Week One Quiz
In the final step of a marketing process, a company reaps the rewards of its strong customer relationships by capturing value from customers
True
In a SWOT analysis, which of the following would most likely be considered a strength of a company?
an improvement in the company's production technology
The societal marketing concept holds that ____________ .
A company's marketing decisions should focus on creating economic value in a way that also creates value for the surrounding environment
The most common form of marketing organization is the product management organization
False
The product concept is a customer centred, sense-and-respond philosophy
False
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
Consumer needs and wants are fulfilled through
Market offerings
Customer evangelists are those who ________.
Spread the word about their good experiences with a brand or product
Which of the following marketing tools is NOT used for digital and social media marketing
Telemarketing
__________ is the art and science of choosing target markets and building profitable relationships with them.
marketing management
In the BCG matrix, ____________ refer to low-growth, high share businesses or products .
Cash cows
Market penetration means making fewer sales to current customers without changing original products
False
Market offerings included entities such as people, places information and ideas
True
The internet of things is a global environment where everything and everyone is digitally connected to everything and everyone else
True
The product/market expansion grid, like the BCG matrix, is used to identify growth opportunities
True
A customer who is both loyal and profitable is referred to as a __________ .
True believer
According to the five-step model of the marketing process, the first step in marketing is ______________ .
Understanding the marketplace and the customer needs and wants
The ultimate aim of customer relationship management is to
produce high customer equity
Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on ________.
consumers' existing wants
Which of the following best describes market segmentation?
dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors
A __________ is purposeful, specifying what an organization wants to accomplish in the larger environment
mission statement
An SBU can be
All of the above
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 strategy fro company growth that involves increasing sales to current market segments without changing the product is known as ____________.
Market penetration
Which of the following is true of marketing ROI?
Marketing ROI measures the profits generated by investments in marketing activities.
Which of the following is a difference esteem the marketing concept and the selling concept?
The marketing concept focuses on customer needs, whereas the selling concept focuses on existing products.
Which of the following concepts calls for sustainable marketing?
The societal marketing concept
Both market penetration strategies and market development strategies primarily involve ________.
selling a company's current products
Marketing, more than any other business function, deals with
Customers
Which of the following best describes the value chain of a company?
Touch points at which a company or brand interacts with its customers
In the four P's of the marketing mix, promotion referees solely to advertising
False