Marketing Chapter 3 and 4 – Flashcards
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The role of a company's marketing intermediaries is to do which of the following?
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Help the company find, promote, sell, and distribute products.
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Richard's Cowboy Gear is having difficulty attaining the credit it needs to expand. Which of the following should the company do in order to alleviate its financial situation?
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Work out a plan with its financial intermediaries.
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How does the macroenvironment of a company differ from its microenvironment?
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The macroenvironment deals with societal forces, and the microenvironment deals with creating value.
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The group of economic factors that affect consumers' purchasing power and spending patterns is called which of the following?
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the economic environment
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Rod's Radical Racers is an upscale company that sells cars primarily to race car drivers and movie producers. In the past, Rod's Radical Racers was marketed as selling cars for the fun-loving driver—the driver who wanted to "race with life." However, in the current economy, Rod's has changed its slogan to "superior speed, superior savings." Rod's Radical Racers is engaging in which of the following?
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value marketing
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Overall, how has the American population changed over time?
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It has become more diverse, better educated, and more mobile.
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Which of the following is NOT a problem involving the natural environment that marketers need to consider?
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renewable resources
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Which of the following best describes a duty that would fall under the jurisdiction of the EPA?
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Ensuring that pollution standards are met by a company
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Which of the following identifies a change in the technological environment that could affect the success of a business?
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A company develops a new battery that lasts twice as long as its predecessor.
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The purpose of business legislation is primarily based on
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protection
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A wedding services company changes its marketing strategy to reflect the fact that more LGBT (lesbian/gay/bisexual/transgender) marriages are taking place. The company is offering a broader range of ceremonies that cater to this new market. Which of the following environments must be carefully analyzed by this wedding company?
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Cultural
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Which of the following is NOT a factor that makes it difficult for companies to adhere to legislation in the business environment?
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The shrinking number of laws currently in existence
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The difference between a proactive and a reactive stance to the marketing environment can best be described as which of the following?
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passive versus active responses
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To be successful, why should company's try to adopt a proactive stance to marketing?
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A proactive stance allows a company to influence the market in its favor.
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Chicago's Best Pizzeria has been operating on the south side of Chicago for over 50 years. Its target market includes young, urban professionals who want new-style, organic pizzas with exotic ingredients. However, in recent years, the population in the pizzeria's neighborhood has been shifting and fewer young, urban professionals live there. The population has grown older and wants traditional pizza, not pizza with exotic ingredients. Which of the following identifies the pizzeria's best response to this situation?
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Target a new market with a different product.
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Which of the following best describes the purpose of the customer insights team?
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to gather and interpret information about customers and the market
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A company is attempting to gather information about its customers in order to improve its customer service. Which of the following is the best place for this company to start to develop an efficient MIS?
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Assess the information needs of the company
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Having a good MIS is important because _______.
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it enables a company to use customer insights to improve relationships with customers
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Which of the following is NOT likely to be used as an online database that can be accessed by a company to gain information about competitors?
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Facebook
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Cynthia Brin, the CEO of biotech company NeuroSyn, is trying to gather intelligence about the products and plans of its competitor, Nucleic Solutions. Which of the following research methods would be most likely to provide valuable information about the product plans of Nucleic Solutions?
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Collect information from people who supply and distribute products for Nucleic Solutions.
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Which of the following factors is most important to take into account when developing a good MIS?
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The usefulness of the information offered
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Which of the following is NOT a step in the marketing research process?
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Comparing research findings to other studies
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A company is conducting market research in order to determine the best areas to sell their product. They have already determined their research questions and gathered their data. What is the next step for this company in their research plan?
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Analyze the data and apply it to the marketing situation
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Why is it important for a company to collect both primary and secondary data when conducting marketing research?
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To have a "full picture" of the subject of their study
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What is CRM?
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A system of customer management
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A power tool company wants to give its customers information about how best to use its product in creative ways. What should the company create to provide customers with this information?
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A company extranet
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What is the overarching goal of CRM?
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To secure customer loyalty
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All of the following can be considered problems with gathering primary data for an international company EXCEPT
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Unavailability of resources
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Which kind of company needs market research more?
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Both large multinationals like Procter & Gamble or small locals truly need market research.
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An international company has appointed a CPO in order to ensure the privacy and confidentiality of the consumer data it collects. Which of the following is the CPO most likely to do as a function of his job?
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Inform customers of the privacy policy of the company.
