MKT 301 EXAM 1
within a company, who is most likely to perform strategic planning
cross-functional teams of divisional managers close to their markets
____________ marketing is practiced by an organization that understands and anticipates customer needs even better than customers themselves do and creates products and services to meet current and future needs
customer-driven
when customers don't know what they want or don't even know what's possible, the most effective marketing strategy is ________ marketing
customer-driven
which of the following its a characteristic of customer-driven marketing
customers know what the want
problems with internal databases include all of the following EXCEPT that
information can be accessed more cheaply
at a local farmers' market, Molly Malone sells mussels while shouting to passersby, "fresh seafood, get your fresh seafood here!" what kind of perceptive is Molly taking?
inside-out
which of the following is a disadvantage of using information from internal databases
internal information may be incomplete or in the wrong form for making marketing decisions
which of the following is true with regard to the product/expansion grid
it is a useful device for identifying growth and opportunities
which of the following is an advantage of survey research
the flexibility of survey research is high; it can be used to obtain many different kinds of information in many different situations
which of the following uses a customer-centered "sense-and-respond" philosophy rather than a product-centered "make-and-sell" philosophy
the marketing concept
which of the following is true with regard to cash cows
they can be used to help finance the company's question marks and stars
according to the five-step model of the marketing process, a company should ________ before designing a customer-driven marketing strategy
understand the marketplace and customer needs and wants
_________ are human needs that are shaped by culture and individual personality
wants
which of the following is NOT something a company must determine when analyzing its current business portfolio
which businesses should be sold or closed
according to the five-step model of the marketing process, which of the following is the final step in creating value for customers?
capturing value from customers to create profit and customer equity
________ are low-growth, high-share businesses/products that needs less investment to hold their market share
cash cow
which of the following is the aim of the product concept
focus on making continuous product improvements
which of the following is NOT a market-oriented business definition?
"we make high-quality consumer food products"
which of the following customer questions is answered by a company's value proposition?
"why should I buy your brand rather than a competitors?"
a company's broad mission leads to
a hierarchy of objectives, including business objective and marketing objectives
a company sent a trained observer to watch and interact with consumers in their natural environments in order to gain deeper insights on consumer needs. this is an example of
ethnographic research
when marketers set low expectations for a market offering, they run the risk of
failing to attract enough customers
greg Williams now has the buying power to purchase the desktop computer that he has wanted for the last six months. greg's want has now become a ______
demand
a women's apparel manufacture in California recently acquired a Houston-based company that manufactures office furniture. this is an example of
diversification
according to management guru Peter trucker, " the aim of marketing is to_____"
make selling unnecessary
a _____ is the set of actual and potential buyers of a product or service
market
Lark Inc., an American electronics company, is currently reviewing new geographical markets to sell its highly popular televisions. By 2020, it plans to open new stores across all the major South Asian cities. Lark is most likely following a ________ strategy.
market development
according to the Boston consulting group approach, _________ provides a measure of market attractiveness
market growth rate
a ______ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want
market offering
Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. this exemplifies ______
market penetration
dividing the market into various groups of customers that a company may serve is called
market segmentation
An organic farmer has identified three distinct groups who might be interested in his products: vegetarians, people who are concerned about chemicals in their foods, and people who consider themselves innovators and trendsetters. These three groups are examples of ________
market segments
which of the following is NOT an accurate description of modern marketing
marketing emphasizes selling and advertising exclusively
a ______ 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
marketing information system
the art and science of choosing target markets and building profitable relationships with them is called
marketing management
Orion Inc. operates in many industries, including pharmaceuticals and food products. The company's goal is to create "abundant and affordable food for all and a healthy environment." This represents Orion's ________.
mission statement
the marketing concept takes a _______________. it starts with a well-defined market, focuses on customer needs, and integrates all the marketing activities that affect customers
outside-in perspective
cleats, unlimited developed a new style of soccer shoe. this is an example of
product development
Henry Ford's philosophy was to perfect the model t so that its costs could be reduced further for increased consumer affordability. this reflects the __________ concept
production
when demand for athletic shoes produced by nike and endorsed by Michael Jordan is high, nike limits how many pairs of shoes are manufactured. this action maintains strong demand by limiting supply. this decision contradicts the philosophy of which marketing concept?
production concept
which of the following marketing management orientations focuses primarily on improving efficiencies along the supply chain?
production concept
the pharmaceuticals division of omni healthcare holds low market share in a high-growth market. according to the big matrix, the pharmaceuticals division of omni is classified as a
question market
according to the Boston consulting group approach, ________ serves as a measure of company strength in the market
relative market share
mission statements should be defined in terms of
satisfying basic customer needs
Jolene's firm markets preplanning services for a mortician. She finds that most of her target market wants to avoid discussing their future funeral needs, and she must somehow first get their attention. Jolene's firm most likely practices the ________
selling concept
the key businesses of Kimberly and price consists of a division that produces and sells breakfast cereals and another that manufactures gardening tools. each of their businesses is called a _______
strategic business unit
______ is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities
strategic planning
Cathy's Clothes is a small yet successful retail chain that sells women's clothing and accessories with a focus on buyers who have relatively modest means. For this specific purpose, the firm has rolled out several marketing initiatives aimed at women of a specific demographic. This is an example of ________.
target marketing