Marketing Exam 1

Which types of companies would most benefit from conducting marketing research?

Both large multinational firms like Disney and IBM and small local firms

Juanita owns a small hot-air balloon company in Albuquerque, New Mexico. She recently started a Facebook page for her company, and many of her customers are asking for store-sponsored hot-air balloon trips. They believe Juanita's expertise would make her the perfect guide. Juanita decides to host quarterly hot-air balloon trips and experiences a huge increase in sales and customer satisfaction. Which of the following is the BEST conclusion that can be drawn from Juanita's situation?

Customer insights can provide valuable information to a small businesses.

What is the first step of the marketing research process?

Defining the research problem

​Julie's Jump Rope Emporium is a new company. From a marketing​ standpoint, what is the FIRST thing​ Julie's Jump Rope Emporium needs to​ do?

Determine who in the community wants or needs a jump rope.

Which strategy involves company growth through starting up or acquiring businesses outside the company's current products and markets?

Diversification

Mars Inc. is know for being the worlds number one candy maker, but they also have pet nutrition and health care companies as well. All of these business together are referred to as as Mars Inc's

business portfolio

P&G's goal os to create innovative brands that give consumers an irresistibly superior experience. In todays fast and changing market enviornemnt, creating such irresistablu superior experiences is a tremendous challenge. To meet that challenge, P&G must first create a steady flow of deep, fresh insights into consumers' constantly changing needs and behaviors. How does P&G gain these insights?

by conducting market research

Primary data ________.

consist of information collected for the specific purpose at hand

The real value of marketing information rests in the _________.

customer insights it provides

When a company starts the strategic planning process at the corporate level, it begins by ___________.

defining its overall purpose and mission

Marketers should understand and identify the company's market share to support the development of the company's marketing _______________.

strategies

A SWOT analysis is a widely used tool to conduct a situational analysis. The goal of the analysis is to match the _____________________ to the attractive opportunities in the environment while eliminating the _________________________ and minimizing _______________.

strengths, weaknesses, threats

The role of a company's marketing intermediaries is to do which of the following?

Help the company promote, sell, and distribute products

The demographic, economic, natural, technological, political, and cultural forces that affect a company's ability to serve its customers make up which of the following?

Macroenvironment

Assume Unilever sold 5,000 bars of Dove soap out of 25,000 total soap bars sold in Columbus, Ohio. What is Unilever's market share in Columbus, Ohio?

20%

A power tool company wants to give its customers access to internal, nonpublic information about how best to use its product in creative ways. What should the company create to provide customers with this information?

A company extranet

Calvin's Cupcakes is attempting to gather information about its customers in order to improve its customer service. Which of the following is the BEST path for this company to start to develop an efficient MIS?

Assess the information needs of the company

Scott Frost has been coming to Aldwin's Restaurant for 20 years and refuses to go anywhere else. Joseph, the owner of Aldwin's, loves Scott's loyalty but admits he purchases only a cup of coffee at each visit. Scott would BEST be described as which of the following?

Barnacle

"To accelerate the world's transition to sustainable energy" is Tesla's. . .

Business Objective

In the BCG Matrix _________________ are low-growth, high-share businesses or products. These established and successful SBUs need less investment to hold their market share. Thus, they produce a lot of the cash that the company uses to pay its bills and support other SBUs that need investment.

Cash Cows

________ markets consist of individuals and households that buy goods and services for personal consumption.

Consumer

Which of the following is NOT a primary goal of competitive marketing intelligence?

Creating an understanding of the business-to-business environment

Which of the following scenarios BEST describes the societal marketing concept?

Edward's Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term.

________ is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate marketing strategies.

Market segmentation

_____________________ involves evaluating each market segment's attractiveness and selecting one or more segments to enter.

Market targeting

________ consists of the analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance.

Marketing analytics

Which of the following statements about big data is correct?

One result of big data is that marketing managers are often overloaded and overwhelmed with

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

Positioning

Which of the following is NOT one of the four Ps of the marketing mix?

Profit

The ultimate goal of the marketing process is which of the following?

Receiving value from customers

Chicago's best Italian restaurant has been operating on the north side of Chicago for more than 30 years. Its target market includes young urban professionals who want new-style organic pizzas with exotic ingredients. However, in recent years, the population in the pizzeria's neighborhood has been shifting, and now fewer young urban professionals live there. The population has grown older and wants traditional pizza, not pizza with exotic ingredients. Which of the following identifies the pizzeria's BEST response to this situation?

Target a new market with a different product.

Wonders such as smartphones, driverless cars, and antibiotics can be attributed to which marketing environment?

Technological

Which concept takes an outside-in view that emphasizes fulfilling the needs of customers as a road to profits?

The marketing concept

How does the microenvironment of a company differ from its macroenvironment?

The microenvironment deals with the company, suppliers, marketing intermediaries, customer markets, competitors, and publics.

How does the new concept of marketing differ from the old concept of marketing ("telling and selling")?

The new concept focuses on customer needs.

Which statement is true?

The real value of marketing information lies in how it is used.

Why is marketing return on investment (ROI) so difficult to measure?

There is no consistent definition.

What is the main problem that sellers suffering from marketing myopia face?

They focus more on products than on the customer's underlying need.

Which of the following BEST describes the purpose of customer insights?

To create more value for customers

Which of the following is the primary reason firms use competitive marketing intelligence?

To gain early insights into competitor moves and strategies, and to prepare quick responses

Almost any business large or small can create, publish, and distribute its own custom online mobile mobile surveys in minutes

True

Nelson's Pet Food Co. is having difficulty obtaining the credit it needs to expand. What should the company do in order to improve its financial situation?

Work out a plan with its financial intermediaries