The Bottled Water Industry Has Experienced ________ Than The Carbonated Beverage Industry.

BA370 Exam 1 quiz review

(CHAPTER 1) Jeff is going to sell sporting apparel, which he has already purchased from manufacturers, and has signed a deal agreeing to the volume he will sell monthly. He has researched his competition, talked to some customers, and decided on prices he will charge. Jeff has also developed a plan for promoting his business. Based on this description, which element of the marketing mix does Jeff still need to work on?Place
(CHAPTER 1) Which element of the marketing mix is most relevant to the activity “creating value”?product
(CHAPTER 1) The bottled water industry has experienced ________ than the carbonated beverage industry.much greater growth
(CHAPTER 1) At the beginning of the bottled water movement in the United States, it was primarily purchased by ___________.status-conscious consumers
(CHAPTER 1) Many consumers believe bottled water is ________ tap water.better than
(CHAPTER 1) The exponential growth of the bottled water industry can be attributed largely to _________.the power of marketing
(CHAPTER 1) The expansion of bottled water sources to include filtered municipal water was a consequence of Pepsi and Coke __________.entering the market
(CHAPTER 1) Effective promotion enhances a product or service’sperceived value.
(CHAPTER 1) Both Pinkberry and Red Mango allow customers to “do-it-yourself.” In other words, customers can create and customize their own unique combinations of flavors and toppings. In marketing, this is known as ______.value co-creation
(CHAPTER 1) Pinkberry seems to be using _______ through its interactive website, Twitter, and Facebook.social media
(CHAPTER 1) Red Mango rewards loyal customers with coupons that can be redeemed for free and discounted products, and they offer loyal customers special promotions. These activities are part of a(n) ______________ program.CRM (Customer Relationship Management)
(CHAPTER 1) Clearly, customers enjoy the frozen yogurt offered at both Pinkberry and Red Mango. They also seem to enjoy the service in the stores as well as the idea that frozen yogurt is healthy. These elements all represent delivering value through which of the four Ps?Product
(CHAPTER 1) Both Pinkberry and Red Mango know that to be truly value driven, they must do all of the following EXCEPT:make profitability the number one goal.
(CHAPTER 1) Both Red Mango and Pinkberry must communicate information about their products and services and then deliver them to their customers. In turn, their customers provide these companies with money and information. This represents the core marketing concept of _______.exchange
(CHAPTER 1) Xavier is analyzing potential market segments. He should carefully seek potential customers who have both an interest in his products andthe ability to buy them.
(CHAPTER 1) Many catalog companies create special-run issues based on what customers have purchased in the past. For example, customers who frequently order bedding items like sheets and pillows receive a catalog with a larger section of bedding items than do customers who mostly order kitchen tools. This is an example ofCRM (Customer Relationship Management)
(CHAPTER 2) First-time Spirit Airlines customers sometimes don’t understand its “bare fare” strategy, leading to unpleasant surprises when they check in at the airport. In terms of a SWOT analysis, this is an example of a(n)weakness
(CHAPTER 2) Which of the four Ps does Spirit Airlines rely on most to create value for its customers?price
(CHAPTER 2) When Spirit Airlines identifies itself as an ultra-low cost carrier (ULCC), it is ______ itself compared to other airlines.positioning
(CHAPTER 2) When Spirit Airlines expands into additional cities, which growth strategy is it using?Market development
(CHAPTER 2) Which of the sources of sustainable competitive advantage discussed in the text is Spirit Airlines most likely pursuing with its ultra-low cost carrier strategy?Operational excellence
(CHAPTER 2) 3M involves its customers in the process of developing new products. In this way, it can benefit from current customers’ insights and develop new products that will meet these customers’ needs. 3M is pursuing a __________ growth strategy.product development
(CHAPTER 2) In 2006, Walmart announced that it would begin selling organic food products. In doing so, Walmart was most likely trying toattract a different market segment.
(CHAPTER 2) Moving from television broadcast into e-commerce has allowed HSN to achieve _______ excellence.locational
(CHAPTER 2) Home Shopping Network focuses its marketing efforts on busy women older than 35 years old who own their homes. This customer group is HSN’s ________.target market
(CHAPTER 2) One way Home Shopping Network promoted its products was to use _____.lifestyle programming
(CHAPTER 2) When Home Shopping Network added event programming to its mix, which two elements of the marketing mix did it affect?Product and promotion (HSN communicated fashion trend information (promotion), which was then tied to its new and existing products.)
(CHAPTER 2) Home Shopping Network created product value by having ________.exclusive designer agreements
(CHAPTER 2) By offering new products developed by well-known designers to its existing customers, Home Shopping Network used which growth strategy?Product development (Offering a new product or service to a firm’s current target market is a product development strategy.)
(CHAPTER 2) In BCG (Boston Consulting Group) portfolio analysis, products in low-growth markets that have received heavy investment and now have excess funds available to support other products are calledcash cows. (Cash cows are product lines with high relative market share as the result of past investment, but in low-growth markets. They typically generate excess cash that can be used to support other product lines.)
(CHAPTER 5) The cost of borrowing money is measured byinterest rates.
(CHAPTER 5) _______ consumers in the United States have increasing influences on mainstream U.S. culture and the buying power of this group is projected to reach $1.3 trillion in 2015.Hispanic
(CHAPTER 5) After World War II, the birthrate in the United States rose sharply, resulting in a generational cohort known asBaby Boomers.
(CHAPTER 5) In New England, soft drink beverages are called soda while in many other parts of the country they are called pop. This is an example of the effects ofregional culture.
(CHAPTER 5) Firms that disingenuously market products as environmentally friendly with the goal of gaining public approval and sales, rather than actually improving the environment, are guilty ofgreenwashing.
(CHAPTER 5) Your text describes the macroenvironmental factors that operate in the external environment by which acronym?CDSTEP (culture, demographics, social trends, technological advances, economic situation, and political/regulatory environment)
(CHAPTER 5) Which of the following is not an example listed in your text of legislation that has been passed to protect consumers?Retailers must honor price-match guarantees from other stores.
(CHAPTER 5) The social trend of _____ is causing consumers to question whether or not firms are truly operating with consideration for the environment or simply changing marketing efforts in order to appear that they are.greener consumers
(CHAPTER 5) Ford Motor Company engages in partnerships with its suppliers, component part makers, unions, transport companies, and dealerships—collectively known as itscorporate partners.
(CHAPTER 5) Culture, demographics, social issues, technological advances, economic situations, and the political/regulatory environment are all factors that make up which of the following frameworks of analysis?Macroenvironmental factors
(CHAPTER 5) Advertising guidelines stating that companies cannot link unhealthy foods with cartoon and celebrity figures is geared toward which social trend?Health and wellness concerns
(CHAPTER 5) When a firm evaluates how other companies react to the firm’s marketing activities, it is attempting to understand what aspect of the immediate environment?Its competitors
(CHAPTER 5) In the immediate environment, what is the first factor that affects the consumer?The company itself
(CHAPTER 5) An important economic factor that refers to the persistent increase in the prices of goods and services is calledInflation
(CHAPTER 5) Which of the following entities is at the center of the marketing environment?Consumers
(CHAPTER 5) _____, also known as Millennials, constitutes more than 60 million members in the United States alone and were born between 1977 and 2000.Generation Y
(CHAPTER 5) Which of the following groups of people are referred to as Digital Natives?Gen Z
(CHAPTER 5) Consumers who have similar purchase behaviors because they have shared experiences and are in the same stage of life are known as a _____ cohort.generational
(CHAPTER 5) When McDonald’s opened its fast-food restaurants in European locations, it had to modify its product offering primarily due to differences incountry culture.
(CHAPTER 5) Which of the following is the most likely result of inflation?Consumers will switch to less expensive options for necessities.
(CHAPTER 5) Which of the following laws was passed to prohibit monopolies and other activities that would restrain trade or competition, as well as make fair trade within a free market a national goal?1890 Sherman Antitrust Act
(CHAPTER 5) The first generation of “latchkey” children, known as _____, includes those born between 1965 and 1976.Gen Xers
(CHAPTER 5) Which ethnic group represents the fastest-growing minority population and tends to earn more, have more schooling, and be more likely to be professionally employed or own a business?Asian Americans
(CHAPTER 5) The ability of marketers to use mobile applications, Facebook, and Twitter to more effectively target and reach their customers is an example of which macroenvironmental factor?Technological advances
(CHAPTER 5) Which of the following best describes the current income distribution in the United States?Income between the highest-income and lower-income groups has grown more polarized.
(CHAPTER 5) Which of the following is not a demographic listed in your text that would typically be used to identify consumer markets?Religion
(CHAPTER 5) Broadly defined, _____ is (are) the shared meanings, beliefs, morals, values, and customs of a group of people.culture
(CHAPTER 5) The primary strength of Pepsi is the manufacture, distribution, and promotion of carbonated beverages. These describe which factor of a Pepsi consumers’ immediate environment?Company capabilities
(CHAPTER 5) Which of the following frameworks for analysis is comprised of a company’s capabilities, competitors and corporate partners?Immediate environment
(CHAPTER 6) The CEO of Netflix recognized consumers’ ______need for a more cost-efficient movie rental system focusing on avoiding large late fees.functional (Because there is a need for a particular level of performance—cost savings and convenience without late fees—this is a functional need.)
(CHAPTER 6) Which type of risk does the insert’s “Free Trial” minimize?Financial
(CHAPTER 6) Fast, convenient home delivery and a wider selection of movies, Netflix’s competitive advantage over retail stores, represent ______ for many customers.determinant attributes (Determinant attributes are features that are important to the buyer and on which competing alternatives are perceived to differ. These are attributes that probably lead many Netflix customers to choose to subscribe and are differences from retail store video rental.)
(CHAPTER 6) The Netflix distribution centers help to reduce postpurchase _______ by ensuring fast delivery and responsiveness.dissonance
(CHAPTER 6) Sharon is researching different weight-loss programs. She is evaluating each program’s costs, ease of use, group support, and variety of choices. In the decision process, these four program differences that Sharon is evaluating are called ________.determinant attributes
(CHAPTER 6) Brenda has a busy schedule and does not have time to prep meals. ____________ offers the added value of pre-packaged and prepared meals, which reduce prep time. If Brenda bases her purchase decision on this attribute only, she is using a _________ decision rule.Jenny Craig; noncompensatory
(CHAPTER 6) Many consumers question whether diet programs really work and result in weight loss. This represents _______ risk. The higher this risk, the more likely a consumer will extend his _____ when going through the decision process.performance; search for information
(CHAPTER 6) Henrik is overweight and is considering a weight loss program. He feels it is an important and risky decision and is spending a lot of time and effort gathering information and evaluating the different plans. Henrik is involved in a process known as ________.extended problem solving
(CHAPTER 6) If the makers of the camp car focused on promoting the car’s convenience in urban areas, they would be appealing to which of the following?The customer’s lifestyle
(CHAPTER 6) One concern some potential car buyers might have about the camp car is that it might be cheaply made and thus might break down frequently. Which type of risk does this concern represent?Performance risk
(CHAPTER 6) Suppose an individual with a large disposable income passes a camp car en route to work. Intrigued with the car’s unique look, the individual visits a camp car dealership later that day and purchases one.
Which type of problem solving best characterizes this individual’s purchase decision?
Impulse buying
(CHAPTER 7) Hope Springs needs tablet computers that are fast, include 24/7 tech support, and include a generous volume discount. These criteria would be collected during which stage of the B2B buying process?Product specification (Before making a purchase, the buying organization must weigh key buying criteria. This is the product specification stage. Once criteria are identified, they are described for vendors in a request for proposal (RFP).)
(CHAPTER 7) Hope Springs purchases many products from suppliers in the course of doing business, including empty water bottles. The number of bottles Hope Springs will need each month depends on the number of bottles purchased by customers. This is an example of __________.derived demand
(CHAPTER 7) The ___________ includes members of Hope Springs’ upper management team, Brian (the purchasing manager), and members of the accounts payable department.buying center (The buying center is a group of people in an organization that participates in the buying process and share common goals, risks, and knowledge important to a purchase decision.)
(CHAPTER 7) If Brian were tasked with purchasing an additional 500 tablets for Hope Springs but he was asked to change the requirements for making the purchase, this would be called a(n) __________ situation.modified rebuy (A modified rebuy is a buying situation where the organization repeats a previous purchase, but changes the product specifications, price, delivery schedule or supplier.)
(CHAPTER 7) _________ control the flow of information and/or access to the members of the buying center at Hope Springs.Gatekeepers
(CHAPTER 7) One of the main causes for the tire’s defect was the lack of a nylon overlay. Ford claims that it asked Firestone to produce the tires with a nylon overlay as well as include materials that would reduce tread separation. These are examples of ______________.product specifications
(CHAPTER 7) The news began airing coverage of accidents that occurred in Ford vehicles. This extensive coverage created fear for consumers, causing them to purchase fewer Ford vehicles. This is an example of ___________.derived demand
(CHAPTER 7) After the major tire recall, Ford regretted purchasing so many Firestone tires for its vehicles. This kind of buyer’s remorse is also called _______________.postpurchase dissonance
(CHAPTER 7) After the Firestone recall, Ford recognized that it would need to work with a new tire supplier for its vehicles. Ford then began to develop new product specifications and request proposals from other tire manufacturers. What is the next step in the B2B buying process for Ford?Proposal analysis and supplier selection