Marketing Exam 1 Study Guide (Chapters 1-4)
Marketing information has no value until it is used ________.
to make better marketing decisions
Proactive businesses often take aggressive actions to affect consumers and the forces in their marketing environments. Which of the following does NOT depict a proactive company?
A local restaurant refusing to counter false allegations of salmonella
What is the 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, interpret and report the findings
Customer insights come from good marketing information, which contributes to creating value and meaningful customer relationships. Companies use these customer insights to develop ________.
a competitive advantage
Satisfied customers buy again and tell others about their good experiences. What is customer satisfaction based on?
customer expectations
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 act of obtaining a desired object from someone by offering something in return is known as which of the following?
an exchange
You and seven other people relay your feelings and thoughts about a potential new product to a trained moderator. In exchange, you receive a small payment. You are participating in a(n) ________.
focus group
Companies apply ________ to dig out meaningful patterns in big data to gain customer insights and gauge marketing performance.
marketing analytics
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
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
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
Partners in a value chain would typically include:
suppliers, distributors, and customers
When a company chooses a group of customers to serve, it is engaging in which of the following?
target marketing
Which of the following would be good advice for someone conducting marketing research in a foreign country?
Reaching respondents in other parts of the world is more difficult than it is in the United States.
Wonders such as smartphones, driverless cars, and antibiotics can be attributed to which marketing environment?
Technological
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 SBU's market or industry and the strength of the SBU's position in that market or industry
Nguyen's Sporting Goods is having difficulty obtaining the credit it needs to expand. What should the company do in order to alleviate its financial situation?
Work out a plan with its financial intermediaries
What is the main problem that sellers suffering from marketing myopia face?
they focus more on products than on the customers underlying need
The first step of the marketing process is to ___________________.
understand the marketplace, which includes customer needs and wants
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 SWOT is a part of which marketing management function?
Marketing Analysis
Which of the following correctly describes customer purchases, sales force contacts, service and support calls, web and social media site visits, satisfaction surveys, credit and payment interactions, and market research studies?
Touch points
Huge and complex data sets generated by today's sophisticated information generation, collection, storage, and analysis technologies are referred to as _______.
big data
The best ________ is the one that best fits the company's strengths and weaknesses to opportunities in the environment.
business portfolio
Changes in the _____________________ have focused greater emphasis on ethics and socially responsible actions.
political and social environment
The most common mistake firms make is to view CRM, marketing analytics, and AI as _______.
technology processes only
Marketing management can adopt one of five competing market orientations, which include _________.
the production concept, the product concept, the selling concept, the marketing concept, and the societal marketing concept
Why is good marketing management critical?
to ensure that the company serves as many customers as in can and as well as it can
The core marketplace concepts are ________.
needs, wants, and demands; market offerings (products, services, and experiences); value and satisfaction; exchange and relationships; and markets
Vaughn's Video has suffered because more people are subscribing to online streaming sites such as Netflix, YouTube, iTunes, Amazon, and Hulu. Which of the following marketing trends has NOT affected Vaughn's Video?
not-for-profit marketing
All of the following are aspects of sustainable marketing EXCEPT which one?
observe environmental legislation as it is instituted
According to the text, __________ are perhaps the most dramatic forces affecting today's marketing strategies.
technological forces
One useful device for identifying growth opportunities is the product/market expansion grid, which includes which of the following strategies?
Market penetration, market development, product development, and diversification
The marketing process consists of five key steps. Which of the following is the first step?
Understand the marketplace and customer needs and wants
To create value for customers, marketers must improve the performance of the ______________, which includes partnering with suppliers, distributors, and customers.
Value Delivery Network
Two major public policy and ethical issues in marketing research are ________.
intrusions on consumer privacy and misuse of research 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
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
Marketing information is of no value until it is used for what purpose?
To make better marketing decisions
The marketing process involves five steps. The first four steps focus on ________.
creating value for customers
The cultural environment consists of ________ that affect a society's values, perceptions, preferences, and behaviors.
institutions and forces
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.
What are the five marketing management functions used to manage the marketing process?
Analysis, planning, implementation, organization, and control
Calvin's Cupcakes is attempting to gather information about its customers in order to improve its customer service. Which of the following is the BEST path for this company to start to develop an efficient MIS?
Assess the information needs of the company
When a company starts the strategic planning process at the corporate level, it begins by _____________________________.
Defining its overall purpose and mission
Age, race, gender, and other statistics are part of a company's _____ environment.
Demographic
Which of the following best describes the societal marketing concept?
Edward's Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term.
A company's value chain is only as strong as its weakest link. What should a company do to properly gauge the strength of its links and continually improve?
Examine how well each group performs its work of adding customer value.
Which of the following describes the type of research used to help define the research problem and suggest hypotheses?
Exploratory research
Marketers obtain needed marketing information from which of the following?
Internal data, marketing intelligence, and marketing research
What are the three general sources from which marketers can obtain information?
Internal data, marketing intelligence, and marketing research
To find the best strategy and mix and to put them into action, the company engages in five activities, including which of the following?
Marketing analysis, planning, implementation, organization, and control
Which of the following is NOT true regarding international marketing research?
The cost of international research is lower.
How does the microenvironment of a company differ from its macroenvironment?
The microenvironment deals with the company, suppliers, marketing intermediaries, customer markets, competitors, and publics.
Which of the following includes shortages of certain raw materials, higher pollution levels, and more government intervention?
The natural environment
How does the new concept of marketing differ from the old concept of marketing (telling and selling) ?
The new concept focuses on customer needs
Why is marketing return on investment (ROI) so difficult to measure?
There is no consistent definition.
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; developing strategies for growth and downsizing
The marketing information system (MIS) first ________.
assesses information needs
Scott Frost has been coming to Aldwin's Diner for 20 years and refuses to go anywhere else. Joseph, the owner of Aldwin's, loves Scott's loyalty but admits he purchases only a cup of coffee at each visit. Scott would BEST be described as which of the following?
barnacle
The real value of marketing information rests in the _____________________.
customer insights it provides
Understanding needs, wants, and demands helps companies to design market offerings and build value-laden customer relationships through which they can capture _____________________.
customer lifetime value and greater share of customer
To analyze individual customer data, many companies have now acquired or developed special software and analysis techniques called ________.
customer relationship management (CRM)
The marketing concept holds that successful marketing strategies are based on _______.
customer satisfaction and value
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 goals and objectives; the business portfolio
Julies jump rope emporium is a new company. From a marketing standpoint, what is the FIRST thing Julies jump rope emporium needs to do?
determine who in the community wants of needs a jumprope
The group of factors that affect consumers' purchasing power and spending patterns is called the _________________.
economic environment
A company's marketing information system (MIS) is valuable because it ___________________.
enables a company to use customer insights to improve relationships with customers
In recent years, today's marketers are also reexamining their ________ responsibilities.
ethical and societal
Asher airlines instituted a marketing program whose intent is to create a relationship with customers with seat upgrades and free miles for their continued patronage. What customer relationship tool is Asher airlines using?
frequency marketing program
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 ________, ________________, and ________________.
growing shortages of raw materials, increased pollution, and increased government intervention in natural resource management
Which of the following describes the current trend in businesses regarding relationships with customers?
hand pick the most profitable customers and allow them more input
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 second critical phase in developing a marketing information system (MIS) is developing information. The information is developed from ________, __________, and ____________.
internal databases, marketing intelligence activities, and marketing research
The fourth step in the marketing research process is ________.
interpreting and reporting the findings
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 return on investment
Outstanding marketing companies go to great lengths to learn about and understand their customers' ________.
needs, wants, and demands
Which marketing philosophy holds that consumers will favor products that offer the most in quality, performance, and innovative quality?
product concept
Marketing departments can be organized in a number of ways. However, more and more companies are changing organizational focus from ________ to ________.
product or territory management; customer relationship management
The microenvironment consists of those close to the company that combine to form its value delivery network or that affect its ability to serve customers through six key ways, which include ________, __________, ___________, ________, _________, and _______.
the company, suppliers, marketing intermediaries, customer markets, competitors, and publics
What is the MOST likely to cause a variation in customer-perceived value?
the customers opinion of what constitutes value
How has the internet MOST affected companies and customers?
the internet has allowed consumers to take marketing content and share it
Selling and advertising are part of a larger set of marketing tools that work together to satisfy customer needs and build customer relationships known as
the marketing mix
The natural environment involves __________________ that are needed as inputs by marketers or that are affected by marketing activities.
the physical environment and natural resources
The major cultural values of a society are expressed by people's views of ____________________.
themselves, others, organizations, society, nature, and the universe
Which of the following is enhancing how marketers learn about and interact with customers?
big data and marketing analytics
The demographic environment is of major interest to marketers because ________.
it involves people, and people make up markets
To exercise social responsibility, many companies are linking themselves to what type of marketing?
Cause-related
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, and causal research
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
Which generational group seamlessly blends online and offline worlds as they socialize and shop?
Generation Z
A value chain consists of which of the following?
Internal departments and other companies that carry out value-creating activities
Of the following, which best reflects how the American population has changed over time?
It has become more diverse, better educated, and more mobile.
Which of the following is a valid concern when it comes to the four Ps concept?
It may omit or underemphasize certain important activities.
After creating a company's mission and objectives, the executive team must then plan ____________ by keeping in mind the best fit for its strengths, weaknesses, and opportunities in the environment.
Its business portfolio
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
A marketing dashboard is used to do which of the following?
Monitor strategic marketing performance
How do market demands relate to needs and wants?
Needs are satisfied by wants, and buying power converts wants into demand
Which of the following correctly identifies the five core customer and marketplace concepts?
Needs, wants, and demands; market offerings; value and satisfaction; exchanges and relationships; and markets
Sanchez Hispanic Foods and Seasonings has started to grow larger than the Sanchez family could ever have imagined. The company is having a hard time keeping track of all of the business' marketing activities. They know that they are going to need help to keep the business growing and are looking for solutions. Which of the following potential hires is likely the best decision for the Sanchez family?
Noah Lopez, a marketing specialist and expert who would be hired as the Sanchez family's new chief marketing officer
Which of the following BEST describes research relationships?
Observation is best suited for exploratory research, surveys for descriptive research, and experiments for causal research.
Beverly's Burgers came under fire recently when allegations were made that its veggie burgers were actually made with beef. To counter the claims, the restaurant called in a company to test not only its veggie burgers, but also the rest of its vegetarian options to prove they lacked meat. The results were displayed publicly on the restaurant's Facebook page. What BEST describes Beverly's Burgers' response to the allegations?
Proactive
Firms that develop strategies to change the environment, instead of assuming that strategic options are bounded by the current environment, are being _______.
Proactive
Which of the following actions helps a company find the game plan for long-run survival and growth that makes the most sense given its specific situation, opportunities, objectives, and resources?
Strategic Planning
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
Which of the following is NOT part of an overall SWOT analysis evaluation of a company?
Strategy
__________ consists of 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.
The marketing information system
What is the importance of selling and advertising in marketing?
They work in tandem with building customer relationships
Tina's Tunes is a music store that has been selling CDs for 20 years. Throughout the last six years, sales have continuously declined and profits have almost completely disappeared. The owner of Tina's Tunes believes resurgence is likely to happen soon and wants to continue business as usual. What is likely to happen to Tina's Tunes?
Tina's Tunes is likely to fail because it is ignoring the technological environment.
Which of the following BEST describes the purpose of customer insights?
To create more value for customers
A new hardware company is writing its mission statement. Which of the following is the BEST mission statement possible for the new company?
We will help customers build, invigorate, restore, refurbish, or completely redesign their homes or businesses
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.
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
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
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 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
A marketing information system (MIS) helps users analyze and use information to ________, ______________, and _______________.
develop customer insights, make marketing decisions, and manage customer relationships
Advances in ________ are forces that offer exciting new opportunities to target customers more selectively and engage them more deeply.
digital and social media
The first step in the marketing research process involves defining the problem and setting research objectives , which might be _________, ___________, or ____________ research.
exploratory, descriptive, or causal
Legislation affecting business around the world has increased steadily over the years within the political environment. The increased legislation has been enacted in three primary areas, including ________, ______________, and _______________.
laws protecting companies from each other, laws protecting consumers, and 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 ________, __________, __________, and ___________.
levels of economic development, cultures and customs, buying patterns, and scarcity of secondary data
A local drama club wants to increase the membership and attendance at its performances. To do so, it hosts free shows, starts poetry-reading nights, and sends volunteers to the local high school. What is the drama club engaging in?
market exchange
There are too many different kinds of consumers with too many different kinds of needs. So, companies must design strategies for profitably serving chosen segments. The design of the strategies begins with four key elements, which are ________, _______, ________, and ___________.
market segmentation, market targeting, differentiation, and positioning
Which of the following correctly identifies the three research approaches for gathering primary data?
observation, surveys, and experiments
Marketers want to predict cultural shifts to spot new opportunities or threats. The major cultural values of a society are expressed in people's views of themselves and others, as well as in their views of ________, __________, ____________, and ________.
organizations, society, nature, and the universe
Many companies view the marketing environment as an uncontrollable element to which they must ________.
react and adapt
The ultimate goal of the marketing process is to do which of the following?
receive value from customers
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
Ethel and Jan have just started a new company, Jantel, Inc., and are having trouble deciding which marketing path to take to drive sales. Ethel believes they should follow a make-and-sell philosophy that focuses on improving their product, whereas Jan believes they should be more customer-oriented and find the right products for their customers. Which of the following BEST describes this situation?
should jantel inc follow a product or marketing concept
Which of the following identifies a change in the technological environment that could affect the success of a business?
A company develops a new battery that lasts twice as long as its predecessor.
A power tool company wants to give its customers access to internal, nonpublic information about how best to use its product in creative ways. What should the company create to provide customers with this information?
A company extranet
Which of the following generational groups represents one of the most powerful forces shaping the marketing environment?
Baby Boomers
Which types of companies would most benefit from conducting marketing research?
Both large multinational firms like Disney and IBM and small local firms
How do the individual components of a SWOT analysis work together to determine the status of a company?
By ascertaining a company's strengths, relating them to opportunities, minimizing weaknesses, and identifying threats to growth and development
Which of the following is true regarding the technological environment?
Companies must keep up with changes in technology or risk being left behind.
Which of the following is NOT a step in the marketing research process?
Comparing research findings to other studies
Which of the following is NOT one of the forces in a company's macroenvironment that shape opportunities and pose threats to the company?
Competitive forces
What is the correct sequence of the steps in the strategic planning process?
Define the company mission, set company objectives and goals, design the business portfolio, and plan the market and other functional strategies
__________________ is a group numbering 55 million or more consumers and sometimes is an overlooked "in-between" consumer group because it is both smaller and less materialistic than other groups and prizes experience, not acquisition.
Generation X
Stars, cash cows, question marks, and dogs are the four types of strategic business units (SBUs) defined in which of the following?
Growth-share Matrix
The role of a company's marketing intermediaries is to do which of the following?
Help the company find, promote, sell, and distribute products
What are stars in the growth-share matrix?
High-growth, high-share businesses or products
The goal of a market development growth strategy is to do which of the following?
Identify and develop new markets for current products of a company's market
In analyzing a company's current business portfolio, what is management's first step?
Identify strategic business units
A company is conducting market research to determine the best areas in which to sell its product. It has developed the research plan. What is the next step of this company's research plan?
Implement the plan
Using the BCG growth-share matrix as a guide, Masumura Technologies identified question marks in its business portfolio but is currently maintaining its market share. At a recent meeting with the company's senior management team, the CEO of Masumura and her team members decided to allocate all of the company's profits toward the growth and expansion of these question marks, in order to cause the question marks to become stars. What is likely to happen to this company?
The growth of the company will be unpredictable because there is no guarantee that a question mark will become a star.
Which marketing management orientation holds that a firm should have a customer focus to achieve sales and profits?
The marketing concept
Which of the following is the primary reason firms use competitive marketing intelligence?
To gain early insights into competitor moves and strategies, and to prepare quick responses
Why is it important for a company to collect both primary and secondary data when conducting marketing research?
To have a "full picture" of the subject of its study
According to Peter Drucker, what is the aim of modern marketing?
To make selling unnecessary
What is the purpose of the marketing mix as part of the overall marketing strategy?
To produce a response that influences a demand for the product from the customers the company is targeting
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 designs a(n) ________.
integrated marketing mix
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
Rather than simply watching and responding to environmental events, firms can be proactive by ____________.
pressing lawsuits to keep competitors in line
Companies need meaningful customer insights so they can _____________________________.
produce superior value for their customers
Which of the following Is NOT one of the four p's of marketing mix?
production
The second purpose of government regulation is to _____________________.
protect consumers from unfair business practices
The third purpose of government regulation is to _____________________.
protect the interests of society against unrestrained business practices
The purpose of business legislation is primarily based on ________.
protecting companies from each other
Marketing must also partner effectively with other companies in the marketing system to form a competitively superior ________.
value delivery network
What are the variables in a company's marketing mix?
Product, price, place, and promotion
Which of the following consists of factors affecting buying power and patterns?
The economic environment
What constitutes a marketing information system (MIS)?
A system to generate and validate actionable customer and market insights
Which of the following is NOT a primary goal of competitive marketing intelligence?
Creating an understanding of the business-to-business environment
Which of the following is included in a broad definition of marketing?
Creating customer value, building customer relationships, and engaging customers
Juanita owns a small hot-air balloon company in Albuquerque, New Mexico. She recently started a Facebook page for her company, and many of her customers are asking for store-sponsored hot-air balloon trips. They believe Juanita's expertise would make her the perfect guide. Juanita decides to host quarterly hot-air balloon trips and experiences a huge increase in sales and customer satisfaction. Which of the following is the BEST conclusion that can be drawn from Juanita's situation?
Customer insights can provide valuable information to a small businesses.
________ is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Customer relationship management
________ companies research customers deeply to learn about their desires, gather new product ideas, and test product improvements.
Customer-driven
An international company has appointed a CPO to ensure the privacy and confidentiality of the consumer data it collects. Which of the following is the CPO MOST likely to do as a function of his or her job?
Inform customers of the company's privacy policy
Jill Parker owns 2,000 acres of ranchland in Iowa. Recently, a supply of natural gas was discovered on her property. Not knowing much about the marketing environment, she asks you what she should do. Which of the following is the BEST advice?
Jill should focus on the business market and license the natural gas rights.
Which of the following statements about big data is correct?
One result of big data is that marketing managers are often overloaded and overwhelmed with information.
Which of the following statements about online research is correct?
Online surveys generally have higher response rates than those conducted by mail or phone.
Which of the following information must a researcher evaluate to make certain it is relevant, accurate, and impartial?
Secondary information
Which of the following is NOT a step in the strategic planning process?
Set revenue & financial goals
The environment that consists of institutions and forces that affect a society's values, perceptions, preferences, and behaviors is the ________________________.
cultural environment
Bertram's Beer structures its company in such a way as to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers. What is Bertram's Beer attempting to build?
customer equity
Marketing tools used in digital and social media marketing include _______.
social media, mobile apps, and blogs
To be successful, why should companies try to adopt a proactive stance on marketing?
A proactive stance allows a company to take advantage of opportunities as they arise.
Which of the following enhances how marketers learn about and interact with customers?
Big data and marketing analytics
Which of the following is NOT one of the components of a company's microenvironment?
Cultural forces
Which of the following is at the center of marketing strategy and programs?
Customer Engagement, Value, & Relationships
________ are at the center of marketing strategy and programs.
Customer engagement, value, and relationships
The ultimate aim of customer relationship management is to produce high _____.
Customer equity
The demographic, economic, natural, technological, political, and cultural forces that affect a company's ability to serve its customers make up which of the following?
Macroenvironment
Denim Blue Jean Corporation is a growing company located in Washington State, but it is beginning to develop a presence in the surrounding states as well. It sells only one product - blue jeans - but it has 12 different lines of jeans that cater to men, women, children, babies, toddlers, and teens. Which type of marketing department organization would BEST suit Denim Blue Jean Corporation?
Market Management Organization
When consumers respond in a similar way to a given set of marketing efforts, they can be referred to as a _________.
Market Segment
Fairly recently, Starbucks began expanding into China. At one point, Starbucks was opening a new store in China every 15 hours. Which product/market expansion strategy does this represent?
Market development
The product/market expansion grid is a tool that allows marketers to identify growth opportunities. Of the following, which represent the four components of the product/market expansion grid?
Market penetration, market development, product development, and diversification
________ 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
Marketing plays a key role in the company's strategic planning by providing a ________ concept philosophy and inputs regarding attractive market opportunities.
Marketing
___________consists of the analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance.
Marketing analytic
What are the two keys to building lasting customer relationships?
Superior customer value and satisfaction
_____________________________ compose a company's external value delivery network
Suppliers, distributors, and customers
Chicago's Best Pizzeria has been operating on the north side of Chicago for more than 30 years. Its target market includes young urban professionals who want new-style organic pizzas with exotic ingredients. However, in recent years, the population in the pizzeria's neighborhood has been shifting, and now fewer young urban professionals live there. The population has grown older and wants traditional pizza, not pizza with exotic ingredients. Which of the following identifies the pizzeria's BEST response to this situation?
Target a new market with a different product.
Which of the following environments demonstrates a changing age structure, shifting family profiles, geographic population shifts, a better-educated and more white-collar population, and increasing diversity?
The demographic environment
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
To ________ for customers and ________, marketers must first gain fresh, deep insights into what customers need and want.
create value; build meaningful relationships with them
The economic environment impacts marketing decisions. The economic environment consists of two primary economic factors that affect __________________.
consumer purchasing power and spending patterns
The goal of ________ is to develop and maintain a fit between the organization's goals and capabilities and its changing marketing opportunities.
strategic planning
Marketing provides a guiding philosophy for a company's strategic planning. This philosophy, known as __________, focuses on creating customer value and building profitable relationships with important consumer groups.
the marketing concept
What are the variables in a company's marketing mix?
Product, price, place, promotion
Which of the following is NOT one of the marketing management functions?
Promoting
Larger ________ that affect the entire microenvironment combine to form the macroenvironment.
Societal forces
Which of the following is an important trend in the natural environment of which marketers should be aware?
Shortages of raw materials
What is the ultimate aim of customer relationship management?
to produce high customer equity
Which of the following represent market offerings?
Products, services, information, and experiences
The Council of American Survey Research Organizations (CASRO) Code of Standards and Ethics for Survey Research outlines researcher responsibilities to survey respondents. Choose the most comprehensive set of responsibilities from the following.
Confidentiality, privacy, and avoidance of harassment
Nibbles Pet Food Corporation is in the process of developing its new market strategy. The marketing team has already established the company's niche product - premium, organic dog and cat food - and contracted to sell it in several high-end pet stores. The team has also determined the optimum price to create value for customers and still make a profit. What does the marketing team need to do now?
Create a promotion strategy to increase customer awareness
A wedding services company changes its marketing strategy to reflect the fact that more LGBTQ (lesbian/gay/bisexual/transgender/queer) marriages are taking place. The company is offering a broader range of ceremonies that cater to this market. Which of the following environments must this wedding company analyze?
Cultural
There have been dramatic changes in the political environment that affect marketing. Which of the following does NOT represent one of those changes?
Strong emphasis on free trade and open borders
