Marketing Study Guide

Defining the problem and research objectives is the __________ step in the marketing research process.

First

The four Ps of the marketing mix have been redefined in buyer's terms as the four As. Product design influences __________, price affects __________, place affects __________, and promotion influences __________.

acceptability; affordability; accessibility; awareness

According to the growth-share matrix, __________ are high-share, high-growth products. When the market growth slows these products become __________.

stars; cash cows

Which of the following uses a sense-and-respond philosophy to promote a customer-centered marketing orientation

the marketing concept

What is the overall focus of strategic planning?

to create a game plan for long-run survival and growth in consideration of changing marketing opportunities

A(n) __________ is defined as any contact between a customer and a company

touch point

For which customer relationship group should a company make continuous relationship investments to delight, engage, retain, and grow them?

true friends

Which of the following statements about marketing information systems (MIS) is correct

A good MIS must balance what users would like to have against what they really need and what is feasible to offer.

What does a market segment consist of?

A group of consumers who respond to the marketing effort in the same way

What is the key to building lasting customer relationships

Creating superior customer value and satisfaction

__________ is the 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

After defining the problem and objectives, what is the next step in the marketing research process

Develop the research plan.

When a firm starts up or buys a business outside of its current product line and markets, it is pursuing which growth strategy

Diversification

What are the three types of research objectives

Exploratory, descriptive, and causal

Companies setup __________ which allow key customers and value-network members to access product, account, and other data anytime they need to.

Extranets

Which of the following statements about information and customer insights is correct?

Information to gain customer insights comes from a wide variety of sources.

You are thirsty and decide to have an iced tea. Your thirst is a ________ and your choice of iced tea is a ________

Need; want

Which of the following statements about big data is correct?

One result of big data is that marketing managers are often overloaded and overwhelmed with information.

Which of the following statements about online research is correct

Online surveys generally have higher response rates than those conducted by mail or phone.

Which of the following best describes a marketing information system (MIS)?

People and procedures that are used to manage information to generate and validate actionable customer and market insights

One key role marketing plays in a company's strategic planning is to __________.

Provide a guiding philosophy

What are the two main research instruments used by marketing researchers in primary data collection?

Questionnaires and mechanical devices

Which of the following statements regarding conducting marketing research in a foreign country is correct?

Reaching respondents in other parts of the world is more difficult than it is in the United States.

Marketing was once understood in the sense of making a sale. Today, marketing is understood in the new sense of __________.

Satisfying customer needs

The first step to a successful value-driven marketing strategy is to determine whom to serve with a market offering. To make this decision, marketers engage in which two activities

Segmenting and targeting

Which of the following statement regarding competitive marketing intelligence is correct

The goal of competitive marketing intelligence is to improve strategic decision making.

In today's global environment, everything and everyone are digitally connected to everything and everyone else. The term used to describe this is

The internet of things

Which marketing orientation states that consumers will favor products that offer the most in quality, performance, and innovative features?

The product concept

Which one of the following statements about marketing research in small businesses and nonprofit organizations is correct

The research methods of small businesses and nonprofits are less complex and less costly, but they still must be conducted carefully.

In marketing terms, what is a market

The set of actual and potential buyers of a product or service

Which of the following statements regarding the use of marketing information, customer relationship management (CRM), and analytics is correct?

There are risks involved in using big data analytics and CRM.

Which of the following is an advantage to using internal databases for information?

They can be accessed quickly and cheaply.

What is the overall goal of marketing strategy?

To create customer value and build profitable relationships

What is the purpose of a value proposition?

To differentiate and position a market offering in the marketplace

How has the Great Recession of 2008 - 2009 affected marketers in terms of consumer attitudes?

consumers are showing an enthusiasm for frugality

Survey research is the approach best suited for gathering __________.

descriptive research

Sending observers to watch and interact with consumers in their "natural environment" is known as __________.

ethnographic research

You and seven other people are talking with a trained moderator about your feelings and thoughts about a potential new product. For doing this you receive a small payment. You are participating in a(n) __________.

focus group interview

Much of Pinterest's success is due to how they used marketing information to __________.

identify a unique customer insight

To develop needed information, marketing information systems utilize __________.

internal databases, marketing intelligence, and marketing research

Some retailers use mannequins with cameras hidden in one eye to record customer demographics and shopping behavior in order to serve them better. This raises ethical concerns in terms of __________.

intrusions on consumer privacy

Mission statements should be defined in terms of satisfying basic customer needs. In other words, they should be __________.

market oriented

To grow sales, Under Armour increased its spending on advertising by 35 percent to increase sales in its current markets. Which growth strategy does this represent?

market penetration

Some retailers, such as the Dollar Store, Dollar Tree, and Family Dollar, profitably focus on buyers with modest means. This is an example of __________.

market targeting

To learn more about the relationships and patterns contained in the vast amounts of data they collect, marketers use __________.

marketing analytics

The demand for organic produce is growing. Green Acres Farms grows only organic vegetables. In a SWOT analysis, the rising demand for organic produce would be a(n) __________ for Green Acres Farms, and the fact that they grow only organic vegetables is a(n) __________.

opportunity; strength

Market offerings include ________.

products, services, and experiences

Competitive marketing intelligence uses __________ data sources

publicly available

In determining which customers to serve, a company engages in which two marketing activities?

segmentation and targeting