Marketing 101

Steps for marketing research

1) define problem and research objective 2) develop the research plan for collecting info 3) implement research plan- collecting and analyzing data 4) interpreting and report findings

Cause-related marketing techniques are typically unprofitable for businesses , which is why it is a rarely used form of corporate giving? True or false

False

The demand curve shows the number of units the market will buy in a given time period at similar prices. True or false

False

convenience stores are the most frequently visited type of retail store. True or false

False

intensive distribution occurs when only one intermediary is used by a producer to sell all its products. True or false

False

Historically, conventional distribution channels have provided channel leadership and have had the power to assign roles and manage conflicts. True or false

False because they don't have the power to assign roles unless it was a vertical marketing system

Everyday low pricing is a cost-based pricing strategy

False- low pricing isn't cost based

Which of the following is most likely organized as a business market?

Firms that buy goods and services for further processing

Which of the following statements is most likely true about product life cycle?

Growth is a period of rapid market acceptance and increasing profits.

Charging higher prices on an everyday basis, coupled with frequent sales and other price promotions to increase store traffic, create a low price image or attract customers who will buy other goods at full prices is referred to as ____ pricing

High- low ( everything is on sale type promotion)

Marketing

Is engaging customers and managing profitable customer relationships to capture value and exchange value in return.

Which of the following is a characteristic of an inside sales force?

It conducts business from an office via telephone.

Which of the following is true of strategic planning in a firm?

It deals with adapting the firm to take advantage of changing marketing opportunities.

_____ is a method of entering a foreign market by associating with foreign companies to product or market products or services

Joint venturing

Which of the following criteria provides. A measure of market attractiveness in the Boston consulting approach?

Market growth rate

Consumer needs and wants are fulfilled through ________?

Market offerings

business portfolio analysis is defined as the process in which management ___________

assesses the attractiveness of an SBU's market and the strength of its position in the market

The initial function of a marketing information system is ________.

assessing the information needs of a company

A company should avoid high-pressure selling if it wants to ______

build long-term relationships with valued customers

Is the process of dividing a market into distinct group of buyers who have different needs characteristics or behavior

Market segmentation

________ are the form human needs take as they are shaped by culture and individual personality.

Necessities

__________ are defined as states of felt deprivation

Needs

Which of the following types of promotion tools requires a considerable degree of personal interaction with a customer?

Personal selling

According to critics, large marketing companies use patents and heavy promotions spending to ___

Prevent industry competition

Feeds a national supermarket chain, sells its own brand of items across all categories, such items are considered ____ brands

Private

Four P's

Product, Price, Place, Promotion

In a promotion mix ___ performs the functions of building a good rapport with entities outside the company, building up a good corporate image, and handling unfavorable rumors and events

Public Relations also known as PR

A country may place a limit on the volume of imported citrus fruit that is allowed. This is an example of a(n) ________.

Quota

______ are distribution channels firms that help a company find customers or make sales to them

Resellers

What is most likely the first major marketing decision that a retailer must take?

Segmentation

The ____ concept specifically focuses on future company needs but not the future welfare of customers

Strategic planning

____ marketing calls for socially and environmentally responsible actions that meet the present needs of consumers and businesses while also preserving or enchanting the ability of future generations to meet their needs.

Sustainable

A tax on an imported product designed to raise revenue or protect domestic firms is referred to as an _______

Tariff

Is a stage where a product and it's proposed marketing program are introduced into realistic market settings

Test marketing

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 is a tradition right of buyers?

The right not to buy a product that is offered for sale

Unlike the other marketing mix elements, price plays a minor role in creating customer value and building customer relationships. ( true or false)

There is nothing minor about price - false

The responsibility of setting a company's mission, objectives, broad strategies and polices primarily lies with its ______

Top management

A market is a segment of potential consumers who share a common need or want. True or false

True

An effective MIS assesses information needs, develops needed information and distributes the information to help managers with decision making

True

An organizations mission statement should emphasize its intentions toward customers and the customer experience the organization seeks to create. True or false

True

Companies selling perishable products generally prefer direct marketing which minimizes delays. True or false

True

Marketing is primarily concerned with engaging customers and secondarily with managing profitable customer relationships. True or false

True

What is competitive market intelligence?

Collection, analysis of publicly available information about consumers, competitors and developments in the market place.

Companies that organize their sales force by customer and territory; product and territory; product and customer ; or territory, product and customer are using a ____ sales-force structure.

Complex

What are environmental forces that affect a company's ability to serve its customers?

Consists if the actirs and forces outside marketinf that affect marketing managembt ability to build and maintain successful realtionships with customers. Which include micro enviroment and macro- enviroment.

________ markets consist of individuals and households that buy goods and services for personal use.

Consumer

Define product and list major classifications of products and services

Consumer product > business product > convince product > shopping product > speciality product > unsought product

4 characteristics of effecting consumer behavior

Cultural , social, personal , psychological factors

According to the text _____ are the most important actors in a company's micro-environment

Customers

Salespeople represent customers to a company and represent a company to customers? True or false

True

New Product Development Process

idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, commercialization

demographic, economic, natural, technological, political, cultural forces form the _______ of an organization

macroenvironment

In which of the following structures does a company organize its sales force along customer or industry lines?

market sales-force structure

major steps in designing a customer-driven marketing strategy

market segmentation, targeting, differentiation, and positioning

__________ is the art and science of choosing target markets and building profitable relationships with them.

marketing management

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

marketing research

is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization

marketing research

Define strategic planning

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

Companies are adapting their promotional efforts to reflect the changing dynamics of American families ? True or false

true

According to the five-step model of the marketing process, the first step in marketing is ?

understanding the marketplace and customer needs and wants

Big data presents marketers with big opportunities? True or false

False

Which of the following is most likely true of a global firm?

A global firm manufactures and markets goods wherever it can do the best job.

product

A product is anything that be offered to a market for attention, acquisition and use of consumption that will satisfy the need or want. Two classifications of products include consumer and industrial

Which of the following is true of marketing strategies that are being developed in the new marketing communications model?

A) They are more targeted, social, and engaging.

Which of the following is most likely a difference between advertising and sales promotion?

Advertising can be used to build up a long-term image for a product while sales promotion effects can be short lived.

One person demographic variables are the most popular bases for segmenting customer groups is because they ______?

Are easier to measure than other variables

A child in the United States is exposed to many values including achievement and success, freedom, individualism, hard work, and material comfort. These are symbolic of American ________.

culture

The simplest way to enter a foreign market is through ________.

exporting