Exam 1 Homework questions

Although a​ "customer-centered" firm seeks to deliver high customer satisfaction relative to​ competitors, it​

does not attempt to maximize customer satisfaction

the technological trend most likely considered in the development of the new Apple Watch

Increasingly efficient apps, features, and components that consume less energy stored in batteries.

Which is the​ fastest-growing digital marketing​ platform?

Mobile marketing

Primary data

The specific data that Nielsen provides to its clients for a specific purpose that has not been completed before

Which of the following statements discussing big data

-Big data provides a lot more information than the managers can digest. -Companies can gain timely customer information. -Data can be collected from​ blogs, tweets, and social media. -Companies that effectively tap the available glut of data can gain​ rich, customer insights. NOT TRUE Marketers can access and easily sift through the data once it is available.

straight rebuy

A business buying situation in which the buyer reorders something without any modifications is known as a

customer lifetime value

A key metric that measures the long-term profitability of individual customers or groups of customers

opinion leader influence

A popular football player at a college who is able to influence the buying decisions of fans would best be described as

Which of the following forms of products are considered as​ services?

Airline travel

Channel Differentiation

Amazon and GEICO set themselves apart with their​ smooth-functioning direct delivery strategy

unsought products

Blood donations to the Red Cross are considered

extranets

Companies can allow key customers and​ value-network members to access​ account, product, and other data through​

derived demand

Eaton sells only to businesses and focuses on the electrical, hydraulics, aerospace, and vehicle markets. When the economic crises hit in 2008, consumers began cutting back, and as a result, Eaton's customers needed to cut costs and scale back operations. This, in turn, impacted Eaton's sales, which is known as

example of Apple appealing to a trend in the demographic environment

Fall detection and emergency SOS for the aging Baby Boomer population

conformance quality

Freedom from defects and consistency in delivering a targeted level of performance is an attribute of​ product's

The most common form of marketing organization is​

Functional organization

Influencers

Notre Dame on its new engineering building to improve its energy efficiency and earn LEED credits, Eaton engaged with a number of people at Notre Dame to finalize the partnership and solidify terms and conditions associated with the agreement. Which of the following people in the buying center would have affected Notre Dame's buying decision (for example, define specs and provide information on evaluating alternatives)

Total Quality Management

Prior to becoming Plymouth Rock Assurance, the company marketed three different insurance companies: High Point, Plymouth Rock, and Pallasades. Rebranding the three names into one, Plymouth Rock Assurance, was one part of the overall objective of constantly improving the quality of services and business products. This overall process is known

Environmental

There are a number of influences on the buying organization and buying center that can impact how and what is purchased by a business. For Eaton's customers, the economic crises in 2008 would be classified as what type of influence

natural environment

Shortages of certain raw materials is a major trend related to the​

solutions selling

Through the years, Eaton has shifted from selling strictly components to solving its customers' problems with more tailored offerings.

demographic segmentation

The Atlanta Hawks recently renovated their home arena with Millenials as the target customer group. This is based on

Brand

The name Plymouth Rock Assurance identifies the company as the seller of its services and products

When does the habitual buying behavior​ occur?

Under conditions of​ low-consumer involvement and little significant brand difference

Problem recognition

When Eaton's customers became aware that they needed solutions for power management, energy savings, green technologies, and LEED certification, they were in which phase of the business buying process

differentiated targeting strategy

While Millennials are the primary target customer of the Atlanta Hawks, it is clear that the efforts of the organization to facilitate social media activity also appeals to other customer segments including Gen X and Baby Boomers. Thus, it is clear that the Hawks are employing a

undifferentiated marketing​ strategy

a firm might decide to ignore market segment differences.

product differentiation

a positioning strategy that some firms use to distinguish their products from those of competitors

Unsought product

a product unknown to the potential buyer or a known product that the buyer does not actively seek

MIS begins and ends with information users. Which of the following statements is not an advantage of​ MIS?

advantages -MIS helps users to analyze and use the information to develop customer insights. -MIS interacts with the marketing environment to develop needed information. -MIS interacts with the information users to assess information needs. -MIS helps users in making management decisions. disadvantages -MIS may provide information to external​ partners, such as​ suppliers, resellers, or marketing services agencies.

Resellers

are distribution channel firms that help the company find customers or make sales for them.

customer satisfaction

based on a company's performance relative to the customers' expectations.

Dissonance-reducing buying behavior

behavior occurs when consumers are highly involved with an​ expensive, infrequent, or risky purchase but see little difference among brands.

According to the​ stimulus-response model of buyer​ behavior, marketing and other stimuli enter the​ consumer's

black box and produce certain responses.

product development

by offering new products to the technology market.

Institutional markets are​

characterized by low​ budget, captive patrons

The microenvironment consists of all of the following

competitors, companies, suppliers, publics EXCEPT demographics

Production Concept

concept holds that consumers will favor products that are available and affordable.

economic environment

consists of economic factors that affect consumer purchasing power and spending patterns.

The basic concept underlying marketing is that of​

customer needs

The first step in strategic planning involves​

defining the​ company's mission

Market Targeting

evaluates each market​ segment's attractiveness and selects one or more segments to serve.

The first group marketers try to bring their new products to the attention to are potential​

innovators

Marketing targeting

involves evaluating each market segments attractiveness and selecting one or more segments to enter.

value proposition

involves the set of benefits or values it promises to deliver to consumers.

Mobile

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

Multibrands

marketing many different brands in a given product category

service variability

means that the quality of services depends on who provides them as well as​ when, where, and how they are provided.

In SWOT​ analysis, the favorable factors or trends in the external environment that the company may be able to exploit to its advantage are referred to as​

opportunities

Business legislation has been enacted for a number of reasons which include all of the following

protecting companies from each other, protecting interests of society, to make firms take responsibility for the social costs of their production or products, protecting consumers from unfair business practices EXCEPT developing a code of ethics

The marketing research industry is considering several options for responding to intrusion and privacy​ issues, which includes all of the following

providing value in exchange, ​"respondent bill of​ rights" initiatives, appointing a privacy officer, "your opinion​ counts" initiatives except sharing information widely

Consumer​ motivation, perception, and learning are related to the​

psychological factors influencing consumer behavior.

In the final step of the​ five-step marketing​ model, companies​

reap the rewards of creating customer value

Promotion

refers to activities that communicate the merits of the product and persuade target customers to buy it.

The winning value proposition by discount stores such as Walmart and PetSmart can be categorized as

the same for less

In the product adoption​ process,

there are five stages

marketing strategy

to create customer value through its mission, strategic goals and objectives, marketing mix, and other marketing tools.

differentiated their market offering

Having an arena with bandwidth that is stronger than the average event venue is one way that the Atlanta Hawks have

Information Search

IMG World provides college students with new, relevant media, making which stage of the consumer buyer behavior process easier for the consumer

Age and life stages

IMG World's products and services are geared toward colleges and students, the students of which may be considered young achievers. This designation can be best described as which influential factor of consumer buying behavior

Influencers

are members of the buying center who help define specifications and provide information for evaluating alternatives.

Behavioral Segmentation

divides buyers into segments based on their​ knowledge, attitudes,​ uses, or responses to a product.

technological force of the macroenvironment

The Apple Watch's "always on" display is made possible through advancements that produced Apple's low-temperature polysilicon and oxide display (LTPO). This particular development occurred

Within the​ growth-share matrix,​ "cash cows" are​

low-growth, high-share businesses or products

plays a key role in the​ company's strategic planning.

marketing

Perform a portfolio analysis

to determine those units that were profitable and those that should be phased out or realigned

Many companies view the marketing environment as​ a(n

uncontrollable element to which they must react and adapt.

concentrated marketing

Instead of going after a small share of a large​ market, a firm goes after a large share of a smaller niche segment.

cultural societal force

It can be supposed that an increase in the importance of fitness and wellness in people's lives prompted Apple to include features like the built-in compass and always-on workout apps. That increased importance in fitness is part of the

creates value for its customers

by offering a wide selection, higher levels of service, and customer-friendly return policies.

cultural environment

consists of institutions and other forces that affect a​ society's basic values.

Many companies manage detailed information about individual customers by using all of the following

customer touch points, customer relationship management, big data analytics, marketing analytics except collecting and storing huge amounts of data

A​ company's mission statement should be focused on​

customers

psychographic segmentation

divides buyers into different segments based on lifestyle or personality characteristics.

technological

environment is the most dramatic force shaping the destiny of the markets and marketing.

Compared to the mainstream buying​ public, Hispanic consumers tend to be deeply​

family oriented, making this a special characteristic and behavior.

Hospital purchasing agents should prefer​

food vendors with low prices and quality products

customer insights

gathers data on millions of people to help marketers gain _____ to use to create strategic marketing decisions

Developing product specifications follows​

general need description in the business buyer decision process.

Branding

helps the seller to segment markets.

Order-routine specification

includes the final order with the chosen supplier or suppliers and lists other required items.

brand equity

is a measure of the​ brand's ability to capture consumer preference and loyalty.

Business markets have demand that​

is inelastic

exchange

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

Competitive marketing intelligence

is the systematic​ monitoring, collection, and analysis of publicly available information about​ consumers, competitors, and developments in the marketplace.

Customer relationship building blocks consist of​

customer value and satisfaction

the links in the service profit​ chain?

-Satisfied and loyal customers -Greater service value -Internal service quality -Satisfied and productive service employees not considered buyer-seller interaction

Which of the following statements is a difference between business markets and consumer​ markets?

-The buying process is more formalized. -The buying decision involves more professionals. -Business demand is a derived demand. -Buyers face more complex buying decisions. except The market is very small and limited

MIS interacts with information users in several ways which include all of the following

-assessing information needs -helping to develop customer insights -providing marketing intelligence activities -helping to conduct marketing research NOT TRUE providing concise information

The rapidly expanding use of​ e-procurement in​ business-to-business deals provides several​ advantages

-it eliminates paperwork -it helps finds better supply sources -it shaves transaction costs -it reduces time between order and delivery one disadvantage it puts suppliers against one another

What is the first step in marketing research​ process?

1. Define the problem. 2. Develop a research plan. 3. Implement the research plan. 4. Interpret the findings. Interpret the findings.

descriptive research

A marketer who wishes to gain insight into the demographics and attitudes of consumers who buy their product would likely ask Nielsen to perform

What is​ marketing?

Marketing is a process of creating customer value.

Brand Sponsorship

The branding strategy of launching a product or service as a national or store brand is considered a

culture

The most basic determinant of a person's wants and behavior are embedded in a consumers

Market Segmentation

The step in designing a customer value-driven marketing strategy in which a company divides a market into distinct groups of buyers

Millennials (Generation Y)

The​ "echo boomers" is another name for​

exchange

This act of obtaining a desired object from someone by offering something in return

The major activity in strategic planning is the analyses of a business​

portfolio

The objective of​ exploratory research

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

To do​ e-procurement, companies can conduct

reverse auctions in which they put their purchasing requests online and invite suppliers to bid for the business.

Consumer purchases are influenced strongly by certain characteristics which include all of the following

social, personal, psychological, cultural EXCEPT cognitive

proactive

stance by companies toward the marketing environment is preferred over a reactive stance.

Marketing mix

use of commercials, newspapers, social media, and other media to control the marketing message.

Each department can be thought of as a link in the​ company's

value chain

marketing myopia

Many of Zappos' more traditional rivals focus greater attention on the attributes of the products and services they sell rather than on the benefits and experiences produced by their market offerings. This trap is sometimes referred to as

Online marketing research

Nielsen gathers consumer insights through a variety of ways, including consumer tracking and panels.

competitive marketing intelligence

Nielsen is engaged in the collection and analysis of information about consumers, competitors, and developments in the marketplace. This systematic monitoring is known

observation research

Small businesses and​ not-for-profit organizations can obtain good marketing insights through​

Habitual

Students purchasing items with the college logo most likely represent consumers involved in which type of buying behavior

Macroenvironment

The Apple Watch Series 5 was developed with an awareness of current trends in the large societal forces known as