CH 3 AND 4 QUIZ

A marketing manager has decided to conduct descriptive research using primary data. Based on some preliminary research of trade journals and interviews with customers, she knows what questions to ask. However, the customers she wants information from are spread out over many stores in several states. The best technique for her to collect this data would be

surveys. Of the quantitative research techniques used to collect primary data, surveys, in their various forms, are the most prevalent. While they can be used informally in exploratory research, their most common purpose is in descriptive research. Surveys are structured questionnaires given to a sample group of individuals representing the population of interest and are intended to solicit specific responses to explicit questions.

Today many retailers create apps that customers can download to their smartphones or tablets to be up-to-date on the company's offerings. In the context of situation analysis, which macro-level external environmental factor does this exemplify?

technological factors Constantly emerging and evolving technologies impact business in many ways. The goal is to try to understand the future impact of technological change so a firm's products will continue to be fresh and viable.

Small portable computers, powerful statistical software packages, and internet-enabled supply chain management systems are all examples of how________ influences marketing.

technology Few areas in business have been more affected by technology than marketing. Technology has been one of the major catalysts for change in the marketplace. Faster, smaller, and easier-to-use computers and powerful software facilitate sophisticated analysis right on the desks of front-line managers from anywhere in the world.

The marketing manager of an automobile dealership is crafting a SWOT analysis. In this case, she should include the downturn in the U.S. economy and tightening of the credit markets under

threats The marketing manager should include the downturn in the U.S. economy and tightening of the credit markets under threats. Internal analysis reveals strengths and weaknesses, while external analysis points to potential opportunities and threats.

Judith bought a new Coach purse for herself as a birthday present. She had never spent that much on a purse, but decided it was worth it because she would look so chic when she used it. This demonstrates how a customer's perception of________ can influence buying behavior.

value Value was defined from a customer's perspective as a ratio of the bundle of benefits a customer receives from an offering compared to the costs incurred by the customer in acquiring that bundle of benefits.

As long as all activities in the value chain are working well, managers do not need to be concerned with aligning the activities.

False

________Blank is defined as the identification, collection, analysis, and distribution of data to discover and solve marketing problems or enhance good decision making.

Market research Market research is the methodical identification, collection, analysis, and distribution of data related to discovering, then solving marketing problems or opportunities and enhancing good decision making.

Famous Foods, a major agricultural corporation, recently purchased DBM Organic Foods Co. DBM was established six years ago and has become a major supplier to restaurants in the northeastern United States. The organic herbs, vegetables, and fruit market is expected to have a double-digit growth rate over the next decade. Under the Boston Consulting Group (BCG) Growth-Share Matrix, DBM would most likely be classified as a

STAR Under the Boston Consulting Group Growth-Share Matrix, stars are characterized by high share and high growth and are important to building the future of the business and deserving any needed investment.

Internal environmental factors are all under the firm's control.

True

From a customer's perspective, value is the ratio of the bundle of benefits a customer receives from an offering compared to the costs incurred by the customer in acquiring that bundle of benefits.

True Value is the ratio of benefits to costs as perceived by the customer.

Good market research will

be impartial. Good market research follows a well-defined set of activities and does not happen by accident. It enhances the validity of the information. It is impartial and objective and does not prejudge the information or develop answers to fit an already decided outcome; rather, it enhances good decision making.

What is an external source of collecting information for making marketing decisions?

competition The external sources of collecting information for making marketing decisions include the political/legal environment, technology transformations, demographics (ethnic groups, geographic changes, and populations of interest), competition, the natural world, and economic conditions.

The marketing manager of Zenith Corp. is interested in ranking clients on the basis of their profitability, and accesses a database that tells him about the frequency and size of each client's order along with the actual costs per order. This database is part of the________ system.

customer relationship management (CRM) The data collected and analyzed in a CRM system enables companies to identify the frequency and size of customer orders, determine the actual cost of a customer order, rank customers based on established criteria like profitability, and calculate the efficiency of the company's production and distribution system.

The marketing manager for a campus bar knows that his typical customer is a male college student, so he chooses products and entertainment to appeal to that segment. In the context of external information sources, he is using________Blank to define his market.

demographics Demographics help define a market. How old is a typical customer? How educated? What is the typical customer's income? These are all demographic characteristics that help describe a market.

A company produces the best wine corks of any other provider, so they are highly sought by winemakers. This company demonstrates a

distinctive competency. Core competencies are the activities the firm can do exceedingly well. When these core competencies are superior to those of competitors, they are called distinctive competencies.

A shoe manufacturing company is interested in selling its products in a new country. Before entering the marketplace, the company wishes to gather information about the ability of the country's citizens to purchase products. For this purpose, the company is most likely to analyze the country's

economic conditions. Companies are keenly interested in the ability of their customers to purchase products and services. It is not surprising then that a good understanding of current and future economic trends is important in an effective market information system.

A SWOT analysis would list the availability of credit for a firm seeking to expand through new construction of real estate under

external opportunities. The best place in a SWOT analysis to list the availability of credit for a firm seeking to expand through new construction of real estate is external opportunities. Internal analysis reveals strengths and weaknesses, while external analysis points to potential opportunities and threats.

A SWOT analysis for an airline would identify the possibility of acquiring a competitor under

external opportunities. The best place in a SWOT analysis for an airline to identify the possibility of acquiring a competitor is external opportunities. Internal analysis reveals strengths and weaknesses, while external analysis points to potential opportunities and threats.

A SWOT analysis identifies problems with hurricanes, earthquakes, major snowfalls, and other natural phenomena under

external threats. The best place in a SWOT analysis to identify problems with hurricanes, earthquakes, major snowfalls, and other natural phenomena is external threats. Internal analysis reveals strengths and weaknesses, while external analysis points to potential opportunities and threats.

In the context of situation analysis, what is a category for analysis in the internal environment?

firm resources Categories for analysis in the internal environment include firm resources. Internal analysis involves taking an honest look at all aspects of a firm's functional-/operational-level resources and capabilities and how they play into the ability to develop and execute market-driven strategies.

Which action isleast likely to be part of the market research process?

implementing the results The market research process consists of six steps: defining the problem, establishing the research design, searching secondary data, collecting the data, analyzing the data, and reporting the findings.

The sales manager at a company wants to keep informed, so he collects, analyzes, and stores data from the macro environment on a continuous basis. This illustrates the concept of

marketing intelligence. Staying connected to the business environment is no longer optional. Success is based, in part, on both the quality and quantity of information available to management. As a result, most companies engage in collecting, analyzing, and storing data from the macro environment on a continuous basis known as marketing intelligence.

A________ articulates an organization's reason for existence, defines the unique purpose that sets it apart from competitors, and identifies the scope of the company's operations, products, and markets.

mission statement A mission statement articulates an organization's purpose, or reason for existence. A well-conceived mission statement defines the fundamental, unique purpose that sets a company apart from other firms of its type and identifies the scope of a company's operations, products, and markets.

Hilda just got her first sales position, and she is excited about finding new customers for her product. However, her manager feels she needs to focus on customer________Blank in order to keep her accounts from switching to a competitor.

retention A firm's value proposition must be strong enough to move customers past mere satisfaction and into a commitment to a company and its products and brands for the long run, which is called customer loyalty. Importantly, higher customer loyalty works to also increase customer retention, which means a lower propensity among a firm's customer base to consider switching to other providers (customer switching).

According to the 2020 U.S. Census, the American population is much more multiracial, and more racially and ethnically diverse than ever before. In the context of situation analysis, under which macro-level external environmental factor will this be included?

sociocultural/demographic factors Trends among consumers and in society as a whole impact marketing planning greatly. Many such trends are demographic in nature, including changing generational preferences and the rising buying power of minority groups domestically and consumers in developing nations in the global marketplace. JetBlue jumped on the video game trend among children and teens by providing in-seat games, much to the delight of parents who no longer have to entertain the kids for the duration of the flight.