Marketing Exam 1

The __________ monitors and remedies unfair trade methods.

Federal Trade Commission Act

__________ is the extent to which a product's perceived performance matches a buyer's expectations.

Customer Satisfaction

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

Customer relationship management

__________ is the customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.

Customer-percieved value

__________ are human wants that are backed by buying power.

Demands

"Share of customer" is best demonstrated by which of the following? -How much of your groceries are bought at Kroger vs. Walmart vs. Aldi vs. Meijer -The percentage of iPhone users that have the latest version vs. an older version. -The number of Netflix subscribers who also subscribe to Hulu -The percentage of customers who let their friends know their password

How much of your groceries are bought at Kroger vs. Walmart vs. Aldi vs. Meijer

American Airlines is preparing a newsletter that it will distribute to employees. Which of the following best categorizes who the newsletter is targeting? -Citizen-Action Publics -Media Publics -Local Publics -General Publics -Internal Publics

Internal Publics

State of felt deprivation are known as ____________

Needs

The growth-share matrix defines four types of SBUs: __________ are low-growth, low-share businesses and products.

dogs

__________ is a form of observational research that involves sending trained observers to watch and interact with consumers in their "natural environments."

ethnographic research

The __________ is the physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities.

natural environment

The __________ forbids the manufacture or sale of adulterated or fraudulently labeled foods and drugs.

Federal Food and Drug Act

A ______ is the series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products.

Value chain

__________ are the form human needs take as they are shaped by culture and individual personality.

Wants

Which of the following is NOT part of the marketing mix? -How to advertise -What is going to be sold -Where to sell -How much to charge -Who to sell to

Who to sell to

__________ describes the organization's purpose—what it wants to accomplish in the larger environment.

a mission statement

Which of the following is most likely to affect a company's microenvironment? -increasing diversity in the population -government intervention -changes in consumer spending -new technological advancements a new competitor in the industry

a new competitor in the industry

__________ is the series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products.

a value chain

__________ is 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.

a value delivery network

the fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships

customer insights

__________ is the value of the entire stream of purchases a customer makes during a lifetime of patronage.

customer lifetime value

__________ is marketing research to better describe marketing problems, situations, or markets such as the market potential for a product or the demographics and attitudes of consumers.

descriptive research

__________ is company growth through starting up or acquiring businesses outside the company's current products and markets.

diversification

A(n) __________ refers to electronic collections of customer and marketing information obtained from data sources within the company network.

internal database

__________ is the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships.

marketing strategy

In a __________ sample, every member of the population has a known and equal chance of selection.

simple random

the idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests

societal marketing concept

The __________ empowers the FTC to establish limits on quantity discounts, forbid some brokerage allowances, and prohibit promotional allowances except when made available on proportionately equal terms.

Robinson-Patman Act

an overall evaluation of a company's strengths, weaknesses, opportunities, and threats

SWOT analysis

Johnson & Johnson is entering a new partnership with Target to release an exclusive line of Band-Aids featuring designs created by Target's partners. To predict sales for the new line, Target and Johnson & Johnson are examining prior sales data to see how well previous Band-Aid designs sold when they were introduced. The type of data they are using is best described as which of the following? -Secondary -Experimental -Primary -Ethnographic -Survey

Secondary

A company has a product that it considers a star. In the long run, it hopes that the star will become: -obsolete -question mark -cash cow -a dog -a star forever

cash cow

The growth-share matrix defines four types of SBUs: __________ are low-growth, high-share businesses or products.

cash cows

Campbell's Soup has divided the market of soup consumers into distinct groups that have different needs. For these different groups, they have developed different types of soups, including Chunky, Home Style, Healthy Request, and Soup on the Go. This process of dividing the market into distinct groups of buyers is referred to as: -market diversification -market differentiation -prospecting -market segmentation -consumer relationship management

merket segmentation

The __________ is the actors close to the company that affect its ability to serve its customers—the company, suppliers, marketing intermediaries, customer markets, competitors, and public.

microenvironment

The ________ is perhaps the most dramatic force now shaping our world.

technological environment

The __________ prohibits certain types of price discrimination, exclusive dealing, and tying clauses (which require a dealer to take additional products in a seller's line).

Clayton Act

The marketing process captures value from customers by __________.

Creating profits and customer equity

__________ is the total combined values of all of the company's customers.

Customer Equity

protects and regulates distinctive brand names and trademarks

Lanham Trademark Act

__________ is company growth by increasing sales of current products to current market segments without changing the product.

Market penetration

__________ is a group of consumers who respond in a similar way to a given set of marketing efforts.

Market segment

__________ is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

Marketing

The __________ is a philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

Marketing Concept

__________ is measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved.

Marketing Control

__________ are some combination of products, services, information, or experiences offered to a market to satisfy a need or want.

Marketing Offerings

__________ is gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior.

Survey Research

The growth-share matrix defines four types of SBUs: __________ are low-share business units in high-growth markets.

question marks

The __________ is the laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society.

Political environment

The growth-share matrix defines four types of SBUs: __________ are high-growth, high-share businesses or products.

Stars

__________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Marketing Research

__________ is the art and science of choosing target markets and building profitable relationships with them.

Marketing management

economic factors that affect purchasing power and spending patterns

Economic Environment

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

Exchange

__________ is gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses.

Experimental Research

__________ is the portion of the customer's purchasing that a company gets in its product categories.

Share of the customer

Which of the macroenvironmental forces below can most likely be controlled by a company? -A culture's beliefs and values -The availability of new technologies -The Changing Age structure of the population -changes in consumer spending -Economic shifts

The availability of new technologies

What is the difference between a want and a need

The difference between a need and a want is that a want is a need with a specific target attached to it.

__________ is the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.

competitive marketing intelligence

__________ is marketing research to gather preliminary information that will help define problems and suggest hypotheses.

exploratory research

__________ is the process of evaluating each market segment's attractiveness and selecting one or more segments to enter.

market targeting

__________ is turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives.

marketing implementation

The __________ is the idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements.

product concept

LG wants to increase its sales among its current cell phone customers by introducing accessories such as customizable cases, earbuds, and headphones. This is an example of: -market penetration -diversification -product development -market development

product development

Needs are __________.

states of felt deprivation

In a __________ sample, the population is divided into mutually exclusive groups and random samples are drawn from each group.

stratified random

A company has an employee training progam that helps it develop workers that are more efficient than its competitors. This training program is an example of: -threat -weakness -strength -an opportunity

strength

the 74 million people born during the years following World War II and lasting until 1964.

Baby Boomers

Chipotle is considering raising the price of its burritos. Before they change the price nationwide, they raise the price of its burritos in Columbus and measure the effect of the price change on sales. The type of marketing research being conducted is best described as which of the following? -Exploratory -Survey -Causal -Cluster -Descriptive

Causal

You want to conduct a survey measuring how BGSU students who live on campus feel about the dining options. To do so, you divide all of the on-campus students into groups based on which floor of which dorm they live in (e.g., 3rd floor of Kohl; 4th floor of McDonald). Next, you select sample groups and survey every student that belongs to that group. This is an example of which of the following survey methods? -Simple Random -Quota -Cluster -Convenience -Judgement -Stratified Random

Cluster

The __________ outlines researcher responsibilities to respondents, including confidentiality, privacy, and avoidance of harassment.

Code of Standards and Ethics for survey Research

True or False:To be successful, a company should set expectations for its products as high as possible.

False

The __________ is the larger societal forces that affect the microenvironment—demographic, economic, natural, technological, political, and cultural forces.

Macroenvironment

The __________ authorizes the FTC to determine rules and regulations for consumer warranties and provides consumer access to redress, such as the class action suit.

Magnuson-Muss Warranty Act

__________ is company growth by identifying and developing new market segments for current company products.

Market Development

A shopping website is tracking its visitors, including keeping information about what pages each visitor views, how long the person looks at each page, and what item is finally purchased. This tracking uses what type of marketing research approach? -Observation -Ethnographic -Survey -Experimental

Observational

Your boss says to you, "People are going to buy our product because we have the best product with the latest and greatest features!" This statement most likely reflects which of the following marketing orientations? -Selling Concept -Marketing Concept -Product Concept -Production Concept -Societal Marketing Concept

Product Concept

__________ is company growth by offering modified or new products to current market segments.

Product development

__________ is a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification.

Product/ Market expansion grid

The __________ is the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency.

Production concept

__________ are segments of the population selected for marketing research to represent the population as a whole.

Samples

Companies who hire lobbyists to influence legislation affecting their industries are said to be taking __________ action to affect the publics and forces in their marketing environment.

aggressive

Which of these demographic trends would most likely lead to an increase in telecommuting? -migration of the population to suburban areas -Growing percentage of married children who do not have children -changing composition of the modern American family -Declining number of manufacturing workers in the workforce -Changes in the age structure of the population

migration of the population to suburban areas

__________ is gathering primary data by observing relevant people, actions, and situations.

observational research

Some companies may define their mission in terms of the products or technologies they sell. Why would these companies be considered myopic? -consumer preferences for products and technologies are hard to predict -products and technologies will eventually become outdated -most consumers prefer to use simple technology -consumer preferences for product categories vary from person to person

products and technologies will eventually become outdated

The __________ is any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives.

public

Customer relationship management is __________.

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

Marketing is __________.

the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

In a __________ sample, the population is divided into mutually exclusive groups and the researcher draws a sample of the groups to interview.

cluster

__________ refers to a prescribed number of people in each of several categories who are identified and interviewed by the researcher.

quota sample

__________ is marketing research to test hypotheses about cause-and-effect relationships.

Causal Research

Which of the following is the most likely to affect the company's macroenvironment? -The retailers that sell a company's products -other companies in the same industry -The company's management -Geographic shifts in the population -The company's employees

Geographic shifts in the population

Which of the following is an example of an open-ended survey question? -Did you vote in the last election -Where is your voting precinct -How many times have you voted -How do you feel voting helps this country

How do you feel voting helps this country

prohibits monopolies and activities (price-fixing, predatory pricing) that restrain trade or competition in interstate commerce

Sherman Antitrust Act

__________ is the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities.

Strategic panning

__________ are information that already exists somewhere, having been collected for another purpose.

Secondary data

The __________ is the idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort.

Selling concept

________ are the 55 million people born between 1965 and 1976 in the "birth dearth" following the baby boom.

Gen X

_______ are the 75 million (or more) children of the baby boomers born between 1981 and 1997.

Gen Y

The __________ is the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers.

Marketing Environment

A(n) __________ is people and processes dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights.

Marketing Information System

__________ is the mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by these products.

Marketing Myopia

__________ consist of information collected for the specific purpose at hand.

primary data