs

-Does not even bother with segmentation

-Achieves costs savings due to economics of scale

Why do retailers place new products in multiple places throughout the store?

-To achieve mere exposure effect

-To increase experiential learning

-To lessen selective retention

-To achieve successful stimulus generalization

-To increase the chance of BOGO success

What is required for brand loyalty to exist?

-An emotional attachment

-Fortitude to resist competitive efforts

-Strong product or service at a great price

-Product excellence

-Intention to repeatedly buy in the future

Every Marketer's goal is:

-To build relationships with suppliers

-To sell as much product as possible

-To practice conscious marketing

-To be top of mind in your retrieval set

-To target segments that are ignored

If you are cooking dinner, an political ads are playing in the background on the TV, those ads are:

-Critical to candidate's positioning strategy

-Non marketing controlled

-Likely to suffer from selective exposure

-Likely to gain from mere exposure

-Important elements of their personal selling attempts

The family life cycle variable combines:

-Presence/absence of children

-Income

-Gender

-Age

-Martial status

What are examples of marketing myopia?

-Three firms dominate the granola bar industry. These firms produce in large volumes heavily, and control access to the grocery store shelves through "slotting allowances," which are payments to retailers in return for shell space.

-Gabriela's has developed a "quick response" system that allows store merchandise to be adjusted rapidly to fit changing customer preferences

-Webber Enterprises sells it's business language dictionary to college students throughout the United States. Joseph Webber, the owner, wants to start selling the book to international students abroad

-Sawyer has recently started manufacturing and selling a new tool that helps remove old floors. He believes his company's mission is to provide the best floor removal device on the market

-Joe's coffee shop rewards customers with three points every time they purchase a latte. Once a customer earns 15 points, they receive a free muffin.

What type of information do customers trust the least?

-Secondary

-Demographic

-Conceptual

-Obersvation

-Marketing controlled

The first question a marketing researcher should ask before embarking on a research study is

-Will the research be useful?

-What sample size will be needed

-Should we use structured or unstructured questions?

-What is the due date?

-Who will pay for it?

Johnson & Johnson is currently in the product stage of the marketing research & new product development process for the COVID 19 vaccine

-True

-False

Justin was glad to know his firm has decided to invest a lot of money in the product he is managing. He knows that even with it's recent high rate of growth and the fact that it dominates it's market, he needs more money to establish it firmly. Using the BCG portfolio analysis, Justin's product would be classified as an:

-Question mark

-Anchor

-Cash cow

-Star

-Dog

We summarized the core aspects of marketing into the following:

-Information centered relationships

-Satisfaction of needs and wants

-Application to any context

-Exchange

-Development of a valuable marketing mix

Which of these is a SMART objective?

-Add four stores to the Grand Rapids area by the end of 2021

-Purchase 12 television spots on the local news to communicate our Christmas sale

-To develop better positioning to reach our desired target market

-To increase brand recognition by 15% by the end of the year

-Increase brand loyalty this quarter

The value proposition is represented by ______ in the Circles for a Successful Value Proposition framework

-The intersection between customer needs/wants and the firms products benefits

-The intersection between customer needs/wants and competitors benefits

-The intersection between the firm's benefits an competitors benefits

-The part of the firm's benefits that doesn't overlap with anything

What is the main source of expectations that we talked about?

-Market research

-Marketing mix

-Customer relationship management

-Personal experience

-Word of mouth

What knowledge did Maslow contribute to consumer behavior?

-When needs are sufficiently aroused, customers are driven to buy products or services

-Classifying self-actualization needs as consumers achieving their full potential

-By defining the obstacles to perception, he helped marketers identify needs/wants

-Physiological needs must be met before esteem needs

-Attitudes and motivations

John wanted to open a new retail location in Grand Rapids area for his upscale gift an card store. The best segmentation tool that he could use would be:

-Geodemographic segmentation

-Geography

-Family life cycle

-Psychographic

-Benefits sought

Marketers help us overcome which gaps?

-Info

-Time

-Space

-Value

-Exchange

Apple is using differentiated targeting with it's new iPhone?

-True

-False

Which of the statements are true about satisfaction?

-It includes a comparison of expectations and perceived performance

-Markets began focusing on it during the market orientation era

-It requires a correct assessment of benefits and costs

-It is a philosophy that focuses on building long term relationships

-It is a feeling that results when a product or service meets needs or wants

A perceptual map:

-It is used to help create sustainable competitive advantage

-Includes consumer ideal points

-Includes what consumers think about competitors

-Maps products on how they perform on price and quality

-Maps perceptions of consumers