question

To capture value from consumers, marketers must ______.

answer

Create value for customers

question

Marketing, more than any other business function, deals with ___________.

answer

Customers

question

After understanding the marketplace and customer needs, what is the next step in the marketing process?

answer

Designing a market strategy

question

The first step of the marketing process involves companies working to ____________.

answer

Gain a better understanding of their customers

question

___________ is the first step of the marketing process.

answer

Understanding the marketplace, consumer needs and consumer wants.

question

A firm's strategy is set into action through plans and programs that consist of the marketing mix. The marketing mix is referred to as the four Ps of marketing. Which of the following are the four Ps?

answer

Product, price, place, promotion

question

Following the marketing concept means that firms are _______.

answer

Customer-Driven

question

Customer-driven marketing usually works well when a clear need exists and when customers _________________.

answer

Know what they want

question

The ____________ holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

answer

Marketing Concept

question

Companies like IBM, Walmart, and Intel now look beyond economic gain and, in their marketing strategies they also consider the well-being of customers, the depletion of natural resources, the viability of suppliers, and the interests of the local community. This reflects which marketing philosophy?

answer

The societal marketing concept

question

The first step to a successful value-driven marketing strategy is to determine whom to serve with a market offering. To make this decision, marketers engage in which two activities?

answer

Segmenting and Targeting

question

Social sharing is best described as __________.

answer

getting people to talk with others and pass along their positive brand experiences

question

Mobile channels are used by marketers to _______________.

answer

stimulate immediate buying, make shopping easier, and enrich the brand experience

question

Which of the following statements regarding the changing marketing landscape is correct? A. Global competition only affects marketing in large companies. B. Marketers have mastered the use of social media and mobile marketing. C. Marketing plays no role in the strategies of not-for-profit organizations. D. Today's post-recession era consumers buy more, use fewer coupons, use their credit cards more and save less. E. Digital technology has changed the way we live.

answer

Digital technology has changed the way we live.

question

The goal of most social media campaigns is social sharing, which is __________.

answer

getting people to talk with others and pass along their positive brand experiences

question

What do marketers use mobile channels for?

answer

To stimulate immediate buying, make shopping easier, and enrich the brand experience

question

Which of the following statements regarding the current economic environment is correct? A. Consumers have resigned themselves to lives of deprivation. B. Since consumer incomes and spending are again on the rise, companies can now de-emphasize value. C. Consumers are using their credit cards more frequently and putting less money in the bank. D. Consumer spending values now emphasize simpler living and more value for the dollar. E. To reach today's frugal consumers, marketers should cut prices across the board.

answer

Consumer spending values now emphasize simpler living and more value for the dollar.

question

A growth strategy in which the company tries to grow sales by identifying and developing new markets for its current products.

answer

Market Development

question

A key limitation of BCG and other formal approaches to ________ planning is that they focus on classifying current businesses and provide little advice for future planning.

answer

portfolio

question

A matrix framework for planning business portfolios.

answer

BCG

question

....involves assessing the collection of businesses and products that make up the company in order to find the combination that best fits the company's strengths and weaknesses to opportunities in the environment.

answer

Business portfolio planning

question

What are the two measures the BCG matrix uses to classify SBUs and products in the portfolio?

answer

Relative Market Share Market Growth Rate

question

According to the BCG matrix, ______ are high-share, high-growth products. When the market growth slows, these products become ________.

answer

Stars Cash Cows

question

In 2005, Proctor and Gamble purchased Gillette, makers of shaving products, and added these to the existing P&G portfolio. Which growth strategy did P&G use in acquiring Gillette?

answer

diversification

question

A growth strategy in which a company starts or buys a business beyond its current products and markets.

answer

Diversification

question

Ben & Jerry's frequently expand its line of ice cream with new flavors. Which market growth strategy is Ben & Jerry's using?

answer

product development

question

________________ involves changing elements of the marketing program (price, place, and promotion) to sell more of the existing product to existing customers.

answer

Marketing Penetration

question

involves offering new or modified products to an existing market.

answer

Product Development

question

________ represents the marketing logic (pathway) by which the company hopes to create customer value and achieve profitable, mutually beneficial relationships.

answer

Marketing Strategy

question

The most essential elements of a marketing strategy involve the:

answer

segmentation, market targeting, and positioning processes.

question

The process of dividing a broad market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs, is known as ________.

answer

segmentation

question

The Dollar Store and Family Dollar profitably focus on buyers with modest means with their market offerings. This is an example of _________.

answer

market targeting

question

The process of evaluating a market segment's attractiveness and choosing one or more segments to enter with a market offering.

answer

Market Targeting

question

What is one primary purpose of a product's position?

answer

differentiation

question

____________ differentiates a market offering from those of competitors and communicates how it delivers value better than those competitors.

answer

Successful positioning

question

The four Ps of the marketing mix are redefined in buyer terms as the four Cs. What are the four Cs of the marketing mix?

answer

Customer Solution Customer Cost Convenience Communication

question

___________ is at the core of any marketing strategy.

answer

Customer value and relationships

question

The first step of the strategic planning process is to identify the company's ________, an explicit statement that clearly explains the organization's purpose and what it seeks to accomplish.

answer

mission

question

Which of the following steps in the strategic planning process is not done at the corporate level?

answer

Planning marketing strategies

question

In the strategic planning process, the business portfolio is designed after ________

answer

Setting the company objectives and goals

question

Nike states that it wants to "bring inspiration and innovation to every athlete in the world." This is Nike's _________.

answer

market-oriented mission statement

question

A major activity in strategic planning is ________ analysis, whereby management evaluates the products and lines of business that make up the company.

answer

business portfolio

question

Steps, at the corporate level, of the Strategic Planning Process:

answer

Define overall purpose and develop mission statement. Set company objectives and goals Design Business Portfolio

question

Planning, marketing and other functional strategies is done at the ______________________ level.

answer

business unit, product and market

question

The primary purpose of a strategic plan is to ________________.

answer

enable a firm to take advantage of opportunities in a changing environment

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