Principles of Marketing Exam 1
Companies apply ________ to dig out meaningful patterns in big data to gain customer insights and gauge marketing performance. A. primary research B. secondary research C. business analytics D. statistical analysis E. marketing analytics
E
Advances in ________ are forces that offer exciting new opportunities to target customers more selectively and engage them more deeply. A. digital and social media B. visualization software technologies C. e-commerce and mobile payment technologies D. big data and analytics E. digital media streaming technologies
A
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. A. partner relationship management B. joint venturing C. strategic vendor management D. customer relationship management E. customer engagement marketing
A
Companies need meaningful customer insights so they can _____________________________. A. produce superior value for their customers B. build databases that prove useful to marketers C. realize better bottom lines D. gain a competitive advantage E. build larger market share
A
Customer insights come from good marketing information, which contributes to creating value and meaningful customer relationships. Companies use these customer insights to develop ________. A. a competitive advantage B. financial and revenue projections C. marketing and sales advantages D. products and services E. marketing plans
A
Legislation affecting business around the world has increased steadily over the years within the political environment. The increased legislation has been enacted in three primary areas, including ________, ______________, and _______________. A. laws protecting companies from each other, laws protecting consumers, and laws protecting the interests of society B. protecting the interests of society against unrestrained business behavior, laws protecting environmentalists, and laws protecting children C. laws protecting companies from each other mostly to define and restrain unfair competition, laws protecting consumers, and laws protecting the interests of society D. government regulation to protect consumers from unfair business practices, laws protecting children, and laws protecting the interests of society E. laws protecting companies from each other, laws protecting companies doing business internationally, and laws protecting consumers
A
Marketing must also partner effectively with other companies in the marketing system to form a competitively superior ________. A. value delivery network B. value chain C. vendor chain network D. supply chain network E. functional delivery network
A
Marketing provides a guiding philosophy for a company's strategic planning. This philosophy, known as __________, focuses on creating customer value and building profitable relationships with important consumer groups. A. the marketing concept B. partner relationship management C. the value network D. value chain management E. customer relationship management
A
Other companies do not see the marketing environment as uncontrollable. They take a ________ stance toward the marketing environment and develop strategies to ________ the environment. A. proactive; change B. reactive; change C. reactive; adapt to D. proactive; adapt to E. wait-and-see; adapt to
A
The best ________ is the one that best fits the company's strengths and weaknesses to opportunities in the environment. A. business portfolio B. product portfolio C. marketing plan D. functional plan E. strategic plan
A
The core marketplace concepts are ________. A. needs, wants, and demands; market offerings (products, services, and experiences); value and satisfaction; exchange and relationships; and markets B. needs, wants, and demands; market offerings (products, services, and experiences); value and satisfaction; and markets C. market offerings (products, services, and experiences); value and satisfaction; exchange and relationships; and markets D. needs, wants, and demands; market offerings (products, services, and experiences); exchange and relationships; and markets E. needs, wants, and demands; market offerings (products, services, and experiences); and value and satisfaction
A
The microenvironment consists of those close to the company that combine to form its value delivery network or that affect its ability to serve customers through six key ways, which include ________, __________, ___________, ________, _________, and _______. A. the company, suppliers, marketing intermediaries, customer markets, competitors, and publics B. the company, suppliers, marketing intermediaries, cultural forces, competitors, and publics C. the company, suppliers, marketing intermediaries, competitors, loyal customers, and publics D. the company, suppliers, marketing intermediaries, customer markets, economic forces, and publics E. the company, suppliers, marketing intermediaries, demographic forces, competitors, and publics
A
Two major public policy and ethics issues in marketing research are ________. A. intrusions on consumer privacy and the misuse of research findings B. release of identifiable health data and the misuse of research findings C. intrusions on consumer mobile data and the misuse of research findings D. intrusions on business privacy and the misuse of research findings E. intrusions on consumer privacy and release of personal data
A
What advice would you give a firm about how to respond to the changing marketing environment? A. Whenever possible, take a proactive approach to the environment. B. Do not do anything until competitors respond. C. If the current strategy is working, there is no need to respond to environmental changes. D. Watch environmental changes but react only when absolutely necessary. E. Accept the fact that things change and not much can be done about it.
A
What are the variables in a company's marketing mix? A. Product, price, place, and promotion B. Profits, product, partners, and people C. Product, partners, profits, and place D. Product, price, promotion, and people E. Product, price, profits, and people
A
What are the variables in a company's marketing mix? A. Product, price, place, promotion B. Product, price, profits, people C. Product, price, profits, place D. Profits, product, partners, people E. Product, price, promotion, people
A
What is the correct sequence of the four steps of the marketing research process? A. Define the problem and research objectives, develop the research plan, implement the research plan, interpret and report the findings B. Develop the research plan, define the problem and research objectives, implement the research plan, interpret and report the findings C. Set the research budget, collect the data, analyze the data, determine how to use the findings D. Develop the research plan, set the research budget, collect the data, interpret and report the findings E. Collect the data, analyze the data, develop the research plan, interpret and report the findings
A
Which of the following enhances how marketers learn about and interact with customers? A. Big data and marketing analytics B. Machine learning C. Social media analytics D. Big data and social media E. New digital devices
A
Which of the following environments demonstrates a changing age structure, shifting family profiles, geographic population shifts, a better-educated and more white-collar population, and increasing diversity? A. The demographic environment B. The political environment C. The socio-cultural environment D. The technological environment E. The economic environment
A
Which of the following is NOT one of the components of a company's microenvironment? A. Cultural forces B. Marketing intermediaries C. Suppliers D. Customer markets E. Competitors
A
Which of the following is NOT one of the forces in a company's macroenvironment that shape opportunities and pose threats to the company? A. Competitive forces B. Demographic forces C. Economic forces D. Cultural forces E. Technological forces
A
Which of the following is an important trend in the natural environment of which marketers should be aware? A. Shortages of raw materials B. Decreased pollution C. Decreased government intervention D. Decreasing costs of nonrenewable resources E. A decrease in consumer concern toward the environment
A
Which of the following is included in a broad definition of marketing? A.Creating customer value, building customer relationships, and engaging customers B.Selling, advertising, and promoting C.Satisfying customers, beating competitors and maximizing profits D.Advertising, selling, and developing quality products E.Creating customer value, building customer relationships and having a strong selling orientation
A
_____________________________ compose a company's external value delivery network A. Suppliers, distributors, and customers B. Other company departments, customers, and competitors C. Customers, competitors, and suppliers D. Suppliers, distributors, and other company departments E. Suppliers, customers, and other company departments
A
A SWOT is a part of which marketing management function? A. Implementation B. Analysis C. Control D. Planning E. Organization
B
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 ________. A. customer defections B. share of customer C. share of market D. customer equity E. customer lifetime value
B
A marketing information system (MIS) helps users analyze and use information to ________, ______________, and _______________. A. make marketing decisions, manage vendor relationships, and manage customer relationships B. develop customer insights, make marketing decisions, and manage customer relationships C. develop customer insights, make select marketing decisions, and manage vendors D. develop customer insights, make marketing decisions, and manage vendors E. develop customer insights, manage sales strategies, and manage customer relationships
B
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. A. network B. value chain C. customer relationship management chain D. management process E. partner chain
B
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. A. marketing consulting team B. marketing information system C. marketing research department D. marketing technology system E. marketing analytic system
B
Huge and complex data sets generated by today's sophisticated information generation, collection, storage, and analysis technologies are referred to as _______. A. marketing research B. big data C. customer insights D. a marketing information system E. competitive marketing intelligence
B
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. A. analyze environmental forces and execute strategies B. analyze environmental forces and design strategies C. do not analyze environmental forces and design strategies D. analyze macroenvironmental forces and execute strategies E. analyze microenvironmental forces and execute strategies
B
Marketers are viewing information not only as an input for making better decisions, but also as a(n) ______________. A. important product development tool and advertising tool B. important strategic asset and marketing tool C. important strategic asset and sales tool D. strategic planning tool and marketing tool E. important marketing tool and advertising tool
B
Marketing management can adopt one of five competing market orientations, which include _________. A. the production concept, the selling concept, the marketing concept, the economic concept, and the societal marketing concept B. the production concept, the product concept, the selling concept, the marketing concept, and the societal marketing concept C. the production concept, the product concept, the selling concept, the marketing concept, and the societal and cultural marketing concept D. the production concept, the product concept, the market-driven concept, the selling concept, and the societal marketing concept E. the production concept, the product development concept, the selling concept, the marketing concept, and the societal marketing concept
B
One useful device for identifying growth opportunities is the product/market expansion grid, which includes which of the following strategies? A. Market penetration, market development, product development, and acquisition B. Market penetration, market development, product development, and diversification C. Market penetration, market development, product development, and merger D. Market potential, market development, product development, and diversification E. Market penetration, market development, product development, and consolidation
B
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 ________________________. A. find new customers B. practice customer relationship management C. develop large customer datasets D. get to know their customers personally E. perform market research
B
The cultural environment consists of ________ that affect a society's values, perceptions, preferences, and behaviors. A. institutions B. institutions and forces C. cultural beliefs and forces D. a population's set of beliefs E. diverse cultural settings
B
The demographic environment is of major interest to marketers because ________. A. it involves changes in the age structure of the population B. it involves people, and people make up markets C. it involves a better-educated, more white-collar, more professional population D. it involves increasingly diverse markets E. it involves geographic shifts in population
B
The first four steps of the marketing process focus on creating value for customers. The next step is designing a ________. A. sales strategy plan B. customer value-driven marketing strategy C. customer relationship strategy D. process improvement plan E. marketing plan
B
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. A. strategic B. functional C. product development D. revenue E. sales
B
The most common mistake firms make is to view CRM, marketing analytics, and AI as _______. A. a waste of resources B. technology processes only C. outdated technologies D. beyond their technical expertise E. too costly
B
The third step in the marketing research process calls for implementing the marketing research plan by ________. A. gathering and analyzing information B. gathering, processing, and analyzing the information C. processing and analyzing information D. setting a budget, hiring a market research firm, and beginning research E. hiring a market research firm and gathering and processing information
B
To ________ for customers and ________, marketers must first gain fresh, deep insights into what customers need and want. A. create value; build repeat revenue streams B. create value; build meaningful relationships with them C. create value; design exceptional products D. produce results; build meaningful relationships E. create value; build exceptional products
B
What are the five marketing management functions used to manage the marketing process? A. Segmenting, targeting, positioning, differentiation, and control B. Analysis, planning, implementation, organization, and control C. Product development, pricing, customer service, promotion, and cost control D. Planning, segmenting, targeting, positioning, and implementing E. Writing an executive summary, conducting a situation analysis, planning, setting budgets, and outlining controls
B
Which major trend is ideal for engaging customers anytime, anywhere, as they move through the buying process? A. Growth of not-for-profit marketing B. Mobile marketing C. Big data D. Sustainable marketing E. Globalization
B
Which of the following consists of factors affecting buying power and patterns? A. The technological environment B. The economic environment C. The sociocultural environment D. The political environment E. The demographic environment
B
Which of the following represents market offerings? A. Products, services, needs, and wants B. Products, services, information, and experiences C. Needs, wants, products, and advertisements D. Products, services, needs, and exchanges E. Value, satisfaction, sales, and profits
B
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 ________. A. marketing tactics and implementation B. marketing return on investment C. the effectiveness of digital and social media marketing D. customer value and partnership management efforts E. marketing investments in specific global and domestic locations
B
Today's marketers see information not only as a tool for input for better decision-making, but also as ___________________________. A. a way to gather big data and perform analytics B. an important strategic asset and marketing tool C. a revenue-generation tool D. an excellent resource to gather information on competitors E. a way to provide useful customer insights
B
Satisfied customers buy again and tell others about their good experiences. What is customer satisfaction based on? A. exchange B. markets C. customer referrals D. product price E. customer expectations
E
A SWOT is a part of which marketing management function? A. Marketing implementation B. Marketing planning C. Marketing analysis Your answer is correct. D. Marketing organization E. Marketing control
C
In recent years, today's marketers are also reexamining their ________ responsibilities. A. economic and ethical B. ethical and cultural C. ethical and societal D. moral and ethical E. cultural and societal
C
Major economic variables include ________. A. income, cost of living, and government regulation B. income, occupation, and savings and borrowing patterns C. income, cost of living, and savings and borrowing patterns D. population, age, and occupation E. income, savings and borrowing patterns, and lifestyle
C
Marketers want to predict cultural shifts to spot new opportunities or threats. The major cultural values of a society are expressed in people's views of themselves and others, as well as in their views of ________, __________, ____________, and ________. A. society, nature, schools, and the universe B. organizations, society, schools, and nature C. organizations, society, nature, and the universe D. organizations, society, neighborhoods, and the universe E. organizations, institutions, society, schools, and nature
C
Marketing information has no value until it is used ________. A. to make advertising decisions B. in customer relationship management C. to make better marketing decisions D. to create sustainable revenue streams E. in marketing planning
C
Most standard portfolio analysis methods evaluate strategic business units (SBUs) on their performance in two important dimensions. What are these two dimensions? A. The number of products a company produces and the number of foreign countries in which the company competes B. The type of market or industry in which the company competes and the strength of the SBU's position in that market or industry C. The attractiveness of the SBU's market or industry and the strength of the SBU's position in that market or industry D. The number of SBUs the company identifies and the number of products it produces E. The attractiveness of the SBU's market or industry and the number of products the company produces
C
Partners in a value chain would typically include: A. top-level managers, middle managers, and marketing managers B. suppliers, distributors, and competitors C. suppliers, distributors, and customers D. employees, marketing managers, and other company departments E. customers, marketing managers, and other company departments
C
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 ________, __________, __________, and ___________. A. levels of economic development, cultures and customs, buying patterns, and scarcity of primary data B. levels of economic development, buying patterns, scarcity of secondary data, and lack of cooperation from international entities C. levels of economic development, cultures and customs, buying patterns, and scarcity of secondary data D. cultures and customs, buying patterns, lack of government cooperation, and scarcity of secondary data E. the political environment, cultures and customs, buying patterns, and scarcity of secondary data
C
The economic environment impacts marketing decisions. The economic environment consists of two primary economic factors that affect __________________. A. consumer purchasing preferences and buyer power B. consumer product purchasing habits and spending habits C. consumer purchasing power and spending patterns D. consumer income levels and spending patterns E. consumer spending patterns and buyer preferences
C
The first step in the marketing research process involves defining the problem and setting research objectives , which might be _________, ___________, or ____________ research. A. exploratory, secondary, or primary B. exploratory, characteristic, or descriptive C. exploratory, descriptive, or causal D. exploratory, causal, or consumer E. descriptive, focus group, or causal
C
The fourth step in the marketing research process is ________. A. gathering, processing, and analyzing the data B. developing a research plan and interpreting and reporting the findings C. interpreting and reporting the findings D. gathering, processing, analyzing, interpreting, and reporting the findings E. processing, analyzing, interpreting, and reporting the findings
C
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. superior social media, mobile apps, and television advertising B. customer-focused digital applications C. a smoothly integrated marketing strategy and mix D. promotions with wide customer appeal E. comprehensive marketing plans
C
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. A. telemarketing B. mass marketing C. customer-engagement marketing D. advertising and sales promotion E. intrusion marketing
C
The marketing process involves five steps. The first four steps focus on ________. A. implementing a market strategy B. understanding the marketplace C. creating value for customers D. getting, engaging, and growing target customers E. revenue generation
C
The two steps in business portfolio planning are ________ and ________. A. analyzing the current business portfolio; developing revenue strategies B. analyzing past business portfolios; analyzing the current business portfolio C. analyzing the current business portfolio; developing strategies for growth and downsizing Your answer is correct. D. creating detailed functional plans; developing strategies for growth and downsizing E. creating a corporate strategic plan; developing strategies for growth and downsizing
C
The ultimate aim of customer relationship management is to produce high _____. A. sales volume B. share of customer C. customer equity D. customer-engagement marketing E. satisfaction
C
To design a winning marketing strategy, what are the two important questions a marketing manager must answer? A. How can we serve our customers best? How can we maximize profits? B. What customers will we serve? How can we maximize profits? C. What customers will we serve? How can we serve these customers best? D. What markets should we enter? How do we maximize sales in those markets? E. Who are our competitors? How can we beat our competitors?
C
Two major public policy and ethical issues in marketing research are ________. A. misuse of research findings and improper sampling procedures B. paying research respondents and intrusions on consumer privacy C. intrusions on consumer privacy and misuse of research findings D. intrusions on consumer privacy and inaccurate data analysis E. the use of research to create deceptive advertising
C
Which of the following correctly identifies the five core customer and marketplace concepts? A. Needs, wants, and demands; market offerings; value and satisfaction; competitors; and profits B. Needs, wants, and demands; market offerings; value; satisfaction; and markets C. Needs, wants, and demands; market offerings; value and satisfaction; exchanges and relationships; and markets D. Needs, wants, and demands; products; value; customers; and competitors E. Needs, wants, demands, market offerings, and markets
C
Which of the following is NOT true regarding international marketing research? A. Obtaining primary data may be difficult. B. Cultural differences from country to country cause additional problems. C. The cost of international research is lower. D. Translating questionnaires from one language into another is not an easy task. E. Good secondary data is scarce.
C
________ companies research customers deeply to learn about their desires, gather new product ideas, and test product improvements. A. Product development-driven B. Market research-oriented C. Customer-driven D. Customer-conscious E. Product-driven
C
________ 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. A. Marketing strategy B. Differentiation C. Market segmentation D. Market targeting E. Positioning
C
__________ 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. A. Ethnographic research B. Big data C. The marketing information system D. Competitive marketing intelligence E. Marketing research
C
As a direct result of the explosion in digital technology, one regulatory area that advocates and public policy makers are acting on is ____________. A. predatory pricing B. price-fixing C. truth in advertising D. invasion of privacy E. enforcing international trade policies
D
Understanding needs, wants, and demands helps companies to design market offerings and build value-laden customer relationships through which they can capture ____________________________. A. greater customer equity and greater share of market B. a greater share of customer and greater share of customer equity C. great international market share and greater customer equity D. customer lifetime value and greater share of customer E. customer lifetime value and greater share of customer equity
D
According to Peter Drucker, what is the aim of modern marketing? A. To drive competitors out of business B. To price products as low as possible C. To maximize company profits D. To make selling unnecessary E. To develop innovative products
D
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 ________, ________________, and ________________. A. increased global pollution especially in Asia, climate change, and the refusal of foreign governments to address it B. increased government intervention, increased pollution, and the expense associated with sustainability C. growing depletion of natural resources, climate change, and accompanying shortages of raw materials D. growing shortages of raw materials, increased pollution, and increased government intervention in natural resource management E. climate change, increased government intervention in environmental regulation, and the accompanying regulations
D
Firms that develop strategies to change the environment, instead of assuming that strategic options are bounded by the current environment, are being _______. A. reactive B. cautious C. shortsighted D. proactive E. passive
D
Many companies view the marketing environment as an uncontrollable element to which they must ________. A. accept and change B. react C. react and change D. react and adapt E. analyze and then adapt
D
Marketing departments can be organized in a number of ways. However, more and more companies are changing organizational focus from ________ to ________. A. product or territory management; functional marketing organization B. customer relationship management; product or territory management C. product management organization; market management organization D. product or territory management; customer relationship management E. customer relationship management; functional marketing organization
D
Marketing information is of no value until it is used for what purpose? A. To perform marketing research B. To obtain marketing metrics C. To better practice customer relationship management D. To make better marketing decisions E. To build a better bottom line
D
Marketing is the process by which companies ________ and build strong customer relationships in order to ________. A. sell products and services; obtain revenue B. create value for customers; capture revenue from customers C. capture value from customers; capture future revenue D. create value for customers; capture value from customers in return E. capture current revenue; gain future revenue
D
Marketing plays a key role in the company's strategic planning by providing a ________ concept philosophy and inputs regarding attractive market opportunities. A. societal marketing B. selling C. production D. marketing E. product
D
Marketing tools used in digital and social media marketing include _______. A. mobile apps, online video, and personal selling B. social media, mobile apps, and television advertising C. email, telemarketing, and blogs D. social media, mobile apps, and blogs E. social media, online video, and newspaper coupons
D
Outstanding marketing companies go to great lengths to learn about and understand their customers' ________. A. distribution methods and channels B. products and services C. decision making, buying, and purchasing processes D. needs, wants, and demands E. marketplace challenges
D
The marketing concept holds that successful marketing strategies are based on _______. A. products that are affordable and available B. sustainable marketing strategies C. large-scale selling efforts D. customer satisfaction and value E. continually improving products in quality and performance
D
The marketing information system (MIS) first ________. A. manipulates existing data B. creates procedures for data gathering C. creates databases of the data D. assesses information needs E. summarizes existing data
D
The natural environment involves __________________ that are needed as inputs by marketers or that are affected by marketing activities. A. sustainable resources and natural resources B. the physical environment and economic environment C. the natural resources and economic environment D. the physical environment and natural resources E. the physical environment and sustainable resources
D
The second critical phase in developing a marketing information system (MIS) is developing information. The information is developed from ________, __________, and ____________. A. internal databases, customer analytics, and marketing intelligence activities B. internal databases, marketing intelligence activities, and secondary research C. internal databases, marketing intelligence activities, and shopper research D. internal databases, marketing intelligence activities, and marketing research E. internal databases, business analytics, and marketing research
D
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? A. Demographic research, exploratory research, and attitudinal research B. Exploratory research, secondary research, and primary research C. Exploratory research, descriptive research, and survey research D. Exploratory research, descriptive research, and causal research E. Descriptive research, survey research, and causal research
D
There are too many different kinds of consumers with too many different kinds of needs. So, companies must design strategies for profitably serving chosen segments. The design of the strategies begins with four key elements, which are ________, _______, ________, and ___________. A. market segmentation, market targeting, micro-targeting, and differentiation B. market targeting, differentiation, promotional strategies, and positioning C. marketing planning, market segmentation, differentiation, and positioning D. market segmentation, market targeting, differentiation, and positioning E. market segmentation, differentiation, selling strategies, and positioning
D
To find the best strategy and mix and to put them into action, the company engages in five activities, including which of the following? A. Planning, implementation, research, organization, and control B. Marketing analysis, marketing research, implementation, organization, and control C. Marketing planning, sales planning, control, implementation, and organization D. Marketing analysis, planning, implementation, organization, and control Your answer is correct. E. Marketing analysis, planning, research, implementation, and organization
D
What are the three general sources from which marketers can obtain information? A. Marketing research, surveys, and scanners B. Competitors, the internet, and the media C. Sales records, the internet, and internal databases D. Internal data, marketing intelligence, and marketing research E. Internal data, big data, and global data
D
What are the two keys to building lasting customer relationships? A. Innovative products and low prices B. Value and customer service C. Customer service and quality products D. Superior customer value and satisfaction E. Satisfaction and sales promotions
D
Which marketing management orientation holds that a firm should have a customer focus to achieve sales and profits? A. The societal marketing concept B. The product concept C. The selling concept D. The marketing concept E. The production concept
D
Which of the following correctly identifies the three research approaches for gathering primary data? A. observation, ethnography, and surveys B. internal databases, commercial online data, and internet search engines C. observation, surveys, and online commercial data D. observation, surveys, and experiments E. observation, internet search engines, and internal databases
D
________ are at the center of marketing strategy and programs. A. Strategic planning, marketing planning, and sales planning B. Value, relationships, and marketing planning C. Market segmentation, differentiation, and positioning D. Customer engagement, value, and relationships E. Customer engagement, customer relationship management, and relationships
D
According to the text, __________ are perhaps the most dramatic forces affecting today's marketing strategies. A. demographic forces B. natural forces C. political forces D. economic forces E. technological forces
E
Age, race, gender, and other statistics are part of a company's _____ environment. A. cultural B. economic C. micro D. political E. demographic
E
Changes in the _____________________ have focused greater emphasis on ethics and socially responsible actions. A. technological environment B. cultural environment C. economic environment D. demographic environment E. political and social environment
E
Fairly recently, Starbucks began expanding into China. At one point, Starbucks was opening a new store in China every 15 hours. Which product/market expansion strategy does this represent? A. Pruning B. Diversification C. Market penetration D. Product development E. Market development
E
Larger ________ that affect the entire microenvironment combine to form the macroenvironment. A. technological forces B. economic and cultural forces C. demographic and economic environments D. political/social forces E. societal forces
E
Marketers keep a close eye on demographic trends and developments in their markets. They analyze ________. A. changing age and family structures, geographic population shifts, consumption habits, and population diversity B. changing age and family structures, geographic population shifts, educational characteristics, and population diversity C. changing age and family structures, geographic population shifts, educational characteristics, technological advances, and population diversity D. changing age and family structures, geographic population shifts, economic changes, and population diversity E. changing age and family structures, geographic population shifts, political shifts, educational characteristics, and population diversity
E
Rather than simply watching and responding to environmental events, firms can be proactive by ____________. A. monitoring social media B. following existing laws C. waiting for other firms to respond to changes in the environment D. reacting to changes in the environment as they occur E. pressing lawsuits to keep competitors in line
E
The Council of American Survey Research Organizations (CASRO) Code of Standards and Ethics for Survey Research outlines researcher responsibilities to survey respondents. Choose the most comprehensive set of responsibilities from the following. A. Confidentiality, data security, and avoidance of harassment B. Confidentiality and privacy C. Confidentiality, privacy, data security, and avoidance of harassment D. Privacy and avoidance of harassment E. Confidentiality, privacy, and avoidance of harassment
E
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 ________. A. detailed supporting goals and objectives; functional planning B. detailed functional planning; the business portfolio C. a detailed business portfolio; functional planning D. a detailed business portfolio; supporting goals and objectives E. detailed supporting goals and objectives; the business portfolio
E
The environment that consists of institutions and forces that affect a society's values, perceptions, preferences, and behaviors is the ________________________. A. demographic environment B. political and social environment C. economic environment D. technological environment E. cultural environment
E
The first step of the marketing process is to ___________________. A. design a customer-driven marketing strategy B. construct an integrated marketing program that delivers superior value C. capture value from customers to create profits and customer equity D. build profitable relationships E. understand the marketplace, which includes customer needs and wants
E
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? A. Long-range planning B. Annual planning C. Research and development planning D. Marketing planning E. Strategic planning
E
The goal of ________ is to develop and maintain a fit between the organization's goals and capabilities and its changing marketing opportunities. A. product development B. financial planning C. marketing D. sales E. strategic planning
E
The marketing process consists of five key steps. Which of the following is the first step? A. Construct a marketing program that actually delivers superior value B. Understand customer needs and wants C. Design a customer-driven marketing strategy D. Get, engage, and grow target customers E. Understand the marketplace and customer needs and wants
E
The step in the strategic planning process that should be market-oriented, realistic, specific, motivating, and consistent with the market environment is ________. A. developing functional plans B. designing a business portfolio C. setting goals and objectives D. developing business unit strategies E. defining the company's mission
E
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. A. supply chain B. natural environment C. macroenvironment D. competitive environment E. microenvironment
E
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 designs a(n) ________. A. comprehensive sales plan B. integrated marketing communications plan C. revenue plan D. integrated marketing plan E. integrated marketing mix
E
The product/market expansion grid is a tool that allows marketers to identify growth opportunities. Of the following, which represent the four components of the product/market expansion grid? A. Product development, diversification, domestic expansion, and global expansion B. Global expansion, domestic expansion, customer expansion, and product expansion C. Product growth, market growth, customer growth, and profitable growth D. Product penetration, product development, diversification, and global expansion E. Market penetration, market development, product development, and diversification
E
To analyze individual customer data, many companies have now acquired or developed special software and analysis techniques called ________. A. business analytics software B. market intelligence software C. business intelligence software D. business and market intelligence software E. customer relationship management (CRM)
E
What is the correct sequence of the steps in the strategic planning process? A. Design the business portfolio, define the company mission, set company objectives and goals, and plan the market and other functional strategies B. Define the company mission, set company objectives and goals, plan the market and other functional strategies, and design the business portfolio C. Set company objectives and goals, define the company mission, design the business portfolio, and plan the market and other functional strategies D. Define the company mission, design the business portfolio, set company objectives and goals, and plan the market and other functional strategies E. Define the company mission, set company objectives and goals, design the business portfolio, and plan the market and other functional strategies
E
Which of the following is true regarding the technological environment? A. As products and technology become more complex, safety becomes less of a concern. B. The pace of technological change is slowing down. C. Changes in technology are always beneficial to consumers and society. D. Technological changes are the second most dramatic force in the macroenvironment, after the economy. E. Companies must keep up with changes in technology or risk being left behind.
E
Which one of the following statements about marketing research in small businesses and nonprofit organizations is correct? A. Surveys are the only research approach that can be used effectively by small businesses and nonprofits. B. Only large companies can afford to conduct marketing research. C. Good research requires large sample sizes that are not feasible for small businesses and nonprofits. D. Small companies and nonprofits do not need marketing information. E. Although the research methods of small businesses and nonprofits are less complex and costly, they still must be conducted carefully.
E
________ is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. A. Customer growth B. Customer satisfaction C. Customer acquisition D. Customer engagement E. Customer relationship management
E