Marketing MidtermD

Marketing Goal

-Sustainable Profitable Revenue Growth -Attract new customers by promising superior value -Keep and grow current customers by delivering satisfaction

5 core marketplace concepts

1)Customers Needs, Wants, and Demands 2)Customer Lifetime Value and Share of Customer 3)Long-term Customer Equity 4)Value and Advantages 5)Other Market Place Concepts

As a result of ________, a company cannot make its product illegally similar to a competitor's already established product.

patent laws

promotion/ education

-B2B: provide value based information relevant to a customers' specific value needs at each point in the purchase cycle -B2C: informing your customers of the benefits of the product plus the problem they are solving

4 P's

-Price (value) -Place (access) -Promotion (education) -Product (solution)

Marketing Role

Helps the sales channel say and do the right things at the right level and the right time with the right customer

Which of the following is true of marketing ROI?

Marketing ROI measures the profits generated by investments in marketing activities.

Managing the marketing function begins with a complete analysis of the company's situation. A thorough ________ is typically undertaken to guide decision making.

SWOT analysis

Which of the following statements is true in the context of the BCG growth-share matrix?

Stars often need heavy investment to finance their rapid growth in a market.

Dividing buyers into groups based on their knowledge, attitudes, uses, or responses to a product is called ________ segmentation.

behavioral

A ________ is defined as a name, term, sign, symbol, or design, or a combination of these, that identifies the maker or seller of a product or service.

brand

________ involves enlisting or even creating opinion leaders to serve as brand ambassadors who spread the word about a company's products.

buzz marketing

The final step in the marketing process is ________.

capturing value from customers

________ occurs when two established brand names of different companies are used on the same product.

co-branding

Introducing a new product into the market is called ________.

commercialization

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

consumers' existing wants

________ products are consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort.

convenience

________ is the total combined customer lifetime values of all the company's current and potential customers.

customer equity

Which of the following terms refers to a customer's evaluation of the difference between all the benefits and all the cost 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

When marketers want to promote their products and services through word-of-mouth marketing programs, they typically begin by ________.

generating person-to-person brand conversations

The new product development process usually starts with ________.

idea generation

Which of the following steps of the new product development process would most likely use an R-W-W framework?

idea screening

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

implementation

A product line is most likely too long if managers can ________.

increase profits by dropping items

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

need recognition

Product mix width refers to the ________.

number of different product lines the company carries

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

opinion leaders

Which of the following is considered a major influence on business buyer behavior?

organizational factors

The most effective sources of information about a product tend to be ________.

personal

________ consists 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

________ refers to the portion of the customer's purchase that a company gets in its product categories.

share of customer

________ products are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style

shopping

The use of traditional business marketing concepts and tools to create behaviors that will benefit individual and societal well-being is called ________ marketing.

social

________ is defined as a business strategy where business buyers prefer to buy a complete solution to a problem from a single seller rather than buying and consolidating separate products and services from several suppliers.

systems selling

Under a ________ new product development approach, company departments work closely together in cross-functional groups, overlapping the steps in the product development process to save time and increase effectiveness.

team-based

Customers who are classified as true believers _________.

tell others about their good experiences with a company

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 are examples of internal publics of a company?

the managers, board of directors, and workers of the company

________ can describe a product class, a product form, or a brand.

the product life cycle concept

Many marketers now embrace a ________ strategy, integrating ethnic and cross-cultural perspectives within their mainstream marketing.

total market

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

understanding the marketplace and customer needs and wants

Markets can be segmented into groups of nonusers, ex-users, potential users, first-time users, and regular users of a product. This method of segmentation is called ________.

user status segmentation

A ________ is made up of a company, its suppliers, its distributors, and its customers who partner with each other to improve the performance of the entire system.

value delivery network

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

value proposition

Companies have responded to consumers' back-to-basics sensibility in their lifestyle and spending patterns through ________.

value-marketing

Consistency of a product mix refers to the ________.

ways in which the various product lines are related

Marketing Definition

Engaging customers and managing profitable customer relationships

Which of the following is true of perceptual positioning maps?

They are used to analyze consumer perceptions of a brand relative to competing products.

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 part of the microenvironment of a company's marketing environment?

a just-in-time inventory system used by the company when making purchase decisions

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

demography

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

Changes in variables, such as income, cost of living, interest rates, and savings and borrowing patterns most likely reflect changes in the ________ environment of a company.

economic

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

exchange

product/ solution

finding a solution to the peoples problem

Companies like 3M, Google, and Sony have ________ that encourage employees to develop new ideas.

intrapreneurial programs

A market segment is less attractive when ________.

it contains powerful suppliers who can control prices

price/ value

it is worth what we are paying for? whats the quality like

A successful niche marketing strategy relies on a firm's ________.

knowledge of customer needs

________ occurs when a company uses its existing brand name for new forms, colors, sizes, ingredients, or flavors of an existing product category.

line extension

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

macroenviroment

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

market growth rate and relative market share

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

market management

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

market penetration

________ is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behavior.

market segmentation

Which of the following is the right order of the steps that companies generally follow in designing a customer-driven marketing strategy?

market segmentation, market targeting, differentiation, and positioning

Marketing the same product to a huge customer base without any customization is referred to as ________.

mass marketing

A detailed version of a product idea stated in meaningful consumer terms is a ________.

product concept

Some companies are now appointing ________, whose job is to protect consumers from harm and the company from liability by proactively ferreting out potential product problems.

product stewards

The boom in online, mobile, and social media has created a new set of social and ethical issues for companies. Their greatest concern involves ________.

protecting the privacy of knowing and unknowing customers

________ segmentation factors divide buyers into different groups based on social class, lifestyle, or personality characteristics.

psychographic

________ is the degree to which an innovation appears superior to existing products.

relative advantage

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

resellers

Many companies are taking a ________ approach today, viewing quality as an investment and holding quality efforts accountable for bottom-line results.

return-on-quality

place/ access

-might come irrelevant -want to make your product available to everyone

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

perception

Fads are characterized by their ________.

unusually high sales and rapid decline