Marketing Exam 1 - Ch 1/2 Quiz
Consumers' needs and wants are fulfilled through ________.
Market offerings
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
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 the art and science of choosing target markets and building profitable relationships with them.
Marketing Management
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
Dollar General profitably appeals to families with more modest means. The retailer's approach is most likely referred to as ________.
Target Marketing
A brand's ________ is the set of benefits that it promises to deliver to consumers to satisfy their needs.
Value proposition
________ are the form human needs take as they are shaped by culture and individual personality.
Wants
Which of the following best describes a company's business portfolio?
the collection of businesses and products that make up the company
The process that turns marketing plans into marketing actions to accomplish strategic marketing objectives is called marketing ________.
implementation
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
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
Evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are attained is called ________.
marketing control
Ch 1 Quiz
Ch 1 Quiz
Ch 2 Quiz
Ch 2 Quiz
Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on ________.
Consumers' existing wants
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
________ refers to reducing the business portfolio by abandoning products that no longer fit the company's overall strategy.
Downsizing
________ is the act of obtaining a desired object from someone by offering something in return.
Exchange
________ are defined as states of felt deprivation.
Needs
The ________ concept holds that consumers will favor goods and services that offer the most in quality, performance, and innovative features.
Product
Which of the following transforms marketing strategies into real values for consumers?
The four P's of marketing
According to the five-step model of the marketing process, the first step in marketing is ________.
Understanding the marketplace and customer needs and wants
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
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
Design, packaging, service, and features are elements of the ________ component of a company's marketing mix.
product
When viewing the market from a buyer's point of view, "communication" corresponds to the ________ component of the marketing mix.
promotion
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
