Marketing Exam 1

________ is a method of gathering primary data that involves asking people questions about their knowledge, attitudes, preferences, and buying behavior. Observational research Causal research Experimental research Archival research Survey research

Survey research

In most marketing research projects, what type of research is conducted first? descriptive remedial corrective causal exploratory

exploratory

The objective of ________ research is to gather preliminary information that will help define the problem and suggest hypotheses. corrective descriptive experimental causal exploratory

exploratory

________ is the final step in the marketing research process. Collecting and analyzing the data Determining a research approach Engaging in secondary research Developing the research plan Interpreting and reporting the findings

Interpreting and reporting the findings

Experimental research is best suited for gathering ________ information. ethnographic causal interactive descriptive exploratory

causal

P&G "Tide Loads of Hope" program provides mobile laundromats and loads of clean laundry to families in disaster-stricken areas. This is an example of ________ marketing. environmental ethical cause-related social charitable

cause-related

A consumer advocacy group challenges a firm's decision to build a new warehouse in a small community. The advocacy group is an example of a ________ public. government citizen-action local financial media

citizen-action

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. natural cultural economic demographic political

economic

Monfax Corporation insures manufacturers, distributors, and consumers against the loss or damage of goods during transportation after a purchase or sale. In this case, Monfax is an example of a ________. physical distribution firm retailer wholesaler marketing service agency financial intermediary

financial intermediary

Under Armour increasing its advertising spending and offering an ever-increasing range of styles and colors in its original apparel line is an example of a ________ strategy. market penetration product development business harvesting product diversification market development

market penetration

In a SWOT analysis, ________ refer to favorable factors or trends in the external environment that a company may be able to exploit to its advantage. controls opportunities strengths strategies threats

opportunities

In a marketer's macroenvironment, the ________ environment consists of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society. political natural technological internal cultural

political

The ________ environment is perhaps the most dramatic force shaping the destiny of individuals and offering exciting opportunities for marketers. political technological demographic social cultural

technological

Causal research is used to ________. collect information on the attitudes of consumers generate hypotheses about the causes of a marketing problem gather preliminary data to define problems and their underlying causes collect information on the demographics of customers test hypotheses about cause-and-effect relationships

test hypotheses about cause-and-effect relationships

Internal databases usually are more expensive to use than other market information sources. True or False

False

Market offerings are limited to physical products.

False

Marketing intermediaries supply resources needed by a company to produce its goods and services. True or False

False

Secondary data consist of information collected for the specific purpose at hand. True or False

False

The information collected for an internal database is typically complete and in the proper form. True or False

False

________ markets consist of individuals and households that buy goods and services for personal use. Wholesaler Business Consumer Retailer Government

Consumer

_____ is the total combined customer lifetime values of all the company's current and potential customers. Share of customer Value proposition Customer equity Market share Customer-perceived value

Customer equity

Customer equity is a measure of the past value of a company's customer base. True or False

False

In the marketing mix, product refers to activities that communicate the merits of a product and persuade target customers to buy it. True or False

False

_____ is the act of obtaining a desired object from someone by offering something in return. Targeting Segmentation Differentiation Exchange Positioning

Exchange

_____ is the art and science of choosing target markets and building profitable relationships with them. Positioning Value engineering Differentiation Marketing management Segmentation

Marketing management

Which of the following has the primary function of helping a company target and promote its products to the right markets? Resale marketers Service providers Credit companies Marketing services agencies Physical distribution firms

Marketing services agencies

_____ are defined as states of felt deprivation Ideas Values Needs Exchanges Demands

Needs

_______ data consist of information collected for the specific purpose at hand. Archival Historical Derived Primary Secondary

Primary

________ are distribution channel firms that help a company find customers or make sales to them. Suppliers Logistics firms Credit companies Resellers Producers

Resellers

A brand's value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs. True or False

True

A market is a segment of potential consumers who share a common need or want. True or False

True

Each population member has a known chance of being included when a probability sampling procedure is used. True or False

True

Product, price, place, and promotion make up the elements of a firm's marketing mix. True or False

True

The marketing concept is a customer-centered, sense-and-respond philosophy. True or False

True

Walmart's microenvironment includes suppliers. True or False

True

______ are the form human needs take as they are shaped by culture and individual personality. Wants Risks Necessities Services Benefits

Wants

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is referred to as _____ perceived-value management societal marketing customer relationship management enterprise resource planning partner relationship management

customer relationship management

According to the text, ________ are the most important actors in a company's microenvironment. resellers suppliers stockholders customers employees

customers

Abel now has the buying power to purchase the computer that he wanted to buy six months ago. Abel's want has most likely become a ____ need value demand market offering desire

demand

Which of the following represents a change in the technological environment of a marketing firm? increased use of cause-related marketing increased need to engage in mass marketing over market segmentation increased use of RFID systems to track products increased need to comply with environmental regulations increased use of value marketing techniques and promotions

increased use of RFID systems to track products

Demographic, economic, natural, technological, political, and cultural forces form the ________ of an organization. microenvironment macroenvironment marketing intermediary network internal environment supply chain

macroenvironment

Although internal databases can be accessed more quickly and cheaply than other information sources, one of the challenges of internal databases is ________. the inability to access the lack of sophisticated equipment and technologies decision making about data collection software putting the customer at the center of all decisions maintaining the current database

maintaining the current database

A firm's decision to identify and develop new markets for existing products is a ________ strategy. product development market penetration diversification market development market differentiation

market development

The two dimensions the BCG approach uses to evaluate and manage SBUs are ________. relative market share and product development market growth rate and market development market growth rate and relative market share relative market share and market penetration market growth rate and market penetration

market growth rate and relative market share

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

market penetration

EcoBean, a chain of cafes, has introduced a Special Shopper Card that allows customers to pay in advance for coffee and snacks. This effort by EcoBean management is most likely an example of ________. diversification market development product adaptation market penetration product development

market penetration

Dividing a market into several sections of customers is known as _____

market segmentation

Which of the following concepts is based on a customer-centered philosophy? product concept marketing concept production concept selling concept distribution concept

marketing concept

A ________ is purposeful, specifying what an organization wants to accomplish in the larger environment. strategic plan marketing strategy market portfolio marketing objective mission statement

mission statement

A marketing intermediary would most likely help a firm by ________. supplying the raw materials needed for manufacturing the firm's products negotiating with labor unions regarding wages, hours, and benefits competing directly with the firm in a certain product category providing technical expertise on the production and design of goods moving the firm's goods from production points to distribution centers

moving the firm's goods from production points to distribution centers

According to the BCG matrix, products or businesses with a low share of market in a high-growth industry are considered ________. cash cows dogs question marks black holes stars

question marks

The most common research instrument, whether administered in person, by phone, by e-mail, or online, is the ________. mechanical device personal interview questionnaire focus group telephone interview

questionnaire

Information collected from commercial online databases or through Internet search engines are examples of ________ data. first-hand primary experimental secondary ethnographic

secondary

Both market penetration strategies and market development strategies primarily involve ________. selling a company's current products modifying the company's product line developing a new product leaving the current market selling in new as well as existing markets

selling a company's current products

According to the BCG matrix, products or businesses with a high market share in a high-growth market are classified as ________. cash cows question marks stars dogs heroes

stars

Which of the following is most likely a financial public? corporate attorney community organization newspaper stockholder minority group

stockholder

Which of the following best describes a company's business portfolio? the company's strengths in terms of technology, people, and products the target segments of the company's various businesses the list of all the marketing activities in which the company invests the company's products or services in a particular market the collection of businesses and products that make up the company

the collection of businesses and products that make up the company

Which of the following sources constitutes the internal database of a company? conversations on social media reports sold by market research firms commercial online databases the Web the company's sales records

the company's sales records

Which of the following best describes the value chain of a company? a network made up of the company, its suppliers, and its distributors working together to deliver customer value touchpoints at which a company or brand interacts with its consumers profits earned by the cash cows and stars in the company's business portfolio the collection of businesses and products that make up the company the series of departments that design, produce, market, deliver, and support the company's products

the series of departments that design, produce, market, deliver, and support the company's products

In a SWOT analysis, ________ refer to unfavorable external factors or trends that may present challenges to performance. strengths strategies weaknesses opportunities threats

threats

JetBlue's promise to put "You Above All" by "bringing humanity back to travel" is their ________. value proposition segmentation strategy market offering selling concept production concept

value proposition