Marketing 321 Lampo Exam 1

Which step of the marketing research process focuses on uncovering the nature and boundaries of a situation or question related to marketing strategy or implementation

Locating and defining issues or problems

Caterpillar, Inc., a manufacturer of heavy construction and mining equipment, works with its dealer network to conduct extensive consumer research, including customer satisfaction studies, focus group interviews regarding new products, and listening to customer opinions through social media outlets. Which orientation is Caterpillar most likely utilizing?

Market

Walmart has embraced sustainability practices to enhance its relationships with customers and to support or enhance the natural environment. For example, in 2005, Walmart started using *LED lights in refrigerator and freezer cases. These lights offer many benefits, such as using 70 percent less energy than fluorescent tube lights and generating significantly less heat. The switch also led to improved energy efficiency and reduced maintenance costs. Based on this information, it seems that Walmart is engaging in

Green Marketing

When organizations pursue initiatives to improve their ability to make a positive impact on society and the natural environment, they are engaging in

Green Marketing

A recently married couple purchased a new home. Their purchase of ____ is classified as limited decision-making behavior, but they would use extended decision making to purchase__

A coffee maker; a home theater system

Shira is a product manager for crest toothpaste and is working to craft a description of customers who would most likely fit the intended target market for crest with whitening toothpaste. Shira is including demographic characteristics, geographic factors, product benefits sought, lifestyles, and brand preferences in the description. Shira is completing __

A market segment profile

When Disney World wants to have at least 90% of its customers indicating they had a memorable and satisfying experience at the park hotels, this is an example of

A marketing objective

Ben is a double major pursuing degrees in both finance and marketing. He is interested in obtaining a position as a personal financial advisor after graduation and is interning with a global financial services company. During his internship, he observes that the most successful advisors wear white shirts, dress very conservatively and read the wall street journal to stay up to date with the latest business and world news. Ben starts to read the wall street journal too and modifies his dress and grooming style to be more like the representative he admires. Ben is influenced by ___

A reference group

Marika is a manager for a boutique clothing store in downtown Austin. She has set a goal of reaching $25,000 in revenue for the month of march. In april, marika reviews total revenues for march and realizes she fell short of her goal by $3000. She decides to run an additional sale in april and increase her posts on social media to hopefully reach the revenue goal in april. Marika is involved in

A strategic performance evaluation

Verizon Wireless uses a segmentation strategy for its mobile phone and data packages based on market characteristics such as the number of devices, amount of download capacity, and volume of minutes or text messages. Based on these variables, verizon wireless is using ____ variables for segmentation

Behavioristic

Billabong was founded in australia by surfer and surfboard shaper gordon merchant in the 1970s. Today the brand has a strong presence and is known as a lifestyle brand for board sports, including skate, snow, and wake. Billabong has company-owned specialty stores located throughout the united states and plans to open additional outlets in the future. Billabong would most likely use ____ variables as a segmentation base for its online and catalog sales but would benefit most from ____ segmentation to determine the locations for future company-owned stores.

Behavioristic; geographic

Walmart has developed a reputation for its extensive use of information to aid in management and marketing decisions. Today, walmart leverages its point-of-sale system in the stores and measures website traffic and information gleaned using "cookies" and monitoring of social media, such as twitter, facebook, instagram, and pinterest. The vice president of information technology says this "mountain of data provides significant insights for its product category leaders and other managers across the walmart company." what type of information does walmart utilize

Big data

A company can utilize two different methods to determine its company sales potential. The ___ method begins with the marketing manager first developing a general economic forecast for a specific time period.

Breakdown

Which of the following best characterizes the problem recognition stage of the buying decision process

Buyer recognizes a discrepancy between a desired state and an actual condition

Managing customer relationships requires identifying patterns of ____ and then using that information to focus on the most promising and profitable customers.

Buying Behavior

If starbucks were to donate 5 percent of every coffee purchase to shelters for victims of domestic abuse for one month, this would be an example of

Cause-related marketing

Traditional organizations are most likely to utilize a(n) ____ organizational structure where top-level managers make all decisions regarding marketing strategy, and lower-level managers have little decision making capability

Centralized

Formalized rules and standards that describe what a company expects of its employees are called

Codes of conducts

Salome recently purchased a keurig coffee maker and thought she would really enjoy the variety of different k cups for tea, coffee, or hot chocolate. However, she is wondering whether she should have purchased an espresso machine instead of the keurig. What phenomenon is salome experiencing

Cognitive dissonance

John Deere has launched a research effort to determine the most effective advertising message to gain interest and awareness in its agricultural products among its target market members - the farming community. Its marketing research department has recommended a series of focus group interviews to be fielded across the United states. Which activity is next according to the steps in the marketing research process

Collect data

The buckle, based in kearney, nebraska, operates approximately 500 stores across the united states and is known for its denim which is designed to fit a wide variety of body shapes and style preferences for men and women. The buckle has forecasted that it can sell 15 percent of all jeans or denim sold in the united states. This percentage represents the buckles ___ for denim.

Company sales potential

Ethical standards for a company should

Conform to industry and societal norms of ethical conduct

Rayanna enjoys cycling and is in the market for a new bicycle. She is fairly knowledgeable about bikes and knows most of the major brands, such as trek, cannondale, specialized, and giant, and will likely purchase one of these brands. These four brands are part of rayana's ___ set

Consideration

Rental car companies keep records of customers on a "do not rent" list. Often , these are customers who have been rude or verbally abusive to employees. This is an example of managing ____

Consumer misbehavior

Mingzhu enjoys taking her daughter grocery shopping with her and often given her daughter some items to find in the store. Mingzhu's daughter knowns the brands that the family likes - for example, they like coke vs pepsi, crest vs colgate, and cheer vs tide. Mingzhu's daughter is engaged in the process of _____ through the shopping process.

Consumer socialization

Vani Hari is a popular blogger who started Foodbabe.com in 2011 to share her knowledge of healthy eating with her friends and family and encourage people to eat whole foods. Her popularity expanded, and she is now an advocate against and vocal opponent of companies who include dangerous ingredients in their foods, such as artificial food dyes. Her efforts, combined with an online petition, led to kraft foods removing all artificial food dyes from its macaroni and cheese products by 2016. Vani Hari's blog and her efforts to encourage change among food manufacturers such as Kraft is an example of

Consumerism

Green Mountain, Inc., the manufacturer of the Keurig brand of coffee makers, created an innovative and new category of coffee makers using its trademarked "K-cups" for single-serve coffee. Other companies are now producing similar cups and coffee makers, competing against Green Mountain and the Keurig brand. The coffee category remains strong, possesses opportunities for growth, and Keurig is maintaining a dominant position in the marketplace. Using the Boston Consulting Group's Growth Share Matrix, which of the following strategies would be most appropriate for the Keurig line of coffee makers?

Continue to innovate, promote, and support the product line by investing in order to continue growth

The key objective of customer relationship management (CRM) is

Creating long-term relationships with profitable customers

Coyote logistics is a provider of third party logistics services and assists customers in managing its supply chain. Employees of coyote logistics are extremely satisfied with the company's culture and feel empowered to make decisions. In addition, they can quickly respond and adapt rapidly to changing customer needs. It is likely that Coyote Logistics has implemented a ___ organizational structure

Decentralized

Greenview landscaping provides full service landscaping services for new construction and established homes. Greenview typically caters to individuals who are married, have two income earners in the family, and have annual incomes of more than $200,000. Greenview landscaping is using ___ variables to segment its market.

Demographic

Managers at abercrombie & fitch are interested in determining the characteristics of shoppers who visit their store as well as identifying those consumers who spend the most and shop most often in their stores. This information will be quite helpful to abercrombie & fitch as it makes design changes to the store, selects merchandise, and creates advertising messages. Abercombie & fitch would like to identify these shoppers based on factors such as gender, age, marital status, and discretionary income. Which type of research would be most appropriate for abercrombie & fitch to utilize?

Descriptive research

Crayola sells packages of crayons in 15 and 64 count packages as well as an 800 count "classicpack" geared towards schools and organizations. The company also sells colored pencils, markers, paints, and modeling clay. Crayola uses a(n) ____ targeting strategy

Differentiated

The cannon mills company markets towels and linens using the brand name fieldcrest. Fieldcrest is sold at a variety of retail outlets, including macy's, target, and bed bath & beyond. The cannon mills company offers a variety of models of fieldcrest products to appeal to customers who are interested in owning the "best" products, those that are in between. For examples, at macy's, the fieldcrest luxury bath towels sell for $15, bed bath beyond sells the fieldcrest resort towels for $12 each, and target sells the fieldcrest home towels for $8 each. Cannon mills company is most likely using a(n) _____ targeting strategy

Differentiated

Strategic marketing management requires both effectiveness and efficiency. A food manufacturer has similar brand loyalty as its competitors, but it spends three time more than its competitors on customer relationship management. This manufacturer is

Effective, but not efficient

Jamal Nassar is employed as a marketing analyst with Bright Horizons, Inc. and is currently assisting the vice president of marketing with the marketing plan. Jamal has been tasked with assessing a variety of factors, such as competitive, economic, political, legal, regulator, technological, and sociocultural factors, that could affect various marketing activities. Which section of the marketing plan is Jamal developing?

Environmental analysis

Major automobile brands such as Ford, Toyota, GM, and Honda are interested in consumers interest in "smart" technology in new automobiles. GM recently studied consumers' interest in buying self driving vehicles. The automobile brands must stay abreast of changing technology as well as consumer trends regarding the use of technology. The automobile company's collection of this type of information is referred to as

Environmental scanning

Tamika Smith is a marketing research analyst for walgreens based in chicago, illinois, and part of her job is to gather and analyze information about the product and pricing strategies of competing companies like CVC and Target and to monitor trends regarding which products might be popular in different areas of the united states or particular neighborhoods within a state. What type of activity is tamika engaged in for her job as a research analyst?

Environmental scanning

When marketing managers utilize the ___ method of developing sales forecasts, intuition is heavily influenced by recent experience, and a manager may weight recent sales booms or slumps higher and produce a less accurate forecast

Executive judgment

Research that provides marketing managers with information regarding evidence of a cause-and-effect relationship is called

Experimental research

____ research is typically conducted when marketers need more information about a problem or want to make a tentative hypothesis more specific

Exploratory

Which of the following is an advantage of using a concentrated targeting strategy

Firms can develop a special marketing mix for a single market segment

Smithfield Foods utilized ____ research method to learn about consumers' food purchasing habits and in-home meal preparation. It hired Trinity Research to conduct the research by gathering small groups of eight to 12 individuals in one facility and employed a moderator to guide the discussion. Representatives from Smithfield foods were able to observe the participants' interaction, and they noticed that one individual tended to monopolize the discussion. However, they were pleased with the way the moderator was able to limit the individuals' responses and enable everyone to fully participate in the study. What type of research is this?

Focus group

Which of the following is not an example of a secondary data source

Focus group

Todays customer who enjoys music has a range of options to consider such as streaming services like Spotify, YouTube Music, or Pandora; traditional music purchases such as CD's or vinyl; or MP3 downloads from various sources. These companies represent ___ competition because they provide very different products that solve the same problem or satisfy the same basic customer need.

Generic

The domino brand is a leading manufacturer of sugar and is part of the ASR Group, the world's largest refiner of cane sugar. Sugar is a staple product that most people keep on hand in their pantry for everyday use as a sweetener or baking ingredient. Domino believes its market is ____, where individuals have similar needs for the product and therefore utilizes a(n) _____ targeting strategy because they can incorporate a single marketing mix and direct it an the entire market for their sugar products.

Homogeneous; undifferentiated

The Coalition to Stop Gun Violence (CSGV) is a nonprofit organization that was founded in 1974. Its mission is to secure freedom from gun violence through research, strategic engagement, and effective policy advocacy to change laws regarding firearm ownership. Which type of product best describes the CSGV

Idea

What is the first step in creating a marketing strategy

Identifying the target market

The real value of marketing research to the organization can be measured best by

Improvements in the ability to make decisions

The martinez family is going on vacation in a few months. Their youngest son is very interested in sharks and wants to go to a beach where they could find shark teeth. Mr. martinez has planned the whole vacation to a beach in North Carolina and booked the flights, rental car, and hotel. In this family, the youngest son plays the role of ___, while mr. martinez acts as __

Influencer; decider and buyer

Annie has joined a law firm as its purchasing agent for all supplies, equipment, and service contracts. In his previous position at another company, annie could make decisions for any purchase up to $1 million; however, at the new law firm, he can only make decisions for purchases less than $500,000. Recently annie has been working with a sales representative from a computer software firm on a contract for a new program to process the firm's billing statements. Annie signs the contract, even though it is for $950,000. In this case, annie ___ is part of the market for the software because ___

Is not; annie does not have the authority to purchase

Which of the following are the three primary ways firms can achieve profits through managing customer relationships?

Keeping customers for longer periods of time, enhancing the profitability of existing customers, and acquiring new customers

What are the two basic types of sampling utilized by marketing researchers

Probability and nonprobability

The process of creating distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment

Marketing

In April 2015, the restaurant chain Chipotle announced it would stop using genetically modified food products. "This is another step toward the visions we have of changing the way people think about and eat fast food," said Steve Ells, founder and former co-CEO of Chipotle. This decision indicated a response to concerns about

Marketing Environment

Production, distribution, promotion, and price are commonly referred to as

Marketing Mix

Investing in ___ involves the following four steps: 1) defining what to measure and which tools to use; 2) collecting data; 3) developing reporting capabilities; and 4) implementing the campaign and analyzing the results

Marketing analytics

Allstate insurance has a smart computer system that enables the calculation of insurance premiums for automobiles within minutes, and consumers can obtain an accurate quote from the allstate insurance website and make a decision as to whether or not they would save money or receive more benefits by being an allstate customer. The allstate system requires individuals to enter the make, model, and year of their automobile, whether they own or rent their home, their age, gender, and driver's license number. Based on this information, the allstate system can accurately calculate the insurance premium for the potential customer. This is an example of a ___ system.

Marketing decision support

The process of putting marketing strategies into action is called

Marketing implementation

Justina Krasnova is a product manager for Krispy kreme and works with the product development team to develop new products. Justina has been engaged in a variety of ___ activities to stay well-informed of consumer trends, monitor flavor preferences, and determine the potential for success of new products

Marking research

To ensure marketing research is reliable and valid globally, what should marketers do

Modify data-gathering methods to allow for regional differences

*Kamala is the owner of a landscaping company and is considering the purchase of a new skid-steer loader. She's evaluating different brands and models to determine the relative value of each model as well as the benefits they offer. Which of the following would not be considered a customer benefit as part of her determination of the product's value?

Monetary Price

Jackson stops by the grocery store after work to purchase items for the week. He has a grocery list to help him stay on track but finds himself making lots of impulsive purchases, placing items in his cart that he could use to consume immediately, like cookies and other snack foods. Jackson is hungry because he skipped lunch due to a meeting. Jackson's purchasing decision is influenced by which category of situational factors

Mood and condition

What are the primary psychological influences that partly determine people's general behavior and impact their behavior as consumers

Motivation, lifestyles, learning, perception, attitudes, and personality

Personal appearance, affiliation, status, safety, and health are examples of affecting the types of products purchased and the choice of stores in which they are bought. They reflect the reasons consumers use when making a purchase.

Motives

if you have made a purchase using your discretionary income, you have likely paid for which of the following

Movie tickets

As a firm fulfills its basic economic responsibilities, it must simultaneously

Obey laws and regulations

According to the boston consulting group growth share matrix, products labeled as "dogs" are

Often found in established markets, have low prospects for growth, and a lower share of the market

The BASF company sent its chemical customers an invitation to an online survey via email. The final question of the survey asked, "Please provide one suggestion to help us better serve your needs." this is an example of a(n) _____ question

Open-ended

The section of the marketing plan that provides standards to determine how the marketing activities will be evaluated as well as the audits to be performed to gauge success is called the

Performance evaluation

According to a well known psychologist, abraham maslow, individuals seek to satisfy five levels of needs from the most basic level to higher order needs. These needs, in order from most basic to least basic are

Physiological, safety, social, esteem, and self-actualization

Uber and lyft spend hundreds of thousands of dollars on lobbyists to communicate to elected officials the importance of the ride-sharing bill. The bill sought to allow ride-sharing apps outside of New York City. Employing lobbyists is an attempt to influence which aspect of the marketing environment

Political

While diet coke and diet pepsi are brand competitors, they must also realize that their target customers have other alternatives for quenching their thirst, such as juice, water, sports drinks, coffee, or alcoholic beverages. Therefore, they face ____ competition from companies who compete in the same product class but market products with different features, benefits, and prices.

Product

When McDonald's adds new items to its menu, it must educate its target audience about the new items to stimulate purchase and motivate consumers to visit their local McDonald's restaurant. This calls for activity in which of the following marketing mix variables?

Promotion

Which of the following represents a well-stated marketing objective?

Purina foods seeks to outperform its competitors by obtaining a 25% share of the market in dry dog food by the end of the 4th quarter of the business year

Exploratory research is usually associated with ___ research techniques. The data is typically shown in ____

Qualitative; interpretations and expressive descriptions

The ___ sampling method ensures all units in a population have an equal chance of appearing in the sample

Random

Sherwin Williams' company utilizes a sophisticated and mathematical approach to forecasting sales. They first utilize historical sales data, incorporating a 10-year history of sales for each product category, such as different brands of pain and supplies - brushes, ladders, tarps, and so on. Its sales forecasting manager uses excel to perform _____, where sales is the dependent variable and a variety of other factors such as company size, annual purchases, and the number of years as a customer are the independent variables. The sales forecasting manager is then able to identify the relationship between the independent variables and the dependent variables to determine an accurate sales forecast. What type of method is being used here

Regression analysis

Shasta Soda is developing a new beverage product and has completed taste tests in four different markets across the United States to identify consumers' perceptions of the new product as well as their willingness to buy. The results provide similar feedback in all test markets that consumers enjoy the taste, believe it to be refreshing, and are highly likely to purchase the product. Since the researchers obtained consistent results across these four markets about these measurement items, the research has

Reliability

The four seasons spa and salon has retained a marketing consultant to assist them with its annual strategic planning retreat. Shantelle stevens, the owner of the salon, is reviewing the agenda for the meeting and observes that the sequence of activities follows the strategic planning process discussed in her marketing class many years ago. What is the first activity the organization should pursue as part of its strategic planning process

Review or establish the organization's mission and goals

Holiday computer associates was recently fined for violating the ___ due to its practice of charging different prices to different customers without any justification

Robinson-patman act

Which consumer decisions making style would be most likely for an individual who is purchasing their usual brand of shampoo

Routinized response behavior

Why is a sales analysis a common method of evaluation

Sales data are readily available and can reflect the target market's reactions to a marketing mix

The final step in the target market selection process is to select specific target markets. When making decisions about which segments to select, a marketing manager should __

Select segments that provide significant opportunities to achieve organizational objectives

Loreal markets several different product brands targeting specific groups of women for cosmetic and beauty aid purchases. The brand managers for each product line have completed competitive assessments and cost estimates and are not ready to __

Select specific target markets

Individuals do not pay attention to all sensory inputs and mostly unconsciously engage in ___ to determine which inputs are consciously recognized

Selective exposure

Individuals receive various kinds of stimuli simultaneously throughout the day, and marketers try to break through the clutter with advertising and promotion. Selena is reviewing her facebook updates and notices some advertisements for various products such as mcdonalds coffee, starbucks new lunch menu, and an advertisement for shutterfly. Later, selena is out running errands and decides to stop somewhere for lunch. She remembers the ad for starbucks and decides to try the new lunch items. Selena has engages in ___

Selective retention

Big sky media is a boutique advertising agency located in billings, montana, and places ads for interns and full time career potions on monster, careerbuilder, and the local newspaper. Bug sky media promotes its culture of lifelong learning, as well as enabling employees to reach their full potential and become all that they can become. Big sky media is appealing to potential employees for

Self actualization needs

Recently, the federal government of the united states began investigating major airlines companies such as delta, american airlines, and swissair for possible price fixing allegations. If the airlines are found to be engaged in price fixing, which law could they be charged with violating

Sherman Antitrust Act

Jayden and his partner just purchased their first home and are now shopping for a lawnmower. Ben does not really enjoy lawn care or gardening and views it as a chore, although he does enjoy spending time outside. His yard is small, and a standard upright model lawnmower will fulfill his needs. He has visited several stores to check out prices and has read reviews in online forums about different brands. The purchase of a lawnmower for jayden is most likely influenced by ____ involvement.

Situational

Jessie it out with a group of friends for dinner at a local restaurant and then a movie. While the service at the restaurant was slow and the food was just okay, jessie still had a great time and left with a positive opinion of the restaurant experience. Jessie's experience was likely influenced by ___

Social surroundings

Mothers Against Drunk Driving (MADD) is a nonprofit group that advocates safe driving practices and hopes to prevent driving after consuming alcoholic beverages. The group attempts to influence those who might drink and drive through a designated driver campaign and efforts directed toward bar and restaurant owners/managers to encourage responsible drinking. MADD's campaign to change drinking and driving behavior represents a ____ force

Sociocultural

The growth share matrix developed by the Boston Consulting Group identifies products with a dominant share of the market and strong prospects for growth as

Stars

Your marketing team is currently working through the target market selection process to identify which customers your firm will target with a new technology product being developed. You are currently in the process step where you must consider the target market characteristics, the product attributes, and the firm's objectives and resources. Which of the five steps in the target market selection process are you currently working on

Step 1: identify the appropriate targeting strategy

The leadership team at Bud's Distributors, a regional beverage company collaborated during a two-day meeting to discuss and revise the company's mission and goals, identify strengths, weaknesses, opportunities, and threats, and create a marketing plan. The process implemented by Bud's Distributors is called?

Strategic Planning

Dick's Sporting Goods is interested in studying the product categories that consumers desire to have in the store. The company's marketing research director plans to select 1000 customers from its database of 100,000 customers who have a loyalty card. The marketing research director will first segment the database of 100,000 customers into five regions of the united states based on geography and then use a random sampling method to select 200 customers from each region. What type of sampling method does the marketing research director plan to utilize

Stratified

Capri Sun uses the tagline, "good for moms, awesome for kids". This advertising tagline emphasizes that capri sun is promoting the product for moms, even though kids are likely to be consuming the product. Thus, the moms represent capri suns

Target market

Enterprise Rent-A-Car is considering the implementation of new technology, which would enable a business traveler to bypass the automobile rental counter and select their rental car using their smartphone and a proprietary application, which stores the customer's driver's license number, credit card information, and customer contact information. The company is engaging n ____ to determine the viability of the adoption of the new technology and whether the benefits outweigh the costs associated with the development and product launch

Technological assessment

Which of the following statements is true regarding the marketing concept?

The marketing concept is a managerial philosophy guiding all aspects of an organization's business

The marketing environment forces can have a profound effect on marketing activities. Which statement best describes these forces?

The marketing environment forces change dramatically and quickly, and a change in one force is likely to affect the other forces

Which of the following has become a significant ethical issue in marketing research with the advance of technology

The privacy of consumers

All of the following are true about business markets, except __

The purchase is made by household members who intended to consume the product

Quinn needs to purchase a gift for a friend who just bought her first house. Quinn's favorite wine costs $5 at her local grocery store, but she feels like she should spend at least $12 on a bottle for her friend so she does not seem stingy. Quinn is likely influenced by ___

The reason for purchase

The section of the marketing plan that outlines how the company will achieve its objectives will discuss

The target market and marketing mix

Teanna is at the shopping outlet on the day before her fiances birthday. She knows she should not have waiting so long to purchase a gift for her, but she could not decide what to get her. Teanna searches several stores and does not see anything she really thinks her fiance will love, but she needs to buy her something. She finally decides on a jersey from her fiances favorite sports team. Teanna is likely influenced by which situational influence

The time dimension

Jamal miller is a management consultant who frequently works with businesses to assist them with their strategic planning efforts. He recommends that once firms have used the SWOT analysis to gauge their capabilities and resources relative to the industry, they should identify tactics to achieve a more competitive position relative to other firms in their market. One approach Jamal suggests includes taking actions to convert external ____ into opportunities and internal _____ into strengths

Threats; weaknesses

Most consumers make trade off decisions when making their trips to the grocery store to purchase food, paper products, and health and beauty products. Thus, products such as Wonder Bread, Diet Coke, Bounty paper towels, Tide laundry detergent, and Head & Shoulders shampoo would represent ____ competitors.

Total budget

Canon business systems specializes in office automation services, photocopiers, and printers and employs many sales representatives to market its products. Typically, sales representatives are provided with a territory and become specialists according to the type of customer most appropriate to them. Canon divides its market into categories, including professional services (accountants, lawyers, consultants), health care (hospitals, physician offices, dentist), k-12 education, higher education, corporate, and governmental. Canon is utilizing ___ segmentation for its business markets

Type of organization

French's brand, makers of the famous, yellow-packaged mustard, view all mustard consumers as very similar and utilizes only one marketing mix. French's brand uses a(n) ____ targeting strategy

Undifferentiated

A customer's subjective assessment of benefits relative to costs in determining the worth of a product is known as

Value

When a company matches a core competency to opportunities in the marketplace, it possesses a

competitive advantage

Target, a discount store, has successfully partnered with luxury brands such as lilly pulitzer, toms, and altuzarra to create interest and drive customers to its stores. Target's ability to create these partnerships is considered one of its strengths and provides an advantage over its competitors. This is an example of a

core competency

Social influences are forces that other people exert on buying behavior and are divided into seven major groups, including family, roles, digital, opinion leaders, reference groups, social class, and __

culture/subculture

Which of the following expressions best characterizes the concept of value to consumers?

customer benefits-customer costs=customer value

Which of the following statements is true about why disposable income is important to marketers

disposable income is a ready source of buying power

Which of the following are the three forms of a product

ideas, services, goods

Which of the following is the most accurate listing of marketing environment forces?

political, legal & regulatory, technological, sociocultural, competitive & economic

Which business orientation best characterizes the period of time when businesses began utilizing technology and production techniques, such as assembly lines, to manufacture products in a more efficient manner

production orientation

The broad nature of technology as it moves through society is referred to as

reach

Which stage of the business cycle is characterized by declining levels of buying power

recession