Mktg 2500 exam 1
The growth-share matrix defines four types of SBUs: Stars are __________.
high-growth, high-share businesses or products
__________ is dividing a market into different segments based on gender.
gender segmentation
________ are the 83 million children of the baby boomers born between 1977 and 2000.
generation Y
The __________ is a philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
marketing concept
__________ is measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved.
marketing control
The __________ is the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers.
marketing environment
__________ focuses on finding new ways to solve customer problems and create more customer-satisfying experiences.
Customer-centered new product development
________ are the 49 million people born between 1965 and 1976 in the "birth dearth" following the baby boom.
Generation X
__________ are information that already exists somewhere, having been collected for another purpose.
Secondary data
In a __________ sample, the population is divided into mutually exclusive groups and random samples are drawn from each group.
stratified random
In a __________ sample, the population is divided into mutually exclusive groups and the researcher draws a sample of the groups to interview.
cluster
__________ is the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.
competitive marketing intelligence
__________ is a basic and distinctive mode of expression.
style
__________ is a group of people with shared value systems based on common life experiences and situations.
subculture
The __________ is the forces that create new technologies, creating new product and market opportunities.
technological environment
Concept testing is __________.
testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal
A convenience product is a consumer product __________.
that customers usually buy frequently, immediately, and with minimal comparison and buying effort
New product development is __________.
the development of original products, product improvements, product modifications, and new brands through the firm's own efforts
__________ is gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses.
experimental research
__________ is a currently accepted or popular style in a given field.
fashion
The __________ forbids the manufacture or sale of adulterated or fraudulently labeled foods and drugs.
Federal Food and Drug Act
__________ links service firm profits with employee and customer satisfaction.
a service profit chain
Buying attitudes and preferences are __________.
a type of buyer response
__________ are human wants that are backed by buying power.
demands
Marketing strategy development is __________.
designing an initial marketing strategy for a new product based on the product concept
__________ is the art and science of choosing target markets and building profitable relationships with them.
marketing management
__________ is the mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by these products.
marketing myopia
__________ are such things as product, price, place, and promotion and are considered part of the environment that influences the buyer's black box.
marketing stimuli
__________ are segments of the population selected for marketing research to represent the population as a whole.
samples
In a __________ sample, every member of the population has a known and equal chance of selection.
simple random
The __________ monitors and remedies unfair trade methods.
Federal Trade Commission Act
__________ is marketing research to gather preliminary information that will help define problems and suggest hypotheses.
exploratory research
The __________ is the PLC stage in which a product's sales growth slows or levels off.
maturity stage
__________ is the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.
product quality
Market penetration is __________.
company growth by increasing sales of current products to current market segments without changing the product
__________ is the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships.
marketing strategy
__________ is the set of all products and items that a particular seller offers for sale.
product mix
A(n) __________ is a consumer product with unique characteristics of brand identification for which a significant group of buyers is willing to make a special purchase effort.
specialty product
__________ is gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior.
survey research
Need recognition is __________.
the first stage of the buyer decision process, in which the consumer notices a problem
In the adoption process, __________ is when the consumer becomes familiar with the new product but lacks information about it.
awareness
__________ is developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering.
product development
__________ is defined by consumers on important attributes—the place the product occupies in consumers' minds relative to competing products.
product position
__________ is a person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea.
attitude
__________ is a brand created and owned by a reseller of a product or service.
store brand
__________ is the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities.
strategic planning
Needs are __________.
states of felt deprivation
casual research
__________ is marketing research to test hypotheses about cause-and-effect relationships.
__________ is the changes in an individual's behavior arising from experience.
learning
__________ is dividing a market into segments based on consumer knowledge, attitudes, uses, or response to a product.
behavioral segmentation
A(n) __________ is people and processes dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights.
marketing information system
__________ is a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification.
product/ market expansion grid
The __________ is the idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort.
selling concept
__________ means that services cannot be stored for later sale or use.
service perishability
__________ means that the quality of services may vary greatly depending on who provides them and when, where, and how they are provided.
service variability
Service inseparability means that __________.
services are produced and consumed at the same time and cannot be separated from their providers
__________ is the portion of the customer's purchasing that a company gets in its product categories.
share of customers
A(n) __________ is a consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style.
shopping product
__________ is tailoring brands and marketing to the needs and wants of cities, neighborhoods, and even specific stores.
local marketing
The __________ is the larger societal forces that affect the microenvironment—demographic, economic, natural, technological, political, and cultural forces.
macroenvironment
__________ is company growth by identifying and developing new market segments for current company products.
market development
__________ is a group of consumers who respond in a similar way to a given set of marketing efforts.
market segment
__________ is the buyer's decision about which brand to select.
purchase decision
Marketing research is __________.
the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
A __________ is a specific attribute that a company chooses about a brand and touts as "number one" in regards to that attribute.
unique selling proposition
maturity
Modifying the market, product offering, or marketing mix is a product strategy in the ________ phase.
Offering product extensions, service, and warranty is a product strategy in the __________ phase.
growth
The __________ is the PLC stage in which a product's sales start climbing quickly.
growth stage
__________ is the systematic search for new product ideas.
idea generation
__________ is scanning new product ideas to spot good ideas and drop poor ones as soon as possible.
idea screening
__________ is tailoring products and marketing programs to the needs and preferences of particular customers.
individual marketing
The growth-share matrix defines four types of SBUs: __________ are low-growth, high-share businesses or products.
cash cows
The __________ prohibits certain types of price discrimination, exclusive dealing, and tying clauses (which require a dealer to take additional products in a seller's line).
clayton act
In the __________ stage, the consumer seeks information about the new product.
interest
__________ is inviting broad communities of people—customers, employees, independent scientists and researchers, and even the public at large—into the new product innovation process.
crowdsourcing
__________ is tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments.
micromarketing
__________ is the process by which people select, organize, and interpret information to form a meaningful picture of the world.
perception
A value chain is __________.
the series of internal the series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products
A __________ is the full mix of benefits on which a brand is positioned.
value proposition
__________ are the form human needs take as they are shaped by culture and individual personality.
wants
__________ describes the organization's purpose—what it wants to accomplish in the larger environment.
a mission statement
The introduction stage is the PLC stage in which __________.
a new product is first distributed and made available for purchase
__________ is made up of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system.
a value delivery network
__________ is the stage of the buyer decision process in which the consumer uses information to review different brands in the choice set.
alternative evaluation
________ are the 78 million people born during the years following World War II and lasting until 1964.
baby boomers
________ is a descriptive thought that a person holds about something.
belief
__________ are part of the buyer's black box and produce certain responses.
buyer characteristics
__________ is the practice of using the established brand names of two different companies on the same product.
co-branding
The marketing process captures value from customers by __________.
creating profits and customer equity
__________ is the value of the entire stream of purchases a customer makes during a lifetime of patronage.
customer lifetime value
__________ is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
customer relationship management
__________ is the extent to which a product's perceived performance matches a buyer's expectations.
customer satisfaction
__________ is the customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.
customer-perceived value
__________ is evaluating each market segment's attractiveness and selecting one or more segments to enter.
market targeting
__________ is the process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
market targeting
__________ is turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives.
marketing implementation
__________ are information collected for the specific purpose at hand.
primary data
The first step of the business buying process is __________.
problem recognition
A __________ is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
product
The Sherman Antitrust Act __________.
prohibits monopolies and activities (price-fixing, predatory pricing) that restrain trade or competition in interstate commerce
The Lanham Trademark Act __________.
protects and regulates distinctive brand names and trademarks
__________ is dividing a market into different segments based on social class, lifestyle, or personality characteristics.
psychographics segmentation
__________ is relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors.
social class
The growth-share matrix defines four types of SBUs: __________ are high-growth, high-share businesses or products.
stars
__________ is dividing a market into different age and life-cycle groups.
Age and life-cycle segmentation
The __________ empowers the FTC to establish limits on quantity discounts, forbid some brokerage allowances, and prohibit promotional allowances except when made available on proportionately equal terms.
Robinson-Patman Act
__________ is an overall evaluation of a company's strengths, weaknesses, opportunities, and threats.
SWOT analysis
__________ is a temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity.
a fad
__________ is two or more people who interact to accomplish individual or mutual goals.
a group
A product line is __________.
a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges
Companies who hire lobbyists to influence legislation affecting their industries are said to be taking __________ action to affect the publics and forces in their marketing environment.
aggressive
An industrial product is a product __________.
bought by individuals and organizations for further processing or for use in conducting a business
________ is the differential effect that knowing the brand name has on customer response to the product or its marketing.
brand equity
__________ is expanding an existing brand name of new product categories.
brand extension
__________ is a market-coverage strategy in which a firm goes after a large share of one or a few segments or niches.
concentrated marketing
__________ is arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
positioning
The __________ is any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives.
public
customer insights are
the fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships
The societal marketing concept is __________.
the idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests
The production concept is
the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency The production concept is __________.
Marketing is __________.
the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
Finding the best name is part of __________, and it begins with a careful review of the product and its benefits, the target market, and proposed marketing strategies.
brand name selection
Attributes and benefits are part of __________, which is one of the major brand strategy decisions.
brand positioning
__________ includes private brand, licensing, and co-branding.
brand sponsorship
The __________ is the actors close to the company that affect its ability to serve its customers—the company, suppliers, marketing intermediaries, customer markets, competitors, and public.
microenvironment
The __________ is the physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities.
natural environment
________ is the first stage of the buyer decision process, in which the consumer notices a problem.
need recognition
__________ is gathering primary data by observing relevant people, actions, and situations.
observational research
A(n) __________ refers to electronic collections of customer and marketing information obtained from data sources within the company network.
internal database
__________ is dividing a market into segments according to the moments when buyers get the idea to buy, actually make their purchase, or use the purchased item.
occasion segmentation
__________ is the act of obtaining a desired object from someone by offering something in return.
exchange
The __________ is the idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements.
product concept
__________ is a detailed version of a new product idea stated in meaningful consumer terms.
product concept
__________ is company growth by offering modified or new products to current market segments.
product development
__________ describes the target market and the company's position in it, including information about the market, product performance, competition, and distribution.
current marketing situation
A(n) __________ is a consumer product that the consumer either does not know about or knows about but does not normally consider buying.
unsought product
__________ involves various company departments working closely together, overlapping the steps in the product development process to save time and increase effectiveness.
Team-based new product development
__________ is the total combined values of all of the company's customers.
customer equity
The __________ is the laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society.
political enviroment
The growth-share matrix defines four types of SBUs: __________ are low-share business units in high-growth markets.
question marks
__________ refers to a prescribed number of people in each of several categories who are identified and interviewed by the researcher.
quota sample
__________ is the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions.
culture
Phasing out weak items is a product strategy in the __________ phase.
decline
The __________ outlines researcher responsibilities to respondents, including confidentiality, privacy, and avoidance of harassment.
Code of Standards and Ethics for Survey Research
__________ are part of the environment that enter the consumer's black box and produce certain responses.
Economic, technological, social, and cultural stimuli
__________ is a form of observational research that involves sending trained observers to watch and interact with consumers in their "natural environments."
Ethnographic research
The __________ authorizes the FTC to determine rules and regulations for consumer warranties and provides consumer access to redress, such as the class action suit.
Magnuson-Moss Warranty Act
market offerings
__________ are some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
The __________ is the PLC stage in which a product's sales fade away.
decline stage
__________ is dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation.
demographic segmentation
__________ is marketing research to better describe marketing problems, situations, or markets such as the market potential for a product or the demographics and attitudes of consumers.
descriptive research
__________ is distinguishing a market offering from other offerings in order to create superior customer value.
differentation
__________ is company growth through starting up or acquiring businesses outside the company's current products and markets.
diversification
Income segmentation is __________.
dividing a market into different income groups
Geographic segmentation is __________.
dividing a market into different units such as nations, states, regions, counties, cities, or even neighborhoods
Market segmentation is __________.
dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes
The growth-share matrix defines four types of SBUs: __________ are low-growth, low-share businesses and products.
dogs
The __________ is economic factors that affect purchasing power and spending patterns.
economic environment
In the __________ stage, the consumer considers whether trying the new product makes sense.
evaluation
A competitive advantage is __________.
gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices
__________ is the stage of the buyer decision process in which the consumer is motivated to locate more information.
information search
