Marketing: Chpts 1-3, 5-7, 18

The winning value proposition by discount stores such as Walmart and Best Buy can be categorized as​ __________.

A

Which of the following correctly defines the consumer market? A. Individuals and households that buy goods and services for personal consumption B. Manufacturers, resellers, and consumers C. Consumers and the resellers who consumers buy their products from D. Consumers and the businesses that sell to them E. Consumers who spend more than $5000 yearly on goods and services

A

Which of the following strategies would be utilized by market challengers? A. Observe what has made the market leader successful and improve on it B. Expand total demand C. Expand their market share further D. Find one or more market niches that are safe and profitable E. Protect their current market share through good defensive and offensive actions

A

What is a strategic group?

A group of firms in an industry following the same or a similar strategy in a given target market

In which type of buying situation will a buyer usually go through all the stages of the business buying​ process? A. The purchase of raw materials B. A modified rebuy C. A new task-buying situation D. The purchase of a business service E. A straight rebuy

C

________ are distribution channel firms that help the company find customers or make sales for them

Resellers

What determines whether a buyer is satisfied or dissatisfied with a purchase?

Satisfaction is determined by the realtionship between the consumer's expectations and the product's perceived performance

The first step to a successful value-driven marketing strategy is to determine whom to serve with a market offering. To make this decision, marketers engage in which two activities?

Segmenting and targeting

In the strategic planning process, the business portfolio is designed after _______.

Setting company objectives and goals

Companies like IBM, Walmart, and Intel now look beyond economic gain and, in their marketing strategies they also consider the well-being of customers, the depletion of natural resources the viability of suppliers, and the interests of the local community. This reflects which marketing philosophy?

Societal Marketing Concept

There is little fit between the company's market offerings and the needs of which customer group?

Strangers

According to the model of buyer behavior, what are the two parts of a buyer's black box?

The buyer's characteristics and the buyer's decision process

The actual and potential buyers in a market share which of the following​ characteristics?

They share a particular need or want

Assume the economy is in a recession. Mario's custom jewelry is expensive and sales are down. In a SWOT, the state of the economy is a(n) ______ and Mario's pricing structure is a(n) __________

Threat; Weakness

What is benchmarking used for?

To assess competitor's strengths and weaknesses

What is the purpose of differentiation?

To create superior customer value

What is the goal of a blue-ocean strategy

To make competition irrelevant by finding uncontested market spaces

What are perceptual positioning maps used for?

To show consumer perceptions of different brands on important product dimensions

When does the habitual buying behavior​ occur?

Under conditions of​ low-consumer involvement and little significant brand difference

First step of marketing process

Understand the marketplace and customer needs and wants

Which core marketing concept is the key building block to develop and manage customer relationships?

Value and satisfaction

A firm is concerned about how to prepare for changes in its marketing environment. What advice would you give the firm?

Whenever possible, take a proactive approach to the environment

Being proactive toward the marketing environment means that

a company develops strategies to change the environment

What is an example of a business-to-business market transaction?

a grocery store buying cereal from Kellogg's to resell

The buying center of an organization consists of

all individuals and units that play a role in the buying purchase decision process

What is positioning?

arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

The statements, "I only buy the best" and "The Japanese make the best cars in the world," represent

attitudes

A firm's strategy is set into action through plans and programs that consist of the marketing mix. The marketing mix is referred to as the four Ps of marketing. Which of the following are the four Ps?

product, price, place, promotion

The ____ concept holds that consumers will favor products that are available and affordable

production

One important reason that business legislation is enacted is to

protect consumers from unfair business practices

One key role marketing plays in a​ company's strategic planning is to​ __________.

provide a guiding philosophy

Consumer motivation, perception, and learning are related to the _______ factors influencing consumer behavior

psychological

In the final step of the five step marketing model, companies

reap the rewards of creating customer value

To do e-procurement, companies can conduct ________, in which they put their purchasing requests online and invite suppliers to big for the business

reverse auctions

In the buyer decision process, after a consumer has recognized a need, he or she will next __________

search for information

The step in designing a customer value-driven marketing strategy in which a company divides a market into distinct groups of buyers is known as market​ __________.

segmentation

Demography studies statistics that include​ __________.

size, density, location. age, gender, race, occupation, etc.

________ are the social factors that influence consumer buyer behavior

small groups, social networks, family, social rules, and status

__________ have rapidly become the new platforms for engaging business customers

social media and digital marketing

What is the key idea in niching?

specialization

Market nichers who focus on companies such as Walmart or General Motors are referred to as​ __________.

specific customer nicher

According to the BCG matrix, _____ are high-share, high-growth products. When the market growth slows, these products become ______.

stars; cash cows

What do marketers use mobile channels for?

stimulate immediate buying, make shopping easier, and enrich the brand experience.

A business buying situation in which the buyer reorders something without any modifications is a _______

straight rebuy

Every Monday a pizzeria places the same order with its supplier for pepperoni. Which type of buying situation does this​ represent?

straight rebuy

Market ______ evaluates each market segment's attractiveness and selects one or more segments to serve

targeting

The ______ environment is the most dramatic force shaping the destiny of the markets and marketing

technological

One result of changes in people's views of nature is ________

the growth of the market for organic products and alternative medicines

The US government awards contracts to _______

the lowest bidder

According to the text, what is the single most important demographic trend in the United States today?

thee changing age structure of the population

In the product adoption process, ____

there are five stages

The most preferred orientation for companies is​ __________.

to be market oriented

Many companies view the marketing environment as a(n) __________ element to which they must react and adapt

uncontrollable

Using a(n) ________ marketing strategy, a firm might decide to ignore market segment differences

undifferentiated

Each department can be thought of as a link in the​ company's __________.

value chain

One way for companies to improve the performance of the _______ is by partnering with suppliers, distributors, and customers.

value delivery network

A brand's _____ involves the set of benefits or values it promises to deliver to consumers

value proposition

Companies who passively accept the marketing environment​ __________.

view it as uncontrollable and do not attempt to change it

The four Ps of the marketing mix are redefined in buyer terms as the four As. What are the four As of the marketing mix?

Acceptability (product), Affordability (price), Accessibility (place), Awareness (promotion)

What are the main components of a marketing plan?

An executive summary, situation analysis, objectives, marketing strategy, action programs, budgets and controls.

What is the stage in competitor analysis in which marketing management tries to find out competitors' objectives?

Assessing competitors

_________ is the first stage in the new product adoption process

Awareness

Variety-seeking behavior would result from which of the following conditions? A. Low involvement and few differences between brands B. Low involvement and significant differences between brands C. Buyers do not engage in variety seeking behavior D. High involvement and significant differences between brands E. High involvement and few differences between brands

B

Which of the following correctly identifies the first two adopter groups that adopt a new product? A. Innovators and laggard adopters B. Innovators and early adopters C. Early mainstream and late mainstream D. Late mainstream and laggard adopters E. Early adopters andd early mainstream

B

Which of the following is true regarding the tech environment? A. As products and technology become more complex, safety becomes less of a concern B. Companies must keep up with changes in technology or risk being left behind C. Changes in technology are always beneficial to consumers and society D. The pace of technological change is slowing down E. Technological changes are the second most dramatic force in the macroenvironment after the economy

B

Which of the following statements regarding the changing marketing landscape is correct? A. Today's post-recession era consumers buy more, use fewer coupons, use their credit cards more and save less. B. Digital technology has changed the way we live. C. Global competition only affects marketing in large companies. D. Marketers have mastered the use of social media and mobile marketing. E. Marketing plays no role in the strategies of not-for-profit organizations.

B

Which of the following statements regarding the institutional market is correct? A. Institutional buyers always seek to minimize costs B. Institutional markets are characterized by low budgets and captive patrons C. Institutional markets relatively small D. Marketers do not recognize the special characteristics and needs of institutional buyers E. Institutional markets are characterized by large budget

B

Which of the following steps in the strategic planning process is done at the business unit level? A. Setting company goals B. Planning marketing strategies C. Setting company objectives D. Designing the business portfolio E. Defining the company mission

B

_______ segmentation divides buyers into segments based on their knowledge, attitudes, uses, or responses to a product

Behavioral

Toothpastes claim they​ "whiten teeth,"​ "fight bad​ breath," and​ "reduce plaque." Which base of segmentation is being used in this​ example?

Benefits sought

Which of the following correctly identifies the personal factors that influence consumer buyer behavior? A. Motivation, beliefs and attitudes, perception, and learning B. Subculture, lifestyle, economic situation, and age and lifecycle stage C. Age and lifecycle stage, lifestyle, economic situation, occupation, and personality and self-concept D. Age and lifecycle stage, occupation, economic situation, lifestyle, and motivation E. Occupation, economic situation, lifestyle, family, and social class

C

Which of the following statements regarding segmentation is correct? A. The use of demographics to segment markets has declined in recent years B. The business market is homogenous and is not segmented C. Consumer and business marketers use many similar variables, but business marketers use additional variables to segment their markets D. Companies that segment based on income primarily target the affluent E. As gender roles have changed, gender is no longer a useful form of segmentation

C

What is the nature of demand in business markets?

Changes in consumer demand will cause changes in business demand

One challenge that marketers face regarding the macroenvironment is that _________

Changes in the environment are often unforeseeable and uncontrollable

What are the two measures the BCG matrix uses to classify SBUs and products in the portfolio?

Relative market share and market growth rate

Which one of the following statements about marketing's role in strategic planning is correct? A. Marketing does not contribute to profitability B. Marketing oversees the planning of each business unit C. Marketing is unrelated to a company's guiding philosophy D. Marketing provides inputs to strategic planners E. Marketing does not design stategies

D

The total combined lifetime value of a​ company's current and potential customers is called​ __________.

Customer equity

______ is at the core of any marketing strategy.

Customer value and relationships

Customer relationship building blocks consist of _____.

Customer value and satisfaction

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with any other costs of using the service, they are acting upon ________.

Customer-perceived value

The most important actors in the company's microenvironment are

Customers

Business legislation has been enacted for a number of reasons which include all of the following except​ __________. A. protecting interests of society B. protecting companies from each other C. protecting consumers from unfair business practices D. developing a code of ethics E. to make firms take responsibility for the social costs of their production or products

D

Which of the following is an example of an institutional buyer? A. P & G B. The US Navy C. Walmart D. Tenet Healthcare E. Apple

D

Which of the following is an important trend in the natural environment that marketers should be aware of? A. Decreased pollution B. Cost decreases for nonrenewable resources C. The increase of availability of raw materials D. Products that require scarce resources facing large cost increases E. Lack of consumer concern for the environment

D

Which of the following statements about market offerings is correct? a. Market offerings are limited to services b. Market offerings are limited to products c. Marketing offerings are not related to customers' needs and wants d. Market offerings are a combination of products, services, information, or experiences E. Experiences are not market offering

D

Which of the following statements is correct regarding the current demographic environment? A. The ethnic diversity of the US population should remain stable in the years to come B. The LGBT community is not an attractive target for marketers C. The combined size of the Millennials and Gen Z has resulted in the US population getting younger D. The US population is rapidly getting older E. There are few differences between different generational groups

D

Which of the following statements regarding the US government market is correct? A. The US government market is not affected by environmental factors B. Selling to the US government requires no specific knowledge of that market C. Government buying is based solely on economic criteria D. The US government is the largest buyer of goods and services in the world E. Government buying is not scrutinized by outside publics

D

After understanding the marketplace and customer​ needs, what is the next step in the marketing​ process?

Designing a marketing strategy

What is one primary purpose of a product's position?

Differentiation

_________ behavior occurs when consumers are highly involved with an expensive, infrequent, or risky purchase but see little difference among brands

Dissonance-reducing buying

In 2005 Proctor and Gamble purchased Gillette, makers of shaving products, and added these to the existing P&G portfolio. Which growth strategy did P&G use in acquiring Gillette?

Diversification

Although a "customer-centered" firm seeks to deliver high customer satisfaction relative to competitors, it _____.

Does not attempt to maximize customer satisfaction

A colleague wants to evaluate the attractiveness of a particular market segment. Which of the following would be good advice for your colleague? A. The power of buyers is not a consideration when evaluating the attractiveness of a segment B. Fast-growing segments are always attractive C. If a segment is larger than others, it should be targeted D. A segment is attractive if there are substitute products available E. Carefully consider the degree of competition and ease of entry into the segment

E

Consumer purchases are influenced strongly by certain characteristics which include all of the following except A. psychological B. cultural C. Personal D. Social E. Cognitive

E

The micro-environment consists of all of the following except a. Competitors b. Suppliers c. Companies D. Publics E. Demographics

E

Which of the following correctly lists actors in a company's microenvironment? A. Suppliers, marketing intermediaries, technology, and publics B. Publics, demographics, suppliers, and competitors C. The economy, publics, competitors, and suppliers D. Suppliers, marketing intermediaries, competitors, and culture E. Competitors, marketing intermediaries, suppliers, and publics

E

Which of the following is not one of the five marketing management functions? A. Planning B. Control C. Analysis D. Implementation E. Customer Service

E

Which of the following statements about segmentation is true? A. Buyers within a market segment have different needs, characteristics, and behaviors B. Market segmentation is part of a company's value proposition C. Most companies today mass market and do not segment their markets D. Segmentation identifies individual buyers that can be targeted with a marketing offering E. Different segments might require different marketing strategies or mixes

E

Which of the following statements regarding the business market is correct? A. The business market has more buyers than the consumer market B. The business market is not as large as the consumer market in terms of $ spend and items purchased C. Business buying decisions are less complex than consumer buying decisions D. In the business market buying process, buyers and sellers are less dependent on each other than in the consumer market E. Business marketers normally deal w/ far fewer but far larger buyers than the consumer marketer does

E

Which of the following statements regarding the current economic environment is correct? A. Consumers are using their credit cards more frequently and putting less money in the bank. B. Consumers have resigned themselves to lives of deprivation. C. To reach today's frugal consumers, marketers should cut prices across the board D. Since consumer incomes and spending are again on the rise, companies can now de-emphasize value. E. Consumer spending values now emphasize simpler living andd more value for the dollar.

E

Which of the following statements is not a difference between business markets and consumer markets? A. Business demand is a derived demand B. Buyers face more complex buying decisions C. The buying process is more formalized D. The buying decision involves more professionals E. The market is very small and limited

E-- business market is huge

Which of the following is an accurate statement about building customer relationships in the modern marketing era? A. Even with the new digital technologies available to marketers, consumers still cannot create personal brand experiences. B. At the current time, brands should wait to adopt new digital technologies and social media until the pace of change slows down. C. Digital technologies and social media have created few opportunities for marketers to engage their customers and deliver value. D. Consumer-generated marketing is when marketers take an active role in shaping product and brand content. E. Building relationships through consumer-generated marketing is expensive and time-consuming.

E.

When marketers target segments such as sports fans, do-it-yourselfers, commuters, and wine enthusiasts, which base of segmentation are they using

Psychographic segmentation

_____ is the act of obtaining a desired object from someone by offering something in return

Exchange

The Westin Stamford Hotel in Singapore failed when it once advertised itself as the world's tallest hotel. The difference was not worth establishing because it did not satisfy which of the following criteria?

Important

Ford offers a wide variety of cars that range from around​ $14,000 to more than​ $54,000. This reflects which economic​ factor?

Income distribution

On the My M&Ms Website, users can place custom orders for M&Ms. They can choose their own colors , put a personalized text message on the candies, and even upload a photo to be placed on each M&M. What targeting strategy is being used here?

Individual marketing

_________ are members of the buying center who help define specifications and provide information for evaluating alternatives

Influencers

Which adopter group is skeptical and adopts a new product only after a majority of people have tried​ it?

Late mainstream

The Dollar Store and Family Dollar profitably focus on buyers with modest means with their market offerings. This is an example of _______.

Market targeting

_______ involves evaluating each market segments attractiveness and selecting one or more segments to enter.

Market targeting

Which of the following is a true statement regarding managing and measuring marketing ROI?

Marketers are increasingly using measure such as customer acquisition and retention, customer engagement, and customer equity as measures of ROI.

One important new technology is​ ________, which can track products from point of production to their usage and disposal.

RFID (Radio frequency identification)

________ plays a key role in the company's strategic planning

Marketing

What is marketing?

Marketing is a process of creating customer value.

_______ marketing is perhaps the fastest-growing digital marketing platform.

Mobile

Which is the fastest-growing digital marketing platform?

Mobile marketing

Which value proposition is difficult to sustain in the long​ run?

More for less

Shortages of certain raw materials is a major trend related to the​ __________ environment.

Natural

Mary is hungry and chooses to go to McDonalds for a salad.​ Mary's hunger is a​ _____ and her choice of a salad is a​ _____.

Need; Want

In the United States, patriotism has increased in recent years. Marketers have responded with increased use of the "Made in America" appeal and patriotic themes. This reflects which aspect of culture?

People's views towards society

Ben & Jerry's expand its line of ice cream with new flavors. Which market growth strategy is Ben & Jerry's using?

Product development

_______ refers to activities that communicate the merits of the product and persuade target customers to buy it.

Promotion

_______ segmentation divides buyers into different segments based on lifestyle or personality characteristics

Psychographic

According to the stimulus-response model of buyer behavior, marketing and other stimuli enter the consumer's _________ and produce certain responses.

black box

Forces and events in the​ buyer's environment enter the​ buyer's black​ box, where they are turned into a set of buyer responses. These buyer responses include​ __________.

brand choice, purchase location and timing, and brand engagement and relationship behavior

One problem with business-to-business e-procurement is that it _________

can erode long-standing customer-supplier relationships

Amazon and GEICO set themselves apart with their​ smooth-functioning direct delivery strategy referred to as​ __________ differentiation.

channel

Institutional markets are

characterized by low budget, captive patrons

If a company spends most of its time tracking​ competitors' moves and market shares and trying to find strategies to counter​ them, it is​ ________.

competitor centered

"Kodak didn't lose out to competing film makers such as Fuji; it fell to the makers of digital cameras that use no film at all." This statement is a classic example of __________

competitor myopia

When consumers engage in __________ buying behavior, they go through a learning process, so it is most important that marketers understand information gathering and evaluation behavior

complex

Five characteristics are important in influencing an innovation's rate of adoption. As _______ increases, the rate of adoption is slower

complexity

Anythinglefthanded.com.uk only sells products designed for​ left-handed people. Which targeting strategy is it​ using?

concentrated marketing

Instead of going after a small share of a large​ market, a firm goes after a large share of a smaller niche segment. This type of marketing strategy is known as​ __________.

concentrated marketing

The key element of successful marketing today is to

create value

To capture value from​ consumers, marketers must​ ______.

create value for consumers

The ______ environment consists of institutions and other forces that affect a society's basic values

cultural

The cultural factors that influence buyer behavior include​ _____.

culture, subculture, and social class

Following the marketing concept means that firms are​ _______.

customer driven

The basic concept underlying marketing is that of?

customer needs

A tool considered useful for assessing competitor strengths and weaknesses is​ __________.

customer value analyses

If a company focuses more on customer developments in designing its customer strategies than on​ competitors, it is​ ________.

customer-centered

A company's mission statement should be focused on _____

customers

The first step in strategic planning involves _______

defining the company's mission

The macroenvironment consists of larger societal forces, which include _________

demographic, economic, natural, technological, political, and cultural

The primary purpose of a strategic plan is to

develop and maintain a strategic fit between a company's goals and capabilities and its changing marketing opportunities

If men and women respond similarly to the same marketing​ mix, they do not constitute​ distinct, identifiable segments. Gender would not be an effective base for segmentation in this example because the segments are not​ __________.

differentiable

A winning strategy for competitive positioning in which the company concentrates on creating a product line and marketing program so that it comes across as the class leader in the industry is referred to as __________

differentiation

The _________ environment consists of economic factors that affect consumer purchasing power and spending patterns

economic

Stimuli in the buyer's environment includes ______

economic, technological, social, and cultural forces

Business-to-business marketers are now using a wide range of digital and social media marketing approaches to _________

engage business customers and manage customer relationships

in B-to-B marketing, digital and social media play an important role in ________

engaging business buyers

Social media campaigns provide exciting opportunities to ______.

extend customer engagement and get people talking about a brand.

Compared to the mainstream buying​ public, Hispanic consumers tend to be deeply​ __________ oriented, making this a special characteristic and behavior.

family

Hospital purchasing agents should prefer​ __________.

food vendors with low prices and quality products

The most common form of marketing organization is _________

functional organization

Developing product specifications follows​ __________ in the business buyer decision process.

general need description

What is the first thing a company does when analyzing competitors

identify the company's competitors

A company can differentiate itself from competitors using symbols such as​ McDonald's golden​ arches, Twitter's​ bird, and the Nike swoosh. Which type of differentiation is​ this?

image differentiation

Marketing can disrupt the internal value chain and cause conflicts to develop because increasing customer satisfaction can potentially​ _______.

increase production costs, increase inventories, cause budget headaches, and disrupt production schedules

Motives, perceptions and preferences are ________ factors than can influence the business-buying decision process

individual

When using digital marketing, B-to-B marketers are targeting _________ that affect buying decisions for _________

individuals; businesses

A university is buying notebook computers for its faculty. The​ university's Information Technology department has been asked to provide specifications and recommendations for this purchase. The IT department is playing which role in the​ university's buying​ center?

influencer

The first group marketers try to bring their new products to the attention to are potential​ __________.

innovators

As a direct result of the explosion in digital technology, one area that advocates and policy makers are taking action on is _________

invasion of privacy

Business markets have demand that ______

is inelastic

__________ is the stage of the business-buying decision process that occurs after a problem is recognized and a general need description is developed

product specification

One important consideration in using a differentiated targeting strategy is that

it can increase costs

The rapidly expanding use of e-procurement in business-to-business deals provides several advantages; however one of the disadvantages is

it pits suppliers against one another

Within the growth-share matrix, "cash cows" are

low-growth, high-share businesses or products

In competitive positioning, _______ are runner-up firms that want to hold their share without rocking the boar

market followers

The process of evaluating each market segment's attractiveness and selecting one or more market segments to enter is called

market targeting

According to the text, which customer and competitor orientation should companies today practice?

market-centered

Nike states that it wants to​ "bring inspiration and innovation to every athlete in the​ world." This is​ Nike's _________.

market-oriented mission statement

The "echo boomers" is another name for ________

millennials

When a company provides superior value by leading its industry in price and convenience, it is pursuing a strategy of _________

operational excellence

In SWOT analyses, the favorable factors or trends in the external environment that the company may be able to exploit to its advantage are referred to as _______

opportunities

Items such as technical​ specifications, quantity, delivery​ time, return policies and warranties are included in the​ ____________.

order-routine specification

________ includes the final order with the chosen supplier or suppliers and lists other required items

order-routine specification

The major activity in strategic planning is the analyses of a business​ __________.

portfolio

A firm can be proactive by​ __________.

pressing lawsuits to keep competitors in line

A(n) ______ stance by companies toward the marketing environment is preferred over a reactive stance

proactive

A company has a ___________ orientation when it is not customer-centered and is also not competitor-centered.

product