Marketing Exam 1

____ are perhaps the most dramatic forces affecting today's marketing strategies.

Technological advances

Which of these statements best describes customer lifetime value?

The value of the entire stream of purchases that the customer would make over a lifetime of patronage.

_____ is an approach in which all the company's people are involved in constantly improving the quality of products, services, and business processes.

Total quality management

________ are human needs that are shaped by culture and individual personality.

Wants

For concept testing, companies will frequently present customers with ________ of the concept for a reliable concept test.

a physical presentation

Market segments that can be effectively reached and served are ________.

accessible

Which of the following is a NOT a valid source of primary data?

commercial databases

The economic environment consists of economic factors that affect ________

consumer purchasing power

The societal marketing concept seeks to establish a balance between ________.

consumer short-run wants and consumer long-run welfare

Smart marketers look beyond the attributes of products and services. Instead, they focus on ________.

creating brand experiences for their customers

Which of the following is the practice of inviting broad communities of customers, employees, independent researchers, and members of the public into the new product innovation process?

crowdsourcing

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

customer equity

All of the following steps pertain to the marketing control process EXCEPT ________.

defining the company's mission

Dividing the market into various groups of customers is known as ________.

market segmentation

The marketing research process does NOT include ________.

market segmentation

A(n) ________ 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.

marketing information system

FedEx can position itself on features such as speed, reliability, quality, and convenience of package delivery. This is an example of the lowest level of positioning which is based on ________.

product attributes

A ________ is a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same type of outlets, or fall within given price ranges.

product line

Industrial products refer to all of the following EXCEPT _______

products and services bought by final consumers for personal consumption

Which of these items is NOT a component of a marketing strategy statement?

proposed management team

Which of the following refers to a nonprobability sample in which the researcher finds and interviews a prescribed number of people in each of several categories?

quota sample

Which of these trends is NOT one of the major trends shaping marketing?

renewed focus on selling

The ________ concept of marketing takes an inside-out view that focuses on existing products.

selling

Which of the following refers to a sample in which every member of the population has an equal chance of selection?

simple random sample

In the BCG matrix approach, high-growth, high-share businesses or products are called ________.

stars

Customers can be classified into four relationship groups based on their profitability and projected loyalty. Which customer type is associated with low profitability and very little long-term loyalty?

strangers

A market segment that is large enough or profitable enough to serve is ________

substantial

A company should ________ segments in which it can profitably generate the greatest customer value and sustain it over time.

target

Identifying which groups of customers to serve is known as ________.

target marketing

Acquisition refers to ________.

the buying of a whole company, a patent, or a license to produce someone else's product

Which of these marketing orientations espouses the concept of shared value?

the societal marketing concept

Over the past two decades, the U.S. population has shifted toward the ________ states.

Sunbelt

involve(s) sending observers to watch consumers-usually unobtrusively-in their "natural environments" as they go about their daily lives

Ethnographic research

__ consists of evaluating each market segment's attractiveness and selecting one or more segments to enter.

Market targeting

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

Marketing analytics

proposed management team

Maturity

_______ refers to the process by which management evaluates and plans for the future of the products and businesses that make up the company.

Portfolio analysis

________ require a lot of cash to hold their share, let alone increase it. Management has to decide if it should try to build or phase out these products.

Question Marks

Jeremy's, a handbag manufacturer in Lower Manhattan, procures a large stock of leather in anticipation of brisk sales of handbags during December. This is an example of a(n) ________ demand.

derived

Which of the following is the second step in the marketing research process?

developing the research plan

The objective of this is to gather preliminary information that will help further define the research problems and suggest hypotheses.

exploratory research

Even when competing offers look the same, buyers may perceive a difference based on ________ differentiation.

image

A company can install a(n) ________ management system to collect, review, evaluate, and manage new product ideas.

innovation

Which of the following is an advantage of using an internal database?

internal databases can be accessed more quickly and cheaply than other information sources.

Secondary data can be retrieved from all EXCEPT ________.

interviews

Which of these is NOT one of the five winning value propositions?

less for much more

According to management guru Peter Drucker, "The aim of marketing is to ________."

make selling unnecessary

In the United States, job growth currently is the weakest for ________.

manufacturing workers

A ________ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want.

market offering

Sunshine, a well-known coffee shop chain in South America, recently opened 500 stores to cater to its rapidly increasing number of patrons. This exemplifies ________.

market penetration

Attributes that a buying center may look for in a supplier include all of the following EXCEPT ________.

off-shore manufacturing

In a SWOT analysis, ________ include favorable trends in the external environment.

opportunities

Elmo Inc., a Michigan-based manufacturer of athletic shoes, uses professional athletes in its ad campaigns to help sell its products. This is an example of ________ marketing

person

Which of these criteria is NOT one that must be satisfied before a product difference is worth promoting?

primary

In the marketing mix, design, packaging, services, and variety can be categorized under ________.

product

The research plan should be presented in a(n) ________.

written proposal