BMGT350 Midterm

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Consumer Buyer Behavior

The buying behavior of final consumers--individuals and households that buy goods and services for personal consumption

Business Buyer Behavior

The buying behavior of organizations that buy goods and services for use in the production o other products and services that are sold, rented, or supplied to others

Business Portfolio

The collection of businesses and products that make up the company

Customer-Perceived Value

The customers's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers

Business Buyer Process

The decision process by which business buyers determine which products and services their organizations need to purchase and then find, evaluate, and choose among alternative suppliers and brands

Customer Satisfaction

The extent to which a product's perceived performance matches buyers expectations

Wants

The form human needs take as they are shaped by culture and individual personality

Value Proposition

The full position of a brand-- the full mix of benefits on which it is positioned

Production Concept

The idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency

Selling Concept

The idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort

Word-of-Mouth Influence

The impact of the personal words and recommendations of trusted friends, associates, and other consumers on buying behavior

Macroenvironment

The larger societal forces that affect the microenviornment-- demographic, economic, natural, technological, political and cultural forces

Marketing Strategy

The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships

Adoption Process

The mental process through which an individual passed from first hearing about an innovation to final adoption. Awareness, interest, evaluation, trial, adoption.

Marketing Myopia

The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by those products

Marketing Return on Investment

The net return from a marketing investment divided by the costs of the marketing investment

Natural Environment

The physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities

Share of Customer

The portion of the customer's purchasing that a company gets in its product categories

Marketing

The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

Portfolio Analysis

The process by which management evaluates the products and businesses that make up the company

Perception

The process by which people select, organize, and interpret information to form a meaningful picture of the world

Strategic Planning

The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities

Value Chain

The series of internal departments that carry out value creating activities to design, produce, market, deliver and support a firm's products

Market

The set of all actual and potential buyers of a product/service

Culture

The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions

Undifferentiated Mass Marketing

A market coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer

Differentiated (Segmented) Marketing

A market coverage strategy in which a firm decides to target several market segments and designs separate offers for each

Concentrated (Niche) Marketing

A market coverage strategy in which a firm goes after a large share of one or a few segments or niches

Motive (Drive)

A need that is sufficiently pressing to direct the person to seek satisfaction or reward

Value Delivery Network

A network composed of the company, suppliers, distributors, and, ultimately, customers who partner with each other to improve the performance of the entire system in delivering customer value

Opinion Leader

A person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others

Attitude

A person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea

Lifestyle

A person's pattern of living as expressed in his or her activities, interests, and opinions

Marketing Concept

A philosophy in which achieving organizing goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

Product/Market Expansion Grid

A portfolio planning tool for identifying company growth opportunities through market development, penetration, product development or diversification

Growth-Share Matrix

A portfolio-planning method that evaluates a company's SBUs in terms of market growth rate and relative market share. Ex. - Stars, Cash Cows, Question Marks, Dogs.

Sample

A segment of the population selected for marketing research to represent the population as a whole. Who? How many? How (choosing)?

Target Market

A set of buyers sharing common needs or characteristics that the company decides to serve

Mission Statement

A statement of the organization's purpose-- what it wants to accomplish in the larger environment, must be measurable and motivational.

Positioning Statement

A statement that summarized company or brad positioning using this form: "To (Target Segment and Need) our (Brand) is (Concept) that (Point Of Difference)."

Consumers go through specific stages in the process of adopting a new product. Those five stages include​ ________, ________,​ _______, _________, and​ _______.

A. ​awareness, interest,​ evaluation, trial, and adoption

The second step in the buyer decision process might include seeking more information. Sources of information vary. Commercial sources normally​ ________ the​ buyer, but personal sources​________ products for the buyer.

A. ​inform; legitimatize or evaluate

Marketers want to predict cultural shifts to spot new opportunities or threats. The major cultural values of a society are expressed in​ people's views of themselves and​ others, as well as in their views of​ ________, __________,​ ____________, and​ ________.

A. ​organizations, society,​ nature, and the universe

Which of the following is true regarding the technological​ environment?

B. Companies must keep up with changes in technology or risk being left behind.

​______________________ is part of a​ company's decision on how it will create market offerings to deliver superior customer value.

B. Differentiation

There are several types of objectives market researchers might use in a marketing research project. Which of the following are the primary types of​ objectives?

B. Exploratory​ research, descriptive​ research, and causal research

What are the three general sources from which marketers can obtain​ information?

B. Internal​ data, marketing​ intelligence, and marketing research

Marketers need to understand and know the answers to several key questions when dealing with buying centers. Of the​ following, which is NOT one of those key​ questions?

B. Is price a major factor or is the buying center price​ sensitive?

​________ is the process of dividing a market into distinct groups of buyers who have different​ needs, characteristics, or​ behaviors, and who might require separate marketing strategies or mixes.

B. Market segmentation

To find the best strategy and mix and to put them into​ action, the company engages in five​ activities, including which of the​ following?

B. Marketing​ analysis, planning,​ implementation, organization, and control

Which major trend is ideal for engaging customers​ anytime, anywhere, as they move through the buying​ process?

B. Mobile marketing

Which type of business buying situation offers marketers not only the greatest​ opportunity, but also the greatest​ challenge?

D. A new task situation

Which of the following enhances how marketers learn about and interact with​ customers?

D. Big data and marketing analytics

Like consumer​ markets, business markets are segmented. Which of the following describes the variables that marketers use to segment business​ markets?

D. Business​ demographics, operating​ characteristics, purchasing​ approaches, situational​ factors, and personal characteristics

Which of the following is NOT among the major factors influencing consumer buying​ behavior?

D. Commercial

What are the four major steps in designing a customer​ value-driven marketing​ strategy, in the correct​ sequence?

D. Market​ segmentation, market​ targeting, differentiation, and positioning

What are the eight steps in the business buying decision​ process, in the correct​ sequence?

D. Problem​ recognition, general need​ description, product​ specification, supplier​ search, proposal​ solicitation, supplier​ selection, order-routine​ specification, and performance review

Which of the following is an important trend in the natural environment of which marketers should be​ aware?

D. Shortages of raw materials

Marketing information is of no value until it is used for what​ purpose?

D. To make better marketing decisions

We define the​ ________ process as the mental process through which an individual passes from first learning about an innovation to final adoption.

D. adoption

Buyers who face a new​ task-buying situation usually go through​ ________.

D. all of the eight​ stages, including performance review

Huge and complex data sets generated by​ today's sophisticated information​ generation, collection,​ storage, and analysis technologies are referred to as​ _______.

D. big data

The best​ ________ is the one that best fits the​ company's strengths and weaknesses to opportunities in the environment.

D. business portfolio

Firms with limited resources often target a market niche that is either ignored or unimportant to larger firms. This represents​ a(n) _______ strategy.

D. concentrated marketing

The economic environment impacts marketing decisions. The economic environment consists of two primary economic factors that affect​ __________________.

D. consumer purchasing power and spending patterns

Although business marketers use many of the same variables to segment their​ markets, they also use some additional​ variables, such as​ ________, ____________.​ _________, and personal characteristics.

D. customer operating​ characteristics, purchasing​ approaches, situational factors

Advances in​ ________ are forces that offer exciting new opportunities to target customers more selectively and engage them more deeply.

D. digital and social media

Two major public policy and ethical issues in marketing research are​ ________.

D. intrusions on consumer privacy and misuse of research findings

The demographic environment is of major interest to marketers because​ ________.

D. it involves​ people, and people make up markets

Legislation affecting business around the world has increased steadily over the years within the political environment. The increased legislation has been enacted in three primary​ areas, including​________, ______________, and​ _______________.

D. laws protecting companies from each​ other, laws protecting​ consumers, and laws protecting the interests of society

Today's marketers face growing pressures to show that they are adding value in line with their costs. In​ response, marketers are developing better measures of​ ________.

D. marketing return on investment

The goal of ​________ is to develop and maintain a fit between the​ organization's goals and capabilities and its changing marketing opportunities.

D. strategic planning

According to the​ text, __________ are perhaps the most dramatic forces affecting​ today's marketing strategies.

D. technological forces

The natural environment involves​ __________________ that are needed as inputs by marketers or that are affected by marketing activities.

D. the physical environment and natural resources

Marketing management can adopt one of five competing market​ orientations, which include​ _________.

D. the production​ concept, the product​ concept, the selling​ concept, the marketing​ concept, and the societal marketing concept

As part of​ marketing's role, the department works closely with partners in other departments to form an effective internal​ ________ and with other companies in the marketing system to create an external value delivery network that jointly serves customers.

D. value chain

Which of the following correctly identifies the five core customer and marketplace​ concepts?

D. ​Needs, wants, and​ demands; market​ offerings; value and​ satisfaction; exchanges and​ relationships; and markets

In which step of the buying decision process is the final order with the chosen supplier​ developed?

D. ​Order-routine specification

___________________________ compose a​ company's external value delivery network

D. ​Suppliers, distributors, and customers

Advances in information technology have dramatically affected the​ B-to-B buying process. Online​ purchasing, often called​ _______, has grown rapidly in recent years.

D. ​e-procurement

Some marketers face special marketing research​ situations, such as those conducting research in small​ business, not-for-profit, or international situations. International researchers deal with great variances in​ ________, __________,​ __________, and​ ________

E. levels of economic​ development, cultures and​ customs, buying​ patterns, and scarcity of secondary data

The first step in the marketing research process involves defining the problem and setting research objectives​ , which might be​ _________, ___________, or​ ____________ research.

E. ​exploratory, descriptive, or causal

The third step in the marketing research process calls for implementing the marketing research plan by​ _______

E. ​gathering, processing, and analyzing the information

Major economic variables include​ ________.

E. ​income, cost of​ living, and savings and borrowing patterns

People can be classified into the adopter​ categories, with each category having different values and rates of adoption. The adopter categories include​ ________, ________,​ __________, _________, and​ __________.

E. ​innovators, early​ adopters, early mainstream​ adopters, late mainstream​ adopters, and lagging adopters

Business marketers are increasingly connecting with customers online and through​ digital, mobile, and social media to​ ________, __________,​ __________, ___________, and maintain ongoing customer relationships.

E. engage​ customers, share marketing​ information, sell products and​ services, provide customer support services

Which stage of the business buying decision process involves ranking the importance of​ reliability, durability, and​ price?

E. general need description

The cultural environment consists of​ ________ that affect a​ society's values,​ perceptions, preferences, and behaviors.

E. institutions and forces

Online Social Networks

Online social communities-- blogs, social networking web sites, and other online communities-- where people socialize or exchange information and opinions

Marketing Mix

The set of tactical marketing tools-- product, price, place, and promotion-- that the firm blends to produce the response it wants in the target market

Demography

The study of human populations in terms of size, density, location, age, gender, race, occupation and other statistics

Competitive Marketing Intelligence

The systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment

Marketing Research

The systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organization. Information must be relevant, accurate, current, and impartial. Step 1 - Define problem and research objectives Step 2 - Develop research plan to collect info Step 3 - Implement plan, collect and analyze data Step 4 - Interpret and report findings

Customer Equity

The total combined customer lifetime value of all the company's customers

Personality

The unique psychological characteristics that distinguish a person or group

Social Marketing Concept

The use of commercial marketing concepts and tools in programs designed to influence individuals behavior to improve their well-being and that of society

Customer Lifetime Value

The value of the entire stream of purchases a customer makes over a lifetime of patronage

Product Position

The way a product us defined by consumers on important attributes-- the place the product occupies in consumers' minds relative to competing products

Marketing Implementation

Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives

Group

Two or more people who interact to accomplish individual or mutual goals

The second critical phase in developing a marketing information system​ (MIS) is developing information. The information is developed from​ ________, __________, and​ ____________.

E. internal​ databases, marketing intelligence​ activities, and marketing research

the buying center and the buying decision process are influenced by​ ________, ​ __________, and​ __________ factors, as well as​ _____________ factors.

E. internal​ organizational, interpersonal, and individual​ factors, as well as external environmental factors

The fourth step in the marketing research process is​ ________.

E. interpreting and reporting the findings

Marketing Information System

People and procedures dedicated to assessing the information needs, developing the needed information and helping decision makers to use the information to generate and validate actionable customer and market insights

Generation Z

People born after 2000 (although many analysts include people born after 1995) who make up the kids, tweens, and teen markets

Digital and Social Media Marketing

Using digital marketing tools such as web sites, social media, mobile apps and ads, online video, email and blogs that engage consumers anywhere, anytime via their digital devices

Behavioral Targeting

Using online consumer tracking data to target advertisements and marketing offers to specific consumers

Partner Relationship Management

Working closely with partners in other company departments and outside the company to jointly bring greater value to customers

Focus Group Interviewing

Personal interviewing that involves inviting 6-10 people to gather for a few hours with a trained interviewer to talk about a product, service, or organization. The interviewer "focuses" the group discussion on important issues

Which of the following represent market​ offerings?

Products, services,​ information, and experiences

E-Procurement

Purchasing through electronic connections between buyers and sellers--usually online

Social Class

Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors

Market Offerings

Some combination of products, services, information, or experiences offered to a market to satisfy a need or want

Needs

States of felt deprivation

Supplier Development

Systematic development of networks of supplier-partners to ensure an appropriate and dependable supply of products and materials for use in making products or reselling them to others

Local Marketing

Tailoring brands and marketing to the needs and wants of local customer segments-- cities, neighborhoods, and even specific stores

Individual Marketing

Tailoring products and marketing programs to the needs and preferences of individual customers

Micromarketing

Tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; it includes local marketing and individual marketing

Generation X

The 49 million people born between 1965 and 1976 in the "birth dearth" following the baby boom

Baby Boomers

The 78 million people born during the years following WWII and lasting until 1964

Millennials (Generation Y)

The 83 million children of the baby boomers born between 1977 and 2000

Exchange

The act of obtaining a desired object from someone by offering something in return

Marketing Environment

The actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers

Microenvironment

The actors close to the company that affect its ability to serve its customers-- the company, suppliers, marketing intermediaries, customer markets, competitors, and publics

Marketing Management

The art and science of choosing target markets and building profitable relationships with them

To determine which market segments to target and​ serve, the company first evaluates each​ segment's ________.

size and growth​ characteristics, structural​ attractiveness, and compatibility with company objectives and resources

What are the five stages of the consumer adoption​ process, in the correct​ sequence?

A. ​Awareness, interest,​ evaluation, trial, and adoption

Secondary Data

Information that already exists somewhere, having been collected for another purpose

Cultural Environment

Institutions and other forces that affect society's basic values, perceptions, preferences, and behaviors

New Task

A business buying situation in which the buyer purchases a product or service for the first time

Straight Rebuy

A business buying situation in which the buyer routinely reorders something without any modifications

Modified Rebuy

A business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers

Belief

A descriptive though that a person holds about something

Product Concept

A detailed version of the new product idea stated in meaningful consumer terms

Ethnographic Research

A form of observational research that involves sending trained observers to watch and interact with consumers in their "natural environments"

New Product

A good, service, or idea that is perceived by some potential customers as new

Market Segment

A group of customers who respond in a similar way to a given set of marketing efforts

Subculture

A group of people with shared value systems based on common life experiences and situations

To target the best market​ segments, the company first evaluates various factors related to market attractiveness. Of the​ following, which is NOT one of those​ factors?

A. Compatibility with company mission and vision

In which targeting strategy does a firm go after a large share of one or a few smaller​ segments?

A. Concentrated marketing

Which of the following is included in a broad definition of​ marketing?

A. Creating customer​ value, building customer​ relationships, and engaging customers

Which of the following is NOT one of the components of a​ company's microenvironment?

A. Cultural forces

​_________ refers to the set of​ values, perceptions,​ wants, and behaviors learned by a member of society from family and other important institutions.

A. Culture

​________ are at the center of marketing strategy and programs.

A. Customer​ engagement, value, and relationships

Which of the following statements regarding the business market is​ correct?

A. Many sets of business purchases are made for one set of consumer purchases.

Fairly​ recently, Starbucks began expanding into China. At one​ point, Starbucks was opening a new store in China every 15 hours. Which​ product/market expansion strategy does this​ represent?

A. Market development

The​ product/market expansion grid is a tool that allows marketers to identify growth opportunities. Of the​ following, which represent the four components of the​ product/market expansion​ grid?

A. Market​ penetration, market​ development, product​ development, and diversification

The focus of which of the following processes not only sets the stage for planning in the​ firm, but also represents the maintenance and development of the​ organization's goals and capabilities and its changing marketing​ opportunities?

A. Strategic planning

What are the two keys to building lasting customer​ relationships?

A. Superior customer value and satisfaction

What are perceptual positioning maps used​ for?

A. To show consumer perceptions of different brands on important buying dimensions

What advice would you give a firm about how to respond to the changing marketing​ environment?

A. Whenever​ possible, take a proactive approach to the environment.

The differentiation and positioning task consists of three​ steps: identifying​ ________ that create competitive​ advantage, choosing​ ________ on which to build a​ position, and selecting an overall positioning strategy.

A. a set of possible​ differentiations; advantages

The key to learn about and engage with individual customers is to blend the new digital technologies and approaches with traditional marketing to create​ _____________

A. a smoothly integrated marketing strategy and mix

When effective programs can be designed for attracting and serving market​ segments, these segments are​ ________.

A. actionable

Many companies see the marketing environment as uncontrollable. They​ ________ that will help the company avoid the threats and take advantage of the opportunities the environment provides

A. analyze environmental forces and design strategies

The two steps in business portfolio planning are​ ________ and​ ________.

A. analyzing the current business​ portfolio; developing strategies for growth and downsizing

Consumers go through a distinct process in making a purchase. Of the​ following, which is the final step in that​ process?

A. ​Post-purchase behavior

Marketers keep a close eye on demographic trends and developments in their markets. They analyze​ ________.

A. changing age and family​ structures, geographic population​ shifts, educational​ characteristics, and population diversity

In the broadest​ sense, a new product marketer must research​ _____________________ when developing a new product and a marketing program.

A. characteristics influencing the rate of adoption

Understanding​ needs, wants, and demands helps companies to design market offerings and build​ value-laden customer relationships through which they can capture​____________________________.

A. customer lifetime value and greater share of customer

Once market segments have been​ selected, the company then must decide on​ _____________________________.

A. differentiation and positioning strategy

The mission is transformed into detailed supporting goals and​ objectives, which in turn guide decisions about the business portfolio. Then each business and product unit must develop detailed​________ plans in line with the​ company-wide plan.

A. functional

The​ customer-driven company divides the total market into smaller​ segments, selects segments it can best​ serve and decides how it wants to bring value to target consumers in the selected segments. It then designs​ a(n) ________.

A. integrated marketing mix

Business markets differ in many ways from consumer markets. The main differences are in​ ________, __________, and​ __________.

A. market structure and​ demand, the nature of the buying​ unit, and the types of decisions and the decision process

A​ __________________________ consists of the people and procedures dedicated to assessing information​ needs, developing the needed​ information, and helping decision makers use the information to generate and validate actionable customer and market insights.

A. marketing information system

The​ company's ________ consists of actors close to the company that combine to form its value delivery network or that affect its ability to serve customers.

A. microenvironment

The business buyer decision process itself can be quite​ involved, with several basic stages. The process begins with​ ______________ and concludes with​ _______________.

A. problem​ recognition; performance review

Companies need meaningful customer insights so they can​ _____________________________.

A. produce superior value for their customers

The most common mistake firms make is to view​ CRM, marketing​ analytics, and AI as​ _______.

A. technology processes only

What are the five marketing management functions used to manage the marketing​ process?

A. ​Analysis, planning,​ implementation, organization, and control

Differentiation

Actually differentiating the market offering to create superior customer value

Consumer Market

All the individuals and households that buy or acquire goods and services for personal consumption

Buying Center

All the individuals and units that play a role in the purchase decision-making process

Competitive Advantage

An advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices

SWOT Analysis

An overall evaluation of the company's Strengths, Weaknesses, Opportunities, and Threats

Public

Any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives

Positioning

Arranging for a market offering to occupy a clear, distinctive and desirable place relative to competing products in the minds of target consumers

What is the mistaken assumption that​ business-to-business companies often make about digital and social​ media?

B. That digital and social media are useful primarily to consumer products and services companies

Most standard portfolio analysis methods evaluate strategic business units​ (SBUs) on their performance in two important dimensions. What are these two​ dimensions?

B. The attractiveness of the​ SBU's market or industry and the strength of the​ SBU's position in that market or industry

​__________ consists of people and procedures dedicated to assessing information​ needs, developing the needed​ information, and helping decision makers use the information to generate and validate actionable customer and market insights.

B. The marketing information system

​__________________ determines whether the buyer is satisfied or dissatisfied with a purchase.

B. The relationship between the​ consumer's expectations and the​ product's perceived performance

Customer insights come from good marketing​ information, which contributes to creating value and meaningful customer relationships. Companies use these customer insights to develop​________.

B. a competitive advantage

​Today's marketers see information not only as a tool for input for better​ decision-making, but also as​ ___________________________.

B. an important strategic asset and marketing tool

​Generally, the​ consumer's purchase decision will be to buy the most preferred​ brand, but two factors can come between the purchase intention and the purchase decision. These two factors are​________.

B. attitudes of others and unexpected situational factors

The environment that consists of institutions and forces that affect a​ society's values,​ perceptions, preferences, and behaviors is the​ ________________________.

B. cultural environment

Satisfied customers buy again and tell others about their good experiences. What is customer satisfaction based​ on?

B. customer expectations

To analyze individual customer​ data, many companies have now acquired or developed special software and analysis techniques called​ ________.

B. customer relationship management​ (CRM)

The definition of the​ company's mission is the first step in the strategic planning process. The mission is then transformed into​ ________, which in turn guide decisions about​ ________.

B. detailed supporting goals and​ objectives; the business portfolio

Environmental sustainability concerns have grown steadily over the past three decades. Marketers should be aware of three primary trends in the natural​ environment, which include​ ________, ________________, and​ ________________.

B. growing shortages of raw​ materials, increased​ pollution, and increased government intervention in natural resource management

One concern about the expanding use of​ e-procurement for​ B-to-B purchasing is that​ ________.

B. it can erode​ decades-old customer-supplier relationships

One important consideration in using a differentiated targeting strategy is that​ _______.

B. it can increase costs

Companies apply​ ________ to dig out meaningful patterns in big data to gain customer insights and gauge marketing performance.

B. marketing analytics

Outstanding marketing companies go to great lengths to learn about and understand their​ customers' ​________.

B. needs​, wants​, and demands

When making a​ purchase, the buyer goes through a decision process consisting of all of the​ following: ________.

B. need​ recognition, information​ search, evaluation of​ alternatives, purchase​ decision, and​ post-purchase behavio

​Occupation, age, and lifestyle are​ _________ factors that influence consumer buyer behavior.

B. personal

Once a company has decided which segments to​ enter, it must decide on its​ ________ strategy.

B. positioning and differentiation

Software and analytical techniques that​ integrate, analyze, and apply the mountains of individual customer data to gain a​ 360-degree view of customers enable companies to​________________________.

B. practice customer relationship management

Many companies view the marketing environment as an uncontrollable element to which they must​ ________.

B. react and adapt

A company rarely gets 100 percent of a​ customer's purchases for a product category. The share it does get of the​ customer's purchasing in its product categories is called​ ________.

B. share of customer

Once segments have been​ identified, market​ ________ evaluates each​ segment's attractiveness and selects one or more to serve.

B. targeting

A simple model of consumer behavior suggests that marketing stimuli and other major forces enter the​ consumer's "black​ box." This black box has two​ parts: ________ and​ ________.

B. the​ buyer's characteristics and the​ buyer's decision process

The microenvironment consists of those close to the company that combine to form its value delivery network or that affect its ability to serve customers through six key​ ways, which include​________, __________,​ ___________, ________,​ _________, and​ _______.

B. the​ company, suppliers, marketing​ intermediaries, customer​ markets, competitors, and publics

Marketing must also partner effectively with other companies in the marketing. value delivery networkng system to form a competitively superior​ ________.

B. value delivery network

In addition to segmentation and​ targeting, there are two other major steps in designing a customer​ value-driven market​ strategy: ________ seeks to create superior customer value in the mind of the​consumer, and​ ________ seeks to firmly place the market offering in the minds of target customers.

B. ​Differentiation; positioning

There are four major variables that might be used in segmenting consumer markets. Those major variables are​ ________ variables.

B. ​geographic, demographic,​ psychographic, and behavioral

The core marketplace concepts are​ ________.

B. ​needs, wants, and​ demands; market offerings​ (products, services, and​ experiences); value and​ satisfaction; exchange and​ relationships; and markets

Consumer-Generated Marketing

Brand exchanges created by consumers themselves--both invited and uninvited-- by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers

Derived Demand

Business demand that ultimately comes from (derives from) the demand for consumer goods

Cognitive Dissonance

Buyer discomfort caused by post-purchase conflict

Systems (Solutions) Selling

Buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation

Market Development

Company growth by identifying and developing new market segments for current company products

Market Penetration

Company growth by increasing sales of current products to current market segments without changing the product

A SWOT is a part of which marketing management​ function?

C. Analysis

Which of the following is NOT one of the forces in a​ company's macroenvironment that shape opportunities and pose threats to the​ company?

C. Competitive forces

________ is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.

C. Customer relationship management

What is the correct sequence of the steps in the strategic planning​ process?

C. Define the company​ mission, set company objectives and​ goals, design the business​ portfolio, and plan the market and other functional strategies

Which of the following environments demonstrates a changing age​ structure, shifting family​ profiles, geographic population​ shifts, a​ better-educated and more​ white-collar population, and increasing​diversity?

C. The demographic environment

Which marketing management orientation holds that a firm should have a customer focus to achieve sales and​ profits?

C. The marketing concept

What determines whether the buyer is satisfied or dissatisfied with a​ purchase?

C. The relationship between the​ consumer's expectations and the​ product's perceived performance

According to Peter​ Drucker, what is the aim of modern​ marketing?

C. To make selling unnecessary

The marketing information system​ (MIS) first​ ________.

C. assesses information needs

To​ ________ for customers and​ ________, marketers must first gain​ fresh, deep insights into what customers need and want.

C. create​ value; build meaningful relationships with them

The marketing process involves five steps. The first four steps focus on​ ________.

C. creating value for customers

The first four steps of the marketing process focus on creating value for customers. The next step is designing a​ ________.

C. customer​ value-driven marketing strategy

A marketing information system​ (MIS) helps users analyze and use information to​ ________, ______________, and​ _______________.

C. develop customer​ insights, make marketing​ decisions, and manage customer relationships

In recent​ years, today's marketers are also reexamining their​ ________ responsibilities.

C. ethical and societal

Marketers are viewing information not only as an input for making better​ decisions, but also as​ a(n) ______________.

C. important strategic asset and marketing tool

As a direct result of the explosion in digital​ technology, one regulatory area that advocates and public policy makers are acting on is​ ____________.

C. invasion of privacy

Companies must manage the​ ________, which often includes many different buying decisions in various stages of the buying decision process.

C. overall customer relationship

Another strategy for creating value and building strong customer relationships includes​ ________, which means working closely with others inside and outside the company to jointly engage and bring more value to customers.

C. partner relationship management

Rather than simply watching and responding to environmental​ events, firms can be proactive by​ ____________.

C. pressing lawsuits to keep competitors in line

Marketing departments can be organized in a number of ways.​ However, more and more companies are changing organizational focus from​ ________ to​ ________.

C. product or territory​ management; customer relationship management

Segmentation provides a powerful tool for marketers of all kinds. It can help companies identify and better understand key customer​ segments, ________________ to their specific needs.

C. reach them more​ efficiently, and tailor market offerings and messages

Companies can do​ e-procurement in several​ ways, including​ _______, ________,​ ________, and​ __________.

C. reverse​ auctions, trading​ exchanges, company buying​ sites, and extranet links

Marketing tools used in digital and social media marketing include​ _______.

C. social​ media, mobile​ apps, and blogs

Product Development

Company growth by offering modified or new products to current company segments

The first step of the marketing process is to​ ___________________.

C. understand the​ marketplace, which includes customer needs and wants

The full positioning of a brand is called the​ brand's ________, which is the full mix of benefits on which a brand is differentiated and positioned

C. value proposition

Which of the following correctly identifies the three research approaches for gathering primary​ data?

C. ​observation, surveys, and experiments

Other companies do not see the marketing environment as uncontrollable. They take a​ ________ stance toward the marketing environment and develop strategies to​ ________ the environment.

C. ​proactive; change

Partners in a value chain would typically​ include:

C. ​suppliers, distributors, and customers

Product Value Analysis

Carefully analyzing a product's or service's components to determine if they can be redesigned and made more effectively and efficiently to provide a greater value

Learning

Changes in an individual's behavior arising from experience

Online Marketing Research

Collecting primary data online through internet surveys, online focus groups, web-based experiments or tracking consumers' online behavior

Diversification

Company growth through starting up or acquiring new businesses outside the company's current products and markets

Age, race,​ gender, and other statistics are part of a​ company's _____ environment.

E. demographic

Environmental Sustainability

Developing strategies and practices that create a world economy that the planet can support indefinitely

Age and Life Cycle Segmentation

Dividing a market into different age and life-cycle groups

Geographic Segmentation

Dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods

Income Segmentation

Dividing a market into different income segments

Gender Segmentation

Dividing a market into different segments based on gender

Psychographic Segmentation

Dividing a market into different segments based on social class, lifestyle, or personality characteristics

Occassion Segmentation

Dividing a market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item

Behavioral Segmentation

Dividing a market into segments based on consumer knowledge, attitudes, uses of a product or responses to a product

Market Segmentation

Dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that will require separate marketing strategies or mixes

Benefit Segmentation

Dividing the market into segments according to the different benefits that consumers seek from the product

Demographic Segmentation

Dividing the market into segments based on variables such as age, life-cycle stage, genre, income, occupation, education, religion, ethnicity, and generation

Market segmentation is the act of dividing a market into distinct groups of buyers who have​ ________ and who might require separate marketing strategies or mixes.

E. different​ needs, characteristics, or behaviors

Which one of the following statements about marketing research in small businesses and nonprofit organizations is​ correct?

E. Although the research methods of small businesses and nonprofits are less complex and​ costly, they still must be conducted carefully.

What is the correct sequence of the four steps of the marketing research​ process?

E. Define the problem and research​ objectives, develop the research​ plan, implement the research​ plan, interpret and report the findings

What is market​ segmentation?

E. Dividing a market into distinct groups of buyers who have different​ needs, characteristics, or behaviors and who might require separate marketing strategies or mixes

Which of the following correctly defines the consumer​ market?

E. Individuals and households that buy goods and services for personal consumption

One useful device for identifying growth opportunities is the​ product/market expansion​ grid, which includes which of the following​ strategies?

E. Market​ penetration, market​ development, product​ development, and diversification

What are the five characteristics that are especially important in influencing an​ innovation's rate of​ adoption?

E. Relative​ advantage, complexity,​ compatibility, divisibility, and communicability

Which of the following is NOT true regarding international marketing​ research?

E. The cost of international research is lower.

Which of the following consists of factors affecting buying power and​ patterns?

E. The economic environment

The marketing process consists of five key steps. Which of the following is the first​ step?

E. Understand the marketplace and customer needs and wants

The​ ________ market comprises all organizations that buy goods and services for use in the production of other products and services or for the purpose of reselling or renting them to others at a profit.

E. business

The ultimate aim of customer relationship management is to produce high​ _____.

E. customer equity

The marketing concept holds that successful marketing strategies are based on​ _______.

E. customer satisfaction and value

The step in the strategic planning process that should be​ market-oriented, realistic,​ specific, motivating, and consistent with the market environment is ​________.

E. defining the​ company's mission

Companies need to consider many factors when choosing a​ market-targeting strategy.​ However, which targeting strategy is best depends on company​ resources, product​ variability, product​ life-cycle stage, as well as​ ________________________.

E. market variability and competitive marketing strategies

Marketing plays a key role in the​ company's strategic planning by providing a​ ________ concept philosophy and inputs regarding attractive market opportunities.

E. marketing

There are too many different kinds of consumers with too many different kinds of needs.​ So, companies must design strategies for profitably serving chosen segments. The design of the strategies begins with four key​ elements, which are​ ________, _______,​ ________, and​ ___________.

E. market​ segmentation, market​ targeting, differentiation, and positioning

Changes in the​ _____________________ have focused greater emphasis on ethics and socially responsible actions.

E. political and social environment

Firms that develop strategies to change the​ environment, instead of assuming that strategic options are bounded by the current​ environment, are being​ _______.

E. proactive

Larger​ ________ that affect the entire microenvironment combine to form the macroenvironment.

E. societal forces

Marketing provides a guiding philosophy for a​ company's strategic planning. This​ philosophy, known as​ __________, focuses on creating customer value and building profitable relationships with important consumer groups.

E. the marketing concept

Marketing information has no value until it is used​ ________.

E. to make better marketing decisions

The​ ________________________ is a​ brand's full positioning or the full mix of benefits on which the brand is positioned.

E. value proposition

The Council of American Survey Research Organizations​ (CASRO) Code of Standards and Ethics for Survey Research outlines researcher responsibilities to survey respondents. Choose the most comprehensive set of responsibilities from the following.

E. ​Confidentiality, privacy, and avoidance of harassment

​________ companies research customers deeply to learn about their​ desires, gather new product​ ideas, and test product improvements.

E. ​Customer-driven

What are the variables in a​ company's marketing​ mix?

E. ​Product, price,​ place, and promotion

The marketing process consists of five distinct​ steps, with four of them focused on creating value for customers. One strategy for creating value for customers is​ ________, which fosters direct and continuous customer involvement in shaping brand​ conversations, brand​ experiences, and brand community.

E. ​customer-engagement marketing

Technology advances have made​ B-to-B online purchasing possible. This is called​ ________.

E. ​e-procurement

Economic Environment

Economic factors that affect consumer purchasing power and spending patterns

Internal Databases

Electronic collections of consumer and market information obtained from data sources within the company network

Market Targeting

Evaluating each market segment's attractiveness and selecting on or more segments to enter

Technological Environment

External factors in technology that impact business operations, changes in technology affect how a company will do business. A business may have to dramatically change their operating strategy as a result of changes in the technological environment.

Marketing Intermediaries

Firms that help the company to promote, sell, and distribute its goods to final buyers

Intermarket (Cross-Market) Segmentation

Forming segments of consumers who have similar needs and buying behaviors even though they are located in different countries

Customer Insights

Fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships

Online Focus Groups

Gathering a small group of people online with a trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behavior

Survey Research

Gathering primary data by asking people questions about their knowledge, attitudes, preferences and buying behavior. Best suited for descriptive research.

Observational Research

Gathering primary data by observing relevant people, actions and situations. Best suited for exploratory research.

Experimental Research

Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors and checking for differences in group responses. Best suited for causal information.

Major variables used to segment consumer markets include which of the​ following?

Geographic, demographic,​ psychographic, and behavioral

Demands

Human wants that are backed by buying power

Cross-Cultural Marketing

Including ethnic themes and cross-cultural perspectives within a brand's mainstream marketing, appealing to consumer similarities across subcultures rather than differences

Primary Data

Information collected for the specific purpose at hand

Political Environment

Laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society

Customer-Engaged Marketing

Making the brand a meaningful part of consumers' conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community

Customer Relationship Management

Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty

Descriptive Research

Marketing research to better describe marketing problems, situations, or markets such as the market potential for a product or the demographics and attitudes of consumers

Exploratory Research

Marketing research to gather preliminary information that will help define problems and suggest hypotheses

Causal Research

Marketing research to test hypotheses about cause-and-effect relationships

Marketing Control

Measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved


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