STRAYER UNIVERSITY - PRINCIPLES OF MARKETING MKT 100 EXAM 1 (CHAPTERS 1-8) / STRAYER UNIVERSITY - PRINCIPLES OF MARKETING MKT100 EXAM 1 (CHAPTERS 1-8): GRADED A | 100% CORRECT |STRAYER

STRAYER UNIVERSITY - PRINCIPLES OF MARKETING MKT 100 EXAM 1 (CHAPTERS 1-8) / STRAYER UNIVERSITY - PRINCIPLES OF MARKETING MKT100 EXAM 1 (CHAPTERS 1-8): GRADED A | 100% CORRECT |STRAYER 1. Hannah and Ellen rely on consistent messages received via word of mouth, and are older and more conservative than other customers of Product X. Hannah and Ellen most likely most likely fall into which of the following categories? 2. The _____ are a group of approximately 10-15% of the population who is so influential that the loss of one of these customers costs the firm more than the loss of later adopters. 3. If a company wants to be innovative, which strategy are they most likely to use? 4. What term refers to the group of people who are the most risk averse, skeptical of new products, and stereotypically lower in income? 5. In which phase of the Product Life Cycle is customer awareness getting stronger, and there may be some buzz in the marketplace? 6. Why can a store brand offer decent quality for lower prices? Lower advertising costs because they can advertise for free in the store 7. A brand name whose image is waning is less of a liability in which approach? 8. One way marketers get customers to relate to brands is by creating a brand _____, such as Apple’s classification as ‘exciting’ or how Gillette is action oriented. 9. Harley Davidson user groups are an example of _____. 10. Which is an example of co-branding? 11. ______ are mostly comprised of experience and credence qualities. 12. A _______ is the general term used to describe both goods and services 13. What does good variability consists of? 14. Alpha company makes items you typically see in a drug store. If they make toothpaste, which of the following would be expansion in the depth direction? 15. The color of a new vehicle is an example of a _____ quality. 16. A ____ item is something that is purchased without much thought before the purchase. 17. Why is Chrysler’s imported from Detroit trademarked? 18. Which phase of the vehicle purchase process generates word of mouth? 19. During the ______ phase of the purchase process, the potential customer identifies that something is lacking. 20. What is a classic marketing exercise that is used to declare that one’s own product is superior to the market leader? 21. Most firms advertising’s goal is to enhance _____. 22. What can be marketed? 23. ____ and ______ are the central players in the marketing exchange. 24. A company’s marketing executives should assess the ____ in terms of a general analysis of a business problem or opportunity the company is facing. 25. Which of the following is NOT part of the 5Cs? 26. Newlyweds are most likely to spend money on which of the following? 27. Instead of trying to appeal to the entire marketplace, smart marketers and smart companies will try to find out ____. 28. _____ means that each customer serves as his or her own segment. This approach sounds appealing from the customer point of view because the product would be tailored specially for each person’s idiosyncratic desires. 29. Considering a continuum from ‘mass marketing’ to ‘one-to-one marketing’, market segmentation is 30. ____ means that all customers are treated the same. This approach might sound attractive because it simplifies the marketing task, but it is usually unrealistic because customers differ. 31. A form of comparative analysis where customers show their opinions of another firm’s strengths vis-à-vis their competition is a _____. 32. Potential strategic fit is a function of all of the following EXCEPT: 33. Fiat Chrysler is developing a marketing strategy for a new hybrid car and just discovered that their biggest competitor is launching a very similar product at almost exactly the same time. In a SWOT analysis, the competitor’s product would be a _____. 34. Determining which segments to target for firms depends on an interplay between ____ issues. 35. What are two perspectives a business can use in assessing each segment’s attractiveness in terms of its potential for targeting? 36. Marketers and senior managers like to see graphical depictions of where their brands are, and where their competitors are in the minds of their customers. What are these called? 37. To write a positioning statement, you should answer all of the following questions EXCEPT: 38. Jen is developing the positioning statement for a brand. In a meeting, the marketing team tells Jen that she has succinctly and clearly expressed the competitive advantage of the new brand. The team approves of the way Jen wants to express the brand’s competitive advantage, and tells her to continue her work on fully developing the positioning statement. Which element of crafting the positioning statement has Jen’s team just approved? 39. Operational excellence refers to companies that _______. 40. The positioning statement can serve as an internal memorandum keeping all managers aligned as a basic guiding principle in all their collective decisions, so as to enhance the likelihood of ____ in the results of those decisions.