Marketing MidtermD
Marketing Goal
-Sustainable Profitable Revenue Growth -Attract new customers by promising superior value -Keep and grow current customers by delivering satisfaction
5 core marketplace concepts
1)Customers Needs, Wants, and Demands 2)Customer Lifetime Value and Share of Customer 3)Long-term Customer Equity 4)Value and Advantages 5)Other Market Place Concepts
As a result of ________, a company cannot make its product illegally similar to a competitor's already established product.
patent laws
promotion/ education
-B2B: provide value based information relevant to a customers' specific value needs at each point in the purchase cycle -B2C: informing your customers of the benefits of the product plus the problem they are solving
4 P's
-Price (value) -Place (access) -Promotion (education) -Product (solution)
Marketing Role
Helps the sales channel say and do the right things at the right level and the right time with the right customer
Which of the following is true of marketing ROI?
Marketing ROI measures the profits generated by investments in marketing activities.
Managing the marketing function begins with a complete analysis of the company's situation. A thorough ________ is typically undertaken to guide decision making.
SWOT analysis
Which of the following statements is true in the context of the BCG growth-share matrix?
Stars often need heavy investment to finance their rapid growth in a market.
Dividing buyers into groups based on their knowledge, attitudes, uses, or responses to a product is called ________ segmentation.
behavioral
A ________ is defined as a name, term, sign, symbol, or design, or a combination of these, that identifies the maker or seller of a product or service.
brand
________ involves enlisting or even creating opinion leaders to serve as brand ambassadors who spread the word about a company's products.
buzz marketing
The final step in the marketing process is ________.
capturing value from customers
________ occurs when two established brand names of different companies are used on the same product.
co-branding
Introducing a new product into the market is called ________.
commercialization
Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on
consumers' existing wants
________ products are consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort.
convenience
________ is the total combined customer lifetime values of all the company's current and potential customers.
customer equity
Which of the following terms refers to a customer's evaluation of the difference between all the benefits and all the cost 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
When marketers want to promote their products and services through word-of-mouth marketing programs, they typically begin by ________.
generating person-to-person brand conversations
The new product development process usually starts with ________.
idea generation
Which of the following steps of the new product development process would most likely use an R-W-W framework?
idea screening
The process that turns marketing plans into marketing actions to accomplish strategic marketing objectives is called marketing ________.
implementation
A product line is most likely too long if managers can ________.
increase profits by dropping items
Which of the following is the first stage of the buyer decision process?
need recognition
Product mix width refers to the ________.
number of different product lines the company carries
________ are people within a reference group who, because of special skills, knowledge, personality, or other characteristics, exert social influence on others.
opinion leaders
Which of the following is considered a major influence on business buyer behavior?
organizational factors
The most effective sources of information about a product tend to be ________.
personal
________ 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
________ refers to the portion of the customer's purchase that a company gets in its product categories.
share of customer
________ products are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style
shopping
The use of traditional business marketing concepts and tools to create behaviors that will benefit individual and societal well-being is called ________ marketing.
social
________ is defined as a business strategy where business buyers prefer to buy a complete solution to a problem from a single seller rather than buying and consolidating separate products and services from several suppliers.
systems selling
Under a ________ new product development approach, company departments work closely together in cross-functional groups, overlapping the steps in the product development process to save time and increase effectiveness.
team-based
Customers who are classified as true believers _________.
tell others about their good experiences with a company
Which of the following best describes a company's business portfolio?
the collection of businesses and products that make up the company
Which of the following are examples of internal publics of a company?
the managers, board of directors, and workers of the company
________ can describe a product class, a product form, or a brand.
the product life cycle concept
Many marketers now embrace a ________ strategy, integrating ethnic and cross-cultural perspectives within their mainstream marketing.
total market
According to the five-step model of the marketing process, the first step in marketing is
understanding the marketplace and customer needs and wants
Markets can be segmented into groups of nonusers, ex-users, potential users, first-time users, and regular users of a product. This method of segmentation is called ________.
user status segmentation
A ________ is made up of a company, its suppliers, its distributors, and its customers who partner with each other to improve the performance of the entire system.
value delivery network
A brand's ________ is the set of benefits that it promises to deliver to consumers to satisfy their needs.
value proposition
Companies have responded to consumers' back-to-basics sensibility in their lifestyle and spending patterns through ________.
value-marketing
Consistency of a product mix refers to the ________.
ways in which the various product lines are related
Marketing Definition
Engaging customers and managing profitable customer relationships
Which of the following is true of perceptual positioning maps?
They are used to analyze consumer perceptions of a brand relative to competing products.
Which of the following is most likely true about companies that take a proactive stance toward the marketing environment?
They develop strategies to change the marketing environment.
Which of the following is part of the microenvironment of a company's marketing environment?
a just-in-time inventory system used by the company when making purchase decisions
________ is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.
demography
A strategy for company growth through starting up or acquiring businesses outside the company's current products and markets is called ________.
diversification
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
__________ is the act of obtaining a desired object from someone by offering something in return
exchange
product/ solution
finding a solution to the peoples problem
Companies like 3M, Google, and Sony have ________ that encourage employees to develop new ideas.
intrapreneurial programs
A market segment is less attractive when ________.
it contains powerful suppliers who can control prices
price/ value
it is worth what we are paying for? whats the quality like
A successful niche marketing strategy relies on a firm's ________.
knowledge of customer needs
________ occurs when a company uses its existing brand name for new forms, colors, sizes, ingredients, or flavors of an existing product category.
line extension
Demographic, economic, natural, technological, political, and cultural forces form the ________ of an organization.
macroenviroment
The two dimensions the BCG approach uses to evaluate and manage SBUs are ________.
market growth rate and relative market share
_________ is the art and science of choosing target markets and building profitable relationships with them.
market management
A strategy for company growth that involves increasing sales to current market segments without changing the product is known as ________.
market penetration
________ is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behavior.
market segmentation
Which of the following is the right order of the steps that companies generally follow in designing a customer-driven marketing strategy?
market segmentation, market targeting, differentiation, and positioning
Marketing the same product to a huge customer base without any customization is referred to as ________.
mass marketing
A detailed version of a product idea stated in meaningful consumer terms is a ________.
product concept
Some companies are now appointing ________, whose job is to protect consumers from harm and the company from liability by proactively ferreting out potential product problems.
product stewards
The boom in online, mobile, and social media has created a new set of social and ethical issues for companies. Their greatest concern involves ________.
protecting the privacy of knowing and unknowing customers
________ segmentation factors divide buyers into different groups based on social class, lifestyle, or personality characteristics.
psychographic
________ is the degree to which an innovation appears superior to existing products.
relative advantage
________ are distribution channel firms that help a company find customers or make sales to them.
resellers
Many companies are taking a ________ approach today, viewing quality as an investment and holding quality efforts accountable for bottom-line results.
return-on-quality
place/ access
-might come irrelevant -want to make your product available to everyone
________ is the process by which people select, organize, and interpret information to form a meaningful picture of the world.
perception
Fads are characterized by their ________.
unusually high sales and rapid decline