MKT 340 EXAM 1

Consumers' spending patterns since the Great Recession include ________.

buying less and looking for greater value in what they buy

At Gina's retail stores, the posted policy reads, "Without our customers, we don't exist." Gina and her staff aim to delight each customer, and they are quick to offer discounts or extra services whenever a customer is anything less than satisfied. Gina and her staff strive to make every customer a repeat customer. It is most accurate to say that instead of focusing on each individual transaction, Gina and her staff put a priority on ________.

capturing customer lifetime value

Rob has been asked by his manager to identify a group of potential customers who would respond in a similar way to a given set of marketing efforts. In this instance, Rob has been asked to identify a ________.

market segment

what are the five steps of the marketing process?

1. understand the marketplace and customer needs, wants, and demands. 2. design a marketing strategy 3. construct marketing action 4. customer relationship management to build relationships (all part of creating value) --- 5. benefit from your cash cow! (capturing value)

Akira Takano, a marketing manager, is about to test the hypothesis that the sale of a particular product will increase exponentially if there is a $5 drop in the selling price of the product. Akira is involved in ________ research.

casual

A firm dumping chemical wastes in the local lake is ________.

contributing to increased pollution

what is the definition of the marketing process?

create value for customers and build customer relationships

what are demands?

human wants that are backed by [----dp2s ]\\\\\\\\\\\\\\\\\\\\\\\\\\\\lo0`

Secondary data consist of ________.

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

The process of evaluating each market segment's attractiveness and selecting one or more segments to enter is known as ________.

market targeting

Companies that define their missions in terms of products or technologies are considered myopic primarily because ________.

products and technologies eventually become outdated

Information collected from Internet search engines is an example of ________ data.

secondary

Jolene's firm markets preplanning services for a mortician. She finds that most of her target market avoids discussing future funeral needs. She convinces people to invest in the firm's services through her large-scale promotional efforts. Jolene's firm most likely practices the ________.

selling concept

what are needs?

states of felt deprivation

what are wants?

the form human needs take as they are shaped by culture and individual personality.