Marketing Exam 1: Central College

Which of the following best describes a company's business portfolio?

the collection of businesses and products that make up the company

Which of the following sources constitutes the internal database of a company?

the company's sales records

Which of the following best describes the value chain of a company?

the series of departments that design, produce, market, deliver, and support the company's products

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is referred to as ________.

customer relationship management

Demographic, economic, natural, technological, political, and cultural forces form the ________ of an organization.

macroenvironment

The two dimensions the BCG approach uses to evaluate and manage SBUs are ________.

market growth rate and relative market share

A strategy for company growth that involves increasing sales to current market segments without changing the product is known as ________.

market penetration

Under Armour increasing its advertising spending and offering an ever-increasing range of styles and colors in its original apparel line is an example of a ________ strategy.

market penetration

Dividing a market into several sections of customers is known as ________.

market segmentation

A ________ is purposeful, specifying what an organization wants to accomplish in the larger environment.

mission statement

A marketing intermediary would most likely help a firm by ________.

moving the firm's goods from production points to distribution centers

In a SWOT analysis, ________ refer to favorable factors or trends in the external environment that a company may be able to exploit to its advantage.

opportunities

In a marketer's macroenvironment, the ________ environment consists of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society.

political

The most common research instrument, whether administered in person, by phone, by e-mail, or online, is the ________.

questionnaire

Information collected from commercial online databases or through Internet search engines are examples of ________ data.

secondary

Both market penetration strategies and market development strategies primarily involve ________.

selling a company's current products

The information collected for an internal database is typically complete and in the proper form.

False

Walmart's microenvironment includes suppliers.

True

________ markets consist of individuals and households that buy goods and services for personal use.

Consumer

In the marketing mix, product refers to activities that communicate the merits of a product and persuade target customers to buy it.

False

Market offerings are limited to physical products.

False

Secondary data consist of information collected for the specific purpose at hand.

False

________ is the final step in the marketing research process.

Interpreting and reporting the findings

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

Marketing management

Which of the following has the primary function of helping a company target and promote its products to the right markets?

Marketing services agencies

________ are defined as states of felt deprivation.

Needs

According to the BCG matrix, products or businesses with a low share of market in a high-growth industry are considered ________.

Question mark

________ is a method of gathering primary data that involves asking people questions about their knowledge, attitudes, preferences, and buying behavior.

Survey research

The marketing concept is a customer-centered, sense-and-respond philosophy.

True

A brand's value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs.

True

A market is a segment of potential consumers who share a common need or want.

True

Each population member has a known chance of being included when a probability sampling procedure is used.

True

Product, price, place, and promotion make up the elements of a firm's marketing mix.

True

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

Wants

Experimental research is best suited for gathering ________ information.

causal

P&G "Tide Loads of Hope" program provides mobile laundromats and loads of clean laundry to families in disaster-stricken areas. This is an example of ________ marketing.

cause-related

Changes in variables, such as income, cost of living, interest rates, and savings and borrowing patterns most likely reflect changes in the ________ environment of a company.

economic

The objective of ________ research is to gather preliminary information that will help define the problem and suggest hypotheses.

exploratory

Monfax Corporation insures manufacturers, distributors, and consumers against the loss or damage of goods during transportation after a purchase or sale. In this case, Monfax is an example of a ________.

financial intermediary

Which of the following represents a change in the technological environment of a marketing firm?

increased use of RFID systems to track products