Marketing
Which of the following customer questions is answered by a company's value proposition?
"Why should I buy your brand rather than a competitor's?"
Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through
value creation and exchange
The network made up of the company, its suppliers, its distributors and ultimately, its customers who partner with each other to improve the performance of the entire system is known as the
value delivery network
Which of the following refers to a set of benefits that a company promises to deliver to customers to satisfy their needs?
value proposition
Companies can research many aspects of buying decisions. However, the one that is the most difficult to identify is
why they buy
Which of the following companies has a market-oriented business definition?
A cosmetic company, whose business definition is: "We sell hope and self-esteem."
Which of the following companies has a product-oriented business definition?
A shoe manufacturer, whose business definition is: "We manufacture affordable and long-lasting shoes for all."
By 2060, _______________ will be an estimated 14% of the U.S. population
African Americans
Cost are involved on obtaining, _____________, storing and delivering information.
Analyzing
_______________ consumers are the most brand conscious of all the ethic groups, are extremely brand loyal and shop frequently.
Asian American
A persons buying choices are influenced by four major psychological factors. Which of the following is NOT one of these factors?
Association
Calypso Motors recently rolled out its Proteus hatchback. Proteus combines the attractiveness of a luxury car with excellent agility of a sports car. Calypso is confident that Proteus will appeal to both sports car enthusiasts as well as the luxury segment. Which of the following types of market segmentation is evident here?
Benefit segmentation
The best business portfolio is the one that
Best fits the company's strengths and weaknesses to opportunities in the environment
Many marketers use the self concept premise that people's possessions contribute to and reflect their identities - that is, "we are what we consume" According to the premise, consumers
Buy products to support their self image
A company's marketing decision may be questioned by consumer organizations, environmental groups, minority groups and others. These organizations and groups are also known as ________
Citizen-action publics
Which of the following is one of the other stimuli presents in a buyer's environment apart from marketing stimuli?
Cultural stimuli
______________ is the most basic determinant of a person's wants and behavior.
Culture
The marketing world is mostly likely embracing ___________ because consumers, wield greater power now with many platforms for airing and sharing their brand views with other consumers.
Customer-managed relationships
Style simply describes the __________ of a product
appearance
Dawn Smith a hospital nurse notices that the gurneys used in the hospital are not durable enough. She informed the hospital authorities about Grace Care Inc., a new company selling lightweight and durable gurneys. In this instance, Dawn played the role of a(n)
Influencer
Jack Pearson has the informal power to approve the final suppliers in his organization. In other words, Jack plays the role of a(n) ________ his organization's buying center.
Decider
When backed by buying power, wants become
Demands
Green Bees, a popular American heavy-metal band, will perform in Berlin during Christmas. There is a high demand for concert tickets among fans worldwide who are looking forward to the much-awaited performance. In this instance, the high demand for tickets for the Green Bees concert is representative of ________ demand.
Derived
A(n) ____________ consist of 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
Mi Amor, a successful brand of women's clothing, recently introduced a line of iTunes equipment. This is an example of
Diversification
Market segmentation can be best described as the process of
Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs
_________________ is the act of obtaining a desired object from someone by offering something in return
Exchange
Word of mouth influence comes to consumers from family, colleagues and
Friends
In the 1950s, Americans made a massive exit __________
From the cities to the suburbs
Which of the following exemplifies a service ?
Hair salon
Which consumer group tends to show more brand loyalty and makes shopping a family event, with children having a big say in the purchase decision?
Hispanic Americans
Which of the following questions is most important for product designers to consider while developing a product?
How would customers use and benefit from the product?
The real value of marketing information lies in how it is used __________
In customer insights that it provides
The Pure Company produces insulin, a product with a very stable demand. Even though the price changed several times in the past two years, the demand for Pure Drug's insulin remained relatively unaffected. In this instance, the demand for insulin is representative of _________ demand.
Inelastic
Which of the following is an advantage of using an internal database?
Internal databases can be accessed more quickly and cheaply than other information sources.
Which of the following is NOT a method of gathering good marketing intelligence?
Interviewing competitors' employees to learn as much "inside information" as possible
Opinion leaders are also referred to as
Leading adopters
According to Management guru Peter Drucker, "The aim of marketing is to _____________."
Make selling unnecessary
The mangers of Alfredo's Pizza, have increasingly encouraging senior citizens to visit the pizzerias numerous outlets spread across the city. Anticipating a rise in the population of senior citizens in the area, the management team is seeking to tap into this promising segment that consist of retired, affluent consumers. In this instance, the managers of the pizzeria are anticipating company growth through
Market development
Which of the following term is used to describe the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers?
Marketing environment
Dan has been directed to study the forces close to a company that affects its ability to serve its customers such as the company, suppliers, marketing intermediaries, customer markets, competitors and public's. In the instance, Dan has been directed to study the ____________ of the company.
Microenvironment
Which of the following generational groups is most comfortable with digital technology and embraces that technology?
Millennials
A ______________ documents an organization's purpose - what it wants to accomplish in the larger environment.
Mission statement
Marketing stimuli consist of the four Ps. Which of the following is NOT one of these?
Packaging
Consumer purchases are influenced strongly by characteristics that marketers cannot control but must take into account, including cultural, social, psychological and _____________ characteristics.
Personal
__________ consist of arranging for a market offering to occupy a clear, distinctive and desirable place relative to competing products in the minds of target consumers.
Positioning
Railroads were once operated based on the thinking that users wanted trains that would offer the most quality, performance and innovative features. The railroad managing companies overlooked the fact that there could be other modes transportation. This reflects the ___________ concept.
Product
Sunny is a coffeehouse chain based in Boston. It recently introduced Eva, a mild roast which became immensely popular. This exemplifies
Product development
Companies can succeed against their competitors by all of the following EXCEPT
Providing the same product as the competition
An American cola-manufacturing company that primarily targets rebellious and adventurous people most likely uses _______ segmentation
Psychographic
Subcultures include nationalities, religion, geographic regions and
Racial groups
Rachael works for a furniture company in Ireland. She is responsible for buying and selling goods at a profit to small retailers. Rachael most likely operates in a ___________ market.
Reseller
Which is NOT part of the company environment that influences marketing decisions?
Retailers
Shoes Inc., a manufacturer of shoes, has recently launched a brand of sturdy shoes ideal for hiking and other outdoor activities. Which of the following brand personalities could be best associated with the new brand?
Ruggedness
Information collected from internet search engines is an example of ____________ data.
Secondary
Business information services such as Experian Marketing Services and Nielsen help marketers to
Segment people and locations into marketable groups of like-minded consumers
A recent study conducted by Estelle Cosmetics company showed that heavy users of Estelles products comprise a small percentage of the market. The study indicates that less than 7% of all shoppers buy nearly 71% of Estelle's products in the US. This is an example of
Segmentation by usage data
HEX Inc. is a manufacturer of metal bolts that are used by REX Inc. to manufacture heavy machineries. In this instance, HEX acts as a ____________
Supplier
________ refers to buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation
Systems selling
JJ Jackets is a small yet successful retail chain that sells women's clothing and accessories with a focus on buyers who have relatively modest means. For this specific purpose, the firm has rolled out several marketing initiatives aimed at women of specific demographic. This is an example of
Target marketing
The single most important demographic trend in the United States is the
The changing age structure of the population
Which of the following is a trend that depicts the increasingly non traditional nature of todays American families ?
The low percentage of married couples with children
Which of the following marketing orientations holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?
The marketing concept
The research plan should be presented in a written proposal. The proposal should include all of the following EXCEPT
The predicted results
Which of the following is true with regards to cash cows?
They can be used to help finance the company's question marks and stars.
__________ is an approach in which all the company's people are involved in constantly improving the quality of products, services and business processes.
Total quality management
According to the five-step model of the marketing process, a company should _____________ before designing a customer-driven marketing strategy.
Understand the marketplace and customer needs and wants
Phoi Nguyen, a manufacturing mechanic determines that the molds for manufacturing plastic jar lids are wearing out sooner than expected. Phoi contacts her manger to request that the parts be recorded. In this instance, Phoi played the role of a(n)
User
Product mix _________ refers to the number of different product lines the company carries.
Width
A good marketing information system balances the information users ___________ to have against what they ____________ and what is ____________ to offer.
Would like; need; feasible
Business markets are similar to consumer markets in that
both involve people who assume buying roles and make purchase decisions to satisfy needs
Which of the following terms refers to specific mix of human traits that may be attributed to a particular brand?
brand personality
Marketing mix planning begins with
building an offering that brings value to target customers
The collection of businesses and products that make up a company is called its
business portfolio
Individuals and households that buy or acquire goods and services for personal consumption make up the
consumer market
The advertising slogan "We bring good things to life," used by General Electric to market itself, is an example of ____________ marketing
corporate image
The primary key to delivering customer satisfaction is to match product performance with
customer expectations
Which of the following is the first step in the marketing research process?
defining the problem and objectives of the study
Consumers who show their allegiance to brands, stores or companies help marketers to segment consumers by their
degree of loyalty
Delta Motorworks markets its cars based on age, gender and income of its customers. Which of the following types of market segmentation is evident here?
demographic segmentation
Which of the following is NOT a step in strategic planning process?
evaluating members of the company's value chain
In ___________ research, the objective is to gather preliminary information that will help define the problem and suggest hypotheses.
exploratory
The business marketer normally deals with ___________ than consumer marketer does.
far fewer but far larger buyers
Firms use competitive marketing intelligence to
gain early warnings of competitor moves and strategies
Which of the following situations is expected to enhance the use of targeted advertising messages by marketers?
increase in ethnic populations
Primary data consist of
information collected for the specific purpose at hand
In a SWOT analysis, which of the following would be considered a strength?
internal capabilities
Modern strategic planning
is decentralized
Sam has been directed to study the demographic, economic, political and cultural forces that affect an organization. In this instance, Sam has been directed to study the ______________ of the organization.
macroenvironment
A(n) ____________ is the set of actual and potential buyers of a product or service.
market
According to the Boston Consulting Group approach, ______________ provides a measure of market attractiveness.
market growth rate
Consumer research, product development, communication, distribution, pricing and service are all core _________ activities.
marketing
The set of marketing tools a firm uses to implement its marketing strategy is called the
marketing mix
With the recent explosion of information technologies,
most marketing managers are overloaded with data and often overwhelmed by it
A value marketer is most likely to
offer consumers a balanced combination of product quality at a fair price
Consumer products refer to
products and services bought by final consumers for personal consumption
Which of the following is a disadvantage of using secondary data?
relevant secondary data can be difficult to locate
The owners of a manufacturing firm in Ohio have developed a core network of suppliers to ensure an uninterrupted supply of products. This is an example of
supplier development
Which of the following is an environmental factor that influences business buyers?
supply of key materials
The objective of causal research is to
test hypotheses about cause-and-effect relationships