Business module 8??

Select the technological innovations that companies can use to develop products and services that match consumers' wants and needs more effectively.

- Data bases - Social networking - Blogs

Rank order the different eras of marketing by putting the earliest at the top to the most recent at the bottom.

1. Production 2. Sales 3. Marketing concept 4. Customer relationship

Companies conduct market research on:

1.) Business trends 2.) ecological impact 3.) global trends

What are some of the methods of collection for primary data?

1.) Customer comments 2.) Observation 3.) Focus Groups

List the four steps of the marketing research process in order from first to last.

1.) Defining the questions 2.) Collecting research data 3.) Analyzing research data 4.) Choosing and implementing the best solution

What are some of the activities involved in marketing?

Advertising Developing the exchange process

Which criteria are considered examples of demographic segmentation?

Age Income Education

Marketers in the U.S. have changed their products to meet the tastes and preferences of which of the following groups whose numbers have increased?

Asian and Hispanics

Choose the factors that are part of the sociocultural environment.

Attitudes Values

Manufacturers, intermediaries, institutions, and the government are all ______ marketers.

B2B

The abbreviation for the business-to-business market is:

B2B

Which of following are specific to the B2B market?

B2B sales are relatively large. B2B sales are based on personal selling. B2B buyers are less emotional than consumers.

____ is all of the techniques and communications that inform people and motivates them to buy products and services.

Blank 1: Promotion or Promotions

It is important that marketers convert data to useful information to help managers make better ______.

Blank 1: decisions or choices

Defining the question, collecting research data, analyzing the data, and then choosing the best solution for implementation are considered to be the four steps of the _________ ________ process.

Blank 1: market or marketing Blank 2: research

Defining the question, collecting research data, analyzing the data, and then choosing the best solution for implementation are considered to be the four steps of the _________ __________ process.

Blank 1: market or marketing Blank 2: research

Businesses can't fill the needs of every consumer group. Therefore, a business might decide which groups to serve, and then develop _______ or ________ specially tailored to their needs.

Blank 1: products, offerings, or product Blank 2: services

Business buyers use product to guide rational buying choices and look at the total product offer.

Blank 1: specifications or information

Selecting which groups or segments an organization can serve profitably is called __________ ___________.

Blank 1: target Blank 2: marketing

Dividing the market by the amount of a product used is ______ segmentation.

Blank 1: volume or usage

The process of learning as much as possible about present customers and doing everything you can over time to satisfy them is ______.

CRM

Studying the thought processes people use to make buying decisions and the factors that influence their choices is the study of ______ behavior.

Consumer

A _____ orientation is finding out what the consumers want and providing it for them.

Customer

The part of the marketing concept that focuses on finding out what consumers want and giving it to them is a(n) _____ orientation.

Customer

A profit orientation allows an organization to serve and expand to serve more _____ wants and needs.

Customers

In the United States many, but not all companies have evolved by passing through the four _______ of marketing.

Eras

True or false: Changes in an individual's behavior resulting from previous experiences and information creates culture.

F

True or false: Data that you gather yourself, instead of from published journals, books, or online, is called secondary data.

False

True or false: Separating the market by the amount of product use is called benefit segmentation.

False

True or false: The business philosophy that emphasized selling and advertising in an effort to persuade consumers to buy existing products occurred during the production era.

False

Which of the following are examples of a subculture?

Gen Y Teenagers Hispanics

Changes in an individual's behavior resulting from previous experiences relates to which factor affecting consumer behavior?

Learning

Letting customers know the benefits of the product or service, where to buy it, and describing its value proposition are all considered activities involved in _____.

Marketing

The textbook discusses the study of a specific generation whose values and attitudes it is important to study. The psychographic study of a specific group would include such interests as:

Personalities they like best TV shows they watch

List the steps of the consumer decision-making process from first to last with the first step on top and the last step on the bottom.

Problem Info Alt Purchase Post

What are the four factors of the marketing mix?

Product, Price, Place, Promotion

An important addition to online market research is:

Social media

True or false: Culture is the set of values, attitudes, and ways of doing things that are transmitted from one generation to another in a given society.

T

Which statement is accurate regarding people over the age of 65?

They are one of the fastest-growing segments of the U.S. population.

Choose the factors in the economic environment.

Unemployment Disposable income

Identify some of the factors used to divide the market in psychographic segmentation.

attitudes and interests

State governments will use marketing in order to ______.

attract new business and tourism

The segmentation technique where the product features appeal to certain groups is ______.

benefit segmentation

A market that consists of all the individuals and organizations that want goods and services to use in producing other goods and services is called the ______.

business to business market

Developing an accurate description of your product and asking people if they like the idea is called ______.

concept testing

The investigation of consumer thought processes at each stage in a purchase in order to determine the best way to help the buyer buy is called ______.

consumer behavior

Problem recognition, information search, evaluation of alternatives, purchase decision, and post purchase evaluation are the steps in the ______.

consumer decision making process

The individuals or households that want goods and services for personal consumption or use, and have the resources to buy them are part of the ______.

consumer market

The marketing concept is a business philosophy that involves three orientations. From the list below choose the three factors that make up the marketing concept:

customer, service, profit

The key first step of the market research process is to ______.

define the questions and determining the present situation

Dividing the market by age, income, and education level is ______ segmentation.

demographic

Businesses use market research to segment the consumer market using such characteristics as:

demographic information personality differences

Because they differ greatly by age, education, income, and taste, marketers often need to differentiate the various consumer groups in order to ______.

develop products for separate groups

The process of identifying factors that can affect marketing success is called ______.

environmental scanning

Shifts in the U. S. population have created new challenges for marketers as they adjust their products to meet the tastes and preferences of the growing number of ______.

ethnic groups

Marketers must turn the data collected into useful information in order to help the company ______.

find useful alternatives to specific marketing challenges

A small group of people who meet under the direction of a discussion leader to communicate their opinions about a product is a _______ group.

focus

A small group of people who participate in a facilitated discussion about a company or its products is called a(n) ______.

focus group

Dividing a market by cities, counties, states, or regions is _______ segmentation.

geographic

Promotion involves

informing people about products motivating potential customers to buy

Promotion involves:

informing people about products motivating potential customers to buy

Getting products to consumers when and where they are wanted is critical to market success. Many times it is the responsibility of ______.

intermediaries

These people perform many of the activities required to move products efficiently from producers to consumers or industrial buyers and are often wholesalers or retailers.

intermediaries

Brick and mortar retailers must pay attention to the dynamic competitive environment mainly because of competition from:

internet

The factors that go into a marketing program: product, price, place, and promotion, are called the mix.

marketing

Sociocultural, competitive, economic, global, and technological influences are all factors influencing ______.

marketing environment

Product, price, place, and promotion are the four elements in ______.

marketing mix

Developing products and promotions to please large groups of people is ________ marketing.

mass

Using the same products and promotions to appeal to large groups of people is ______.

mass marketing

Companies use technological changes such as consumer databases, blogs, and social networking in order to develop products that ______.

meet consumer needs

The segmentation method that develops or finds products for small, but profitable market segments is ______.

niche marketing

When a company finds a small but profitable market segment and designs products just for them, the company is engaged in ______.

niche marketing

With marketing research, marketers analyze markets to determine ______.

opportunities and challenges

One of the fastest-growing segments of the U.S. population is:

over 65

Businesses use market research to segment the consumer market using such characteristics as:

personality differences demographic information

The costs of producing, distributing and promoting the product will all influence the product's ______.

price

Changes in the economy force marketers to adjust _______ and adapt their products to take into account consumers' income.

pricing

Data that you gather yourself to meet a specific need is called ______ data.

primary

Data that you gather yourself to meet a specific need is called _______ data.

primary

Often secondary data does not provide all the information managers need for decision making, and they must gather _____ data.

primary

Interviews, surveys, and observation are considered ________ sources, whereas publications, magazines, and newspapers are considered ______ sources of market research.

primary and secondary

In order to gather additional in-depth information needed for business decisions, marketers must do their own research by gathering ______.

primary data

Telephone surveys, online surveys, mail surveys, and personal interviews are the most common forms of gathering ______.

primary data

Any physical good, service, or idea that satisfies a want or need is a _________________

product

Marketing started with companies selling whatever they produced without considering customer needs. This was called the __ era of marketing.

production

Focusing on the goods that will earn the most _____ will enable the organization to survive and expand to serve more consumer wants and needs.

profit

Target marketing is selecting the groups or segments a business can serve ______.

profitably

Using ads that feature celebrities a specific generation, such as Millennials, watch and like would be _________ segmentation.

psychographic

Dividing the market based on a groups values, attitudes, and interests would be considered ______.

psychographic segmentation

Environmental ______ is the process of identifying factors that can affect marketing success.

scanning

Environmental _______ is the process of identifying factors that can affect marketing success.

scanning

The internet helps buyers in the purchasing process because customers are able to ______.

search and compare to find the best price

Information that has already been compiled by others and published in journals and books or made available online is ________ data.

secondary

Marketers should gather _____ data first because it is already available and to avoid incurring unnecessary expense.

secondary

Information that has already been compiled by others and published in journals, books, or online is called:

secondary data

The B2B market includes:

- institutions - government - manufacturers

A product includes anything that would enhance it in the eyes of consumers, such as the:

- warranty - package - brand

Marketers in the U.S. have changed their products to meet the tastes and preferences of which of the following groups whose numbers have increased?

Hispanics Asians

Developing an accurate description of your business idea and asking people if the idea appeals to them is called _____ testing.

concept

Developing an accurate description of your business idea and asking people if the idea appeals to them is called ______ testing.

concept

The marketing concept idea that states that a business must find out what consumers want and provide it for them is called the ______.

customer orientation

Which of these are sources of primary data collection?

surveys, focus groups

Marketers must pay attention to the dynamic competitive environment because:

the internet gives consumers information instantly change is occurring more rapidly

During the production era it was believed that one should produce as much as you can, because:

there is a limitless market for the product

In customer relationship management, you do everything you can to satisfy customers, or even to ______ their expectations.

to exceed

Business buyers use which of the following to make decisions?

total product offer rational processes product specifications

Marketing is the activities, sets of institutions, and processes that add ______ for customers.

value

Education, freedom, and diversity are _______ of the U.S. culture.

values

The segmentation technique that divides the market by the amount of a product used is ______.

volume segmentation

Marketers often need to differentiate the various consumer groups because they differ greatly by age, education, income, and taste in order to

develop products for separate groups

As the ______ slowed, marketers had to adapt by offering products that were less expensive and more tailored to consumers with modest incomes.

economy

The consumer market differs from the B2B market in that the consumer market ______.

has many customers but smaller purchases

The consumer market is made up of:

individuals and households

The production era philosophy was to produce as much as possible because the ______ was unlimited.

market

Which marketing activity helps businesses gather information to compete effectively?

market research

Business buyers are generally more ______ and less emotional than household consumers.

rational

A ______ group is a group that you look up to in forming your beliefs, attitudes, values, or behaviors.

reference

When businesses developed mass-production techniques and capacity exceeded immediate demand, the:

selling era began

The focus of the marketing era that makes sure everyone in the organization has the same objective - customer satisfaction - is the ________ orientation.

service

When using benefit segmentation, marketers must determine ______.

the product features that appeal to segments

True or false: Marketing research is now also being used to gather information online through blogs and social networks.

True

When setting price, a company must consider many factors including the costs of:

distribution, production, and promotion

A group such as a group of friends, that an individual uses as a focal point in forming beliefs, attitudes, values, or behaviors is a _____ group.

reference

A group that an individual identifies with and that influences beliefs, attitudes, values, or behavior is called a(n) ______.

reference group

Market research is collected online today using sites such as Facebook and other _______ _______ networks.

Social media

Marketers who want to avoid incurring unnecessary expenses when researching data should first gather:

secondary data

The process of dividing the total market into groups whose members have similar characteristics is market _______.

segmentation

Instead of selling your product throughout the United States, you might concentrate on one or two regions. This is an example of which type of segmentation?

geographic

Pick out the attributes typically used to differentiate consumer groups.

-Age -Education -Income

Teenagers are an example of a ________ because they share a set of values, attitudes, and ways of doing things.

Subculture

One reason that the B2B market is larger than the consumer market is that ______.

large businesses produce most of the goods and services

Changes in an individual's behavior resulting from previous experiences and information is ______.

learning

State governments use _____ to compete with other states and countries to locate businesses in their areas.

marketing

The activities buyers and sellers perform to facilitate mutually satisfying exchanges is:

marketing

Many consumers are concerned about the impact of their purchasing activities on their ecological surroundings, so companies conduct research on the ______ effects of their decisions.

Blank 1: environmental or ecological

Changes in the U.S. population that create challenges for marketers are the different tastes and preferences of growing ______ groups such as Hispanics and Asian Americans.

Blank 1: ethnic or minority

The part of the marketing concept that focuses on finding out what consumers want and giving it to them is a(n) ______ orientation.

Customer

It takes time and financial resources to learn as much as a company can about its customers and what factors satisfy them. This present marketing era is called:

Customer relationship

Companies that are unable to change their production era marketing methods:

do not evolve to more effective customer relationships

The set of values, attitudes, and ways of doing things transmitted from one generation to another is:

culture

Age, education level, income, and taste are all examples of how consumer groups:

differ greatly

When Campbell Soup studied consumer markets and broke them down into separate groups with similar characteristics, they engaged in _____

market segmentation

The set of values, attitudes, and ways of doing things that differentiate a group as belonging to a certain ethnic, racial, or other group is a(n) _____.

subculture

The study of a group's values, attitudes, and interests in order to determine the group's lifestyle is called ______.

psychographic segmentation

The key objective of the service orientation in the marketing concept is ______.

customer satisfaction

The Internet allows customers to gather ___ from competitors' websites to compare prices and features for products and services.

Data

The culture of which country emphasizes the values of education, freedom, and diversity?

United States

Choose the factors that are part of the sociocultural environment.

Values Attitudes

True or false: The process of dividing the total market into groups with similar characteristics is called target marketing.

False

Pick out the influences in the marketing environment.

Global Economic Competitive

When Campbell Soup studied consumer markets and broke them down into separate groups with similar characteristics, they engaged in ______.

market segmentation

Select the characteristics of the United States cultural values:

education freedom diversity

What is the set of values, attitudes, and ways of doing things that results from belonging to a specific ethnic, racial, or other group called?

subculture