MKT Chapter 1-4
the key to learn about and engage with individual customers is to blend the new digital technologies and approaches with traditional marketing to create
a smoothly integrated marketing strategy and mix
the cultural environment consists of .... that affect a society's value, perceptions, preferences, and behaviors
instutions and forces
Marketers keep a close eye on demographic trends and developments in their markets. They analyze ________.
changing age and family structures, geographic population shifts, educational characteristics, and population diversity
The Council of American Survey Research Organizations (CASRO) Code of Standards and Ethics for Survey Research outlines researcher responsibilities to survey respondents, including
confidentiality, privacy, and avoidance of harassment
laws, government agencies, and pressure group that influence or limit various organizations and individuals in a given society
political
Software and analytical techniques that integrate, analyze, and apply the mountains of individual customer data to gain a 360-degree view of customers enable companies to ________________________.
practice customer relationship management
firms that develop strategies to change the environment, instead of assuming that strategic options are bounded by the current environment , are being
proactive
.... compose a company's external value delivery network partners in a value chain would typically include:
suppliers, distributors, and customers
the most common mistake firms make is to view CRM, marketing analytics, and AI as...
technology processes only
the customer-driven company divides the total market into smaller segments, selects segments it can best serve, and decides how it wants to bring value to target consumers in the selected segments. It then design...
integrated marketing mix
Two major public policy and ethical issues in marketing research are ________.
intrusions on consumer privacy and misuse of research findings
regarding international marketing research
scarcity of good secondary data translating questionnaries from one language into another difficulty in obtaining primary data dealing with cultural differences from country to country
marketing information is of no value until it is used for what purpose?
to make better marketing decisions
the marketing process of five key steps. which is the first step?
understand the marketplace and customer needs and wants
what are the variables in a comoany's marketing mix?
product, price, place, and promotion
which of the following represent market offerings?
products, services, information, and experiences
A SWOT is a part of which marketing management function
analysis (strengths, weaknesses, opportuinities, threats
understanding needs, wants, and demands helps companies to design market offerings and build value-laden customer relationship through which they can capture
customer lifetime value and greater share of customer
.... is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
customer relationship management
To analyze individual customer data, many companies have now acquired or developed special software and analysis techniques called ________ software.
customer relationship management CMR
the marketing concept holds that successful marketing strategies are based on..
customer satisfaction and value
What are three general sources from which markers can obtain information? the second critical phase in developing a marketing information system MIS is developing information. The information is developed from
internal data, marketing intelligence, and marketing research
A.... consists of 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
marketing information system.
companies need meaningful customer insights so they can..
produce superior value for their customers
Most standard portfolio analysis methods evaluate strategic business units (SBUs) on their performance in two important dimensions. What are these two dimensions?
the attractiveness of the SUB's market or industry and the strength of the SBU's position in that market or industry.
changing age structure, shifting family profiles, geographic population shifts, a better educated and more white-collar population, and increasing diversity
the demographic environment
The focus of which of the following processes not only sets the stage for planning in the firm, but also represents the maintenance and development of the organization's goals and capabilities and its changing marketing opportunities?
Strategic planning
Huge and complex data sets genera by today's sophisticated information generation, collection, storage, and analysis technologies are referred to as ...
big data
The marketing process involves five steps. The first four steps focus on
creating value for customers
the first four steps of the marketing process focus on creating value for customers. the next step is designing a
customer value-driven marketing strategy
there are several types of objectives market researchers might use in a marketing research project. which of the following are the primary types of objectives?
exploratory research descriptive research causal research
Legislation affecting business around the world has increased steadily over the years within the political environment. The increased legislation has been enacted for three primary areas..
law protecting companies from each other laws protecting consumers, laws protecting the interests of society
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
levels of economic development, cultures and customs, buying patterns, and scarcity of secondary data.
Starbucks was opening a new store in China every 15 hours. which strategy does this?
market development
the product/market expansion grid is a tool that allows marketers to identify growth opportunities. which represent the four product/market expansion grid?
market penetration market development product development diversification
a global not-for-profit consveration organization whose mission is to coserve nature and protect the world's wildlife
world wildlife fun WWF
the economic environment impacts marketing decisions. The economic environment consists of two primary economic factors that affect...
consumer purchasing power and sending patterens
as part of marketing's role, the department works closely with partners in other departments to form an effective internal ... and with other companies in the marketing system to create an external value delivery network that jointly serves customers.
value chain
A MIS helps users analyze and use information to
develop customer insights, make marketing decisions, and manage customer relationships
the third step in the marketing research process calls for implementing the marketing research plan by..
gathering, processing, and analyzing the information
environmental sustainability concerns have grown steadily over the past three decades. Marketers should be aware of three primary trends in the natural environment which include
growing shortages of raw materials increased pollution increased government intervention in natural resource management
which of the following correctly identifies the three research approaches for gathering primary data?
observation, surveys and experiments
Which one of the following statements about marketing research in small businesses and nonprofit organizations is correct?
Although the research methods of small businesses and nonprofits are less complex and costly, they still must be conducted carefully
to... for customers and ...., marketers must first gain fresh, deep insights into what customer need and want
create value build meaningful relationships with them
marketing is the process by which companies ..... and build strong customer relationships in order to ...
create value for customers, capture value from customers in return
which of the following is included in a broad definition of marketing?
creating customer value, building customer relationships, and engaging customers
affect a society's basic values, perceptions, preferences, and behaviors
cultural
.... are at the center of marketing strategy and programs
customer engagement, value, relationships
The ultimate aim of customer relationship management is to produce high________.
customer equity
satisfied customers buy again and tell others about their good experiences. What is customer satisfaction based on
customer expectations
many companies see the marketing environment as uncontrollable. They..... that will help the company avoid the threats and take advantage of the opportunities the environment provides.
analyze environmental forces and design strategies.
the two steps in business portfolio planning are... and....
analyzing the current business portfolio and developing strategies for growth and downsizing.
the marketing information system MIS first
assesses information needs
the best... is the one that best fits the company's strengths and weaknesses to opportunities in the environment
business portfolio
marketers keep a close eye on demographic trends and developments in their markets. they analyze....
changing age and family structures geographic population shifts educational characteristics population diversity
which of the following is true regarding the technological environment?
companies must keep up with changes in technology or risk being left behind
.... companies research customers deeply to learn about their desires, gather new product ideas, and test product improvements
customer-driven
The marketing process consists of five distinct steps, with four of them focused on creating value for customers. One strategy for creating value for customers is ......, which fosters direct and continuous customer involvement in shaping brand conversations, brand experiences, and brand community
customer-engagement marketing
the steps in the strategic planning process?
define the company mission set company objectives and goals design the business portfolio plan the market and other functional strategies
correct sequence of the four steps of the marketing research process?
define the problem and research objectives develop the research plan, implement the research plan and interpreting nad reporting the findings
the step in the strategic planning process that should be market-oriented, realistic, specific, motivating, and consistent with the market environment is
defining the company's mission
age, race, gender, and other statistics are part of a company's ..... environment
demographic
The macroenvironment
demographic, economic, natural, technological, political, cultural
the definition of the company's mission is the first step in the strategic planning process. the mission is then transformed into... which in turn guide decisions about...
detailed supporting golas and objectives the business portfolio
advances in .... are forces that offer exciting new opportunities to target customers more selectively and engage them more deeply
digital and social media
consists of factors affecting buying power and patterns. characterized by more frugal consumers who are seeking greater value
economic environment
in recent years, today's marketers are also reexamining their... responsibilities
ethical and societal
Marketing departments can be organized in a number of ways. However, more and more companies are changing organization focus
from product or territory management , to customer relationship management.
the mission is transformed into detailed supporting goals and objectives, which in turn guide decisions about the business portfolio. Then each business and product unit must develop detailed.... plans in line with the company-wide plan
functional
the company's..... consists of actors close to the company that combine to form its value delivery network or that affect its ability to serve customers
microenvironment
Which major trend is ideal for engaging customers anytime, anywhere, as they move through the buying process?
mobile marketing
outstanding companies go to great lengths to learn about and understand their customers'
needs, wants, and demands
the core marketplace concepts are
needs, wants, and demands market offering (products, services, and experiences) value and satisfaction exchange and relationship market
Marketers want to predict cultural shifts to spot new opportunities or threats. The major cultural values of a society are expressed in people's view of themselves and others, as well as in their views of..
organizations, society, nature, and the universe.
Another strategy for creating value and building strong customer relationships includes ________, which means working closely with others inside and outside the company to jointly engage and bring more value to customers.
partner relationship management
changes in the .... have focused greater emphasis on ethics and socially responsible actions
political and social environment
Rather than simply watching and responding to environmental events, firms can be proactive by...
pressing lawsuits to keep competitors in line
Other companies do not see the marketing environment as uncontrollable. They take a .... stance toward the marketing environment and develop strategies to .... the environment
proactive, change
many companies view the marketing environment as an uncontrollable element to which they must...
react and adapt
Marketing management can adopt one of five competing market orientations, which include...
the production concept the product concept the selling concept the marketing concept the societal marketing concept
Which of the following enhances how marketers learn about and interact with customers?
Big data and marketing analytics
which of the following the five core customer and marketplace concepts?
Needs, wants, and demands; market offerings; value and satisfaction; exchanges and relationships; and markets
Five marketing management functions used to manage the marketing process
analysis, planning, implementation, organization, and control
customer insights come from good marketing information, which contributes to creating value and meaningful customer relationships. Company use their customer insights to develop...
a competitive advantage
today's marketers see information not only as a tool for input for better decision-making, but also as..
an important strategic asset and marketing tool
Marketers are viewing information not only as an input for making better decisions, but also as a(n) ______________.
important strategic asset and marketing tool
Major economic variables include....
income, cost of living, and savings and borrowing patterns
the fourth step in the marketing research process is...
interpreting and reporting the findings
as a direct result of the explosion in digital technology, one regulatory area that advocates and public policy makers are acting on is ...
invasion of privacy
The demographic environment is of major interest to marketers because
it involves people, and people make up markets
.... is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate marketing strategies or mixes
market segmentation
the design of the strategies begin with
market segmentation market targeting differentiation positioning
Companies apply ________ to dig out meaningful patterns in big data to gain customer insights and gauge marketing performance.
marketing analytics
which of the following is the components of a company's microenvironment?
marketing intermediaries customer markets suppliers competitors publics company
Today's marketers face growing pressures to show that they are adding value in line with their costs. In response, marketers are developing better measures of ________.
marketing tactics and implementation
a company rarely gets 100 percent of a customer's purchases for a product category. The share it does get of the customer's purchasing in its product categories is called
share of customer
an important trend in the natural environment of which marketers should be aware?
shortages of raw materials
Marketing tools used in digital and social media marketing include _______.
social media, mobile apps, and blogs
Larger.... that affect the entire microenvironment combine to form the macroenvironment
societal forces
what are the two keys to building lasting customer relationships?
superior customer value and satisfaction
... are perhaps the most dramatic forces affecting today's marketing strategies
technological forces
Which marketing management orientation holds that a firm should have a customer focus to achieve sales and profits
the Marketing concept
Marketing provides a guiding philosophy for a company's strategic planning. This philosophy, known as.... profitable relationships with important consumer groups.
the marketing concept
the natural environment involves.....that are needed as inputs by marketers or that are affected by marketing activities
the physical environment, the natural environment
Marketing must also partner effectively with other companies in the marketing system to form a competitively superior ________.
value delivery network
To design a winning marketing strategy, what are the two important questions a marketing manager must answer?
what customers will we serve? how can we serve these customers best?
what advice would you give a firm about how to respond to the changing marketing environment?
whenever possible, take a proactive approach to the environment.