marketing management final

What is the third and final activity in new product development?

Develop the product opportunity.

Which statement is TRUE about North American Industrial Classification System (NAICS) codes?

The NAICS codes make it possible to purchase detailed information on each of the codes in the system.

Strategic marketing refers, in part, to

a long-term, firm-level commitment to investing in marketing.

A food distributor buys fruit from local farmers, sorts it by quality, and then packages it to sell to larger grocers. This company is performing the distribution function of

accumulating bulk

As discussed in the text, Caesars Entertainment has found that customers who fall into the zone of ________Blank spend considerably more money and provide a substantially greater return on customer investment than others.

affection

Goals and objectives should be set

after completion of market research, situation analysis, and competitor analysis.

You should be careful when using ________Blank pricing, as it is always possible that the quantity demanded will not match the marketing manager's forecast.

average-cost

A company is the market leader in the manufacture of farm equipment. Because of the strength of its brand, other competitors are finding it difficult to successfully enter the marketplace. Which benefit of brand equity for brand sponsors does this exemplify?

brand connections

A marketing manager is interested in the relationship between the location of their stores and the level of sales. To test whether moving a store will lead to a change in sales and, if so, how much of a change, the marketing manager should use ________Blank research.

causal

Aligning the firm's philosophy and ethics with that of a potential channel partner would be identified in the channel strategy of

character.

In marketing, differentiation means ________Blank.

communicating and delivering value in different ways to different customer groups

Most global marketers rely on local distribution networks in foreign markets. This is because it is very expensive to build a company's own distribution network in a foreign market. This issue can be identified in the channel strategy of

control.

Which channel strategy is helped by increasing the efficiency of local distribution systems by eliminating unnecessary middlemen?

cost

What is one of the three major objectives of customer relationship management?

customer acquisition

What is one of the four elements of the process cycle for customer relationship management?

customer interaction

Which major objective of customer relationship management relates to increased individual customer margins, while offering the right products at the right time?

customer profitability

Which of the six key sources of Big Data is being used when a company collects Big Data on customers in order to sell it to other organizations?

data from commercial entities

In the market research process, once the management research deliverable has been identified, the next step is to

define the research problem.

Charging a price that is lower than actual costs or less than the company charges in its home market is called

dumping

The first step in the new product development process is to

generate new product ideas.

Growth, stability, and retrenchment refer to a firm's position relating to its ________Blank strategy.

generic

Demographic segmentation is one of the most popular segmentation approaches because ________Blank.

it is relatively easy to measure the variables used in this approach to segmentation

In the CRM process cycle, ________Blank is the process of analyzing the customer information acquired through various customer touchpoints.

knowledge discovery

The sales manager at a company wants to keep informed, so he collects, analyzes, and stores data from the macro environment on a continuous basis. This illustrates the concept of

marketing intelligence.

Bradley, the manager of a home goods store wants to determine what items consumers are looking for this Christmas so that he can plan his orders. He decides to collect data for the purpose by stationing employees outside the store on a particular Saturday with a list of questions to ask willing shoppers to answer as they pass by. In this case, the Bradley is using a ________Blank sampling method to select respondents.

nonprobability

In proposing a ________Blank strategy, the marketing manager usually is convinced that a strong price-quality relationship exists for the product.

price skimming

A company's core cost advantages translate directly to an edge over its competitors based on much more flexibility in its ________Blank as well as its ability to translate some of the cost savings to the bottom line.

pricing strategies

A struggling start-up firm needs a huge cash injection. It has an environmentally-friendly pesticide that is approved for use by commercial organic farmers. The pesticide is made from all-natural ingredients and has great potential. A small investment firm has injected cash in the start-up. In the context of the BCG matrix, Green Scene is most likely considered a

question mark.

Companies like Home Depot sell to the B2B market and B2C market out of the same store. This puts the company in the category of a(n)

reseller.

An individual moves through five stages before adopting a product. During the interest stage, consumers

seek out added information about a product for further evaluation.

A ________Blank eliminates many in-house business functions and activities in favor of focusing only on those aspects for which it is best equipped to add value.

virtual organization