Market 1

Promotion

When viewing the market from a buyer's point of view, "communication" corresponds to the ________ component of the marketing mix.

the collection of businesses and products that make up the company

Which of the following best describes a company's business portfolio?

dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors

Which of the following best describes market segmentation?

arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

Which of the following best describes product positioning?

They are more relevant than secondary data.

Which of the following is an advantage of primary data?

television station

Which of the following is an example of a media public?

They take advantage of the opportunities provided by the environment.

Which of the following is most likely a characteristic of firms that adopt a reactive approach toward the marketing environment?

supplier performance review

Which of the following is most likely the final stage of the business buying decision process?

They develop strategies to change the marketing environment.

Which of the following is most likely true about companies that take a proactive stance toward the marketing environment?

the suppliers who work with the company

Which of the following is part of the microenvironment of a firm's marketing environment?

need recognition

Which of the following is the first stage of the buyer decision process?

reverse auctions

Which of the following is the means by which companies post purchase requests online and invite suppliers to bid for their business?

increased use of RFID systems to track products

Which of the following represents a change in the technological environment of a marketing firm?

brand personality

Which of the following terms is used to describe a specific mix of human traits that may be attributed to a particular brand?

Customer perceived value

Which of the following terms refers to a customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers?

marketing myopia

___ refers to sellers being preoccupied w/their own products and losing sight of underlying consumer needs?

Resellers

____ are distribution channels that help company find customers or make sales to them?

Target Marketing

______ refers to selecting which segments of a population of customers to serve?

primary

_______ data consist of info collected for the specific purpose at hand?

Microenvironment

_______ is defined as actors close to the company that affect its ability to serve its customers.

Needs

________ are defined as states of felt deprivation.

Opinion Leaders

________ are people within a reference group who, because of special skills, knowledge, personality, or other characteristics, exert social influence on others.

Wants

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

Primary

________ data consist of information collected for the specific purpose at hand.

Cognitive dissonance

________ is a discomfort caused by postpurchase conflict.

Exchange

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

Market Management

________ is the art and science of choosing target markets and building profitable relationships with them.

Interpreting and reporting the findings

________ is the final step in the marketing research process.

Perception

________ is the process by which people select, organize, and interpret information to form a meaningful picture of the world.

Demography

________ is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.

Marketing research

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

Consumers

________ markets consist of individuals and households that buy goods and services for personal use.

Downsizing

________ refers to reducing the business portfolio by abandoning products that no longer fit the company's overall strategy.

Market Targeting

________ refers to the process of evaluating each market segment's attractiveness and selecting one or more segments to enter.

Positioning

arranging for a product to occupy a clear, distinctive and desirable place relative to competing product in the minds of target consumers is known as?

Marketing

1) what is defined as the process by which companies create value for customers and build strong customer relationships in order to capture value from customer return?

derived demand

Corning produces Gorilla Glass screens that are used in the production of laptops, tablets, and smartphones. Corning promotes its product to final consumers to increase business demand for digital devices made with the specialized, toughened glass. This illustrates ________.

promotion

when viewing the market from a buyer's point of view, "communication" corresponds to the ______ component of the marketing mix?

a. the quality of customer insights it provides

which of the following demonstrates the real value of a company's marketing research and information system?

microenvironment

you are dedicated to study the actors close to the company that affects its ability to serve its customers-departments within the company, suppliers, marketing, intermediaries, customer markets, competitors and publics. What are you studying?

Market offerings

Consumers' needs and wants are fulfilled through ________.

Target Marketing

Dollar General profitably appeals to families with more modest means. The retailer's approach is most likely referred to as ________.

Political

In a marketer's macroenvironment, the ________ environment consists of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society.

marketing analytics

Marketers apply ________ to the large and complex sets of data they collect to gain customer insights and gauge performance.

Consumers' existing wants

Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on ________.

cause-related

P&G "Tide Loads of Hope" program provides mobile laundromats and loads of clean laundry to families in disaster-stricken areas. This is an example of ________ marketing.

Understanding the marketplace and customer needs and wants

According to the five-step model of the marketing process, the first step in marketing is ________.

Customers

According to the text, ________ are the most important actors in a company's microenvironment.

selling a company's current products

Both market penetration strategies and market development strategies primarily involve ________.

test hypotheses about cause-and-effect relationships

Causal research is used to ________.

Market Segmentation

Dividing a market into several sections of customers is known as ________.

implementing the research plan

Data collection, processing, and analysis are undertaken during which stage of the marketing research process?

macroenvironment

Demographic, economic, natural, technological, political, and cultural forces form the ________ of an organization.

Product

Design, packaging, service, and features are elements of the ________ component of a company's marketing mix.

natural

Fargo Inc. is a carbonated beverage manufacturer that has many manufacturing plants around the world. It is planning to shift from using thermal power to wind power for its manufacturing plants in the Netherlands to decrease dependency on nonrenewable sources of energy. This scenario depicts Fargo's concern for its ________ environment.

secondary

Information collected from commercial online databases or through Internet search engines are examples of ________ data.

market growth rate and relative market share

The two dimensions the BCG approach uses to evaluate and manage SBUs are ________.

Millennials

Technology is a way of life for ________, the largest generational group.

Marketing

The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

assessing the information needs of a company

The initial function of a marketing information system is ________.

define the problem and objectives

The marketing manager of Appeal Inc. has noticed a sharp decrease in sales over the last two months. The manager decides to conduct marketing research to identify potential causes for the drop in sales. Which of the following should the manager do first?

exploratory

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

implementation

The process that turns marketing plans into marketing actions to accomplish strategic marketing objectives is called marketing ________.

Social

Various government agencies have launched campaigns to encourage energy conservation and concern for the environment as well as discourage smoking, illegal drug use, and obesity. This illustrates ________ marketing.

sells off or phases out the strategic business unit

When a company chooses to divest a particular strategic business unit, it ________.

Family

Which of the following is a social factor that influences consumer buying behavior?

Value proposition

A brand's ________ is the set of benefits that it promises to deliver to consumers to satisfy their needs.

modified rebuy

A business buyer is considering a change in product specifications, terms, and possibly suppliers. This buying situation is referred to as a(n) ________.

Culture

A child in the United States is exposed to many values including achievement and success, freedom, individualism, hard work, and material comfort. These are symbolic of American ________.

ethnographic

A company that sells personal care products sends a trained observer to watch potential buyers in their natural environments. This is an example of ________ research.

CRM System

A firm has a huge amount of individual customer data saved in different databases. Which of the following can be used to integrate, analyze, and apply the available information effectively?

market development

A firm's decision to identify and develop new markets for existing products is a ________ strategy.

economic situation

A marketing firm has been assigned the task of watching trends in spending, personal income, savings, and interest rates. The marketing firm is most likely gathering information about consumers' ________.

moving the firm's goods from production points to distribution centers

A marketing intermediary would most likely help a firm by ________.

diversification

A strategy for company growth through starting up or acquiring businesses outside the company's current products and markets is called ________.

attitude

A(n) ________ describes a person's relatively consistent evaluations, feelings, and tendencies toward an object or idea.

low market share in a market with high growth prospects

In the BCG growth-share matrix, question marks refer to products or businesses with a ________.

Political environment

in a markets microenvironment, the_______, consists of laws, governments agencies, and pressure groups that influence or limit various organizations and individuals in a given society?

Cash Cows

in the BCG matrix, ______ refer to low-growth, high share business or products. They generate a lot of cash that firm uses to pay its bills and support other SBUs that need investment?

make better marketing decisions

marketing info is only valuable when it is used to ______.

sample

marketing researchers usually draw conclusions about large groups of consumers by studying a small _____ of the total consumer population?

a. customer expectation

ryan attempts to deliver customer satisfaction every day in his installation business, audio expressions. The key to achieving this goal is to match the customer-perceived performance of his product with

Societal Marketing

the ____ concept holds that firms strive to deliver value to consumers in a way that maintains or improves both the consumers and society's well being?

exploratory

the objective of ______ research is to gather preliminary info that will help define the problem and suggest hypotheses.

Market Segmentation

the process of dividing a market into distinct groups of buyers w/different needs, characteristics, or behaviors is?