marketing exam 1

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

consumer purchasing power and spending patterns.

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

create value for customers and build meaningful relationships with​ them

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 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 microenvironment?

cultural forces

The first step in the marketing research process involves defining the problem and setting research objectives​ , which might be​ _________, ___________, or​ ____________ research.

exploratory, descriptive, and causal

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, and causal research

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.

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

Which of the following represent market​ offerings?

​Products, services,​ information, and experiences

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.

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

CRM- customer relationship management

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 included in a broad definition of​ marketing?

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

​________ are at the center of marketing strategy and programs.

Customer​ engagement, value, and relationships

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.

MIS- marketing information system

Marketing tools used in digital and social media marketing include​ _______.

Web​ sites, social​ media, mobile ads and​ apps, online​ video, email,​ blogs, and other digital platforms.

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

The cost of international research is lower.

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

To make selling unnecessary

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

Understand the marketplace and customer needs and wants

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

What customers will we serve​ (what's our target​ market)? How can we serve these customers best​ (what's our value​ proposition)?

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

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.

​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.

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

analysis,​ planning, implementation,​ organization, and control.

A SWOT is a part of which marketing management​ function?

analysis. strengths (S), weaknesses​ (W), opportunities​ (O), and threats​ (T).

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 and developing strategies for growth and downsizing.

The marketing information system​ (MIS) first​ ________.

assesses information needs

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

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

business portfolio

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.

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, and publics.

Which of the following is NOT one of the forces in a​ company's macroenvironment 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, and avoidance of harassment

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

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

customer equity

the total combined customer lifetime values of all of the​ company's current and potential customers.

customer equity

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

customer expectations

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.

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

customer relationship management

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

customer satisfaction and value

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

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

customer-driven

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

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

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

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

defining the problem and research​ objectives, developing the research​ plan, implementing the research​ plan, and interpreting and reporting the findings.

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

demographic

The six forces making up the​ company's macroenvironment are​

demographic, economic,​ natural, technological,​ political/social, and cultural forces. These forces shape opportunities and pose threats to the company.

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

A marketing information system​ (MIS) helps users analyze and use information to​ ________, ______________, and​ _______________.

develop customer​ insights, make marketing​ decisions, and 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

In recent​ years, today's marketers are also reexamining their​ ________ responsibilities.

ethical and societal

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

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

gathering, processing, and analyzing the information.

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

growing shortages of raw materials

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, and increased government intervention in natural resource management.

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, and savings and borrowing patterns.

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, and marketing research.

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, and 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.

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

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

it involves​ people, and people make up markets

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, and scarcity of secondary data

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

​________ 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

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

marketing

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

marketing analytics

​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

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, and control.

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.

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

market​ segmentation, market​ targeting, differentiation, and positioning.

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

Outstanding marketing companies go to great lengths to learn about and understand their​ customers' ​________.

needs, wants, and demands

The core marketplace concepts are​ ________

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?

observation, surveys, and experiments

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 and the 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

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

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

Companies need meaningful customer insights so they can​ _____________________________.

produce superior value for its customers.

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

product or territory management to customer relationship management.

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

product, price, place, and promotion

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

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​ _______________.

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

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

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​ ________.

share of customer

Larger​ ________ that affect the entire microenvironment combine to form the macroenvironment.

societal

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

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 and customers

​_____________________________ compose a​ company's external value delivery network

suppliers, distributors, and customers

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.

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

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

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

the marketing concept

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

the physical environment and natural resources

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

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

microenvironment forces

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

Marketing information has no value until it is used​ ________.

to make better marketing decisions

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

to make better marketing decisions

The first step of the marketing process is to​ ___________________.

understand the​ marketplace, which includes customer needs and wants

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

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

value delivery network