Intro to Marketing Exam 1 Study Guide

Which of the following enhances how marketers learn about and interact with​ customers? A. Big data and marketing analytics B. Social media analytics C. Machine learning D. New digital devices E. Big data and social media

A. Big data and marketing analytics

Which of the following is included in a broad definition of​ marketing? A. Creating customer​ value, building customer​ relationships, and engaging customers B. Creating customer​ value, building customer​ relationships, and having a strong selling orientation C. ​Advertising, selling, and developing quality products D. ​Selling, advertising, and promoting E. Satisfying​ customers, beating​ competitors, and maximizing profits

A. Creating customer​ value, building customer​ relationships, and engaging customers

What advice would you give a firm about how to respond to the changing marketing​ environment? A. Whenever​ possible, take a proactive approach to the environment. B. Accept the fact that things change and not much can be done about it. C. Watch environmental changes but react only when absolutely necessary. D. Do not do anything until competitors respond. E. If the current strategy is​ working, there is no need to respond to environmental changes.

A. Whenever​ possible, take a proactive approach to the environment.

​Today's marketers see information not only as a tool for input for better​ decision-making, but also as​ ___________________________. A. an important strategic asset and marketing tool B. an excellent resource to gather information on competitors C. a way to gather big data and perform analytics D. a way to provide useful customer insights E. a​ revenue-generation tool

A. an important strategic asset and marketing tool

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. A. analyze environmental forces and design strategies B. do not analyze environmental forces and design strategies C. analyze environmental forces and execute strategies D. analyze macroenvironmental forces and execute strategies E. analyze microenvironmental forces and execute strategies

A. analyze environmental forces and design strategies

Marketing is the process by which companies​ ________ and build strong customer relationships in order to​ ________. A. create value for​ customers; capture value from customers in return B. sell products and​ services; obtain revenue C. capture current​ revenue; gain future revenue D. create value for​ customers; capture revenue from customers E. capture value from​ customers; capture future revenue

A. create value for​ customers; capture value from customers in return

The marketing process involves five steps. The first four steps focus on​ ________. A. creating value for customers B. ​getting, engaging, and growing target customers C. revenue generation D. understanding the marketplace E. implementing a market strategy

A. creating value for customers

The step in the strategic planning process that should be​ market-oriented, realistic,​ specific, motivating, and consistent with the market environment is ​________. A. defining the​ company's mission B. developing business unit strategies C. designing a business portfolio D. developing functional plans E. setting goals and objectives

A. defining the​ company's mission

In recent​ years, today's marketers are also reexamining their​ ________ responsibilities. A. ethical and societal B. cultural and societal C. moral and ethical D. economic and ethical E. ethical and cultural

A. ethical and societal

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. A. partner relationship management B. customer relationship management C. strategic vendor management D. joint venturing E. customer engagement marketing

A. partner relationship management

Marketing tools used in digital and social media marketing include​ _______. A. social​ media, mobile​ apps, and blogs B. mobile​ apps, online​ video, and personal selling C. ​email, telemarketing, and blogs D. social​ media, mobile​ apps, and television advertising E. social​ media, online​ video, and newspaper coupons

A. social​ media, mobile​ apps, and blogs

The natural environment involves​ __________________ that are needed as inputs by marketers or that are affected by marketing activities. A. the physical environment and natural resources B. the physical environment and sustainable resources C. sustainable resources and natural resources D. the physical environment and economic environment E. the natural resources and economic environment

A. the physical environment and natural resources

Marketing management can adopt one of five competing market​ orientations, which include​ _________. A. the production​ concept, the product​ concept, the selling​ concept, the marketing​ concept, and the societal marketing concept B. the production​ concept, the selling​ concept, the marketing​ concept, the economic​ concept, and the societal marketing concept C. the production​ concept, the product​ concept, the​ market-driven concept, the selling​ concept, and the societal marketing concept D. the production​ concept, the product development​ concept, the selling​ concept, the marketing​ concept, and the societal marketing concept E. the production​ concept, the product​ concept, the selling​ concept, the marketing​ concept, and the societal and cultural marketing concept

A. the production​ concept, the product​ concept, the selling​ concept, the marketing​ concept, and the societal marketing concept

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. A. value chain B. network C. customer relationship management chain D. management process E. partner chain

A. value chain

________ companies research customers deeply to learn about their​ desires, gather new product​ ideas, and test product improvements. A. ​Customer-driven B. ​Product-driven C. ​Customer-conscious D. Product​ development-driven E. Market​ research-oriented

A. ​Customer-driven

Which of the following represent market​ offerings? A. ​Products, services,​ information, and experiences B. ​Products, services,​ needs, and wants C. ​Products, services,​ needs, and exchanges D. ​Value, satisfaction,​ sales, and profits E. ​Needs, wants,​ products, and advertisements

A. ​Products, services,​ information, and experiences

​________ is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. A. Customer satisfaction B. Customer relationship management C. Customer engagement D. Customer growth E. Customer acquisition

B. Customer relationship management

What is the correct sequence of the steps in the strategic planning​ process? A. Set company objectives and​ goals, define the company​ mission, design the business​ portfolio, and plan the market and other functional strategies B. Define the company​ mission, set company objectives and​ goals, design the business​ portfolio, and plan the market and other functional strategies C. Define the company​ mission, set company objectives and​ goals, plan the market and other functional​ strategies, and design the business portfolio D. Design the business​ portfolio, define the company​ mission, set company objectives and​ goals, and plan the market and other functional strategies E. Define the company​ mission, design the business​ portfolio, set company objectives and​ goals, and plan the market and other functional strategies

B. Define the company​ mission, set company objectives and​ goals, design the business​ portfolio, and plan the market and other functional strategies

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? A. Product development B. Market development C. Diversification D. Market penetration E. Pruning

B. Market development

One useful device for identifying growth opportunities is the​ product/market expansion​ grid, which includes which of the following​ strategies? A. Market​ penetration, market​ development, product​ development, and acquisition B. Market​ penetration, market​ development, product​ development, and diversification C. Market​ penetration, market​ development, product​ development, and consolidation D. Market​ penetration, market​ development, product​ development, and merger E. Market​ potential, market​ development, product​ development, and diversification

B. Market​ penetration, market​ development, product​ development, and diversification

What are the two keys to building lasting customer​ relationships? A. Customer service and quality products B. Superior customer value and satisfaction C. Satisfaction and sales promotions D. Innovative products and low prices E. Value and customer service

B. Superior customer value and satisfaction

​__________ 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. A. Ethnographic research B. The marketing information system C. Competitive marketing intelligence D. Marketing research E. Big data

B. The marketing information system

To​ ________ for customers and​ ________, marketers must first gain​ fresh, deep insights into what customers need and want. A. create​ value; design exceptional products B. create​ value; build meaningful relationships with them C. create​ value; build exceptional products D. produce​ results; build meaningful relationships E. create​ value; build repeat revenue streams

B. create​ value; build meaningful relationships with them

The environment that consists of institutions and forces that affect a​ society's values,​ perceptions, preferences, and behaviors is the​ ________________________. A. economic environment B. cultural environment C. demographic environment D. political and social environment E. technological environment

B. cultural environment

Satisfied customers buy again and tell others about their good experiences. What is customer satisfaction based​ on? A. customer referrals B. customer expectations C. markets D. product price E. exchange

B. customer expectations

Understanding​ needs, wants, and demands helps companies to design market offerings and build​ value-laden customer relationships through which they can capture​ ____________________________. A. a greater share of customer and greater share of customer equity B. customer lifetime value and greater share of customer C. customer lifetime value and greater share of customer equity D. great international market share and greater customer equity E. greater customer equity and greater share of market

B. customer lifetime value and greater share of customer

Age, race,​ gender, and other statistics are part of a​ company's _____ environment. A. cultural B. demographic C. micro D. political E. economic

B. demographic

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​ ________. A. detailed supporting goals and​ objectives; functional planning B. detailed supporting goals and​ objectives; the business portfolio C. a detailed business​ portfolio; supporting goals and objectives D. detailed functional​ planning; the business portfolio E. a detailed business​ portfolio; functional planning

B. detailed supporting goals and​ objectives; the business portfolio

Marketers are viewing information not only as an input for making better​ decisions, but also as​ a(n) ______________. A. important marketing tool and advertising tool B. important strategic asset and marketing tool C. important strategic asset and sales tool D. important product development tool and advertising tool E. strategic planning tool and marketing tool

B. important strategic asset and marketing tool

The fourth step in the marketing research process is​ ________. ​ A. gathering, processing, and analyzing the data B. interpreting and reporting the findings C. developing a research plan and interpreting and reporting the findings D. ​processing, analyzing,​ interpreting, and reporting the findings E. ​gathering, processing,​ analyzing, interpreting, and reporting the findings

B. interpreting and reporting the findings

Rather than simply watching and responding to environmental​ events, firms can be proactive by​ ____________. A. waiting for other firms to respond to changes in the environment B. pressing lawsuits to keep competitors in line C. reacting to changes in the environment as they occur D. monitoring social media E. following existing laws

B. pressing lawsuits to keep competitors in line

Companies need meaningful customer insights so they can​ _____________________________. A. build larger market share B. produce superior value for their customers C. gain a competitive advantage D. realize better bottom lines E. build databases that prove useful to marketers

B. produce superior value for their customers

Larger​ ________ that affect the entire microenvironment combine to form the macroenvironment. A. economic and cultural forces B. societal forces C. technological forces D. demographic and economic environments E. ​political/social forces

B. societal forces

Which of the following correctly identifies the five core customer and marketplace​ concepts? A. ​Needs, wants, and​ demands; market​ offerings; value;​ satisfaction; and markets B. ​Needs, wants, and​ demands; market​ offerings; value and​ satisfaction; exchanges and​ relationships; and markets Your answer is correct. C. ​Needs, wants, and​ demands; products;​ value; customers; and competitors D. ​Needs, wants,​ demands, market​ offerings, and markets E. ​Needs, wants, and​ demands; market​ offerings; value and​ satisfaction; competitors; and profits

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

Other companies do not see the marketing environment as uncontrollable. They take a​ ________ stance toward the marketing environment and develop strategies to​ ________ the environment. A. ​wait-and-see; adapt to B. ​proactive; change C. ​proactive; adapt to D. ​reactive; change E. ​reactive; adapt to

B. ​proactive; change

Which of the following is true regarding the technological​ environment? A. Technological changes are the second most dramatic force in the​ macroenvironment, after the economy. B. The pace of technological change is slowing down. C. Companies must keep up with changes in technology or risk being left behind. D. Changes in technology are always beneficial to consumers and society. E. As products and technology become more​ complex, safety becomes less of a concern.

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

________________ is the systematic​ monitoring, collection, and analysis of publicly available information about​ consumers, competitors, and developments in the marketplace A. Ethnographic research B. The marketing information system C. Competitive marketing intelligence D. Marketing research E. Big data

C. Competitive marketing intelligence

Which of the following is NOT one of the components of a​ company's microenvironment? A. Marketing intermediaries B. Competitors C. Cultural forces D. Customer markets E. Suppliers

C. Cultural forces

What is the correct sequence of the four steps of the marketing research​ process? A. Develop the research​ plan, define the problem and research​ objectives, implement the research​ plan, interpret and report the findings B. Set the research​ budget, collect the​ data, analyze the​ data, determine how to use the findings C. Define the problem and research​ objectives, develop the research​ plan, implement the research​ plan, interpret and report the findings D. Collect the​ data, analyze the​ data, develop the research​ plan, interpret and report the findings E. Develop the research​ plan, set the research​ budget, collect the​ data, interpret and report the findings

C. Define the problem and research​ objectives, develop the research​ plan, implement the research​ plan, interpret and report the findings

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? A. Marketing planning B. ​Long-range planning C. Strategic planning D. Annual planning E. Research and development planning

C. Strategic planning

According to Peter​ Drucker, what is the aim of modern​ marketing? A. To drive competitors out of business B. To price products as low as possible C. To make selling unnecessary D. To develop innovative products E. To maximize company profits

C. To make selling unnecessary

Customer insights come from good marketing​ information, which contributes to creating value and meaningful customer relationships. Companies use these customer insights to develop​ ________. A. financial and revenue projections B. marketing and sales advantages C. a competitive advantage D. marketing plans E. products and services

C. a competitive advantage

The marketing information system​ (MIS) first​ ________. A. summarizes existing data B. creates databases of the data C. assesses information needs D. creates procedures for data gathering E. manipulates existing data

C. assesses information needs

Huge and complex data sets generated by​ today's sophisticated information​ generation, collection,​ storage, and analysis technologies are referred to as​ _______. A. competitive marketing intelligence B. customer insights C. big data D. a marketing information system E. marketing research

C. big data

The best​ ________ is the one that best fits the​ company's strengths and weaknesses to opportunities in the environment. A. functional plan B. product portfolio C. business portfolio D. strategic plan E. marketing plan

C. business portfolio

The economic environment impacts marketing decisions. The economic environment consists of two primary economic factors that affect​ __________________. A. consumer purchasing preferences and buyer power B. consumer spending patterns and buyer preferences C. consumer purchasing power and spending patterns D. consumer income levels and spending patterns E. consumer product purchasing habits and spending habits

C. consumer purchasing power and spending patterns

Firms that develop strategies to change the​ environment, instead of assuming that strategic options are bounded by the current​ environment, are being​ _______. A. passive B. shortsighted C. proactive D. reactive E. cautious

C. proactive

The goal of ​________ is to develop and maintain a fit between the​ organization's goals and capabilities and its changing marketing opportunities. A. marketing B. financial planning C. strategic planning D. sales E. product development

C. strategic planning

The first step of the marketing process is to​ ___________________. A. capture value from customers to create profits and customer equity B. design a​ customer-driven marketing strategy C. understand the​ marketplace, which includes customer needs and wants D. construct an integrated marketing program that delivers superior value E. build profitable relationships

C. understand the​ marketplace, which includes customer needs and wants

Marketing must also partner effectively with other companies in the marketing system to form a competitively superior​ ________. A. supply chain network B. functional delivery network C. value delivery network D. vendor chain network E. value chain

C. value delivery network

The third step in the marketing research process calls for implementing the marketing research plan by​ ________. A. processing and analyzing information B. gathering and analyzing information C. ​gathering, processing, and analyzing the information D. hiring a market research firm and gathering and processing information E. setting a​ budget, hiring a market research​ firm, and beginning research

C. ​gathering, processing, and analyzing the information

Major economic variables include​ ________. A. ​income, cost of​ living, and government regulation B. ​population, age, and occupation C. ​income, cost of​ living, and savings and borrowing patterns D. ​income, occupation, and savings and borrowing patterns E. ​income, savings and borrowing​ patterns, and lifestyle

C. ​income, cost of​ living, and savings and borrowing patterns

Which of the following is NOT one of the forces in a​ company's macroenvironment that shape opportunities and pose threats to the​ company? A. Technological forces B. Cultural forces C. Demographic forces D. Competitive forces E. Economic forces

D. Competitive forces

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? A. Demographic​ research, exploratory​ research, and attitudinal research B. Exploratory​ research, secondary​ research, and primary research C. Exploratory​ research, descriptive​ research, and survey research D. Descriptive​ research, survey​ research, and causal research E. Exploratory​ research, descriptive​ research, and causal research

D. Descriptive​ research, survey​ research, and causal research

Which of the following is an important trend in the natural environment of which marketers should be​ aware? A. Decreasing costs of nonrenewable resources B. A decrease in consumer concern toward the environment C. Decreased government intervention D. Shortages of raw materials E. Decreased pollution

D. Shortages of raw materials

Most standard portfolio analysis methods evaluate strategic business units​ (SBUs) on their performance in two important dimensions. What are these two​ dimensions? A. The number of products a company produces and the number of foreign countries in which the company competes B. The type of market or industry in which the company competes and the strength of the​ SBU's position in that market or industry C. The number of SBUs the company identifies and the number of products it produces D. The attractiveness of the​ SBU's market or industry and the strength of the​ SBU's position in that market or industry E. The attractiveness of the​ SBU's market or industry and the number of products the company produces

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

Which of the following consists of factors affecting buying power and​ patterns? A. The sociocultural environment B. The political environment C. The demographic environment D. The economic environment E. The technological environment

D. The economic environment

The marketing process consists of five key steps. Which of the following is the first​ step? A. Understand customer needs and wants B. Construct a marketing program that actually delivers superior value C. Design a​ customer-driven marketing strategy D. Understand the marketplace and customer needs and wants E. ​Get, engage, and grow target customers

D. Understand the marketplace and customer needs and wants

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. ​customer-focused digital applications B. comprehensive marketing plans C. superior social​ media, mobile​ apps, and television advertising D. a smoothly integrated marketing strategy and mix E. promotions with wide customer appeal

D. a smoothly integrated marketing strategy and mix

The ultimate aim of customer relationship management is to produce high​ _____. A. share of customer B. satisfaction C. sales volume D. customer equity E. ​customer-engagement marketing

D. customer equity

A marketing information system​ (MIS) helps users analyze and use information to​ ________, ______________, and​ _______________. A. develop customer​ insights, make select marketing​ decisions, and manage vendors B. make marketing​ decisions, manage vendor​ relationships, and manage customer relationships C. develop customer​ insights, make marketing​ decisions, and manage vendors D. develop customer​ insights, make marketing​ decisions, and manage customer relationships E. develop customer​ insights, manage sales​ strategies, and manage customer relationships

D. develop customer​ insights, make marketing​ decisions, and manage customer relationships

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. A. sales B. product development C. strategic D. functional E. revenue

D. functional

The two steps in business portfolio planning are​ ________ and​ ________. A. analyzing the current business​ portfolio; developing revenue strategies B. creating a corporate strategic​ plan; developing strategies for growth and downsizing C. creating detailed functional​ plans; developing strategies for growth and downsizing D. analyzing past business​ portfolios; analyzing the current business portfolio E. analyzing the current business​ portfolio; developing strategies for growth and downsizing

E. analyzing the current business​ portfolio; developing strategies for growth and downsizing

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​ ________________. A. growing depletion of natural​ resources, climate​ change, and accompanying shortages of raw materials B. climate​ change, increased government intervention in environmental​ regulation, and the accompanying regulations C. increased government​ intervention, increased​ pollution, and the expense associated with sustainability D. growing shortages of raw​ materials, increased​ pollution, and increased government intervention in natural resource management E. increased global pollution especially in​ Asia, climate​ change, and the refusal of foreign governments to address it

D. growing shortages of raw​ materials, increased​ pollution, and increased government intervention in natural resource management

The cultural environment consists of​ ________ that affect a​ society's values,​ perceptions, preferences, and behaviors. A. institutions B. diverse cultural settings C. cultural beliefs and forces D. institutions and forces E. a​ population's set of beliefs

D. institutions and forces

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. A. macroenvironment B. natural environment C. supply chain D. microenvironment E. competitive environment

D. microenvironment

Changes in the​ _____________________ have focused greater emphasis on ethics and socially responsible actions. A. cultural environment B. technological environment C. demographic environment D. political and social environment E. economic environment

D. political and social environment

Many companies view the marketing environment as an uncontrollable element to which they must​ ________. A. react and change B. react C. accept and change D. react and adapt E. analyze and then adapy

D. react and adapt

A company rarely gets 100 percent 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​ ________. A. customer equity B. share of market C. customer defections D. share of customer E. customer lifetime value

D. share of customer

According to the​ text, __________ are perhaps the most dramatic forces affecting​ today's marketing strategies. A. political forces B. natural forces C. demographic forces D. technological forces E. economic forces

D. technological forces

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. A. partner relationship management B. customer relationship management C. the value network D. the marketing concept E. value chain management

D. the marketing concept

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​ _______. A. the​ company, suppliers, marketing​ intermediaries, cultural​ forces, competitors, and publics B. the​ company, suppliers, marketing​ intermediaries, competitors, loyal​ customers, and publics C. the​ company, suppliers, marketing​ intermediaries, customer​ markets, economic​ forces, and publics D. the​ company, suppliers, marketing​ intermediaries, customer​ markets, competitors, and publics Your answer is correct. E. the​ company, suppliers, marketing​ intermediaries, demographic​ forces, competitors, and publics

D. the​ company, suppliers, marketing​ intermediaries, customer​ markets, competitors, and publics

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. A. telemarketing B. advertising and sales promotion C. intrusion marketing D. ​customer-engagement marketing E. mass marketing

D. ​customer-engagement marketing

The core marketplace concepts are​ ________. A. ​needs, wants, and​ demands; market offerings​ (products, services, and​ experiences); value and​ satisfaction; and markets B. ​needs, wants, and​ demands; market offerings​ (products, services, and​ experiences); and value and satisfaction C. ​needs, wants, and​ demands; market offerings​ (products, services, and​ experiences); exchange and​ relationships; and markets D. ​needs, wants, and​ demands; market offerings​ (products, services, and​ experiences); value and​ satisfaction; exchange and​ relationships; and markets E. market offerings​ (products, services, and​ experiences); value and​ satisfaction; exchange and​ relationships; and markets

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

Which of the following correctly identifies the three research approaches for gathering primary​ data? A. internal​ databases, commercial online​ data, and internet search engines B. ​observation, surveys, and online commercial data C. ​observation, ethnography, and surveys D. ​observation, surveys, and experiments E. ​observation, internet search​ engines, and internal databases

D. ​observation, surveys, and experiments

Partners in a value chain would typically​ include: A. ​employees, marketing​ managers, and other company departments B. ​suppliers, distributors, and competitors C. ​top-level managers, middle​ managers, and marketing managers D. ​suppliers, distributors, and customers E. ​customers, marketing​ managers, and other company departments

D. ​suppliers, distributors, and customers

What are the three general sources from which marketers can obtain​ information? A. Sales​ records, the​ internet, and internal databases B. Internal​ data, big​ data, and global data C. Marketing​ research, surveys, and scanners D. ​Competitors, the​ internet, and the media E. Internal​ data, marketing​ intelligence, and marketing research

E. Internal​ data, marketing​ intelligence, and marketing research

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? A. Product​ development, diversification, domestic​ expansion, and global expansion B. Product​ growth, market​ growth, customer​ growth, and profitable growth C. Product​ penetration, product​ development, diversification, and global expansion D. Global​ expansion, domestic​ expansion, customer​ expansion, and product expansion E. Market​ penetration, market​ development, product​ development, and diversification

E. Market​ penetration, market​ development, product​ development, and diversification

Which major trend is ideal for engaging customers​ anytime, anywhere, as they move through the buying​ process? A. Big data B. Globalization C. Growth of​ not-for-profit marketing D. Sustainable marketing E. Mobile marketing

E. Mobile marketing

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? A. The​ socio-cultural environment B. The economic environment C. The political environment D. The technological environment E. The demographic environment

E. The demographic environment

Which marketing management orientation holds that a firm should have a customer focus to achieve sales and​ profits? A. The selling concept B. The product concept C. The production concept D. The societal marketing concept E. The marketing concept

E. The marketing concept

To design a winning marketing​ strategy, what are the two important questions a marketing manager must​ answer? A. How can we serve our customers​ best? How can we maximize​ profits? B. Who are our​ competitors? How can we beat our​ competitors? C. What customers will we​ serve? How can we maximize​ profits? D. What markets should we​ enter? How do we maximize sales in those​ markets? E. What customers will we​ serve? How can we serve these customers​ best?

E. What customers will we​ serve? How can we serve these customers​ best?

Marketers keep a close eye on demographic trends and developments in their markets. They analyze​ ________. A. changing age and family​ structures, geographic population​ shifts, political​ shifts, educational​ characteristics, and population diversity B. changing age and family​ structures, geographic population​ shifts, economic​ changes, and population diversity C. changing age and family​ structures, geographic population​ shifts, consumption​ habits, and population diversity D. changing age and family​ structures, geographic population​ shifts, educational​ characteristics, technological​ advances, and population diversity E. changing age and family​ structures, geographic population​ shifts, educational​ characteristics, and population diversity

E. changing age and family​ structures, geographic population​ shifts, educational​ characteristics, and population diversity

The marketing concept holds that successful marketing strategies are based on​ _______. A. products that are affordable and available B. ​large-scale selling efforts C. sustainable marketing strategies D. continually improving products in quality and performance E. customer satisfaction and value

E. customer satisfaction and value

The first four steps of the marketing process focus on creating value for customers. The next step is designing a​ ________. A. sales strategy plan B. marketing plan C. process improvement plan D. customer relationship strategy E. customer​ value-driven marketing strategy

E. customer​ value-driven marketing strategy

Advances in​ ________ are forces that offer exciting new opportunities to target customers more selectively and engage them more deeply. A. digital media streaming technologies B. big data and analytics C. ​e-commerce and mobile payment technologies D. visualization software technologies E. digital and social media

E. digital and social media

The second critical phase in developing a marketing information system​ (MIS) is developing information. The information is developed from​ ________, __________, and​ ____________. A. internal​ databases, marketing intelligence​ activities, and secondary research B. internal​ databases, marketing intelligence​ activities, and shopper research C. internal​ databases, business​ analytics, and marketing research D. internal​ databases, customer​ analytics, and marketing intelligence activities E. internal​ databases, marketing intelligence​ activities, and marketing research

E. internal​ databases, marketing intelligence​ activities, and marketing research

As a direct result of the explosion in digital​ technology, one regulatory area that advocates and public policy makers are acting on is​ ____________. A. enforcing international trade policies B. predatory pricing C. ​price-fixing D. truth in advertising E. invasion of privacy

E. invasion of privacy

The demographic environment is of major interest to marketers because​ ________. A. it involves changes in the age structure of the population B. it involves a​ better-educated, more​ white-collar, more professional​ population C. it involves geographic shifts in population D. it involves increasingly diverse markets E. it involves​ people, and people make up markets

E. it involves​ people, and people make up markets

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​ _______________. A. laws protecting companies from each​ other, laws protecting companies doing business​ internationally, and laws protecting consumers B. laws protecting companies from each other mostly to define and restrain unfair​ competition, laws protecting​ consumers, and laws protecting the interests of society C. protecting the interests of society against unrestrained business​ behavior, laws protecting​ environmentalists, and laws protecting children D. government regulation to protect consumers from unfair business​ practices, laws protecting​ children, and laws protecting the interests of society E. laws protecting companies from each​ other, laws protecting​ consumers, and laws protecting the interests of society

E. laws protecting companies from each​ other, laws protecting​ consumers, and laws protecting the interests of society

Marketing plays a key role in the​ company's strategic planning by providing a​ ________ concept philosophy and inputs regarding attractive market opportunities. A. production B. product C. societal marketing D. selling E. marketing

E. marketing

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. A. marketing technology system B. marketing analytic system C. marketing research department D. marketing consulting team E. marketing information system

E. marketing information system

Outstanding marketing companies go to great lengths to learn about and understand their​ customers' ​________. A. distribution methods and channels B. marketplace challenges C. decision​ making, buying, and purchasing processes D. products and services E. needs​, wants​, and demands

E. needs​, wants​, and demands

_____________________________ compose a​ company's external value delivery network A. ​Customers, competitors, and suppliers B. Other company​ departments, customers, and competitors C. ​Suppliers, distributors, and other company departments D. ​Suppliers, customers, and other company departments E. ​Suppliers, distributors, and customers

E. ​Suppliers, distributors, and customers

The first step in the marketing research process involves defining the problem and setting research objectives​ , which might be​ _________, ___________, or​ ____________ research. A. ​exploratory, causal, or consumer B. ​exploratory, secondary, or primary C. ​descriptive, focus​ group, or causal D. ​exploratory, characteristic, or descriptive E. ​exploratory, descriptive, or causal

E. ​exploratory, descriptive, or causal

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​ ________. A. ​organizations, society,​ neighborhoods, and the universe B. ​organizations, institutions,​ society, schools, and nature C. ​society, nature,​ schools, and the universe D. ​organizations, society,​ schools, and nature E. ​organizations, society,​ nature, and the universe

E. ​organizations, society,​ nature, and the universe