MKT 206 Exam 1

Target market

A _____ consists of a set of buyers who share common needs or characteristics that the company decides to serve.

A statement of the organization's purpose

A mission statement serves as a _____.

Marketing information system

A(n) _____ 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.

Market

A(n) is the set of actual and potential buyers of a product or service.

postpurchase behavior

After the purchase of a product, consumers will be either satisfied or dissatisfied and engage in ________.

Cognitive dissonance

Almost all major purchases result in _____, or discomfort caused by post purchase conflict.

Marketers want to increase the share they get of the customer's purchasing in their product catgories

Apart from retaining good customers, most marketers want to constantly increase their "share of customer." What does this mean in marketing terms?

Customer relationship management

Building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is called _____.

Accessing and shifting through so much data

Challenges of managing big data include _____.

Adoption process

Consumers learn about new products for the first time and make the decision to buy those products during the _________.

The total combined customer lifetime value of all of the company's current and potential customers

Customer equity refers to _____.

Firms manage customer touch points to maximize customer loyalty

Customer relationship management (CRM) helps _____.

Market segmentation

Dividing the market into various groups of customers that a company may serve is called ____.

Subcultures

Each culture contains smaller _____, or groups of people with shared value systems based on common life experiences and situations.

Social networks

Facebook, Snapchat, and LinkedIn are all examples of ____.

Social

Family is one of the _____ factors that influence consumer behavior.

Production

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

opportunities

In a SWOT analysis, _____ include favorable trends in the external environment.

Internal capabilities

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

Consumer market

Individuals and households that buy or acquire goods and services for personal consumption make up the _____.

Market penetration

Making more sales to current customers without changing a firm's original products is known as _____.

Human needs

Maslow's theory is that _____ can be arranged in a hierarchy.

Selective distortion

People tend to interpret new information in a way that will support what they already believe. This is called _____.

Information collected for the specific purpose at hand

Primary data consist of _____.

Product

Railroads were once operated based on the thinking that users wanted trains that would offer the most in quality, performance, and innovative features. The railroad managing companies overlooked the fact that there could be other modes of transportation. This reflects the _____ concept.

Information that already exists somewhere, having been collected for another purpose

Secondary data consists of ____.

Need recognition

The buying decision process starts with _____, in which the buyer spots a problem.

Capturing value from customers

The final step in the marketing process is _____.

descriptive

The goal of _____ research is to describe things, such as the market potential for a product or the demographics of consumers who buy the product.

Outside-in perspective

The marketing concept takes a(n) _____. It starts with a well-defined market, focuses on customer needs, and integrates all the marketing activities that affect customers.

Test hypotheses about cause-and-effect relationships

The objective of casual research is to _____.

Share of customer

The portion of the customer's purchasing that a company gets in its product categories is known as ____.

Customer expectaions

The primary key to delivering customer satisfaction is to match product performance with _____.

In the customer insights that it provides

The real value of marketing information lies in how it is used ______.

SWOT

The section of the marketing plan that describes a company's strengths, weakness, opportunities, and threats is called the ______ analysis.

With goods that buyers normally do not think of buying

The selling concept is typically practiced _____.

Marketing mix

The set of marketing tools a firm uses to implement its marketing strategy is called the _____.

Huge and complex data sets

The term big data refers to the _____ generated by today's sophisticated information generation, collection, storage, and analysis technologies.

Cognitive dissonance

When a customer feels uneasy about loosing out on the benefits of a brand not purchased, they are likely to experience _____.

Demands

When backed by buying power, wants become ____.

Complex buying behavior (extended problem solving)

When consumers are highly involved with the purchase of an expensive and they perceive significant differences among brands, they most likely will exhibit _____.

the key business that make up a company

Which of the following best describes a strategic business unit?

Habitual buying behavior

Which of the following consumer buying behaviors is related to conditions of low-consumer involvement and little significant brand difference?

Evaluation

Which of the following is the adoption process stage at which the consumer considers whether trying the new product makes sense?

Focus on marking continuous product improvements

Which of the following is the aim of the product concept?

Awareness

Which of the following is the first stage in the new product adoption process?

Not all customers will be satisfied

Which of the following is the most likely result of a marketing strategy that attempts to serve all potential customers?

Product concept

Which of the following marketing management concepts is most likely to lead to marketing myopia?

The selling concept

Which of the following marketing orientations call for aggressive promotional efforts and focuses on creating transactions rather than long-term customer relationships?

the marketing concept

Which of the following marketing orientations holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?

Customer relationship management

Which of the following marketing strategies should marketing managers focus on to manage detailed information about individual customers and carefully manage customer touch points to maximize customer loyalty?

Value proposition

Which of the following refers to a set of benefits that a company promises to deliver to customers to satisfy their needs?

Customer equity

Which of the following refers to the total combined customer lifetime value of all of the company's current and potential customers?

Consider customer focus and value as the paths to sales and profits

Which of the following statements reflects the marketing concept?

Marketing myopia

Which of the following terms refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?

Friends

Word-of-mouth influence comes to consumers from family, colleagues, and _____.

Marketing Research

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

A SWOT

_____ analysis is an overall evaluation of the company's strengths, weakness, opportunities, and threats.

Aspirational groups

_____ are groups to which an individual wishes to belong, as when a young basketball player hopes to play someday in the NBA or WNBA.

Wants

_____ are human needs that are shaped by culture and individual personality.

Geographic segmentation

_____ calls for dividing the market into regions, states, counties, cities, or even neighborhoods.

Differentiation

_____ involves actually distinguishing the firm's market offering to create superior customer value.

Market segementaiton

_____ involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.

Customer-perceived value

_____ is determined by a customer's evaluation of the benefits and costs of a market offering relative to those of competing offers.

Mass customization

_____ is the process by which firms interact one-to-one with masses of customers to design products and services tailor-made to individual needs.

Demography

_____ is the study of human populations - size, density, location, age, gender, race, occupation, and other stances.

Marketing intelligence

_____ is the systematic collection and analysis of publicly information about consumers, competitors, and developments in the marketing environment

Psychographic

_____ segmentation divides buyers into different segments based on social class, lifestyle, or personality characteristics.

Behavioral

_____ segmentation divides buyers into segments based on their knowledge, attitudes, uses, or responses concerning a product.

Demographic

_____ segmentation divides the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation.

Positioning

______ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

Learning

______ describes changes in an individual's behavior arising from experience.

Focus group interviewing

________ consists of inviting 6 to 10 people to meet with a trained moderator to talk about a product, service, or organization.

Sustainable marketing

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

When

usage occasions focus on _____ customers buy.