Principles of marketing midterm

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 is most likely a true statement about baby boomers?

They are the wealthiest generation in U.S. history

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

family

Which of the following needs in Maslow's hierarchy is generally satisfied last

self-actualization

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 generational groups account for a third of the U.S. population but half of all consumer spending?

Baby boomer

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

Demography

Which of the following is true of survey research?

It is the most widely used method for gathering primary data.

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

Opinion leaders

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

Primary

Although not recommended, some marketers decide to ignore market segmentation and target the whole market with one offer. This is known as ________ marketing.

Undifferentiated

In the BCG matrix, ________ refer to low-growth, high-share businesses or products.

cash cows

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 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

Susan Hart, the manager of a children's boutique, collects data from her monthly records of sales, costs, and cash flow. In this case, Susan is making use of ________ databases.

internal

Which of the following is a personal factor that influences a consumer's buying behavior?

life-cycle stage

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

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

market growth rate and relative market share

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

market penetration

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

market segmentation

________ 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

Henry Ford's philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability. This most likely reflects the ________

marketing concept

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

need recognition

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

secondary

According to the BCG matrix, products or businesses with a high market share in a high-growth market are classified as ________.

stars

Causal research is used to ________.

test hypotheses about cause-and-effect relationships

Which of the following sources constitutes the internal database of a company?

the company's sales records

Shampoo marketers segment buyers as light, medium, or heavy product users. This is an example of ________ segmentation.

usage rate