Marketing Test 1-Part 2 from quizzes

A company is conducting market research to determine the best areas in which to sell its products. It has developed the research plan. What is the next step?

implement the research plan

What best describes the current trend in businesses regarding relationships with customers?

hand-picked the most profitable customers and allow them to have more input

The role of the marketing intermediaries is to do what for the company?

help the company find, promote, sell, and distribute products

what are starts in the growth share matrix?

high growth, high share businesses or products

The goal of a market development growth strategy is to do what?

identify and develop new markets for current products of a company's market

In analyzing a company's current business portfolio, what is management's first step?

identify the strategic business units (SBU's)

An international company has appointed a CPO to ensure the privacy and confidentiality of the customer data it collects. What is the CPO most likely to do as a function of his or her job?

inform customers of the company's privacy policy

Marketers obtain needed marketing information from what 3 things?

internal data, marketing intelligence, and marketing research

How has the internet most affected companies and customers?

it has allowed customers to take marketing content and share it

what best reflects how the American population has changed over time?

it has become more diverse, better educated, and more mobile

What is a valid concern when it comes to the four P's?

it may not omit or underemphasize certain important activities

A local drama club wants to increase the membership and attendance at its performances. To do so, it hosts free shows, starts poetry reading nights, and sends volunteers to the local high school. what is the drama club engaging in?

market exchange

what is the primary reason firms use competitive marketing intelligence?

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

Why is it important for a company to collect both primary and secondary data when conducting marketing research?

to have a "full picture" of the subject of its study

what kind of info must a researcher make certain it is relevant, accurate, and impartial?

secondary

What is the overall purpose of the marketing mix as part of the overall marketing strategy?

to produce a response that influences a demand for the product from the customers that the company is targeting

What is the ultimate aim of customer relationship management?

to produce high customer equity

What is the third purpose of government regulation?

to protect the interest of society against unrestrained business practices

To create value for customers, marketers must improve the performance of the _________ _____________ ___________ which includes partnering with suppliers, distributors, and customers.

value delivery network

Proactive businesses often take aggressive actions to affect consumers and the forces in their marketing environment. What is not an example of a proactive company?

A local restaurant refusing to counter false allegations of salmonella

Good scenario for societal marketing concept:

Edwards Earthware attempts to make its pottery in a way that satisfies customers but also environmentally friendly and sustainable over the long run.

What is an example of a change in technological environment that could effect the success of a business?

a company develops a battery that lasts twice as long as its predecessor

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

a company extranet

To be successful, why should companies try to adopt a proactive stance on marketing?

a proactive stance allows a company to take advantage of opportunities as they arise.

what constitutes a marketing information system (MIS)?

a system to generate and validate actionable customer and market insights

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 how well each group performs its work of adding customer value

The act of obtaining a desired object from someone by offering them something in return is what?

exchange

What describes the type of research used to help define the research problem and suggest hypotheses?

exploratory research

You and seven others relay your feelings and thoughts about a product to a trained moderator. In exchange, you receive a small payment. You are participating in a ___________ ___________.

focus group

Selling and advertising are part of a larger set of marketing tools that work together to satisfy customer needs and build customer relationships known as __________ ____________.

market offerings

When consumers respond in a similar way to a given set of marketing efforts, they can be referred to as a ___________ __________.

market segment

a marketing dashboard is used to do what?

monitor strategic marketing performance

What is the second purpose of government regulation?

protect consumers from unfair business practices

A new hardware company is writing their mission statement. What is the best mission statement for the new company?

We will help customers build, invigorate, restore, refurbish or completely redesign their homes or businesses.

Calvins cupcakes is attempting to gather info 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 info needs of the company

what generation group represents one of the most powerful forces shaping the marketing environment?

baby boomers

Scott Frost has been coming to Aldwin's for 20 years and refuses to go anywhere else. Joseph, the owner of Aldwins, loves Scotts loyalty but admits he purchases only a cup of coffee at each visit. Scott would best be described as which kind of customer on the customer relationship group matrix?

barnacle

what is enhancing how marketers learn about and interact with customers?

big data and marketing analytics

What is at the center of marketing strategy and programs?

customer engagement, value, and relationships

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 attempting to build?

customer equity

The real value of marketing info rests in the ...

customer insights it provides

Julie's jumprope store is a new company. From a marketing standpoint, what is the FIRST thing Julie needs to do?

determine who in the community wants or needs a jumprope

The group of factors that effect consumers purchasing power and spending patterns is the _____________ ______________.

economic environment

A company's MIS is valuable because it ...

enables a company to use customer insights to improve relationships with customers

What would be good advice for someone conducting research in a foreign country?

reaching respondents in other parts of the world is more difficult than it is in the US

The ultimate goal of the marketing process is to do what?

receive value from customers

which generation group seamlessly blends online and offline worlds as they socialize and shop?

generation z

Stars, cash cows, question marks, and dogs are all the strategic business units defined in what?

growth share matrix

What type of companies would most benefit from conducting marketing research?

both large and small firms

How do the individual components of a SWOT analysis work together to determine the status of a company?

by ascertaining a company's strengths, relating them to opportunities, minimizing weaknesses, and identifying threats to growth and development.

To exercise social responsibility, many companies are linking themselves to what type of marketing?

cause-related

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?

frequency marketing program

a group numbering 55 million or more consumers and sometimes is an overlooked "in between" consumer group because it is both smaller and less materialistic than other groups and prizes experience, not acquisition.

generation x

which of following includes shortages in materials, higher pollution levels, and more government interaction?

natural environment

How do market demands relate to needs and wants?

needs are satisfied by wants, and buying power converts wants into demand.

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

new concept focuses on customer needs

What statement best describes online research?

online surveys generally have higher response rates than those conducted by mail or telephone.

What are the 4 parts of the SWOT analysis evaluation of a company?

opportunities, strengths, weaknesses, and threats

which marketing philosophy holds that consumers will favor products that offer the most in quality, performance, and innovative features?

product concept

The purpose of business legislation is primarily based on what?

protecting companies from each other

When a company chooses a group of customers to serve, it is engaging in what?

target marketing

What is most likely to cause a variation in customer perceived value?

the customers opinion of what constitutes value

The major cultural values of a society are expressed by people's views of ...

themselves, others, organizations, society, nature, and the universe

Why is marketing return on investment hard 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 customers needs

What is the importance of selling and advertising in marketing?

they work in tandem with building customer relationhips

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

to create more value for customers

Why is good marketing management critical?

to ensure that the company serves as many customers as it can and as well as it can

what correctly describes customer purchases, sales force contacts, service and support calls, web and social media sites, satisfaction surveys, credit and payment interactions, and market research studies?

touch points