Marketing- test 1
Which of the following statements regarding marketing intelligence is true?
Marketing intelligence is the systematic collection, monitoring, and analysis of publicly available information
Members of which generational group are referred to as echo boomers
Millenial
Which of the following is the most financially strapped generation in the post-recession era?
Millenial
________ marketing is perhaps the fastest-growing marketing platform
Mobile
Which of the following statements is true in the context of the BCG growth-share matrix?
Stars often need heavy investment to finance their rapid growth in a market
Which of the following is most likely a characteristic of the Millennial generation
They are more likely to engage with brands using mobile or social media
Which of the following is most likely a true statement about baby boomers
They are the wealthiest generation in US history
Which of the following is most likely true about companies that take a proactive stance toward the marketing environment?
They develop strategies to change the marketing environment.
Which of the following is most likely a characteristic of firms that adopt a reactive approach toward the marketing environment?
They take advantage of the opportunities provided by the environment
Which of the following is most likely a characteristic of Generation Xers
They were the first group to grow up in the Internet era
A bank that helps a company finance transactions is both a financial intermediary and a financial public
True
A company can assess marketing ROI in terms of standard marketing performance measures, such as brand awareness, sales, or market share
True
A company that adopts a reactive marketing stance would most likely view the marketing environment as an uncontrollable element to which it must adapt.
True
A firm's marketing department must partner with other company departments to produce superior value for customers
True
A market is a segment of potential consumers who share a common need or want
True
An organization's mission statement should emphasize its intentions toward customers and the customer experience the organization seeks to create
True
Companies are adapting their promotional efforts to reflect the changing dynamics of American families
True
Companies like Coca-Cola and Facebook deliver customer satisfaction by spreading happiness and connecting individuals through shared experiences
True
Customer-perceived value is defined as a customer's evaluation of the perceived difference between all the benefits and all the costs of a market offering relative to those of competing offers.
True
Firms that develop strategies to change the environment are considered proactive
True
Government regulations are intended to protect consumers, companies, and societal interests
True
In the final step of a marketing process, a company reaps the rewards of its strong customer relationships by capturing value from customers
True
In the marketing mix, product includes the goods and services the company offers to the target market, while promotion includes advertising
True
Many companies have dropped formal strategic planning models like the BCG because they can be difficult, time consuming, and costly to implement
True
Many companies have started to target the LGBT market segment which has significant buying power
True
Market offerings include entities such as people, places, information, and ideas.
True
Marketers have a better chance of taking advantage of a person's secondary beliefs than his or her core beliefs.
True
Marketing ROI measures the profits generated by investments in marketing activities.
True
Marketing dashboards are used to monitor strategic marketing performance.
True
Organizations that follow the societal marketing concept most likely practice socially and environmentally responsible marketing
True
Product, price, place, and promotion make up the elements of a firm's marketing mix.
True
SBUs identified as cash cows need less investment than stars
True
Success at delivering customer value rests on how well a company's entire supply chain performs against competitors' supply chains
True
The 4As framework takes into consideration the buyer's view of the market
True
The Federal Trade Commission enforces laws that prevent unfair competition in business
True
The distribution of income in the United States has created a tiered market.
True
The marketing concept is a customer-centered, sense-and-respond philosophy
True
The product concept holds that consumers will favor products that offer the most in quality, performance, and innovative features
True
The product-market expansion grid, like the BCG matrix, is used to identify growth opportunities
True
The purchasing power of a population is part of the demographic environment of a company's macroenvironment
True
The rapid increase in the number of people who telecommute has created a booming small office/home office market in the United States
True
Through consumer-generated marketing, consumers themselves are playing a bigger role in shaping their own brand experiences and those of others.
True
Value marketing has become the watchword for many marketers
True
Walmart's microenvironment includes suppliers.
True
Which of the following is most likely a true statement about diversity in the United States?
Various ethnic groups mix together but also retain their cultural differences
Which of the following companies is using a divesting strategy?
When sales of its clothing division decline, Blackstone sells the division to a competitor
Which of the following is an example of a local public
a community organization that addresses welfare issues in its neighborhood
The societal marketing concept holds that ________.
a company's marketing decisions should focus on creating economic value in a way that also creates value for the surrounding environment
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
Which of the following groups is included in both a company's value chain and its value delivery network?
employees
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 citizen-action publics in a company's marketing environment include ________.
environmental groups
Recyclable or biodegradable packaging, recycled materials and components, and better pollution controls are ways that marketers have responded to the ________.
environmental sustainability movement
________ is the act of obtaining a desired object from someone by offering something in return.
exchange
The most common form of marketing organization is the product management organization
false
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 is most likely categorized as a business market
firms that buy goods and services for further processing
Reseller markets consist of ________.
firms that buy goods and services to sell at a profit
Which generational group is characterized as the most educated and the least materialistic
generation X
Which of the following has resulted from the increased educational levels of the U.S. population?
greater job growth for professional workers
The "Stop the Texts. Stop the Wrecks." campaign co-sponsored by the Ad Council and the National Highway Traffic Safety Administration
idea
The process that turns marketing plans into marketing actions to accomplish strategic marketing objectives is called marketing ________.
implementation
Which of the following represents a change in the technological environment of a marketing firm?
increased use of RFID systems to track products
Susan Hart, the manager of a children's boutique, collects data from her monthly records of sales, costs, and cash flow. In this case, Susan is making use of ________ databases.
internal
Volunteers belong to a company's ________ publics
internal
True Value Hardware relies on its ________ to coordinate and carry out activities that provide shoppers with the hardware and home improvement products they need at affordable prices along with top-notch customer service
internal value chain
Big data presents marketers with big opportunities
FALSE
Internal databases usually are more expensive to use than other market information sources.
FALSE
Marketing is primarily concerned with engaging customers and secondarily with managing profitable customer relationships
FALSE
"At CL Online, we create customer connectivity, anytime, anywhere" is a product-oriented mission statement
False
"At Dodson, we sell shoes" is a market-oriented business definition.
False
A company's customer value delivery network does not include members external to the organization.
False
A customer buys a can of Pepsi from a Walmart store. In this scenario, Walmart is a supplier in Pepsi's value delivery network
False
A greater focus on underlying customer needs than on existing customer wants leads to marketing myopia
False
An SBU can be a company division or a product line within a division, but not a single product or brand
False
Barnacles are customers who are potentially profitable but not loyal
False
Cause-related marketing techniques are typically unprofitable for businesses, which is why it is a rarely used form of corporate giving
False
Club marketing programs reward customers who buy frequently or in large amounts
False
Customer equity is a measure of the past value of a company's customer base
False
Customer relationship management focuses on retaining existing customers but not on acquiring new customers
False
Generation X is the least educated group to date
False
Holiday Inn divided the total customer market into smaller segments and selected the most promising segments. Deciding what position it wants to occupy in these segments is called diversification.
False
In a SWOT analysis, strengths and weaknesses refer to a firm's external environment, while opportunities and threats refer to the internal environment
False
In markets with few customers and high margins, sellers should try to develop basic relationships rather than full partnerships
False
In the 4Ps of the marketing mix, promotion refers solely to advertising
False
In the context of income distribution, the middle class in the United States has grown in size over the past several decades.
False
In the marketing mix, product refers to activities that communicate the merits of a product and persuade target customers to buy it.
False
Many SBUs start out as stars and move into the question mark category if they succeed.
False
Marketing intermediaries supply resources needed by a company to produce its goods and services
False
Most firms begin the strategic planning process by developing detailed marketing and departmental plans that support a company-wide plan
False
People's orientation to their society does not impact their consumption patterns and attitudes toward the marketplace
False
Secondary data consist of information collected for the specific purpose at hand
False
Since less than ten percent of smartphone owners use their phones for shopping-related activities, mobile marketing is a slow growing digital marketing platform
False
Stringent product regulations have helped to lower research costs and decrease time between new product ideas and their introduction to the market
False
The Consumer Product Safety Commission has created complex regulations for testing new drugs before they are sold to the public.
False
The Office Depot Foundation serves its financial publics through a variety of programs
False
The growth rate of a strategic business unit that is classified as a star remains constant over time.
False
The information collected for an internal database is typically complete and in the proper form.
False
The least significant demographic trend in the United States is the changing age structure of the population
False
The more loyal a firm's profitable customers, the lower its customer equity.
False
The most important actors in a company's microenvironment are its competitors
False
The position of a strategic business unit in the growth-share matrix typically remains constant over time
False
When backed by buying power, wants become needs
False
When sellers pay less attention to the specific products they offer and more attention to the benefits and experiences produced by these products, they suffer from marketing myopia.
False
Xenon Corp. releases frequent updates to improve its expensive software products. This marketing approach used by the firm is most likely based on the production concept
False
Market offerings are limited to physical products
Flase
ToyBox is a toy manufacturer based in the United Kingdom. Which of the following indicates that the company is following a market penetration strategy?
It acquires toy rights for a popular cartoon character to boost its sales
Which of the following is true of a good marketing information system
It balances the information that a firm would like to have against what they really need
Which of the following is true of competitive marketing intelligence
It can be obtained from information that is available in the public domain
Which of the following is true of strategic planning in a firm?
It deals with adapting the firm to take advantage of changing marketing opportunities
Which of the following is most likely a true statement about people's views about organizations?
Many people view work at an organization as a required chore
Which of the following is true of marketing ROI
Marketing ROI measures the profits generated by investments in marketing activities.
Dividing a market into several sections of customers is known as ________.
market segmentation
________ refers to the process of evaluating each market segment's attractiveness and selecting one or more segments to enter
market targeting
The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
marketing
Evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are attained is called ________.
marketing control
At John Deere, thousands of people both inside and outside the organization make decisions about target segments, branding, product development, pricing, promotion, and distribution. They talk with engineering about product design, advertising agencies about ad campaigns, and large retailers like Lowe's about quality offerings. This is an example of ________.
marketing implentation
________ is the art and science of choosing target markets and building profitable relationships with them.
marketing management
Nike's goal to increase sales of its running shoes by 25 percent during the first 6 months of the new fiscal year is an example of a ________.
marketing objective
________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
marketing research
Which of the following has the primary function of helping a company target and promote its products to the right markets
marketing service agencies
Technology is a way of life for ________, the largest generational group
millennials
A ________ is purposeful, specifying what an organization wants to accomplish in the larger environment.
mission statement
Which of the following is a geographic shift that has been observed in the United States in recent times?
more Americans moving to micropolitan areas
Which of the following is most likely a consequence of the Great Recession of 2008 to 2009?
more sensible and mindful consumption
A marketing intermediary would most likely help a firm by ________.
moving the firm's goods from production points to distribution centers
________ are defined as states of felt deprivation
needs
In a SWOT analysis, which of the following would be considered a weakness of a company
obsolete technologies used by the company
The boom in online, mobile, and social media has created a new set of social and ethical issues for companies. Their greatest concern involves ________.
protecting the privacy of knowing and unknowing customers
P&G's decision to eliminate dozens of major brands from its portfolio including Crisco, Folgers, and Jif to focus on household care, beauty, and grooming products is an example of ________.
pruning
JJ Distributors Ltd. buys electronic products from manufacturers for wholesale and sells them to various retail outlets. To which of the following markets does JJ Distributors Ltd. directly cater
reseller markets
________ are distribution channel firms that help a company find customers or make sales to them.
resellers
Sally purchased a newly introduced moisturizing lotion. By attempting to find out if the lotion's perceived performance matched her expectations, Sally was measuring her level of customer ________.
satisfaction
________ marketing is defined as socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.
sustainable
Dollar General profitably appeals to families with more modest means. The retailer's approach is most likely referred to as ________.
target marketing
The ________ environment is perhaps the most dramatic force shaping the destiny of individuals and offering exciting opportunities for marketers
technological
The migration trend towards micropolitan and suburban areas has caused a shift in where people work. This has resulted in a rapid increase in the number of people who ________.
telecommute
Which of the following is an example of a media public?
television station
Customers who are classified as true believers ________.
tell others about their good experiences with a company
Large companies like P&G, Walmart, and Allstate have designed specialty products and promotions to target a previously untapped market that has grown substantially in recent years. They are appealing to ________.
the LGBT community
Which of the following best describes a company's business portfolio?
the collection of businesses and products that make up the company
A company can offer greater customer value by either charging lower prices than competitors or offering more benefits to justify higher prices
true
Advertising agencies that help a company target a certain section of customers are marketing intermediaries
true
Marketers must practice constant marketing control to ensure that objectives are attained
true
A customer who is both loyal and profitable is referred to as a ________.
true believer
The Amazon Prime program strives to convert casual shoppers into loyal customers. An Amazon Prime customer can be classified as a ________.
true believer
According to the five-step model of the marketing process, the first step in marketing is ________.
understanding the marketplace and customer needs and wants
A ________ is made up of a company, its suppliers, its distributors, and its customers who partner with each other to improve the performance of the entire system
value delivery network
Companies have responded to consumers' back-to-basics sensibility in their lifestyle and spending patterns through ________.
value marketing
A brand's ________ is the set of benefits that it promises to deliver to consumers to satisfy their needs
value proposition
JetBlue's promise to put "You Above All" by "bringing humanity back to travel" is their ________.
value proposition
________ are the form human needs take as they are shaped by culture and individual personality
wants
In which of the following circumstances is an organization likely to engage in full partnerships with key consumers?
when the market has few customers and high margins
Ainsworth is a toy manufacturer based in Australia. Which of the following most likely indicates that Ainsworth is following a diversification strategy?
Ainsworth enters the U.S. market with a line of children's clothing
Vertigo is an electronics company. According to the BCG matrix, which of the following products of Vertigo would most likely classify as a question mark?
Blue — a cell phone that is designed for music lovers and has a very low market share in a market that is growing steadily
BlueBear is a shoe manufacturer based in the United States. Which of the following indicates that the company is following a market development strategy?
BlueBear introduces its shoes in the Indian and South-East Asian markets
Which of the following is most likely true about business legislation
Business laws that are enforced by government agencies have a major impact on a company's marketing performance
Which of the following is most likely true about people's beliefs and values
Core beliefs and values have a high degree of persistence.
________ is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics
Demography
Which of the following best describes a marketing department with a functional organization
Different marketing activities are headed by specialists such as sales managers, advertising managers, marketing research managers, and customer service managers
Which of the following is an example of consumer-generated marketing?
Fun & Run, a local amusement park, promotes its services by allowing consumers to upload videos and write reviews about the park
Which generational group consists of the kid, teen, and tween markets?
Generation Z
Which generational group is most comfortable using digital technologies?
Generation Z
Fargo Inc. is a carbonated beverage manufacturer that has many manufacturing plants around the world. It is planning to shift from using thermal power to wind power for its manufacturing plants in the Netherlands to decrease dependency on nonrenewable sources of energy. This scenario depicts Fargo's concern for its ________ environment
Natural
Greyzone, a company that creates customized household furniture, is based in Terrania and is looking to enter other countries as well. The company identifies the country of Nyevka as a good option because the entry barriers for new companies are low in Nyevka. Which statement indicates that Greyzone follows a diversification strategy?
Noting that Nyevka lacks well-established suppliers of office equipment, Greyzone begins to manufacture and supply office equipment
Managing the marketing function begins with a complete analysis of the company's situation. A thorough ________ is typically undertaken to guide decision making.
SWOT analysis
An effective MIS assesses information needs, develops needed information, and distributes the information to help managers with decision making
TRUE
When managers glean information from their company's accounting and sales records stored in the company computer system, they are using an internal database.
TRUE
Which of the following is most likely a true statement about generational groups in the United States?
The Generation Xers are the most educated generation to date
Omni Healthcare's analgesic drug Cetaprin has a 40% share in the analgesics market in the country of Terrania. Its closest competitor, Febex, has a 25% share in the market, while four other analgesic brands split the remainder. Which statement indicates that Cetaprin is a cash cow according to the BCG matrix?
The demand for analgesic drugs in the Terrania market is expected to remain stable
Which of the following is a difference between the marketing concept and the selling concept?
The marketing concept focuses on customer needs, whereas the selling concept focuses on existing products
Which of the following products would the electronics company CypressSound classify as a cash cow in its BCG matrix?
Xpress — an MP3 player that has a high market share in a market that is not expected to grow significantly
Which of the following is part of the microenvironment of a company's marketing environment?
a just-in-time inventory system used by the company when making purchase decisions
The 4Ps model has been challenged because it omits or underemphasizes important activities such as services. It's also been criticized for taking a seller's, rather than a buyer's, viewpoint. The more recent 4As framework complements the traditional model and includes ________.
acceptability, affordability, accessibility and awareness
In a SWOT analysis, which of the following would most likely be considered a strength of a company?
an improvement in the company's production technology Answer: E
Which of the following illustrates the changing composition of the American family
an increase in the number of non-family households
Which of the following best describes product positioning?
arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
Business portfolio analysis is defined as the process in which management ________.
assesses the attractiveness of an SBU's market and the strength of its position in the market
The initial function of a marketing information system is ________.
assessing the information needs of a company
Companies that practice marketing by ________ create offerings and messages that engage consumers rather than interrupt them.
attraction
To which of the following generational groups do zoomers belong
baby boomer
Which of the following generational groups account for a third of the U.S. population but half of all consumer spending
baby boomer
Secure is a financial services and insurance company. The company's most profitable division is one that sells the Secure Future Plan. The Secure Future Plan targets customers who are entering retirement and want long-term savings so they can remain financially independent in the later years of their life. The marketing team at Secure has most likely targeted the plan at ________.
baby boomers
Carla, a team leader in charge of customer relationship management, is planning strategies to improve the profitability of her firm's least profitable but loyal customers. She is also examining methods for "firing" customers in this group who cannot be made profitable. To which of the following customer relationship groups do these customers belong?
barnacles
Procter & Gamble's Tide detergent does not phone or call on all of its consumers to get to know them personally. Instead, Tide creates engagement and relationships through brand-building advertising, Web sites, and social media presence. Which of the following types of associations would be most profitable for the firm to develop with these customers?
basic relationships
Mattel's American Girl Doll creates special ________ between the dolls and the girls who adore them.
brand experiences
Dextora Technologies manufactures microprocessors and caters exclusively to private manufacturers that produce high-end computers. Which type of market does Dextora directly target?
business market
Efforts to convert ________ into loyal customers are rarely successful
butterflies
A consumer who is potentially profitable but not loyal to a firm's offerings is referred to as a ________.
butterfly
Stew Leonard's has created what has been the "Disneyland of Dairy Stores," complete with costumed characters, scheduled entertainment, and a petting zoo. It's built 30 additions onto the original store, which now serves more than 300,000 customers each week. This legion of loyal shoppers is largely a result of the store's passionate approach to customer service. Instead of focusing on individual transactions, Stew and his staff are putting a priority on ________.
capturing customer lifetime value
The final step in the marketing process is ________.
capturing value from customers
In the BCG matrix, ________ refer to low-growth, high-share businesses or products
cash cows
Ursa Martin, a book publisher, has decided to work with Hope in Children, a charity foundation that helps feed and educate children in poor countries. Ursa Martin has decided that a percentage of revenue from every book it sells will go to the charity. The books are marketed by conveying this message to customers. Which of the following marketing techniques describes Ursa Martin's association with Hope in Children?
cause related marketing
A consumer advocacy group challenges a firm's decision to build a new warehouse in a small community. The advocacy group is an example of a ________ public.
citizen action
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
Customer-driven marketing is most effective when ________.
clear needs exist and customers know what they want
Apple encourages customers to form local Apple user groups. This is an example of a
club marketing program
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
Which of the following is not considered a source of competitive intelligence
competitors' internal databases
________ markets consist of individuals and households that buy goods and services for personal use.
consumer
For the past nine years, PepsiCo's Doritos brand has held a "Crash the Super Bowl" contest in which it invites 30-second ads from consumers and runs the best ones during the game. This is an example of ________.
consumer generated marketing
Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on ________.
consumers existing wants
The selling concept holds that ________.
consumers will not buy enough of a firm's products unless the firm undertakes large-scale persuasion and promotion efforts
Ritz-Carlton is fervently dedicated to anticipating customers' slightest needs. Without ever asking, they seem to know when customers want a king-size bed, non-allergenic pillow, extra body gel or the blinds open upon arrival. An amazing 95 percent of departing guests report that their stay has been a truly memorable experience. This is an example of ________.
customer delight
________ companies research customers deeply to learn about their desires, gather new product ideas, and test product improvements.
customer driven
Cylog, a leading provider of personal computer systems, began manufacturing tablet devices after predicting a future consumer need for portability. Which of the following was most likely implemented by Cylog?
customer driving marketing
________ is the total combined customer lifetime values of all the company's current and potential customers.
customer equity
Which of the following terms refers to a customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers?
customer perceived value
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is referred to as ________.
customer relationship management
According to the text, ________ are the most important actors in a company's microenvironment
customers
Due to the limitations of the BCG and other formal portfolio planning models, many companies are placing responsibility for strategic planning in the hands of cross-functional teams of divisional managers who are close to their markets. In such organizations, strategic planning is ________.
decentralized
A brand's value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs
true
The marketing manager of Appeal Inc. has noticed a sharp decrease in sales over the last two months. The manager decides to conduct marketing research to identify potential causes for the drop in sales. Which of the following should the manager do first?
define the problem and objectives
________ is often the most difficult but most critical step in the research process.
defining the problem and research objectives
Abel now has the buying power to purchase the computer that he wanted to buy six months ago. Abel's want has most likely become a ________.
demand
Both product development strategies and diversification strategies involve ________.
developing a new product
Which of the following will most likely be included in the "price" component of a company's marketing mix?
discounts
A strategy for company growth through starting up or acquiring businesses outside the company's current products and markets is called ________.
diversificaction
Under Armour's recent expansion into the digital personal health and fitness tracking market through acquisitions of three fitness app companies is a ________ strategy. A) market penetration
diversification
Which of the following best describes market segmentation?
dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors
According to the BCG matrix, products or businesses with a low share of market in a high-growth industry are considered ________.
dogs
________ refers to reducing the business portfolio by abandoning products that no longer fit the company's overall strategy
downsizing
Imaginative Web sites, smartphone apps, and social media allow marketers to deliver messages that are direct and personal so consumers can ________.
live the brand
The town of Genter recently witnessed a devastating hurricane that crippled the town's infrastructure. Q-Mart, a retail chain that plans to open a new retail store in Genter, organizes a program to help the people of Genter. The program consists of providing free meals to those who lost their dwellings in the hurricane. What section of the marketing microenvironment is Q-Mart most likely trying to reach?
local publics
In the BCG growth-share matrix, question marks refer to products or businesses with a ________.
low market share in a market with high growth prospects
Demographic, economic, natural, technological, political, and cultural forces form the ________ of an organization
macroenviroment
Although internal databases can be accessed more quickly and cheaply than other information sources, one of the challenges of internal databases is ________.
maintaining the current database
A firm's decision to identify and develop new markets for existing products is a ________ strategy
market development
Which of the following criteria provides a measure of market attractiveness in the Boston Consulting Group approach?
market growth rate
The two dimensions the BCG approach uses to evaluate and manage SBUs are ________.
market growth rate and relative market share
Consumers' needs and wants are fulfilled through ________.
market offerings
A strategy for company growth that involves increasing sales to current market segments without changing the product is known as ________.
market penetration
EcoBean, a chain of cafes, has introduced a Special Shopper Card that allows customers to pay in advance for coffee and snacks. This effort by EcoBean management is most likely an example of ________.
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
Ferrari sells only 2,200 of its very high-performance cars in North America each year at very high prices. The company is appealing to a specific ________.
market segment
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
________ refers to working closely with people inside and outside the company to jointly bring more value to customers
partner relationship management
Ford Motor Company issuing a recall that requires customers to schedule appointments with car dealerships to repair faulty igniters would have the greatest impact on the ________ component of its marketing mix
place
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
Governments most likely enact business legislation to ________
prevent unfair competition in the market
The ultimate aim of customer relationship management is to ________.
produce higher customer equity
Design, packaging, service, and features are elements of the ________ component of a company's marketing mix
product
The ________ concept holds that consumers will favor goods and services that offer the most in quality, performance, and innovative features
product
Which component of the marketing mix refers to the goods-and-services combination a company offers to its target market?
product
Under Armour's decision to add athletic shoes to its apparel line in 2006 is an example of a ________ strategy
product development
Henry Ford's philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability. This most likely reflects the ________.
production concept
PC manufacturer, Lenovo, focuses on low labor costs and mass distribution to ensure the continuous availability of its products at reasonable prices. Lenovo most likely follows the ________.
production concept
When viewing the market from a buyer's point of view, "communication" corresponds to the ________ component of the marketing mix
promotion
Traxx is a newly emerging shoe manufacturing company. After extensive market research, Traxx divides its market into professional athletes, "hobbyists" or amateur players, and people who wear shoes as part of their casual attire. Each category has its own needs, traits, and marketing goals. In this scenario, Traxx has engaged in market ________.
segmentation
Both market penetration strategies and market development strategies primarily involve ________.
selling a company's current products
When a company chooses to divest a particular strategic business unit, it ________.
sells off or phases out the strategic business unit
________ refers to the portion of the customer's purchase that a company gets in its product categories.
share of customer
Various government agencies have launched campaigns to encourage energy conservation and concern for the environment as well as discourage smoking, illegal drug use, and obesity. This illustrates ________ marketing
social
Many leading business and marketing thinkers are now preaching the concept of "shared value" which recognizes that ________ needs, not just economic needs, define markets.
societal
Cosmetic retailer Lush knows that doing what's right benefits both customers and the company. Their premium beauty products are made by hand from the freshest possible natural ingredients. This is an example of the ________ concept
societal marketing
Customer evangelists are those who ________.
spread the word about their good experiences with a brand or product
According to the BCG matrix, products or businesses with a high market share in a high-growth market are classified as ________.
stars
Which of the following is most likely a financial public
stockholder
In which of the following customer relationship groups do organizations generally avoid investing?
strangers
________ are customers who show low potential profitability and little projected loyalty.
strangers
CVS Pharmacy changed its name to CVS Health, reshaping and broadening its lines of products and services to align more appropriately with its revamped "better health" mission. For example, it stopped selling tobacco products altogether. How would this be classified in a SWOT analysis?
strength
American Honda purchases over $20 billion worth of auto parts and materials every year. ________ are key players in the company's success
suppliers
________ refers to a channel stretching from raw materials to components to final products that are carried to final buyers
supply chain
Which of the following sources constitutes the internal database of a company
the company's sales records
Which of the following transforms marketing strategies into real values for consumers?
the four Ps of marketing
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 concepts is based on a customer-centered philosophy?
the marketing concept
Which of the following demonstrates the real value of a company's marketing research and information system?
the quality of customer insights it provides
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
Which of the following concepts calls for sustainable marketing?
the societal marketing concept
Which of the following is part of the microenvironment of a firm's marketing environment?
the suppliers who work with the company
In a SWOT analysis, ________ refer to unfavorable external factors or trends that may present challenges to performance
threats
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
The responsibility for setting a company's mission, objectives, broad strategies, and policies primarily lies with its ________.
top management