MARKETING TEST NUMBER 2

Which of the following statements regarding the business market is​ correct?

Many sets of business purchases are made for one set of consumer purchases.

The​ ________ market comprises all organizations that buy goods and services for use in the production of other products and services or for the purpose of reselling or renting them to others at a profit.

business

The full positioning of a brand is called the​ brand's ________, which is the full mix of benefits on which a brand is differentiated and positioned.

VALUE PROPOSITION

Which structural factor would make a market segment attractive to​ enter?

Very few actual or potential substitute products

Customer insights come from good marketing information, which contribute to creating value and meaningful customer relationships. Companies use these customer insights to develop_________

a competitive edge

Which type of business buying situation offers marketers the greatest opportunity but also the greatest​ challenge?

a new task situation

The differentiation and positioning task consists of three​ steps: identifying​ ________ that create competitive​ advantage, choosing​ ________ on which to build a​ position, and selecting an overall positioning strategy.

a set of possible​ differentiations; advantages

To gain good customer​ insights, marketers must effectively manage marketing information from​ ________.

a wide range of sources

Culture is the most basic determinant of a​ person's wants and behavior. People in different​ cultural, subcultural, and social class groups have​ ________.

different product and brand preferences

The seller can adopt​ ________, developing different market offers for several segments.

differentiated marketing

Market segmentation is the act of dividing a market into distinct groups of buyers who have​ ________ and who might require separate marketing strategies or mixes.

different​ needs, characteristics, or behaviors

In which targeting strategy does a firm go after a large share of one or a few smaller​ segments?

CONCETRATED MARKETING

Which of the following correctly defines the consumer​ market?

Individuals and households that buy goods and services for personal consumption

________ are summarized in positioning statements that state the target segment and​ need, the positioning​ concept, and specific points of difference

Company and brand positioning

What are the four general characteristics that influence consumer​ purchases?

Cultural​ characteristics, social​ characteristics, personal​ characteristics, and psychological characteristics

What is big data?

Data contained in huge and complex data sets

What are the four steps of the marketing research process in their correct​ sequence?

Define the problem and research​ objectives, develop the research​ plan, implement the research​ plan, interpret and report the findings

What is market​ segmentation?

Dividing a market into distinct groups of buyers who have different​ needs, characteristics, or behaviors and who might require separate marketing strategies or mixes

What are the three types of objectives a marketing research project might​ have?

Exploratory​ research, descriptive​ research, and causal research

What are the three general sources from which marketers can obtain​ information?

Internal​ data, marketing​ intelligence, and marketing research

Evaluating each market​ segment's attractiveness and selecting one or more market segments to enter is called​ _____.

MARKET TARGETING

Which of the following are additional variables marketers use to segment business markets but not consumer​ markets?

Operating​ characteristics, purchasing​ approaches, situational​ factors, and personal characteristics

What are the eight steps in the business buying decision process in the correct​ sequence?

Problem​ recognition, general need​ description, product​ specification, supplier​ search, proposal​ solicitation, supplier​ selection, order-routine​ specification, and performance review

What are the five characteristics that are especially important in influencing an​ innovation's rate of​ adoption?

Relative​ advantage, complexity,​ compatibility, divisibility, and communicability

Once groups have been​ identified, market​ ________ evaluates each market​ segment's attractiveness and selects one or more segments to serve.

TARGETING

What determines whether the buyer is satisfied or dissatisfied with a​ purchase?

The relationship between the​ consumer's expectations and the​ product's perceived performance

What is a​ product's position?

The way a product is defined by consumers on important attributes

Why do companies use customer relationship​ management?

To capture and use customer data

Which of the following is true regarding international marketing​ research?

Translating questionnaires from one language to another is not an easy task.

We define the​ ________ process as the mental process through which an individual passes from first learning about an innovation to final adoption.

adoption

Buyers who face a new​ task-buying situation usually go through​ ________ of the buying process.

all of the eight stages including performance review

Failure to address privacy issues could result in​ ________.

angry, less cooperative consumers and increased government intervention

The marketing information system​ (MIS) first​ ________, which primarily serves the​ company's marketing and other​ managers, but it might also provide information to external partners.

assesses information needs

​Generally, the​ consumer's purchase decision will be to buy the most preferred​ brand, but two factors can come between the purchase intention and the purchase decision. These two factors are​ ________.

attitudes of others and unexpected situational factors

Consumers go through specific stages in the process of adopting a new product. Those five stages include​ ________, ________,​ _______, _________,​ _______.

awareness, interest,​ evaluation, trial, and adoption

Companies use software that​ integrate, analyze, and apply the mountains of individual customer data to gain​ ________.

a​ 360-degree view of customers and build stronger customer relationships

After identifying attractive market​ segments, the company then chooses one of four​ market-targeting strategies—ranging from very broad to very narrow targeting. The seller can ignore segment differences and target​ ________.

broadly using undifferentiated​ (or mass) marketing

With regard to the diffusion process for new​ products, consumers respond at different​ rates, depending on​ _____________________.

consumer and product characteristics

To​ ________ for customers and​ ________, marketers must first gain​ fresh, deep insights into what customers need and want.

create​ value; build meaningful relationships with them

Although business marketers use many of the same variables to segment their​ markets, they also use some additional​ variables, such as​ ________, ____________.​ _________ and personal characteristics.

customer operating​ characteristics, purchasing​ approaches, situational factors

To analyze individual customer​ data, many companies have now acquired or developed special software and analysis techniques called​ ________ software.

customer relationship management​ (CRM)

The marketing information system​ (MIS) helps users analyze and use the information to​ ________, ______________,​ _______________.

develop customer​ insights, make marketing​ decisions, and manage customer relationships

The second step of the marketing research process is​ ________.

developing a research plan

The first step in the marketing research process involves defining the problem and setting the research objectives. The most comprehensive set of objectives are​ _________, ___________,​ ____________.

exploratory, descriptive, or causal research

The third step in the marketing research process calls for implementing the marketing research plan by​ ________.

gathering, processing, and analyzing the information

Understanding the four key sets of buyer characteristics can help marketers​ ________ to serve consumer needs better.

identify interested buyers and shape products and appeals

Marketers are viewing information not only as an input for making better decisions but also as​ a(n) ______________.

important strategic asset and marketing tool

The buying process starts with need recognition-the buyer recognizes a problem or need. The need can be triggered by​ ______________.

internal stimuli or external stimuli

The second critical phase in developing a marketing information system​ (MIS) is developing information. The information is developed from​ ________, __________, and​ ____________.

internal​ databases, marketing intelligence​ activities, and marketing research

The buying center and the buying decision process are influenced by​ ________, __________, ​ __________, _____________.

internal​ organizational, interpersonal, individual as well as external environmental factors

The fourth step in the market research process is​ ________.

interpreting and reporting the findings

According to the​ text, two major public policy and ethical issues in marketing research are​ ________.

intrusions on consumer privacy and the misuse of research findings

Two major public policy and ethics issues in marketing research are​ ________.

intrusions on consumer privacy and the misuse of research findings

Some marketers face special marketing research​ situations, such as those conducting research in small​ business, not-for-profit, or international situations. International researchers deal with great variances in​ ________, __________,​ __________, and​ ___________.

levels of economic​ development, cultures and​ customs, buying​ patterns, and scarcity of secondary data

Business markets differ in many ways from consumer markets. The main differences are in​ ________, __________,​ __________, __________.

market structure and​ demand, the nature of the buying​ unit, types of​ decisions, and the decision process

Companies need to consider many factors when choosing a​ market-targeting strategy.​ However, which targeting strategy is best depends on company​ resources, product​ variability, product​ life-cycle stage as well as​ ________________________.

market variability and competitive marketing strategies

Companies apply​ ________ to dig out meaningful patterns in big data and gain customer insights and gauge marketing performance.

marketing analytics

What do marketers use to analyze big​ data?

marketing analytics

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 comprise a​ ________.

marketing information system [MIS]

When making a​ purchase, the buyer goes through a decision process consisting of all of the following​ ________.

need​ recognition, information​ search, evaluation of​ alternatives, purchase​ decision, and​ post-purchase behavior

In which step of the buying decision process is the final order with the chosen supplier​ developed?

order routine specification

Companies must manage the​ ________, which often includes many different buying decisions in various stages of the buying decision process.

overall customer relationship

The marketing information system​ (MIS) consists of​ _______, __________, and​ ___________to generate and validate actionable customer and market insights.

people and procedures for assessing information​ needs, developing the needed​ information, and helping decision makers use the information

Once a company has decided which segments to​ enter, it must decide on its​ ________ strategy.

positioning and differentiation

The business buyer decision process itself can be quite​ involved, with several basic stages. The process begins with​ ______________ and concludes with​ _______________.

problem​ recognition; performance review

Segmentation provides a powerful tool for marketers of all kinds. It can help companies identify and better understand key customer​ segments, ________________ to their specific needs.

reach them more​ efficiently, and tailor market offerings and messages

The buyer decision process starts with​ __________.

recognizing a need

To target the best market​ segments, the company first evaluates each​ segment's ________.

size and growth​ characteristics, structural​ attractiveness, and compatibility with company objectives and resources

Business buyers make decisions that vary with the what types of buying​ situations?

straight​ rebuys, modified​ rebuys, and new tasks

A simple model of consumer behavior suggests that marketing stimuli and other major forces enter the​ consumer's "black​ box." This black box has two​ parts: ________.

the​ buyer's characteristics and the​ buyer's decision process

Business marketers are increasingly connecting with customers online and through​ digital, mobile, and social media to​ ________., __________,​ __________, ___________, and maintain ongoing customer relationships.

to engage​ customers, share marketing​ information, sell products and​ services, provide customer support services

Marketing information has no value until it is used​ ________.

to make better marketing decisions

To deliver real value to marketers, marketing information must

to provide useful customer insights

A​ _______ defines how a company will create differentiated value for targeted segments and what positions it wants to occupy in those segments.

value proposition

What are the five stages of the consumer adoption process in the correct​ sequence?

​Awareness, interest,​ evaluation, trial, and adoption

The Council of American Survey Research Organizations​ (CASRO) Code of Standards and Ethics for Survey Research outlines researcher responsibilities to respondents. Choose the most comprehensive set of responsibilities from the following.

​Confidentiality, privacy, and avoidance of harassment

There are two other major steps in designing a customer​ value-driven market​ strategy: ________ seeks to create superior customer value in the mind of the consumer and​ ________ seeks to firmly place the market offering in the minds of target customers.

​Differentiation; positioning

What are the four major variables used to segment consumer​ markets?

​Geographic, demographic,​ psychographic, and behavioral

Consumer buyer behavior is influenced by four key sets of buyer​ characteristics: ________.

​cultural, social,​ personal, and psychological

There are four major variables that might be used in segmenting consumer markets. Those major variables are​ ________ variables.

​geographic, demographic,​ psychographic, and behavioral

The second step in the buyer decision process might include seeking more information. Sources of information vary. Commercial sources normally​ ________ the​ buyer, but personal sources​ ________ products for the buyer.

​inform; legitimatize or evaluate

People can be classified into the adopter categories with each category having different values and rates of adoption. The adopter categories include​ ________, ________,​ __________, _________,​ __________.

​innovators, early​ adopters, early​ mainstream, late​ mainstream, and lagging adopters

The key to the effectiveness of the segmentation analysis depends on finding segments that are​ ________.

​measurable, accessible,​ substantial, differentiable, and actionable

A customer​ value-driven marketing strategy seeks to build the right​ ________ with the right​ ________.

​relationships; customers