Marketing Test 1 ch 1-5

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

________ means that consumers are likely to remember good points made about a brand they favor and forget the good points made about competing brands.

Selective retention

Which of the following is most likely a true statement about social class?

Social classes show distinct product preferences in areas such as clothing

American Honda purchases over $20 billion worth of auto parts and materials every year. ________ are key players in the company's success.

Suppliers

is a method of gathering primary data that involves asking people questions about their knowledge, attitudes, preferences, and buying behavior.

Survey research

________ marketing is defined as socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.

Sustainable

________ 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

DG profitability appeals to families with more modest means. The retailer's approach is most likely

Target marketing

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 most likely a characteristic of firms that adopt a reactive approach toward the marketing environment?

They take advantage of the opportunities provided by the environment.

Which of the following is most likely a characteristic of Generation Xers?

They were the first group to grow up in the internet era

For the past nine years, PepsiCo's Doritos brand has held a "Crash the Super Bowl" contest in which it invites 30-second ads from consumers and runs the best ones during the game. This is an example of ________.

consumer-generated marketing

Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on ________.

consumers' existing wants

The McDonald's corporate brand name and golden arches can be classified as ________ that may potentially stimulate an individual's attention and decision about whether or not to dine at the restaurant.

cues

) A child in the United States is exposed to many values including achievement and success, freedom, individualism, hard work, and material comfort. These are symbolic of American

culture

A marketing firm has been assigned the task of watching trends in spending, personal income, savings, and interest rates. The marketing firm is most likely gathering information about consumers' ________.

economic situations

) A major advantage of a mail survey is that it

eliminates interviewer bias

Which of the following groups is included in both a company's value chain and its value delivery network?

employees

Recyclable or biodegradable packaging, recycled materials and components, and better pollution controls are ways that marketers have responded to the

environmental SUSTAINABILITY MOVEMENT

The citizen-action publics in a company's marketing environment include

environmental groups

A business buyer is considering a change in product specifications, terms, and possibly suppliers. This buying situation is referred to as a(n) ________.

modified rebuy

Which of the following is a geographic shift that has been observed in the United States in recent times?

more Americans moving to micropolitan areas

Which of the following is the means by which companies post purchase requests online and invite suppliers to bid for their business?

reverse auctions

Information collected from commercial online databases or through Internet search engines are examples of ________ data.

secondary

Dividing markets into several sections of customers

Market segmentation

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

________ markets consist of individuals and households that buy goods and services for personal use.

consumer

Which of the following is true of a good marketing information system?

) It balances the information that a firm would like to have against what they really need.

Vincent Cosmetics decides to launch a cream with a claim that it makes skin "nine times smoother." The claim is based on a study of 30 respondents who used products of other brands as well. However, a second study on a larger sample reveals only a mild correlation between the use of the cream and smoother skin. In these circumstances, which of the following is the most ethical approach that Vincent Cosmetics can follow?

) It should report the result as it is, or improve the product to match its claim.

The marketing manager of Appeal Inc. has noticed a sharp decrease in sales over the last two months. The manager decides to conduct marketing research to identify potential causes for the drop in sales. Which of the following should the manager do first?

) define the problem and objectives

Explain market offerings and marketing myopia.

: Consumers' needs and wants are fulfilled through market offerings — some combination of products, services, information, or experiences offered to a market to satisfy a need or a want. Market offerings are not limited to physical products. They also include services — activities or benefits offered for sale that are essentially intangible and do not result in the ownership of anything. Examples include banking, airline, hotel, retailing, and home repair services. More broadly, market offerings also include other entities, such as persons, places, organizations, information, and ideas. Many sellers make the mistake of paying more attention to the specific products they offer than to the benefits and experiences produced by these products. These sellers suffer from marketing myopia. They are so taken with their products that they focus only on existing wants and lose sight of underlying customer needs. They forget that a product is only a tool to solve a consumer problem. A manufacturer of quarter-inch drill bits may think that the customer needs a drill bit but what the customer really needs is a quarter-inch hole. These sellers will have trouble if a new product comes along that serves the customer's need better or less expensively. The customer will have the same need but will want the new product

What is a business portfolio? How does a company typically conduct a portfolio analysis?

A business portfolio is the collection of businesses and products that make up a company. Business portfolio planning involves two steps. First, the company must analyze its current business portfolio and determine which businesses should receive more, less, or no investment. Second, it must shape the future portfolio by developing strategies for growth and downsizing. The major activity in strategic planning is business portfolio analysis, whereby management evaluates the products and businesses that make up the company.

are the most affluent and brand conscious demographic segment in the United States.

Asian Americans

Carla, a team leader in charge of customer relationship management, is planning strategies to improve the profitability of her firm's least profitable but loyal customers. She is also examining methods for "firing" customers in this group who cannot be made profitable. To which of the following customer relationship groups do these customers belong?

Barnacle

Vertigo is an electronics company. According to the BCG matrix, which of the following products of Vertigo would most likely classify as a question mark?

Blue — a cell phone that is designed for music lovers and has a very low market share in a market that is growing steadily

Which of the following is most likely true about business legislation

Business laws that are enforced by government agencies have a major impact on a company's marketing performance.

involves enlisting or even creating opinion leaders to serve as brand ambassadors who spread the word about a company's products.

Buzz marketing

A firm has a huge amount of individual customer data saved in different databases. Which of the following can be used to integrate, analyze, and apply the available information effectively?

CRM systems

The final step in the marketing process is

Capturing value from customers

is a discomfort caused by postpurchase conflict.

Cognitive dissonance

________ is the degree to which the results of using an innovation can be observed or described to others.

Communicability

is the degree to which an innovation fits the values and experiences of potential consumers.

Compatibility

Which of the following is true of focus group discussions?

Consumers are not always honest and open about their opinions.

Which of the following is most likely true about people's beliefs and values?

Core beliefs and values have a high degree of persistence.

companies research customers deeply to learn about their desires, gather new product ideas, and test product improvements.

Customer-driven

According to the BCG matrix, products or businesses with a low share of market in a high-growth industry are considered ________.

Dogs

________ is often the most difficult but most critical step in the research process

Defining the problem and research objectives

Abel now has buying power to purchase the computer he wanted to buy. This is most likely to become a

Demand

is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.

Demography

Both product development strategies and diversification strategies involve

Developing a new product

Which of the following best describes a marketing department with a functional organization?

Different marketing activities are headed by specialists such as sales managers, advertising managers, marketing research managers, and customer service managers.

is the degree to which an innovation may be tried on a limited basis.

Divisibility

--- is the act of obtaining a desired object from someone by offering something in return

Exchange

Which of the following is an example of consumer-generated marketing?

Fun & Run, a local amusement park, promotes its services by allowing consumers to upload videos and write reviews about the park.

Which generational group is characterized as the most educated and the least materialistic? A) baby boomer

Gen X

Which of the following is most likely a true statement about generational groups in the United States?

Gen X is the most educated gen to date

Which generational group consists of the kid, teen, and tween markets?

Gen Z

Which generational group is most comfortable using digital technologies?

Gen z

Using suitable examples, briefly compare and contrast the concepts of needs, wants, and demands.

Human needs are states of felt deprivation. Needs are part of the human make-up; they are not created by external forces. Humans have a basic physical need for food, clothing, warmth, and safety, a basic social need for belonging and affection, and a basic individual need for knowledge and self-expression. Unlike needs, wants are not innate. Instead, wants are needs shaped by culture, society, and individual personality. For example, an American needs food, wants a Big Mac and soft drink, and demands lunch at McDonalds. Wants become demands when they are backed by consumers' buying power. Marketers conduct extensive research to understand customers' needs, wants, and demands. They then attempt to fulfill customers' needs, wants, and demands through their market offerings.

________ are small groups of consumers who interact directly and informally with product designers without a moderator.

Immersion groups

________ are flexible and allow for explanation of difficult questions as well as demonstrating products.

Individual interviews

Erica Jenson has a limited budget to conduct market research. Which of the following research approaches would provide Erica with the most cost-effective way to reach a large number of respondents in a short period?

Internet-based surveys

Mail surveys have many disadvantages so many marketers have switched to

Internet-based surveys

Sample size and location have little impact on costs for ________.

Internet-based surveys

________ is the final step in the marketing research process

Interpreting and reporting the findings

Ainsworth is a toy manufacturer based in Australia. Which of the following most likely indicates that Ainsworth is following a diversification strategy?

It acquires toy rights for a popular cartoon character to boost its sales.

Which of the following is true of competitive marketing intelligence

It can be obtained from information that is available in the public domain

Which of the following is true about customer relationship management (CRM)?

It consists of sophisticated software and analytical tools.

Which of the following is true of survey research?

It is the most widely used method for gathering primary data.

________ are tradition-bound, suspicious of changes, and adopt an innovation only when it has become something of a tradition itself.

Lagging adopters

) Which of the following statements about international marketing research is true

Language translation in international marketing research typically increases costs and raises the risk of errors.

Which of the following is most likely a true statement about people's views about organizations?

Many people view work at an organization as a required chore.

a group of buyers and sellers of a particular good or service that share same need or want

Market

The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

Marketing

Which of the following is true of marketing ROI?

Marketing ROI measures the profits generated by investments in marketing activities.

What is Marketing

Marketing can be defined as the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. The marketing process consists of five steps. In the first four steps, companies work to understand consumers, create customer value, and build strong customer relationships. In the final step, companies reap the rewards of creating superior customer value. By creating value for consumers, they in turn capture value from consumers in the form of sales, profits, and long-term customer equity.

Which of the following statements regarding marketing intelligence is true

Marketing intelligence is the systematic collection, monitoring, and analysis of publicly available information.

Discuss the four Ps

Product means the goods-and-services combination a company offers to the target market. Price is the amount of money customers must pay to obtain the product. Place includes company activities that make the product available to target consumers. Promotion refers to activities that communicate the merits of the product and persuade target customers to buy it.

________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization

Marketing research

Which of the following has the primary function of helping a company target and promote its products to the right markets?

Marketing services agencies

Members of which generational group are referred to as echo boomers

Millennial

____are defined as states of felt deprivation

Needs

________ have enabled researchers to gain greater control over who participates in the online sample.

Network respondent panels

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

is the process by which people select, organize, and interpret information to form a meaningful picture of the world.

Perception

________ refers to the unique psychological characteristics that distinguish a person or group

Personality

data consist of information collected for the specific purpose at hand.

Primary

Which of the following statements about buying centers is true

The buying center is not a fixed and formally identified unit within a buying organization

Omni Healthcare's analgesic drug Cetaprin has a 40% share in the analgesics market in the country of Terrania. Its closest competitor, Febex, has a 25% share in the market, while four other analgesic brands split the remainder. Which statement indicates that Cetaprin is a cash cow according to the BCG matrix?

The demand for analgesic drugs in the Terrania market is expected to remain stable.

Which of the following is a difference between the marketing concept and the selling concept?

The marketing concept focuses on customer needs, whereas the selling concept focuses on existing products.

Alice is shopping for a new car, and she has narrowed her decision to a Honda Accord and a Toyota Camry. Both sedans have similar features and prices, but Alice decides to purchase the Honda based on her intuition. Which of the following situations would most likely cause Alice to experience postpurchase dissonance?

The price of the Toyota Camry falls due to an increase in demand.

outlines sources of existing data as well as specific research approaches, sampling plans, and measurement instruments.

The research plan

Which of the following is most likely a characteristic of the Millennial generation

They are more likely to engage with brands using mobile or social media.

Which of the following is an advantage of primary data?

They are more relevant than secondary data.

Which of the following is most likely a true statement about diversity in the United States?

Various ethnic groups mix together but also retain their cultural differences.

___ forms human need take as they are shaped by culture and individual personality

Wants

Which of the following companies is using a divesting strategy?

When sales of its clothing division decline, Blackstone sells the division to a competitor.

Which of the following products would the electronics company CypressSound classify as a cash cow in its BCG matrix?

Xpress — an MP3 player that has a high market share in a market that is not expected to grow significantly

Which of the following is an example of a local public

a community organization that addresses welfare issues in its neighborhood

Suppliers and resellers can update their accounts, arrange purchases, and check orders against inventories through ________.

a company's extranet

The societal marketing concept holds that

a company's marketing decisions should focus on creating economic value in a way that also creates value for the surrounding 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

The 4Ps model has been challenged because it omits or underemphasizes important activities such as services. It's also been criticized for taking a seller's, rather than a buyer's, viewpoint. The more recent 4As framework complements the traditional model and includes

acceptability, affordability, accessibility and awareness

According to Sigmund Freud's theory, a person's buying decisions are

affected by subconscious, hidden motivations

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 illustrates the changing composition of the American family?

an increase in number of non-family households

The initial function of a marketing information system is

assessing the information needs of a company

A(n) ________ describes a person's relatively consistent evaluations, feelings, and tendencies toward an object or idea

attitude

Secure is a financial services and insurance company. The company's most profitable division is one that sells the Secure Future Plan. The Secure Future Plan targets customers who are entering retirement and want long-term savings so they can remain financially independent in the later years of their life. The marketing team at Secure has most likely targeted the plan at ________.

baby boomer

To which of the following generational groups do zoomers belong?

baby boomer

Which of the following generational groups account for a third of the U.S. population but half of all consumer spending?

baby boomer

Which of the following terms is used to describe a specific mix of human traits that may be attributed to a particular brand?

brand personality

Dextora Technologies manufactures microprocessors and caters exclusively to private manufacturers that produce high-end computers. Which type of market does Dextora directly target?

business market

Electric cars are not considerably different or difficult to drive relative to gas-powered cars. However, this is not aligned with the perceptions or conceptual concerns held by the public about the new technology. This will likely slow the adoption rate due to the ________ of the innovation.

complexity

Ethnographic research is ________.

conducted in settings where people live and work

Stew Leonard's has created what has been the "Disneyland of Dairy Stores," complete with costumed characters, scheduled entertainment, and a petting zoo. It's built 30 additions onto the original store, which now serves more than 300,000 customers each week. This legion of loyal shoppers is largely a result of the store's passionate approach to customer service. Instead of focusing on individual transactions, Stew and his staff are putting a priority on

capturing customer lifetime value

In the BCG matrix, ________ refer to low-growth, high-share businesses or products

cash cow

Experimental research is best suited for gathering ________ information

casual

Vernon Inc. would like to set the best price for a new product. The firm conducts an experimental study by selling the new product at two different prices in two different locations keeping other factors constant to see if a lower price results in better sales. This is most likely an example of ________ research.

casual

P&G "Tide Loads of Hope" program provides mobile laundromats and loads of clean laundry to families in disaster-stricken areas. This is an example of ________ marketing

cause-related

Ursa Martin, a book publisher, has decided to work with Hope in Children, a charity foundation that helps feed and educate children in poor countries. Ursa Martin has decided that a percentage of revenue from every book it sells will go to the charity. The books are marketed by conveying this message to customers. Which of the following marketing techniques describes Ursa Martin's association with Hope in Children

cause-relating marketing

A consumer advocacy group challenges a firm's decision to build a new warehouse in a small community. The advocacy group is an example of a ________ public.

citizen-action

Kelstone Developers is planning to build a new shopping mall that would require the partial acquisition of a nearby public park. Walking Green, an environmental group, challenges the plan citing environmental destruction. In response to the demands of Walking Green, Kelstone Developers promises to build a huge park-like walkway around the mall. Walking Green is an example of a(n) ________ in this scenario.

citizen-action public

Which of the following sources of product information can marketers control completely?

commercial

GE operates a company trading site where it posts purchasing needs, invites bids, negotiates terms, and places orders. This is an example of a(n) ________.

company buying site

ammond Corp. operates in the highly aggressive electronics market. The firm aims to obtain early warnings of opportunities and threats caused by the actions of other firms that are doing well in the industry. Which of the following sources would best serve Hammond's purpose?

competitive marketing intelligence

Which of the following is not considered a source of competitive intelligence?

competitors' internal databases

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

customer equity

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

customers

Which of the following is a commercial source of product information

dealer Web sites

Corning produces Gorilla Glass screens that are used in the production of laptops, tablets, and smartphones. Corning promotes its product to final consumers to increase business demand for digital devices made with the specialized, toughened glass. This illustrates ________.

derived demand

Brooke's Boutique plans to launch a new clothing line. For this purpose, the firm first conducts a survey to understand its target audience and identify the demographics of potential buyers. It then conducts experimental research to test whether customers associate discounted prices with lower product quality. Which types of research has the boutique employed in this case?

descriptive followed by casual

Coolers Inc. has decided to launch a new energy drink that will have the fewest calories among its competitors. To understand the market potential for the new drink and the demographics and attitudes of consumers who are likely to buy the product, Coolers should most likely use ________.

descriptive research

Which of the following will most likely be included in the "price" component of a company's marketing mix?

discounts

Which of the following best describes market segmentation?

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

A(n) ________ becomes a motive when it is directed toward a particular stimulus object

drive

Fred's faith in Asics, his favorite brand of running shoes, makes him consider other offerings introduced by Asics. Fred is not a risk-taker, and he tends to evaluate each new product carefully before adopting it. Fred is an opinion leader in his social networking community and best described as a(n) ________.

early adopter

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

A company that sells personal care products sends a trained observer to watch potential buyers in their natural environments. This is an example of ________ research.

ethnographic

In which of the following stages of the adoption process does a consumer consider whether trying a new product makes sense?

evaluation

Devon is in the market for a new car. She is seriously considering either a Honda Civic or Toyota Corolla because they both have excellent quality and safety ratings and are comparable in price. Devon is in the ________ stage of the buyer decision process.

evaluation of alternatives

A market researcher wants to find the cause-and-effect relationship between using organic ingredients in food and the subsequent consumption by customers. He invites ten respondents to his research firm and asks them to taste two identical dishes. The dishes were prepared in a similar manner, but one has natural herbs for flavoring, and the other has artificial flavors. This is an example of ________.

experimental research

Burger Town introduced a new hamburger and released it in two different cities at two different prices. Marketers of Burger Town then analyzed the sales records of their outlets at the two cities, determined the price that resulted in better profits, and used the information to set a nationwide price for their new offering. This is an example of ________. A) exploratory research

experimental research

In most marketing research projects, what type of research is conducted first?

exploratory

The objective of ________ research is to gather preliminary information that will help define the problem and suggest hypotheses.

exploratory

Which of the following is a social factor that influences consumer buying behavior?

family

Monfax Corporation insures manufacturers, distributors, and consumers against the loss or damage of goods during transportation after a purchase or sale. In this case, Monfax is an example of a ________.

financial intermediate

Which of the following is most likely categorized as a business market?

firms that buy goods and services for further processing

Reseller markets consist of

firms that buy goods and services to sell at a profit

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

Which of the following has resulted from the increased educational levels of the U.S. population?

greater job growth for professional workers

Although internal databases can be accessed more quickly and cheaply than other information sources, one of the challenges of internal databases is ________.

maintaining the current database

The process that turns marketing plans into marketing actions to accomplish strategic marketing objectives is called marketing ________.

implementation

Data collection, processing, and analysis are undertaken during which stage of the marketing research process?

implementing the research plan

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

increased use of RFID systems to track products

A not-for-profit firm uses a small convenience sample to gather data on customer reactions. It invites a small group of customers for lunch and asks them to share what they think about the products they have purchased from the firm. This is an example of ________.

info surveys

Becca wants to buy a new coat. She asks her friends to recommend a store and/or a style of coat. She looks for sale advertisements for coats in newspapers and also visits nearby stores to check if she can find a coat in her budget. In this case, Becca is most likely in the ________ stage of the buyer decision process.

information search

In which of the following stages of the adoption process does a consumer seek information about a new product?

interest

) Susan Hart, the manager of a children's boutique, collects data from her monthly records of sales, costs, and cash flow. In this case, Susan is making use of ________ databases

internal

Volunteers belong to a company's ________ publics

internal

Which of the following is a personal factor that influences a consumer's buying behavior?

life-cycle stage

Which of the following is a psychographic characteristic of a consumer?

lifestyle

Imaginative Web sites, smartphone apps, and social media allow marketers to deliver messages that are direct and personal so consumers can

live the brand

The town of Genter recently witnessed a devastating hurricane that crippled the town's infrastructure. Q-Mart, a retail chain that plans to open a new retail store in Genter, organizes a program to help the people of Genter. The program consists of providing free meals to those who lost their dwellings in the hurricane. What section of the marketing microenvironment is Q-Mart most likely trying to reach?

local publics

Demographic, economic, natural, technological, political, and cultural forces form the ________ of an organization.

macroenvironment

Kathy Jenkins is planning to conduct research on consumers' personal care routines. Since the questions are likely to be personal and sensitive, Kathy wants to select a contact method that will encourage respondents to answer honestly. Which of the following contact methods is most likely to best serve Kathy's purpose?

mail questionnaires

Causal research is used to ________.

test hypotheses about cause-and-effect relationships

When Goodyear sells replacement tires to final consumers, its potential market includes millions of car owners around the world. But its fate in business markets depends on getting orders from only a handful of large automakers. This represents the difference in ________ between business and consumer markets.

market structure

Marketers apply ________ to the large and complex sets of data they collect to gain customer insights and gauge performance

marketing analytics

Evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are attained is called ________.

marketing control

At John Deere, thousands of people both inside and outside the organization make decisions about target segments, branding, product development, pricing, promotion, and distribution. They talk with engineering about product design, advertising agencies about ad campaigns, and large retailers like Lowe's about quality offerings. This is an example of ________.

marketing implementation

Nike's goal to increase sales of its running shoes by 25 percent during the first 6 months of the new fiscal year is an example of a ________.

marketing objective

Which of the following is a quantitative approach to research?

marketing survey

Technology is a way of life for ________, the largest generational group

millennial

Which of the following is the most financially strapped generation in the post-recession era?

millennial

Which of the following is most likely a consequence of the Great Recession of 2008 to 2009?

more sensible and mindful consumption

A baby boomer decides to purchase a BMW to impress others with her success. This illustrates the importance of understanding the role of ________ in the marketing process.

motive

A marketing intermediary would most likely help a firm by ________.

moving the firm's goods from production points to distribution centers

Fargo Inc. is a carbonated beverage manufacturer that has many manufacturing plants around the world. It is planning to shift from using thermal power to wind power for its manufacturing plants in the Netherlands to decrease dependency on nonrenewable sources of energy. This scenario depicts Fargo's concern for its ________ environment

natural

Which of the following is the first stage of the buyer decision process?

need recognition

A category of ethnographic research used to observe consumers in a natural context in virtual and mobile spaces is referred to as ________.

netnography

Which of the following would most likely use informal research methods to obtain marketing insights?

not-for-profit

A(n) ________ is best suited for exploratory research

observation

Annie Carson, the owner of Annie's Dairy Bar, is considering opening a second location. She evaluates several potential sites by assessing traffic patterns, neighborhood conditions, and the locations of competitors. Annie is engaging in ________.

observational research

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

obsolete technologies used by the company

Which of the following is a structured method of online research where marketers require direct responses from customers?

online surveys

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

Ford Motor Company issuing a recall that requires customers to schedule appointments with car dealerships to repair faulty igniters would have the greatest impact on the ________ component of its marketing mix.

place

In a marketer's macroenvironment, the ________ environment consists of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society.

politcal

Bill thought he had received the best deal on his riding mower. Shortly after the purchase, Bill started to notice certain disadvantages of his new riding mower as he learned more about other riding mowers available in the same price range. Bill is in which of the following stages of the buyer decision process?

postpurchase behavior

Simone bought two bottles of wine from two vineyards in Bordeaux. When asked for an opinion on the quality of the wines, she later mentioned that the Pontet Canet tasted like alcoholic grape juice, but the Chateau Margaux had a crisp taste that she really enjoyed. Which of the following stages of the buyer decision process do Simone's remarks reflect?

postpurchase behavior

Governments most likely enact business legislation to ________.

prevent unfair competition in the market

Design, packaging, service, and features are elements of the ________ component of a company's marketing mix.

product

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

product

During which stage of the business buying decision process is a buyer most likely to conduct value analysis by carefully studying components to determine if they can be redesigned, standardized, or made less expensively?

product specification

When viewing the market from a buyer's point of view, "communication" corresponds to the ________ component of the marketing mix.

promotion

GenX, a manufacturer of sport motorcycles, is seeking a new supplier of motorcycle headlamps and brake lights. After searching trade directories, GenX invites five different suppliers to make formal presentations about how their solutions can create greater value for GenX than competing solutions. GenX is currently in the ________ stage of the business buying decision process

proposal solicitation

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

Jeff is in the process of buying a new car. He carefully analyzes the features that he wants in a car, and perceives significant differences in price, quality, and features among three of his favorite models. He rates the models on each factor and ranks them in the order of his preference. To which of the following stages of the buyer decision process will Jeff most likely proceed next?

purchase decision

A shoe company's ads feature the members of a popular country music band. Product sales increase significantly among the band's fans. From the fans' viewpoint, the band is a ________.

reference group

In a straight rebuy, a buyer ________.

reorders something without any modifications

JJ Distributors Ltd. buys electronic products from manufacturers for wholesale and sells them to various retail outlets. To which of the following markets does JJ Distributors Ltd. directly cater?

reseller markets

Which of the following needs in Maslow's hierarchy is generally satisfied last?

self-actualization

Hallmark's classic "When you care enough to send the very best" slogan appeals to which need category in Maslow's hierarchy?

social

According to Maslow's hierarchy of needs, which of the following is most likely an esteem need?

status

________ reflects the general esteem given to the different roles of a person by society.

status

Which of the following is most likely a financial public

stockholder

A company regularly purchases cleaning supplies from a vendor and orders relatively consistent amounts of the same products on each purchase from the same vendor. This is an example of a(n) ________.

straight rebuy

CVS Pharmacy changed its name to CVS Health, reshaping and broadening its lines of products and services to align more appropriately with its revamped "better health" mission. For example, it stopped selling tobacco products altogether. How would this be classified in a SWOT analysis?

strength

What is a SWOT analysis? Why is it required?

strengths (S), weaknesses (W), opportunities (O), and threats (T).

Which of the following is most likely the final stage of the business buying decision process?

supplier performance review

________ is best suited for descriptive research

survey

The ________ environment is perhaps the most dramatic force shaping the destiny of individuals and offering exciting opportunities for marketers.

technological

The migration trend towards micropolitan and suburban areas has caused a shift in where people work. This has resulted in a rapid increase in the number of people who

telecommute

Which of the following is an example of a media public

television station

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 sources constitutes the internal database of a company

the company's sales records

What is the most important consumer buying organization in society?

the family

Which of the following are examples of internal publics of a company

the managers, board of directors, and workers of the company

Which of the following demonstrates the real value of a company's marketing research and information system?

the quality of customer insights it provides

Which of the following best describes the value chain of a company?

the series of departments that design, produce, market, deliver, and support the company's products

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

the suppliers who work for the company

Which of the following is most likely a true statement about baby boomers?

they are the wealthiest generation ins US history

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

threats

Cosmetics firm SatinSilk is revamping its mission statement and advertising strategy. The CEO stresses that the new mission statement should be market-oriented rather than product-oriented. Which of the following mission statements will best suit the company?

to give customers the complexion they dream about by providing products suited to their needs

The responsibility for setting a company's mission, objectives, broad strategies, and policies primarily lies with its ________.

top management

Many marketers now embrace a ________ strategy, integrating ethnic and cross-cultural perspectives within their mainstream marketing.

total market

Customer who is both loyal and profitable

true believer

The Amazon Prime program strives to convert casual shoppers into loyal customers. An Amazon Prime customer can be classified as

true believer

According to the five step model of the marketing process, the first step is

understanding the marketplace and customer needs and wants

Companies have responded to consumers' back-to-basics sensibility in their lifestyle and spending patterns through

value marketing

Which of the following transforms marketing strategies into real values for consumers

4 Ps of marketing

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.

Which of the following best describes product positioning?

arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

Business portfolio analysis is defined as the process in which management

assesses the attractiveness of an SBU's market and the strength of its position in the market

Companies that practice marketing by ________ create offerings and messages that engage consumers rather than interrupt them.

attraction

Procter & Gamble's Tide detergent does not phone or call on all of its consumers to get to know them personally. Instead, Tide creates engagement and relationships through brand-building advertising, Web sites, and social media presence. Which of the following types of associations would be most profitable for the firm to develop with these customers?

basic relationships

Mattel's American girl doll creates a special--- between dolls and girls who adore them

brand experience

A consumer who is potentially profitable but not loyal to a firm's offerings is referred to as

butterfly

Efforts to convert ________ into loyal customers are rarely successful.

butterfly

Customer-driven marketing is most effective when

clear needs exist and customers know what they want

Apple encourges customers to form local Apple groups. This is a

club marketing program

Ritz-Carlton is fervently dedicated to anticipating customers' slightest needs. Without ever asking, they seem to know when customers want a king-size bed, non-allergenic pillow, extra body gel or the blinds open upon arrival. An amazing 95 percent of departing guests report that their stay has been a truly memorable experience. This is an example of ________.

customer delight

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

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is referred to as ________.

customer relationship management

Cylog, a leading provider of personal computer systems, began manufacturing tablet devices after predicting a future consumer need for portability. Which of the following was most likely implemented by Cylog?

customer-driving marketing

Which of the following is true of strategic planning in a firm?

deals with adapting the firm to take advantage of changing market opportunities

Due to the limitations of the BCG and other formal portfolio planning models, many companies are placing responsibility for strategic planning in the hands of cross-functional teams of divisional managers who are close to their markets. In such organizations, strategic planning is

decentralized

A strategy for company growth through starting up or acquiring businesses outside the company's current products and markets is called ________.

diversification

Under Armour's recent expansion into the digital personal health and fitness tracking market through acquisitions of three fitness app companies is a ________ strategy.

diversification

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

downsizing

True Value Hardware relies on its ________ to coordinate and carry out activities that provide shoppers with the hardware and home improvement products they need at affordable prices along with top-notch customer service.

internal value chain

In the BCG growth-share matrix, question marks refer to products or businesses with a

low market share in a market with high growth prospects

A firm's decision to identify and develop new markets for existing products is a ________ strategy.

market development

Under Armour's decision to add athletic shoes to its apparel line in 2006 is an example of a ________ strategy.

market development

Which of the following criteria provides a measure of market attractiveness in the Boston Consulting Group approach

market growth rate

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

Consumers' needs and wants are filled through

market offerings

A strategy for company growth that involves increasing sales to current market segments without changing the product is known as

market penetration

EcoBean, a chain of cafes, has introduced a Special Shopper Card that allows customers to pay in advance for coffee and snacks. This effort by EcoBean management is most likely an example of ________.

market penetration

Under Armour increasing its advertising spending and offering an ever-increasing range of styles and colors in its original apparel line is an example of a ________ strategy.

market penetration

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

Which of the following concepts is based on a customer-centered philosophy

marketing concept

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

marketing targeting

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

mission statement

---marketing is perhaps the fastest-growing marketing platform.

mobile

________ refers to working closely with people inside and outside the company to jointly bring more value to customers.

partner relationship management

The ultimate aim of customer relationship management is to ________.

produce high customer equity

Henry Ford's philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability. This most likely reflects the

product concept

PC manufacturer, Lenovo, focuses on low labor costs and mass distribution to ensure the continuous availability of its products at reasonable prices. Lenovo most likely follows the

product concept

P&G's decision to eliminate dozens of major brands from its portfolio including Crisco, Folgers, and Jif to focus on household care, beauty, and grooming products is an example of

pruning

Sally purchased a newly introduced moisturizing lotion. By attempting to find out if the lotion's perceived performance matched her expectations, Sally was measuring her level of customer ________.

satisfaction

Traxx is a newly emerging shoe manufacturing company. After extensive market research, Traxx divides its market into professional athletes, "hobbyists" or amateur players, and people who wear shoes as part of their casual attire. Each category has its own needs, traits, and marketing goals. In this scenario, Traxx has engaged in market ________.

segmentation

Both market penetration strategies and market development strategies primarily involve ________.

selling a company's current products

consumers will not buy enough of a firm's products unless the firm undertakes large-scale persuasion and promotion efforts

selling concept holds that

When a company chooses to divest a particular strategic business unit, it ___

sells off or phases out the strategic business unit

refers to the portion of the customer's purchase that a company gets in its product categories.

share of customers

Various government agencies have launched campaigns to encourage energy conservation and concern for the environment as well as discourage smoking, illegal drug use, and obesity. This illustrates ________ marketing

social

Many leading business and marketing thinkers are now preaching the concept of "shared value" which recognizes that ________ needs, not just economic needs, define markets.

societal

Cosmetic retailer Lush knows that doing what's right benefits both customers and the company. Their premium beauty products are made by hand from the freshest possible natural ingredients. This is an example of the ________ concept

societal marketing

Which of the following concepts calls for sustainable marketing?

societal marketing

Customer evangelists are those who

spread the word about their good experiences with a brand or product

are customers who show low potential profitability and little projected loyalty

stangers

According to the BCG matrix, products or businesses with a high market share in a high-growth market are classified as

stars

In which of the following customer relationship groups do organizations generally avoid investing?

strangers

________ refers to a channel stretching from raw materials to components to final products that are carried to final buyers.

supply chain

Customers who are classified as true believers ________.

tell others about their good experience with the company

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

Brands--- is the set of benefits that promise to deliver to consumers to satisfy their needs

value proposition

In which of the following circumstances is an organization likely to engage in full partnerships with key consumers?

when the market has few customers and high margins