MKT Chapter 1-4

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 smoothly integrated marketing strategy and mix

the cultural environment consists of .... that affect a society's value, perceptions, preferences, and behaviors

instutions and forces

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

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

The Council of American Survey Research Organizations​ (CASRO) Code of Standards and Ethics for Survey Research outlines researcher responsibilities to survey​ respondents, including​

confidentiality, privacy, and avoidance of harassment

laws, government agencies, and pressure group that influence or limit various organizations and individuals in a given society

political

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​ ________________________.

practice customer relationship management

firms that develop strategies to change the environment, instead of assuming that strategic options are bounded by the current environment , are being

proactive

.... compose a company's external value delivery network partners in a value chain would typically include:

suppliers, distributors, and customers

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

technology processes only

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 design...

integrated marketing mix

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

intrusions on consumer privacy and misuse of research findings

regarding international marketing research

scarcity of good secondary data translating questionnaries from one language into another difficulty in obtaining primary data dealing with cultural differences from country to country

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

to make better marketing decisions

the marketing process of five key steps. which is the first step?

understand the marketplace and customer needs and wants

what are the variables in a comoany's marketing mix?

product, price, place, and promotion

which of the following represent market offerings?

products, services, information, and experiences

A SWOT is a part of which marketing management function

analysis (strengths, weaknesses, opportuinities, threats

understanding needs, wants, and demands helps companies to design market offerings and build value-laden customer relationship through which they can capture

customer lifetime value and greater share of customer

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

customer relationship management

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

customer relationship management CMR

the marketing concept holds that successful marketing strategies are based on..

customer satisfaction and value

What are three general sources from which markers can obtain information? the second critical phase in developing a marketing information system MIS is developing information. The information is developed from

internal data, marketing intelligence, and marketing research

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

marketing information system.

companies need meaningful customer insights so they can..

produce superior value for their customers

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

the attractiveness of the SUB's market or industry and the strength of the SBU's position in that market or industry.

changing age structure, shifting family profiles, geographic population shifts, a better educated and more white-collar population, and increasing diversity

the demographic environment

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?

Strategic planning

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

big data

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

creating value for customers

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

customer value-driven marketing strategy

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?

exploratory research descriptive research causal research

Legislation affecting business around the world has increased steadily over the years within the political environment. The increased legislation has been enacted for three primary areas..

law protecting companies from each other laws protecting consumers, laws protecting the interests of society

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

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

Starbucks was opening a new store in China every 15 hours. which strategy does this?

market development

the product/market expansion grid is a tool that allows marketers to identify growth opportunities. which represent the four product/market expansion grid?

market penetration market development product development diversification

a global not-for-profit consveration organization whose mission is to coserve nature and protect the world's wildlife

world wildlife fun WWF

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

consumer purchasing power and sending patterens

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.

value chain

A MIS helps users analyze and use information to

develop customer insights, make marketing decisions, and manage customer relationships

the third step in the marketing research process calls for implementing the marketing research plan by..

gathering, processing, and analyzing the information

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

growing shortages of raw materials increased pollution increased government intervention in natural resource management

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

observation, surveys and experiments

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

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

to... for customers and ...., marketers must first gain fresh, deep insights into what customer need and want

create value build meaningful relationships with them

marketing is the process by which companies ..... and build strong customer relationships in order to ...

create value for customers, capture value from customers in return

which of the following is included in a broad definition of marketing?

creating customer value, building customer relationships, and engaging customers

affect a society's basic values, perceptions, preferences, and behaviors

cultural

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

customer engagement, value, relationships

The ultimate aim of customer relationship management is to produce high________.

customer equity

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

customer expectations

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.

analyze environmental forces and design strategies.

the two steps in business portfolio planning are... and....

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

the marketing information system MIS first

assesses information needs

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

business portfolio

marketers keep a close eye on demographic trends and developments in their markets. they analyze....

changing age and family structures geographic population shifts educational characteristics population diversity

which of the following is true regarding the technological environment?

companies must keep up with changes in technology or risk being left behind

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

customer-driven

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

customer-engagement marketing

the steps in the strategic planning process?

define the company mission set company objectives and goals design the business portfolio plan the market and other functional strategies

correct sequence of the four steps of the marketing research process?

define the problem and research objectives develop the research plan, implement the research plan and interpreting nad reporting the findings

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

defining the company's mission

age, race, gender, and other statistics are part of a company's ..... environment

demographic

The macroenvironment

demographic, economic, natural, technological, political, cultural

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...

detailed supporting golas and objectives the business portfolio

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

digital and social media

consists of factors affecting buying power and patterns. characterized by more frugal consumers who are seeking greater value

economic environment

in recent years, today's marketers are also reexamining their... responsibilities

ethical and societal

Marketing departments can be organized in a number of ways. However, more and more companies are changing organization focus

from product or territory management , to customer relationship management.

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

functional

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

microenvironment

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

mobile marketing

outstanding companies go to great lengths to learn about and understand their customers'

needs, wants, and demands

the core marketplace concepts are

needs, wants, and demands market offering (products, services, and experiences) value and satisfaction exchange and relationship market

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

organizations, society, nature, and the universe.

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.

partner relationship management

changes in the .... have focused greater emphasis on ethics and socially responsible actions

political and social environment

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

pressing lawsuits to keep competitors in line

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

proactive, change

many companies view the marketing environment as an uncontrollable element to which they must...

react and adapt

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

the production concept the product concept the selling concept the marketing concept the societal marketing concept

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

Big data and marketing analytics

which of the following the five core customer and marketplace concepts?

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

Five marketing management functions used to manage the marketing process

analysis, planning, implementation, organization, and control

customer insights come from good marketing information, which contributes to creating value and meaningful customer relationships. Company use their customer insights to develop...

a competitive advantage

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

an important strategic asset and marketing tool

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

important strategic asset and marketing tool

Major economic variables include....

income, cost of living, and savings and borrowing patterns

the fourth step in the marketing research process is...

interpreting and reporting the findings

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

invasion of privacy

The demographic environment is of major interest to marketers because

it involves people, and people make up markets

.... 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

market segmentation

the design of the strategies begin with

market segmentation market targeting differentiation positioning

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

marketing analytics

which of the following is the components of a company's microenvironment?

marketing intermediaries customer markets suppliers competitors publics company

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​ ________.

marketing tactics and implementation

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

share of customer

an important trend in the natural environment of which marketers should be aware?

shortages of raw materials

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

social media, mobile apps, and blogs

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

societal forces

what are the two keys to building lasting customer relationships?

superior customer value and satisfaction

... are perhaps the most dramatic forces affecting today's marketing strategies

technological forces

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

the Marketing concept

Marketing provides a guiding philosophy for a company's strategic planning. This philosophy, known as.... profitable relationships with important consumer groups.

the marketing concept

the natural environment involves.....that are needed as inputs by marketers or that are affected by marketing activities

the physical environment, the natural environment

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

value delivery network

To design a winning marketing strategy, what are the two important questions a marketing manager must answer?

what customers will we serve? how can we serve these customers best?

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

whenever possible, take a proactive approach to the environment.