Marketing Concepts and Strategies, Exams of Nursing

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Mktg 3213 Exam One- Oklahoma State

University questions and answers 100%

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No money is exchanged in ___________, the process of exchanging goods and services between two parties. - correct answer ✔✔Barter Which of the following types of markets is least efficient? - correct answer ✔✔Self-Sufficiency Which of the following types of markets includes a middleman (that is, a merchant)? - correct answer ✔✔Centralized Exchange Exchange brings ____________. - correct answer ✔✔Efficiency ___________________ is the process of setting marketing goals, the planning and execution of activities to meet these goals, and measuring progress toward their achievement - correct answer ✔✔Marketing Management The evolution of marketing proceeds in which of the following orders: - correct answer ✔✔self- sufficiency, decentralized exchange, centralized exchange __________ is/are the means of communication with the customer. - correct answer ✔✔Promotion A product is a good, service, or idea to _______ the customer's needs. - correct answer ✔✔Satisfy Which of the following management orientations makes profits through sales volume - correct answer ✔✔Selling Concept

There are several different types of marketing functions that must take place in order to get products from producers to consumers. Which of the following is NOT one of those functions? - correct answer ✔✔Producing the physical product Which company is generally credited with originating the marketing concept? - correct answer ✔✔General Electric If the National Institutes of Health issued a guideline with cautions about the intake of certain types of artificial sweeteners, this would be an example of marketing. - correct answer ✔✔True Robert Louis Stevenson once said that "Everyone lives by _________ something." - correct answer ✔✔Selling The __________ concept recognizes that people don't really buy products, they buy solutions to problems. - correct answer ✔✔Marketing Marketers can create core needs. - correct answer ✔✔False Marketers are most effective at influencing consumer _______. - correct answer ✔✔Wants Which of the following types of needs reside at the lowest level in the PSSP Hierarchy of Needs? - correct answer ✔✔physiological needs Which of the following companies recently identified a pain point faced by business travelers? - correct answer ✔✔DUFL A ______ is the recognition of any difference between a consumer's actual state and some ideal or desired state. - correct answer ✔✔Need The consumption chain is the sequence of stages that comprise the customer's __________ with a product or service. - correct answer ✔✔Experience

Which of the following is not a benefit of marketing analytics? - correct answer ✔✔They require very low resource investment Most companies are "flying blind" when it comes to marketing analytics. - correct answer ✔✔False One of the ways in which a company's culture can serve as a catalyst is when it encourages employees to trust data. - correct answer ✔✔True Companies that have no marketing analytics process, make decisions by instinct, and view marketing as an expense might be referred to as _________________. - correct answer ✔✔"flying blind" Marketing's objectives are ________ derived from the overall business objectives. - correct answer ✔✔Always Ethical decisions are the responsibility of ____________________. - correct answer ✔✔Company executives, Marketing analytics professionals, and Frontline employees. Sales orders, inventory data, and shipment information are examples of sources of ___________. - correct answer ✔✔Business intelligence There are two sources of marketing data, internal data and external data. Which of the following types of data come from an external source? - correct answer ✔✔Retailer POS Interworks wants to help companies through which of the following progressions? - correct answer ✔✔Data > Information > Insight Competitive intelligence uses external data for external uses. - correct answer ✔✔False Although there are many things that managers must consider when evaluating the results of research projects, there are four primary areas of concern. - correct answer ✔✔Missing information False precision

Assumed causation Biased samples A _________________ norm compares scores on a measure for the same entity over time. - correct answer ✔✔time-based For which of the following tasks is the respondent presented with a target object (e.g., a brand name) and asked whether or not s/he has seen the object? - correct answer ✔✔Recognition task Data mining is a quantitative form of exploratory research. - correct answer ✔✔True Exploratory research has several characteristics. Which of the following is not typically one of those characteristics? - correct answer ✔✔Concerned with cause and effect The _________________________ uses a single item to group respondents into two categories, "detractors" and "promoters." - correct answer ✔✔net promoter score Exploratory research is used to find final answers to research problems. - correct answer ✔✔False Having a point of comparison for a rating scale score on a variable such as satisfaction is important for understanding the meaning of the score. - correct answer ✔✔True If the Target Corporation routinely assesses customer satisfaction at each of its stores, thereby allowing a store manager to compare customer satisfaction at her store with other similar units, the manager is utilizing a ___________________. - correct answer ✔✔population-based Most of the seven types of primary data are used to predict what type of data? - correct answer ✔✔Behavior

What is the goal of market segmentation? - correct answer ✔✔To have segments that are as internally homogenous as possible A local mall only advertises during the months of November-January, but advertises aggressively for that entire span of time. What best describes this marketing strategy? - correct answer ✔✔Usage Situation Segmentation Mariah has a new job at a rock climbing supply store. Her store has a range of equipment to fit everyone from recreational climbers to elite professionals. What specific market segmentation strategy might Mariah be most interested in using? - correct answer ✔✔Lifestyle As an Aspen barista, James is convinced that 25% of his regular customers account for nearly 60% of the store's weekly orders. He wants to speak with his manager about a rewards program to continue marketing specifically to these customers. James' hunch and subsequent plan are best defined as: - correct answer ✔✔Usage Rate Segmentation What is mass marketing? - correct answer ✔✔Offering the same marketing mix to all potential consumers What kind of company might be most interested in separating market segments based on age? - correct answer ✔✔life insurance Market Segmentation is defined as: - correct answer ✔✔Segmenting consumers in order to market to the groups more efficiently Separating market segments based on demographics is entirely subjective. - correct answer ✔✔False What is the point of Target Marketing? - correct answer ✔✔Focusing the firm's marketing efforts more specifically Product-Market Fit is only profitable in large markets. - correct answer ✔✔False

Is using a Buyer Persona more helpful than using basic demographics? If so, why? - correct answer ✔✔Yes, a Buyer Persona provides marketers with a more personable, tangible, and holistic idea of who to target Which of these is not a Target Market Strategy? - correct answer ✔✔value-weighted Fred and George have a great idea for joke shop products, but are currently attending a school where such products are banned. The only market they can think to sell their products to is outside of the school, and they have no way to ship large quantities of their product beyond the campus. What feature does their current target market lack? - correct answer ✔✔Accessibility Why is stability so important a trait to look for in potential target markets? - correct answer ✔✔Dynamic markets require frequent change, and change is expensive From a marketing standpoint, satisfying needs is more important than selling products. - correct answer ✔✔True A firm with excellent Product-Market Fit will always be the market leader. - correct answer ✔✔False Positioning is defined as: - correct answer ✔✔developing a market strategy to influence how a specific segment views the company After several years of starting his morning with coffee, Brett studies abroad in England where most people are accustomed to drinking tea. When Brett attempts to start his day with tea, he will be comparing that day's experience to his usual experience with coffee. Why? - correct answer ✔✔Coffee is the "pioneer" in this situation, and therefore Brett will use coffee as the standard Your grandfather's first car was a Ford, and though he has bought several cars over his lifetime, he only ever purchases from this manufacturer. This is an example of what? - correct answer ✔✔The importance of pioneering in building brand loyalty The real power in positioning lies with the _________. Why? - correct answer ✔✔consumer; no one can ultimately control what the consumer thinks about products and companies

What is a niche market? - correct answer ✔✔A narrowly defined segment of consumers with specific needs Why do many firms that "come in second" resort to the Divide and Conquer strategy when entering the market after a pioneer? - correct answer ✔✔Using reviews of the pioneer's performance allows the second firm to tailor its product/services to better fit needs Finding and growing niche markets is a good way to ensure survival Not every consumer is generally fully satisfied with the pioneer's performance A recent example of the anti-alignment positioning strategy was carried out by _______. - correct answer ✔✔a firm in the phone carrier industry Lehcar Diamond Jewelers, a French company, recently entered the U.S. market by pointing out several favorable characteristics of Tiffany & Co., an industry leader, and noting how it also possessed those characteristics. Which of the following positioning strategies is Lehcar Diamond Jewelers attempting to pursue? - correct answer ✔✔Alignment Anna is a recent graduate, unhappy with her current job. She is looking to re-apply to some companies that she tried to work for previously, and understands that she will need to dress and act more professionally this time around if she wants them to hire her. If Anna begins to focus on her personal organization, email etiquette, and writing style while re-applying to these companies, she is essentially _________. - correct answer ✔✔Repositioning herself in the minds of potential employers Repositioning herself in the minds of potential employers - correct answer ✔✔Finding and growing a niche market within an existing market What is marketing myopia? - correct answer ✔✔when a firm thinks too narrowly about its products Advertisements that use competitive repositioning can include information about product ingredients, product origin, and firm authenticity (or lack thereof). - correct answer ✔✔True