Exam 1 Homework questions
Although a "customer-centered" firm seeks to deliver high customer satisfaction relative to competitors, it
does not attempt to maximize customer satisfaction
the technological trend most likely considered in the development of the new Apple Watch
Increasingly efficient apps, features, and components that consume less energy stored in batteries.
Which is the fastest-growing digital marketing platform?
Mobile marketing
Primary data
The specific data that Nielsen provides to its clients for a specific purpose that has not been completed before
Which of the following statements discussing big data
-Big data provides a lot more information than the managers can digest. -Companies can gain timely customer information. -Data can be collected from blogs, tweets, and social media. -Companies that effectively tap the available glut of data can gain rich, customer insights. NOT TRUE Marketers can access and easily sift through the data once it is available.
straight rebuy
A business buying situation in which the buyer reorders something without any modifications is known as a
customer lifetime value
A key metric that measures the long-term profitability of individual customers or groups of customers
opinion leader influence
A popular football player at a college who is able to influence the buying decisions of fans would best be described as
Which of the following forms of products are considered as services?
Airline travel
Channel Differentiation
Amazon and GEICO set themselves apart with their smooth-functioning direct delivery strategy
unsought products
Blood donations to the Red Cross are considered
extranets
Companies can allow key customers and value-network members to access account, product, and other data through
derived demand
Eaton sells only to businesses and focuses on the electrical, hydraulics, aerospace, and vehicle markets. When the economic crises hit in 2008, consumers began cutting back, and as a result, Eaton's customers needed to cut costs and scale back operations. This, in turn, impacted Eaton's sales, which is known as
example of Apple appealing to a trend in the demographic environment
Fall detection and emergency SOS for the aging Baby Boomer population
conformance quality
Freedom from defects and consistency in delivering a targeted level of performance is an attribute of product's
The most common form of marketing organization is
Functional organization
Influencers
Notre Dame on its new engineering building to improve its energy efficiency and earn LEED credits, Eaton engaged with a number of people at Notre Dame to finalize the partnership and solidify terms and conditions associated with the agreement. Which of the following people in the buying center would have affected Notre Dame's buying decision (for example, define specs and provide information on evaluating alternatives)
Total Quality Management
Prior to becoming Plymouth Rock Assurance, the company marketed three different insurance companies: High Point, Plymouth Rock, and Pallasades. Rebranding the three names into one, Plymouth Rock Assurance, was one part of the overall objective of constantly improving the quality of services and business products. This overall process is known
Environmental
There are a number of influences on the buying organization and buying center that can impact how and what is purchased by a business. For Eaton's customers, the economic crises in 2008 would be classified as what type of influence
natural environment
Shortages of certain raw materials is a major trend related to the
solutions selling
Through the years, Eaton has shifted from selling strictly components to solving its customers' problems with more tailored offerings.
demographic segmentation
The Atlanta Hawks recently renovated their home arena with Millenials as the target customer group. This is based on
Brand
The name Plymouth Rock Assurance identifies the company as the seller of its services and products
When does the habitual buying behavior occur?
Under conditions of low-consumer involvement and little significant brand difference
Problem recognition
When Eaton's customers became aware that they needed solutions for power management, energy savings, green technologies, and LEED certification, they were in which phase of the business buying process
differentiated targeting strategy
While Millennials are the primary target customer of the Atlanta Hawks, it is clear that the efforts of the organization to facilitate social media activity also appeals to other customer segments including Gen X and Baby Boomers. Thus, it is clear that the Hawks are employing a
undifferentiated marketing strategy
a firm might decide to ignore market segment differences.
product differentiation
a positioning strategy that some firms use to distinguish their products from those of competitors
Unsought product
a product unknown to the potential buyer or a known product that the buyer does not actively seek
MIS begins and ends with information users. Which of the following statements is not an advantage of MIS?
advantages -MIS helps users to analyze and use the information to develop customer insights. -MIS interacts with the marketing environment to develop needed information. -MIS interacts with the information users to assess information needs. -MIS helps users in making management decisions. disadvantages -MIS may provide information to external partners, such as suppliers, resellers, or marketing services agencies.
Resellers
are distribution channel firms that help the company find customers or make sales for them.
customer satisfaction
based on a company's performance relative to the customers' expectations.
Dissonance-reducing buying behavior
behavior occurs when consumers are highly involved with an expensive, infrequent, or risky purchase but see little difference among brands.
According to the stimulus-response model of buyer behavior, marketing and other stimuli enter the consumer's
black box and produce certain responses.
product development
by offering new products to the technology market.
Institutional markets are
characterized by low budget, captive patrons
The microenvironment consists of all of the following
competitors, companies, suppliers, publics EXCEPT demographics
Production Concept
concept holds that consumers will favor products that are available and affordable.
economic environment
consists of economic factors that affect consumer purchasing power and spending patterns.
The basic concept underlying marketing is that of
customer needs
The first step in strategic planning involves
defining the company's mission
Market Targeting
evaluates each market segment's attractiveness and selects one or more segments to serve.
The first group marketers try to bring their new products to the attention to are potential
innovators
Marketing targeting
involves evaluating each market segments attractiveness and selecting one or more segments to enter.
value proposition
involves the set of benefits or values it promises to deliver to consumers.
Mobile
marketing is perhaps the fastest-growing digital marketing platform.
Multibrands
marketing many different brands in a given product category
service variability
means that the quality of services depends on who provides them as well as when, where, and how they are provided.
In SWOT analysis, the favorable factors or trends in the external environment that the company may be able to exploit to its advantage are referred to as
opportunities
Business legislation has been enacted for a number of reasons which include all of the following
protecting companies from each other, protecting interests of society, to make firms take responsibility for the social costs of their production or products, protecting consumers from unfair business practices EXCEPT developing a code of ethics
The marketing research industry is considering several options for responding to intrusion and privacy issues, which includes all of the following
providing value in exchange, "respondent bill of rights" initiatives, appointing a privacy officer, "your opinion counts" initiatives except sharing information widely
Consumer motivation, perception, and learning are related to the
psychological factors influencing consumer behavior.
In the final step of the five-step marketing model, companies
reap the rewards of creating customer value
Promotion
refers to activities that communicate the merits of the product and persuade target customers to buy it.
The winning value proposition by discount stores such as Walmart and PetSmart can be categorized as
the same for less
In the product adoption process,
there are five stages
marketing strategy
to create customer value through its mission, strategic goals and objectives, marketing mix, and other marketing tools.
differentiated their market offering
Having an arena with bandwidth that is stronger than the average event venue is one way that the Atlanta Hawks have
Information Search
IMG World provides college students with new, relevant media, making which stage of the consumer buyer behavior process easier for the consumer
Age and life stages
IMG World's products and services are geared toward colleges and students, the students of which may be considered young achievers. This designation can be best described as which influential factor of consumer buying behavior
Influencers
are members of the buying center who help define specifications and provide information for evaluating alternatives.
Behavioral Segmentation
divides buyers into segments based on their knowledge, attitudes, uses, or responses to a product.
technological force of the macroenvironment
The Apple Watch's "always on" display is made possible through advancements that produced Apple's low-temperature polysilicon and oxide display (LTPO). This particular development occurred
Within the growth-share matrix, "cash cows" are
low-growth, high-share businesses or products
plays a key role in the company's strategic planning.
marketing
Perform a portfolio analysis
to determine those units that were profitable and those that should be phased out or realigned
Many companies view the marketing environment as a(n
uncontrollable element to which they must react and adapt.
concentrated marketing
Instead of going after a small share of a large market, a firm goes after a large share of a smaller niche segment.
cultural societal force
It can be supposed that an increase in the importance of fitness and wellness in people's lives prompted Apple to include features like the built-in compass and always-on workout apps. That increased importance in fitness is part of the
creates value for its customers
by offering a wide selection, higher levels of service, and customer-friendly return policies.
cultural environment
consists of institutions and other forces that affect a society's basic values.
Many companies manage detailed information about individual customers by using all of the following
customer touch points, customer relationship management, big data analytics, marketing analytics except collecting and storing huge amounts of data
A company's mission statement should be focused on
customers
psychographic segmentation
divides buyers into different segments based on lifestyle or personality characteristics.
technological
environment is the most dramatic force shaping the destiny of the markets and marketing.
Compared to the mainstream buying public, Hispanic consumers tend to be deeply
family oriented, making this a special characteristic and behavior.
Hospital purchasing agents should prefer
food vendors with low prices and quality products
customer insights
gathers data on millions of people to help marketers gain _____ to use to create strategic marketing decisions
Developing product specifications follows
general need description in the business buyer decision process.
Branding
helps the seller to segment markets.
Order-routine specification
includes the final order with the chosen supplier or suppliers and lists other required items.
brand equity
is a measure of the brand's ability to capture consumer preference and loyalty.
Business markets have demand that
is inelastic
exchange
is the act of obtaining a desired object from someone by offering something in return.
Competitive marketing intelligence
is the systematic monitoring, collection, and analysis of publicly available information about consumers, competitors, and developments in the marketplace.
Customer relationship building blocks consist of
customer value and satisfaction
the links in the service profit chain?
-Satisfied and loyal customers -Greater service value -Internal service quality -Satisfied and productive service employees not considered buyer-seller interaction
Which of the following statements is a difference between business markets and consumer markets?
-The buying process is more formalized. -The buying decision involves more professionals. -Business demand is a derived demand. -Buyers face more complex buying decisions. except The market is very small and limited
MIS interacts with information users in several ways which include all of the following
-assessing information needs -helping to develop customer insights -providing marketing intelligence activities -helping to conduct marketing research NOT TRUE providing concise information
The rapidly expanding use of e-procurement in business-to-business deals provides several advantages
-it eliminates paperwork -it helps finds better supply sources -it shaves transaction costs -it reduces time between order and delivery one disadvantage it puts suppliers against one another
What is the first step in marketing research process?
1. Define the problem. 2. Develop a research plan. 3. Implement the research plan. 4. Interpret the findings. Interpret the findings.
descriptive research
A marketer who wishes to gain insight into the demographics and attitudes of consumers who buy their product would likely ask Nielsen to perform
What is marketing?
Marketing is a process of creating customer value.
Brand Sponsorship
The branding strategy of launching a product or service as a national or store brand is considered a
culture
The most basic determinant of a person's wants and behavior are embedded in a consumers
Market Segmentation
The step in designing a customer value-driven marketing strategy in which a company divides a market into distinct groups of buyers
Millennials (Generation Y)
The "echo boomers" is another name for
exchange
This act of obtaining a desired object from someone by offering something in return
The major activity in strategic planning is the analyses of a business
portfolio
The objective of exploratory research
research is to gather preliminary information that will help define the problem and suggest hypotheses.
To do e-procurement, companies can conduct
reverse auctions in which they put their purchasing requests online and invite suppliers to bid for the business.
Consumer purchases are influenced strongly by certain characteristics which include all of the following
social, personal, psychological, cultural EXCEPT cognitive
proactive
stance by companies toward the marketing environment is preferred over a reactive stance.
Marketing mix
use of commercials, newspapers, social media, and other media to control the marketing message.
Each department can be thought of as a link in the company's
value chain
marketing myopia
Many of Zappos' more traditional rivals focus greater attention on the attributes of the products and services they sell rather than on the benefits and experiences produced by their market offerings. This trap is sometimes referred to as
Online marketing research
Nielsen gathers consumer insights through a variety of ways, including consumer tracking and panels.
competitive marketing intelligence
Nielsen is engaged in the collection and analysis of information about consumers, competitors, and developments in the marketplace. This systematic monitoring is known
observation research
Small businesses and not-for-profit organizations can obtain good marketing insights through
Habitual
Students purchasing items with the college logo most likely represent consumers involved in which type of buying behavior
Macroenvironment
The Apple Watch Series 5 was developed with an awareness of current trends in the large societal forces known as
