Quiz (1-5)
The best business portfolio is the one that ______.
Best fits the company's strengths and weaknesses to opportunities in the environment.
The marketing department of a reputable firm wants to improve strategic decision-making, track the actions of other players in the market, and provide early warning of opportunities and threats. Which of the following would help the firm achieve its objectives?
Competitive marketing intelligence
Trends in the natural environment include all of the following EXCEPT _____________.
Decreased costs of product development
Market segmentation can be best described as the process of _____________.
Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate marketing programs.
While looking for ideas on how to craft a user-friendly dishwasher, the designers of a dishwasher-manufacturing company spent 10 days observing people as they used their dishwashers in their homes. In this instance, the designers were conducting ______.
Ethnographic research
Robert has taken up cycling as a hobby and as a way to maintain his physical fitness. He wants to buy a hydration system since he will need a lot of water as he cycles. Having gathered a great deal of information, he has finally narrowed down his choices to three systems: Waterbags for Roadies, Supertanker Hydropacks, and Fast Water. Robert is in the ________ stage of the buyer decision process.
Evaluation of alternatives
Customer Relationship Management (CRM) helps _______.
Firms manage customer touch points to maximize customer loyalty
Information in a company's database can come from many sources. An advantage of harnessing such information is to _________.
Gain competitive advantage
Which of the following situations is expected to enhance the use of targeted advertising messages by marketers?
Increase in ethnic population
A current trend in the United States involves rediscovering the benefits of home-cooked food and the use of organic ingredients. People are choosing to spend hours in the kitchen using only the freshest ingredients to cook healthy and nutritious meals. This change in ________ is one of the reasons for the increasing demand for organic ingredients.
Lifestyle
Marketers can group people in a number of ways, including by birth date. However, the following combination of groups has proven to be more effective:
Lifestyle, life stage, common values they seek in products they buy
Sam has been directed to study the demographic, economic, political, and cultural forces that affect an organization. In this instance, Sam has been directed to study the ________ of the organization.
Macro-environment
An organic farmer has identified three distinct groups that might be interested in his products: vegetarians, health-conscious individuals, and people identified as trendsetters who try out new products in the market before others. These three groups are examples of ________.
Market segments
The set of marketing tools a firm uses to implement its marketing strategy is called the ________.
Marketing Mix
The market researchers at HoneyCamp foods gather daily sales data and sort it by product line and region. With the help of sophisticated tools and techniques, they develop the data needed by marketing managers to evaluate the market share of the company's different products and also to gain valuable market insights. This mix of people and procedures at HoneyCamp foods that generate actionable marketing insights represents a(n) _______.
Marketing information system
Dan has been directed to study the forces close to a company that affect its ability to serve its customers, such as the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. In this instance, Dan has been directed to study the ________ of the company.
Micro-environment
The information sources that are the most effective at influencing a consumer's purchase decision are _____. These sources legitimize or evaluate products for the buyer.
Personal
Alpha Motors offers "Green automobiles for a greener world." This refers to the ________ of Alpha automobiles.
Position
A particular automobile company works to keep its customers happy after each sale, aiming to delight each one of them in order to increase their customer lifetime value. Which of the following steps of the buyer decision process does the company exemplify?
Post-purchase behavior
Some fast-food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems. These fast-food restaurants overlook the ________ philosophy.
Societal marketing concept
Each culture contains smaller ________, or groups of people with shared value systems based on common life experiences and situations.
Subcultures
Cathy's Clothes is a small yet successful retail chain that sells women's clothing and accessories with a focus on buyers who have relatively modest means. For this specific purpose, the firm has rolled out several marketing initiatives aimed at women of a specific demographic. This is an example of ________.
Target marketing
Which of the following is true with regard to strategic planning?
The focus is to define a game plan for long-run survival and growth.
The network 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 is known as the __________.
Value delivery network
Which of the following refers to a set of benefits that a company promises to deliver to customers to satisfy their needs?
Value proposition