MKT3050 Exam 1 Chapters 1-5
Portfolio Analysis *
Allocate resources toward more profitable businesses and phase down or drop its weaker ones - Firm can invest to BUILD share - Invest just enough to HOLD share - Can HARVEST cash flow - with low / zero investment - DIVEST
Publics (Microenvironment)
Any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives - Financial - General - Media - Internal - Government - Local - Citizen action
Which of the following is an example of consumer-generated marketing?
Fun & Run, a local amusement park, promotes its services by allowing consumers to upload videos and write reviews about the park.
Market Segment
Group of consumers who respond in a similar way to a given set of marketing efforts
Social Factors (Influencing Consumer Behavior)
Groups - Word-of-mouth influence - Opinion leaders - Online social networks - Family - Roles and status
The Company (Microenvironment)
Interrelated groups in a company form the internal environment Departments share the responsibility for understanding customer needs and creating customer value
In the BCG growth-share matrix, question marks refer to products or businesses with a ________.
Low market share in a market with high growth prospects
Which of the following is most likely a financial public? Select one: - community organization - special interest organization representing a minority group - corporate attorney - stockholder - newspaper
Stockholder
Causal research is used to ________. Select one: - test hypotheses about cause-and-effect relationships - gather preliminary data to define problems and their underlying causes - collect information on the demographics of customers - collect information on the attitudes of consumers - generate hypotheses about the causes of a marketing problem
Test hypotheses about cause-and-effect relationships
Descriptive Research
Used to better describe the market potential for a product or the demographics and attitudes of consumers
Exploratory Research
Used to gather preliminary information Helps to define problems and suggest hypotheses
Causal Research
Used to test hypotheses about cause-and-effect relationships
Psychographics
When a relatively complete profile of a person or group's psychographic make-up is constructed, this is called a "psychographic profile". Categories of psychographic factors used in market segmentation include: - Activities - Interests - Opinions - Attitudes - Values - Behavior
Which of the following companies is using a divesting strategy?
When sales of its clothing division decline, Blackstone sells the division to a competitor.
Which of the following products would the electronics company CypressSound classify as a cash cow in its BCG matrix?
Xpress — an MP3 player that has a high market share in a market that is not expected to grow significantly
_____ are defined as states of felt deprivation Select one: a. Needs b. Ideas c. Demands d. Values e. Exchanges
a. Needs
Economic Environment (Macroenvironment)
Economic factors affect consumer purchasing power and spending - Changes in consumer spending - Differences in income distribution
Market Targeting
Evaluating each market segment's attractiveness and selecting one or more segments to enter
Political Environment (Macroenvironment)
Forces that influence or limit various organizations and individuals in a society - Laws, government agencies, and pressure groups
Customer Insights
Fresh marketing information-based understandings of customers and the marketplace - Become the basis for creating customer value, engagement, and relationships Customer insight teams collect customer and market information from a wide variety of sources
The ________ concept holds that consumers will favor goods and services that offer the most in quality, performance, and innovative features. Select one: societal marketing marketing selling production product
product
Assessing Marketing Information Needs **
** A good MIS balances the information users would like to have against - What they really need - What is feasible to offer Obtaining, analyzing, storing, and delivering information is costly. - Firms must decide whether the value of the insight is worth the cost.
Generational Groups
- Baby Boomers (1946 - 1964) - Generation X (1965 - 1976) - Millennials (or Generation Y) (1977 - 1995) - Generation Z (1996 - 2015)
Personal Factors (Influencing Consumer Behavior)
- Occupation - Age and family life-cycle - Economic situation - Lifestyle - Personality and self-concept
Sampling Plan
A sample is a segment of the population selected to represent the population as a whole. Decisions required for sampling design: - Sampling unit (People to be studied) - Sample size (Number of people to be studied) - Sampling procedure (Method of choosing the people to be studied)
________ are the form human needs take as they are shaped by culture and individual personality. Select one: a. Wants b. Necessities c. Services d. Benefits e. Risks
A. Wants
Microenvironment
Actors close to the company that affect its ability to serve its customers
Stages in the Adoption Process
Adoption is the decision to become a regular user of a product - Awareness - Interest - Evaluation - Trial - Adoption
Secure is a financial services and insurance company. The company's most profitable division is one that sells the Secure Future Plan. The Secure Future Plan targets customers who are entering retirement and want long-term savings so they can remain financially independent in the later years of their life. The marketing team at Secure has most likely targeted the plan at ________.
Baby Boomers
Which of the following generational groups account for only a third of the U.S. population yet accounts for half of all consumer spending? Select one: - Millennials - Generation X - Generation Z - Baby Boomers - the Lost Generation
Baby Boomers
Business buyer Behavior
Business buyer behavior - Purchasing goods and services are used in the production of other products and services Business-to-business (B-to-B) marketers must understand business markets and business buyer behavior Business buying process: Determining which products and services to purchase - Finding, evaluating, and choosing among alternative suppliers and brands
Which of the following is most likely true about business legislation? Select one: - Business laws are enforced only in international markets and not in local markets. - Business laws fail to prevent unfair competition among the different companies in a market and tend to encourage monopolies. - Business laws usually remain constant over time. - Local, national, and state business laws rarely overlap with one another. - Business laws that are enforced by government agencies have a major impact on a company's marketing performance.
Business laws that are enforced by government agencies have a major impact on a company's marketing performance.
Market Structure and Demand (Business buyer behavior)
Business market structure and demand - Fewer but larger buyers - Derived demand: Business demand that comes from the demand for consumer goods - Inelastic and fluctuating demand
Consumer Buyer Behavior and Consumer Markets
Consumer buyer behavior describes the behavior of final consumers Consumer market - Is comprised of all the individuals and households that buy or acquire goods and services for personal consumption
A firm has a huge amount of individual customer data saved in different databases. Which of the following can be used to integrate, analyze, and apply the available information effectively? Select one: - online market research tools - integrated marketing systems - CRM systems - internal survey methods - quality assurance tools
CRM(customer relationship management) systems [Customer relationship management is a process in which a business or other organization administers its interactions with customers, typically using data analysis to study large amounts of information.]
Stew Leonard's has created what has been the "Disneyland of Dairy Stores," complete with costumed characters, scheduled entertainment, and a petting zoo. It's built 30 additions onto the original store, which now serves more than 300,000 customers each week. This legion of loyal shoppers is largely a result of the store's passionate approach to customer service. Instead of focusing on individual transactions, Stew and his staff are putting a priority on ________.
Capturing customer lifetime value
Vernon Inc. would like to set the best price for a new product. The firm conducts an experimental study by selling the new product at two different prices in two different locations keeping other factors constant to see if a lower price results in better sales. This is most likely an example of ________ research. Select one: - exploratory - descriptive - causal - focus group - ethnographic
Causal
Ursa Martin, a book publisher, has decided to work with Hope in Children, a charitable foundation that helps feed and educate children in poor countries. Ursa Martin has decided that a percentage of revenue from every book it sells will be donated to the charity. The books are marketed by conveying this message to customers. Which of the following marketing techniques describes Ursa Martin's association with Hope in Children? Select one: - joint venture marketing - cause-related marketing - niche marketing - green marketing - test marketing
Cause-related marketing
A consumer advocacy group challenges a firm's decision to build a new warehouse in a small community. The advocacy group is an example of a ________ public. Select one: - financial - government - media - citizen-action - local
Citizen-action
Internal Databases
Collections of consumer and market information obtained from data sources within the company network
Hammond Corp. operates in the highly aggressive electronics market. The firm aims to obtain early warnings of opportunities and threats caused by the actions of other firms that are doing well in the industry. Which of the following sources would best serve Hammond's purpose? Select one: - sales data from exclusive Hammond retailers - archival data on company performance - competitive marketing intelligence - research on demographics of its existing customers - internal survey on employee performance
Competitive Marketing Intelligence
Marketing Information System (MIS)
Consists of people and procedures to - Assess information needs - Develop the needed information - Help decision makers use the information to generate and validate actionable customer and market insights
Situation Analysis
Consumer Company Competitors Collaborators Context
Which of the following is true of focus group discussions? Select one: - They usually employ large samples. - Consumers' facial expressions are hidden. - Results can be easily generalized to an entire population. - The quantitative data can be evaluated quickly and economically. - Consumers are not always honest and open about their opinions.
Consumers are not always honest and open about their opinions.
Steps In Strategic Planning
Corporate 1) Defining the company mission (who are we?) 2) Setting Company Objectives and Goals (Where do we want to go?) 3) Designing the business portfolio (With what?) Business unit, product, and market level 4) Planning marketing and other functional strategies (To whom and how?)
What is at the core of marketing?
Creating customer value and profitable customer relationships
Cultural Factors (Influencing Consumer Behavior)
Culture - Set of basic values, perceptions, wants, and behaviors learned by an individual from family and other important institutions Subculture - Group of people with shared value systems based on common life experiences and situations - Total market strategy integrates ethnic themes and crosscultural perspectives within a brand's mainstream marketing Social class - Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors
Ritz-Carlton hotels are fervently dedicated to anticipating customers' slightest needs. Without ever asking, they seem to know when customers want a king-size bed, non-allergenic pillow, extra body gel, or the blinds open upon arrival. An amazing 95 percent of departing guests report that their stay has been a truly memorable experience. This is an example of ________
Customer Delight
According to the text, ________ are the most important actors in a company's microenvironment. Select one: - stockholders - employees - suppliers - community stakeholders - customers
Customers
Implementing the Research Plan
Data collection - Researchers should guard against various problems. - Techniques and technologies - Data quality - Timeliness Processing the data - Check for accuracy - Code for analysis Analyzing the data - Tabulate results - Compute statistical measures
Online Marketing Research
Data is collected through - Internet surveys - Online focus groups - Web-based experiments - Tracking consumers' online behavior
The marketing manager of Appeal Inc. has noticed a sharp decrease in sales over the last two months. The manager decides to conduct marketing research to identify potential causes for the drop in sales. Which of the following should the manager do first? Select one: - develop a research plan - determine a research approach - define the problem and objectives - select a research agency to collect data - conduct exploratory and descriptive research
Define the problem and objectives
________ is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics
Demography
Demographic Environment (Macroenvironment)
Demography is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics. Marketers analyze: - Changing age and family structures - Geographic population shifts - Educational characteristics - Population diversity
Corning produces Gorilla Glass screens that are used in the production of laptops, tablets, and smartphones. Corning promotes its product to final consumers to increase business demand for digital devices made with the specialized, toughened glass. This illustrates ________. Select one: - types of decisions - derived demand - market structure - the decision process - nature of the buying unit
Derived Demand
Brooke's Boutique plans to launch a new clothing line. For this purpose, the firm first conducts a survey to understand its target audience and identify the demographics of potential buyers. It then conducts experimental research to test whether customers associate discounted prices with lower product quality. Which types of research has the boutique employed in this case? Select one: - exploratory followed by causal - exploratory followed by descriptive - descriptive followed by exploratory - descriptive followed by causal - causal followed by descriptive
Descriptive followed by causal
Differentiating
Differentiating the market offering to create superior customer value
Market Segmentation
Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs
Changes in variables, such as income, cost of living, interest rates, and savings and borrowing patterns most likely reflect changes in the ________ environment of a company. Select one: - demographic - economic - political - cultural - micro
Economic
Sam is in the market for a new car. She is seriously considering either a Honda Civic or Toyota Corolla because they both have excellent quality and safety ratings and are comparable in price. Sam is in the ________ stage of the buyer decision process. Select one: - evaluation of alternatives - need recognition - information search - purchase decision - post-purchase behavior
Evaluation of alternatives
Burger Town introduced a new hamburger and released it in two different cities at two different prices. Marketers of Burger Town then analyzed the sales records of their outlets at the two cities, determined the price that resulted in better profits, and used the information to set a nationwide price for their new offering. This is an example of ________. Select one: - exploratory research - survey research - netnography research - experimental research - descriptive research
Experimental research
Coolers Inc. has decided to launch a new energy drink that will have the fewest calories among its competitors. To understand the market potential for the new drink and the demographics and attitudes of consumers who are likely to buy the product, Coolers should most likely use ________. Select one: - exploratory research - archival research - causal research - experimental research - descriptive research
Exploratory and/or Descriptive Research
Intrusions on Consumer Privacy
Failure to address privacy issues results in - Angry, less cooperative consumers - Increased government intervention Best approaches for researchers: - Asking only for the information needed - Using the information responsibly to provide customer value - Avoiding sharing the information without the customer's permission
In the 4Ps of the marketing mix, promotion refers solely to advertising. True or False
False
Monfax Corporation insures manufacturers, distributors, and consumers against the loss or damage of goods during transportation after a purchase or sale. In this case, Monfax is an example of a ________.
Financial Intermediary
Customers (Microenvironment)
Five types of customer markets - Consumer markets - Business markets - Reseller markets - Government markets - International markets
Suzette wants to buy a new coat. She asks her friends to recommend a store and/or a style of coat. She looks for sale advertisements for coats in newspapers and also visits nearby stores to check if she can find a coat in her budget. In this case, Suzette is most likely in the ________ stage of the buyer decision process. Select one: - product evaluation - evaluation of alternatives - need recognition - information search - purchase decision
Information search
Secondary Data
Information that already exists Collected for another purpose Sources: - Company's internal database - Purchased from outside suppliers - Commercial online databases - Internet search engines Advantages - Low cost - Obtained quickly - Cannot collect otherwise Disadvantages - Potentially Irrelevant - Inaccurate - Dated - Biased
Developing Marketing Information
Information/data can be obtained from: 1. Internal databases 2. Competitive marketing intelligence 3. Marketing research
Data is Common...
Insights are rare
Cultural Environment (Macroenvironment)
Institutions and other forces that affect a society's basic values, perceptions, and behaviors Persistence of cultural values - Core beliefs and values have a high degree of persistence. - Secondary beliefs and values are more open to change Shifts in secondary cultural values of people's views about - Themselves - Others - Organizations - Society - Nature - Universe
Susan Hart, the manager of a children's boutique, collects data from her monthly records of sales, costs, and cash flow. In this case, Susan is making use of ________ databases. Select one: - external - secondary - historical - internal - dialog
Internal
Which of the following is a psychographic characteristic of a consumer? Select one: - gender - age - lifestyle - occupation - economic status
Lifestyle
Which of the following is true of a good marketing information system? Select one: - It focuses solely on maximizing the amount of data generated irrespective of relevance. - It typically uses only external sources of data in marketing research. - It balances the information that a firm would like to have against what they really need. - It develops a way of offering information about future plans of action that might not be very feasible or cost-effective - It eliminates the time-consuming task of assessing the information needs of a firm.
It balances the information that a firm would like to have against what they really need.
Vincent Cosmetics decides to launch a cream with a claim that it makes skin "nine times smoother." The claim is based on a study of 30 respondents who used products of other brands as well. However, a second study on a larger sample reveals only a mild correlation between the use of the cream and smoother skin. In these circumstances, which of the following is the most ethical approach that Vincent Cosmetics can follow? Select one: - It should market the product as planned with the promotional line of "nine times smoother." - It should modify the results of the study to depict a strong correlation. - It should report the result as it is, or improve the product to match its claim. - It can continue to claim a high correlation and add a tag line saying "results may vary."
It should report the result as it is, or improve the product to match its claim.
Which of the following statements about international marketing research is true? Select one: - International marketing research has declined over the past decade due to global economic decline. - Conducting personal interviews in developing countries is generally less difficult and less expensive than doing so in developed nations. - International researchers follow a different set of steps in marketing research than domestic researchers. - Language translation in international marketing research typically increases costs and raises the risk of errors. - International researchers benefit from useful secondary data that is available online, so primary data is typically unnecessary.
Language translation in international marketing research typically increases costs and raises the risk of errors.
Macroenvironment
Larger societal forces that affect the microenvironment
The two dimensions the BCG approach uses to evaluate and manage SBUs are ________.
Market growth rate and relative market share
Which of the following best describes market segmentation?
Market targeting
Competitors (Microenvironment)
Marketers must gain strategic advantage by positioning products strongly against competitors No single strategy is best for all companies
Evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are attained is called ________.
Marketing Control
What is the difference between the marketing concept and the selling concept?
Marketing focusses on consumer needs Selling focusses on existing products
Which of the following statements regarding marketing intelligence is true? Select one: - Marketing intelligence typically involves sensitive and confidential information kept out of the public domain. - The advantage of using competitive intelligence is negligible as it is based only on internal sources of data. - All marketing intelligence inputs are available at no cost to any potential users. - Marketing intelligence is the systematic collection, monitoring, and analysis of publicly available information. - Marketing intelligence efforts are more focused on gaining insights into a firm's consumers rather than its competitors.
Marketing intelligence is the systematic collection, monitoring, and analysis of publicly available information.
Marketing Intermediaries (Microenvironment)
Marketing intermediaries help the company to promote, sell, and distribute its products to final buyers. - Resellers - Physical distribution firms - Marketing services agencies - Financial intermediaries
A business buyer is considering a change in product specifications, terms, and possibly suppliers. This buying situation is referred to as a(n) ________. Select one: - modified rebuy - new-task situation - straight rebuy - dual distribution channel - exclusive distribution channel
Modified Rebuy [a buying situation in which an individual or organization buys goods that have been purchased previously but changes either the supplier or some other element of the previous order]
Psychological Factors (Influencing Consumer Behavior)
Motivation - Perception - Learning - Beliefs and Attitudes
A marketing intermediary would most likely help a firm by ________. Select one: - negotiating with labor unions regarding wages, hours, and benefits - providing technical expertise on the production and design of goods - competing directly with the firm in a certain product category - supplying the raw materials needed for manufacturing the firm's products - moving the firm's goods from production points to distribution centers
Moving the firm's goods from production points to distribution centers
Which of the following is the first stage of the buyer decision process? Select one: - need recognition - information search - evaluation of alternatives - purchase decision - post-purchase behavior
Need Recognition
Suppliers (Microenvironment)
Provide the resources needed by the company to produce its goods and services Supplier problems seriously affect marketing - Supply shortages or delays - Labor strikes - Price trends of key inputs
Technological Environment (Macroenvironment)
New technologies create new markets and opportunities. ex) Radio-frequency identification (RFID) is technology to track products through various points in the distribution channel. Government agencies investigate and ban potentially unsafe products.
Marketing Research in Small Businesses and Nonprofit Organizations
Obtaining good marketing insights - Secondary data collection - Observation - Surveys - Experiments Responsibility of managers - Think carefully about the research objectives - Formulate questions in advance - Recognize the biases introduced by smaller samples and less skilled researchers - Conduct the research systematically
Criticism of the 4 P's *
Omits or underemphasizes service products Needs to include packaging as a product decision Buyer's perspective would emphasize the four A s: - Acceptability - Affordability - Accessibility - Awareness
Online Behavioral and Social Tracking and Targeting
Online listening - Provides valuable insights into what consumers are saying or feeling about a brand Behavioral targeting - Uses online consumer tracking data to target advertisements and marketing offers to specific consumers Social targeting - Mines individual online social connections and conversations from social networking sites
Research Plan
Outlines sources of existing data Spells out - Specific research approaches - Contact methods - Sampling plans - Instruments that researchers will use to gather new data Should be presented in a written proposal Topics covered in a research plan: - Problems and research objectives - Information to be obtained - How results will help decision making - Estimated research costs - Type of data required
Marketing Environment
Outside forces that affect the ability to build and maintain successful relationships with target customers
Natural Environment (Macroenvironment)
Physical environment and natural resources needed as inputs by marketers or affected by marketing activities - Environmental sustainability concerns have grown steadily over the past three decades. Trends: - Shortages of raw materials - Increased pollution - Increased government intervention
Positioning
Positioning the product to occupy a clear, distinctive, and desirable place relative to competing products
Types of Samples
Probability samples: - Simple random sample - Stratified random sample - Cluster (area) sample Non-probability samples: - Convenience sample - Judgment sample - Quota sample
Design, packaging, service, and features are elements of the ________ component of a company's marketing mix.
Product
What are the 4 P's of the marketing Mix
Product Promotion Price Place
Chloe is in the process of buying a new car. She carefully analyzes the features that he wants in a car, and perceives significant differences in price, quality, and features among three of her favorite models. She rates the models on each factor and ranks them in the order of preference. To which of the following stages of the buyer decision process will Chloe most likely proceed next? Select one: - post-purchase behavior - evaluation of alternatives - information search - need recognition - purchase decision
Purchase Decision
Research Instruments
Questionnaires can be administered in person, by phone, by e-mail, or online. - Closed-ended questions - Open-ended questions Mechanical instruments include - People meters - Checkout scanners - Neuromarketing
Downsizing (Reasons)
Reasons to abandon products or markets - Rapid growth of the company (out grow ) - Lack of experience in a market - Change in market environment - Decline of a specific product
Big Data
Refers to the huge and complex data sets generated by today's sophisticated information generation, collection, storage, and analysis technologies
Managing the marketing function begins with a complete analysis of the company's situation. A thorough ________ is typically undertaken to guide decision making.
SWOT Analysis
Information collected from commercial online databases or through Internet search engines are examples of ________ data. Select one: - primary - secondary - first hand - experimental - ethnographic
Secondary
Which of the following needs in Maslow's hierarchy is generally satisfied last? Select one: - physiological - social - esteem - self-actualization - safety
Self-actualization
Which of the following is a social factor that influences consumer buying behavior? Select one: - Members of a social class vary drastically in their values, interests, and behaviors. - In the United States, the lines between social classes are fixed and rigid. - Social classes show distinct product preferences in areas such as clothing. - Wealth is a more important variable than education in measuring social class. - Consumers of the same age belong to the same social class.
Social classes show distinct product preferences in areas such as clothing.
Types of Buying Situations (Business Buyer Behavior)
Straight rebuy - Buyer routinely reorders something without any modifications Modified rebuy - Buyer wants to modify product specifications, prices, terms, or suppliers New task - Buyer purchases a product or service for the first time Systems selling (or solutions selling) - Buying a packaged solution to a problem from a single seller - Avoids the separate decisions involved in a complex buying situation
________ is a method of gathering primary data that involves asking people questions about their knowledge, attitudes, preferences, and buying behavior. Select one: - Observational research - Archival research - Survey research - Experimental research - Causal research
Survey Research
Marketing Research
Systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization Approaches followed by firms: - Use own research departments - Hire outside research specialists - Purchase data collected by outside firms
Competitive Marketing Intelligence
Systematic monitoring, collection, and analysis of information - About consumers, competitors, and developments in the marketing environment Techniques - Observing consumers firsthand - Quizzing the company's own employees - Benchmarking competitors' products - Conducting online research - Monitoring social media buzz Offers insights about consumer opinions and their association with the brand Provides early warnings of competitor strategies and potential competitive strengths and weaknesses Helps firms to protect their own information
Omni Healthcare's analgesic drug Cetaprin has a 40% share in the analgesics market in the country of Terrania. Its closest competitor, Febex, has a 25% share in the market, while four other analgesic brands split the remainder. Which statement indicates that Cetaprin is a cash cow according to the BCG matrix?
The demand for analgesic drugs in the Terrania market is expected to remain stable.
What is the most important consumer buying organization in society? Select one: - leading adopters - the family - membership groups - reference groups - aspirational groups
The family
International Marketing Research
The problems faced include - Dealing with diverse markets - Finding good secondary data in foreign markets - Developing good samples - Reaching respondents - Handling differences in culture, language, and attitudes toward marketing research The cost of research is high, but the cost of not doing it is higher
Which of the following demonstrates the real value of a company's marketing research and information system? Select one: - the amount of data it generates - the variety of contact methods it uses - the tools it uses to gather information - the quality of customer insights it provides - the type of sampling plan it follows
The quality of customer insights it provides
Which of the following is part of the microenvironment of a firm's marketing environment? - the political state of the country in which the firm exists - the cultural forces that exist in a society - the suppliers who work with the company - the technological resources available to the company - the different demographic trends in the market
The suppliers who work with the company
Which of the following is an advantage of primary data? Select one: - They are less expensive to obtain than secondary data. - They can be obtained more quickly than secondary data. - They can be accessed from existing information. - They are more relevant than secondary data. - They are more reflective of past problems.
They are more relevant than secondary data.
Which of the following is most likely true about companies that take a proactive stance toward the marketing environment? - They develop strategies to change the marketing environment. - They believe that marketing strategies are bound by the current environment - They passively accept the marketing environment in its current state. - They view the marketing environment as an uncontrollable element. - They design strategies according to environmental forces in the market.
They develop strategies to change the marketing environment.
Which of the following is most likely a characteristic of firms that adopt a reactive approach toward the marketing environment?
They take advantage of opportunities provided by the environment
Google knows when and where you will be traveling by monitoring your Google Calendar and Gmail. True or False
True
Social class is not determined by a single factor, such as income, but is measured as a combination of occupation, income, education, wealth, and other variables. True or False
True
Subcultures are groups of people with shared value systems based on common life experiences and situations. True or False
True
What does SWOT stand for
strengths, weaknesses, opportunities, threats
Interpreting and Reporting Findings
• Market researcher's responsibilities: - Interpret the findings - Draw conclusions - Report findings to management Managers and researchers: - Work together closely when interpreting research results - Share responsibility for the research process and resulting decisions