quiz 1

Which of the following is true of strategic planning in a firm?

It deals with adapting the firm to take advantage of changing marketing opportunities.

Marketers are considered as suffering from marketing myopia when they overlook underlying consumer needs and focus excessively on ________

consumers' existing wants

Which of the following is the total combined customer lifetime value of all the company's current and potential customers?

customer equity

Providing thoughtful design, innovative features and comfort and reliability products, OXO seeks to create the best _________.

customer experience

According to the text, ________ are the most important actors in a company's microenvironment

customers

The major role of marketing intermediary would be ________.

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

In 2006, Under Armour added athletic shoes to its apparel line. This is an example of a ________ strategy.

product development

Steven purchased a newly introduced IphoneX. By attempting to find out if this new phone's perceived performance matched his expectations, Steven was measuring his level of customer ________.

satisfaction

Cole Haan is a Chicago-based shoe manufacturer. Which of the following indicates that the company is following a market development strategy?

Cole Haan introduces its shoes in the Indian and South-East Asian markets

Which of the following is most likely true about people's beliefs and values?

Core beliefs and values have a high degree of persistence

________ refers to drop the business portfolio by discontinuing products that no longer fit the company's overall strategy.

Downsizing

Apple's iPhone has a 40% share in the cellphone market in the country X. Its closest competitor, Samsung, has a 25% share in the market, while four other brands split the remainder. Which statement indicates that iPhone is a cash cow according to the BCG matrix?

The demand for cellphone in the country X market is expected to remain stable.

Which of the following is most likely a characteristic of the Millennial generation?

They are more likely to engage with brands using mobile or social media.

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

They develop strategies to change the marketing environment.

In a SWOT analysis, which of the following condition would most likely be regarded as strength of a company?

an advancement in the company's production technology

Stew Leonard's has created what has been the "Disneyland of Dairy Stores," complete with costumed characters, scheduled entertainment, and a petting zoo. It's built 30 additions onto the original store, which now serves more than 300,000 customers each week. This legion of loyal shoppers is largely a result of the store's passionate approach to customer service. Instead of focusing on individual transactions, Stew and his staff are putting a priority on ________

capturing customer lifetime value

AT&T, Verizon, and T-mobile joined the "It Can Wait" campaign, which addresses the texting-while-driving epidemic by urging people never text and drive. This is an example of ________ marketing.

cause-related

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

Recyclable or biodegradable packaging, recycled materials and components, and better pollution controls are ways that marketers have responded to the ________.

environmental sustainability movement

A strategy for company growth that involves using existing products to increase sales to current market segments is known as ________.

market penetration

Ford sells only 4,038 of its very high-performance cars, Ford GT, at very high prices. The company is appealing to a specific ________.

market segmentation

________ is known as dividing a market into several sections of customers

market segmentation

Wholefood profitably appeals to customers with healthy lifestyle. The retailer's approach is most likely referred to as ________.

target marketing

The Amazon Prime free trial program strives to convert casual shoppers into loyal customers. An Amazon Prime customer can be regarded as a ________

true believer

JetBlue emphasizes "You Above All" and "bringing humanity back to travel." ________ is the set of benefits that JetBlue promises to deliver to consumers to satisfy their needs

value proposition