1) ________ refers to the benefits a customer receives from purchasing a good or service. |
Value |
2) Which of the following is NOT a marketing field? |
… |
3) A(n) ________ is the ultimate user of a good or service. |
consumer |
ch. 2 1) A business plan ________. |
includes the decisions that guide the entire organization or its business units |
2) A(n) ________ is a document that describes the marketing environment, outlines the marketing objectives and strategies, and identifies how the company will implement and control those strategies. |
marketing plan |
3) A ________ is a firm’s set of written standards of behavior to which everyone in the organization must subscribe and which establish standards for how the organization interacts with its stakeholders. |
code of ethics |
4) ________ is the managerial decision process that matches the organization’s resources and capabilities to its market opportunities for long-term growth. |
Strategic planning |
5) SBU stands for ________. |
strategic business units |
6) Areas of business within a firm that are different enough to have their own missions, business objectives, resources, managers, and competitors are referred to as ________. |
strategic business units |
7) The marketing plan is a type of ________. |
functional plan |
8) If Xerox had continued to define its ________ in terms of just producing copy machines instead of providing "document solutions," the shift to electronic documents would have left the company in the dust. |
mission |
9) The second step in strategic planning is to ________. |
assess the organization’s internal and external environments |
10) Analysis of a firm’s internal environment identifies the firm’s ________. |
strengths and weaknesses |
11) A firm’s internal business environment does NOT include ________. |
elements of the legal environment |
12) Analysis of the external environment of an organization identifies the organization’s ________. |
opportunities and threats |
13) Each year, Honeywell asks every department manager to rate his or her department’s strengths and weaknesses as well as those of the other departments with which the department interacts. Then each department manager is asked what he or she sees as the greatest threats and opportunities for the company. Honeywell is asking its department managers to engage in a(n) ________. |
SWOT analysis |
14) Within a larger corporation, each SBU ________. |
is dependent upon central management for a mission statement |
15) A(n) ________ is a tool management uses to assess the potential of a firm’s business portfolio. It helps management decide how to allocate resources among the firm’s current SBUs. |
portfolio analysis |
16) The growth-market share matrix developed by the Boston Consulting Group (BCG) is a type of ________. |
portfolio analysis |
17) According to the BCG growth-market share matrix, ________ are strategic business units with products that have a dominant market share in a high-growth market. |
stars |
18) According to the BCG growth-market share matrix, ________ are strategic business units with products that have a dominant market share in a low-growth market. |
cash cows |
19) According to the BCG growth-market share matrix, ________ are strategic business units with products that have low market shares in fast-growth markets. |
question marks |
20) According to the BCG growth-market share matrix, ________ are strategic business units with products that have a small share of a slow-growth market. |
dogs |
21) An SBU fits into the ________ category of the BCG model when sales have been steady and the firm has a large market share. |
cash cow? |
22) Which of the following is a limitation of the BCG matrix? |
… |
23) A growth strategy that attracts users of competitive brands is called a ________ strategy. |
market penetration |
24) When McDonald’s purchased Donato’s Pizza and a controlling interest in Chipotle Mexican Grills, the company was pursuing a ________ strategy. |
diversification |
25) The ________ provides managers with four different fundamental marketing strategies: market penetration, market development, product development, and diversification. |
product-market growth matrix |
26) When General Mills urged consumers to lower their cholesterol by eating Cheerios twice a day over the course of six weeks, the aim was to increase usage among current customers. General Mills used a ________ strategy. |
market penetration |
27) ________ strategies emphasize both new products and new markets to achieve growth. |
Diversification |
28) The first step of the marketing planning process involves closely examining the ________. |
marketing environment |
29) Which step in developing a marketing plan includes an analysis of the marketing environment? |
implementation of the marketing plan |
30) The second step of the marketing planning process is to ________. |
identify a target market |
31) In a marketing plan, the ________ state what the marketing function must accomplish to achieve overall business objectives. |
strategic plans |
32) In the ________ step of the marketing planning process, decisions are made concerning what markets to target and what marketing mix strategies to use. |
develop marketing strategies |
33) In the ________ stage of marketing planning, marketers must determine how they want consumers to think of their product in comparison to competing products. |
develop marketing strategies |
34) Southwest Airlines uses a ________ to target customers who could not previously afford air travel. |
pricing strategy |
35) Marketers communicate a product’s value proposition to the target market by implementing a ________. |
promotional strategy |
36) Advertising, sales promotion, public relations, direct marketing, and personal selling are all part of the ________. |
promotion strategy |
37) Many airlines now encourage customers to purchase online "ticketless" flight reservations by charging a fee to those who purchase tickets at ticket counters. This is an example of a ________ strategy. |
distribution |
38) After marketing strategies are developed, the next step in marketing planning is ________. |
implementation |
39) ________ is the formal process of monitoring progress toward meeting marketing objectives. |
Control |
40) Making adjustments to the marketing plan is part of ________. |
implementation and control |
Ch 4: |
marketing information system |
2) Which of the following lists the three important components of a basic marketing information system (MIS)? |
data, computer hardware and software, and output for marketing decision makers |
3) Frito-Lay’s ________ gathers daily sales data and sorts it by product line and by region. The marketing managers use the data to evaluate the market share of different Frito-Lay products compared to one another and to competing snack foods in each region where the company does business. |
marketing information system |
4) Data such as which of a company’s customers buy which products, which items the company has in stock, and when the company ships items to its customer are all examples of ________. |
internal company data |
5) Managers at a discount retailer’s headquarters would use which of the following to access up-to-the-minute sales information obtained from the store’s cash registers around the country in order to detect problems with products, promotions, and even the firm’s distribution system? |
a company intranet |
6) Which of the following is the method by which marketers collect available information about what is going on in the world that is relevant to their business? |
a marketing intelligence system |
7) ________ is the process of collecting, analyzing, and interpreting data about customers, competitors, and the business environment to improve marketing effectiveness. |
Marketing research |
8) Which of the following is general information collected by specialized firms on a regular basis and then sold to other firms? |
syndicated research |
9) A company reports on consumers’ perceptions of more than 1,700 performers for companies that are interested in using a performer in their advertising. This type of report is an example of ________. |
syndicated research |
10) ________ is research a single firm conducts to provide answers to specific questions. |
Custom research |
11) To take advantage of the massive amount of data now available, sophisticated analysis techniques called ________ are becoming a priority for many firms. |
data mining |
12) The process through which analysts sift through massive amounts of available data to identify unique patterns of behavior among different customer groups is called ________. |
data mining |
13) Cellular providers who have begun signing deals with business partners wanting to market products based on specific phone users’ locations and calling habits are participating in a new trend called ________. |
reality mining |
14) Which of the following is NOT one of the four main applications of data mining for marketers? |
competitive intelligence |
15) Companies are most likely to use data mining results identifying unprofitable customers for ________. |
customer abandonment |
16) Which of the following is a true statement about the steps in the marketing research process? |
The first step is defining the research problem. |
17) The marketing research process step of defining the research problem has three components: specifying the research objectives, identifying the consumer population of interest, and ________. |
placing the problem in an environmental context |
18) Which component of the marketing research process determines the consumer population that a company will study? |
the research objective |
19) Which of the following specifies exactly what information marketers will collect and what type of study they will do? |
the research design |
20) Data that has been collected for some other purpose than to answer the question at hand is called ________. |
secondary data |
21) Which of the following is information gathered directly from respondents in order to specifically address a question at hand? |
primary data |
22) Marketers would be most likely to use ________ to come up with ideas for new strategies and opportunities or to get a better understanding of a problem they are currently experiencing with a product. |
exploratory research |
23) Which of the following is most likely to involve in-depth surveying or observation of a few consumers who fit the profile of the "typical" customer? |
exploratory research |
24) Which type of research generates nonnumeric results that provide detailed verbal or visual information about consumers’ attitude? |
qualitative research |
25) Which of the following is true of focus groups? |
They are used to gather exploratory data. ? |
26) A(n) ________ is a comprehensive examination of a particular firm or organization. |
case study |
27) Using ________, some marketing researchers participate in real-life consumer activities to get an understanding of how consumers actually use products. |
ethnography |
28) Focus groups have become one of the major marketing research tools for getting insight into consumer thoughts and feelings. However, a researcher relying solely on focus groups would likely be most concerned about which of the following? |
generalizing the results to the rest of the population |
29) Descriptive research using a ________ design tracks the responses of the same sample of respondents over time. |
longitudinal |
30) Marketers use ________ when they want to determine if a change in one thing is responsible for a change in something else. |
causal research |
31) Researchers design ________ to test predicted relationships among variables in a controlled environment. |
experiments |
32) Which of the following is NOT an advantage of online questionnaires? |
control over who respondents are |
33) Predictive technology used by e-marketers relies on which of the following? |
tracking the shopping patterns of large numbers of people |
34) ________ is the extent to which research actually measures what it was intended to measure. |
Validity |
35) ________ is the extent to which research measurement techniques are free of errors. |
Reliability |
36) Children are difficult subjects for market researchers because they have poor recall and often do not understand the questions they are asked. This brings into question the ________ of the survey. |
reliability |
37) The two main types of samples used by researchers are ________. |
probability and nonprobability |
38) Which of the following is true about a probability sample? |
Each member of the population has some known chance of being included in the sample. |
Ch. 7 1) People’s diverse interests and backgrounds divide them into numerous groups with distinct needs and wants, a condition most accurately described as ________. |
market fragmentation |
2) Marketers must balance the ________ of mass marketing with the ________ of offering each individual customer exactly what he wants. |
efficiency; effectiveness |
3) Which of the following statements about the steps in the target marketing process is true? |
The final step in the target marketing process is positioning. |
4) What are the steps, in order, of the target marketing process? |
segmentation, targeting, and positioning |
5) Which of the following is the process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics? |
segmentation |
6) The group of American consumers born between 1979 and 1994 are often called ________. |
Generation Y |
7) Which of the following is the most accurate generalization of members of Generation Y? |
Members of this generation are more difficult to reach through television advertising than members of older generations are.? |
8) The supermarket sells boxes of pink diapers and blue diapers. This is an example of segmenting by ________. |
gender |
The management practice of ________ involves actively seeking people of different races, sexes, ethnic groups, and religions in an organization’s employees, customers, suppliers, and distribution channel partners. |
cultural diversity |
10) Companies can customize Web advertising by ________ so that people who log on in different places will see ad banners for local businesses. |
geocoding |
11) The division of buyers into groups based on lifestyle or personality characteristics is ________ segmentation. |
psychographic |
12) Which three primary consumer motivations are key to the VALS system? |
ideals, achievement, and self-expression |
13) Markets can be segmented into group of nonusers, ex-users, potential users, heavy users, and moderate users of a product. This is an example of ________ segmentation. |
behavioral |
14) The 80/20 rule is most directly related to ________ segmentation. |
behavioral |
15) According to the long tail approach to selling, ________. |
companies can make money by selling small amounts of items that only a few people want |
16) Which of the following is the best example of the long tail approach to selling? |
Nearly 20% of the videos delivered by Netflix are older or obscure titles from its vast collection of videos. |
17) During tax season, you’re likely to see more TurboTax ads on Google pages, even if you aren’t searching for tax software. This is an example of ________ segmentation. |
usage occasion |
Chapter 1: 1) ________ refers to the benefits a customer receives from purchasing a good or service. |
Value |
2) Which of the following is NOT a marketing field? |
accounting |
3) A(n) ________ is the ultimate user of a good or service. |
consumer |
4) ________ is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. |
Marketing |
5) ________ is about delivering value to everyone who is affected by a transaction. |
Marketing |
6) Buyers, sellers, investors, and community residents are all considered ________ in a company. |
stakeholders |
7) When a gap exists between a consumer’s actual state and some ideal or desired state, the consumer has a ________. |
need |
8) A ________ is a desire for a particular product a consumer uses to satisfy a need in a specific way that is culturally and socially influenced. |
want |
9) A ________ is the outcome that motivates a customer’s buying behavior. |
benefit |
10) A customer’s desire for a product coupled with the buying power or resources to obtain that product is called a ________. |
demand |
11) To be part of the ________ for a product, consumers must share a common need that can be satisfied by the product and have the resources, willingness, and authority to purchase the product. |
market |
12) All of the following are forms of utility created by marketing processes except ________. |
price utility |
13) ________ utility is the benefit marketing provides by transforming raw materials into finished products, as when a dress manufacturer combines silk, thread, and a zipper to create a bridesmaid’s gown. |
Form |
14) Women who rent their wedding gowns instead of buying them and wearing them only once are taking advantage of a ________ utility. |
time |
15) For an exchange to occur, ________. |
at least two people or organizations must be willing to make a trade, and each must have something the other wants |
16) In which kind of market would a production orientation be most successful? |
a seller’s market in which demand is greater than supply |
17) Companies that have a ________ orientation tend to be more successful at making one-time sales than at building repeat business. |
selling |
18) A ________ orientation is a management philosophy that focuses on ways to satisfy customers’ needs and wants. |
consumer |
19) In general, companies that focus on a triple bottom line are most likely to place a priority on which of the following? |
sustainability |
sustainability |
the financial bottom line, the social bottom line, and the environmental bottom line |
21) ________ involves systematically tracking consumers’ preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual’s unique wants and needs. |
Customer relationship management (CRM) |
22) ________ maintains that marketers must satisfy customers’ needs in ways that also benefit society and are profitable to the firm. |
The social marketing concept |
23) A company that focuses on ________ is concerned with meeting present consumer needs without compromising the ability of future generations to meet their needs. |
… |
24) Which of the following refers to marketing strategies that support environmental stewardship by establishing an environmentally founded differential benefit in the minds of consumers? |
green marketing |
25) ________ are intangible products that we pay for and use but never own. |
Services |
26) ________ are the tangible products that individuals purchase for personal or family use. |
… |
27) ________ marketing is the marketing of goods and services from one organization to another. |
Business-to-business |
28) ________ is the buying and selling of products over the Internet. |
E-commerce |
29) When companies calculate the lifetime value of a customer they look at ________. |
how much profit they expect to make from a particular customer, including each and every purchase she will make from them now and in the future |
30) A ________ is a series of activities involved in designing, producing, marketing, delivering, and supporting any product. |
value chain |
31) In addition to marketing activities, the ________ includes business functions such as human resource management and technology development. |
value chain |
32) Social networking is an integral part of which of the following? |
Web 2.0 |
33) ________ is a decision process in which marketing managers determine the strategies that will help the firm meet its long-term objectives and then execute those strategies using the tools they have at their disposal. |
Marketing |
34) The ________ is a document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy. |
marketing plan |
35) ________ is the process of thinking strategically about the big picture and where the firm and its products fit within it. |
Marketing planning |
36) A ________ is a distinctive group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market. |
market segment |
37) A ________ is defined as a market segment on which an organization focuses its marketing plan and toward which it directs its marketing efforts. |
target market |
38) A market position refers to ________. |
how the target market perceives a product in relation to competitors’ products |
39) The Four Ps are ________. |
price, product, place, and promotion |
40) Which of the following is a true statement about the Four Ps of the marketing mix? |
A decision about one of the Ps affects every other marketing-mix decision. |
41) Which of the following is part of the product element of the marketing mix? |
the packaging |
42) ________ is the assignment of a product’s value, or the amount the consumer must exchange to receive the offering. |
Price |
43) The ________ element of the marketing mix communicates the value proposition using forms such as personal selling, advertising, coupons, and publicity. |
promotion |
44) Which element of the marketing mix is most closely associated with a company’s supply chain? |
place |
Ch 3: 1) Marketers need to understand the ________ environment of a country from two perspectives: the overall level of development of a country and the current stage of its business cycle. |
economic |
2) The most commonly used measure of economic health of a country is the country’s ________. |
gross domestic product (GDP) |
3) ________ measures the value of all goods and services produced by a country’s individuals or organizations, whether within the country’s borders or not. |
Gross national product (GNP) |
4) In most cases, which of the following is true about a least developed country (LDC)? |
It has an economy based on agriculture. |
5) Which of the following is NOT among the largest of the world’s developing countries? |
Canada |
6) A severe recession is a depression, a period in which prices fall but there is little demand because few people have money to spend and many are out of work. This condition is part of ________. |
the business cycle |
7) Which of the following occurs when prices and the cost of living rise while money loses its purchasing power? |
inflation |
8) ________ income is the amount of money an individual has left to spend after paying for necessities such as housing, utilities, food, and clothing. |
Discretionary |
9) Through ________ competition, competitors offer different products, attempting to satisfy the same consumers’ needs and wants. |
product |
10) The YMCA and Gold’s gym engage in ________ competition when they both try to attract customers to buy their fitness center services. |
brand |
11) In a(n) ________ structure, one seller controls a market. |
monopoly |
12) In a(n) ________ structure, there are a relatively small number of sellers, each holding substantial market share, in a market with many buyers. |
oligopoly |
13) In a(n) ________ structure, there are many sellers, each having slightly different products and each having only a small share of the market. |
monopolistic competition |
14) In a(n) ________ structure, there are many small sellers, each having similar products, and each unable to have a significant impact on the quality, price, or supply of a product. |
perfect competition |
15) Firms are constantly scanning the ________ environment in search of ideas and trends that can spark their own research efforts. Sometimes an idea can transform an industry, such as transistors revolutionizing the field of consumer electronics. |
technological |
16) The ________ was developed to eliminate monopolies and to guarantee free competition. |
Sherman Antitrust Act |
17) The ________ Act (1914) created the regulatory body that enforces laws against deceptive advertising and product labeling regulations. |
Federal Trade Commission |
18) The ________, a United States regulatory agency, enforces laws and regulations on foods, drugs, cosmetics, and veterinary products. Marketers of pharmaceuticals must get approval from this agency before introducing products to the market. |
Food and Drug Administration |
19) The ________ environment refers to the characteristics of a society, the people who live in the society, and the culture that reflects the values and beliefs of the society. |
sociocultural |
20) ________ are statistics that measure aspects of population, such as size, age, and gender. |
Demographics |
21) In a(n) ________ culture, people tend to subordinate their personal goals to those of a stable community. |
collectivist |
22) In a(n) ________ culture, people tend to attach more importance to personal goals than to the needs of the larger community. |
individualist |
23) Specific rules that dictate what is acceptable or unacceptable within a society are referred to as ________. |
ethnocentric standards |
24) ________ is the belief that one’s own norms and the products made in one’s own country are superior. |
Ethnocentrism |
25) After exporting, the next level of commitment a firm can make to a foreign market is a contractual agreement. Two of the most common types of such agreements are ________. |
licensing and franchising |
26) In a ________, a firm gives another firm the right to produce and market its product in a specific country or region in return for royalties on goods sold. |
licensing agreement |
27) Franchising is a form of ________. |
licensing |
28) Which of the following is true about the market entry strategy of direct investment? |
It allows a foreign firm to take advantage of a domestic company’s political savvy and market position. |
29) When considering the Four Ps in international marketing, advocates of ________ focus on the similarities among cultures and argue that basic needs and wants are the same everywhere. |
standardization |
30) When considering the Four Ps in international marketing, advocates of ________ focus on the unique characteristics of cultures and argue for products and promotional messages tailored to each culture. |
localization |
18) Business-to-business marketers who look at the size of firms in terms of total sales or number of employees are using ________ to segment their market. |
organizational demographics |
19) Which of the following is the process of evaluating and selecting the most viable market segment to enter? |
targeting |
20) A(n) ________ would probably include customer demographics, location, lifestyle information, and a description of how frequently the customer buys the product. |
segment profile |
21) Mass marketers such as Walmart often ignore market segment differences and target the whole market with one offer. What is this approach to targeting? |
undifferentiated targeting |
22) Which of the following best explains why a company would adopt an undifferentiated targeting strategy when there is so much evidence of the benefits of a differentiated strategy? |
to take advantage of economies of scale |
23) Using a ________ targeting strategy, a company develops one or more products for each of several customer groups with different product needs. |
differentiated |
24) When a firm offers one or more products to a single segment, it is using a ________ strategy. |
concentrated targeting |
25) An industrial manufacturer that works with one or a few large clients and develops products that only these clients will use is most likely to implement a(n) ________ strategy. |
custom marketing |
26) Using ________, a company modifies a basic good or service to meet the needs of a specific individual customer. |
mass customization |
27) ________ means developing a marketing strategy aimed at influencing how a particular market segment perceives a good or service in comparison to the competition. |
Positioning |
28) Which of the listed choices is NOT a positioning task? |
surveying frequent uses of the product |
29) Superior image, unique product features, and better service are all examples of ________. |
brand personalities |
30) A perceptual map is used to ________. |
determine how consumers position products in relation to one another |
31) A company’s first step in customer relationship management should be to ________. |
identify customers and get to know them in as much detail as possible |
32) Many marketing experts advocate ________ programs that allow a company to talk to individual customers and adjust elements of the marketing mix to satisfy the specific needs of each customer. |
customer relationship management |
33) Which of the following statements about customer relationship management (CRM) programs is true? |
… |
34) Which of the following is not a focus of customer relationship management? |
undifferentiated targeting |
35) The ________ is the potential profit generated by a single customer’s purchase of a firm’s products over the customer’s lifetime. |
lifetime value of a customer |
36) ________ is the financial value of a customer throughout the lifetime of the customer relationship. |
Customer equity |
MKGT 360 exam 1
Share This
Unfinished tasks keep piling up?
Let us complete them for you. Quickly and professionally.
Check Price