Marketing Exam 2
low market share and low market growth
in the growth-share matrix, what are the characteristics of dogs?
To gain early insights into competitor moves and strategies, and to prepare quick responses
Which of the following is the primary reason firms use competitive marketing intelligence?
The new concept focuses on costumer needs
how new concept of marketing differ from the old concept of marketing ("telling and selling")
Market Exchange
(drama club wants to increase the membership and attendance at its performance.) Has new events and sends volunteers to the local high school and other establishments. What is the drama club engaging in?
The internet has allowed consumers to take marketing content and share it.
According to the text, how has the internet MOST affected companies and customers?
Examine how well each group performs its work of adding customer value.
A company's value chain is only as strong as its weakest link. What should a company do to properly gauge the strength of its links and continually improve?
Monitor strategic marketing performance
A marketing dashboard is used to do which of the following?
a company extranet
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?
Work out a plan with its financial intermediaries
A sporting good store is having difficulty obtaining the credit it needs to expand. What should the Company do in order to improve its financial situation?
cultural
A wedding services company changes its marketing strategy to reflect the fact that more LGBTQ (lesbian/gay/bisexual/transgender/queer) marriages are taking place. The company is offering a broader range of ceremonies that cater to this market. Which of the following environments must this wedding company analyze?
Strategic Planning
Action helps a company find the game for the long-run survival and growth that makes the most sense given its specific situation, opportunities, objectives, and resources.
customer brand advocacy
Actions by which satisfied customers initiate favorable interactions with others about a brand are defined as
its business portfolio
After creating a company's mission and objectives, the executive team must then plan __________ by keeping in mind the best fit for its strengths, weaknesses, and opportunities in the environment.
(AI) Artificial Intelligence
Amazon Echo's Alexa is an example of a(n) ___________ - powered application
a shift from rural to metro areas
Americans are a mobile people, with about 9 percent of all U.S. residents moving each year. Which population trend does this describe?
Inform customers of the company's privacy policy
An international company has appointed a CO to ensure the privacy and confidentiality of the consumer data it collects. Which of the following is the CPO MOST likely to do as a function of his or her job?
frequency marketing program
Asher Airlines instituted a marketing program whose intent is to create a relationship with customers with seat upgrades and free miles for their continued patronage. What customer relationship tool IS Asher Airlines using!
value delivery network
To create value for customers, marketers must improve the performance of the_________ which includes partnering with suppliers, distributors, and customers.
Cause - related
To exercise social responsibility, many companies are linking themselves to what type of marketing?
To create more value for customers
BEST describes the purpose of customer insights?
customer equity
Bertram's Beer structures its company in such a way as to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers. What is Bertram's Beer attempting to build?
selecting only customers a company can serve well and profitably
Best expresses the goal of effective marketing management
Proactive
Beverly's Burgers came under fire recently when allegations were made that its veggie burgers were actually made with beef. To counter the claims, the restaurant called in a company to test not only its veggie burgers, but also the rest of its vegetarian options to prove they lacked meat. The results were displayed publicly on the restaurant's Facebook page. What BEST describes Beverly's Burgers' response to the allegations?
Assess the information needs of the company
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?
Target a new market with a different product.
Chicago's Best Pizzeria 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? A. Be proactive and convince customers that "exotic is better." B. Target a new market with a different product. C. Run an ad campaign on the health benefits of pizza. D Cut the prices on its pizza. E. Sell a different food product, such as hamburgers or sushi.
marketing management organization
Denim Blue Jean Corporation is a growing company located in Washington State, but it is beginning to develop a presence in the surrounding states as well. It sells only one product--blue jeans--but it has 12 different lines of jeans that cater to men, women, children, babies, toddlers, and teens. Which type of marketing department organization would BEST suit Denim Blue Jean Corporation?
Should Jantel, Inc. follow a product or marketing concept?
Ethel and Jan have just started a new company, Jantel, Inc., and are having trouble deciding which marketing path to take to drive sales. Ethel believes they should follow a make-and-sell philosophy that focuses on improving their product, whereas Jan believes they should be more customer-oriented and find the right products for their customers. Which of the following BEST describes what the and Jan are considering?
Needs are satisfied by wants, and buying power converts wants into demand.
How do market demands relate to needs and wants?
The microenvironment deals with the company, suppliers, marketing intermediaries, customer markets, competitors, and publics.
How does the microenvironment of a company differ from its macroenvironment?
Identify strategic business units
In analyzing a company's current business portfolio, what is management's first step?
Identify strategic business units
In analyzing a company's current business portfolio, what is management's first step?
there is a good fit between the company's offerings and butterflies' needs
In the context of customer relationship groups, which statement is true?
E. Accountability
In this age of customer value and relationships, the four Ps might be better described as the four As. Which is NOT one of the four As? A. Awareness B. Affordability C. Accessibility D. Acceptability E. Accountability
Accountability
In this age of customer value and relationships, the four Ps might be better described as the four As. Which is NOT one of the four As? A. Awareness B. Affordability C. Accessibility D. Acceptability
Customer insights can provide valuable information to a small businesses.
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.
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?
planning; implementation
Marketing ______focuses on the what and why of marketing activities, while marketing ________ focuses on the who, where, when, and how.
Create a promotion strategy to increase customer awareness
Nibbles Pet Food Corporation is in the process of developing its new market strategy. The marketing team has already established the company's niche product--premium, organic dog and cat food-_and contracted to sell it in several high-end pet stores. The team has also determined the optimum price to create value for customers and still make a profit. What does the marketing team need to do now
cultural
The ___________ environment consists of institutions and other forces that affect a society's basic values, perceptions, preferences, and behaviors.
It has become more diverse, better educated, and more mobile.
Of the following, which BEST reflects how the American population has changed over time? A. It has become closer knit and more family-oriented. B. It has become wealthier, more cultured, and more frivolous in its spending habits. C. It has become more diverse, better educated, and more mobile. D. It has become more likely to develop brand loyalty. E. It has become more skeptical about marketing schemes.
A local restaurant refusing to counter false allegations of salmonella
Proactive businesses often take aggressive actions to affect consumers and the forces in their marketing environments. Which of the following does NOT depict a proactive company? A. A small family winery offering a broader selection of red wines in response to a growing preference for red wines B. A local restaurant refusing to counter false allegations of salmonella C. A utility company hiring lobbyists to influence legislation regarding climate change D. A dairy creating new flavors of organic yogurt in response to a trend toward healthy eating E. A jewelry company
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
Scenario best describes the societal marketing concept
Barnacle
Scott Frost has been coming to Aldwin's Diner 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?
creation of overall supporting objectives for the company development of individual detailed department plans decisions regarding the portfolio of business and products define overall purpose and mission
Steps of the strategic planning process
can be difficult and time-consuming to execute
The BCG and other formal methods
can be difficult and time consuming to execute
The BCG and other formal methods ________.
to produce high customer equity
The Ultimate aim of a customer relationship management?
mAcrOenvrionment
The demographic, economic, natural, technological, political, and cultural forces that affect a company's ability to serve its customers
millennials
The first generation to come of age in a world filled with computers, mobile phones, and online social media, _________ embrace(s) technology as a way of life.
A SWOT analysis
The main section of a typical marketing plan presents
a SWOT analysis
The main section of a typical marketing plan presents_______
quickening the shift from digital - fist consumer engagement strategies to in-store connections
The profound effect of the COVID-19 pandemic is evidenced in all of the following EXCEPT
value; used
The real ______ of marketing information lies in how it is _____.
Behavioral targeting
Using online consumer tracking data and analytics to target advertisements and marketing offers to specific consumers is known as ___
Product Place Price Promotion
What are the four P's of marketing?
Monitor strategic marketing performance
What is a marketing dashboard used for
defining the research prob
What is the first step of the marketing research process?
They focus more on products than on the customer's underlying need.
What is the main problem that sellers suffering from marketing myopia face?
Target Marketing
When a company chooses a group of customers to serve, it is engaging in what?
defining its overall purpose and mission
When a company starts the strategic planning process at the corporate level, it begins by
B. The natural environment
Which environment shows trends including shortages of certain raw materials, higher pollution levels, and more government intervention? A.The technological environment B. The natural environment C. The political environment D. The economic environment E. The sociocultural environment
They can be accessed more quickly and cheaply than other information sources.
Which is an advantage associated with internal databases?
Generation Z
Which is now the largest generation alive in the United States?
To create more value for customers
Which of the following BEST describes the purpose of customer insights?
A company develops a new battery that lasts twice as long as its predecessor.
Which of the following identifies a change in the technological environment that could affect the success of a business? Close A. A company packages its product to be twice the size of its predecessor. B. A company develops a new battery that lasts twice as long as its predecessor. C. A company develops a new battery that costs twice as much as its predecessor. D. A company develops a new warranty that lasts as long as its predecessor. E. A company develops a customer support program that customers rate twice as responsive as the previous
Creating an understanding of the business-to-business environment
Which of the following is NOT a primary goal of competitive marketing intelligence?
Examine how well each group performs its work of adding customer value.
a companies value chain is only as strong as its weakest link. What should a company do to properly gauge the strength of the links and continually improve
Internet of Things (loT)?
a global environment where everything and everyone is digitally connected to everything and everyone else
We will help customers build, invigorate, restore, refurbish, or completely redesign their homes or businesses.
a new hardware company is writing its mission statement. This is the best possible mission statement for the new company.
Product/market expansion grid
a tool which uses market penetration and development, and product development and diversification to identify company growth opportunities
customer engagement, value, and relationships
at the center of the marketing strategy and programs
enables a company to use customer insights to improve relationships with customers
company's marketing information system (MIS) is valuable because
Primary data
consist of information collected for the specific purpose at hand
marketing analytics
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.
A rise in technology-enabled communication
current trend in the cultural environment?
what is the first thing a new company should do? (from a marketing standpoint)
determine who in the community wants or needs a jump rope
every type of organization
effective marketing is essential to the success of ____
ethnographic research
involves sending trained observers to watch and interact with consumers in their "natural environments"
market segmentation
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.
intangible
market offerings can be __________.
planning; implementation
marketing _________ focuses on the what and why of marketing activities, while marketing __________ focuses on the who, where, when, and how
Consumer
markets consist of individuals and households that buy goods and services for personal consumption.
Environmental sustainability means
meeting present needs without compromising the ability of future generations to meet their needs
Diversification
the strategy involves company growth through starting up or acquiring businesses outside the company's current products and markets
receiving value from customers
the ultimate goal of the marketing process is _____
marketing concept
which concept takes an outside-in view that emphasizes fulfilling the needs of customers as a road to profits?
Smartphone apps
which is an example of non - traditional marketing approach
there is no consistent definition
why is marketing return on investment (ROI) so difficult to measure?
Technological environment
According to the text, which is currently the most dramatic force shaping our world?
Customer engagement, value, and relationships
Which of the following is at the center of marketing strategy and programs?
customer insights it provides
The real value of marketing information rests in the
• Help the company find, promote, sell, and distribute products
The role of the companies marketing intermediaries is to _____
marketing mix
The set of tactical marketing tools that a firm blends to produce the response it wants in the target markets is called
the marketing mix
The set of tactical marketing tools that a firm blends to produce the response it wants in the target markets is called
protect the interests of society against unrestrained business practices
The third purpose of government regulation is to
Online surveys generally have higher response rates than those conducted by mail or phone.
Which of the following statements about online research is correct? A. Online research is only feasible for large companies. B. Online surveys generally have higher response rates than those conducted by mail or phone. C. It is more expensive to conduct online research than to do a mail, phone, or personal interview. D. Focus groups are rarely conducted online. E. Experiments cannot be conducted online.
D. Reaching respondents in other parts of the world is more difficult than it is in the United States
Which of the following would be good advice for someone conducting marketing research in a foreign country? A. Language translation will be easy. B. Globalization has slowed down, so international research is no longer necessary. C. You can easily find good secondary data in most foreign markets. D. Reaching respondents in other parts of the world is more difficult than it is in the United States E. Consumers in foreign markets generally enjoy participating in marketing research
Diversification
Which strategy involves company growth through starting up or acquiring businesses outside the company's current products and markets?
value delivery network
to create value for customers, marketers must improve the performance of the _______ which includes partnering with suppliers, distributors, and customers
Tina's Tunes is likely to fail because it is ignoring the technological environment.
Tina's Tunes is a music store that has been selling CDs for 20 years. Throughout the last six years, sales have continuously declined and profits have almost completely disappeared. The owner of Tina's Tunes believes resurgence is likely to happen soon and wants to continue business as usual. What is likely to happen to Tina's Tunes? A. Tina's Tunes will experience a rebound as the fear of the Great Recession declines. B. Tina's Tunes is likely to fail because it is ignoring the current political environment. C. Tina's Tunes is likely to fail because it is ignoring the technological environment. D. Tina's Tunes is likely to fail because it is ignoring the natural environment. E. Tina's Tunes is likely to prosper as mistrust in the digital age increases.
It may omit or underemphasize certain important activities.
Which of the following is a valid concern when it comes to the four P's concept?
focus group
You and seven other people relay your feelings and thoughts about a potential new product to a trained moderator. In exchange, you receive a payment. You are participating in a(n)
Market Segmentation
_________ is the process of dividing a market into distinct groups of buyers who have different needs, characteristics or bx's, and who might require separate marketing strategies
Chapter 16 quizlet
https://quizlet.com/_1ufjm0?x=1jqt&i=34ul1c
E. Noah Lopez, a marketing specialist and expert who would be hired as the Sanchez family's new chief marketing officer
Sanchez Hispanic Foods and Seasonings has started to grow larger than the Sanchez family could ever have imagined. The company is having a hard time keeping track of all of the business' marketing activities. They know that they are going to need help to keep the business growing and are looking for solutions. Which of the following potential hires is likely the BEST decision for the Sanchez family? A. Claudia Jimenez, a well-educated accountant who would begin working as the new chief financial officer B. Jose Gonzalez, one of the Sanchez family's best friends and a fellow entrepreneur who would come on as an additional chief executive officer C. Craig Moore, an extremely successful entrepreneur who is actually looking to acquire the company and grow the business exponentially D. Karin Petersen, an operations specialist who would be hired as the new chief operating officer E. Noah Lopez, a marketing specialist and expert who would be hired as the Sanchez family's new chief marketing officer
touch points
Which of the following correctly describes customer purchases, sales force contacts, service and support calls, web and social media site visits, satisfaction surveys, credit and payment interactions, and market research studies?
One result of big data is that marketing managers are often overloaded and overwhelmed with information.
Which of the following statements about big data is correct?
C. The real value of marketing information lies in how it is used.
Which statement is true? A. Big data presents marketers with big opportunities and minimal challenges. B. Big data presents marketers with minimal opportunities and significant challenges. C..The real value of marketing information lies in how it is used. D. Alack of information is impeding marketers' opportunities. E. Today's marketers need more information, not better information.
Marketers have little chance of changing core values.
Which statement regarding cultural values is true? A. Marketers have no chance of changing secondary values. B. Core beliefs and values are more open to change than secondary values. C. Secondary beliefs and values are less open to change than core beliefs. D. Marketers have little chance of changing core values. E. The media pushes core values onto the community.
physical distribution firms
Which type of marketing intermediary helps the company stock and move goods from their points of origin to their destination
descriptive research
Which type of research seeks to define and characterize things, such as the market potential for a product or the demographics and attitudes of consumers who buy the product?
cluster area sample
Which type of sample involves dividing the population into mutually exclusive groups (such as blocks), and then drawing a sample of the groups to interview?
The growth of the company will be unpredictable because there is no guarantee that a question mark will become a star.
Using the BCG growth-share matrix as a guide, Masumura Technologies identified question marks in its business portfolio but is currently maintaining its market share. At a recent meeting with the company's senior management team, the CEO of Masumura and her team members decided to allocate all of the company's profits toward the growth and expansion of these question marks, in order to cause the question marks to become stars. What is likely to happen to this company?
Both large multinational firms like Disney and IBM and small local firms
Which types of companies would most benefit from conducting marketing research?
Technological
Wonders such as smartphones, driverless cars, and antibiotics can be attributed to which marketing environment? A.Political B. Technological C. Natural D. Social E. Cultural
