MGMT 494 Midterm

MERCOSUR is a regional market zone in ________.

South America

Today many retailers create apps that customers can download to their smartphones or tablets to be up-to-date on the company's offerings. In the context of situation analysis, which of the following macro-level external environmental factors does this exemplify?

Technological factors

Which of the following is considered an objective?

To increase revenue by 15 to 20% in each of the next five years

________ is an analytic method that identifies which products or services to recommend based on a determination of how similar a product or service seems to be to those that the customer has demonstrated a preference for in the past, or is currently considering.

Content filtering

________ means that structure, processes and tools, and managerial knowledge and commitment are formally established in support of the culture.

Formalization

Reasons for conducting exploratory research include ________.

answering the research question

Good market research will ________.

be impartial

Advantages to licensing as a market entry strategy include all of the following EXCEPT________.

complete control of the patent

The AMA's definition of marketing reflects the view toward marketing activities as focused on ________.

creating and delivering offerings that have value

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

customer interaction

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

customer profitability

The marketing ________ is a comprehensive system providing managers with up-to-the-minute information, including data such as actual sales versus forecast and progress on marketing plan objectives.

dashboard

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

The owners of Tyrell's Tattoo Shop are interested in determining the nature of the relationship between their clients' professional occupation and the number of tattoos that individuals have. In this case, which research will result in the most appropriate way to explain the nature of this relationship?

descriptive

The activities a firm does better than its competitors are known as ________.

distinctive competencies

The best place in a SWOT analysis for a wristwatch manufacturer to identify the presence of competitive substitute products is ________.

external threats

Companies that promote sustainability practices like Starbucks, which has a stringent recycling program, or General Electric, which makes environmentally sensitive products, are practicing ________ marketing.

green

Mark and Gregory are partners in a manufacturing firm that employs over 1,500 people. Recently, employees have been complaining that they were not told of changes in health insurance coverage and premiums. To which of the following support activities of the value chain can this problem be attributed?

human resource management

Which of the following is one of the basic elements that should be considered in making investment decisions in marketing?

hurdle rates

Which of the following is one of the three factors a company needs to consider when creating a market information system?

information needs

Firms that manufacture in a foreign market and maintain an extensive sales organization and distribution network but have a "domestic first" mind-set are probably engaged in ________ marketing.

international

Relationship-oriented firms tend to ________.

keep and cultivate their profitable current customers who are highly satisfied with the firm's offering

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

knowledge discovery

In the BCG matrix, firms categorized as problem children are characterized by ________.

low share and high growth

Biz Solutions has 12 call centers worldwide handling customer service issues for a variety of companies. The firm is considering the purchase of a software firm that serves the oil and gas industry. According to Igor Ansoff's Product-Market Matrix, this is an example of the ________ strategy.

market diversification

Of all the business fields, ________ is generally the most visible to people outside the organization.

marketing

________ encompasses a societal and professional standard of right and fair practices that are expected of marketing managers in their oversight of strategy formulation, implementation, and control.

marketing ethics

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

To significantly enhance customer choices, Levi combines flexible manufacturing with flexible marketing. Customers may visit the Levi's clothing website or some company-owned stores and order a pair of jeans that will be made especially for them. Levi's has adopted a ________ orientation approach.

mass customization

The concept of supply chain management is considered to be part of the ________ of the marketing mix

place

Many countries base their court systems on those of former rulers. For example, the Spanish ruled many South American countries; therefore, the court system is based on code or civil law. This would be identified in the ________ section of a global market research report.

political, legal

An approach using ________ analytics utilizes data to make predictions about future marketing outcomes of interest.

predictive

Coca-Cola changes the taste of its soft drinks to meet local market preferences. This is an example of ________.

product adaptation

The text discusses the triple bottom line metric, and outlines an approach to consider the impact of TBL in marketing management. This includes people, planet, and ________.

profit

The task of handling crises and giving the company's perspective to news organizations belongs in the ________ element of marketing communications.

public relations

The marketing managers of Brand Z Shoes have clearly defined their research problem as "If we increase our promotions expenditures, by what percentage will it increase sales?" They have also decided that they need primary data to answer this question. To collect these data, it is best for them to use ________ research.

quantitative

Which of the following is NOT a facet of marketing?

recruiting

The stereotypical automobile dealership uses tactics like high pressure and bargaining to get customers to buy. This is an example of the ________ orientation.

sales

Burger Bistro recently experienced a decline in hamburger sales after salmonella was discovered during a health inspection at one of the restaurants. The marketing manager was interested in how other restaurants had dealt with similar situations. Which of the following types of data would be the most appropriate way to find answers related to this marketing problem

secondary

Go Fish Sushi restaurants are primarily located in malls. The restaurants had rapid growth in their first seven years. The owner realizes that adding more restaurants would make it impossible to monitor operations. Therefore, he decides to continue current activities without making major changes. In this case, the owner is most likely pursuing a generic strategy of ________.

stability

Herbie recently read that Crane Airways of Japan, Kestrel Airlines of Germany, Heron Air of Australia, and Egret Airways of India have code sharing partnership, which allows passengers to fly on any of the airlines, share frequent flyer miles, and give each other logistical support. Herbie had just learned in his Global Marketing class that this arrangement is known as a(n) ________.

strategic alliance

Small portable computers, powerful statistical software packages, and Internet-enabled supply chain management systems are all examples of how ________ influences marketing.

technology

Although Michael knew he couldn't really afford the Mercedes, he wanted it anyway. The want-satisfying power of a good is called ________.

utility

From a customer's perspective, what is defined as a ratio of the bundle of benefits a customer receives from an offering, compared to the costs incurred by the customer in acquiring that bundle of benefits?

value