Marketing

What are stars in the​ growth-share matrix?

​High-growth, high-share businesses or products

Vaughn's Video has suffered because more people are subscribing to online streaming sites such as​ Netflix, YouTube,​ iTunes, Amazon, and Hulu. Which of the following marketing trends has NOT affected​ Vaughn's Video?

​Not-for-profit marketing

To create value for​ customers, marketers must improve the performance of the​ ______________, which includes partnering with​ suppliers, distributors, and customers

value delivery network

Which of the following generational groups represents one of the most powerful forces shaping the marketing​ environment?

Baby boomers

Which of the following is enhancing how marketers learn about and interact with​ customers?

Big data and marketing analytics

Which of the following is NOT a step in the marketing research​ process?

Comparing research findings to other studies

Which of the following is NOT a primary goal of competitive marketing​ intelligence?

Creating an understanding of the​ business-to-business environment

Which of the following is at the center of marketing strategy and​ programs?

Customer​ engagement, value, and relationships

​Julie's Jump Rope Emporium is a new company. From a marketing​ standpoint, what is the FIRST thing​ Julie's Jump Rope Emporium needs to​ do?

Determine who in the community wants or needs a jump rope

​Stars, cash​ cows, question​ marks, and dogs are the four types of strategic business units​ (SBUs) defined in which of the​ following?

Growth-share matrix

Which of the following is NOT one of the four Ps of the marketing​ mix?

Production

Which of the following is NOT a step in the strategic planning​ process?

Set revenue and financial goals

The real value of marketing information rests in the​ _____________________.

customer insights it provides

When a company starts the strategic planning process at the corporate​ level, it begins by​ _____________________________.

defining its overall purpose and mission

After creating a​ company's mission and​ objectives, the executive team must then plan​ ____________ by keeping in mind the best fit for its​ strengths, weaknesses, and opportunities in the environment.

its business portfolio

The second purpose of government regulation is to​ _____________________.

protect consumers from unfair business practices

A marketing dashboard is used to do which of the​ following?

Monitor strategic marketing performance

Of the​ following, which best reflects how the American population has changed over​ time?

It has become more​ diverse, better​ educated, and more mobile.

A company is conducting market research to determine the best areas in which to sell its product. It has developed the research plan. What is the next step of this​ company's research​ plan?

Implement the plan

Sanchez Hispanic Foods and Seasonings has started to grow larger than the Sanchez family could ever have imagined. The company is having a hard time keeping track of all of the​ business' marketing activities. They know that they are going to need help to keep the business growing and are looking for solutions. Which of the following potential hires is likely the best decision for the Sanchez​ family?

Noah​ Lopez, a marketing specialist and expert who would be hired as the Sanchez​ family's new chief marketing officer

Which of the following BEST describes research​ relationships?

Observation is best suited for exploratory​ research, surveys for descriptive​ research, and experiments for causal research.

All of the following are aspects of sustainable marketing EXCEPT which​ one?

Observe environmental legislation as it is instituted.

Which of the following statements about big data is​ correct?

One result of big data is that marketing managers are often overloaded and overwhelmed with information.

​Chicago's Best Pizzeria has been operating on the north side of Chicago for more than 30 years. Its target market includes young urban professionals who want​ new-style organic pizzas with exotic ingredients.​ However, in recent​ years, the population in the​ pizzeria's neighborhood has been​ shifting, and now fewer young urban professionals live there. The population has grown older and wants traditional​ pizza, not pizza with exotic ingredients. Which of the following identifies the​ pizzeria's BEST response to this​ situation?

Target a new market with a different product.

Wonders such as​ smartphones, driverless​ cars, and antibiotics can be attributed to which marketing​ environment?

Technological

Which of the following includes shortages of certain raw​ materials, higher pollution​ levels, and more government​ intervention?

The natural environment

Which of the following identifies a change in the technological environment that could affect the success of a​ business?

A company develops a new battery that lasts twice as long as its predecessor.

A power tool company wants to give its customers access to​ internal, nonpublic information about how best to use its product in creative ways. What should the company create to provide customers with this​ information?

A company extranet

Proactive businesses often take aggressive actions to affect consumers and the forces in their marketing environments. Which of the following does NOT depict a proactive​ company?

A local restaurant refusing to counter false allegations of salmonella

To be​ successful, why should companies try to adopt a proactive stance on​ marketing?

A proactive stance allows a company to take advantage of opportunities as they arise.

What constitutes a marketing information system​ (MIS)?

A system to generate and validate actionable customer and market insights

The act of obtaining a desired object from someone by offering something in return is known as which of the​ following?

An exchange

​Calvin's Cupcakes is attempting to gather information about its customers in order to improve its customer service. Which of the following is the BEST path for this company to start to develop an efficient​ MIS?

Assess the information needs of the company

Scott Frost has been coming to​ Aldwin's Diner for 20 years and refuses to go anywhere else.​ Joseph, the owner of​ Aldwin's, loves​ Scott's loyalty but admits he purchases only a cup of coffee at each visit. Scott would BEST be described as which of the​ following?

Barnacle

Which types of companies would most benefit from conducting marketing​ research?

Both large multinational firms like Disney and IBM and small local firms

How do the individual components of a SWOT analysis work together to determine the status of a​ company?

By ascertaining a​ company's strengths, relating them to​ opportunities, minimizing​ weaknesses, and identifying threats to growth and development

Nibbles Pet Food Corporation is in the process of developing its new market strategy. The marketing team has already established the​ company's niche product—​premium, organic dog and cat food—and contracted to sell it in several​ high-end pet stores. The team has also determined the optimum price to create value for customers and still make a profit. What does the marketing team need to do​ now?

Create a promotion strategy to increase customer awareness

A wedding services company changes its marketing strategy to reflect the fact that more LGBTQ​ (lesbian/gay/bisexual/transgender/queer) marriages are taking place. The company is offering a broader range of ceremonies that cater to this market. Which of the following environments must this wedding company​ analyze?

Cultural

Bertram's Beer structures its company in such a way as to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers. What is​ Bertram's Beer attempting to​ build?

Customer equity

Juanita owns a small​ hot-air balloon company in​ Albuquerque, New Mexico. She recently started a Facebook page for her​ company, and many of her customers are asking for​ store-sponsored hot-air balloon trips. They believe​ Juanita's expertise would make her the perfect guide. Juanita decides to host quarterly​ hot-air balloon trips and experiences a huge increase in sales and customer satisfaction. Which of the following is the BEST conclusion that can be drawn from​ Juanita's situation?

Customer insights can provide valuable information to a small businesses.

A​ company's value chain is only as strong as its weakest link. What should a company do to properly gauge the strength of its links and continually​ improve?

Examine how well each group performs its work of adding customer value.

Which of the following describes the type of research used to help define the research problem and suggest​ hypotheses?

Exploratory research

Asher Airlines instituted a marketing program whose intent is to create a relationship with customers with seat upgrades and free miles for their continued patronage. What customer relationship tool is Asher Airlines​ using?

Frequency marketing program

​__________________ is a group numbering 55 million or more consumers and sometimes is an overlooked​ "in-between" consumer group because it is both smaller and less materialistic than other groups and prizes​ experience, not acquisition.

Generation X

Which generational group seamlessly blends online and offline worlds as they socialize and​ shop?

Generation Z

Which of the following describes the current trend in businesses regarding relationships with​ customers?

Hand-pick the most profitable customers and allow them more input.

The role of a​ company's marketing intermediaries is to do which of the​ following?

Help the company​ find, promote,​ sell, and distribute products

The goal of a market development growth strategy is to do which of the​ following?

Identify and develop new markets for current products of a​ company's market

In analyzing a​ company's current business​ portfolio, what is​ management's first​ step?

Identify strategic business units

An international company has appointed a CPO to ensure the privacy and confidentiality of the consumer data it collects. Which of the following is the CPO MOST likely to do as a function of his or her​ job?

Inform customers of the​ company's privacy policy

A value chain consists of which of the​ following?

Internal departments and other companies that carry out​ value-creating activities

Marketers obtain needed marketing information from which of the​ following?

Internal​ data, marketing​ intelligence, and marketing research

Which of the following is a valid concern when it comes to the four Ps​ concept?

It may omit or underemphasize certain important activities

Jill Parker owns​ 2,000 acres of ranchland in Iowa.​ Recently, a supply of natural gas was discovered on her property. Not knowing much about the marketing​ environment, she asks you what she should do. Which of the following is the BEST​ advice?

Jill should focus on the business market and license the natural gas rights.

The​ demographic, economic,​ natural, technological,​ political, and cultural forces that affect a​ company's ability to serve its customers make up which of the​ following?

Macroenvironment

A local drama club wants to increase the membership and attendance at its performances. To do​ so, it hosts free​ shows, starts​ poetry-reading nights, and sends volunteers to the local high school. What is the drama club engaging​ in?

Market exchange

Denim Blue Jean Corporation is a growing company located in Washington​ State, but it is beginning to develop a presence in the surrounding states as well. It sells only one product—blue jeans—but it has 12 different lines of jeans that cater to​ men, women,​ children, babies,​ toddlers, and teens. Which type of marketing department organization would BEST suit Denim Blue Jean​ Corporation?

Market management organization

​___________consists of the analysis​ tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance.

Marketing analytics

How do market demands relate to needs and​ wants?

Needs are satisfied by​ wants, and buying power converts wants into demand

Which of the following statements about online research is​ correct?

Online surveys generally have higher response rates than those conducted by mail or phone.

​Beverly's Burgers came under fire recently when allegations were made that its veggie burgers were actually made with beef. To counter the​ claims, the restaurant called in a company to test not only its veggie​ burgers, but also the rest of its vegetarian options to prove they lacked meat. The results were displayed publicly on the​ restaurant's Facebook page. What BEST describes​ Beverly's Burgers' response to the​ allegations?

Proactive

Which marketing philosophy holds that consumers will favor products that offer the most in​ quality, performance, and innovative​ features?

Product concept

Which of the following is NOT one of the marketing management​ functions?

Promoting

Which of the following would be good advice for someone conducting marketing research in a foreign​ country?

Reaching respondents in other parts of the world is more difficult than it is in the United States.

The ultimate goal of the marketing process is to do which of the​ following?

Receive value from customers

Which of the following information must a researcher evaluate to make certain it is​ relevant, accurate, and​ impartial?

Secondary information

Ethel and Jan have just started a new​ company, Jantel,​ Inc., and are having trouble deciding which marketing path to take to drive sales. Ethel believes they should follow a​ make-and-sell philosophy that focuses on improving their​ product, whereas Jan believes they should be more​ customer-oriented and find the right products for their customers. Which of the following BEST describes this​ situation?

Should​ Jantel, Inc., follow a product or marketing​ concept?

Which of the following actions helps a company find the game plan for​ long-run survival and growth that makes the most sense given its specific​ situation, opportunities,​ objectives, and​ resources?

Strategic planning

Which of the following is NOT part of an overall SWOT analysis evaluation of a​ company?

Strategy

There have been dramatic changes in the political environment that affect marketing. Which of the following does NOT represent one of those​ changes?

Strong emphasis on free trade and open borders

When a company chooses a group of customers to​ serve, it is engaging in which of the​ following?

Target marketing

Using the BCG​ growth-share matrix as a​ guide, Masumura Technologies identified question marks in its business portfolio but is currently maintaining its market share. At a recent meeting with the​ company's senior management​ team, the CEO of Masumura and her team members decided to allocate all of the​ company's profits toward the growth and expansion of these question​ marks, in order to cause the question marks to become stars. What is likely to happen to this​ company?

The growth of the company will be unpredictable because there is no guarantee that a question mark will become a star.

How has the internet MOST affected companies and​ customers?

The internet has allowed consumers to take marketing content and share it.

How does the microenvironment of a company differ from its​ macroenvironment?

The microenvironment deals with the​ company, suppliers, marketing​ intermediaries, customer​ markets, competitors, and publics.

How does the new concept of marketing differ from the old concept of marketing​ ("telling and​ selling")?

The new concept focuses on customer needs.

Why is marketing return on investment​ (ROI) so difficult to​ measure?

There is no consistent definition.

What is the main problem that sellers suffering from marketing myopia​ face?

They focus more on products than on the​ customer's underlying need.

What is the importance of selling and advertising in​ marketing?

They work in tandem with building customer relationships.

What is MOST likely to cause a variation in​ customer-perceived value?

The​ customer's opinion of what constitutes value

Tina's Tunes is a music store that has been selling CDs for 20 years. Throughout the last six​ years, sales have continuously declined and profits have almost completely disappeared. The owner of​ Tina's Tunes believes resurgence is likely to happen soon and wants to continue business as usual. What is likely to happen to​ Tina's Tunes?

Tina's Tunes is likely to fail because it is ignoring the technological environment.

Which of the following BEST describes the purpose of customer​ insights?

To create more value for the customers

Why is good marketing management​ critical?

To ensure that the company serves as many customers as it can and as well as it can

Which of the following is the primary reason firms use competitive marketing​ intelligence?

To gain early insights into competitor moves and​ strategies, and to prepare quick responses

Why is it important for a company to collect both primary and secondary data when conducting marketing​ research?

To have a​ "full picture" of the subject of its study

What is the purpose of the marketing mix as part of the overall marketing​ strategy?

To produce a response that influences a demand for the product from the customers the company is targeting

What is the ultimate aim of customer relationship​ management?

To produce high customer equity

Which of the following correctly describes customer​ purchases, sales force​ contacts, service and support​ calls, web and social media site​ visits, satisfaction​ surveys, credit and payment​ interactions, and market research​ studies?

Touch points

A new hardware company is writing its mission statement. Which of the following is the BEST mission statement possible for the new​ company?

We will help customers​ build, invigorate,​ restore, refurbish, or completely redesign their homes or businesses.

​Nguyen's Sporting Goods is having difficulty obtaining the credit it needs to expand. What should the company do in order to alleviate its financial​ situation?

Work out a plan with its financial intermediaries

The group of factors that affect​ consumers' purchasing power and spending patterns is called the​ _________________.

economic environment

A​ company's marketing information system​ (MIS) is valuable because it​ ___________________.

enables a company to use customer insights to improve relationships with customers

You and seven other people relay your feelings and thoughts about a potential new product to a trained moderator. In​ exchange, you receive a small payment. You are participating in​ a(n) ________.

focus group

When consumers respond in a similar way to a given set of marketing​ efforts, they can be referred to as a​ _________.

market segment

The third purpose of government regulation is to​ _____________________.

protect the interests of society against unrestrained business practices

The purpose of business legislation is primarily based on​ ________.

protecting companies from each other

Selling and advertising are part of a larger set of marketing tools that work together to satisfy customer needs and build customer relationships known as​ ________.

the marketing mix

The major cultural values of a society are expressed by​ people's views of​ ____________________.

themselves, others,​ organizations, society,​ nature, and the universe

To exercise social​ responsibility, many companies are linking themselves to what type of​ marketing?

​Cause-related

Which of the following scenarios BEST describes the societal marketing​ concept?

​Edward's Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term.