MARKETING TEST NUMBER 2
Which of the following statements regarding the business market is correct?
Many sets of business purchases are made for one set of consumer purchases.
The ________ market comprises all organizations that buy goods and services for use in the production of other products and services or for the purpose of reselling or renting them to others at a profit.
business
The full positioning of a brand is called the brand's ________, which is the full mix of benefits on which a brand is differentiated and positioned.
VALUE PROPOSITION
Which structural factor would make a market segment attractive to enter?
Very few actual or potential substitute products
Customer insights come from good marketing information, which contribute to creating value and meaningful customer relationships. Companies use these customer insights to develop_________
a competitive edge
Which type of business buying situation offers marketers the greatest opportunity but also the greatest challenge?
a new task situation
The differentiation and positioning task consists of three steps: identifying ________ that create competitive advantage, choosing ________ on which to build a position, and selecting an overall positioning strategy.
a set of possible differentiations; advantages
To gain good customer insights, marketers must effectively manage marketing information from ________.
a wide range of sources
Culture is the most basic determinant of a person's wants and behavior. People in different cultural, subcultural, and social class groups have ________.
different product and brand preferences
The seller can adopt ________, developing different market offers for several segments.
differentiated marketing
Market segmentation is the act of dividing a market into distinct groups of buyers who have ________ and who might require separate marketing strategies or mixes.
different needs, characteristics, or behaviors
In which targeting strategy does a firm go after a large share of one or a few smaller segments?
CONCETRATED MARKETING
Which of the following correctly defines the consumer market?
Individuals and households that buy goods and services for personal consumption
________ are summarized in positioning statements that state the target segment and need, the positioning concept, and specific points of difference
Company and brand positioning
What are the four general characteristics that influence consumer purchases?
Cultural characteristics, social characteristics, personal characteristics, and psychological characteristics
What is big data?
Data contained in huge and complex data sets
What are the four steps of the marketing research process in their correct sequence?
Define the problem and research objectives, develop the research plan, implement the research plan, interpret and report the findings
What is market segmentation?
Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes
What are the three types of objectives a marketing research project might have?
Exploratory research, descriptive research, and causal research
What are the three general sources from which marketers can obtain information?
Internal data, marketing intelligence, and marketing research
Evaluating each market segment's attractiveness and selecting one or more market segments to enter is called _____.
MARKET TARGETING
Which of the following are additional variables marketers use to segment business markets but not consumer markets?
Operating characteristics, purchasing approaches, situational factors, and personal characteristics
What are the eight steps in the business buying decision process in the correct sequence?
Problem recognition, general need description, product specification, supplier search, proposal solicitation, supplier selection, order-routine specification, and performance review
What are the five characteristics that are especially important in influencing an innovation's rate of adoption?
Relative advantage, complexity, compatibility, divisibility, and communicability
Once groups have been identified, market ________ evaluates each market segment's attractiveness and selects one or more segments to serve.
TARGETING
What determines whether the buyer is satisfied or dissatisfied with a purchase?
The relationship between the consumer's expectations and the product's perceived performance
What is a product's position?
The way a product is defined by consumers on important attributes
Why do companies use customer relationship management?
To capture and use customer data
Which of the following is true regarding international marketing research?
Translating questionnaires from one language to another is not an easy task.
We define the ________ process as the mental process through which an individual passes from first learning about an innovation to final adoption.
adoption
Buyers who face a new task-buying situation usually go through ________ of the buying process.
all of the eight stages including performance review
Failure to address privacy issues could result in ________.
angry, less cooperative consumers and increased government intervention
The marketing information system (MIS) first ________, which primarily serves the company's marketing and other managers, but it might also provide information to external partners.
assesses information needs
Generally, the consumer's purchase decision will be to buy the most preferred brand, but two factors can come between the purchase intention and the purchase decision. These two factors are ________.
attitudes of others and unexpected situational factors
Consumers go through specific stages in the process of adopting a new product. Those five stages include ________, ________, _______, _________, _______.
awareness, interest, evaluation, trial, and adoption
Companies use software that integrate, analyze, and apply the mountains of individual customer data to gain ________.
a 360-degree view of customers and build stronger customer relationships
After identifying attractive market segments, the company then chooses one of four market-targeting strategies—ranging from very broad to very narrow targeting. The seller can ignore segment differences and target ________.
broadly using undifferentiated (or mass) marketing
With regard to the diffusion process for new products, consumers respond at different rates, depending on _____________________.
consumer and product characteristics
To ________ for customers and ________, marketers must first gain fresh, deep insights into what customers need and want.
create value; build meaningful relationships with them
Although business marketers use many of the same variables to segment their markets, they also use some additional variables, such as ________, ____________. _________ and personal characteristics.
customer operating characteristics, purchasing approaches, situational factors
To analyze individual customer data, many companies have now acquired or developed special software and analysis techniques called ________ software.
customer relationship management (CRM)
The marketing information system (MIS) helps users analyze and use the information to ________, ______________, _______________.
develop customer insights, make marketing decisions, and manage customer relationships
The second step of the marketing research process is ________.
developing a research plan
The first step in the marketing research process involves defining the problem and setting the research objectives. The most comprehensive set of objectives are _________, ___________, ____________.
exploratory, descriptive, or causal research
The third step in the marketing research process calls for implementing the marketing research plan by ________.
gathering, processing, and analyzing the information
Understanding the four key sets of buyer characteristics can help marketers ________ to serve consumer needs better.
identify interested buyers and shape products and appeals
Marketers are viewing information not only as an input for making better decisions but also as a(n) ______________.
important strategic asset and marketing tool
The buying process starts with need recognition-the buyer recognizes a problem or need. The need can be triggered by ______________.
internal stimuli or external stimuli
The second critical phase in developing a marketing information system (MIS) is developing information. The information is developed from ________, __________, and ____________.
internal databases, marketing intelligence activities, and marketing research
The buying center and the buying decision process are influenced by ________, __________, __________, _____________.
internal organizational, interpersonal, individual as well as external environmental factors
The fourth step in the market research process is ________.
interpreting and reporting the findings
According to the text, two major public policy and ethical issues in marketing research are ________.
intrusions on consumer privacy and the misuse of research findings
Two major public policy and ethics issues in marketing research are ________.
intrusions on consumer privacy and the misuse of research findings
Some marketers face special marketing research situations, such as those conducting research in small business, not-for-profit, or international situations. International researchers deal with great variances in ________, __________, __________, and ___________.
levels of economic development, cultures and customs, buying patterns, and scarcity of secondary data
Business markets differ in many ways from consumer markets. The main differences are in ________, __________, __________, __________.
market structure and demand, the nature of the buying unit, types of decisions, and the decision process
Companies need to consider many factors when choosing a market-targeting strategy. However, which targeting strategy is best depends on company resources, product variability, product life-cycle stage as well as ________________________.
market variability and competitive marketing strategies
Companies apply ________ to dig out meaningful patterns in big data and gain customer insights and gauge marketing performance.
marketing analytics
What do marketers use to analyze big data?
marketing analytics
The people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers use the information to generate and validate actionable customer and market insights comprise a ________.
marketing information system [MIS]
When making a purchase, the buyer goes through a decision process consisting of all of the following ________.
need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior
In which step of the buying decision process is the final order with the chosen supplier developed?
order routine specification
Companies must manage the ________, which often includes many different buying decisions in various stages of the buying decision process.
overall customer relationship
The marketing information system (MIS) consists of _______, __________, and ___________to generate and validate actionable customer and market insights.
people and procedures for assessing information needs, developing the needed information, and helping decision makers use the information
Once a company has decided which segments to enter, it must decide on its ________ strategy.
positioning and differentiation
The business buyer decision process itself can be quite involved, with several basic stages. The process begins with ______________ and concludes with _______________.
problem recognition; performance review
Segmentation provides a powerful tool for marketers of all kinds. It can help companies identify and better understand key customer segments, ________________ to their specific needs.
reach them more efficiently, and tailor market offerings and messages
The buyer decision process starts with __________.
recognizing a need
To target the best market segments, the company first evaluates each segment's ________.
size and growth characteristics, structural attractiveness, and compatibility with company objectives and resources
Business buyers make decisions that vary with the what types of buying situations?
straight rebuys, modified rebuys, and new tasks
A simple model of consumer behavior suggests that marketing stimuli and other major forces enter the consumer's "black box." This black box has two parts: ________.
the buyer's characteristics and the buyer's decision process
Business marketers are increasingly connecting with customers online and through digital, mobile, and social media to ________., __________, __________, ___________, and maintain ongoing customer relationships.
to engage customers, share marketing information, sell products and services, provide customer support services
Marketing information has no value until it is used ________.
to make better marketing decisions
To deliver real value to marketers, marketing information must
to provide useful customer insights
A _______ defines how a company will create differentiated value for targeted segments and what positions it wants to occupy in those segments.
value proposition
What are the five stages of the consumer adoption process in the correct sequence?
Awareness, interest, evaluation, trial, and adoption
The Council of American Survey Research Organizations (CASRO) Code of Standards and Ethics for Survey Research outlines researcher responsibilities to respondents. Choose the most comprehensive set of responsibilities from the following.
Confidentiality, privacy, and avoidance of harassment
There are two other major steps in designing a customer value-driven market strategy: ________ seeks to create superior customer value in the mind of the consumer and ________ seeks to firmly place the market offering in the minds of target customers.
Differentiation; positioning
What are the four major variables used to segment consumer markets?
Geographic, demographic, psychographic, and behavioral
Consumer buyer behavior is influenced by four key sets of buyer characteristics: ________.
cultural, social, personal, and psychological
There are four major variables that might be used in segmenting consumer markets. Those major variables are ________ variables.
geographic, demographic, psychographic, and behavioral
The second step in the buyer decision process might include seeking more information. Sources of information vary. Commercial sources normally ________ the buyer, but personal sources ________ products for the buyer.
inform; legitimatize or evaluate
People can be classified into the adopter categories with each category having different values and rates of adoption. The adopter categories include ________, ________, __________, _________, __________.
innovators, early adopters, early mainstream, late mainstream, and lagging adopters
The key to the effectiveness of the segmentation analysis depends on finding segments that are ________.
measurable, accessible, substantial, differentiable, and actionable
A customer value-driven marketing strategy seeks to build the right ________ with the right ________.
relationships; customers