Marketing Exam 1 - Ch 1/2 Quiz

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Consumers' needs and wants are fulfilled through ________.

Market offerings

Dividing a market into several sections of customers is known as ________.

Market segmentation

________ refers to the process of evaluating each market segment's attractiveness and selecting one or more segments to enter.

Market targeting

The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

Marketing

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

Marketing Management

Various government agencies have launched campaigns to encourage energy conservation and concern for the environment as well as discourage smoking, illegal drug use, and obesity. This illustrates ________ marketing.

Social

Dollar General profitably appeals to families with more modest means. The retailer's approach is most likely referred to as ________.

Target Marketing

A brand's ________ is the set of benefits that it promises to deliver to consumers to satisfy their needs.

Value proposition

________ are the form human needs take as they are shaped by culture and individual personality.

Wants

Which of the following best describes a company's business portfolio?

the collection of businesses and products that make up the company

The process that turns marketing plans into marketing actions to accomplish strategic marketing objectives is called marketing ________.

implementation

In the BCG growth-share matrix, question marks refer to products or businesses with a ________.

low market share in a market with high growth prospects

A firm's decision to identify and develop new markets for existing products is a ________ strategy.

market development

The two dimensions the BCG approach uses to evaluate and manage SBUs are ________.

market growth rate and relative market share

Evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are attained is called ________.

marketing control

Ch 1 Quiz

Ch 1 Quiz

Ch 2 Quiz

Ch 2 Quiz

Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on ________.

Consumers' existing wants

Which of the following terms refers to a customer's 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

________ refers to reducing the business portfolio by abandoning products that no longer fit the company's overall strategy.

Downsizing

________ is the act of obtaining a desired object from someone by offering something in return.

Exchange

________ are defined as states of felt deprivation.

Needs

The ________ concept holds that consumers will favor goods and services that offer the most in quality, performance, and innovative features.

Product

Which of the following transforms marketing strategies into real values for consumers?

The four P's of marketing

According to the five-step model of the marketing process, the first step in marketing is ________.

Understanding the marketplace and customer needs and wants

Which of the following best describes product positioning?

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

A strategy for company growth through starting up or acquiring businesses outside the company's current products and markets is called ________.

diversification

Which of the following best describes market segmentation?

dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors

Design, packaging, service, and features are elements of the ________ component of a company's marketing mix.

product

When viewing the market from a buyer's point of view, "communication" corresponds to the ________ component of the marketing mix.

promotion

Both market penetration strategies and market development strategies primarily involve ________.

selling a company's current products

When a company chooses to divest a particular strategic business unit, it ________.

sells off or phases out the strategic business unit


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