MKT 301 EXAM 1

within a company, who is most likely to perform strategic planning

cross-functional teams of divisional managers close to their markets

____________ marketing is practiced by an organization that understands and anticipates customer needs even better than customers themselves do and creates products and services to meet current and future needs

customer-driven

when customers don't know what they want or don't even know what's possible, the most effective marketing strategy is ________ marketing

customer-driven

which of the following its a characteristic of customer-driven marketing

customers know what the want

problems with internal databases include all of the following EXCEPT that

information can be accessed more cheaply

at a local farmers' market, Molly Malone sells mussels while shouting to passersby, "fresh seafood, get your fresh seafood here!" what kind of perceptive is Molly taking?

inside-out

which of the following is a disadvantage of using information from internal databases

internal information may be incomplete or in the wrong form for making marketing decisions

which of the following is true with regard to the product/expansion grid

it is a useful device for identifying growth and opportunities

which of the following is an advantage of survey research

the flexibility of survey research is high; it can be used to obtain many different kinds of information in many different situations

which of the following uses a customer-centered "sense-and-respond" philosophy rather than a product-centered "make-and-sell" philosophy

the marketing concept

which of the following is true with regard to cash cows

they can be used to help finance the company's question marks and stars

according to the five-step model of the marketing process, a company should ________ before designing a customer-driven marketing strategy

understand the marketplace and customer needs and wants

_________ are human needs that are shaped by culture and individual personality

wants

which of the following is NOT something a company must determine when analyzing its current business portfolio

which businesses should be sold or closed

according to the five-step model of the marketing process, which of the following is the final step in creating value for customers?

capturing value from customers to create profit and customer equity

________ are low-growth, high-share businesses/products that needs less investment to hold their market share

cash cow

which of the following is the aim of the product concept

focus on making continuous product improvements

which of the following is NOT a market-oriented business definition?

"we make high-quality consumer food products"

which of the following customer questions is answered by a company's value proposition?

"why should I buy your brand rather than a competitors?"

a company's broad mission leads to

a hierarchy of objectives, including business objective and marketing objectives

a company sent a trained observer to watch and interact with consumers in their natural environments in order to gain deeper insights on consumer needs. this is an example of

ethnographic research

when marketers set low expectations for a market offering, they run the risk of

failing to attract enough customers

greg Williams now has the buying power to purchase the desktop computer that he has wanted for the last six months. greg's want has now become a ______

demand

a women's apparel manufacture in California recently acquired a Houston-based company that manufactures office furniture. this is an example of

diversification

according to management guru Peter trucker, " the aim of marketing is to_____"

make selling unnecessary

a _____ is the set of actual and potential buyers of a product or service

market

Lark Inc., an American electronics company, is currently reviewing new geographical markets to sell its highly popular televisions. By 2020, it plans to open new stores across all the major South Asian cities. Lark is most likely following a ________ strategy.

market development

according to the Boston consulting group approach, _________ provides a measure of market attractiveness

market growth rate

a ______ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want

market offering

Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. this exemplifies ______

market penetration

dividing the market into various groups of customers that a company may serve is called

market segmentation

An organic farmer has identified three distinct groups who might be interested in his products: vegetarians, people who are concerned about chemicals in their foods, and people who consider themselves innovators and trendsetters. These three groups are examples of ________

market segments

which of the following is NOT an accurate description of modern marketing

marketing emphasizes selling and advertising exclusively

a ______ consists of 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

marketing information system

the art and science of choosing target markets and building profitable relationships with them is called

marketing management

Orion Inc. operates in many industries, including pharmaceuticals and food products. The company's goal is to create "abundant and affordable food for all and a healthy environment." This represents Orion's ________.

mission statement

the marketing concept takes a _______________. it starts with a well-defined market, focuses on customer needs, and integrates all the marketing activities that affect customers

outside-in perspective

cleats, unlimited developed a new style of soccer shoe. this is an example of

product development

Henry Ford's philosophy was to perfect the model t so that its costs could be reduced further for increased consumer affordability. this reflects the __________ concept

production

when demand for athletic shoes produced by nike and endorsed by Michael Jordan is high, nike limits how many pairs of shoes are manufactured. this action maintains strong demand by limiting supply. this decision contradicts the philosophy of which marketing concept?

production concept

which of the following marketing management orientations focuses primarily on improving efficiencies along the supply chain?

production concept

the pharmaceuticals division of omni healthcare holds low market share in a high-growth market. according to the big matrix, the pharmaceuticals division of omni is classified as a

question market

according to the Boston consulting group approach, ________ serves as a measure of company strength in the market

relative market share

mission statements should be defined in terms of

satisfying basic customer needs

Jolene's firm markets preplanning services for a mortician. She finds that most of her target market wants to avoid discussing their future funeral needs, and she must somehow first get their attention. Jolene's firm most likely practices the ________

selling concept

the key businesses of Kimberly and price consists of a division that produces and sells breakfast cereals and another that manufactures gardening tools. each of their businesses is called a _______

strategic business unit

______ is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities

strategic planning

Cathy's Clothes is a small yet successful retail chain that sells women's clothing and accessories with a focus on buyers who have relatively modest means. For this specific purpose, the firm has rolled out several marketing initiatives aimed at women of a specific demographic. This is an example of ________.

target marketing