Podcast
Questions and Answers
Which marketing mix element is most directly involved in creating a perception of a product being distinct and superior compared to competitors?
Which marketing mix element is most directly involved in creating a perception of a product being distinct and superior compared to competitors?
- Pricing strategies
- Product features (correct)
- Sales promotions
- Distribution channels
Which phase of the strategic marketing process is MOST closely associated with the creation of a 'road map' for future marketing activities?
Which phase of the strategic marketing process is MOST closely associated with the creation of a 'road map' for future marketing activities?
- Evaluation
- Implementation
- Analysis
- Planning (correct)
A public service announcement promoting flu shots primarily appeals to which level of Maslow's Hierarchy of Needs?
A public service announcement promoting flu shots primarily appeals to which level of Maslow's Hierarchy of Needs?
- Safety (correct)
- Self-actualization
- Esteem
- Social
What is a primary driver for the prevalence of online buying in organizational markets?
What is a primary driver for the prevalence of online buying in organizational markets?
A company decides to alter the perception of their existing product without making physical changes to it. Which strategy are they employing?
A company decides to alter the perception of their existing product without making physical changes to it. Which strategy are they employing?
A car manufacturer promotes its vehicles as the safest on the market, emphasizing features like advanced driver-assistance systems and superior crash test ratings. Which generic competitive strategy are they primarily using?
A car manufacturer promotes its vehicles as the safest on the market, emphasizing features like advanced driver-assistance systems and superior crash test ratings. Which generic competitive strategy are they primarily using?
A small business decides to focus its marketing efforts on a specific, underserved segment of the market. Which generic competitive strategy are they most likely pursuing?
A small business decides to focus its marketing efforts on a specific, underserved segment of the market. Which generic competitive strategy are they most likely pursuing?
Which factor has significantly contributed to the reduction of buyer order processing costs in organizational markets?
Which factor has significantly contributed to the reduction of buyer order processing costs in organizational markets?
After comparing the results of a marketing program with pre-defined goals, what is the MOST effective next step?
After comparing the results of a marketing program with pre-defined goals, what is the MOST effective next step?
Which of the following is the MOST significant financial advantage typically associated with selling to organizations compared to individual consumers?
Which of the following is the MOST significant financial advantage typically associated with selling to organizations compared to individual consumers?
In the strategic marketing process, what is the PRIMARY focus of the evaluation phase?
In the strategic marketing process, what is the PRIMARY focus of the evaluation phase?
When would a consumer MOST likely engage in limited problem solving?
When would a consumer MOST likely engage in limited problem solving?
During the post-purchase behavior stage of the organizational buying process, what activity is MOST likely to occur?
During the post-purchase behavior stage of the organizational buying process, what activity is MOST likely to occur?
Which of the following BEST exemplifies a psychological influence on a consumer's buying behavior?
Which of the following BEST exemplifies a psychological influence on a consumer's buying behavior?
What is the PRIMARY difference between the consumer and organizational buying processes?
What is the PRIMARY difference between the consumer and organizational buying processes?
How does limited problem solving DIFFER from extended problem solving in consumer behavior?
How does limited problem solving DIFFER from extended problem solving in consumer behavior?
How can a company balance the pursuit of a sales goal with the goal of profit maximization?
How can a company balance the pursuit of a sales goal with the goal of profit maximization?
What is the primary focus of the societal marketing concept?
What is the primary focus of the societal marketing concept?
How does Patagonia's 'Worn Wear' program exemplify the societal marketing concept?
How does Patagonia's 'Worn Wear' program exemplify the societal marketing concept?
What is the main contribution of behavioral sciences to the field of marketing?
What is the main contribution of behavioral sciences to the field of marketing?
Why is understanding consumer behavior important for marketers?
Why is understanding consumer behavior important for marketers?
Which of the following is the best example of a government agency acting as an organizational buyer?
Which of the following is the best example of a government agency acting as an organizational buyer?
How does the U.S. Department of Energy's mission align with the concept of organizational buying?
How does the U.S. Department of Energy's mission align with the concept of organizational buying?
What type of information search is typical when a customer engages in routine problem solving?
What type of information search is typical when a customer engages in routine problem solving?
According to the content, NAICS groups economic activity to permit studies of market share, demand for products and services, import competition in domestic markets, and what other type of studies?
According to the content, NAICS groups economic activity to permit studies of market share, demand for products and services, import competition in domestic markets, and what other type of studies?
In marketing research, what kind of goals are research objectives?
In marketing research, what kind of goals are research objectives?
Given that the temperature outside drops below 20 degrees, what consumer behavior is represented by the desire to put on a coat?
Given that the temperature outside drops below 20 degrees, what consumer behavior is represented by the desire to put on a coat?
How do marketing mix characteristics in organizational buying differ from those in consumer buying?
How do marketing mix characteristics in organizational buying differ from those in consumer buying?
Which of the following concepts serves as guidelines on how to rightly and justly when faced with moral dilemmas?
Which of the following concepts serves as guidelines on how to rightly and justly when faced with moral dilemmas?
Social responsibility can be broken into which of the following categories?
Social responsibility can be broken into which of the following categories?
What implies when a person feels deprived of basic necessities?
What implies when a person feels deprived of basic necessities?
What does the marketing research seek to achieve?
What does the marketing research seek to achieve?
For which product are consumers MOST likely to engage in low-involvement decision making?
For which product are consumers MOST likely to engage in low-involvement decision making?
A software company provides customer relationship management (CRM) solutions for small businesses. Demand for its services is MOST likely considered what type of demand?
A software company provides customer relationship management (CRM) solutions for small businesses. Demand for its services is MOST likely considered what type of demand?
What is the PRIMARY objective of creating a market-product grid?
What is the PRIMARY objective of creating a market-product grid?
A marketing manager is using a dashboard to monitor the performance of a recent campaign. Which of the following would be the MOST critical consideration when selecting the metrics to display?
A marketing manager is using a dashboard to monitor the performance of a recent campaign. Which of the following would be the MOST critical consideration when selecting the metrics to display?
A local bakery promotes its new line of gluten-free products through flyers distributed in the neighborhood. However, the flyers contain a printing error, listing an incorrect phone number. Why might marketing NOT occur in this situation?
A local bakery promotes its new line of gluten-free products through flyers distributed in the neighborhood. However, the flyers contain a printing error, listing an incorrect phone number. Why might marketing NOT occur in this situation?
What is the MOST significant difference between consumer demand and derived demand?
What is the MOST significant difference between consumer demand and derived demand?
A company is deciding whether to pursue a new market segment identified in its market-product grid. Which factor should be given the HIGHEST priority in their decision-making process?
A company is deciding whether to pursue a new market segment identified in its market-product grid. Which factor should be given the HIGHEST priority in their decision-making process?
A marketing manager notices a sharp decline in website traffic, a key metric on the marketing dashboard. What is the MOST appropriate initial action for the manager to take?
A marketing manager notices a sharp decline in website traffic, a key metric on the marketing dashboard. What is the MOST appropriate initial action for the manager to take?
According to the BCG matrix, which type of SBUs typically demands substantial cash infusions merely to sustain their existing market share, let alone expand it?
According to the BCG matrix, which type of SBUs typically demands substantial cash infusions merely to sustain their existing market share, let alone expand it?
A cranberry grower in Massachusetts selling a commodity product is most likely operating under what form of competition?
A cranberry grower in Massachusetts selling a commodity product is most likely operating under what form of competition?
Companies like Netflix, Google, and Amazon have leveraged analytical insights to fuel growth primarily in which domain?
Companies like Netflix, Google, and Amazon have leveraged analytical insights to fuel growth primarily in which domain?
A fitness center that conducts focus groups with its members to gather feedback on its facilities and services is primarily involved in:
A fitness center that conducts focus groups with its members to gather feedback on its facilities and services is primarily involved in:
Which competitive situation is characterized by many sellers each having similar products?
Which competitive situation is characterized by many sellers each having similar products?
What is the primary challenge for managers dealing with 'question mark' SBUs in the BCG matrix?
What is the primary challenge for managers dealing with 'question mark' SBUs in the BCG matrix?
How do analytical insights contribute to the growth of companies like Amazon and Google within the marketspace?
How do analytical insights contribute to the growth of companies like Amazon and Google within the marketspace?
A company selling a commodity grain is most likely concerned with which aspect of marketing?
A company selling a commodity grain is most likely concerned with which aspect of marketing?
Flashcards
Product Differentiation
Product Differentiation
Using marketing mix activities to make a product look unique and better than competitors.
Strategic Marketing Process
Strategic Marketing Process
A planning process that results in a marketing plan for an organization's future activities.
Marketing Plan
Marketing Plan
A document that outlines marketing activities for a specific future period.
Maslow's Safety Needs
Maslow's Safety Needs
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Online Buying in Organizational Markets
Online Buying in Organizational Markets
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Timely Supplier Information
Timely Supplier Information
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Buyer Order Processing Costs
Buyer Order Processing Costs
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Mass Customization
Mass Customization
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Customer satisfaction goals
Customer satisfaction goals
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Societal marketing concept
Societal marketing concept
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Patagonia’s Worn Wear program
Patagonia’s Worn Wear program
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Behavioral sciences
Behavioral sciences
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Organizational buyer types
Organizational buyer types
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Government agency as buyer
Government agency as buyer
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Routine problem solving
Routine problem solving
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Marketing decisions and societal well-being
Marketing decisions and societal well-being
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Marketing Program Evaluation
Marketing Program Evaluation
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Benefits of Selling to Organizations
Benefits of Selling to Organizations
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Final Phase of Strategic Marketing
Final Phase of Strategic Marketing
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Limited Problem Solving
Limited Problem Solving
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Post-Purchase Behavior in Organizations
Post-Purchase Behavior in Organizations
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Psychological Influence on Consumer Behavior
Psychological Influence on Consumer Behavior
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Deviation Management in Marketing
Deviation Management in Marketing
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Organizational Buying Process
Organizational Buying Process
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NAICS
NAICS
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Research Objectives
Research Objectives
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Need
Need
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Organizational Buying vs. Consumer Buying
Organizational Buying vs. Consumer Buying
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Ethics
Ethics
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Social Responsibility
Social Responsibility
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Marketing Mix Characteristics
Marketing Mix Characteristics
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Causal vs. Actionable Research
Causal vs. Actionable Research
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Low-involvement decision making
Low-involvement decision making
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Derived demand
Derived demand
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Market-product grid
Market-product grid
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Marketing dashboard
Marketing dashboard
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Importance of marketing metrics
Importance of marketing metrics
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Purchase frustration example
Purchase frustration example
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Ecommerce website demand
Ecommerce website demand
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Market segment size estimation
Market segment size estimation
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Question Marks
Question Marks
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Pure Competition
Pure Competition
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Marketspace
Marketspace
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Primary Data
Primary Data
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Focus Groups
Focus Groups
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Cash Cows
Cash Cows
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Stars
Stars
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Dogs
Dogs
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Study Notes
Practice Exam Introduction
- Exam format is multiple choice with five options per question
- Correct answers are marked with ">"
- Explanations are provided after each question
- Students should try to answer questions without looking at the answers first
- Students should review explanations to improve understanding
- Students should note areas they find challenging and review relevant textbook or class materials
- Exam conditions should be simulated: set a timer and complete the exam in one sitting, to reflect the real exam structure of 60 minutes for 40 questions.
- The practice exam aims to improve students' understanding and confidence
Reverse Auctions
- The bidder with the highest price wins the business
- The number of buyers increases as the auction progresses
- Bid prices decrease
- Seller initiated
Whole Foods
- Offers a wholesome and organic selection of products
- Uniquely designed stores with a local ambience
- Aims to avoid direct competition with large supermarket chains
- Uses differentiation positioning
Trader Joe's
- Doesn't sell products online
- Focuses on providing high-quality products at great prices
Green Marketing
- Patagonia promotes repair and recycling of clothing to reduce environmental impact
- 3M created a new fertilizer for trees
Divvy Bike Sharing
- Divvy is a bike-sharing system in Chicago
- Allows users to unlock bikes with a QR code
- Provides bike sharing across the city
Marketing Decisions
- About channels and product transportation are part of the marketing program
- Place decisions include channels, transportation, outlets, coverage and stock levels
- Important variables in family life cycle are age, marital status, presence of children, gender and level of resources.
Marketing Mix
- Includes place, price, promotion, and product
- Key term definition—marketing mix
Government Restrictions
- Examples of environmental forces that can affect business expansion
- Impact business contraction or expansion
Positioning a Product
- Takes four steps: identifying important attributes of the product, determining how target customers rate competitor products, discovering where your product is positioned in the minds of potential customers, repositioning the product as necessary.
Marketing Research
- Five-step approach: define the problem, develop the research plan, collect data, analyze data and develop findings, identify possible marketing actions.
Organizational Purpose
- Explains the reasons for the existence of an organization, objectives and who it intends to help serve
Straight Rebuy
- Reordering an existing product or service from the same supplier, without checking with users or influencers.
Purchase Decision Process
- The stages a buyer goes through when making a choice
Buying Center
- Individuals in an organization who have formal authority and responsibility for selecting suppliers and negotiating contracts
Buyers
- Includes all buyers in a nation except ultimate consumers
Segmentation/Targeting a Market
- Five steps: grouping potential buyers, grouping products, creating a market-product grid, selecting target markets, and taking marketing actions
Marketing Research Question Types
- Semantic differential scale: a five-point scale with opposite adjectives at each end to determine a consumer's impressions
- Dichotomous question: asks the respondent whether two answers apply to a specific statement
- Likert scale: a scale to determine a consumer's feelings on a statement using different degrees of agreement or disagreement
- Open-ended questions that let respondents express opinions freely, allowing non-structured responses.
Customer Value
- Unique combination of benefits received by targeted buyers, encompassing quality, convenience, on-time delivery, and before-sale and after-sale service
Business Portfolio Analysis
- Dogs: require large cash injections to maintain market share and aren't likely to grow
- Stars: strong market share and high market growth
Competitive Structure
- Oligopoly: a few large firms each with substantial market share in a particular product category, including many aspects of agribusiness
- Monopolistic competition: many sellers who each offer a slightly different or unique product
Analytical Insights
- Insights from the experiences of firms like Netflix, Google, Amazon, Dell, and eBay have fueled their growth, in areas like the Internet of Things and electronic commerce
Market Segmentation
- Based on demographic, geographic, psychographic, or behavioral characteristics
Product Positioning
- Positioning a new product in the market using head-to-head or differentiation approaches
Marketing Activities
- Creation, communication and exchange of goods or services
Marketing Plan
- Strategy and programming for marketing activities
Organizational Levels
- Consists of functional levels that encompass specialized functions like marketing
- Business level is not an organizational level
- Tactical level
Marketing Goals
- Objectives for conducting marketing research to guide the decision maker's approach
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Description
This quiz covers key marketing concepts like the marketing mix, strategic marketing processes, and Maslow's hierarchy of needs. It also explores strategies for online buying, product perception alteration, and competitive positioning within organizational markets.
