Marketing Concepts - Exam 1

The most important demographic trend is the changing _____ structure.

Age

It is acceptable to have products in which of the following BCG categories?

All of the above

A favorable or unfavorable evaluation, feeling, and tendency to behave towards something is an _____.

Attitude

______ _____ were born b/w 1946 and 1964.

Baby Boomers

Marketing stimuli enter the buyers ____ _____.

Black Box

What do we call the collection of businesses and products that make up the company?

Business Portfolio

Which SBU produces a lot of cash that the company may use to support other SBUs that need investment?

Cash Cows

This 1914 law supplemented the Sherman Act.

Clayton

Nagging doubts one might get after making a purchase decision whether a choice was the best one is called _____ dissonance.

Cognitive

Firms in the same industry must ... to earn customers business.

Compete

One basic purpose of regulations are to protect _____.

Consumers

The pharmaceuticals division of Omni Healthcare holds low market share in a high growth market. Managers may decide to _____.

Continually add new products Use money from a cash cow to develop market shares

Marketers must adapt to environmental changes since they cannot ____ them.

Control

A society's basic values, perceptions, preferences, and behaviors make up it's _____.

Culture

The broadest social influence on consumer behavior is ______.

Culture

Michael's Motors has decided to pursue a market development strategy whereby it will offer ____ products to _____ markets.

Current New

Marketers want to create superior...

Customer Value

The firm's ... delivers to value proposition.

Customer Value

Visual depictions of measured metrics are called _____.

Dashboards

Probably the most important role in the family decision process is the ____.

Decider

Marketers should strive to exceed expectations, leading to consumer ...

Delight

Sometimes a marketer may have to ... offering to reduce demand.

Demarket

______ are descriptions of populations.

Demographics

Which of the following is NOT part of the business portfolio analysis?

Determining appropriate target markets

Money left over from earnings minus taxes and cost of necessities is _____ income.

Discretionary

______ income is the money left after paying taxes.

Disposable

The US population reflects increasing ____.

Diversity

The ____ environment affects purchasing power.

Economic

Final purchase choice comes from the _____ set.

Evoked

Marketing is a ... process

Exchange

Wants + Buying Power=

Exchange

The most powerful regulatory agency, created in 1914, is the _____.

FTC

T/F : In traditional auctions, prices tend to fall whereas prices tend to rise in revers auctions.

False

T/F: A buying center is a fixed/formal unit.

False

T/F: Business buying processes are less formal in nature as compared to consumer buying processes.

False

T/F: Buying in business markets is more emotion based than buying in consumer markets

False

T/F: Gatekeepers are those who have the informal or formal power to select suppliers and arrange terms of sale.

False

The social group that most directly influences consumer behavior is the ____.

Family

_______ followed the Baby Boomers

Gen X

_______ is scrunched b/w Gen X and Millennials

Gen Y

Marketing plays a key role in a company's strategic planning. Which of the following does marketing provide?

Guiding philosophies Inputs Strategies Objectives

The fastest growing ethnic group in the US population are _____.

Hispanics

The two key components of a marketing strategy are to:

Identify a target market Develop a marketing mix

The BCG market growth rate provides a measure of ____

Industry Attractiveness

A change in behavior due to experience is a common definition of _______.

Learning

Company strengths identified in a SWOT analysis make it possible to ____.

Leverage

Marketers try to maintain the most profitable customers as ... customers who buy almost exclusively from that company.

Loyal

Firms commonly engage in strategic planning at all these levels except...

Management

Market segmentation identifies the ____ and divides it into smaller ______.

Market Segments

A common practice among marketers is to identify and develop new markets for their existing products. This practice is called _____.

Market Development

Which of the following are the axes used on the BCG matrix?

Market Growth Relative Market Share

A common practice among marketers is to increase sales to current customers without changing their products. What is this practice called?

Market Penetration

Your firm is attempting to create a customer driven marketing strategy. Which is the correct order of doing so?

Market segmentation Target Marketing Differentiation Market Positioning

The subject matter of the course is...

Marketing

The three pillars of the ...... are customer satisfaction, integrated marketing, and achieve organizational goals.

Marketing Concept

You are excited about studying marketing. You tell your younger brother that product, price, place, and promotion make up the _____.

Marketing Mix

About 84% of the US population lives in Statistical ____ Areas.

Metropolitan

The newest group in the population are the ____.

Millenials

At the corporate level, a company starts the strategic planning process by defining its overall values and ____.

Mission

_____ idealism suggests that ethical decisions are judged in an absolute manner rather than by the weighing of benefits and costs.

Moral

The force that initiates behavior is called a ____.

Motive

Focusing on wants rather than needs may lead to a marketing...

Myopia

The feeling of deprivation is a...

Need

Clarabell's clown supplies has decided to pursue a diversification strategy whereby it will offer _____ products to _____ markets.

New / Modified New

A few large competitors comprise this type of market structure:

Oligopoly

______ ______ occupy positions of informal influence over others.

Opinion Leaders

The environment exists _____ the organization.

Outside

Anxiety about unknown, but potentially negative, consequences of a purchase decision is called _____ risk.

Perceived

______ is the process by which people select, organize, and interpret information from their environment.

Perception

The characteristics that make you, you, is your ____.

Personality

Consumers may obtain a product where and when they wish because of the ________ part of the marketing mix.

Place

When we practice _____, we arrange for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target customers.

Positioning

The marketing mix element of _______ determines how much a buyer will pay.

Price

A marketing offer is some combination of, ... , services, information, or experiences offered to a market to satisfy a need or want.

Products

Business firms use marketing to earn a ...

Profit

Consumers learn about products through the ... element of the marketing mix.

Promotion

The measurement of lifestyle is called _____.

Psychographics

________ competition occurs when there are many small sellers who have no real market power.

Pure

The market structure where the least number of marketing related decisions are needed is:

Pure Competition

_____ groups influence on consumer behavior often depends on whether a product is consumed publicly pr privately and whether it is a luxury or necessity.

Reference

Laws and regulatory agencies make up the _____ environment.

Regulatory

Marketers want to build a lasting ... with customers.

Relationship

Socially _____ organizations recognize they are part of a larger society and are accountable to society for their actions.

Responsible

You work for Mr. Bill. He asks you to develop new markets for their current products. Which of the following would be the most helpful?

Reviewing new demographic markets Reviewing new geographic markets

This 1936 law focused on price discrimination.

Robinson Patman

The .... philosophy says the secret to earning greater profit is by creating greater sales.

Sales

Marketing aims to ... customers by meeting expectations.

Satisfy

The principle objective of a market-oriented mission statement is to _____.

Satisfy basic customer needs

The consumer decision process step where people become of fail to become aware of brands in the market place is the _____ stage.

Search

Dividing the market into different buying groups is called market....

Segmentation

The granddaddy of the anti-trust laws is the ______ act.

Sherman

The theory that consumers like to routinize purchases as much as possible is the psychology of _____.

Simplification

Such factors as the purchase task, surroundings, and time available are all part of the _____ influences on consumer behavior.

Situational

Generation Xers are _____ of marketing messages.

Skeptical

One's _____ _____ is often measured by factors as occupation, source of income, and housing type.

Social Class

Cultures often consist of various _______.

Subcultures

Messages allegedly place in other messages (like ads) that arrant consciously perceived are ____ messages.

Subliminal

The population is moving towards the _____ states.

Sunbelt

A ______ _______ consists of the part of the market to whom the firm will create a market offering.

Target Market

The most rapid and dramatic changes in the environment are in ____.

Technology

Environmental changes produce opportunities and ___.

Threats

In a basic SWOT analysis, the "T" stands for ____.

Threats

______ households are decreasing in numbers.

Traditional

Market challengers whose products are generally considered of low personal importance may try to encourage _____ purchase/use.

Trial

Long term customers with the greatest profit potential are ... friends

True

T/F : Business markets involve more dollars than consumer markets

True

T/F: A value analysis is done during the information search/product specification stage.

True

T/F: Business buying is more complex than consumer buying.

True

T/F: Demand for business markets is derived from consumer demand

True

T/F: Institutional markets often are characterized by low budgets and captive patrons.

True

T/F: Online buying in organizational markets occurs partially because of the need for timely supplier information and potential cost saving that may accrue.

True

T/F: Routine re-ordering is called "straight rebuy".

True

For exchange to occur, there must be at least ... parties involved.

Two

Culture and individual preferences shape needs into a...

Want

The FTC became a direct consumer protection agency under the _____ - _____ act.

Wheeler-Lea

The partner that dominates the most family decisions is the ____.

Wife

High involvement information processing involves a stage called _____ and acceptance which is generally absent in low involvement information processing.

Yield