Principles of Marketing Practice

The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics

demography

The Pyramid of Corporate Social Responsibility includes four levels

ethical, economic, legal, philanthropic

A company that sells personal care products sends a trained observer to watch potential buyers in their natural environments. This is an example of _______ research

ethnographic

The act of obtaining a desired object from someone by offering something in return

exchange

Demographic, economic, natural, technological, political, and cultural forces form the _______ of an organization

macroenvironment

The two dimensions the BCG approach uses to evaluate and manage SBUs are

market growth rate and relative market share

Consumer's needs and wants are fulfilled through

market offerings

A strategy for company growth that involves increasing sales to current market segments without changing the product is known as

market penetration

Dividing a market into several sections of customers is known as

market segmentation

Sally purchased a newly introduced moisturizing lotion. By attempting to find out if the lotion's perceived performance matched her expectations, Sally was measuring her level of customer

satisfaction

What is marketing in three words

satisfy customer's needs

Refers to the portion of the customer's purchase that a company gets in its produce categories

share of customer

According to the BCG matrix, products or businesses with a high market share in a high-growth market are classified as

stars

Deals with adapting the firm to take advantage of changing marketing opportunities

strategic planning in a firm

Four different types of attachment or bond a company tries to foster with a customer

symbolic, utilitarian, obligatory, affective

Which of the following is a difference between the marketing concept and selling concept?

the marketing concept focuses on customer needs, whereas the selling concept focuses on existing products

Which of the following demonstrates the real value of a company's marketing research and information system?

the quality of customer insights it provides

What outlines sources of existing data as well as specific research approaches, sampling plans, and measurement instruments

the research plan

Which of the following is part of the microenvironment of a firm's marketing environment?

the suppliers who work with the company

According to the 5 step model of the marketing process, the first step in marketing is

understanding the marketplace and customer needs and wants

The series of departments the design, produce, market, deliver, and support the company's products

value chain of a company

Companies have responded to consumers' back-to-basics sensibility in their lifestyle and spending patterns through

value marketing

A brand's _______ is the set of benefits that it promises to deliver the consumers to satisfy their needs

value proposition

According to the slide shown in class during the first week, the world's population is?

7.4 billion

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

Which of the following products would the electronics company Cypress Sound 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

The initial function of a marketing information system is

assessing the information needs of a company

Companies that practice marketing by _______ create offerings and messages that engage consumers rather than interrupt them

attraction

The final step in the marketing process is

capturing value from customers

The collection of businesses and products that make up the company

company's business portfolio

Geert Hofstead is a 'guru' when it comes to understanding

cultural differences among countries

The total combined customer lifetime values of all the company's current and potential customers

customer equity

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is referred to as

customer relationship management

According to the text (and Dr. Moore), ______ are the most important actors in a company's microenvironment

customers

What is often the most difficult but most critical step in the research process

defining the problem and research objectives

Which generational group is characterized as the most educated and the least materialistic?

generation x

As noted in class, by 2056 ________ will make up 28% of the population

hispanics

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

internal

Measures the profits generated by investments in marketing activities

marketing ROI

Evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are attained is called

marketing control

Balances the information that a firm would like to have against what they really need

marketing information system

The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization

marketing research

Which of the following is a quantitative approach to research?

marketing surveys

More likely to engage with brands using mobile or social media

millennial generation

As discussed in class, Coca Colas _________ is to refresh the world, to inspire moments of optimism and happiness, and to create value and make a difference

mission statement

In a marketer's macro environment, the ____ environment consists of laws, government agencies, and the pressure groups that influence or limit various organizations and individuals in a given society

political

What kind of data consists of information collected for the specific purpose at hand

primary

The ______ concept holds that consumers will favor goods and services that offer the most in quality, performance and innovative features

product

The most common research instrument, whether administered in person, by phone, by e-mail, or online, is the

questionnaire