Marketing Test 1 Practice Questions

Questions and Answers

What does a marketing strategy address?

Price, place, people, promotion

Product, price, place, promotion (correct)

Place, potential, product, performance

Product, price, promotion, profit

Positioning, performance, potential, profitability

How do I come up with a killer product idea?

Ask, 'Which distribution channels offer the most cost effective solution?'

Ask customers what they want

Ask, 'How much money can I make?'

Ask, 'What problems are people trying to solve?' (correct)

Ask, 'What are the competitive offerings?'

Which marketing philosophy does Toms use when they donate a pair of shoes for every pair purchased?

Societal (correct)

Market

Consumer

Production

Sales

Attracting and keeping customers drives _____________ for the firm.

profitability Signup and view all the answers

The path to profitability starts with what?

Understanding customers within the context of the marketing environment Signup and view all the answers

What part of the SWOT analysis does the domestically challenging consumer trend of eating healthier represent for McDonald's?

Threat Signup and view all the answers

What type of income is used to purchase expensive jewelry and luxury products?

Discretionary income Signup and view all the answers

Which social force has the most influence on consumers' consumption behavior in Mala's case?

Culture Signup and view all the answers

What is Sven gathering by analyzing age, gender, and income for the Scandinavian market?

Demographics Signup and view all the answers

For the United States, people born during the same time period and who share similar life experiences represent:

Generational cohorts Signup and view all the answers

Kentucky Fried Chicken entered the China market through which strategy?

Joint Venture Signup and view all the answers

What is a global marketing strategy based on a standard platform combined with modifications for the market called?

Glocal Signup and view all the answers

When Nestle adapted its packaging and pricing in India, it is an example of:

Customization Signup and view all the answers

When Clorox bought the right to manufacture under the Brita name, they entered into a(n) _________ agreement.

licensing Signup and view all the answers

Inadequate protection of intellectual property in some developing countries reveals a ____________ risk.

legal Signup and view all the answers

According to the fraud triangle, what aspect is missing from Cassi's unethical situation?

Opportunity Signup and view all the answers

What is the number one reason new products fail?

They don't deliver benefits to the consumer--functional and emotional Signup and view all the answers

What does writing a negative review on Trip Advisor demonstrate?

Consumer power Signup and view all the answers

For marketers, what are the three components of sustainability?

Consumers' wants, the company's requirements, and society's long-term interests Signup and view all the answers

Which analytical method is useful for classifying credit card users into segments?

Cluster analysis Signup and view all the answers

What is the primary purpose of marketing research?

Support marketing decisions Signup and view all the answers

To minimize coverage error, researchers should:

Qualify or screen respondents for the study Signup and view all the answers

Which marketing research technique should Frito-Lay use to optimize chip varieties?

TURF analysis--Total Unduplicated Reach and Frequency Signup and view all the answers

Home Depot used data from the US Census Bureau as an example of:

Secondary data Signup and view all the answers

What kind of buying decision does putting toothpaste in the cart out of habit represent?

Low involvement Signup and view all the answers

What are marketing insights characterized by?

Both A and B are correct Signup and view all the answers

Problem recognition in consumer behavior is caused by:

A discrepancy between a person's current state and desired state Signup and view all the answers

Marketers focus on what aspect of markets?

People of the exchange--buyers and sellers Signup and view all the answers

What factor influenced Samantha's buying behavior when she saw Selena Gomez purchasing a jacket?

Social Signup and view all the answers

Study Notes

Marketing Concepts and Strategies

Marketing Strategy: Involves targeting a specific market with a cohesive marketing mix (Product, Price, Place, Promotion).
Product Idea Generation: To identify product ideas, it's essential to understand the problems consumers are trying to solve.

Marketing Philosophies

Toms' Marketing Philosophy: Utilizes a societal marketing philosophy by donating a pair of shoes for every pair sold.

Customer Retention and Profitability

Customer Attraction: Creating, communicating, and delivering value to customers leads to increased profitability.

Market Entry Strategies

KFC in China: Entered through a joint venture with local companies, illustrating collaboration in foreign markets.

Global Marketing Strategies

Glocal Strategy: Combines a standardized global platform with market-specific modifications.

Product Customization

Nestle's Approach in India: Adaptation of packaging and pricing for local preferences demonstrates customization in international marketing.

Risk Assessment in Foreign Markets

Intellectual Property Risks: Insufficient protection can deter businesses from entering certain foreign markets due to legal risks.

Ethical Marketing Myths

Plan Obsolescence Myth: The belief that companies intentionally design products to become obsolete to drive repeat sales.

Unethical Situations and Consumer Power

Fraud Triangle: Identifying pressure, opportunity, and rationalization in unethical practices; opportunity is a missing factor in some scenarios.
Consumer Power: Negative reviews by consumers can significantly influence perceptions and company reputations.

Sustainability in Marketing

Components of Sustainability: For marketers, sustainability involves aligning consumer wants, company needs, and societal interests.

Market Research Techniques

Market Segmentation: Cluster analysis is useful for identifying segments based on demographic and behavioral responses.
Importance of Valid Data: Coverage error can compromise research validity; qualifying respondents reduces this risk.

Consumer Behavior Insights

Buying Decisions: Purchasing low-involvement products, like toothpaste, typically occurs out of habit rather than in-depth evaluation.
Problem Recognition: Triggered by the discrepancy between current and desired states, driving consumer motivation to buy.

Influences on Buying Behavior

Social Influence: Celebrity endorsements affect consumer purchasing decisions; social factors often sway individual choices beyond personal preferences.

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Description

Prepare for your Marketing Test with these practice questions flashcards. Test your knowledge on key marketing strategies and product ideation. Perfect for students looking to enhance their understanding of marketing concepts.