Marketing Management

In a SWOT analysis, which of the following would be considered a weakness of a company?

Obsolete technologies used by the company

Which of these questions is answered by a firm's value proposition?

Why should I buy your brand rather than a competitor's?

In a SWOT analysis, which of the following would most likely be considered a strength of a company?

an improvement in the company's production technology

Which of the following represents a change in the technological environment of a marketing firm?

increased use of RFID systems to track products

________ is the total combined customer lifetime values of all the company's current and potential customers.

Customer Equity

________ refers to reducing the business portfolio by abandoning products that no longer fit the company's overall strategy.

Downsizing

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

Market Targeting

Which component of the marketing mix refers to the goods-and-services combination a company offers to its target market?

Product

Many companies have started to target the LGBTQ market segment, which has significant buying power. True or False

True

Which of the following terms refers to a customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers?

customer-perceived value

According to the text, ________ are the most important actors in a company's microenvironment.

customers

Which of the following is a major force in the firm's macroenvironment?

demographic

Which of the following best describes market segmentation?

dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors

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.

economic

Ferrari sells only 2,200 of its very high-performance cars in North America each year at very high prices. The company is appealing to a specific ________.

market segment

A ________ is purposeful, specifying what an organization wants to accomplish in the larger environment.

mission statement

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.

opportunities

One recent trend in the natural environmental that marketers need to be aware of is ________.

shortages of raw materials

Which of the following is part of the microenvironment of a firm's marketing environment?

the suppliers who work with the company

In a SWOT analysis, ________ refer to unfavorable external factors or trends that may present challenges to performance.

threats

According to the five-step model of the marketing process, the first step in marketing is ________.

understanding the marketplace and customer needs and wants