Marketing Management Final Study Guide

Which statement about the product life cycle timeline is accurate?

A product may move through the entire life cycle in months, not years.

Which of these reflects a customer brand role?

Brands convey information about a product.

What is the third and final activity in new product development?

Develop the product opportunity.

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

Formalization

_______Blank is one of the most widely used measures of economic growth.

Gross domestic product

The ability to get secondary and/or primary data on a market being considered for segmentation relates to which question about segmentation?

Is the segment readily identifiable and can it be measured?

Which criterion for market segmentation is least likely to enable successful segmentation?

It should be undifferentiated.

Which statement about marketing is true?

Marketing is no more inherently unethical than other business areas.

Which statement is TRUE about North American Industrial Classification System (NAICS) codes?

The NAICS codes make it possible to purchase detailed information on each of the codes in the system.

_____Blank are the marketing activities that affect the consumer decision process.

Value proposition, distribution, and marketing communications

_______Blank is a major source of data generation that will continue to grow in importance as more people rely on the internet.

Web-related activity

Target marketing is the process by which ________Blank.

a company evaluates market segments and decides which ones have the most potential for development

Strategic marketing refers, in part, to

a long-term, firm-level commitment to investing in marketing.

A continuing process of identifying, collecting, analyzing, accumulating, and dispensing critical data to marketing decision makers is known as

a market information system.

The nature of B2B markets requires

a more personal relationship between the buyer and seller than in B2C markets.

Which of these is a macro-level environmental trend in business that affects marketing?

a shift to digital and social media approaches to marketing communication

In a marketing plan, every strategy must include an implementation element. These are sometimes called

action plans

Goals and objectives should be set

after completion of market research, situation analysis, and competitor analysis.

Good market research will

be impartial

_______Blank refers to the ever-increasing quantity and complexity of data that is continuously being produced by various technological sources.

big data

A producer of organic tea creates a group to make purchase decisions that is made up of people from the purchasing department, senior management with financial knowledge, and salespeople. This group best represents a(n)

buying center.

A marketing manager is interested in the relationship between the location of their stores and the level of sales. To test whether moving a store will lead to a change in sales and, if so, how much of a change, the marketing manager should use ________Blank research.

causal

Aligning the firm's philosophy and ethics with that of a potential channel partner would be identified in the channel strategy of

character

In addition to a code of ethics, many companies also create a(n) ________Blank that seeks to operationalize the company's value by defining appropriate behaviors and decisions

code of conduct

In marketing, differentiation means ________

communicating and delivering value in different ways to different customer groups

Internal sources of generating product ideas include

company salespeople.

What is an external source of collecting information for making marketing decisions?

competition

Customer relationship management (CRM) is considered critical largely because of

competitive pressures in the marketplace.

Licensing as a market entry strategy is least likely to include

complete control of the patent.

The two fundamental approaches to learning are

conditioning and cognitive.

One part of a marketing plan should identify what to do if things go wrong. This section is called ________Blank planning.

contingency

Which type of plan is often described in terms of a separate plan for a worst-case, best-case, and expected-case performance against the forecast?

contingency plan

Which element helps avoid scrambling to decide how to adjust marketing strategies when performance against a forecast is higher or lower than expected?

contingency plans

Most global marketers rely on local distribution networks in foreign markets. This is because it is very expensive to build a company's own distribution network in a foreign market. This issue can be identified in the channel strategy of

control

In the context of product characteristics, companies translate the essential benefit into physical, tangible elements known as the ________Blank product.

core

Which channel strategy is helped by increasing the efficiency of local distribution systems by eliminating unnecessary middlemen?

cost

What is one of the three major objectives of customer relationship management?

customer acquisition

What is one of the four elements of the process cycle for customer relationship management?

customer interaction

What is an internal source of collecting information for making marketing decisions?

customer orders

Which major objective of customer relationship management relates to increased individual customer margins, while offering the right products at the right time?

customer profitability

Positioning relies on the communication of one or more sources of value to customers in a way that the customer can easily make the connection between the ________Blank.

customer's needs and wants and what the product has to offer

External sources of generating product ideas include

customers

Which of the six key sources of Big Data is being used when a company collects Big Data on customers in order to sell it to other organizations?

data from commercial entities

In the market research process, once the management research deliverable has been identified, the next step is to

define the research problem.

An important issue for consumers is conformance, which is the product's ability to

deliver on features and performance characteristics promised in marketing communications.

The primary function of marketing and the entire organization, in a broader context, is to

deliver value to the customer.

The relationship between consumer demand for products and demand for B2B products is known as ________Blank demand.

derived

Segmenting markets means that a company is ________Blank.

dividing the market into meaningful smaller markets based upon common characteristics

Charging a price that is lower than actual costs or less than the company charges in its home market is called

dumping

Data on consumer spending per capita or industrial purchasing trends would be identified in the ________Blank section of a global market research report.

economic

Purpose-driven marketing, or pro-social marketing, as practiced by the well-known Tom's shoe company,

engages consumers in a meaningful way.

The ________Blank product extends the core product to include additional features, designs, and innovations that exceed customer expectations.

enhanced

A SWOT analysis would list the availability of credit for a firm seeking to expand through new construction of real estate under

external opportunities.

Customer relationship management (CRM) is designed primarily to

facilitate higher levels of customer satisfaction.

In the context of situation analysis, what is a category for analysis in the internal environment?

firm resources

Positioning strategy is a process that often starts with ________Blank, which help(s) develop a set of attributes for further analysis

focus groups

The fashion apparel and skin care industries are candidates for ________Blank products that appeal to those who do not fit the traditional binary definitions of male and female.

gender-bending

The first step in the new product development process is to

generate new product ideas.

Growth, stability, and retrenchment refer to a firm's position relating to its ________Blank strategy.

generic

An interior design company has offices in Santa Fe, New Mexico; Butte, Montana; and Chicago, Illinois. Its designers use different products and designs in each place because clients' tastes tend to be different depending on where they live. This illustrates ________Blank segmentation.

geographic

An understanding of marketing beyond home markets develops over time as a company gets more international business experience. This process is referred to as the

global experience learning curve.

Karan is highly influenced by his work environment. He will most likely

go for a vacation at the same places as his coworkers.

Companies that promote sustainability practices like Starbucks, which has a recycling program, or General Electric, which makes environmentally-sensitive products, are practicing ________Blank marketing.

green

The primary difference between selling to the profit-oriented market and the nonprofit market is that nonprofits

have a limited number of resources compared to their for-profit counterparts.

When people are concerned about the outcome of a process, they will spend more time acquiring information about product options and become more emotionally connected to the process and the decision by engaging in

high-involvement learning.

Today customers have limitless access to facts about companies, products, competitors, other customers, and even detailed elements of marketing plans and strategies. In the context of change drivers impacting the future of marketing, this reflects the shift

in information power from marketer to customer.

What is one of the three factors a company needs to consider when creating a market information system?

information needs

The consumer decision process is an interaction of two types of forces. They are

internal and external.

A SWOT analysis would list a highly competent workforce under

internal strengths.

Demographic segmentation is one of the most popular segmentation approaches because ________Blank.

it is relatively easy to measure the variables used in this approach to segmentation

Relationship-oriented firms tend to

keep and cultivate their profitable current customers who are highly satisfied with the firm's offering.

In the CRM process cycle, ________Blank is the process of analyzing the customer information acquired through various customer touchpoints.

knowledge discovery

Concerned by recent negative trends in the consumer price index, gross domestic product, and inflation, the marketing manager of a vacation rentals company recommends that the company reduce its advertising spending. His recommendation is based on ________Blank data.

macroeconomic

The sales manager at a company wants to keep informed, so he collects, analyzes, and stores data from the macro environment on a continuous basis. This illustrates the concept of

marketing intelligence.

In the context of organizational structures, most companies today use a hybrid of global product lines and geographic regions structures, or a ________Blank structure that encourages regional autonomy while building product competence in key areas around the world.

matrix

When companies provide too few products in a product line, they run the risk of

missing important market opportunities.

A ________Blank articulates an organization's reason for existence, defines the unique purpose that sets it apart from competitors, and identifies the scope of the company's operations, products, and markets.

mission statement

Bradley, the manager of a home goods store wants to determine what items consumers are looking for this Christmas so that he can plan his orders. He decides to collect data for the purpose by stationing employees outside the store on a particular Saturday with a list of questions to ask willing shoppers to answer as they pass by. In this case, the Bradley is using a ________Blank sampling method to select respondents.

nonprobability

A company's brand role includes

offering an effective and efficient methodology for categorizing products.

Doreen is creating a survey for her company. The question she is currently working on asks her business-to-business customers to describe the ideal purchasing transaction. Doreen is utilizing a(n) ________Blank question.

open-ended

In the context of product classifications, tangibility refers to the

physical aspects of a product.

Supply chain management is considered to be part of the ________Blank of the marketing mix.

place

A marketing manager would like to know about the typical consumer who purchases a specific type of laptop computer. He begins by searching online and in databases for this information, but soon discovers that the product is too new for the sources to be of help. In this instance he will need ________Blank data to solve his research problem.

primary

Coca-Cola changes the taste of its soft drinks to meet local market preferences. This is an example of

product adaptation.

The text discusses the triple bottom line metric, and outlines an approach to consider the impact of TBL in marketing management. This includes people, planet, and

profit

In the context of the 4Ps of the marketing mix, high-tech media options like cell phones and the Internet have had a huge impact on

promotion

An approach to segmenting consumer markets is ________Blank segmentation, which relies on consumer variables such as personality and AIOs (activities, interests, and opinions) to segment a market.

psychographic

A struggling start-up firm needs a huge cash injection. It has an environmentally-friendly pesticide that is approved for use by commercial organic farmers. The pesticide is made from all-natural ingredients and has great potential. A small investment firm has injected cash in the start-up. In the context of the BCG matrix, Green Scene is most likely considered a

question mark

Companies like Home Depot sell to the B2B market and B2C market out of the same store. This puts the company in the category of a(n)

reseller

An individual moves through five stages before adopting a product. During the interest stage, consumers

seek out added information about a product for further evaluation.

What type of marketing analytics is being used when data is used from likes for posts on Facebook?

social media analytics

Sociologists look for defining events such as major economic upheaval, wars, and ________Blank as triggers for generational change.

sociocultural revolution

Marketing (Big M) is also known as ________Blank marketing

strategic

_______Blank data refers to data that is generated in such a way that a logical organization is imposed on it during its generation, thus enabling it to be more readily analyzable for knowledge creation.

structured

From a customer's perspective, what is defined as a 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?

value

Which of these are core marketing concepts?

value and exchange

_____Blank relates to the different types of data, including text, video, images, and audio.

variety

Everett is a fan of using Big Data because of its ability to generate a large amount of data that can be organized and quantified. Everett likes the ________Blank characteristic of Big Data.

volume

The marketing manager at a firm that specializes in the design of school buildings discovered a glitch in the software the firm uses. As a result, some of its most recent projects will come in over budget. In the context of SWOT analysis, a discussion of this would be included under

weaknesses

Companies often use features to differentiate themselves from competitors. However, a company must balance the features customers want with

what customers will pay.