Marketing Exam 1

The objective of causal research is to ________.

test the hypothesis about cause-and-effect relationships

The real value of marketing information lies in how it is used _______.

in the customer insights that it provides

A university enrolled 200 graduate students in the Fall of 2015. However, the enrollment rate was only slightly affected following a 12-percent hike in tuition the following fall. This illustrates ______ demand.

inelastic

Which of the following terms is used to describe the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers?

marketing environment

The key business of Kimberley and Price consists of a division that produces and sells breakfast cereals and another that manufactures gardening tools. Each of these 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

_______ provides the resources needed by a company to produce its goods and services.

suppliers

Business buyer behavior refers to the ________.

the buying behavior of organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others

Which of the following is true with regard of strategic planning?

the focus of strategic planning is to define a game plan for long-run survival and growth

Needs exclude all of the following EXCEPT _________.

the newest iPhone

In business markets with inelastic demand ______.

the total demand for products is not much affected by short-term price changes

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

positioning

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

Marketing research

According to the management guru Peter Drucker, "The aim of marketing is to ____."

Make selling unnecessary

Which of the following is NOT part of the business market?

Maria Theresa shops for her family's groceries at the local Whole Foods store

Which of the following is NOT an accurate description of modern marketing?

Marketing emphasizes selling and advertising exclusively

Which of the following statements is true of cultural factors that influence consumer behavior?

Social classes show distinct product and brand preferences in areas such as clothing and travel

Which of the following companies has a product-oriented business definition?

a shoe manufacturer, whose business definition is: "We manufacture affordable and long-lasting shoes for all."

Bailey's Burgers promotes the Bailey's Jumbo Burger as a fun snack for teens and young adults. In this instance, Bailey's Burgers is practicing ________ segmentation.

age and life-style

An MIS is used to ________.

assess information needs

Mission statements should ________ and be defined in terms of ______.

be market oriented; satisfying basic customer needs

The best business portfolio is the one that ______.

best fits the company's strengths and weaknesses to opportunities in the environment

Business markets are similar to consumer markets in that ________.

both involve people who assume buying roles and make purchase decisions to satisfy needs

The decision process by which business buyers determine which products and services their organizations need to purchase and then find, evaluate, and choose among alternative suppliers and brands is known as ______.

business buying process

According to the model of buyer behavior, which of the following is one of the two primary parts of a "buyer's black box"?

buyer's decision process

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

Companies know they cannot appeal to all buyers in the marketplace, or at least not in the same way. Reasons for this include all of the following EXCEPT ________.

companies need more information to offer the right products to the right customers

George is buying his first house. He has spent a month looking at houses and comparing attributes such as price and location. He has contacted several real estate agents to look at different types of houses. George is most likely exhibiting ________.

complex buying behavior

When consumers are highly involved with the purchase of and expensive product and they perceive significant differences among brands, they most likely with exhibit _______.

complex buying behavior

Price & Malone Corp., a company based in Houston, caters to a market of individuals and households that buy goods and services for personal consumption. Price & Malone caters to a ________ market.

consumer

Sparks Inc. has a growing ________ market in the United States consisting of individuals and households that buy Sparks' products for personal use.

consumer

Individuals and households that buy or acquire goods and services for personal consumption make up the ________.

consumer market

Which of the following is one of the other stimuli present in a buyer's environment apart from marketing stimuli?

cultural stimuli

Which of the following is the first step in strategic planning?

defining the organizational mission

Which of the following s the first step in the marketing research process?

defining the problem and objectives of the study

Greg Williams now has buying power to purchase the desktop computer that he has wanted for the last six months. Greg's want now has become a(n) _______.

demand

When backed by buying power, wants become _______.

demands

Business demand that ultimately comes from the demand for consumer goods is known as ______ demand.

derived

An MIS user should most likely be able to ________.

develop customer insights

________ involves actually distinguishing the firm's market offering to create superior customer value.

differentiation

The business marketer normally deals with _______ than the consumer marketer does.

far fewer but far larger buyers

The BCG matrix approach is problematic in that it ________.

focuses solely on current businesses and provides little scope for future planning

The Pure Drug Company produces insulin, a product with very stable demand. Even though the price changed several times in the past two years, the demand for Pure Drug's insulin remained relatively unaffected. In this instance, the demand for insulin is representative of ______ demand.

inelastic

Secondary data consists of ________.

information that already exists somewhere, having been collected for another purpose

Kei, a senior marketing manager of a pizzeria in North Florida, is currently researching electronic collections of consumer information within the company network to arrive at crucial marketing decisions. In this instance, Kei is using ________.

internal databases

Sam has been directed to study the demographic, economic, political, and cultural forces that affect an organization. In this instant Sam has been directed to study the _______ of the organization.

macroenvironment

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

________ involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.

market segmentation

When marketers at Fair & Leigh Inc. selected the Millennials, a demographic group that includes many college students, as an untapped group of potential customers for their new line of products, they were engaging in ______.

market targeting

________ consists of evaluating each market segment's attractiveness and selecting one or more segments to enter.

market targeting

A(n) ________ 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 (MIS)

Jonathan works for a firm that assists companies in promoting, distributing, and selling their products to end consumers. The firm Jonathan works for is a ________.

marketing intermediary

Which of the following refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?

marketing myopia

A(n) ________ is some combination of products, services, information, or experiences offered to consumers to satisfy a need or want.

marketing offering

Dan has been directed to study the forces close to a company that affect its ability to serve its customers, such as the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. In this instance, Dan has been directed to study the ________ of the company.

microenvironment

A ________ documents an organization's purpose -- what it wants is to accomplish in a larger environment.

mission statement

With the recent explosion of information technologies, __________.

most marketing managers are overloaded with data and often overwhelmed by it

Marketing stimuli consist of the four Ps. Which is NOT one of these? A) product B) politics C) price D) promotion E) place

packaging

Differences between business markets and consumer markets include all of the following EXCEPT ________.

people who make decisions to satisfy needs

LandPort Transportation and Omega Warehousing move and store the products your company sells. The two businesses are examples of ________. A) resellers B) marketing services agencies C) marketing intermediaries D) physical distribution firms E) geographic segments

physical distribution firms

Anchor Tractors focuses on selling its farm equipment in North America and Europe. It has not yet considered expanding into the Middle East. Which factor is likely most important in this decision regarding expansion?

political

Marketers often segment international markets according to the type and stability of government. In such instances, they segment markets based on ______.

political factors

Pat thought he had received the best deal on his new car. Shortly after the purchase, Pat started to notice certain disadvantages of his new car as he learned more about other cars available. Pat is experiencing ________. A) postpurchase culture B) selective perception C) postpurchase dissonance D) purchase decision E) information evaluation

post purchase dissonance

Marketing stimuli include which of the following?

price stimuli

Companies can succeed against their competitors by all of the following EXCEPT ________.

providing same size production as the competition

Which is NOT part of the company environment that influences marketing decisions?

retailers

Business information services such as Experian Marketing Services and Nielsen help marketers to ______.

segment people and locations into marketable groups of like-minded consumers

Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through

value creation and exchange

______ are human needs that are shaped by culture and individual personality.

wants

Companies can research many aspects of buying decisions. However, the one that is the most difficult to identify is _______.

why they buy