Exam 1 MKTG 480

-contingency plans

The separate plans for a worst-case, best-case, and expected-case performance against the forecast are called

utility

The want-satisfying power of a good or service is called

Business position and Market Attractiveness

Which of the following are the dimensions of the GE Business screen approach to portfolio analysis?

Customer touchpoints

point-of-sale systems, call-center files, Internet access, direct selling contacts, other customer contact.

JetBlue having myriad regulation administered by the Federal Aviation Administration is an example of what type of macro-level external environmental factor?

political, legal, and ethical

strategy means investing in new products that will increase usage from the current customer base

product development

A ______ orientation means improving products and production efficiency without much regard for what is going on in the marketplace

production

The proliferation of high-tech media options avaliable to marketers today has brought about changes in:

promotion

Marketing Strategies

provide the road map for creating, communicating, and delivering value to customers

The marketing planning process

results in a(n) market plan, a document that records the marketing planning process in a useful framework Investing in existing customers to generate usage of existing products

SBU-level strategic plan

serves as a plan for the individual business of a corporation

corporate level strategic plan

serves as an umbrella plan for the overall direction of the corporation

how the firm supports customers during and after the sale

service

In ______ marketing, members of society at large are viewed as stakeholders for marketing

societal

Changing generational preference and the rising buying power of minority groups domestically are examples of what type of macro-level external environmental factor?

sociocultural/demographic

Any person or entity inside or outside a firm with whom marketing interacts, impacts, and is impacted by is called a marketing

stakeholder

Match BCG Matrix:

stars: important to building the future of the businesses and deserving any needed investment Cash Cows: key sources of internal cash generation for the from Dogs: Potential high cash users and prime candidates for liquidation Problem Children: High cash needs that, if properly nurtured, can convert into stars

The AMA's official definition of marketing is quite good because it focuses on the more ____ aspects of marketing, which positions marketing as a core contributor to overall firm success.

strategic

A discussion of what the company would like to become in the future is called its

strategic vision

Data mining

uses massive amounts of data collected through CRM to develop segments and micro-segments.

The fact that, unlike most other key areas of business, marketing as a field is highly _________ outside the confines of the international business operation, leads to many misconceptions about marketing.

visible

Marketing management teaches knowledge and skills that

will enhance your personal effectiveness in any job

Interactive touchpoints

are two-way and have direct interface between customers and the sales force, telemarketer, customer service rep, or interactive website.

Government agencies, particularly in ___ countries, will sometimes distort data to present a more favorable analysis.

developing

True or false: In most foreign countries, sophisticated GPS systems allow marketers to determine who lives where.

false

______ ______ combines flexible manufacturing with flexible marketing to greatly enhance customer choices.

mass customization

Customer satisfaction

means that the offering meets or exceeds the customer's expectations

Marketing _______ must be designed to identify, track, evaluate, and provide key benchmarks for improvement just as various financial metrics guide the financial management of the firm

metrics

A _____ could include a bundle of goods, services, ideas, and other components, often represented by strong overarching branding.

offering

Place the steps of the market research process in the proper order

1. Analyze the data 2. Establish the research design 3. search secondary sources 4. collect the data 5. analyze the data 6. report the findings

Which of the following conditions occured around the end of World War I and caused production capacity utilization to decline?

A number of firms that had dominated before the war now found themselves with the stiff competition Financial markets were becoming more sophisticated Capacity had been increased greatly for the war

Why do foreign companies and governments sometimes present inaccurate data?

A: Companies do not want the government to know the true figures Governments wants to present optimistic results

____ research seeks to describe or explain some phenomenon

A: Descriptive

Information resources, infoscan, and nielsens scantrack track scanner data from thousands of retailers. They are examples of ____

A: Information data services

Nielsen Media Research and J. D. Power publish data helpful to marketers. These companies are both examples of a ______

A: Market Research organizations

Which of the following are possible issues solved by descriptive research?

Assessing competitor actions in the marketplace Determining how customers use the product Identifying the characteristics of the target market Discovering differences across demographic characteristics with respect to the use of the product

Which of the following are impacted by the shift in generational values and preferences?

Attitudes toward work versus family How marketing carries out its management of customer relationships The method by which messages are communicated

______ Data include information about when, what, and how often customers purchase products and services as well as other customer "touches"

Behavioral

Which of the following are characteristics of good research? Select all that apply

Enhances the validity of the information Is impartial and objective Follows a well-defines set of activities and does not happen by accident

Which of the following is most widely used tool for analyzing business data?

Excel

True or false: It is easier to get and understand international market data than it is to get and understand data for the united states

False

Which of the following are actions elements required for successful Marketing (Big M)?

Forget the concept that the marketing development is where Marketing (Big M) takes place. Find somebody at the top of the firm to consistently champion this Marketing (Big M) business philosophy. Align all internal organizational processes and systems around the customer. create market-driving, not just market-driven, strategies. Make sure everyone in an organization understands the concept of customer orientation

According to Peter Drucker, which of the following are aspects of marketing?

It is the whole business seen from the customer's point of view It is, first, a central dimension of the entire business It cannot be considered a separate function within the business

Which of the following kinds of data sources are generally found on the interet?

Market Research Organizations "general knowledge" sites

is an approach that drives the market toward fulfilling a whole new set of needs that customers did not realize was possible or feasible before

Market creation

what serves as a core driver of business strategy

Marketing (big M)

_______ data are the behavioral patterns among the population of interest

Observational

_______ marketing advocates that firms should learn each customer and then connect that knowledge with the firm's production and service capabilities to fulfill that customers needs in as customer a manner as possible.

One-to-one Marketing

Which of the following are disadvantages of online focus groups? Select all that apply

Participants are limited to those with access to a computer It is not possible to verify who is actually responding to the questions

Recognizing the power of securing, building, and maintaining long-term relationships with profitable customers represents:

Relationship Orientation

Which of the following shifts is not a trend impacting the future of marketing?

Shift to relaxing a return on marketing investment

means a long-term, firm-level commitment to investing in marketing-- supported at the highest organization level- for the purpose of enhancing organizational performance.

Strategic marketing

_____ are structured questionnaires given to a sample group of individuals representing the population of interest and are intended to solicit specific responses to explicit questions.

Surveys

______ refers to business practices that meet humanity's needs without harming future generations

Sustainability

Which of the following are the conditions that need to be present for any exchange?

There must be at least two parties Each party has something that might be of value to the other party Each party believes it is appropriate or desirable to deal with the other party Each party is capable of communication and delivery

Match the research design activity with the question it is intended to answer

Type of research: What kind of Research Nature of data: What kind of data Nature of data collection: How should we collect Information content: What do we need to know Sampling plan: Who should be included

Which of the following are specific problems of international primary data collection?

Unwillingness to respond Inaccurate language translation and insufficient comprehension Unreliable sampling prosedures

The ratio of the bundle of benefits a customer receives from an offering compared to the costs incurred by the customer in acquiring that bundle of benefits is called

Value

Return on customer investment

can be calculated to determine if the fire should fire a customer.

Research that tries to discover the cause and effect between variables is called:

casual

Which of the following are sources that empower customers?

chat rooms independent websites blogs

_____ ended questions are more precise and provide specific responses

close

A data warehouse

contains all information about touchpoints.

A _________ orientation means placing the customer at the core of all aspects of the enterprise

customer

The ______ is at the core of the relationship between Marketing (BIg M) and marketing (little m).

customer

The concept of environmentally friendly marketing is also known as _______ marketing.

green

In many parts of the world, _____ rates are high, which rules out most survey methodologies.

illiteracy

Customer loyalty

implies repeat purchases •High satisfaction •High level of perceived value •Strong relationship with the brand

Marketing (the Big M) won't be successful unless:

internal systems support the customer-centric business approach firm employees understand the power of a customer-centric business approach

Database marketing

is the creation of lists to reach segments.

Analysis and refinement

is where organizational learning takes place.

Process Cycle for crm

knowledge discovery marketing planning customer interaction analysis and refinement

A _____ orientation means the implementation of the marketing concept

market

Customer interaction

phase is the implementation of the customer strategies and programs. Includes personal selling and other customer-directed interactions aimed at touchpoints

Marketing planning

phase uses the key use of the output from the knowledge discovery phase. Develops the marketing mix strategy

_____ research is less structured and is not meant to be used for statistical analysis

qualitative

A ______ orientation suggests that, to increase sales and consequently production capacity utilization, professional salespeople need to "push" product into the hands of customers.

sales

Customer lifetime value

•Relationships pay off in terms of cost savings, revenue growth, profits, referrals

Today, _______ is largely regarded in relationship to the concept of value.

price

Which of the following are leading to a shift to product glut and customer shortage?

Competitor proliferation open secrets Information depreciation Universal innovation

A _____ is a meeting of 6 to 10 people that is moderated by a professional who carefully moves the conversation through a defined agenda in an unstructured, open format.

A: focus group

An _____ interview is an unstructured or loosely structured interview with an individual who has been chosen based on some characteristic of interest

A: in-depth

___ ____ uses a specific set of procedures to identify individuals from the population to be included in the research

A: probability sampling

According to ________, marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

American Marketing Association

Which of the following are "general knowledge" sites found on the internet?

Business publications Academic research sites

A comprehensive record of each individual in the population of interest is called a

Census

Which of the following is not a secondary source of information?

Company Internal Data

In many companies, the chief data officer manages ______ and makes more info

Information

Match the challenge of collecting data around the world with its corresponding explanation

Data accessibility: The quantity and quality Data Dependability: some government agencies Data comparability: a lack of historical data

Which of the following are disadvantages of secondary data?

Data is not current Does not fit the research problem exactly

Which of the following steps does management need to perform as part of defining the problem?

Define the Research Problem Define the Management Research Deliverable

Which of the following are reasons to conduct exploratory research? Select all that apply

Developing hypothesis Clarifying the research problem Answering the research question Gaining additional insight

Evolutionary steps beyond the original marketing concept

Differentiation Orientation One-to-One Marketing Market Orientation Relationship Orientation

Maximizing production capacity utilization first because a predominant concern during the

Industrial Revolution

A central tenet of marketing is the concept of _______, in which a person gives up something of value to them for something else they desire to have.

exchange

An organization-wide customer orientation with the objective of achieving long-run profits is called the __________ concept.

marketing

______ always needs to be couched within the philosophy, culture, and strategies of the firm's Marketing (Big M).

marketing (little m)

Which of the following are aspects of marketing planning after creating a situation analysis?

- establish marketing goals and objectives - create an implementation plan - develop marketing strategies - develop contingency plan - perform any needed market research

benefits and costs

According to Michael Porter, the value chain identifies nine relevant value-creating actives the organizations can engage in that create/impact both sides of the value equation:

Portfolio Analysis

Analysis the views SBUs and sometimes even product lines as a series of investments from which it expects maximum of returns is called

are the activities that the firm can do exceedingly well

Core competencies

______ is a commitment from a custody to a company and its products and brands for the long run

Customer Loyalty

how the firm is set up for doing business; are the internal processes aligned and efficient

Firm Infrastructure:

are general statements of what the firm wishes to accomplish and eventually become refined into specific, measurable, and (hopefully) attainable aims for the firm

Goals

how the firm ensures it has the right people in place; trains them and keeps them

Human resource mgmt

sustainable competitive advantage

If its competences cannot be easily duplicated or usurped by competitors, firms should invest in distinctive competencies, as they offer opportunity for

Which of the following play a role in a company's choice to either collect data using its own resources or hire a market research firm to administer the data collection? Select all that apply

Internal expertise in market research Resources required to complete the job

market penetration strategy

Investing in existing customers to generate usage of existing products represents

s the process of measuring marketing results and adjusting the market plan as needed

Market control

is the ongoing process of developing and implementing market-driven strategies for an organization

Market planning

are specific, measurable, and (hopefully) attainable aims that measure what the firm wishes to accomplish

Objectives

After World War II, the advent of the marketing concept was due to which of the following reasons?

Pent-up demand for consumer goods and services after the war A desperate need to regain a normalcy of day-to-day life after years of war Opening up of production capacity dominated for years by war production Advent of readily available mainframe computing capability

Which of the following are current buzzwords?

Permission marketing, marketing rainmaking, holistic marketing

Rather than just connoting the process of getting goods from Point A to Point B, firms now understand that ______ has undergone tremendous change.

Place

Match the discussion in a research report with the section in which it should appear

Prefatory information: Executive summary Introduction: research objectives Methodology: data collection Conclusions: recommendations

What are the following key concepts in the marketing mix?

Price, Product, Place, Promotion

_____ Data is collected specifically for the research question.

Primary

In _____, researchers use a specific set of procedures to identify individuals from the population to be included in the research

Probability Sampling

How the firm deals with vendors and quality issues

Procurement

Standardized business _____ used in industrialized countries has not been adopted by many developing regions, making it difficult for researchers to interpret data.

Terminology

-natural

The concept of environment-friendly marketing, or green marketing, is an example of which type of macro-level external environmental factor?

During the _______, an organization-wide customer orientation with the objective of achieving long-run profits took hold.

advent of the marketing concept

Non-interactive touchpoints

are static such as direct mail or website data entry form.

The situational analysis

includes elements for the macro-level external environmental within which the firm operates, its industry or competitive environment and its internal environment

Making better decisions as a marketing manager requires:

collecting and analyses market data -understanding your customer and business markets -gathering information

The activities that the firm can do exceedingly well are called:

core competencies

level plans from operations, marketing, finance, and the other operational areas

functional

The Value Chain

holds that every organization represents a synthesis of activities involved in designing, producing, marketing, delivering, and supporting its products

A ________ orientation means creating and communicating what clearly distinguishes your products from those of competitors in the minds of customers

differentiation

A firm's core competencies that are superior to those of competitors are called:

distinctive competencies

Which of the following are tips for having a successful market planning experience?

don't underestimate the implementation part of the plan stay strategic, but also stay on top of the tactical give yourself and your people room to fall and try again utilize input stay flexible

Which of the following is not an additional aspect of market planning after creating a situational analysis?

identify internal environmental factors

how the firm goes about sourcing raw materials for production

inbound logistics

Which of the following are a category of Miles and Snow's strategy types?

eactor, defender, analyzer, prospector

Fuel prices being a major economic cost element for JetBlue is an example of what type of macro-level external environmental factor?

economic

Which of the following are internal environmental factors?

firm resources, firm structure and systems, firm culture, firm leadership

benefit

is some type of utility that a company and its products (and services) provides its customers

Market-Driven strategic planning

is the process at the corporate or SBU level of marshaling the various resource and functional areas of the firm toward a central purpose around the customer

how the firm communicates the value proposition to the market place

marketing and sales

According to the American Marketing Association, which of the following are aspects of marketing?

marketing includes activities, institutions, and processes marketing concerns all marketing stakeholders marketing creates, communicates, delivers, and exchanges valuable offerings

Leading and managing the facets of marketing to improve individual, unit, and organizational performance is called

marketing management

Customer mind-set

means all employees see both internal and external customer satisfaction as central.

Formalization

means that structure, processes and tools, and managerial knowledge and commitment are formally established in support of the culture

The facts that "Marketing is a fuzzy field" and "if it can't be measured, it can't be managed" have increased the focus on marketing

metrics

A(n) ______ articulates an organization's purpose, or reason for existence:

mission statement

The marketing plan is used to develop goals and

objectives

Value Proposition

of a company's products is the value message that includes the whole bundle of benefits the company promises to deliver, not just the benefits of the product itself

Before the creation of assembly lines and mass production, marketing was done very much on a _______ basis between firms and customers

one-to-one

how the from converts the raw materials into final products

operations

how the first transports and distributes the final products to the market place

outbound logistics

Which of the following are types of utility given by products or services?

ownership, place, form, time

At the firm level, a comprehensive plan stating how the organization will achieve its mission and objectives is called

strategy

Marketing managers must be able to grasp both the big picture of ______formulation and the details of _______ implementation

strategy & tactical

Market Development

strategy allows for expansion of the firm's product line into untapped markets, often internationally

Upon completion of the situation analysis, a convenient way to summarize key findings is into a matrix of a SWOT analysis, which includes

strengths, weaknesses, opportunities, and threats

Little-m marketing is considered to be _____ marketing because it almost always takes place at the functional or operational level of a firm

tactical marketing

Constantly emerging and evolving tools and equipment impacting business describe which macro-level external environmental factor?

technological

how the firm embraces technology usage for the benefit of customers

technology development: