MK 380 Final Exam | Verified with 100% Correct Answers

MK 380 Final Exam | Verified with 100% Correct Answers At its essence, marketing is _______ understanding customers in order to drive business What is the first step in the strategic planning process Define the Vision Gatorade, an industry-leading sports drink, built market dominance by integrating _______ throughout the product's life cycle. the marketing mix Trey works in the marketing department of a Midwestern power company. He is writing an article in the company newsletter to update fellow employees about a new customer policy. As a marketer, why might Trey MOST likely believe it's important to communicate this information to employees? Trey recognizes that he has a responsibility to inform and motivate employees via internal marketing Elaine decides to lower her prices during the holiday season to entice shoppers to buy up remaining inventory. What other P should likely be adjusted to ensure consumers are aware of the price adjustment? Promotion The marketing environment is complicated. Internally, there is an atmosphere that marketers must take into consideration. One of these internal factors is culture. Another, which refers to a company's assets, is a model that helps define the elements of marketing strategy. This model is called _______. the 5M framework There are two purposes for the mission statement. The first is to provide guideposts for the business. The second is to _______. Encourage employees to increase their productivity Heather is a brand manager. She is working with the marketing department on a promotion strategy because she is concerned about the message her brand is communicating. In addition to advertising, sales promotion, and public relations, what other promotion tool could Heather use convey her brand's message? Social Media There are tangible ways that company culture can positively impact marketing efforts. Which of the following positively impacts marketing efforts? Empowering Employees Which one is NOT a consumer need Unnecessary In the buyer behavior model, which of the following is NOT a major type of force or event in the buyer's environment? Channel Consumer buying behavior is complex, and buying responses are impacted by information regarding the product such as its price and _______. where to buy it Morgan is bored with their usual breakfast of Rice Krispies cereal with milk. So they decide to buy some Lucky Charms and chocolate milk at the convenience store. This is an example of a consumer who elects to take advantage of what they know about alternative breakfast options. In this case, Morgan is displaying _______. variety seeking behavior Many personal factors converge to guide consumers in their buying habits. When a middle school janitor purchases a new pair of overalls and work boots, they are likely influenced by _______ Occupational When Royal Caribbean International introduced its luxury liner Symphony of the Seas, which of the following generational cohorts did the cruise line target for this experiential tourism product? Baby Boomers Murphy just bought a new pair of hiking boots but spent $20 more than he budgeted. Now Murphy wonders whether to return the boots and look for a cheaper alternative. Which stage of the buying decision process is Murphy in? Post Purchase Evaluation Motivation is the process that initiates, guides and maintains goal oriented behavior True Perception is the way identify, organize and interpret sensory information True Most consumers tend to buy their preferred brands, but of the factors indicated below, _______ can interrupt the purchase intention and ultimate purchase decision. attitudes of others The 'Buyers Black Box' is named as we don't know everything that goes on in consumer's minds True Market segmentation is the process of _______. dividing a market into smaller, more defined categories* Segmentation can be beneficial for consumers because they _______. won't be flooded with messages that aren't pertinent to them A target market is a subset of the total market. Marketers segment the total market and focus marketing efforts on a specific target market because it is more affordable, efficient, and _______ than targeting the entire market of consumers. Effective Product positioning is the third step in the STP model. What is the first step? Segmentation Meta (formerly Facebook) eliminated race-based ad targeting categories because unethical marketers were using these categories to block specific audiences from seeing their advertisements. This is an example of _______. racial profiling Subway has worked with the "Let's Move!" campaign with a related campaign called "Playtime: Powered by Veggies." This campaign is aimed at reducing _______ in children Obesity McDonald's recently withdrew from the Russian fast-food market despite its population density. This decision is an example of _______ segmentation. Geographic VALS (values, attitudes, and lifestyles) is another method of segmenting customers into eight psychographic types. According to VALS, which type is most likely to be interested in messaging from British luxury car manufacturer Jaguar? Achievers When a company identifies the parts of the B2B market it can serve most profitably, the company is practicing _______. Segmentation Companies such as Best Buy have given groups of shoppers specific names. Buzz is the young tech enthusiast, Barry is the wealthy professional, and Jill is the soccer mom who makes most shopping decisions for the family but isn't well versed in electronics. Using buyer _______ aids businesses through fictional representation of ideal customer segments personas For many companies, including LEGO, what is considered their most significant competitive advantage? Marketing research _______ allow(s) marketers to listen to and assess the needs of the market and to discover ways to satisfy the unmet needs of customers, target markets, and prospective clients. Marketing research Marketing intelligence is essential to businesses trying to identify _______ in the external environment. opportunities and threats How might marketers ethically gather external data to use in intelligence analysis? Combine social media, publications, and subscription services* Which of the following statements is true about qualitative and quantitative data? Qualitative research deals with words and concepts, and quantitative research deals with numbers and statistics Statistics reveal important information not only to marketing research analysts, but also to your marketing professor. Your professor is likely to use statistics to generate and reveal the mean exam scores in the class. How will your professor use this information? To determine the average level of student understanding of exam content As a marketing research analyst, Marley finds it helpful in her job to display statistical information to the C-suite team by combining data, design, and a story. A(n) _______ is also a useful online tool that conveys data in an easily digested format. Infographic Research shows consumers are leery about sharing their private information with researchers for fear they will be harmed and their confidential information will be _______. sold to other businesses Big Data is the countless number of records that continues to increase capacity at a faster rate (T/F) True unaided awareness provides prompts for the respondent to select from such as products, brands or companies (T/F) False What would motivate a marketer to consider a global market opportunity? The conditions outside the company's home country market are favorable for international expansion. Which of the following is an advantage of moving into the global market? There is less competition. Why has the United States embargoed trade with North Korea, Syria, Cuba, and Iran? These countries have opposing political ideologies Why did Mattel's efforts to launch a flagship Barbie store in China fail? Chinese culture stresses educational toys and playtime that builds skills. There are multiple barriers to effectively marketing on a global basis. What is one major issue? It may be difficult or impossible to distribute products to customers in remote or developing countries Coca-Cola has maintained its brand name is all markets. However, the company has adapted its _______ in different global markets. Slogans American firms are under the microscope these days as consumers examine ethical behavior on the global stage. Which is of the following is among accusations made by consumers against Nike? Nike failed to ensure all workers receive a living wage while paying executives more than $5 million per year Cultural sensitivity is crucial when moving into the global business environment. The FIRST step toward cultural competence is _______. developing awareness Consumer income and purchasing power are important considerations for firms with global expansion aims. The frequently assessed indicators include disposable income, discretionary income, inflation, and exchange rates (T/F) True After bigger-picture decisions have been made in entering the global marketplace, marketers must determine the most effective way to approach the market. One option is to offer existing products. The other is to adjust action programs (T/F) False When a company decides to modify its products to specific needs, tastes, or expectations to meet expectations of different groups of consumers its called adaptation (T/F) True When McDonald's decides to market its Filet-O-Fish sandwich as the Shrimp Filet-O in Japan, McDonald's is pursuing a(n) adaptation strategy. (T/F) True Some companies have elected to incorporate identity-specific consumers who are often ignored into their marketing strategies. What is this strategic approach is called variety - seeking marketing (T/F) False What effort is vital in identifying consumers' cultural and social differences in order to reach and serve audiences effectively? Research There are five key parameters most often used to describe diversity markets—cultural, racial, and ethnic; gender and sexual identity; generational; religion; and _______. Disability One of the best reasons consumers appreciate and reward companies that practice diversity marketing is diversity marketing validates individuals' importance in the market (T/F) True Sociodemographic marketing includes underrepresented and overlooked consumers in a large population. Sociodemographic marketing is a subcategory of diversity marketing (T/F) True Culture is fostered through community socialization. The outcome of these shared learnings leads to the continued growth of a group's identity and its idiosyncrasies. (T/F) True These days, marketers know representation matters for a growing number of consumers. While attempting to be inclusive in diversity marketing, what must marketers steer clear of Tokenism (T/F) True Mark has just secured his first post-college apartment. He shops at IKEA to furnish it because his funds are limited. In the congested entry of his new apartment, Mark adds a small quilt his grandmother made for him. This _______ is a tangible part of his culture. Artifact Which of the following consumer product categories requires exclusive distribution, where only one or a few retail outlets carry the product? Specialty Which of the following is NOT a classification for business and industrial products? Shopping Services