Quiz 1 Q's and A's

market segmentation

dividing a market into several sections of customers is known as

Moving the firm's goods from production points to distribution centers.

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

market penetration

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

suppliers

American Honda purchases over $20 billion worth of auto parts and materials every year. ________ are key players in the company's success.

False

Primary data can usually be obtained more quickly and at a lower cost than secondary data.

true

The product-market expansion grid, is used to identify growth opportunities.

The collection of businesses and products that make up the company.

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

They develop strategies to change the marketing envirnment

Which of the following is most likely true about companies that take a proactive stance toward the marketing environment.

core beliefs and values have a high degree of persistence.

Which of the following is most likely true about people's beliefs and values?

Interpreting and reporting the findings.

________ is the final step in the marketing research process.

marketing research

________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

consumer

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

Mission statement

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

Economic

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.

market offerings

Consumers' needs and wants are fulfilled through ________.

macroenvironment

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

true

Once the research problems and objectives have been defined, researchers must determine the exact information needed.

demand

Sarah now has the buying power to purchase the computer that she wanted to buy six months ago. Sarah's want has most likely become a ________.

internal

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.

marketing

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.

true

The questionnaire is the most common research instrument.

Market growth rate and relative market share.

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

Product Development

Under Armour's decision to add athletic shoes to its apparel line in 2006 is an example of a ( ) strategy.

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.

Assessing the information needs of a company

initial function of a marketing information system is ( )