Quiz 1: Chapters 1&2

True

A firm's marketing department must partner with other company departments to produce superior value for customers.

False

A strategic business unit (SBU) can be a company division or a product line within a division but not a single product or brand.

Market penetration

A strategy for company growth that involves increasing sales to current market segments without changing the product is known as ________.

Understanding the marketplace and customer needs and wants

According to the five-step model of the marketing process, the first step in marketing is ________.

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

Which of the following best describes product positioning?

A supply chain

________ refers to a channel stretching from raw materials to components to final products that are carried to final buyers.

Share of customer

________ refers to the portion of the customer's purchase that a company gets in its product categories.

Value proposition

A brand's ________ is the set of benefits that it promises to deliver to consumers to satisfy their needs.

False

Customer equity is a measure of the past value of a company's customer base.

False

Dividing a market into several sections of customers is known as market positioning.

True

SBUs identified as cash cows need less investment than stars

Market growth rate and relative market share

The two dimensions the BCG approach uses to evaluate and manage SBUs are ________.

True

Through consumer-generated marketing, consumers themselves are playing a bigger role in shaping their own brand experiences and those of others

False

When sellers pay less attention to the specific products they offer and more attention to the benefits and experiences produced by these products, they suffer from marketing myopia.

Product

Which component of the marketing mix refers to the goods-and-services combination a company offers to its target market?