MKT332 Final

Which of the following customer questions is answered by a company's value proposition?

"Why should I buy your brand rather than a competitors?"

Which of the following is NOT an accurate description of modern marketing? a) marketing is the creation of value for customers. b) marketing involves managing profitable customer relationships. c) marketing emphasizes selling and advertising exclusively. d) marketing involves satisfying customer's needs.

c) marketing emphasizes selling and advertising exclusively.

The primary key to delivering customer satisfaction is to match product performance with _____.

customer expectations

"Losing a customer once means losing the entire stream of possible purchases that the customer would make over an extended period of patronage." The above statement specifically indicates loss in terms of ____.

customer lifetime value

Which of the following is the first step in the marketing research process?

defining the problem and objectives of the study

Information in a company's database can come from many sources. An advantage of harnessing such information is to _____.

gain competitive advantage

Which form of marketing research involves talking with people in their homes or offices, on the street, or in shopping malls?

individual interviewing

Primary data consist of _____.

information collected for the specific purpose at hand

Diana, a senior marketing manager of a pizzeria in North Florida, is currently researching electronic collections of consumer information within the company network to arrive at crucial marketing decisions. In this instance, Diana is using _____.

internal databases

A _____ is the set of actual and potential buyers of a product or service.

market

Consumer research, product development, communication, distribution, pricing and service are all core _____ activities.

marketing

A(n) ____ consists 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 (MIS)

The marketing concept that starts with a well-defined market, focuses on customer needs, and integrates all the marketing activities that affect customers takes a(n) _______.

outside-in perspective

Information collected from Internet search engines is an example of _____.

secondary data

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

Which of the following refers to a set of benefits that a company promises to deliver to customers to satisfy their needs?

value proposition

_____ consists of inviting 6 to 10 people to meet with a trained moderator to talk about a product, service, or organization.

Focus group interviewing

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 a disadvantage of using information from internal databases?

Internal information may be incomplete or in the wrong form for making marketing decisions.

Apart from retaining good customers, most marketers want to constantly increase their "share of customer." What does this mean in marketing terms?

Marketers want to increase the share they get of the customer's purchasing in the

The set of marketing tools a firm uses to implement its marketing strategy is called the ______.

Marketing mix

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

Marketing research

_____ refers to socially and environmentally responsible marketing that meets the needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.

Sustainable marketing

Which of the following statements about the Internet is most accurate?

The Internet makes it easy for consumers to view, respond to, and create marketing

Which of the following is most likely an advantage of survey research?

The flexibility of survey research is high; it can ve used to obtain many different kinds of information in many different situations.

Which of the following is true with regard to mail questionnaires?

The response rate of mail questionnaires is often very low.

_____ are human needs that are shaped by culture and individual personality.

Wants