Quizzes 1-3 Questions Review
what are some benefits of market research
- identifies whitespace opportunities - helps eliminate boardroom biases - helps minimize risk
what are some company benefits of marketing
- increases relevancy - creates competitive insulin - can charge more for products and services
four influences on consumer purchase decision
- sociocultural influences - situational influences - psychological influences - personal influences
what is the first step in the five step market approach
1. define the problem 2. develop a plan 3. information search 4. develop findings 5. take marketing action
What are the three stages of the strategic marketing process
1. planning 2. implementation 3. evaluation
What are the steps of the purchase decision process?
1. problem recognition 2. information search 3. evaluate alternatives 4. purchase decision 5. post-purchase decision
what tools helps answer the question "how do I grow my business considering new and existing products vs. new and existing markets
Ansoff's growth matrix / diversification analysis
What tool helps prioritize investments in products based on market share and market growth
BCG portfolio analysis matrix
_____ is a vague term generally used to describe large amounts of data collected from a variety of sources and analyzed with an increasingly sophisticated set of technologies
Big data
T or F: consumers are willing to pay more for products that are charitable and socialy responsible vs. products that provide friendly service and convenience
FALSE - top sections to pay for are friendly service and convenience
What B2B brand has been on the forefront of social media advertising
IBM
What is another name for the 4 Ps?
Marketing mix
What tool is a strategic summary of a situation analysis or environmental scan?
SWOT analysis
SWOT
Strength, Weakness, = internal Opportunities, Threats = external
High involvement purchases with significant brand differences usually have a longer buying cycle than low involvement purchases with few brand differences
TRUE
True of false: an industry report on gen z internet behavior bought by meta is considered secondary research
True
the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts is
a sales forecast
The group of people within an organization who participate in the buying process and share common goals, risks, and knowledge important to a purchase decision is referred to as the
buying center
What is one word definition of strategy
choices
what are the 5 Cs
company, customers, competitors, collaborators, context
________ is the study of consumers and the processes they use to choose, consumer and dispose of products and services
consumer behavior
you research social and economic trends as a part of 5 c analysis. which C does this cover
context
A ___________ is a special capability such as of skills, technologies, or resources that distinguish a firm from other organizations and provide customer value
core competency
The facts and figures related to a research problem are referred to as
data
the demand for industrial products and services that is driven by demand for consumers products and services is referred to as
derived demand
marketers can identify key trends such as the growing popularity of personal shoppers, the increasing emphasis on reuse rather than disposal of products and resources, and the importance of new e-commerce purchasing alternatives by conducting
environmental scanning
comparing the results of the marketing program with the goals in the written plans to identify and act on deviations occurs during the ______
evaluation phase (planning, implementation, evaluation) of marketing process
When Sadie was buying new soccer cleats at the start of the season, she considered comfort, durability, color, and price, which were her
evaluative criteria
observational data are
facts and figures obtained by watching, either mechanically or in person, how people actually behave
T or F: a survey run by meta to measure their customer satisfaction is considered secondary research
false
opinion leaders are considered to be _______ , so their opinions influence others' choices
knowledgable about or users or particular products
________ are homogeneous in two ways: prospective buyers will respond similarly to marketing actions and they have common needs
market segments
writing an ad for a new product line is an example of? - business plan - marketing tactic - marketing plan - marketing program
marketing tactic
Which of the following is typically true of B2B marketing
more logic based, longer buying process
In routine problem solving the number of external information sources used is typically which of these
none
the decision making process that organizations use to establish the need for products and services and identify, evaluate and chose among alternative brands and suppliers is referred to as
organizational buying behavior
Organizational ________ describes why an organization exists, what problems it wishes to solve and who it wants to be to every person it touches through its work
organizational purpose
marketing research is the
process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions
Four Ps
product, price, place, promotion
business to business marketing is the marketing of
products and services to companies, governments or not-for-profit organizations for use in the creation of products that they can produce and market to others
decisions about advertising and personal selling for a product are a part of _____ in a marketing program
promotion
A 5 dollar in store coupon most effects which stage in the purchase decision process
purchase decision
Jimbo cracked he glass on his smartphone. He decided he needed a new one, he had just begun the
purchase decision process
________ are people to whom an individual looks as a basis for self-appraisal or as a source of personal standards
reference groups
set during the marketing research process _________ are specific, measurable goals the decision maker seeks to achieve in conducting the marketing research
research objectives
________________ occurs when people pay attention to messages that are consistent with their attitudes and beliefs and ignore messages that are inconsistent with them
selective exposure
What brand did the lecture reference as a brand that successfully leveraged consumer behavior to revitalize a once faded brand
shinola
Diversification
testing a new product in a new market (part of ansoffs matrix)
According to the lecture what is the translation of the AMA definition of marketing
the process of discovering and satisfying consumer needs
Patagonia's Worn Wear program, which encourages its customers to repair, trade, and eventually recycle all of its products, is an application of
the societal marketing concept
not only do business benefit from the protection of _______, consumers do as well; they allow consumers to correctly identify the products they want to purchase
trademark
What is the metric called when companies not only try to deliver shareholder value, but also stakeholder and social value
triple bottom line
according to the lecture 70% of dollars spent in business to business transactions
true
according to lecture, how do you satisfy needs
using the 4 P's (marketing mix)