Marketing 300 homework ch 2, 4, 6

Market Segmentation

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

Operating characteristics, purchasing approaches, situational factors, personal characteristics

Which of the following are additional variables marketers use to segment business markets but not consumer markets?

marketing information system

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

Analysis

A SWOT is part of which marketing management function?

suppliers, distributors, customers

A company's external value delivery network consists of ________.

market targeting

Evaluating each market segment's attractiveness and selecting one or more market segments to enter is called ______.

The marketing concept

For strategic planning purposes, marketing provides a guiding philosophy that suggests the company's strategy should revolve around creating customer value and building profitable relationships with important consumer groups. This philosophy is called _______.

Concentrated marketing

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

Geographic, demographic, psychographic, and behavioral

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

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

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

Market-oriented

Products and technologies eventually become outdated, but basic market needs can last forever. For this reason, company mission statements should be ______.

exploratory research, descriptive research, and casual research

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

provide useful customer insights

To deliver real value to marketers, marketing information must _______.

intrusions on consumer privacy and misuse of research findings

Two major public policy and ethical issues in market research are _____.

Analysis, planning, implementation, organization, and control

What are the five marketing management functions used to manage the marketing process?

Market penetration, market development, product development, and diversification

What are the four growth strategies identified by the product/market expansion grid?

Internal data, marketing intelligence, and marketing research

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

Product, price, place, and promotion

What are the variables in a company's marketing mix?

marketing analytics

What do marketers use to analyze big data?

the way a product is defined by consumers on important attributes

What is a product's proposition?

data contained in huge and complex data sets

What is big data?

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

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

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

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

Translating questionnaires from one language to another is not an easy task.

Which of the following is true regarding international marketing research?

very few actual or potential substitute products

Which structural factor would make a market segment attractive to enter?

to capture and use customer data

Why do companies use customer relationship management?

value proposition

defines how a company will create differentiated value for targeted segments and what positions it wants to occupy in those segments