Marketing Chapter 1-9
the net return from a marketing investment divided by the costs of the marketing investment.
Markteting return on investment (ROI)
the actors close to the company that affect its ability to serve its customers - the company, suppliers, marketing intermediaries, customer markets, competitors, and publics
Microenvironment
opportunity, strength
The demand for organic produce is growing. Green Acres Farms grows only organic vegetables. In a SWOT analysis, the rising demand for organic produce would be a(n) __________ for Green Acres Farms, and the fact that they grow only organic vegetables is a(n) __________.
Compared to the mainstream buying public, Hispanic consumers tend to be deeply __________ oriented, making this a special characteristic and behavior.
family
Services cannot be seen, tasted, felt, heard, or smelled before they are bought. In other words, services are __________.
intangible
Service quality greatly depends on the quality of the buyerdash seller interaction during the service encounter. This is known as __________. A. the service profit chain B. internal marketing C. image differentiation D. external marketing E. interactive marketing
interactive marketing
To develop needed information, marketing information systems utilize __________.
internal databases, marketing intelligence, and marketing research
Some retailers use mannequins with cameras hidden in one eye to record customer demographics and shopping behavior in order to serve them better. This raises ethical concerns in terms of __________.
intrusion on customer privacy
Business markets have demand that __________.
is inelastic
Choosing a differentiated targeting strategy has many benefits, but a potential downside is that __________.
it can increase costs
The __________ consists of all the people who are involved in an organizational buying decision.
manufacturers, producers, wholesalers, retailers
company growth by identifying and developing new market segments for current company products (UA reviewing new demographic markets, new geographical markets)
market development
Some retailers, such as the Dollar Store, Dollar Tree, and Family Dollar, profitably focus on buyers with modest means. This is an example of __________.
market targeting
The step in designing a customer value- driven marketing strategy in which a company divides a market into distinct groups of buyers is known as market __________.
segmentation
Which of the following best describes the type of product Plymouth Rock Assurance offers? A. Convenience product B. Specialty product C. Capital items D. Unsought product E. Shopping product
shopping product
Mothers Against Drunk Driving (MADD) runs advertising campaigns aimed at stopping drunk driving and preventing underage drinking. This is an example of __________.
social marketing
A business buying situation in which the buyer reorders something without any modifications is known as a _________
straight rebuy
Market __________ evaluates each market segment's attractiveness and selects one or more segments to serve.
targeting
The winning value proposition by discount stores such as Walmart and Best Buy can be categorized as __________.
the same for less
During the idea generation stage of the new product development process, it is important that __________.
companies create a large number of ideas
What is positioning?
. Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
When does the habitual buying behavior occur?
. Under conditions of low-consumer involvement and little significant brand difference
Which of the following is a business-to-business market transaction?
A grocery store buying cereal from Kellogg's
What does a market segment consist of?
A group of consumers who respond to the marketing effort in the same way
the collection of businesses and products that make up the company. best fits the company's strengths and weaknesses to opportunities in the environment
Business Portfolio
A colleague wants to evaluate the attractiveness of a particular market segment. Which of the following would be good advice for your colleague?
Carefully consider the degree of competition and ease of entry into the segment.
extranets
Companies can allow key customers and value-network members to access account, product, and other data through __________
Which of the following statements is correct regarding consumer buying decisions? A. Consumers are often unaware of what influences their purchases. B. A buyer's characteristics such as age and income have little influence on buying decisions. C. Marketers are interested in what and where consumers buy, but not how much they buy. D. The consumer buying decision process is of little interest to marketers. E. The easiest part of studying buying decisions is determining the whys behind consumer buying behavior.
Consumers are often unaware of what influences their purchases.
the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics
Demography
actually differentiating the market offering to create superior customer value
Differentiation
company growth through starting up or acquiring businesses outside the company's current products and markets (Under armour partnering with MapMyFItness)
Diversification
economic factors that affect consumer purchasing power and spending patterns
Economic environment
__________ is the first stage in the new product adoption process.
awareness
Developing product specifications follows __________ in the business buyer decision process.
General need description
People born after 2000 (although many analysts include people born after 1995) who make up the kids, tweens, and teens markets.
Generation Z
Which of the following correctly defines the consumer market? A. Consumers who spend more than $5,000 yearly on goods and services B. Manufacturers, resellers, and consumers C. Consumers and the businesses who sell to them D. Consumers and the resellers who consumers buy their products from E. Individuals and households that buy goods and services for personal consumption
Individuals and households that buy goods and services for personal consumption
MIS may provide information to external partners, such as suppliers, resellers, or marketing services agencies
MIS begins and ends with information users. Which of the following statements is not an advantage of MIS?
providing concise information
MIS interacts with information users in several ways which include all of the following except __________.
the larger societal forces that affect the microenvironment - demographic, economic, natural, technological, political, and cultural forces
Macroenvironment
collecting and storing huge amounts of data
Many companies manage detailed information about individual customers by using all of the following methods except __________.
What is the correct order of the five stages in the buyer decision process?
Need recognition, information search, evaluation of alternatives, the purchase decision, and postpurchase behavior
Which of the following statements about big data is correct?
One result of big data is that marketing managers are often overloaded with information.
a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification
Product/market expansion grid
the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities
Strategic Planning
forces that create new technologies, creating new product and market opportunities
Technological Environment
sharing information widely
The marketing research industry is considering several options for responding to intrusion and privacy issues, which includes all of the following except __________.
exploratory
The objective of __________ research is to gather preliminary information that will help define the problem and suggest hypotheses.
What must companies do to create successful new products?
Understand its consumers, markets, and competitors and develop products that deliver superior value.
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?
age and life stages
Which of the following forms of products are considered as services? A. Airline travel Your answer is correct. B. Toyota Camry C. Starbucks coffee D. Apple iPhone E. Advice from a family doctor
airline travel
The 78 million people born during the baby boom, following World War II and lasting until the early 1960s
baby boomers
Sprout markets to preschool-aged children and their parents. Which type of segmentation is Sprout most likely using?
demographic
correct, Warm-up 3.1.2 The microenvironment consists of all of the following except __________.
demographics
Business-to-business marketers will sometimes promote their goods directly to consumers. This is because business demand is __________
derived
measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved. Four steps: (Sets specific marketing goals, then measures its performance, evaluates causes of any differences between exp and actual performance, finally mgmt takes corrective action to close gaps btwen goals and performance)
marketing control
For which service characteristic do marketers need to pay close attention to fluctuations in demand?
perishabililty
What tends to be the most effective source of information when consumers make a buying decision?
personal sources
A(n) __________ stance by companies toward the marketing environment is preferred over a reactive stance
proactive
observational research
Small businesses and not-for-profit organizations can obtain good marketing insights through __________.
The __________ consists of all the people who are involved in an organizational buying decision.
buying center
A marketer who wishes to gain insight into the demographics and attitudes of consumers who buy their product would likely ask Nielsen to perform which type of research? a) exploratory research b) secondary data c) descriptive research d) causal research e) primary data
c
What are the three broad targeting strategies used by marketers?
Mass marketing, differentiated marketing, and micromarketing
what are perceptual positioning maps used for?
To show consumer perceptions of different brands on important product dimensions
Institutional markets are __________.
characterized by low budget, captive patrons
what is the key to building lasting customer relationships?
creating superior customer value and satisfaction
Materials and parts, capital items, and supplies and services are groups of __________products.
industrial
Which of the following statements is not a difference between business markets and consumer markets?
the market is very small and limited
which of the following uses a sense-and-respond philosophy to promote a customer-centered marketing orientation?
the marketing concept
what is a market?
the set of actual and potential buyers of a product or service
the actual and potential buyers share what characteristics?
they share a particular need and want
When segmenting international markets, markets can be grouped according to language, religion, customs, and values. This type of segmentation is based on __________ factors.
cultural
The most basic determinant of a person's wants and behavior are embedded in a consumers __________.
culture
What are the three cultural factors that influence consumer buyer behavior?
culture, subculture, and social class
__________ development focuses on finding new ways to solve customer problems.
customer centered new product
The specific data that Nielsen provides to its clients for a specific purpose that has not been completed before, is most likely which type of data? a) secondary b) exploratory c) descriptive d) primary e) causal
d
__________ behavior occurs when consumers are highly involved with an expensive, infrequent, or risky purchase but see little difference among brands.
dissonance reducing buying
Nielsen is engaged in the collection and analysis of information about consumers, competitors, and developments in the marketplace. This systematic monitoring is known as __________. a) customer insight b) internal databases c) marketing information systems d) big data e) competitive marketing intelligence
e
xWhen a company lengthens a product line by adding more items within that lines current range, they are __________. A. stretching the line upward B. stretching the line downward C. increasing the width of their product mix D. filling the line E. decreasing the depth of the line
filling the line
Defining the problem and research objectives is the __________ step in the marketing research process.
first
You and seven other people are talking with a trained moderator about your feelings and thoughts about a potential new product. For doing this you receive a small payment. You are participating in a(n) __________.
focus group interview
Hospital purchasing agents should prefer __________.
food vendors with low prices and quality products
protects consumers from unfair or deceptive advertising and marketing practices that raise health and safety concerns as well as those that cause economic injury
ftc
During concept testing, who is the product concept actually tested on?
groups of target consumers
A firm improves product quality and adds new product features and models. It also shifts some advertising from building product awareness to building product conviction and purchase. At which stage of the product life cycle would this be a recommended strategy?
growth
Profits increase during the __________ stage of the product life cycle.
growth
students purchasing items with the college logo most likely represent consumers involved in which type of buying behavior?
habitual
In the decline stage of the product life cycle, some companies continue to offer the product but reduce various costs, hoping that sales hold up. This is known as __________ the product.
harvesting
What is the first step of the new product development process?
idea generation
Candace Cabe likely had several different ideas for a convertible high-heel, but sifted through each idea until she found the one that was most marketable. Which step of the new development process did this most likely occur in?
idea screening
A University is buying new overhead projectors for its classrooms. The University's Information Technology Department has been asked to provide specifications and recommendations for this purchase. The IT Department is playing which role in the University's buying center?
influencer
When Eaton worked with the University of 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)?
influencers
__________ are members of the buying center who help define specifications and provide information for evaluating alternatives.
influencers
IMG World provides college students with new, relevant media, making which stage of the consumer buyer behavior process easier for the consumer?
information search
The first group marketers try to bring their new products to the attention to are potential __________.
innovators
People can be classified into adopter categories. Which two categories are the first to adopt a new product idea?
innovators and early adopters
Defining the problem and research objectives is the __________ step in the marketing research process.
it is used to make better marketing decisions
The rapidly expanding use of e-procurement in business-to-business deals provides several advantages; however, one of the disadvantages is __________.
it pits suppliers against one another
There is a growing segment of people who want food that tastes good and is also good for them. This healthy-living segment represents which segmentation base?
lifestyle
Psychographic segmentation divides buyers into different segments based on __________.
lifestyle and personality
When Doritos comes out with new flavors of their tortilla chips, what brand development strategy are they using? A. Licensing B. Brand extension C. New brand D. Line extension E. Multibrand
line extension
The process of evaluating each market segment's attractiveness and selecting one or more market segments to enter is called __________.
market targeting
The video indicated that the shoes would be sold for $120 to $150 per pair. At which stage of the new product development process was this decision most likely made?
marketing strategy development
Most products today are in which stage of their product life cycle?
maturity
The "echo boomers" is another name for __________.
millenials
Which of the following would be an appropriate strategy during the maturity stage of the product lifecycle?
modify the market, product offering, or marketing mix
(Plymoth rock association) Prior to the merging of three distinct insurance company names into one new name, which of the following best describes the branding strategy used? A. Mulitbrands Your answer is correct. B. Line extension C. Brand engagement D. Brand extension E. Co-branding
multibrands
Which of the following is a personal factor that influences a consumer's buying behavior?
occupation
A popular football player at a college who is able to influence the buying decisions of fans would best be described as a(n) __________.
opinion leader influence
__________ includes the final order with the chosen supplier or suppliers and lists other required items.
order routine specification
Which of the following correctly defines the institutional market?
organizations that provide goods and services to people in their care
Which of the following statements regarding positioning is correct?
positions must adapt over time to meet changing consumer needs
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?
problem recognition
At which stage of the new product development process is a physical product first developed?
product development
BMW says their cars are "The Ultimate Driving Machine". Ford trucks are "Built Ford Tough". Which type of differentiation do these examples represent?
product differentiation
A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges are called a(n) __________.
product line
The number of items in a product line represents the __________ and the total number of product lines a company carries represents the __________.
product line length; product mix width
Product value analysis is an approach to cost reduction that is used at which stage of the buying decision process?
product specification
__________ segmentation divides buyers into different segments based on lifestyle or personality characteristics.
psychographic
Consumer motivation, perception, and learning are related to the __________ factors influencing consumer behavior.
psychological
To do e-procurement, companies can conduct __________, in which they put their purchasing requests online and invite suppliers to bid for the business.
reverse auctions
one form of e-procurement is __________ in which companies put their purchasing requests online and invite bids.
reverse auctions
__________ means that the quality of services depends on who provides them as well as when, where, and how they are provided.
service variability
through the years, Eaton has shifted from selling strictly components to solving its customers' problems with more tailored offerings. This is an example of _________.
solutions selling
Which of the following best describes Sprouts competitive advantage?
sprouts overall customer value
In the B-to-B market, one strategy is to offer a complete solution to a buyer's problems. This is called __________.
systems selling
If the product passes both the concept test and the product test, the next step is __________.
test marketing
Which one of the following statements about marketing research in small businesses and nonprofit organizations is correct?
the research methods of small businesses and nonprofits are less complex and less costly, but they still must be conducted carefully.
a
Konica/Minolta focuses one of its business units on medical and healthcare groups. These groups make up on of Konica/Minolta's ___________________. a) market segment b) positioning c) differentiation d) marketing mix e) market analysis
c
Konica/Minolta hopes to create customer value through its mission, strategic goals and objectives, marketing mix, and other marketing tools. This collective effort is known as Konica/Minolta's ____________________. a) market targeting b) market differentiation c) marketing strategy d) market segmentation e) marketing mix
Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs
Market Segmentation
evaluating each market segment's attractiveness and selecting one or more segments to enter
Market Targeting
the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers
Marketing Environment
turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives
Marketing Implementation
the set of tactical marketing tools - product, price, place, and promotion - that the firm blends to produce the response it wants in the target market
Marketing Mix
a statement of the organization's purpose - what it wants to accomplish in the larger environment
Mission Statement
laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society
political environment
In SWOT analyses, the favourable factors or trends in the external environment that the company may be able to exploit to its advantage are referred to as __________.
opportunities
Freedom from defects and consistency in delivering a targeted level of performance is an attribute of product's __________. A. branding B. labeling C. support services D. packaging E. conformance quality Your answer is correct.
conformance quality
how did the Great Recession of 2008-2009 affect marketers in terms of consumer attitudes?
consumers are showing an enthusiasm for frugality
Typically, consumers put in minimum time and effort when buying products such as laundry detergent, candy, and fast food. These types of goods are classified as __________ products.
convenience
the process by which management evaluates the products and businesses that make up the company. company will want to put strong resources into its more profitable businesses and phase down or drop its weaker ones
portfolio analysis
company growth by offering modified or new products to current market segments (UA added under armour speed form line
product development
4 P's?
product, price, place, promotion
market offerings include
products, services, and experiences
__________ refers to activities that communicate the merits of the product and persuade target customers to buy it.
promotion
any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives
public
marketing was once understood in the sense of marking a sale. Today, marketing is understood in the new sense of_________
satisfying customer needs
the first step to a successful value-driven marketing strategy is to determine whom to serve with market offering?
segmenting and targeting
In portfolio analysis, a company must identify __________, which are key businesses that make up the company.
strategic business units
The __________ environment is the most dramatic force shaping the destiny of the markets and marketing.
technological
in todays global environment, everything and everyone are digitally connected to everything and everyone else. the term used to describe this is _______
the internet of things
which marketing orientation states that consumers will favor products that offer the most quality, performance, and innovative features?
the product concept
New product development starts with __________.
idea generation
__________ is the first stage of the product life cycle.
product development
Marketers should carefully consider public policy issues and regulations regarding all of the following except __________.
product developmentt
a portfolio-planning method that evaluates a company's SBUs in terms of market growth rate (vertical) and relative market share (horizontal). Defines four types: Stars, cash cows, dogs, question marks
Growth-share matrix
Which of the following statements about information and customer insights is correct?
Information to gain customer insights comes from a wide variety of sources.
Which of the following statements about online research is correct?
Online surveys generally have higher response rates than those conducted by mail or phone.
One characteristic of services is their variability. What is the main reason for services being variable?
Service quality depends on who provides them, as well as when, where, and how they are provided.
Strategically, a company may phase out or sell an SBU. This is known as __________.
divesting
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 as which of the following? A. Performance quality B. Quality consistency C. Conformance quality D. Quality level E. Total quality management
total quality management
A(n) __________ is defined as any contact between a customer and a company.
touch point
for which customers relationship group should a company make continuous relationship investments to delight, engage, retain, and grow them?
true friends
Many companies view the marketing environment as a(n) __________ element to which they must react and adapt.
uncontrollable
to create and capture customer value, companies must engage the first step of the marketing process, which is___________
understand the marketplace and customer needs and wants
Using a(n) __________ marketing strategy, a firm might decide to ignore market segment differences.
undifferentiated
Blood donations to the Red Cross are considered __________ products. A. specialty B. unsought Your answer is correct. C. shopping D. industrial E. convenience
unsought products
a network composed of the company, suppliers, distributors, and, ultimately, customers who partner with each other to improve the performance of the entire system in delivering customer value. Competition takes place between entire value delivery network
value delivery network
The full mix of benefits on which a brand is differentiated and positioned is called a(n) __________.
value proposition
The full mix of benefits on which a brand is differentiated and positioned is called a(n) __________.
value propositioning
One of the disadvantages of product and service standardization for international market is __________.
varying worldwide market
google now look beyond economic gain and, in their marketing strategies, they also consider the well-being of customers, the depletion of natural resources, the viability of suppliers, and the interests of the local community. this reflects which marketing philosophy?
the societal marketing concept
In the product adoption process, __________.
there are five stages
What is the overall goal of marketing strategy?
to create customer value and build profitable relationships
What is the overall purpose of differentiation?
to create superior customer value
what is the purpose of a value proposition?
to differentiate and position a market offering in the marketplace
Which of the following best describes brand equity? A. A measure of the brand's ability to capture consumer preference and loyalty B. The return on investment a firm receives from a brand C. The total financial value of a brand D. The extent to which two different brands in the same product category are similar E. That the brand is legally protected from imitation
A measure of the brand's ability to capture consumer preference and loyalty Your answer is correct.
Which of the following correctly defines a product? A. A product is anything offered to a market that might satisfy a need or want. B. A product is the overall market offering. C. Products are tangible goods only. D. Products include tangible objects and services but not events or people. E. A product consists of the actual product and the augmented product. The core customer value is not part of a product.
A product is anything offered to a market that might satisfy a need or want.
Which of the following statements regarding the growth stage of the product life cycle is correct? A. Sales will be slow and profits will level off or decline. B. Companies face a trade-off between high market share and high profits. C. The company will still be free of competition. D. Sales begin to climb slowly. E. Early adopters are not yet buying the product.
Companies face a trade-off between high market share and high profits.
Which of the following statements regarding segmentation is correct?
Consumer and business marketers use many similar variables, but business marketers use additional variables to segment their markets.
Which of the following statements is correct regarding the influence of personal factors on buyer behavior? A. The PRIZM segmentation system primarily classifies households based on their interest in social networks. B. The concept of lifestyle is too complex to be of use to marketers. C. Consumers tend to buy brands whose personality matches their own. D. A person's occupation does not affect the goods they purchase. E. Marketers have found that it is not useful to define target markets in terms of life-cycle stage.
Consumers tend to buy brands whose personality matches their own
Which of the following statements regarding the buyer decision process is correct? A. Consumers tend to take the same amount of time going through the stages of the buyer decision process. B. The nature of the product has no effect on the buyer decision process. C. The buyer decision process consists of four stages. D. Consumers may, in some situations, skip steps in the buyer decision process. E. Consumers go through all stages of the buyer decision process for every purchase situation.
Consumers may, in some situations, skip steps in the buyer decision process.
What are the four general characteristics that influence consumer purchases?
Cultural characteristics, social characteristics, personal characteristics, and psychological characteristics
Which of the following statements about the use of digital and social media for B-to-B marketing is correct? A. It allows businesses to target individuals within a business who affect buying decisions B. It is growing rapidly but offers limited ways to engage customers compared to face-to-face selling. C. It reduces customer engagement and interaction. D. It is growing slowly because business buyers are only occasionally connected to digital devices. E. It is a very important medium but its use is currently limited to a small number of industries.
It allows businesses to target individuals within a business who affect buying decisions
Which of the following statements regarding the business market is correct? A. The business market is not as large as the consumer market in terms of dollars spent and items purchased. B. The business market has more buyers than the consumer market. C. In the business market buying process, buyers and sellers are less dependent on each other than in the consumer market. D. Many sets of business purchases are made for one set of consumer purchases. E. Business buying decisions are less complex than consumer buying decisions.
Many sets of business purchases are made for one set of consumer purchases.
Which of the following statements concerning new products is correct?
Modified and improved products are considered new.
Items such as technical specifications, quantity, delivery time, return policies, and warranties are included in which stage of the buying decision process?
Order-routine specification
Which of the following best describes a marketing information system (MIS)?
People and procedures that are used to manage information to generate and validate actionable customer and market insights
Which of the following statements regarding positioning is correct? A. Establishing a position usually takes a very short amount of time. B. Abruptly changing a position is an effective strategy when consumer needs change. C. Once a positioning strategy is identified, it is typically very easy to implement. D. Once established, a strong position is never lost. E. Positions must adapt over time to meet changing consumer needs.
Positions must adapt over time to meet changing consumer needs.
Which of the following is true of a new product in the introduction stage, such as the Day to Night heels? A. Word of mouth increases. B. Product lines and extensions are created. C. Promotion spending is relatively low. D. Sales climb quickly. E. Profits are generally negative due to the high cost of R&D.
Profits are generally negative due to the high cost of R&D.
Which of the following correctly identifies the social factors that influence consumer buyer behavior? A. Small groups, social networks, social class, and subculture B. Small groups, family, social class, and lifestyle C. Family, social networks, social class, and subculture D. Small groups, social networks, family, and social roles and status E. Small groups, social networks, family, and social class
Small groups, social networks, family, and social roles and status
The company's choice of its name, Plymouth Rock Assurance, and its motto, open double quote More Than Just Insurance,close double quote indicates the company is attempting to position itself in a particular manner. Which of the following would most likely be the intended position of the company? A. Less expensive than its competitors B. Superior customer service through its products and services C. Increased brand sponsorship D. The nation's premier insurance company E. Increased product mix other than insurance
Superior customer service through its products and services
Which of the following statements regarding the U.S. government market is correct? A. Government buying is not scrutinized by outside publics. B. Selling to the U.S. government requires no specific knowledge of that market. C. The U.S. government is the largest buyer of goods and services in the world. D. The U.S. government market is not affected by environmental factors. E. The government tends to favor foreign suppliers over domestic suppliers.
The U.S. government is the largest buyer of goods and services in the world.
What are the two major components of a B-to-B marketer's buying activity?
The buying center and the buying decision process
What is the unique positioning of Sprout?
The channel is marketed to both children and their parents and airs 24 hours a day.
Product planners think of products on three levels. Which of the following correctly identifies the three levels?
The core customer value, the actual product, and the augmented product
Which of the following statements regarding socially responsible product decisions is correct? A. Safety legislation has not yet been passed to regulate toys, automobiles, and fabrics. B. When companies drop products, they do not have any obligations to suppliers, dealers, and customers. C. Manufacturers are generally not concerned with product liability. D. Companies can safely ignore patent laws. E. The government may prevent companies from adding products through acquisitions if the effect threatens to lessen competition.
The government may prevent companies from adding products through acquisitions if the effect threatens to lessen competition.
What determines if a buyer is satisfied or dissatisfied with a purchase?
The relationship between consumer expectations and perceived product performance
Which of the following is an advantage to using internal databases for information?
They can be accessed quickly and cheaply.
According to the text, the most successful new products satisfy three criteria. What are these criteria?
They solve a major customer problem, are differentiated, and offer a compelling value proposition.
Which of the following statements about service marketing is correct? A. Social media is not useful to service marketers. B. Training current employees better and hiring new ones with more skills can increase service productivity. C. Due to the variability of services, top service companies set modest service-quality standards. D. Service marketers cannot differentiate their offerings. E. It is easier to define service quality than product quality.
Training current employees better and hiring new ones with more skills can increase service productivity.
define the problem
What is the first step in marketing research process?
competitive marketing intelligence
__________ is the systematic monitoring, collection, and analysis of publicly available information about consumers, competitors, and developments in the marketplace.
What is a product concept?
a detailed version of a new product idea stated in meaningful consumer terms
In which type of buying situation will a buyer usually go through all eight stages of the business buying process?
a new task buying situation
Through a company invites broad communities of people into the innovation process.
crowdsourcing
__________ segmentation divides buyers into segments based on their knowledge, attitudes, uses, or responses to a product.
behavioral
Fitbit makes health and fitness tracking devices. Some buyers want very basic fitness tracking such as steps taken and calories consumed. Others are focused on high performance and want heart rate and sleep monitoring, text notification, and wireless sync to their smart phone. In serving these two very different groups, Fitbit is using __________ segmentation.
benefits sought
Sprout segmented the market by targeting parents of preschoolers who wished to have an educational and entertaining experience for and with their children. Which type of segmentation does this describe?
benefits sought
According to the stimulus-response model of buyer behavior, marketing and other stimuli enter the consumer's __________ and produce certain responses.
black box
the name Plymouth Rock Assurance identifies the company as the seller of its services and products, which is also known as which of the following? A. Logo B. Package C. Product line D. Label E. Brand
brand
__________ is a measure of the brand's ability to capture consumer preference and loyalty. A. Brand sponsorship B. Brand equity C. Brand positioning D. Brand value E. Brand management
brand equity
the branding strategy of launching a product or service as a national or store brand is considered a __________.
brand sponsorship
__________ helps the seller to segment markets. A. Packaging B. Product design C. Product style D. Branding E. Product quality
branding
Which of the following is not considered one of the links in the service profit chain? A. Internal service quality B. Satisfied and loyal customers C. Satisfied and productive service employees D. Greater service value E. Buyerdash seller interaction
buyer seller interaction
Nielsen gathers data on millions of people to help marketers gain __________ to use to create strategic marketing decisions. a) marketing information systems b) internal databases c) customer insights d) competitive marketing intelligences e) big data
c.
Amazon and GEICO set themselves apart with their smooth-functioning direct delivery strategy referred to as __________ differentiation.
channel
Consumer purchases are influenced strongly by certain characteristics which include all of the following except __________.
cognitive
the video indicated that a company in China was manufacturing the first batch of the shoes. This is indicative of which stage of the new product development process?
commercialization
When consumers engage in __________ buying behavior they go through a learning process, so it is most important that marketers understand information gathering and evaluation behavior.
complex
Which of the five characteristics identified in the text has an inverse relationship with an innovation's rate of adoption? As this characteristic increases, the rate of adoption is slower.
complexity
Instead of going after a small share of a large market, a firm goes after a large share of a smaller niche segment. This type of marketing strategy is known as __________.
concentrated marketing
Candace Cabe created the Day to Night shoe based on an idea she had, and then asked a group of women to provide feedback regarding the idea. Which step of the new product process does this most likely represent?
concept testing
One recent development in generating new product ideas is for a company to invite broad communities of peoplelong dash such as employees, customers, and even the public at largelong dash into the innovation process. This is known as __________.
crowdsourcing
Sprout has created a unique market offering by integrating its programs with both children and parents. This unique offering that creates superior customer value is known as __________.
differentiating
Nielsen gathers consumer insights through a variety of ways, including consumer tracking and panels. Which type of research is Nielsen engaged in during these examples? a) mail questionnaires b) telephone surveys c) causal research d) online marketing research e) focus groups
d.
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 __________.
derived demand
Survey research is the approach best suited for gathering __________.
descriptive research
After defining the problem and objectives, what is the next step in the marketing research process?
develop the research plan
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?
environmental
Sending observers to watch and interact with consumers in their "natural environment" is known as __________.
ethnographic research
which of the following correctly identifies the five core customer and marketing concepts?
1. needs, wants, demands 2. market offerings 3. value and satisfaction 4. exchanges and relationship 5. markets
set company goals and objectives
After defining its mission, the next step in strategic planning is to __________.
b
Kevin Kern described Konica/Minolta's use of commercials, newspapers, social media, and other media to control the marketing message. Which marketing concept was he referring to? a) company objectives and goals b) marketing mix c) product development d) diversification e) marketing strategy
Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
Positioning
a
Prior to changing its product offerings and realigning its business units, managers at Konica/Minolta most likely first performed which of the following to determine those units that were profitable and those that should be phased out or realigned? a) perform a portfolio analysis b) define the company mission c) set company goals d) set company objectives e) create specific marketing strategies
_________ are distribution channel firms that help the company find customers or make sales for them
Resellers
An overall evaluation of the company's strengths (S), weaknesses (W), opportunities (O), and threats (T).
SWOT analysis
Portfolio
To create and capture customer value, companies must engage the first step of the marketing process, which is __________.
customer value delivery network
To improve the performance of the __________, many companies today are partnering with other members of the supply chainlong dash suppliers, distributors, and customers.
d
Under the previous CEO, Konica/Minolta's management determined it was time to invest in _______________ by offering new products to the technology market. a) diversification b) partner relationship management c) market penetration d) product development e) market development
the series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products
Value Chain
Define its overall purpose and mission
What does a company do to start the strategic planning process?
To create a game plan for long-run survival and growth in consideration of changing marketing opportunities
What is the overall focus of strategic planning?
market development
When Under Armour expanded its current products into global markets, it was pursuing which growth strategy?
Marketers can access and easily sift through the data once it is available.
Which of the following statements discussing big data is not true?
the primary goal of consistently delivering superior value is to_________
build profitable customer relationship
which of the following is an accurate statement about building customer relationships in the modern marketing era?
building relationships through consumer-generated content is expensive and takes time
what is the final step in the marketing process?
capture value from customers
The BCG matrix classifies products which have a high market share in a low growth market as __________.
cash cows
the key element of successful marketing today is to __________
create value
The __________ environment consists of institutions and other forces that affect a society's basic values.
cultural
the total combined lifetime value of a company's current and potential customers is called?
customer equity
Which of the following is not one of the five marketing management functions?
customer service
_________is the customers evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers
customer-perceived value
Business legislation has been enacted for a number of reasons which include all of the following except __________.
developing a code of ethics
Effective positioning is based on __________.
differentiation
When a firm starts up or buys a business outside of its current product line and markets, it is pursuing which growth strategy?
diversification
The __________ environment consists of economic factors that affect consumer purchasing power and spending patterns.
economic
developing strategies and practices that create a world economy that the planet can support indefinitely
environmental sustainability
The most common form of marketing organization is the ________________, under which different marketing activities are headed by a functional specialistlong dash a sales manager, an advertising manager, a marketing research manager, a customer service manager, or a new product manager.
functional organization
the 49 million people born between 1965 and 1976 in the "birth dearth" following the baby boom
generation x
Within the growth-share matrix, "cash cows" are __________.
low growth, high share
a marketing strategy that tries to increase market share among existing customers without changing the product. In its current product lines
market penetration
a group of consumers who respond in a similar way to a given set of marketing efforts
market segment
engaging customers and managing profitable customer relationships in the simplest definition of_________
marketing
firms that help the company to promote, sell, and distribute its goods to final buyers. Resellers, physical distribution firms, marketing services agencies, and financial intermediaries
marketing intermediaries
the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships. made up of four steps (market segmentation, market targeting, differentiation, and positioning)
marketing strategy
the 83 million children of the baby boomers born between 1977 and 2000
millennials or Generation Y
Shortages of certain raw materials is a major trend related to the __________ environment.
natural
the physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities
natural environment