Marketing Test #1

Numbering 49 million or more, this group of consumers is sometimes overlooked because it is less materialistic than other groups and prizes experience, not acquisition.

Generation X

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

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

In addition to income levels, marketers need to pay attention to _______, which has created a tiered market.

Income distribution levels

The marketing process consists of five key steps. In the final step of the five-step process, the company reaps the rewards of strong customer relationships by _________.

capturing value from customers.

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

consumer purchasing power and spending patterns

The demographic environment is of a major interest to marketers because __________.

it involves people, and people make up 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 the product categories is called __________.

share of customer

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

shortages of raw materials

Digital marketing tools used in digital and social media marketing include _________.

social media, mobile apps, and blogs

The _______ environment represents the most dramatic force affecting today's marketing strategies.

technological

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

technological forces

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 ________.

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

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

the marketing mix

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 society marketing concept.

The first step of the marketing process is to _________.

Understand the marketplace, which includes customer needs and wants.

Increased long-term customer equity is the result of ____________.

capturing customer lifetime value and a greater share of customers

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

An exchange

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

Build the right relationships with the right customers.

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

Capture value from customers.

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.

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

Creating customer value, building customer relationships, and engaging customers

People's views of themselves, others, organizations, and nature are part of which macro environmental force?

Cultural forces

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

Customer-driven

Forces in a company's macroenvironment that shape opportunities and pose threats to the company include what?

Demographic, economic, natural, technological, political/social, and cultural forces

When a company divides the market into groups of customers, it is engaging in which of the following?

Market segmentation

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?

Microenvironment

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

Societal forces

How do market demands relate to needs and wants?

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

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

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

What is the ultimate aim of customer relationship management?

Produce high customer equity.

Which of the following represent market offerings?

Products, services, information, and experiences

Which of the following statements regarding the changing marketing landscape is correct?

The Great Recession caused consumers to rethink their buying priorities.

What is the single most important demographic trend in the U.S today?

The changing age structure of the population.

Which of the following correctly lists the actors in a company's microenvironment?

The company, suppliers, marketing intermediaries, customer markets, competitors, and publics

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

The focus more on products that the customer's underlying need.

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

The marketing concept

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.

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

Understand the marketplace and customer needs and wants.

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 a reason for business legislation?

To protect consumers from unfair business practices.

What are the two keys to building lasting customer relationships?

Value and satisfaction

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

Wha 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.

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 Great Recession caused consumers to rethink their buying priorities and bring their consumption back in line with their incomes. The challenge of this trend is to _________ with current times while also enhancing its long-term equity.

balance a brand's value proposition

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

creating value for customers.

Understanding wants, needs, and demands helps companies to design want-satisfying market offerings and build value-laden customer relationships by 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 first four steps of the marketing process focus on creating value for customers. The next step is designing a _________.

customer value-driven marketing strategy

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

Capturing value from customers as a result of _______ creates highly satisfied customers who will buy more and buy again.

delivering superior customer value

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

digital and social media

Major ________ shape marketing opportunities, pose threats, and affect the company's ability to engage customers and build customer relationships.

environmental forces

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

ethical and societal responsibilities

The technological environment changes rapidly, creating new markets and opportunities. However, some companies might miss new product and market opportunities because of three primary reasons that include _______, ___________, or ________.

fighting or ignoring new technologies, inability to keep up, or ignoring a changing regulatory landscape.

Many marketers are now connected _______ with their customers, marketing partners, and competitors.

globally

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.

Even though legislation affecting business around the world has increased steadily over the years, there has been _______.

increased emphasis on ethics and socially responsible actions

The cultural environmental consists of __________ that affect a society values, preferences, and behaviors.

instituions and forces

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

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

The ______ concept holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors do.

marketing

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

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

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

Firms that develop strategies to change the environment-instead of assuming that strategic options re bounded by the current environment- are being ________.

proactive

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

proactive; change

Rather than simply watching and reacting to environmental events, proactive firms take aggressive actions to affect the _______ in their marketing environment.

publics and forces

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

react and adapt

The economic environment can offer both opportunities and threats. For example, in the post-Great Recession era, ________ has become the focus for marketers in all industries.

value marketing