Marketing

Which of the following customer questions is answered by a company's value proposition?

"Why should I buy your brand rather than a competitor's?"

Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through

value creation and exchange

The network made up of the company, its suppliers, its distributors and ultimately, its customers who partner with each other to improve the performance of the entire system is known as the

value delivery network

Which of the following refers to a set of benefits that a company promises to deliver to customers to satisfy their needs?

value proposition

Companies can research many aspects of buying decisions. However, the one that is the most difficult to identify is

why they buy

Which of the following companies has a market-oriented business definition?

A cosmetic company, whose business definition is: "We sell hope and self-esteem."

Which of the following companies has a product-oriented business definition?

A shoe manufacturer, whose business definition is: "We manufacture affordable and long-lasting shoes for all."

By 2060, _______________ will be an estimated 14% of the U.S. population

African Americans

Cost are involved on obtaining, _____________, storing and delivering information.

Analyzing

_______________ consumers are the most brand conscious of all the ethic groups, are extremely brand loyal and shop frequently.

Asian American

A persons buying choices are influenced by four major psychological factors. Which of the following is NOT one of these factors?

Association

Calypso Motors recently rolled out its Proteus hatchback. Proteus combines the attractiveness of a luxury car with excellent agility of a sports car. Calypso is confident that Proteus will appeal to both sports car enthusiasts as well as the luxury segment. Which of the following types of market segmentation is evident here?

Benefit segmentation

The best business portfolio is the one that

Best fits the company's strengths and weaknesses to opportunities in the environment

Many marketers use the self concept premise that people's possessions contribute to and reflect their identities - that is, "we are what we consume" According to the premise, consumers

Buy products to support their self image

A company's marketing decision may be questioned by consumer organizations, environmental groups, minority groups and others. These organizations and groups are also known as ________

Citizen-action publics

Which of the following is one of the other stimuli presents in a buyer's environment apart from marketing stimuli?

Cultural stimuli

______________ is the most basic determinant of a person's wants and behavior.

Culture

The marketing world is mostly likely embracing ___________ because consumers, wield greater power now with many platforms for airing and sharing their brand views with other consumers.

Customer-managed relationships

Style simply describes the __________ of a product

appearance

Dawn Smith a hospital nurse notices that the gurneys used in the hospital are not durable enough. She informed the hospital authorities about Grace Care Inc., a new company selling lightweight and durable gurneys. In this instance, Dawn played the role of a(n)

Influencer

Jack Pearson has the informal power to approve the final suppliers in his organization. In other words, Jack plays the role of a(n) ________ his organization's buying center.

Decider

When backed by buying power, wants become

Demands

Green Bees, a popular American heavy-metal band, will perform in Berlin during Christmas. There is a high demand for concert tickets among fans worldwide who are looking forward to the much-awaited performance. In this instance, the high demand for tickets for the Green Bees concert is representative of ________ demand.

Derived

A(n) ____________ consist 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.

Marketing information system

Mi Amor, a successful brand of women's clothing, recently introduced a line of iTunes equipment. This is an example of

Diversification

Market segmentation can be best described as the process of

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs

_________________ is the act of obtaining a desired object from someone by offering something in return

Exchange

Word of mouth influence comes to consumers from family, colleagues and

Friends

In the 1950s, Americans made a massive exit __________

From the cities to the suburbs

Which of the following exemplifies a service ?

Hair salon

Which consumer group tends to show more brand loyalty and makes shopping a family event, with children having a big say in the purchase decision?

Hispanic Americans

Which of the following questions is most important for product designers to consider while developing a product?

How would customers use and benefit from the product?

The real value of marketing information lies in how it is used __________

In customer insights that it provides

The Pure Company produces insulin, a product with a very stable demand. Even though the price changed several times in the past two years, the demand for Pure Drug's insulin remained relatively unaffected. In this instance, the demand for insulin is representative of _________ demand.

Inelastic

Which of the following is an advantage of using an internal database?

Internal databases can be accessed more quickly and cheaply than other information sources.

Which of the following is NOT a method of gathering good marketing intelligence?

Interviewing competitors' employees to learn as much "inside information" as possible

Opinion leaders are also referred to as

Leading adopters

According to Management guru Peter Drucker, "The aim of marketing is to _____________."

Make selling unnecessary

The mangers of Alfredo's Pizza, have increasingly encouraging senior citizens to visit the pizzerias numerous outlets spread across the city. Anticipating a rise in the population of senior citizens in the area, the management team is seeking to tap into this promising segment that consist of retired, affluent consumers. In this instance, the managers of the pizzeria are anticipating company growth through

Market development

Which of the following term is used to describe the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers?

Marketing environment

Dan has been directed to study the forces close to a company that affects its ability to serve its customers such as the company, suppliers, marketing intermediaries, customer markets, competitors and public's. In the instance, Dan has been directed to study the ____________ of the company.

Microenvironment

Which of the following generational groups is most comfortable with digital technology and embraces that technology?

Millennials

A ______________ documents an organization's purpose - what it wants to accomplish in the larger environment.

Mission statement

Marketing stimuli consist of the four Ps. Which of the following is NOT one of these?

Packaging

Consumer purchases are influenced strongly by characteristics that marketers cannot control but must take into account, including cultural, social, psychological and _____________ characteristics.

Personal

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

Positioning

Railroads were once operated based on the thinking that users wanted trains that would offer the most quality, performance and innovative features. The railroad managing companies overlooked the fact that there could be other modes transportation. This reflects the ___________ concept.

Product

Sunny is a coffeehouse chain based in Boston. It recently introduced Eva, a mild roast which became immensely popular. This exemplifies

Product development

Companies can succeed against their competitors by all of the following EXCEPT

Providing the same product as the competition

An American cola-manufacturing company that primarily targets rebellious and adventurous people most likely uses _______ segmentation

Psychographic

Subcultures include nationalities, religion, geographic regions and

Racial groups

Rachael works for a furniture company in Ireland. She is responsible for buying and selling goods at a profit to small retailers. Rachael most likely operates in a ___________ market.

Reseller

Which is NOT part of the company environment that influences marketing decisions?

Retailers

Shoes Inc., a manufacturer of shoes, has recently launched a brand of sturdy shoes ideal for hiking and other outdoor activities. Which of the following brand personalities could be best associated with the new brand?

Ruggedness

Information collected from internet search engines is an example of ____________ data.

Secondary

Business information services such as Experian Marketing Services and Nielsen help marketers to

Segment people and locations into marketable groups of like-minded consumers

A recent study conducted by Estelle Cosmetics company showed that heavy users of Estelles products comprise a small percentage of the market. The study indicates that less than 7% of all shoppers buy nearly 71% of Estelle's products in the US. This is an example of

Segmentation by usage data

HEX Inc. is a manufacturer of metal bolts that are used by REX Inc. to manufacture heavy machineries. In this instance, HEX acts as a ____________

Supplier

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

Systems selling

JJ Jackets is a small yet successful retail chain that sells women's clothing and accessories with a focus on buyers who have relatively modest means. For this specific purpose, the firm has rolled out several marketing initiatives aimed at women of specific demographic. This is an example of

Target marketing

The single most important demographic trend in the United States is the

The changing age structure of the population

Which of the following is a trend that depicts the increasingly non traditional nature of todays American families ?

The low percentage of married couples with children

Which of the following marketing orientations holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?

The marketing concept

The research plan should be presented in a written proposal. The proposal should include all of the following EXCEPT

The predicted results

Which of the following is true with regards to cash cows?

They can be used to help finance the company's question marks and stars.

__________ is an approach in which all the company's people are involved in constantly improving the quality of products, services and business processes.

Total quality management

According to the five-step model of the marketing process, a company should _____________ before designing a customer-driven marketing strategy.

Understand the marketplace and customer needs and wants

Phoi Nguyen, a manufacturing mechanic determines that the molds for manufacturing plastic jar lids are wearing out sooner than expected. Phoi contacts her manger to request that the parts be recorded. In this instance, Phoi played the role of a(n)

User

Product mix _________ refers to the number of different product lines the company carries.

Width

A good marketing information system balances the information users ___________ to have against what they ____________ and what is ____________ to offer.

Would like; need; feasible

Business markets are similar to consumer markets in that

both involve people who assume buying roles and make purchase decisions to satisfy needs

Which of the following terms refers to specific mix of human traits that may be attributed to a particular brand?

brand personality

Marketing mix planning begins with

building an offering that brings value to target customers

The collection of businesses and products that make up a company is called its

business portfolio

Individuals and households that buy or acquire goods and services for personal consumption make up the

consumer market

The advertising slogan "We bring good things to life," used by General Electric to market itself, is an example of ____________ marketing

corporate image

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

customer expectations

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

defining the problem and objectives of the study

Consumers who show their allegiance to brands, stores or companies help marketers to segment consumers by their

degree of loyalty

Delta Motorworks markets its cars based on age, gender and income of its customers. Which of the following types of market segmentation is evident here?

demographic segmentation

Which of the following is NOT a step in strategic planning process?

evaluating members of the company's value chain

In ___________ research, the objective is to gather preliminary information that will help define the problem and suggest hypotheses.

exploratory

The business marketer normally deals with ___________ than consumer marketer does.

far fewer but far larger buyers

Firms use competitive marketing intelligence to

gain early warnings of competitor moves and strategies

Which of the following situations is expected to enhance the use of targeted advertising messages by marketers?

increase in ethnic populations

Primary data consist of

information collected for the specific purpose at hand

In a SWOT analysis, which of the following would be considered a strength?

internal capabilities

Modern strategic planning

is decentralized

Sam has been directed to study the demographic, economic, political and cultural forces that affect an organization. In this instance, Sam has been directed to study the ______________ of the organization.

macroenvironment

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

market

According to the Boston Consulting Group approach, ______________ provides a measure of market attractiveness.

market growth rate

Consumer research, product development, communication, distribution, pricing and service are all core _________ activities.

marketing

The set of marketing tools a firm uses to implement its marketing strategy is called the

marketing mix

With the recent explosion of information technologies,

most marketing managers are overloaded with data and often overwhelmed by it

A value marketer is most likely to

offer consumers a balanced combination of product quality at a fair price

Consumer products refer to

products and services bought by final consumers for personal consumption

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

relevant secondary data can be difficult to locate

The owners of a manufacturing firm in Ohio have developed a core network of suppliers to ensure an uninterrupted supply of products. This is an example of

supplier development

Which of the following is an environmental factor that influences business buyers?

supply of key materials

The objective of causal research is to

test hypotheses about cause-and-effect relationships