Exam 1 Prin of Mkt

Customer insights come from good marketing information, which contributes to creating value and meaningful customer relationships. Companies use these customer insights to develop ________.

A competitive advantage

Which marketing philosophy holds that consumers will favor products that offer the most in quality, performance, and innovative features?

Product concept

Marketing is no longer about the stuff that you make, but about the stories you tell-

Seth Godin

Marketing information has no value until it is used ______.

To make better marketing decisions

Exchange

act of obtaining a desired object from someone by offering them something else in return

The microenvironment consists of those close to the company that combine to form its value delivery network or that affect its ability to serve customers through six key ways, which include _________, ________, _________, _______, _______, and ______.

company Suppliers Marketing intermediaries Customer markets Competitors Public's

Which of the following is a valid concern when it comes to the four Ps concept?

It may omit or under emphasize certain important activities

The second purpose of government regulation is to

Protect consumers from unfair business practices

The third purpose of government regulation is to

Protect the interests of society against unrestrained business practices

The purpose of business legislation is primarily based on

Protecting companies from each other

Which of the following would be good advice for someone conducting marketing research in a foreign country?

Reaching respondents in other parts of the world is more difficult than it is in the US

Many companies view the marketing environment as an uncontrollable element to which they must

React and adapt

According to the text, _________ are perhaps the most dramatic forces affecting today's marketing strategies.

Technological forces

The most common mistake firms make is to view CRM, marketing analytics, and AI as

Technology processes only

Most standard portfolio analysis methods evaluate strategic business units (SBUs) on their performance in two important dimensions. What are these two dimensions?

The attractiveness of the SBU's market or industry and the strength of the SBU's position in that market or industry

Nguyen's Sporting Goods is having difficulty obtaining the credit it needs to expand. What should the company do in order to alleviate its financial situation?

Work out a plan with its financial intermediaries

Which of the following is included in a broad definition of marketing?

Creating customer value, building customer relationships, and engaging customers

A wedding services company changes its marketing strategy to reflect the fact that more LGBTQ marriages are taking place. The company is offering a broader range of ceremonies that cater to this market. Which of the following environments must this wedding company analyze?

Cultural

The environment that consists of institutions and forces that affect a society's values, perceptions, preferences, and behaviors is the _________.

Cultural environment

Which of the following is NOT one of the components of a company's micro environment?

Cultural forces

________ are at the center of marketing strategy and programs.

Customer engagement Value Relationships

Which of the following is at the center of marketing strategy and programs?

Customer engagement, value, and relationships

Bertram's Beer structures it's company in such a way as to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers. What is Bertram's Beer attempting to build?

Customer equity

The ultimate aim of customer relationship management is to produce high ____.

Customer equity

Satisfied customers buy again and tell others about their good experiences. What is customer satisfaction based on?

Customer expectations

Juanita owns a small hot air balloon company in Albuquerque, New Mexico. She recently started a Facebook page for her company, and many of her customers are asking for store-sponsored hot air balloon trips. They believe Juanita's expertise would make her the perfect guide. Juanita decides to host quarterly hot air balloon trips and experiences a huge increase in sales and customer satisfaction. Which of the following is the BEST conclusion that can be drawn from her situation?

Customer insights can provide valuable information to a small businesses

The real value of marketing information rests in the

Customer insights it provides

______ is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.

Customer relationship management

To analyze individual customer data, many companies have now acquired or developed special software and analysis techniques called _______.

Customer relationship management (CRM)

Companies apply _______ to dig out meaningful patterns in big data to gain customer insights and gauge marketing performance.

Marketing analytics

consists of the analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance.

Marketing analytics

Which marketing management orientation holds that a firm should have a customer focus to achieve sales and profits?

Marketing concept

A ____________ consists of the people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers use the information to generate and validate actionable customer and market insights.

Marketing information system

As part of marketing's role, the department works closely with partners in other departments to form an effective internal ______ and with other companies in the marketing system to create an external value delivery network that jointly serves customers.

Value chain

What is the ultimate aim of customer relationship management?

To produce high customer equity

Marketing must also partner effectively with other companies in the marketing system to form a competitively superior _______.

Value delivery network

To create value for customers, marketers must improve the performance of the _____, which includes partnering with suppliers, distributors, and customers.

Value delivery network

Which of the following correctly describes customer purchases, sales force contacts, service and support calls, web and social media site visits, satisfaction surveys, credit and payment interactions, and market research studies?

Touch points

The marketing process consists of five key steps. Which of the following is the first step?

Understand the marketplace and customer needs and wants

The first step of the marketing process is to

Understand the marketplace, which includes customer needs and wants

Marketing concept

Understanding a customers wants and needs and delivers them in a superior way

It takes months to find a customer...seconds to lose one-

Vince Lombardi

Price is what you pay. Value is what you get.-

Warren Buffet

Proactive businesses often take aggressive actions to affect consumers and the forces in their marketing environments. Which of the following does NOT depict a proactive​ company?

A local restaurant refusing to counter false allegations of salmonella.

The act of obtaining a desired object from someone by offering something in return is known as which of the following?

An exchange

Today's marketers see information not only as a tool for input for better decision-making, but also as ________.

An important strategic asset and marketing tool

A SWOT is a part of which marketing management function?

Analysis

What are the five marketing management functions used to manage the marketing process?

Analysis Planning Implementation Organization Control

Many companies see the marketing environment as uncontrollable. They ______that will help the company avoid the threats and take advantage of the opportunities the environment provides.

Analyze environmental forces and design strategies

The two steps in business portfolio planning are ___ and ____.

Analyzing the current business portfolio; developing strategies for growth and downsizing

Calvin's Cupcakes is attempting to gather information about its customers in order to improve its customer service. Which of the following is the BEST path for this company to start to develop an efficient MIS?

Assess the information needs of the company

The marketing information system (MIS) first

Assesses information needs

Goals of marketing:

Attract new customers by promising superior value Keep and grow existing customers by delivering customer satisfaction

Which of the following generational groups represents one of the most powerful forces shaping the marketing environment?

Baby boomers

Scott Frost has been coming to Aldwin's Duner for 20 years and refuses to go anywhere else. Joseph, the owner, loves Scott's loyalty but admits he purchases only a cup of coffee at each visit. Scott would BEST be described as a

Barnacle

Another definition of Value

Benefits gained minus cost of acquisition and use of a product

Marketing is about innovation-

Beth Comstock

Huge and complex data sets generated by today's sophisticated information generation, collection, storage, and analysis technologies are referred to as ________.

Big data

Which of the following enhances how marketers learn about and interact with customers?

Big data and marketing analytics

Which of the following is enhancing how marketers learn about and interact with customers?

Big data and marketing analytics

Which types of companies would most benefit from conducting marketing research?

Both large multinational firms like Disney and IBM and small local firms

The best ______ is the one that best fits the company's strengths and weaknesses to opportunities in the environment.

Business portfolio

To exercise social responsibility, many companies are linking themselves to what type of marketing?

Cause-related

Companies do not own their brands, ___________ do.

Customers

What is the correct sequence of the steps in the strategic planning process?

Define company mission Set company objectives and goals Design business portfolio Plan the market and other functional strategies

What is the correct sequence of the four steps of the marketing research process?

Define problem and research objectives Develop research plan Implement the research plan Interpret and report the findings

When a company starts the strategic planning process at the corporate level, it begins by

Defining its overall purpose and mission

The step in the strategic planning process that should be market-oriented, realistic, specific, motivating, and consistent with the market environment is ______.

Defining the company's mission

Age, race, gender, and other statistics are part of a company's _______ environment.

Demographic

Asher Airlines instituted a marketing program whose intent is to create a relationship with customers with seat upgrades and free miles for their continued patronage. What customer relationship tool is Asher Airlines using?

Frequency marketing program

The group of factors that affect consumers purchasing power and spending patterns is called the

Economic environment

Which of the following scenarios BEST describes the societal marketing concept?

Edward's Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term.

A company's marketing information system is valuable because it

Enables a company to use customer insights to improve relationships with customers

In recent years, today's marketers are also re-examining their _______ responsibilities.

Ethical and societal

A company's value chain is only as strong as its weakest link. What should a company do to properly gauge the strength of its links and continually improve?

Examine how well each group performs its work of adding customer value

The first step in the marketing research process involves defining the problem and setting research objectives, which might be _______, ______, or ________ research.

Exploratory Descriptive Causal

Which of the following describes the type of research used to help define the research problem and suggest hypothesis?

Exploratory research

The cultural environment consists of ______ that affect a society's values, perceptions, preferences, and behaviors.

Institutions and forces

The customer-driven company divides the total market into smaller segments, selects segments it can best serve, and decides how it wants to bring value to target consumers in the selected segments. It then designs a(n) _______.

Integrated marketing mix

What are the three general sources from which marketers can obtain information?

Internal data Marketing intelligence Marketing research

Marketers obtain needed marketing information from which of the following?

Internal data, marketing intelligence, and marketing research

A value chain consists of which of the following?

Internal departments and other companies that carry out value-creating activities

A SWOT is a part of which marketing management function?

Marketing analysis

To find the best strategy and mix and to put them into action, the company engages in five activities, including which of the following?

Marketing analysis Planning Implementation Organization Control

Vaughn's Video has suffered because more people are subscribing to online streaming such as Netflix, etc. which of the following marketing trends has NOT affected Vaughn's Video?

Not for profit marketing

Ethel and Jan have just started a new company, Jantel Inc, and are having trouble deciding which marketing path to take to drive sales. Ethel believes they should follow a make and sell philosophy that focuses on improving their product, Jan believes they should be more customer oriented and find the right products for their customers. Which of the following BEST describes the situation?

Should Jantel Inc follow a product or marketing concept?

Marketing tools used in digital and social media marketing include ______.

Social media, mobile apps, and blogs

More often now firms compete as

Supply chains

Which of the following is NOT true regarding international marketing research?

The cost of international research is lower

What is MOST likely to cause a variation in customer-perceived value?

The customer's opinion of what constitutes value

Which of the following environments demonstrates a changing age structure, shifting family profiles, geographic population shifts, a better-educated and more white-collar population, and increasing diversity?

The demographic environment

Which of the following consists of factors affecting buying power and patterns?

The economic environment

Selling and advertising are part of a larger set of marketing tools that work together to satisfy customer needs and build customer relationships known as

The marketing mix

How does the microenvironment of a company differ from its macro environment?

The microenvironment deals with the company, suppliers, marketing intermediaries, customer markets, competitors, and publics.

Which of the following includes shortages of certain raw materials, higher pollution levels, and more government intervention?

The natural environment

How does the new concept of marketing differ from the old concept of marketing (telling and selling)?

The new concept focuses on customer needs

The major cultural values of a society are expressed by people's views of

Themselves, others, organizations, society, nature, and the universe

Why is marketing return on investment (ROI) so difficult to measure?

There is no consistent definition

What is the main problem that sellers suffering from marketing myopia face?

They focus more on products than on customer's underlying need

What is the importance of selling and advertising in marketing?

They work in tandem with building customer relationships

Understanding needs, wants, and demands helps companies to design market offerings and build value-laden customer relationships through which they can capture _______

customer lifetime value and greater share of customer

The first four steps of the marketing process focus on creating value for customers. The next step is designing a ______

customer value-driven marketing strategy

Outstanding marketing companies go to great lengths to learn about and understand their cutsomers' _____

needs, wants, and demands

Marketing management can adopt one of five competing market orientations, which include _____.

production concept Product concept Selling concept Marketing concept Social marketing concept

Product concept

Customers will favor products that offer the most quality, performance, and features

Companies need meaningful customer insights so they can

Produce superior value for their customers

What are the variables in a company's marketing mix?

Product Price Place Promotion

M.O.S.T.

Mission Objectives Strategy Tactics

Which of the following identifies a change in the technological environment that could affect the success of a business?

A company develops a new battery that lasts twice as long as its predecessor.

A power tool company wants to give its customers access to internal, non public information about how best to use its product in creative ways. What should the company create to provide customers with this information?

A company extranet

To be successful, why should companies try to adopt a proactive stance on marketing?

A proactive stance allows a company to take advantage of opportunities as they arise.

Market

A set of actual and potential buyers for a product or service or idea

What constitutes a marketing information system?

A system to generate and validate actionable customer and market insights

Strategy

A way for firms to meet specific driven objectives

Which one of the following statements about marketing research in small businesses and nonprofit organizations is correct?

Although the research methods of small businesses and nonprofits are less complex and costly, they still must be conducted carefully.

How do the individual components of a SWOT analysis work together to determine the status of a company?

By ascertaining a company's strengths, relating them to opportunities, minimizing weaknesses, and identifying threats to growth and development.

Marketers keep a close eye on demographic trends and developments in their markets. They analyze _________.

Changing age and family structures, geographic population shifts, educational characteristics, and population diversity

Which of the following is true regarding the technological environment?

Companies must keep up with changes in technology or risk being left behind.

Which of the following is NOT a step in the marketing research process?

Comparing research findings to other studies

Which of the following is NOT one of the forces in a company's macro environment that shape opportunities and pose threats to the company?

Competitive forces

The Council of American Survey Research Organizations (CASRO) Code of Standards and Ethics for Survey Research outlines researcher responsibilities to survey respondents. Choose the most comprehensive set of responsibilities from the following.

Confidentiality Privacy Avoidance of harassment

The economic environment impacts marketing decisions. The economic environment consists of two primary economic factors that affect ___________.

Consumer purchasing power and spending patterns

Nibbles Pet Food Corp is in the process of developing its new market strategy. The marketing team has already established the company's niche product—-premium, organic, dog and cat food—— and contracted to sell it in several high end pet stores. The team had also determined the optimum price to create value for customers and still make a profit. What does the marketing team need to do now?

Create a promotion strategy to increase customer awareness

To _______ for customers and ________, marketers must first gain fresh, deep insights into what customers need and want.

Create value; build meaningful relationships with them

Which of the following is NOT a primary goal of competitive marketing intelligence?

Creating an understanding of the business to business environment

The marketing concept holds that successful marketing strategies are based on _______.

Customer satisfaction and value

_______ companies research customers deeply to learn about their desires, gather new product ideas, and test product improvements

Customer-driven

The marketing process consists of five distinct steps, with four of them focused on creating value for customers. One strategy for creating value for customers is _____, which fosters direct and continuous customer involvement in shaping brand conversations, brand experiences, and brand community.

Customer-engagement marketing

Production concept

Customers will favor products if they're available and highly affordable

Selling concept

Customers won't buy enough of the product unless the firm undertakes a lot of selling and promotion effort Mass marketing

The definition of the company's mission is the first step in the strategic planning process. The mission is then transformed into ______, which in turn guide decisions about _____.

Detailed supporting goals and objectives; the business portfolio

Julie's Jump Rope Emporium is a new company. From a marketing standpoint, what is the FIRST thing JJRE needs to do?

Determine who in the community wants or needs a jump rope

A marketing information system (MIS) helps users analyze and use information to _______, ______, and ________.

Develop customer insights Make marketing decisions Manage customer relationships

Advances in _______ are forces that offer exciting new opportunities to target customers more selectively and engage them more deeply.

Digital and social media

The mission is transformed into detailed supporting goals and objectives, which in turn guide decisions about the business portfolio. Then each business and product unit must develop detailed ______ plans in line with the company-wide plan.

Functional

Wonders such as smartphones, driverless cars, and antibiotics can be attributed to which marketing environment?

Technological

There are several types of objectives market researchers might use in a marketing research project. Which of the following are the primary types of objectives?

Exploratory research Descriptive research Causal research

You and seven other people relay your feelings and thoughts about a potential new product to a trained moderator. In exchange, you receive a small payment. You are participating in a(n)

Focus group

Marketing plays a key role in the company's strategic planning by providing a ______ concept philosophy and inputs regarding attractive market opportunities.

Marketing

The third step in the marketing research process calls for implementing the marketing research plan by ______.

Gathering, processing, and analyzing the information

A group numbering 55 mil or more consumers and sometimes is an overlooked in between consumer group because it is both smaller and less materialistic than other groups and prizes experience, not acquisition.

Gen X

Which generational group seamlessly blends online and offline worlds as they socialize and shop?

Gen Z

Environmental sustainability concerns have grown steadily over the past three decades. Marketers should be aware of three primary trends in the natural environment, which include ________, ________, and ________.

Growing shortages of raw materials Increased pollution Increased government intervention in natural resource management

Stars, cash cows, question marks, and dogs are the four strategic business units (SBUs) defined in

Growth share matrix

Which of the following describes the current trend in business regarding relationships with customers?

Handpick the most profitable customers and allow them more input

The role of a company's marketing intermediaries is to do which of the following?

Help the company find, promote, sell, and distribute products

If I had asked people what they wanted, they would have said faster horses.-

Henry Ford

What are stars in the growth share matrix?

High growth, high share businesses or products

Societal concept

Idea that marketing decisions need to consider consumers wants and needs, company requirements, what is best in consumers long run interests and society

The goal of a market development growth strategy is to do which of the following?

Identify and develop new markets for current products of a company's market

In analyzing a company's current business portfolio, what is management's first step?

Identify strategic business units

A company is conducting market research to determine the best areas to sell its product. It has developed the research plan. What is the next step of this company's research plan?

Implement the plan

Marketers are viewing information not only as an input for making better decisions, but also as a(n)

Important strategic asset and marketing tool

Major economic variables include ________.

Income Cost of living Savings and borrowing patterns

An international company has appointed a CPO to ensure the privacy and confidentiality of the consumer data it collects. Which of the following is the CPO MOST likely to do as a function of his or her job?

Inform customers of the company's privacy policy

The second critical phase in developing a marketing information system (MIS) is developing information. The information is developed from ________,________, and _________.

Internal databases Marketing intelligence activities Marketing research

The fourth step in the marketing research process is ______

Interpreting and reporting the findings

Two major public policy and ethical issues in marketing research are

Intrusions on consumer privacy and misuse of research findings

Two major public policy and ethics issues in marketing research are

Intrusions on consumer privacy and misuse of research findings

As a direct result of the explosion in digital technology, one regulatory area that advocates and public policy makers are acting on is _______.

Invasion of privacy

Of the following, which best reflects how the American population has changed over time?

It has become more diverse, better educated, and more mobile.

The demographic environment is of major interest to marketers because ________.

It involves people, and people make up markets

After creating a company's mission and objectives, the executive team must then plan ______ by keeping in mind the best fit for its strengths, weaknesses, and opportunities in the environment.

It's business portfolio

Customer needs may vary, but their bias for quality never does.-

J.W. Marriott

Jill Parker owns 2,000 acres of ranch land in Iowa. Recently, a supply of natural gas was discovered on her property. Not knowing much about the marketing environment, she asks you what she should do. Which of the following is the BEST advice?

Jill should focus on the business market and license the natural gas rights.

The customer's perception is your reality-

Kate Zabriskie

Legislation affecting business around the world has increased steadily over the years within the political environment. The increased legislation has been enacted in three primary areas, including _______, ______, and ______.

Laws protecting: Companies from each other Consumers Interests of society

Some marketers face special marketing research situations, such as those conducting research in small business, not-for-profit, or international situations. International researchers deal with great variances in ______, _________, _______, and ________.

Levels of economic development Cultures and customs Buying patterns Scarcity of secondary data

The demographic, economic, natural, technological, political, and cultural forces that affect a company's ability to serve its customers make up which of the following?

Macro environment

Fairly recently, Starbucks began expanding into China. at one point, Starbucks was opening a new store in China every 15 hours. Which product/market expansion strategy does this represent?

Market development

A local drama club wants to increase the membership and attendance at its performances. To do so, it hosts free shows, poetry readings, and sends volunteers to the local high school. What is the drama club engaging in?

Market exchange

Denim Blue Jean Corp is a growing company located in Washington State, but it is beginning to develop a presence in the surrounding states as well. It sells only one product-blue jeans- but it has 12 different lines of jeans that cater to men, women, children, babies, toddlers, and teens. Which type of marketing department organization would BEST suit Denim Blue Jean Corp?

Market management organization

One useful device for identifying growth opportunities is the product/market expansion grid, which includes which of the following strategies?

Market penetration, market development, product development, and diversification

The product/market expansion grid is a tool that allows marketers to identify growth opportunities. Of the following, which represent the four components of the product/market expansion grid?

Market penetration, market development, product development, and diversification

When consumers respond in a similar way to a given set of marketing efforts, they can be referred to as a ______

Market segment

______ is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate marketing strategies or mixes.

Market segmentation

There are too many different kinds of consumers with too many different kinds of needs. So, companies must design strategies for profitability serving chosen segments. The design of the strategies begins with four key elements, which are ________,_________,_________, and ___________.

Market segmentation Market targeting Differentiation Positioning

Today's marketers face growing pressures to show that they are adding value in line with their costs. In response, marketers are developing better measures of _________.

Marketing return on investment

The company's ________ consists of actors close to the company that combine to form its value delivery network or that affect its ability to serve customers.

Microenvironment

Which major trend is ideal for engaging customers anytime, anywhere, as they move through the buying process?

Mobile marketing

A marketing dashboard is used to do which of the following?

Monitor strategic marketing performance

How do market demands relate to needs and wants?

Needs are satisfied by wants, and buying power converts wants into demand.

Which of the following correctly identifies the five core customer and marketplace concepts?

Needs, wants and demands; market offerings; value and satisfaction; exchanges and relationships; and markets

Sanchez Hispanic Foods and Seasonings has started to grow larger than the Sanchez family could ever have imagined. The company is having a hard time keeping track of all of the business' marketing activities. They know that they are going to need help to keep the business growing and are looking for solutions. Which of the following potential hires is likely the best decision for the Sanchez family?

Noah Lopez, a marketing specialist and expert who would be hired as the Sanchez family's new chief marketing officer

Which of the following correctly identifies the three research approaches for gathering primary data?

Observation Surveys Experiments

Which of the following BEST describes research relationships?

Observation is best suited for exploratory research, surveys for descriptive research, and experiments for casual research.

All of the following are aspects of sustainable marketing EXCEPT

Observe environmental legislation as it is instituted

Which of the following statements about big data is correct?

One result of big data is that marketing managers are often overloaded and overwhelmed with information.

Which of the following statements about online research is correct?

Online surveys generally have higher response rates than those conducted by mail or phone.

Marketers want to predict cultural shifts to spot new opportunities or threats. The major cultural values of a society are expressed in people's views of themselves and others, as well as in their views of ______, _____, _______, and ______.

Organizations Society Nature Universe

Another strategy for creating value and building strong customer relationships includes _____, which means working closely with others inside and outside the company to jointly engage and bring more value to customers.

Partner relationship management

The natural environment involves _________ that are needed as inputs by marketers or that are affected by marketing activities.

Physical environment and natural resources

Changes in the ________ have focused greater emphasis on ethics and socially responsible actions.

Political and social environment

Software and analytical techniques that integrate, analyze, and apply the mountains of individual customer data to gain a 360-degree view of customers enable companies to _________.

Practice customer relationship management

Rather than simply watching and responding to environmental events, firms can be proactive by ______.

Pressing lawsuits to keep competitors in line

Beverly's Burgers came under fire recently when allegations were made that its veggie burgers were actually made with beef. To counter the​ claims, the restaurant called in a company to test not only its veggie burgers but also the rest of its vegetarian options to prove they lacked meat. The results were displayed publicly on the​ restaurant's Facebook page. What BEST describes​ Beverly's Burgers response to the​ allegations?

Proactive

Firms that develop strategies to change the environment, instead of assuming that strategic options are bounded by the current environment, are being

Proactive

Other companies do not see the marketing environment as uncontrollable. They take a _____ stance toward the marketing environment and develop strategies to _____ the environment.

Proactive; change

Marketing

Process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from the customer in return

Marketing mix

Product Price Place Promotion

Marketing departments can be organized in a number of ways. However, more and more companies are changing organizational focus from ______ to _____.

Product of territory management; customer relationship management

Which of the following is NOT one of the four Ps of the marketing mix?

Production

Which of the following represent market offerings?

Products, services, information, and experiences

Which of the following is NOT one of the marketing management functions?

Promoting

The ultimate goal of the marketing process is to do which of the following?

Receive value from customers

The key is to not just meet expectations, but to exceed them in unexpected ways.-

Richard Branson

Which of the following information must a researcher evaluate to make certain it is relevant, accurate, and impartial?

Secondary information

Which of the following is NOT a step in the strategic planning process?

Set revenue and financial goals

Which of the following is an important trend in the natural environment of which marketers should be aware?

Shortages of raw materials

Larger __________ that affect the entire microenvironment combine to form the macroenvironment.

Societal forces

The focus of which of the following processes not only sets the stage for planning in the firm, but also represents the maintenance and development of the organization's goals and capabilities and its changing marketing opportunities?

Strategic planning

The goal of ______ is to develop and maintain a fit between the organization's goals and capabilities and its changing marketing opportunities.

Strategic planning

Which of the following actions helps a company find the game plan for long run survival and growth that makes the most sense given its specific situation, opportunities, objectives, and resources?

Strategic planning

Which of the following is NOT part of an overall SWOT analysis evaluation of a company?

Strategy

There have been dramatic changes in the political environment that affect marketing. Which of the following does NOT represent one of those changes?

Strong emphasis on free trade and open borders

What are the two keys to building lasting customer relationships?

Superior customer value and satisfaction

Partners in a value chain would typically include:

Suppliers Distributors Customers

________ compose a company's external value delivery network.

Suppliers, distributors, and customers

Today's marketers are being called upon to develop _________ marketing practices.

Sustainable

Chicago's Best pizzeria has been operating on the north side of Chicago for more than 30 years. It's target market includes young urban professionals who want new style organic pizzas with exotic ingredients. However, in recent years the population in the pizzerias neighborhood has been shifting, and now fewer young urban professionals live there. The population has grown older and wants traditional pizza, not pizza with exotic ingredients. Which of the following identifies the pizzerias BEST response?

Target a new market with a different product

When a company chooses a group of customers to serve, it is engaging in which of the following?

Target marketing

Using the BCG growth share matrix as a guide, Masumura Technologies identified question marks in its business portfolio but is currently maintaining its market share. At a recent meeting with the company's senior management team, the CEO of Masumura and her team members decided to allocate all of the company's profits toward the growth and expansion of these question marks, in order to cause the question marks to become stars. What is likely to happen to this company?

The growth of the company will be unpredictable because there is no guarantee that a question mark will become a star.

How has the internet MOST affected companies and customers?

The internet has allowed consumers to take marketing content and share it

Marketing provides a guiding philosophy for a company's strategic planning. This philosophy, known as _______, focuses on creating customer value and building profitable relationships with important consumer groups.

The marketing concept

________ consists of people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers use the information to generate and validate actionable customer and market insights.

The marketing information system

Tina's Tunes is a music store that has been selling CDs for 20 years. Throughout the last six years, sales have continuously declined and profits have almost completely disappeared. The owner of Tinas Tunes believes resurgence is likely to happen soon and wants to continue business as usual. What is likely to happen?

Tinas Tunes is likely to fail because it is ignoring the technological environment

Which of the following BEST describes the purpose of customer insights?

To create more value for customers

Why is good marketing management critical?

To ensure that the company serves as many customers as it can and as well as it can

Which of the following is the primary reason firms use competitive marketing intelligence?

To gain early insights into competitor moves and strategies and to prepare quick responses

Why is it important for a company to collect both primary and secondary data when conducting marketing research?

To have a "full picture" of the subject of its study

Marketing information is of no value until it is used for what purpose?

To make better marketing decisions

According to Peter Drucker, what is the aim of modern marketing?

To make selling unnecessary

What is the purpose of the marketing mix as part of the overall marketing strategy?

To produce a response that influences a demand for the product from the customers the company is targeting

A new hardware company is writing its mission statement. Which of the following is the BEST mission statement possible for the new company?

We will help customers build, invigorate, restore, refurbish, or completely redesign their homes or businesses.

To design a winning marketing strategy, what are the two important questions a marketing manager must answer?

What customers will we serve? How can we serve these customers best?

What advice would you give a firm about how to respond to the changing marketing environment?

Whenever possible, take a proactive approach to the environment.

The key to learn about and engage with individual customers is to blend the new digital technologies and approaches with traditional marketing to create _______.

a smoothly integrated marketing strategy and mix

Marketing is the process by which companies _______ and build strong customer relationships in order to _____

create value for customers; capture value from customers in return

The marketing process involves five steps. The first four steps focus on ______

creating value for customers

The core marketplace concepts are ______

needs, wants, and demands; market offerings (products, services, and experiences); value and satisfaction; exchange and relationships; and markets

A company rarely gets 100% of a customer's purchases for a product category. The share it does get of the customer's purchasing in its product categories is called _____.

share of customer

Customer delight

what firms should shoot to do better than customer satisfaction