Quizzes 1-3 Questions Review

what are some benefits of market research

- identifies whitespace opportunities - helps eliminate boardroom biases - helps minimize risk

what are some company benefits of marketing

- increases relevancy - creates competitive insulin - can charge more for products and services

four influences on consumer purchase decision

- sociocultural influences - situational influences - psychological influences - personal influences

what is the first step in the five step market approach

1. define the problem 2. develop a plan 3. information search 4. develop findings 5. take marketing action

What are the three stages of the strategic marketing process

1. planning 2. implementation 3. evaluation

What are the steps of the purchase decision process?

1. problem recognition 2. information search 3. evaluate alternatives 4. purchase decision 5. post-purchase decision

what tools helps answer the question "how do I grow my business considering new and existing products vs. new and existing markets

Ansoff's growth matrix / diversification analysis

What tool helps prioritize investments in products based on market share and market growth

BCG portfolio analysis matrix

_____ is a vague term generally used to describe large amounts of data collected from a variety of sources and analyzed with an increasingly sophisticated set of technologies

Big data

T or F: consumers are willing to pay more for products that are charitable and socialy responsible vs. products that provide friendly service and convenience

FALSE - top sections to pay for are friendly service and convenience

What B2B brand has been on the forefront of social media advertising

IBM

What is another name for the 4 Ps?

Marketing mix

What tool is a strategic summary of a situation analysis or environmental scan?

SWOT analysis

SWOT

Strength, Weakness, = internal Opportunities, Threats = external

High involvement purchases with significant brand differences usually have a longer buying cycle than low involvement purchases with few brand differences

TRUE

True of false: an industry report on gen z internet behavior bought by meta is considered secondary research

True

the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts is

a sales forecast

The group of people within an organization who participate in the buying process and share common goals, risks, and knowledge important to a purchase decision is referred to as the

buying center

What is one word definition of strategy

choices

what are the 5 Cs

company, customers, competitors, collaborators, context

________ is the study of consumers and the processes they use to choose, consumer and dispose of products and services

consumer behavior

you research social and economic trends as a part of 5 c analysis. which C does this cover

context

A ___________ is a special capability such as of skills, technologies, or resources that distinguish a firm from other organizations and provide customer value

core competency

The facts and figures related to a research problem are referred to as

data

the demand for industrial products and services that is driven by demand for consumers products and services is referred to as

derived demand

marketers can identify key trends such as the growing popularity of personal shoppers, the increasing emphasis on reuse rather than disposal of products and resources, and the importance of new e-commerce purchasing alternatives by conducting

environmental scanning

comparing the results of the marketing program with the goals in the written plans to identify and act on deviations occurs during the ______

evaluation phase (planning, implementation, evaluation) of marketing process

When Sadie was buying new soccer cleats at the start of the season, she considered comfort, durability, color, and price, which were her

evaluative criteria

observational data are

facts and figures obtained by watching, either mechanically or in person, how people actually behave

T or F: a survey run by meta to measure their customer satisfaction is considered secondary research

false

opinion leaders are considered to be _______ , so their opinions influence others' choices

knowledgable about or users or particular products

________ are homogeneous in two ways: prospective buyers will respond similarly to marketing actions and they have common needs

market segments

writing an ad for a new product line is an example of? - business plan - marketing tactic - marketing plan - marketing program

marketing tactic

Which of the following is typically true of B2B marketing

more logic based, longer buying process

In routine problem solving the number of external information sources used is typically which of these

none

the decision making process that organizations use to establish the need for products and services and identify, evaluate and chose among alternative brands and suppliers is referred to as

organizational buying behavior

Organizational ________ describes why an organization exists, what problems it wishes to solve and who it wants to be to every person it touches through its work

organizational purpose

marketing research is the

process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions

Four Ps

product, price, place, promotion

business to business marketing is the marketing of

products and services to companies, governments or not-for-profit organizations for use in the creation of products that they can produce and market to others

decisions about advertising and personal selling for a product are a part of _____ in a marketing program

promotion

A 5 dollar in store coupon most effects which stage in the purchase decision process

purchase decision

Jimbo cracked he glass on his smartphone. He decided he needed a new one, he had just begun the

purchase decision process

________ are people to whom an individual looks as a basis for self-appraisal or as a source of personal standards

reference groups

set during the marketing research process _________ are specific, measurable goals the decision maker seeks to achieve in conducting the marketing research

research objectives

________________ occurs when people pay attention to messages that are consistent with their attitudes and beliefs and ignore messages that are inconsistent with them

selective exposure

What brand did the lecture reference as a brand that successfully leveraged consumer behavior to revitalize a once faded brand

shinola

Diversification

testing a new product in a new market (part of ansoffs matrix)

According to the lecture what is the translation of the AMA definition of marketing

the process of discovering and satisfying consumer needs

Patagonia's Worn Wear program, which encourages its customers to repair, trade, and eventually recycle all of its products, is an application of

the societal marketing concept

not only do business benefit from the protection of _______, consumers do as well; they allow consumers to correctly identify the products they want to purchase

trademark

What is the metric called when companies not only try to deliver shareholder value, but also stakeholder and social value

triple bottom line

according to the lecture 70% of dollars spent in business to business transactions

true

according to lecture, how do you satisfy needs

using the 4 P's (marketing mix)