Marketing Concepts - Exam 1
The most important demographic trend is the changing _____ structure.
Age
It is acceptable to have products in which of the following BCG categories?
All of the above
A favorable or unfavorable evaluation, feeling, and tendency to behave towards something is an _____.
Attitude
______ _____ were born b/w 1946 and 1964.
Baby Boomers
Marketing stimuli enter the buyers ____ _____.
Black Box
What do we call the collection of businesses and products that make up the company?
Business Portfolio
Which SBU produces a lot of cash that the company may use to support other SBUs that need investment?
Cash Cows
This 1914 law supplemented the Sherman Act.
Clayton
Nagging doubts one might get after making a purchase decision whether a choice was the best one is called _____ dissonance.
Cognitive
Firms in the same industry must ... to earn customers business.
Compete
One basic purpose of regulations are to protect _____.
Consumers
The pharmaceuticals division of Omni Healthcare holds low market share in a high growth market. Managers may decide to _____.
Continually add new products Use money from a cash cow to develop market shares
Marketers must adapt to environmental changes since they cannot ____ them.
Control
A society's basic values, perceptions, preferences, and behaviors make up it's _____.
Culture
The broadest social influence on consumer behavior is ______.
Culture
Michael's Motors has decided to pursue a market development strategy whereby it will offer ____ products to _____ markets.
Current New
Marketers want to create superior...
Customer Value
The firm's ... delivers to value proposition.
Customer Value
Visual depictions of measured metrics are called _____.
Dashboards
Probably the most important role in the family decision process is the ____.
Decider
Marketers should strive to exceed expectations, leading to consumer ...
Delight
Sometimes a marketer may have to ... offering to reduce demand.
Demarket
______ are descriptions of populations.
Demographics
Which of the following is NOT part of the business portfolio analysis?
Determining appropriate target markets
Money left over from earnings minus taxes and cost of necessities is _____ income.
Discretionary
______ income is the money left after paying taxes.
Disposable
The US population reflects increasing ____.
Diversity
The ____ environment affects purchasing power.
Economic
Final purchase choice comes from the _____ set.
Evoked
Marketing is a ... process
Exchange
Wants + Buying Power=
Exchange
The most powerful regulatory agency, created in 1914, is the _____.
FTC
T/F : In traditional auctions, prices tend to fall whereas prices tend to rise in revers auctions.
False
T/F: A buying center is a fixed/formal unit.
False
T/F: Business buying processes are less formal in nature as compared to consumer buying processes.
False
T/F: Buying in business markets is more emotion based than buying in consumer markets
False
T/F: Gatekeepers are those who have the informal or formal power to select suppliers and arrange terms of sale.
False
The social group that most directly influences consumer behavior is the ____.
Family
_______ followed the Baby Boomers
Gen X
_______ is scrunched b/w Gen X and Millennials
Gen Y
Marketing plays a key role in a company's strategic planning. Which of the following does marketing provide?
Guiding philosophies Inputs Strategies Objectives
The fastest growing ethnic group in the US population are _____.
Hispanics
The two key components of a marketing strategy are to:
Identify a target market Develop a marketing mix
The BCG market growth rate provides a measure of ____
Industry Attractiveness
A change in behavior due to experience is a common definition of _______.
Learning
Company strengths identified in a SWOT analysis make it possible to ____.
Leverage
Marketers try to maintain the most profitable customers as ... customers who buy almost exclusively from that company.
Loyal
Firms commonly engage in strategic planning at all these levels except...
Management
Market segmentation identifies the ____ and divides it into smaller ______.
Market Segments
A common practice among marketers is to identify and develop new markets for their existing products. This practice is called _____.
Market Development
Which of the following are the axes used on the BCG matrix?
Market Growth Relative Market Share
A common practice among marketers is to increase sales to current customers without changing their products. What is this practice called?
Market Penetration
Your firm is attempting to create a customer driven marketing strategy. Which is the correct order of doing so?
Market segmentation Target Marketing Differentiation Market Positioning
The subject matter of the course is...
Marketing
The three pillars of the ...... are customer satisfaction, integrated marketing, and achieve organizational goals.
Marketing Concept
You are excited about studying marketing. You tell your younger brother that product, price, place, and promotion make up the _____.
Marketing Mix
About 84% of the US population lives in Statistical ____ Areas.
Metropolitan
The newest group in the population are the ____.
Millenials
At the corporate level, a company starts the strategic planning process by defining its overall values and ____.
Mission
_____ idealism suggests that ethical decisions are judged in an absolute manner rather than by the weighing of benefits and costs.
Moral
The force that initiates behavior is called a ____.
Motive
Focusing on wants rather than needs may lead to a marketing...
Myopia
The feeling of deprivation is a...
Need
Clarabell's clown supplies has decided to pursue a diversification strategy whereby it will offer _____ products to _____ markets.
New / Modified New
A few large competitors comprise this type of market structure:
Oligopoly
______ ______ occupy positions of informal influence over others.
Opinion Leaders
The environment exists _____ the organization.
Outside
Anxiety about unknown, but potentially negative, consequences of a purchase decision is called _____ risk.
Perceived
______ is the process by which people select, organize, and interpret information from their environment.
Perception
The characteristics that make you, you, is your ____.
Personality
Consumers may obtain a product where and when they wish because of the ________ part of the marketing mix.
Place
When we practice _____, we arrange for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target customers.
Positioning
The marketing mix element of _______ determines how much a buyer will pay.
Price
A marketing offer is some combination of, ... , services, information, or experiences offered to a market to satisfy a need or want.
Products
Business firms use marketing to earn a ...
Profit
Consumers learn about products through the ... element of the marketing mix.
Promotion
The measurement of lifestyle is called _____.
Psychographics
________ competition occurs when there are many small sellers who have no real market power.
Pure
The market structure where the least number of marketing related decisions are needed is:
Pure Competition
_____ groups influence on consumer behavior often depends on whether a product is consumed publicly pr privately and whether it is a luxury or necessity.
Reference
Laws and regulatory agencies make up the _____ environment.
Regulatory
Marketers want to build a lasting ... with customers.
Relationship
Socially _____ organizations recognize they are part of a larger society and are accountable to society for their actions.
Responsible
You work for Mr. Bill. He asks you to develop new markets for their current products. Which of the following would be the most helpful?
Reviewing new demographic markets Reviewing new geographic markets
This 1936 law focused on price discrimination.
Robinson Patman
The .... philosophy says the secret to earning greater profit is by creating greater sales.
Sales
Marketing aims to ... customers by meeting expectations.
Satisfy
The principle objective of a market-oriented mission statement is to _____.
Satisfy basic customer needs
The consumer decision process step where people become of fail to become aware of brands in the market place is the _____ stage.
Search
Dividing the market into different buying groups is called market....
Segmentation
The granddaddy of the anti-trust laws is the ______ act.
Sherman
The theory that consumers like to routinize purchases as much as possible is the psychology of _____.
Simplification
Such factors as the purchase task, surroundings, and time available are all part of the _____ influences on consumer behavior.
Situational
Generation Xers are _____ of marketing messages.
Skeptical
One's _____ _____ is often measured by factors as occupation, source of income, and housing type.
Social Class
Cultures often consist of various _______.
Subcultures
Messages allegedly place in other messages (like ads) that arrant consciously perceived are ____ messages.
Subliminal
The population is moving towards the _____ states.
Sunbelt
A ______ _______ consists of the part of the market to whom the firm will create a market offering.
Target Market
The most rapid and dramatic changes in the environment are in ____.
Technology
Environmental changes produce opportunities and ___.
Threats
In a basic SWOT analysis, the "T" stands for ____.
Threats
______ households are decreasing in numbers.
Traditional
Market challengers whose products are generally considered of low personal importance may try to encourage _____ purchase/use.
Trial
Long term customers with the greatest profit potential are ... friends
True
T/F : Business markets involve more dollars than consumer markets
True
T/F: A value analysis is done during the information search/product specification stage.
True
T/F: Business buying is more complex than consumer buying.
True
T/F: Demand for business markets is derived from consumer demand
True
T/F: Institutional markets often are characterized by low budgets and captive patrons.
True
T/F: Online buying in organizational markets occurs partially because of the need for timely supplier information and potential cost saving that may accrue.
True
T/F: Routine re-ordering is called "straight rebuy".
True
For exchange to occur, there must be at least ... parties involved.
Two
Culture and individual preferences shape needs into a...
Want
The FTC became a direct consumer protection agency under the _____ - _____ act.
Wheeler-Lea
The partner that dominates the most family decisions is the ____.
Wife
High involvement information processing involves a stage called _____ and acceptance which is generally absent in low involvement information processing.
Yield
