Marketing Ch. 1-7

(Blank) analysis is an overall evaluation of the company's strengths, weaknesses, opportunities, and threats

SWOT Analysis

Information collected from Internet search engines is an example of

Secondary Data

Which of the following generations is the most educated to date

Generation X

Customer Relationship Management (CRM) helps

Firms manage customer touch points to maximize customer loyalty

Price & Malone Corp., a company based in Houston, caters to a market of individuals and households that buy goods and services for personal consumption. Price & Malone caters to a ________ market.

Consumer

Among the generational groups in U.S population, the ________ are still the wealthiest generation in U.S. history.

Baby Boomers

An increasing number of American workers currently work from their homes or remote offices and conduct their business by phone or internet. This trend has created:

Booming small office, home office (SOHO) market

1) Which of the following is NOT an accurate description of modern marketing? A) Marketing is the creation of value for customers B) marketing involves managing profitable customer relationships C) Marketing emphasizes selling and advertising exclusively D) Marketing involves satisfying customer needs and wants E) Marketing is building value-laden exchange relationships with customers

C) Marketing emphasizes selling and advertising exclusively

The buyer decision making process consists of five stages. Which of the following is not one of them?

Conspicuous Consumption

The single most important demographic trend in the United States is the

Changing age structure of the population

The marketing department of a reputable firm wants to improve strategic decision making, track the actions of other players in the market, and provide early warning of opportunities and threats. Which of the following would help the firm achieve its objectives? A) Ethnographic Research B) Strategic Planning C) Data Warehousing D) Competitive Marketing Intelligence E) Customer Relationship Management

Competitive Marketing Intelligence

2) According to the five step model of the marketing process, a company should ............... before designing a customer-driven marketing strategy A) Determine how to deliver superior value to customers B) Build profitable relationships with customers C) Use customer relationship management to create full partnerships with key customers D) Understand the marketplace and customer needs and wants E) Construct an integrated marketing program

D) Understand the marketplace and customer needs and wants

The real value of marketing information lies in how it is used:

In the customer insights that it provides

(Blank) refers to meaningful sets of marketing performance measures in a single display used to monitor strategic marketing performance

Marketing Dashboards

(Blank) is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization

Marketing Research

You have been directed to study the forces close to a company that affect its ability to serve its customers such as the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. In this instance you have been directed to study the (Blank) of a company

Microenvironment

A (Blank) documents an organization's purpose - what it wants to accomplish in the larger environment

Mission Statement

With the most recent explosion of information technologies

Most marketing managers are overloaded with data and often overwhelmed by it.

The relationship between the consumer's expectations and the product's (blank) determines whether the buyer is satisfied or dissatisfied with with a purchase

Perceived Performance

(Blank) is the process by which people select, organize, and interpret information to form a meaningful picture of the world

Perception

The (Blank) concept is aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer the most in quality, performance, and innovative features

Product Concept

What are the four P's of the marketing mix?

Product, Price, Place, Promotion

Companies can succeed against their competitors by all of the following except

Providing the same product as the competition

(Blank) measures the profits generated by investments in marketing activities

Return on Marketing Investment

Which of the following marketing orientations holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than their competitors do?

The Marketing Concept

The set of marketing tools that a company a firm uses to implement its marketing strategy is called the (Blank)

The Marketing Mix

Which of the following best describes a strategic business unit?

The key businesses that make up a company

Which of the following demographic trends is the most likely cause for a rapid increase in telecommuting?

The migration toward micropolitan and suburban areas

Companies can research many aspects of buying decisions. However, the one that is the most difficult to identify is:

Why they buy

A value marketer is most likely to ________.

offer consumers a balanced combination of product quality at a fair price

Marketers can group people in a number of ways, including by birth date. However, the following combination of groups has proven to be more effective:

Income, Life Style, and Life Stage

Primary Data consists of:

Information collected for the specific purpose at hand.

4) Dividing the market into various groups of customers that a company may serve is called:

Market Segmentation

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs

Market Segmentation

The process of evaluating each market segment's attractiveness and selecting one or more segments to enter is known as?

Market Targeting

(blank) help companies stock and move goods from their points of origin to their destinations

Physical Distribution Firms

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as:

Positioning

(blank) is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities

Strategic Planning

Some consumers worry that they will be affected by marketing messages without even knowing it. They are concerned about

Subliminal Advertising

(Blank) refers to socially and environmentally responsible marketing that meets the needs of consumer and businesses while also preserving or enhancing the ability of future generations to meet their needs

Sustainable marketing

3) Selecting which segments of a population to serve is called:

Target Marketing

With an expected increase in ethnic diversity within the American population, marketers are most likely to place a greater emphasis on ________.

Targeted Advertising Messages

The network made up of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system

Value Delivery Network

5) Which of the following refers to a set of benefits that a company promises to deliver to customers to satisfy their needs?

Value Proposition

Which of the following refers to the total combined customer lifetime value of all of the company's current and potential customers?

Customer Equity

More and more companies are shifting their brand management focus from brand profitability toward

Customer Management

Effective position begins with:

Differentiation

As a consequence of the concern for the natural environment, many companies are developing strategies and practices that support:

Environmental Sustainability

A marketing plan begins with a(N) (Blank), which presents a brief summary of the main goals and recommendations of the plan for management review

Executive Summary

In (blank) research, the objective is to gather preliminary information that will help define the problem and suggest hypothesis

Exploratory Research