Marketing Midterm
Marketers are considered as suffering from marketing myopia when they overlook underlying consumer needs and focus excessively on ______
Consumers' existing wants
Which of the following is most likely true about people's beliefs and values?
Core beliefs and values have a high degree of persistence
Total combined customer lifetime value of all the company's current and potential customers
Customer equity
Providing thoughtful design, innovative features and comfort and reliability products, OXO seeks to create the best ____
Customer experiences
numbering 49 million or more, this group of consumers is sometimes overlooked because it is less materialistic than other groups and prizes experience, not acquisition
Generation X
A strategy for company growth that involves using existing products to increase sales to current market segments is known as ________
Market Penetration
Which of the following is most likely true about companies that adopt a proactive stance toward the marketing environment?
They develop strategies to change the marketing environment
The Amazon Prime free trial program strives to convert casual shoppers into loyal customers. An Amazon Prime customer can be regarded as a _________
True believer
JetBlue emphasizes "You Above All" and "bringing humanity back to travel." _____ is the set of benefits that JetBlue promises to deliver to consumers to satisfy their needs.
Value Proposition
A powerful tool company wants to give its customers access to internal, non-public 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
marketers must be careful to guard against stereotypes when using ________
age and life cycle segmentation
the act of obtaining a desired object from someone by offering something in return
an exchange
An ______ describes a person's relatively consistent evaluations, feelings, and tendencies toward an object or idea
attitude
A specific mix of human traits that may be attributed to a particular brand
brand personality
which of the following describes the current trend in businesses regarding relationships with customers?
build the right relationships with the right customers
which of the following types of marketing involves creating opinion leaders to serve as brand ambassadors to spread the word about a company's products
buzz marketing
Experimental research is best suited for gathering ______ info
causal
AT&T, Verizon, and T-Mobile joined the "it can wait" campaign, which addresses the texting-while-driving epidemic by urging people never text and drive. This is an example of ______ marketing
cause-related
Fairway Electronic Ltd. aims to obtain early warnings of opportunities and threats caused by the actions of rival firms in the industry. Which of the following sources would best serve Fairway's purpose?
competitive marketing intelligence
Craig's Craft Beer structures its company in such a way to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers. What is Craig's Craft Beer attempting to build?
customer equity
According to the text, ________ are the most important actors in a company's microenvironment
customers
_______ marketing is an approach designing separate offers for each segment based on their needs
differentiated
Kevin's faith in Nike, his favorite brand of running shoes, makes him consider other offerings introduced by Nike. Kevin is not a risk-taker, and he tends to carefully evaluate each new product before adopting it. Kevin is an opinion leader in his social networking community and best described as an ______
early adopter
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?
examine the company's partner relationship management
When is the selling concept typically used by marketers?
for the purchase of unsought goods
What is management's first step when performing a portfolio analysis?
identify strategic business units
to develop needed information, MIS's utilize ___________
internal databases, marketing intelligence, and marketing research
Which of the following is the best quality of a MIS?
it balances the information that a firm would like to have against what they really need
which of the following is a valid concern when it comes to the four P's?
it uses the seller's view of the market
A local theatre group wants to increase the membership and attendance at its performances. To do so, it hosts free shows, offers standup comedy nights, and sends volunteers to the local high school. In what is the theatre group engaging?
market exchange
Ford sells only 4,038 of its very high-performance cars, Ford GT, at very high prices. The company is appealing to a specific ____________
market segment
________ 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
a marketing dashboard is used to _______
monitor strategic marketing performance
_________ is not a characteristic important in influencing an innovation's rate of adoption
motivation
5 steps of the buyer decision process in order
need recognition, information search, evaluation of alternatives, purchase decision, and postpurchase behavior
How do market demands relate to needs and wants?
needs are satisfied by wants, and buying power converts wants into demand
which of the following best describes the research relationships
observation & exploratory surveys & descriptive experiments & causal
items such as technical specifications, quantity, delivery time, return policies, and warranties are included in the __________
order routine specification
the process by which people select, organize, and interpret information to form a meaningful picture of the world
perception
_______ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
positioning
If competitors cannot easily copy the benefit a company chooses to promote, that benefit is said to be _________
preemptive
what is the ultimate aim of customer relationship management
produce high customer equity
In 2006, Under Armour added athletic shoes to its apparel line. This is an example of a ______ strategy
product development
the purpose of business legislation is primarily based on _____
protection
At one time, Miller Beer was known as the "champagne of bottled beer." It was targeted at an elite class of customers. Later, to increase sales, Miller was repositioned to attract members of the working, middle-class. What is this segmentation method called?
psychographic
which of the following is a variable used to segment consumer buyers that is not used to segment business buyers
psychographics
competitive marketing intelligence uses ________ data sources
publicly available
Attempting to find out if this new phone's perceived performance matched expectations measures level of customer _____
satisfaction
Which marketing philosophy holds that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort?
selling concept
in a _________, the business-to-business buyer reorders something without modifications
straight rebuy
if a segment is large enough or profitable enough to serve, it is ___________
substantial
what is in a buyer's black box
the buyer's characteristics and the buyer's decision process
all the people involved in the buying decision in an organization
the buying center
Which of the following sources constitutes the internal database of a company?
the company's sales record
what is most likely to cause a variation in customer-perceived value
the customer's opinion of what constitutes value
How does the new marketing concept of marketing differ from the old concept of marketing?
the new concept focuses on the needs of the consumer
a value chain consists of ______
the series of internal departments that carry out value-creating activities
From a marketing standpoint, which of the following best describes Baby Boomers?
they constitute a lucrative environment for financial services, new housing and home remodeling, new cars, travel and entertainment, eating out, and health and fitness products
which of the following best describes the purpose of the customer insights team
to create more value for customers
many marketers think that companies should aggressively promote only one benefit to the target market -- the benefit promoted is known as a ____________
unique selling proposition
to create value for customers, marketers must improve the performance of the ______, which includes partnering with suppliers, distributors, and customers
value delivery network
