Marketing Exam 1

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.

Marketing

________ is defined as the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

Marketing

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

Marketing Management

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

Marketing analytics

____ refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs.

Marketing myopia

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

Marketing research

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

Millennials

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

Modified rebuy

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

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

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

Promotion

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

Understanding the marketplace and customer needs and wants

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

Value Proposition

Consumers' needs and wants are fulfilled through ________.

Market offerings

Evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are attained is called ________.

Marketing control

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

Microenvironment

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

Consumers

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

Consumers existing wants

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 ________.

Culture

5) 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 ________.

Customer expectations

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

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?

Define the problem and objectives

________ is often the most difficult but most critical step in the research process.

Defining the problems and research objectives

When backed by buying power, wants become ________.

Demands

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' ________.

Economic situations

________ refers to selecting which segments of a population of customers to serve.

Target market

Which of the following best describes product positioning?

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

The initial function of a marketing information system is ________.

Assessing the information needs of a company

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

Attitude

Marketers must carefully weigh the costs of additional information against the _____.

Benefits

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

Brand personality

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?

CRM systems

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

Cash cows

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.

Cause-related

________ is a discomfort caused by postnpurchase conflict.

Cognitive dissonance

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

Demography

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 ________.

Derived demand

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

Diversification

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

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.

Ethnographic

Devon is in the market for a new car. She is seriously considering either a Honda Civic or Toyota Corolla because they both have excellent quality and safety ratings and are comparable in price. Devon is in the ________ stage of the buyer decision process.

Evaluation of alternatives

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

Exchange

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

Exploratory

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

Family

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

Implementation

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

Implementing the research plan

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

Increased use of RFID systems to track products

________ is the final step in the marketing research process.

Interpreting and reporting the findings

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

Low market share in a market with high growth prospects

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

Macroenvironment

Marketing information is only valuable when it is used to ________.

Make better marketing decisions

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

Market development

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

Market growth rate and relative market share

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

Market segmentation

The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors is called ________.

Market segmentation

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

Market targeting

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.

Natural

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

Need recognition

________ are defined as states of felt deprivation.

Needs

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

Opinion leaders

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

Perception

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

Place

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

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as ________.

Positioning

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

Primary

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

Product

The ________ concept holds that consumers will favor goods and services that offer the most in quality, performance, and innovative features.

Product

In a straight rebuy, a buyer ________.

Reorders something without any modifications

_____ are distribution channel firms that help a company find customers or make sales to them.

Resellers

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

Reverse auctions

Marketing researchers usually draw conclusions about large groups of consumers by studying a small ________ of the total consumer population.

Sample

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

Secondary

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

Selling a company's current products

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

Sells off or phases out the strategic business unit

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.

Social

The ______ concept holds that firms must strive to deliver value to customers in a way that maintains or improves both the consumer's and society's well-being.

Societal marketing

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

Supplier performance review

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

Target Marketing

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

Television station

Causal research is used to ________.

Test hypothesis about cause-and-effect relationship

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

The collection of businesses and products that make up the company

Which of the following transforms marketing strategies into real values for consumers?

The four P's of marketing

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

The microenvironment

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

The quality of customer insights it provides

________ outlines sources of existing data as well as specific research approaches, sampling plans, and measurement instruments.

The research plan

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

The supplies who work with the company

Which of the following is an advantage of primary data?

They are more relevant than secondary data.

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

They develop strategies to change the marketing environment

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

They take advantage of the opportunities provided by the environment

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

Wants