Marketing Midterm

5 step marketing process

1. Understand the marketplace and customer needs and wants 2. Design a customer-driven marketing strategy 3. Construct an integrated marketing program that delivers superior value 4. Build profitable relationships and create customer delight 5. Capture value from customers to create profits and customer equity

True or False: Companies today are moving away from target marketing and toward mass marketing.

False

What is the most important consumer buying organization in society?

Family

A shoe company's ads feature the members of a popular Christian music band. Product sales increase significantly among the band's fans. From the fans' viewpoint, the band is a ________.

Reference group

________ refer to a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible.

Services

Explain the four major steps in designing a customer-driven marketing strategy.

Step 1: Segmentation=divide total market into smaller segments Step 2: Targeting= select segment/segments to enter Step 3: Differentiation= Differentiate the market offering to create superior value Step 4: Positioning= Position market offering in minds of target market

Marketers are said to suffer from marketing myopia when they ignore underlying consumer experiences and focus excessively on ________.

The Product

True or False: Big data refers to the huge data sets generated by sophisticated information generation, collection, storage, and analysis technologies.

True

True or False: Business marketers use variables such as customer operating characteristics, purchasing approaches, situational factors, and personal characteristics.

True

True or False: Place marketing involves activities undertaken to create, maintain, or change attitudes or behavior toward particular places.

True

Describe the components of a marketing information system (MIS)

internal data bases, marketing intelligence, and marketing research in the center. Around those three parts are assessing, developing, and analyzing information. Then underneath all of those are target markets, marketing channels, competitors/publics, and macroenvironmental forces.

Demographic, economic, natural, technological, political, and cultural forces form the_______ of an organization

macroenviroment

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

marketing services agencies

Which of the following demonstrates the real value of a company's marketing research and information system?

the customer insights it provides

Which of the following are examples of internal publics of a company?

the managers, board of directors, and workers of the company

Which of the following is part of the microenvironment of a firm's marketing environment?

the suppliers that work w the company

Cosmetics firm SatinSilk is revamping its mission statement and advertising strategy. The CEO stresses that the new mission statement should be market-oriented rather than product-oriented. Which of the following mission statements will best suit the company?

to give customers the complexion they dream about by providing products suited to their needs

A friend recommends a product using personal words or sharing a positive experience with a product. This is an example of ___________________.

word-of-mouth marketing

Which of the following products would the electronics company CypressSound classify as a cash cow in its BCG matrix?

Apple—an Ipad that has a high market share in a market that is not expected to grow significantly

Product planners must build a(n) ________ product around the core benefit and actual product by offering additional consumer services and benefits.

Augmented

Kelstone Developers is planning to build a new shopping mall that would require the partial acquisition of a nearby public park. Walking Green, an environmental group, challenges the plan citing environmental destruction. In response to the demands of Walking Green, Kelstone Developers promises to build a huge park-like walkway around the mall. Walking Green is an example of a(n) ________ in this scenario.

Citizen action public

________ products are consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort.

Convenience

Harley-Davidson disciples share a common, deeply held attraction to the brand. Harley appeals include: freedom, independence, power, and authenticity. Harley-Davidson doesn't just sell motorcycles. It sells self-expression, lifestyles, aspirations, and dreams. This illustrates ________.

Core customer values

A child in the United States is exposed to many values including achievement and success, freedom, individualism, hard work, and material comfort. These are symbolic of American

Culture

Rule #1 - The customer is always right. Rule #2 - If the customer is ever wrong, reread Rule #1. This is an example of:

Market Driven

________ is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behavior.

Market Segmentation

Bakeries and coffee bistros that offer pumpkin-flavored items only during the autumn season target their consumers primarily through ________ segmentation.

Occassion

Many marketers now embrace a ________ strategy, integrating ethnic and cross-cultural perspectives within their mainstream marketing.

Total Market

marketing information system 3 main functions

assess information needs, developing the needed information, and helping decision makers to use information to generate and validate actionable customer and market insights.

Hammond Corp. operates in the highly aggressive electronics market. The firm aims to obtain early warnings of opportunities and threats caused by the actions of other firms that are doing well in the industry. Which of the following sources would best serve Hammond's purpose?

competitive marketing intelligence