Marketing 1-4
Fine Corp., a consumer electronics manufacturer, targets a market with many low-margin customers. Which of the following types of associations would be most profitable for the firm to develop with these customers?
basic relationships
Sally purchased a newly introduced moisturizing lotion. By attempting to find out if the lotion's perceived performance matched her expectations, Sally was measuring her level of customer ________. A) loyalty B) satisfaction C) equity D) engagement E) lifetime value
B) satisfaction
Which of the following is most likely a characteristic of firms that adopt a reactive approach toward the marketing environment?
They take advantage of the opportunities provided by the environment.
Which of the following is most likely a characteristic of Generation Xers?
They were the first group to grow up in the Internet era.
Which of the following is a demographic trend observed in the United States?
More people are working remotely.
Greyzone, a company that creates customized household furniture, is based in Terrania and is looking to enter other countries as well. The company identifies the country of Nyevka as a good option because the entry barriers for new companies are low in Nyevka. Which statement indicates that Greyzone follows a diversification strategy?
Noting that Nyevka lacks well-established suppliers of office equipment, Greyzone begins to manufacture and supply office equipment.
________ refers to working closely with people inside and outside the company to jointly bring more value to customers.
Partner relationship management
________ involves looking at whether a company's basic business models are well matched to its opportunities.
: Strategic control
The selling concept holds that ________. A) consumers will not buy enough of a firm's products unless the firm undertakes large-scale persuasion and promotion efforts B) a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests C) consumers will only favor products that are available and highly affordable D) achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do E) consumers will favor products that offer the most in quality, performance, and innovative features
A) consumers will not buy enough of a firm's products unless the firm undertakes large-scale persuasion and promotion efforts
Vertigo is an electronics company. According to the BCG matrix, which of the following products of Vertigo would most likely classify as a question mark?
Blue-a cell phone that is designed for music lovers and has a very low market share in a market that is growing steadily
________ is the total combined customer lifetime values of all the company's current and potential customers. A) Share of customer B) Value proposition C) Customer equity D) Market share E) Customer-perceived value
C) Customer equity
_______ marketing is defined as socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs. A) Customer-driven B) Mass C) Sustainable D) Customer-driving E) Ambush
C) Sustainable
Which of the following is true of mobile marketing
Marketers use mobile channels to stimulate immediate buying.
Kobe Healthcare's analgesic drug Dilophin has a 45% share in the analgesics market in the country of Bodonia. Its closest competitor, Caritin, has a 25% share in the market, while three other drugs split the remainder. Which statement indicates that Dilophin is a star according to the BCG matrix?
The Bodonian market for healthcare products is expanding rapidly.
Which of the following is a difference between the marketing concept and the selling concept?
The marketing concept focuses on customer needs, whereas the selling concept focuses on existing products.
Which of the following is most likely true about companies that take a proactive stance toward the marketing environment?
They develop strategies to change the marketing environment
Which of the following companies is using a divesting strategy?
When sales of its clothing division decline, Blackstone sells the division to a competitor.
The final step in the marketing process is ________.
capturing value from customers
When backed by buying power, wants become ________.
demands
Which of the following is most likely categorized as a business market?
firms that buy goods and services for further processing
One of the demographic trends seen in the United States over the last few decades is the decrease in the proportion of ________.
manufactering workers
A marketing intermediary would most likely help a firm by ________.
moving the firm's goods from production points to distribution centers
To which of the following elements of the marketing mix do design, packaging, services, and features belong?
product
When viewing the market from a buyer's point of view, "communication" corresponds to the ________ component of the marketing mix.
promotion
Traxx is a newly emerging shoe manufacturing company. After extensive market research, Traxx divides its market into professional athletes, "hobbyists" or amateur players, and people who wear shoes as part of their casual attire. Each category has its own needs, traits, and marketing goals. In this scenario, Traxx has engaged in market ________.
segmentation
________ refers to the portion of the customer's purchase that a company gets in its product categories.
share of customer
Some fast food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to the soaring obesity rates and environmental problems. In this case, these fast-food restaurants have overlooked the ________ concept.
societal marketing
Which of the following statements is true in the context of the BCG growth-share matrix?
stars often need heavy investment to finance their rapid growth in a market
________ provide the resources needed by a company to produce its goods and services.
suppliers
the quality of customer insights it provides
survey research
Selecting particular segments of a population of customers to serve is called ________.
target marketing
Causal research is used to ________.
test hypotheses about cause-and-effect relationships
Which of the following best describes a company's business portfolio?
the collection of businesses and products that make up the company
Which of the following concepts is based on a customer-centered philosophy?
the marketing concept
Cosmetics firm SatinSilk is revamping its mission statement and advertising strategy. The CEO stresses that the new mission statement should be market-oriented rather than product-oriented. Which of the following mission statements will best suit the company?
to give customers the complexion they dream about by providing products suited to their needs
A customer who is both loyal and profitable is referred to as a ________.
true believer
Which of the following is an example of a media public?
tv station
A brand's ________ is the set of benefits that it promises to deliver to consumers to satisfy their needs.
value proposition
________ are the form human needs take as they are shaped by culture and individual personality.
wants
In which of the following circumstances is an organization likely to engage in full partnerships with key consumers?
when the market has few customers and high margins
Dividing a market into several sections of customers is known as ________. A) mass customization B) market positioning C) market segmentation D) value engineering E) undifferentiated marketing
C) market segmentation
Which of the following best describes a marketing department with a functional organization?
Different marketing activities are headed by specialists such as sales managers, advertising managers, marketing research managers, and customer service managers.
Erica Jenson has a limited budget to conduct a market research. Which of the following research approaches would provide Erica with the most cost-effective way to reach a large number of respondents in a short period?
Internet-based surveys
Which of the following is true of survey research?
It is the most widely used method for gathering primary data.
_______ refers to a channel stretching from raw materials to components to final products that are carried to final buyers.
a supply chain
Customer-driven marketing is most effective when _______
clear needs exist and customers know what their needs are
The Niketown running community organizes bimonthly athletic training programs for Nike buyers. This is an example of a ________.
club marketing program
Ellis, a marketing manager at a regional chain restaurant, has decided to create a contest asking the public to create commercials for the restaurant. Winning entries will be posted on the organization's home page. Ellis' plan is an example of ________.
consumer-generated marketing
The societal marketing concept holds that ________. A) consumers will not buy enough of a firm's products unless the firm undertakes a large-scale selling and promotion effort B) a company's marketing decisions should focus on creating economic value in a way that also creates value for the surrounding environment C) the society will only favor products that are available and highly affordable D) achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do E) consumers will favor products that offer the most in quality, performance, and innovative features
B) a company's marketing decisions should focus on creating economic value in a way that also creates value for the surrounding environment
Which of the following is a disadvantage of online focus groups?
Determining the identity of people who constitute an online sample is difficult.
Which of the following best describes product positioning?
arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
The initial function of a marketing information system is ________.
assessing the information needs of a company
Greater consumer control means that companies must rely more on marketing by ________.
attraction
At Ken's boutique, the policy statement posted in the reception states: "Without our customers, we don't exist." Ken and his staff aim to delight each customer and they are quick to offer discounts or extra services whenever a customer is anything less than satisfied. Instead of focusing on individual transactions, Ken and his staff are putting a priority on ________.
capturing customer lifetime value
the production concept holds that ________.
consumers will favor products that are available and highly affordable
Raymond purchased a Honda Civic six months ago because he perceived Honda's superiority over the competition. Raymond has been more than satisfied with his purchase and now has an emotional relationship with the Honda brand. Raymond's relationship with Honda is best referred to as ________.
customer delight
When customers don't know what they want or don't even know what's possible, the most effective strategy is ________ marketing.
customer driving
Which of the following terms refers to a customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers?
customer perceived value
Cylog, a leading provider of personal computer systems, began manufacturing tablet devices after predicting a future consumer need for portability. Which of the following was most likely implemented by Cylog?
customer-driving marketing
Futuristic Designs Inc., a furniture retail chain, understands and anticipates customer needs even better than customers themselves do and creates products and services to meet their existing and future needs. Which of the following has Futuristic Designs followed in this case?
customer-driving marketing
in CRM, ________ is the technique that helps researchers sift through mounds of detailed customer information and dig out interesting findings about customers.
data mining
In the BCG matrix, ________ are low-share businesses and products in low-growth markets.
dogs
______ is the act of obtaining a desired object from someone by offering something in return.
exchange
Kathy Jenkins is planning to conduct research on consumers' personal care routines. Since the questions are likely to be personal and sensitive, Kathy wants to select a contact method that will encourage respondents to answer honestly. Which of the following contact methods is most likely to serve Kathy's purpose?
mail questionnaires
Acme Inc., a manufacturer of construction and mining equipment, is based in Australia. Acme modifies the production processes of its widgets and gadgets to sell its current products in Eastern Europe. This is most likely an example of a ________ strategy.
market development
_______ refers to the process of evaluating each market segment's attractiveness and selecting one or more segments to enter
market targeting
The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
marketing
Evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are attained is called ________.
marketing control
EcoBean, a chain of cafes, has introduced a Special Shopper Card that allows customers to pay in advance for coffee and snacks. This effort by EcoBean management is most likely an example of ________.
marketing penetration
Which of the following is the most financially strapped generation in the post-recession era?
millennials
The state department of health has allotted a significant amount of money for an advertising campaign that emphasizes the ill effects of smoking and spans radio, print, television, and online media. This is an example of ________ marketing.
social
GT Grand, a manufacturer of ultra-luxury cars, supplies customized vehicles based on the specific demands of customers in affluent market segments. The company's approach is most likely referred to as ________.
target marketing
Customers who are classified as true believers ________.
tell others about their good experiences with a company
Which of the following concepts holds that consumers will favor products that are available and highly affordable?
the production concept
Which of the following demonstrates the real value of a company's marketing research and information system?
the quality of customer insights it provides
Which of the following best describes the value chain of a company?
the series of departments that design, produce, market, deliver, and support the company's products
Which of the following concepts calls for sustainable marketing?
the societal marketing concept
According to the five-step model of the marketing process, the first step in marketing is ________.
understanding the marketplace and customer needs and wants
Which of the following is most likely the cheapest and quickest means to collect data for marketing research?
utilizing internal databases to gather sales data
A ________ is made up of a company, its suppliers, its distributors, and its customers who partner with each other to improve the performance of the entire system.
value delivery network
