Sac State Marketing 101 Exam 1

Questions and Answers

This is an example of ________.

Target marketing

These three groups are examples of ________.

Market segments

Jolene's firm most likely practices the ________.

Selling concept

They are acting upon ________.

Customer-perceived value Signup and view all the answers

It is most accurate to say that instead of focusing on each individual transaction, Gina and her staff put a priority on ________.

Capturing customer lifetime value Signup and view all the answers

This action undertaken by Iceco reflects ________.

Social responsibility Signup and view all the answers

Dan has been directed to study the ________ of the company.

Micro environment Signup and view all the answers

Sam has been directed to study the ________ of the organization.

Macroenvironment Signup and view all the answers

________ provide the resources needed by a company to produce its goods and services.

Suppliers Signup and view all the answers

Sigma is most likely a ________.

Marketing services agency Signup and view all the answers

Which of the following is true with regard to media publics?

All of the above. Signup and view all the answers

Price & Malone caters to a ________ market.

Consumer Signup and view all the answers

Government markets consist of government agencies that buy goods and services ________.

to produce public services Signup and view all the answers

Rachel most likely operates in a ________ market.

Reseller Signup and view all the answers

These two businesses are examples of ________.

Physical distribution firms Signup and view all the answers

The firm Jonathan works for is a ________.

Marketing intermediary Signup and view all the answers

Cape Sky most likely sponsors this event in order to appeal to which of the following types of publics?

General publics Signup and view all the answers

Which of the following environments is being studied in this scenario?

Demographic environment Signup and view all the answers

Which of the following is true of the baby boomers?

They control an estimated 70 percent of the United States' disposable income. Signup and view all the answers

Which of the following is true of Gen Xers?

They were the first to grow up in the Internet era. Signup and view all the answers

Which of the following is a potential downside to using patriotic themes in marketing programs?

Such promotions can be viewed as attempts to gain from others' triumph or tragedy Signup and view all the answers

Consumers in the 'lifestyles of health and sustainability' (LOHAS) market are more likely to seek ______.

Alternative Medicine Signup and view all the answers

A regional supermarket chain running advertisements that donate 1 percent of sales is an example of ______.

Cause related marketing Signup and view all the answers

Sarah Parker's firm takes a(n) ______ stance toward the marketing environment.

Proactive Signup and view all the answers

Which of the following is most likely influenced by marketers?

Media Signup and view all the answers

Brad leads the ______ team.

Customer Insights Signup and view all the answers

At HoneyCamp Foods, the system that generates actionable marketing insights represents a(n) ______.

Marketing Information system Signup and view all the answers

In this instance, Diana is using ______.

Internal Database Signup and view all the answers

Which of the following would help the marketing department improve strategic decision making?

Competitive marketing intelligence Signup and view all the answers

________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation.

Marketing research Signup and view all the answers

Which of the following is true regarding marketing research?

True Signup and view all the answers

Which of the following is the first step in the marketing research process?

Defining the problem with research objectives Signup and view all the answers

Which of the following is the final step of the marketing research process?

Interpreting and reporting the findings Signup and view all the answers

In ______ research, the objective is to gather preliminary information that will help define the problem.

Explanatory Signup and view all the answers

Ramona is involved in ______ research.

Casual Signup and view all the answers

Which of the following types of research would be best suited for understanding consumer attitudes toward a soft drink?

Descriptive research Signup and view all the answers

Secondary data consist of ______.

Information that already exists, or is collected for another purpose Signup and view all the answers

Primary data consist of ______.

The first person to collect a specific type of information and use it for your product Signup and view all the answers

Which of the following is a disadvantage of using secondary data?

You cannot get all the information you need from just secondary data Signup and view all the answers

A company sent a trained observer to watch consumers in their natural environments. This is an example of ______.

Ethnographic research Signup and view all the answers

In this instance, Juanita is using ______.

Experimental research Signup and view all the answers

Which of the following is most likely an advantage of survey research?

Flexible, can be used to obtain different kinds of information Signup and view all the answers

Which of the following is true about survey research?

True Signup and view all the answers

Which of the following is true with regard to mail questionnaires?

The response rate of mail questionnaires is often very low Signup and view all the answers

Keeping in mind her restrictive budget, which contact method should Ursula use?

Online surveys Signup and view all the answers

Which of the following is an advantage of telephone interviews?

High speed in data collection Signup and view all the answers

Margaret is looking for a ______.

A simple random sample Signup and view all the answers

In this instance, which contact method is most likely to appeal to Melissa?

Online surveys Signup and view all the answers

Which of the following is an example of an open-end question?

Allows respondent to generate an answer without limitations Signup and view all the answers

Which of the following questions is an example of a closed-end question?

Which of these is your preferred option? Signup and view all the answers

Which of the following is most likely a disadvantage of focus group interviewing?

Involves small samples which makes it hard to generalize Signup and view all the answers

Which of the following is a disadvantage of online focus groups?

Difficult to determine the identity of participants Signup and view all the answers

Which of the following refers to a non-probability sample in which the researcher selects the easiest population members?

Convenience sample Signup and view all the answers

Which of the following refers to a non-probability sample where the researcher uses evaluation techniques to select population members?

Judgment sample Signup and view all the answers

What is the purpose of a data warehouse?

To aggregate information throughout an organization into a single repository. Signup and view all the answers

Which of the following is most likely true about international research?

Costly international research is necessary for success in foreign markets Signup and view all the answers

Which of the following is NOT true about KNN method?

KNN does not require any computational capacity Signup and view all the answers

The difference between human needs and wants is that needs are not created by marketers.

True Signup and view all the answers

When backed by buying power, wants become needs.

False Signup and view all the answers

Market segmentation is the process of seeking fewer customers for profit maximization only.

False Signup and view all the answers

An organization's department follows a customer-centered sense-and-respond philosophy.

False Signup and view all the answers

Customer-managed relationships are marketing relationships that are controlled by customers.

False Signup and view all the answers

Fast Food, Inc. views marketing as finding and retaining profitable customers by providing them with food they want.

False Signup and view all the answers

The micro-environment consists of larger societal forces that affect a company.

False Signup and view all the answers

Marketing success requires building relationships with various stakeholders, leading to the company's value delivery network.

True Signup and view all the answers

Business markets buy goods and services for further processing in their production processes.

True Signup and view all the answers

As baby boomers reach their peak earning years, they become lucrative markets for financial services.

True Signup and view all the answers

Millennials comprise the most commercially influential group in America today.

True Signup and view all the answers

The introduction of new technologies is equally beneficial to all industries.

False Signup and view all the answers

The popularity of cause-related marketing as a form of corporate giving is rapidly declining.

False Signup and view all the answers

Marketing researchers can conduct searches of secondary data sources using mail questionnaires.

False Signup and view all the answers

A sample is a segment of the population selected for marketing research.

True Signup and view all the answers

Mail questionnaires can collect large amounts of data at a low cost per respondent.

True Signup and view all the answers

The first question in a questionnaire should be complicated to weed out uninterested respondents.

False Signup and view all the answers

Most major companies have appointed a chief privacy officer (CPO) to safeguard privacy.

False Signup and view all the answers

KNN method can be useful in customer retention.

True Signup and view all the answers

Which of the following is NOT an accurate description of modern marketing?

Marketing emphasizes selling and advertising exclusively Signup and view all the answers

According to the five-step model of the marketing process, which of the following is the final step in creating value for customers?

Building profitable relationships Signup and view all the answers

________ are human needs that are shaped by culture and individual personality.

Wants Signup and view all the answers

A ________ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want.

Market Offering Signup and view all the answers

Which of the following terms refers to sellers being preoccupied with their products?

Market Myopia Signup and view all the answers

A(n) ________ is the set of actual and potential buyers of a product or service.

Market Signup and view all the answers

The art and science of choosing target markets is called ________.

Marketing Signup and view all the answers

Selecting which segments of a population to serve is called ________.

Target Marketing Signup and view all the answers

Which of the following refers to a set of benefits that a company promises to deliver?

Value Proposition Signup and view all the answers

Which of the following statements is true of the production concept?

It leads to focusing narrowly on operations Signup and view all the answers

Which of the following is the aim of the product concept?

Focus on making continuous product improvements Signup and view all the answers

Which of the following statements is true of the selling concept?

It is typically practiced with unsought goods Signup and view all the answers

Which of the following is a characteristic of customer-driven marketing?

Customers know what they want Signup and view all the answers

________ refers to socially responsible marketing that meets consumer needs while preserving future resources.

Sustainable Marketing Signup and view all the answers

Building and maintaining profitable customer relationships by delivering superior value is called ________.

Customer relationship management Signup and view all the answers

When customers purchase products they act on ________ as they judge values and costs.

Perceived value Signup and view all the answers

The primary key to delivering customer satisfaction is to match product performance with ________.

Customer expectations Signup and view all the answers

Hank is looking for a relationship with low-margin customers.

Basic Relationships Signup and view all the answers

'Losing a customer once means losing the entire stream of possible purchases.' This indicates loss in terms of ________.

Customer lifetime value Signup and view all the answers

Keith offers product suggestions to increase ________.

Share of customer Signup and view all the answers

Customers can be classified into four relationship groups based on profitability. Which customer type is associated with high loyalty?

True friends Signup and view all the answers

Which customer group is mentioned in the scenario of loyal yet unprofitable customers?

Barnacles Signup and view all the answers

Which of the following statements about the Internet is most accurate?

True Signup and view all the answers

Greg's want has now become a(n) ________.

Need Signup and view all the answers

Study Notes

Marketing Concepts and Definitions

Patriotic themes in marketing may backfire, perceived as exploiting others' misfortunes.
LOHAS consumers typically seek alternative medicine products and sustainable practices.
Cause-related marketing involves charitable contributions linked to sales, enhancing brand reputation.
Proactive marketing stances involve actively shaping the marketing environment, as seen with lobbyists.
Marketers significantly influence media portrayals and consumer perceptions.

Market Research Techniques

Customer Insights teams analyze data from various sources to enhance understanding of consumer behavior.
Marketing Information Systems aggregate sales data to provide actionable insights for managers.
Internal Databases utilize company-held consumer information for informed marketing decisions.
Competitive marketing intelligence aids in tracking competitive actions and market opportunities.

Research Processes and Methods

Marketing research systematically collects and analyses data relevant to marketing issues.
Proper research begins with clearly defining the problem and setting research objectives.
The final step in the research process involves interpreting and reporting findings.
Explanatory research gathers preliminary data to define problems and generate hypotheses.
Casual research tests specific predictions, such as pricing effects on sales.

Types of Data and Sampling

Secondary data includes existing information collected for different purposes; may lack relevance.
Primary data is collected firsthand for specific marketing needs.
Open-ended questions allow unlimited responses, while closed-ended questions restrict answers to provided options.
Random sampling ensures every population member has an equal chance of selection.

Survey Research

Surveys are cost-effective methods for collecting diverse information quickly.
Online surveys are recommended for flexibility and large sample control on a budget.
Telephone interviews offer rapid data collection but may come with limitations like response bias.

Customer Relationship Management

Customer relationship management focuses on creating and maintaining profitable relationships.
Customer lifetime value reflects potential losses from losing a single customer over time.
True friends represent high-value customers demonstrating loyalty and profitability.
Barnacles are loyal yet unprofitable customers who can negatively impact businesses.

Marketing Strategies and Concepts

Marketing emphasizes understanding and satisfying consumer needs, countering market myopia where sellers neglect customer wants.
Target Marketing involves selecting specific segments to serve, like demographic-focused campaigns.
Sustainable Marketing practices aim to meet consumer needs while preserving future resource availability.
Value Proposition represents benefits promised to customers to satisfy their needs.

Trends and Insights

Digital platforms have transformed marketing dynamics, allowing for consumer engagement and response.
The significance of societal marketing is highlighted through initiatives addressing community needs.
Understanding customer motivation is crucial for designing effective marketing strategies.
Modern marketing requires cross-departmental collaboration to enhance value delivery networks.

True/False Statements Key Points

Human needs differ from wants as needs are inherent and not designed by marketers.
Market segmentation serves broader purposes beyond just profit maximization.
Customer-managed relationships signify that customer control is vital to effective marketing.
Issues like mail questionnaire response rates and the ease of online focus group participant verification highlight marketing research challenges.### Customer Lifetime Value
Customer lifetime value (CLV) refers to the total worth of a customer over the entirety of their relationship with a business.

Iceco Inc. emphasizes social responsibility by involving all stakeholders in community welfare decisions.

Micro Environment

The micro environment includes direct actors like the company itself, suppliers, marketing intermediaries, customers, competitors, and the public.

Macro Environment

The macroenvironment encompasses broader factors such as demographic, economic, political, and cultural forces impacting an organization.

Suppliers

Suppliers are essential as they provide the necessary resources for a company to produce its goods and services.

Marketing Services Agency

Sigma Inc. operates as a marketing services agency, aiding companies in targeting appropriate markets for product promotion.

Media Publics

Media publics are responsible for disseminating news and editorial opinions, influencing public perception.

Consumer Market

Price & Malone Corp. serves a consumer market, focused on individuals and households purchasing goods for personal use.

Government Markets

Government markets consist of government agencies that acquire goods and services to offer public services.

Reseller Market

Rachel operates in a reseller market, buying and selling goods for profit to small retailers.

Physical Distribution Firms

LandPort Transportation and Omega Warehousing exemplify physical distribution firms, facilitating the logistics of moving and storing goods.

Marketing Intermediary

Jonathan's firm functions as a marketing intermediary, supporting companies in promoting, distributing, and selling products to consumers.

General Publics

Cape Sky Inc. sponsors the New York City Marathon to appeal to general publics, with extensive brand visibility during the event.

Demographic Environment

The marketing team of 7 Star Inc. is analyzing demographic factors such as size, density, location, age, and occupation of their target market.

Baby Boomers

Baby boomers hold significant purchasing power, controlling approximately 70 percent of disposable income in the United States.

Gen Xers

Gen Xers were the first generation to experience growing up amidst the Internet era, shaping their consumer behaviors and preferences.

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Description

Test your knowledge on key marketing concepts from Sac State's Marketing 101 course. This quiz covers various topics, including themes in marketing, consumer behaviors, and promotional strategies. Perfect for students preparing for their first exam!