MARKETING 130 EXAM 1

________ is the final step in the marketing research process.

Interpreting and reporting the findings

The initial function of a marketing information system is _____________________.

assessing the information needs of a company

Companies that practice marketing by __________ create offerings and messages that engage the customers rather than interrupt them.

attraction

What is the term given to data sets that are so large or complex that traditional data processing applications are inadequate?

big data

The final step in the marketing process is ________.

capturing the value from customers.

Good marketing intelligence can help marketers gain insights into how consumers talk about and connect with their brands. What is the modern and relatively new job title assigned to people whose job it is to sift through online customer conversations and pass along key insights to marketing decision makers.

chief listening officers

A strategy for company growth that involves increasing sales to current market segments without changing the product is known as ________.

market penetration

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

increased use of RFID systems to track products

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

market development

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

Primary

Managing the marketing function begins with a complete analysis of the company's situation. A thorough ________ guides decision making.

SWOT Analysis

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

Sustainable

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

market growth rate and relative market share

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

Value Proposition

Ritz-Carlton is fervently dedicated to anticipating customers' slightest needs. Without ever asking, they seem to know when customers want a king-size bed, non-allergenic pillow, extra body gel, or the blinds open upon arrival. An amazing 95 percent of departing guests report that their stay has been a truly memorable experience. This is an example of ________.

customer delight

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is referred to as ________.

customer relationship management

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?

customer-perceived value

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

customers

One of the biggest trends in the United States is the changing age structure of the population. Which one of the major forces in a Company's Macroenvironment does this statement fall under?

demographic

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

demography

Which of the following best describes market segmentation?

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

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

downsizing

There are multiple ways to collect data as part of a market research plan, but some market research is far more expensive than others. Which of the following research approaches would provide a company with the most cost-effective (cheapest and "best bang for your buck") way to reach a large number of respondents in a short period?

email and web-based surveys

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

market segmentation

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

market targeting

Which of the following actor's of the SIX in a company's MICRO ENVIRONMENT does the FINANCIAL INTERMEDIARIES fall? This group includes banks, credit companies, insurance companies, and other businesses that help finance transactions or insure against the risks associated with the buying and selling of goods.

marketing intermediaries

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

marketing research

A ________ is purposeful, specifying what an organization wants to accomplish in the larger environment.

mission statement

Coca Cola is a carbonated beverage manufacturer that has many manufacturing plants around the world. The Coca Cola Company is planning to shift from using electric power to wind power for its manufacturing plants in Africa to decrease dependency on nonrenewable sources of energy. This scenario depicts Coca Cola's concern for its ________ environment.

natural

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.

political

Traxx is a newly emerging shoe manufacturing company. After extensive market research, Traxx divides its market into professional athletes, "hobbyists" or amateur players, and people who wear shoes as part of their casual attire. Each category has its own needs, traits, and marketing goals. In this scenario, Traxx has engaged in market ________.

segmentation

Cosmetic retailer Lush knows that doing what's right benefits both customers and the company. Their premium beauty products are made by hand from the freshest possible natural ingredients. This is an example of the ________ concept.

societal marketing

Which of the following sources constitutes the internal database of a company?

the company's sales transactions

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

the customer insights it provides

Which of the following factors would fall under the demographic environment for marketers?

the educational level of a company's customers

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

the suppliers who work with the company

Cosmetics firm SatinSilk is revamping its mission statement and advertising strategy. The CEO stresses that the new mission statement should be market-oriented rather than product-oriented. Which of the following mission statements will best suit the company?

to give customers the complexion they dream about by providing products suited to their needs

The MACRO environment can be unforeseeable and uncontrollable but also can be predicted and planned for and includes all of the external forces OUTSIDE THE COMPANY that are often turbulent and changing.

true

According to the five step model, the first step in the marketing process is

understanding the marketplace and customer wants and needs.

Which of the following is most likely the cheapest and quickest means to collect data for marketing research?

utilizing internal databases to gather sales data