marketing quiz 1 (ch. 1-2)
The ultimate aim of customer relationship management is to produce high _____. A. satisfaction B. sales volume C. customer equity D. share of customer E. customer-engagement marketing
customer equity
Fairly recently, Starbucks began expanding into China. At one point, Starbucks was opening a new store in China every 15 hours. Which product/market expansion strategy does this represent? A. Market penetration B. Diversification C. Pruning D. Market development E. Product development
market development
Marketing plays a key role in the company's strategic planning by providing a ________ concept philosophy and inputs regarding attractive market opportunities. A. product B. marketing C. production D. selling E. societal marketing
marketing
________ companies research customers deeply to learn about their desires, gather new product ideas, and test product improvements. A. Customer-driven B. Customer-conscious C. Market research-oriented D. Product development-driven E. Product-driven
Customer-driven
A SWOT is a part of which marketing management function? A. Implementation B. Planning C. Control D. Analysis E. Organization
Analysis
Which of the following enhances how marketers learn about and interact with customers? A. Machine learning B. Big data and social media C. New digital devices D. Big data and marketing analytics E. Social media analytics
Big data and marketing analytics
Marketing departments can be organized in a number of ways. However, more and more companies are changing organizational focus from ________ to ________. A. product or territory management; functional marketing organization B. product management organization; market management organization C. product or territory management; customer relationship management D. customer relationship management; functional marketing organization E. customer relationship management; product or territory management
product or territory management; customer relationship management
A company rarely gets 100 percent of a customer's purchases for a product category. The share it does get of the customer's purchasing in its product categories is called ________. A. customer equity B. customer lifetime value C. share of market D. customer defections E. share of customer
share of customer
SWOT analysis
strengths, weaknesses, opportunities, threats
What are the variables in a company's marketing mix? A. Product, price, promotion, people B. Product, price, profits, people C. Profits, product, partners, people D. Product, price, profits, place E. Product, price, place, promotion
Product, price, place, promotion
Which of the following represent market offerings? A. Products, services, information, and experiences B. Needs, wants, products, and advertisements C. Products, services, needs, and exchanges D. Value, satisfaction, sales, and profits E. Products, services, needs, and wants
Products, services, information, and experiences
_____________________________ compose a company's external value delivery network A. Suppliers, distributors, and customers B. Customers, competitors, and suppliers C. Other company departments, customers, and competitors D. Suppliers, customers, and other company departments E. Suppliers, distributors, and other company departments
Suppliers, distributors, and customers
The core marketplace concepts are ________. A. needs, wants, and demands; market offerings (products, services, and experiences); value and satisfaction; exchange and relationships; and markets B. needs, wants, and demands; market offerings (products, services, and experiences); exchange and relationships; and markets C. needs, wants, and demands; market offerings (products, services, and experiences); value and satisfaction; and markets D. market offerings (products, services, and experiences); value and satisfaction; exchange and relationships; and markets E. needs, wants, and demands; market offerings (products, services, and experiences); and value and satisfaction
needs, wants, and demands; market offerings (products, services, and experiences); value and satisfaction; exchange and relationships; and markets
Partners in a value chain would typically include: A. suppliers, distributors, and competitors B. customers, marketing managers, and other company departments C. top-level managers, middle managers, and marketing managers D. employees, marketing managers, and other company departments E. suppliers, distributors, and customers
suppliers, distributors, and customers
The marketing information system (MIS) first ________. A. creates procedures for data gathering B. summarizes existing data C. creates databases of the data D. manipulates existing data E. assesses information needs
assesses information needs
Huge and complex data sets generated by today's sophisticated information generation, collection, storage, and analysis technologies are referred to as _______. A. big data B. a marketing information system C. customer insights D. competitive marketing intelligence E. marketing research
big data
What are the five marketing management functions used to manage the marketing process? A. Product development, pricing, customer service, promotion, and cost control B. Planning, segmenting, targeting, positioning, and implementing C. Writing an executive summary, conducting a situation analysis, planning, setting budgets, and outlining controls D. Analysis, planning, implementation, organization, and control E. Segmenting, targeting, positioning, differentiation, and control
Analysis, planning, implementation, organization, and control
Which of the following is included in a broad definition of marketing? A. Satisfying customers, beating competitors, and maximizing profits B. Selling, advertising, and promoting C. Creating customer value, building customer relationships, and having a strong selling orientation D. Advertising, selling, and developing quality products E. Creating customer value, building customer relationships, and engaging customers
Creating customer value, building customer relationships, and engaging customers
________ is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. A. Customer relationship management B. Customer engagement C. Customer growth D. Customer acquisition E. Customer satisfaction
Customer relationship management
________ are at the center of marketing strategy and programs. A. Market segmentation, differentiation, and positioning B. Value, relationships, and marketing planning C. Strategic planning, marketing planning, and sales planning D. Customer engagement, value, and relationships E. Customer engagement, customer relationship management, and relationships
Customer engagement, value, and relationships
hat is the correct sequence of the steps in the strategic planning process? A. Define the company mission, set company objectives and goals, design the business portfolio, and plan the market and other functional strategies B. Define the company mission, design the business portfolio, set company objectives and goals, and plan the market and other functional strategies C. Design the business portfolio, define the company mission, set company objectives and goals, and plan the market and other functional strategies D. Set company objectives and goals, define the company mission, design the business portfolio, and plan the market and other functional strategies E. Define the company mission, set company objectives and goals, plan the market and other functional strategies, and design the business portfolio
Define the company mission, set company objectives and goals, design the business portfolio, and plan the market and other functional strategies
What is the correct sequence of the four steps of the marketing research process? A. Set the research budget, collect the data, analyze the data, determine how to use the findings B. Define the problem and research objectives, develop the research plan, implement the research plan, interpret and report the findings C. Develop the research plan, set the research budget, collect the data, interpret and report the findings D. Collect the data, analyze the data, develop the research plan, interpret and report the findings E. Develop the research plan, define the problem and research objectives, implement the research plan, interpret and report the findings
Define the problem and research objectives, develop the research plan, implement the research plan, interpret and report the findings
There are several types of objectives market researchers might use in a marketing research project. Which of the following are the primary types of objectives? A. Exploratory research, secondary research, and primary research B. Exploratory research, descriptive research, and survey research C. Descriptive research, survey research, and causal research D. Exploratory research, descriptive research, and causal research E. Demographic research, exploratory research, and attitudinal research
Exploratory research, descriptive research, and causal research
What are the three general sources from which marketers can obtain information? A. Competitors, the internet, and the media B. Internal data, marketing intelligence, and marketing research C. Marketing research, surveys, and scanners D. Sales records, the internet, and internal databases E. Internal data, big data, and global data
Internal data, marketing intelligence, and marketing research
A SWOT is a part of which marketing management function? A. Marketing organization B. Marketing control C. Marketing analysis D. Marketing planning E. Marketing implementation
Marketing analysis
To find the best strategy and mix and to put them into action, the company engages in five activities, including which of the following? A. Marketing analysis, planning, research, implementation, and organization B. Marketing analysis, planning, implementation, organization, and control C. Planning, implementation, research, organization, and control D. Marketing analysis, marketing research, implementation, organization, and control E. Marketing planning, sales planning, control, implementation, and organization
Marketing analysis, planning, implementation, organization, and control
One useful device for identifying growth opportunities is the product/market expansion grid, which includes which of the following strategies? A. Market penetration, market development, product development, and merger B. Market penetration, market development, product development, and acquisition C. Market potential, market development, product development, and diversification D. Market penetration, market development, product development, and consolidation E. Market penetration, market development, product development, and diversification
Market penetration, market development, product development, and diversification
The product/market expansion grid is a tool that allows marketers to identify growth opportunities. Of the following, which represent the four components of the product/market expansion grid? A. Market penetration, market development, product development, and diversification B. Product growth, market growth, customer growth, and profitable growth C. Product development, diversification, domestic expansion, and global expansion D. Product penetration, product development, diversification, and global expansion E. Global expansion, domestic expansion, customer expansion, and product expansion
Market penetration, market development, product development, and diversification
Which major trend is ideal for engaging customers anytime, anywhere, as they move through the buying process? A. Big data B. Sustainable marketing C. Globalization D. Mobile marketing E. Growth of not-for-profit marketing
Mobile marketing
Which of the following correctly identifies the five core customer and marketplace concepts? A. Needs, wants, and demands; market offerings; value and satisfaction; exchanges and relationships; and markets B. Needs, wants, and demands; market offerings; value and satisfaction; competitors; and profits C. Needs, wants, and demands; products; value; customers; and competitors D. Needs, wants, and demands; market offerings; value; satisfaction; and markets E. Needs, wants, demands, market offerings, and markets
Needs, wants, and demands; market offerings; value and satisfaction; exchanges and relationships; and markets
The focus of which of the following processes not only sets the stage for planning in the firm, but also represents the maintenance and development of the organization's goals and capabilities and its changing marketing opportunities? A. Strategic planning B. Marketing planning C. Long-range planning D. Research and development planning E. Annual planning
Strategic planning
What are the two keys to building lasting customer relationships? A. Innovative products and low prices B. Satisfaction and sales promotions C. Customer service and quality products D. Superior customer value and satisfaction E. Value and customer service
Superior customer value and satisfaction
Most standard portfolio analysis methods evaluate strategic business units (SBUs) on their performance in two important dimensions. What are these two dimensions? A. The attractiveness of the SBU's market or industry and the strength of the SBU's position in that market or industry B. The type of market or industry in which the company competes and the strength of the SBU's position in that market or industry C. The number of products a company produces and the number of foreign countries in which the company competes D. The attractiveness of the SBU's market or industry and the number of products the company produces E. The number of SBUs the company identifies and the number of products it produces
The attractiveness of the SBU's market or industry and the strength of the SBU's position in that market or industry
Which marketing management orientation holds that a firm should have a customer focus to achieve sales and profits? A. The selling concept B. The product concept C. The production concept D. The societal marketing concept E. The marketing concept
The marketing concept
__________ 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. A. Ethnographic research B. Big data C. Competitive marketing intelligence D. The marketing information system E. Marketing research
The marketing information system
According to Peter Drucker, what is the aim of modern marketing? A. To drive competitors out of business B. To make selling unnecessary C. To develop innovative products D. To price products as low as possible E. To maximize company profits
To make selling unnecessary
The marketing process consists of five key steps. Which of the following is the first step? A. Get, engage, and grow target customers B. Understand the marketplace and customer needs and wants C. Construct a marketing program that actually delivers superior value D. Design a customer-driven marketing strategy E. Understand customer needs and wants
Understand the marketplace and customer needs and wants
To design a winning marketing strategy, what are the two important questions a marketing manager must answer? A. What markets should we enter? How do we maximize sales in those markets? B. Who are our competitors? How can we beat our competitors? C. How can we serve our customers best? How can we maximize profits? D. What customers will we serve? How can we maximize profits? E. What customers will we serve? How can we serve these customers best?
What customers will we serve? How can we serve these customers best?
Customer insights come from good marketing information, which contributes to creating value and meaningful customer relationships. Companies use these customer insights to develop ________. A. marketing and sales advantages B. marketing plans C. financial and revenue projections D. a competitive advantage E. products and services
a competitive advantage
The key to learn about and engage with individual customers is to blend the new digital technologies and approaches with traditional marketing to create _______________________. A. customer-focused digital applications B. a smoothly integrated marketing strategy and mix C. superior social media, mobile apps, and television advertising D. comprehensive marketing plans E. promotions with wide customer appeal
a smoothly integrated marketing strategy and mix
Today's marketers see information not only as a tool for input for better decision-making, but also as ___________________________. A. an excellent resource to gather information on competitors B. a way to gather big data and perform analytics C. a way to provide useful customer insights D. an important strategic asset and marketing tool E. a revenue-generation tool
an important strategic asset and marketing tool
The two steps in business portfolio planning are ________ and ________. A. creating a corporate strategic plan; developing strategies for growth and downsizing B. analyzing the current business portfolio; developing strategies for growth and downsizing C. creating detailed functional plans; developing strategies for growth and downsizing D. analyzing the current business portfolio; developing revenue strategies E. analyzing past business portfolios; analyzing the current business portfolio
analyzing the current business portfolio; developing strategies for growth and downsizing
The best ________ is the one that best fits the company's strengths and weaknesses to opportunities in the environment. A. marketing plan B. strategic plan C. business portfolio D. functional plan E. product portfolio
business portfolio
Marketing is the process by which companies ________ and build strong customer relationships in order to ________. A. capture current revenue; gain future revenue B. create value for customers; capture value from customers in return C. create value for customers; capture revenue from customers D. capture value from customers; capture future revenue E. sell products and services; obtain revenue
create value for customers; capture value from customers in return
To ________ for customers and ________, marketers must first gain fresh, deep insights into what customers need and want. A. create value; design exceptional products B. create value; build exceptional products C. create value; build repeat revenue streams D. produce results; build meaningful relationships E. create value; build meaningful relationships with them
create value; build meaningful relationships with them
The marketing process involves five steps. The first four steps focus on ________. A. revenue generation B. implementing a market strategy C. creating value for customers D. understanding the marketplace E. getting, engaging, and growing target customers
creating value for customers
Satisfied customers buy again and tell others about their good experiences. What is customer satisfaction based on? A. product price B. exchange C. customer referrals D. customer expectations E. markets
customer expectations
Understanding needs, wants, and demands helps companies to design market offerings and build value-laden customer relationships through which they can capture ____________________________. A. a greater share of customer and greater share of customer equity B. greater customer equity and greater share of market C. customer lifetime value and greater share of customer equity D. customer lifetime value and greater share of customer E. great international market share and greater customer equity
customer lifetime value and greater share of customer
The marketing concept holds that successful marketing strategies are based on _______. A. customer satisfaction and value B. continually improving products in quality and performance C. sustainable marketing strategies D. products that are affordable and available E. large-scale selling efforts
customer satisfaction and value
The marketing process consists of five distinct steps, with four of them focused on creating value for customers. One strategy for creating value for customers is ________, which fosters direct and continuous customer involvement in shaping brand conversations, brand experiences, and brand community. A. customer-engagement marketing B. intrusion marketing C. mass marketing D. advertising and sales promotion E. telemarketing
customer-engagement marketing
The first four steps of the marketing process focus on creating value for customers. The next step is designing a ________. A. customer value-driven marketing strategy B. process improvement plan C. customer relationship strategy D. sales strategy plan E. marketing plan
customer value-driven marketing strategy
The step in the strategic planning process that should be market-oriented, realistic, specific, motivating, and consistent with the market environment is ________. A. designing a business portfolio B. setting goals and objectives C. defining the company's mission D. developing functional plans E. developing business unit strategies
defining the company's mission
The definition of the company's mission is the first step in the strategic planning process. The mission is then transformed into ________, which in turn guide decisions about ________. A. a detailed business portfolio; supporting goals and objectives B. a detailed business portfolio; functional planning C. detailed supporting goals and objectives; the business portfolio D. detailed supporting goals and objectives; functional planning E. detailed functional planning; the business portfolio
detailed supporting goals and objectives; the business portfolio
A marketing information system (MIS) helps users analyze and use information to ________, ______________, and _______________. A. develop customer insights, manage sales strategies, and manage customer relationships B. develop customer insights, make marketing decisions, and manage customer relationships C. develop customer insights, make select marketing decisions, and manage vendors D. develop customer insights, make marketing decisions, and manage vendors E. make marketing decisions, manage vendor relationships, and manage customer relationships
develop customer insights, make marketing decisions, and manage customer relationships
Advances in ________ are forces that offer exciting new opportunities to target customers more selectively and engage them more deeply. A. visualization software technologies B. digital media streaming technologies C. big data and analytics D. e-commerce and mobile payment technologies E. digital and social media
digital and social media
In recent years, today's marketers are also reexamining their ________ responsibilities. A. ethical and societal B. cultural and societal C. ethical and cultural D. moral and ethical E. economic and ethical
ethical and societal
The first step in the marketing research process involves defining the problem and setting research objectives , which might be _________, ___________, or ____________ research. A. exploratory, secondary, or primary B. exploratory, causal, or consumer C. exploratory, descriptive, or causal D. exploratory, characteristic, or descriptive E. descriptive, focus group, or causal
exploratory, descriptive, or causal
The mission is transformed into detailed supporting goals and objectives, which in turn guide decisions about the business portfolio. Then each business and product unit must develop detailed ________ plans in line with the company-wide plan. A. functional B. strategic C. sales D. revenue E. product development
functional
The third step in the marketing research process calls for implementing the marketing research plan by ________. A. hiring a market research firm and gathering and processing information B. gathering and analyzing information C. processing and analyzing information D. setting a budget, hiring a market research firm, and beginning research E. gathering, processing, and analyzing the information
gathering, processing, and analyzing the information
Marketers are viewing information not only as an input for making better decisions, but also as a(n) ______________. A. strategic planning tool and marketing tool B. important strategic asset and marketing tool C. important strategic asset and sales tool D. important marketing tool and advertising tool E. important product development tool and advertising tool
important strategic asset and marketing tool
The customer-driven company divides the total market into smaller segments, selects segments it can best serve, and decides how it wants to bring value to target consumers in the selected segments. It then designs a(n) ________. A. revenue plan B. comprehensive sales plan C. integrated marketing mix D. integrated marketing plan E. integrated marketing communications plan
integrated marketing mix
The second critical phase in developing a marketing information system (MIS) is developing information. The information is developed from ________, __________, and ____________. A. internal databases, marketing intelligence activities, and shopper research B. internal databases, customer analytics, and marketing intelligence activities C. internal databases, business analytics, and marketing research D. internal databases, marketing intelligence activities, and secondary research E. internal databases, marketing intelligence activities, and marketing research
internal databases, marketing intelligence activities, and marketing research
________ is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate marketing strategies or mixes. A. Marketing strategy B. Differentiation C. Positioning D. Market segmentation E. Market targeting
market segmentation
A __________________________ consists of the 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. A. marketing research department B. marketing analytic system C. marketing technology system D. marketing information system E. marketing consulting team
marketing information system
Today's marketers face growing pressures to show that they are adding value in line with their costs. In response, marketers are developing better measures of ________. A. the effectiveness of digital and social media marketing B. marketing return on investment C. customer value and partnership management efforts D. marketing investments in specific global and domestic locations E. marketing tactics and implementation
marketing return on investment
There are too many different kinds of consumers with too many different kinds of needs. So, companies must design strategies for profitably serving chosen segments. The design of the strategies begins with four key elements, which are ________, _______, ________, and ___________. A. marketing planning, market segmentation, differentiation, and positioning B. market segmentation, market targeting, micro-targeting, and differentiation C. market targeting, differentiation, promotional strategies, and positioning D. market segmentation, differentiation, selling strategies, and positioning E. market segmentation, market targeting, differentiation, and positioning
market segmentation, market targeting, differentiation, and positioning
Outstanding marketing companies go to great lengths to learn about and understand their customers' ________. A. marketplace challenges B. distribution methods and channels C. decision making, buying, and purchasing processes D. products and services E. needs, wants, and demands
needs, wants, and demands
Which of the following correctly identifies the three research approaches for gathering primary data? A. observation, internet search engines, and internal databases B. observation, surveys, and online commercial data C. observation, ethnography, and surveys D. observation, surveys, and experiments E. internal databases, commercial online data, and internet search engines
observation, surveys, and experiments
Another strategy for creating value and building strong customer relationships includes ________, which means working closely with others inside and outside the company to jointly engage and bring more value to customers. A. customer engagement marketing B. partner relationship management C. customer relationship management D. joint venturing E. strategic vendor management
partner relationship management
Companies need meaningful customer insights so they can _____________________________. A. build larger market share B. produce superior value for their customers C. realize better bottom lines D. build databases that prove useful to marketers E. gain a competitive advantage
produce superior value for their customers
Marketing tools used in digital and social media marketing include _______. A. social media, online video, and newspaper coupons B. mobile apps, online video, and personal selling C. email, telemarketing, and blogs D. social media, mobile apps, and blogs E. social media, mobile apps, and television advertising
social media, mobile apps, and blogs
The goal of ________ is to develop and maintain a fit between the organization's goals and capabilities and its changing marketing opportunities. A. marketing B. strategic planning C. sales D. financial planning E. product development
strategic planning
Marketing provides a guiding philosophy for a company's strategic planning. This philosophy, known as __________, focuses on creating customer value and building profitable relationships with important consumer groups. A. value chain management B. the marketing concept C. partner relationship management D. customer relationship management E. the value network
the marketing concept
Marketing management can adopt one of five competing market orientations, which include _________. A. the production concept, the product development concept, the selling concept, the marketing concept, and the societal marketing concept B. the production concept, the product concept, the market-driven concept, the selling concept, and the societal marketing concept C. the production concept, the selling concept, the marketing concept, the economic concept, and the societal marketing concept D. the production concept, the product concept, the selling concept, the marketing concept, and the societal and cultural marketing concept E. the production concept, the product concept, the selling concept, the marketing concept, and the societal marketing concept
the production concept, the product concept, the selling concept, the marketing concept, and the societal marketing concept
The first step of the marketing process is to ___________________. A. build profitable relationships B. understand the marketplace, which includes customer needs and wants C. design a customer-driven marketing strategy D. capture value from customers to create profits and customer equity E. construct an integrated marketing program that delivers superior value
understand the marketplace, which includes customer needs and wants
As part of marketing's role, the department works closely with partners in other departments to form an effective internal ________ and with other companies in the marketing system to create an external value delivery network that jointly serves customers. A. network B. partner chain C. management process D. customer relationship management chain E. value chain
value chain
Marketing must also partner effectively with other companies in the marketing system to form a competitively superior ________. A. vendor chain network B. functional delivery network C. supply chain network D. value delivery network E. value chain
value delivery network
What are the variables in a company's marketing mix? A. Product, partners, profits, and place B. Product, price, place, and promotion C. Product, price, profits, and people D. Profits, product, partners, and people E. Product, price, promotion, and people
Product, price, place, and promotion