Exam Ch 1-5

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.

MIS-marketing information system

A person's buying choices are influenced by four major psychological factors. Which of the following is NOT one of these factors?

association

Among the generational groups in U.S population, the ________ are still the wealthiest generation in U.S. history.

baby boomers

According to the model of buyer behavior, which of the following is one of the two primary parts of a "buyer's black box"?

buyer's decision process

According to the five-step model of the marketing process, which of the following is the final step in creating value for customers?

capturing value from customers to create profit and customer equity

What is the final step of the five-step marketing process described in the text?

capturing value from customers to create profit and customer equity

________ are low-growth, high-share businesses/products that need less investment to hold their market share.

cash cows

When consumers are highly involved with the purchase of an expensive product and they perceive significant differences among brands, they most likely will exhibit ________.

complex buying behavior

The buyer decision process consists of five stages. Which of the following is NOT one of these stages?

conspicuous consumption

________ environment consists of institutions and other forces that affect a society's basic values, perceptions, preferences, and behaviors.

cultural

Building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is called ________.

customer relationship management (CRM)

Which of the following is the first step in strategic planning?

defining organization's mission

When backed by buying power, wants become ________.

demands

Amor, a successful brand of women's clothing, recently introduced a line of fitness equipment. This is an example of ________.

diversification

________, a form of observational research, involves sending observers to watch and interact with consumers in their natural environments.

ethnographic research

A company sent a trained observer to watch and interact with consumers in their natural environments in order to gain deeper insights on consumer needs. This is an example of ________.

experimental research

In ________ research, the objective is to gather preliminary information that will help define the problem and suggest hypotheses.

exploratory

________ consists of inviting 6 to 10 people to meet with a trained moderator to talk about a product, service, or organization.

focus group interviewing

Secondary data consists of ________.

information that already exists somewhere, having been collected for another purpose

Cameron loves to own and be up-to-date on the latest technological gadgets available in the market. Among his friends, he is always the first to own the latest electronic gadgets. He loves trying out new products before others. Cameron most likely belongs to the ________ adopter group.

innovator

Kei, a senior marketing manager of a pizzeria in North Florida, is currently researching electronic collections of consumer information within the company network to arrive at crucial marketing decisions. In this instance, Kei is using ________.

internal databases

Studying the demographic, economic, political, and cultural forces that affect an organization is also known as studying the company's:

macroenvironment

A short definition of marketing is

managing profitable customer relationships

The managers of Arrow, an American retail chain, are currently reviewing new demographic markets to sell the firm's current products. This is an example of ________.

market development

Making more sales to current customers without changing a firm's products is known as ________.

market penetration

Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. This exemplifies ________.

market penetration

Dividing the market into various groups of customers that a company may serve is called ________

market segmentation

Which of the following refers to the process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors?

market segmentation

The art and science of choosing target markets and building profitable relationships with them is called ________.

marketing management

Which of the following terms refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?

marketing myopia

________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

marketing research

Dan has been directed to study the forces close to a company that affect its ability to serve its customers, such as the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. In this instance, Dan has been directed to study the ________ of the company.

microenvironment

A ________ documents an organization's purpose-what it wants to accomplish in the larger environment

mission statement

________ are people within a reference group who, because of special skills, knowledge, personality, or other characteristics, exert influence on others.

opinion leaders

________ refers to the unique psychological characteristics that distinguish an individual or group.

personality

In the model of buyer behavior, which of the following is NOT a major type of force or event in the buyer's environment?

political

Alpha Motors offers "Green automobiles for a greener world." This refers to the ________ of Alpha automobiles.

positioning

According to the Boston Consulting Group approach, ________ provides a measure of market attractiveness.

product attribute

A shoe manufacturing company uses ads featuring the members of a country music band with the hope that the band's fans will see them wearing the company's shoes and hence purchase the same brand of shoes. The shoe company believes that the band portrays the image of a ________ to the band's fans.

reference group

A(n) ________ is a segment of the population selected for marketing research to represent the population as a whole

sample

A fifty-one-year-old school teacher from Nebraska, believes that people should choose a profession they like, which is an example of Ursula's ________.

secondary belief

Which of the following marketing orientations calls for aggressive promotional efforts and focuses on creating transactions rather than long-term customer relationships?

selling concept

________ are society's relatively permanent and ordered divisions whose members share similar values, interests, and behaviors.

social classes

________ is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities.

strategic planning

Each culture contains smaller ________, or groups of people with shared value systems based on common life experiences and situations.

subcultures

________ involves gathering primary data by asking people questions about their knowledge, attitudes, preferences, or buying behavior. It is the most widely used method for primary data collection.

survey research

Many companies use RFID product labels on their goods, which exemplifies the ________ environment in business.

technology

Customer equity refers to ________.

the total combined customer lifetime value of all of the company's current and potential customers

Which of the following refers to a set of benefits that a company promises to deliver to customers to satisfy their needs?

value proposition

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

wants