Exam 1

Which of the following is an important trend in the natural environment of which marketers should be aware?

Shortages of raw materials

What is the mistaken assumption that business-to-business companies often make about digital and social media?

That digital and social media are useful primarily to consumer products and services companies

In the broadest sense, a new product marketer must research___________ when developing a new product and a marketing program.

characteristics influencing the rate of adoption.

Which of the following is NOT one of the forces in a company's Macroenvironment that shape opportunities and pose threats to the company?

competitive forces

Companies need meaningful customer insights so they can_______________.

produce superior value for their customers

What is the correct sequence of the steps in the strategic planning process?

Define the company mission, set company objectives and goals, design the business portfolio, and plan the market and other functional strategies.

Which of the following is NOT among the major factors influencing consumer buying behavior?

Commercial

The environment that consists of institutions and forces that affect a society's values, perceptions, preferences, and behaviors is the _________________.

Cultural environment

________________ is a part of a company's decision on how it will create market offerings to deliver superior customer value.

Differentiation

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.

There are several types of objectives market researchers might use on a marketing research project. Which of the following are the primary types of objectives?

Exploratory research, descriptive research, and casual research.

Which of the following correctly defines the consumer market?

Individuals and households that buy goods and services for personal consumption.

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

Internal data, marketing intelligence, and marketing research

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 product/market expansion grid is a tool that allows marketers to identify growth for opportunities. Of the following, which represent the four components of the product/market expansion grid?

Market penetration, market development, product development, and diversification

_______ is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate marking strategies or mixes.

Market segmentation.

Which of the following correctly identifies the five core customer and marketplace concepts?

Needs, wants, demands; market offerings; value and satisfaction; exchanges and relationships; and markets

Changes in the __________ have focused greater emphasis on ethics and socially responsible actions.

Political and social environment

Consumers go through a distinct process in making a purchase. Of the following, which is the final step in that process?

Post-purchase behavior

The focus of which of the following processes not only sets the stage for planning in the firm, but also represents the maintenance and development of the organization's goals and capabilities and its changing market opportunities?

Strategic planning

What are two keys to building lasting customer relationships

Superior customer value and satisfaction

_______ compose a company's external value delivery network

Suppliers, distributors, and customers.

Most standard portfolio analysis methods evaluate strategic business units (SBUs) on their performance in two important dimensions. What are these two dimensions?

The attractiveness of the SBU's market or industry and the strength of the SBU's position in that market or industry.

Which of the following is NOT true regarding International marketing research.

The cost of international research is lower.

Which of the following consists of factors affecting buying power and patterns?

The economic environment

To design a winning marketing strategy, what are the two important questions a marketing manager must answer?

What customers will we serve? How can we serve these customers best?

What advice would you give a firm about how to respond to the changing market environment?

Whenever possible, take a proactive approach to the environment.

Which stage of the business buying decision process involves ranking the importance of reliability, durability, and price?

general need description

Two major public policy and ethical issues in marketing research are_____________.

intrusions on consumer privacy and misuse of research findings.

Marketers need to understand and know the answers to several key questions when dealing with buying centers. Of the following which is NOT one of those key questions?

is price a major factor of is the buying center price sensitive?

The first step of the marketing process is to ________.

understand the market place which includes customer needs and wants.

What are the five stages of the consumer adaption process, in the correct sequence?

Awareness, interest, evaluation, trial, and adoption.

To target the best market segments, the company first evaluates various factors related to market attractiveness. Of the following which is NOT one of those factors?

Compatibility with company mission and vision.

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

concentrated marketing

Once market segments have been selected, the company then must decide on ____________________.

differentiation and positioning strategy.

Major variables used to segment consumer markets include which of the following?

geographic, demographic, psychographic, and behavioral

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.

According to the text, ________ are perhaps the most dramatic forces affecting today's marketing strategies.

Technological forces

Which of the following environments demonstrates a changing age structure, shifting family profiles, geographic population shifts, a better-educated and more white collar population, and increasing diversity?

The demographic environment

Which marketing management orientation holds that firm should have a customer focus to achieve sales and profits?

The marketing concept

Marketing provides a guiding philosophy for a company's strategic planning. This philosophy, known as___________. focuses on creating customer value and building profitable relationships with important consumer groups.

The marketing concept.

_______ determines whether the buyer is satisfied or dissatisfied with a purchase.

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

Marketing information is of no value until it is used for what purpose?

To make better marketing decisions

Which of the following is included in a broad definition of marketing?

creating customer value, building customer relationships and engaging customers.

Software and analytical techniques that integrate, analyze and apply the mountains of individual customer data to gain a 360-degree view of customers enable companies to ________________.

practice customer relationship management.

Firms that develop strategies to change the environment, instead of assuming that strategic options are bounded by the current environment, are being _________.

proactive.

Which of the following represent market offerings?

products, services, information, and experiences.

The _______________ is a brand's full positioning or the full mix of benefits on which the brand is positioned.

value proposition.

Today's marketers see information not only as a tool for input for better decision-making, but also as ___________________.

an important strategic asset and marketing tool

Like consumer markets, business markets are segmented. Which of the following describes the variables that marketers use to segment business markets?

Business demographics, operating characteristics, purchasing approaches, situational factors, and personal characteristics.

What is the correct sequence of the four steps of the marketing research process?

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

Technology advances have made B-toB online purchasing possible. This is called _______________.

e-procurement

A ________________ consists of 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.

marketing information system.