Marketing Test 1 Test Questions – Flashcards
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____ is defined as the relationship between benefits and the necessary sacrifice to obtain those benefits
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customer value
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___ is a strategy that focuses on keeping and improving relationships with current customers
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relationship marketing
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The ___ orientation assumes people will buy more if aggressive selling techniques are used
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sales
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the marketing concept involves
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focusing on customers' wants and needs so that the organization can distinguish its product from competitors' products
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The american marketing association's definition of marketing:
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includes creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
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a company that sets its goals and strategies based on what its current equipment can produce, what products engineering can design, and what the company itself can do best, has a(n) ____ orientation
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production
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An organization with a(n) ___ believes that it exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals' and society's long-term best interests
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societal orientation
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A market-oriented firm defines its business in terms of:
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the benefits its customers seek
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when customer expectations regarding product quality, service quality, and value based price are met or exceeded, ___, is created
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customer satisfaction
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the concept of exchange is important to marketing because
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marketing activities help to create exchange
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the set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition is known as a(n)
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competitive advantage
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___ is a strategy of increasing market share in existing markets
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market penetration
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The SWOT acronym refers to a firm's analysis of its
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strengths, weaknesses, opportunities, and threats
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___ is the managerial process of creating and maintaining a fit between the organization's objectives and the changing of marketing environment
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strategic planning
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the ___ answers the questions, "What business are we in?"
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mission statement
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___ occurs when a business is defined in terms of goods and services rather than by the benefits customers seek from it
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marketing myopia
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___ is a strategy that attempts to attract new customers to existing products
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market development
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A ___ is a study conducted by an organization to identify its internal strengths and weaknesses and also examine external opportunities and threats
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situational analysis
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___ is defined as the collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan
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environmental scanning
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all of the following are elements of marketing plan except: business mission statement situational analysis marketing mix portfolio anaysis
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portfolio analysis
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A(n) ___ is a defined group that managers feel is most likely to buy a firm's product
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target market
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Marketing managers cannot control___, but they can sometimes influence it
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the external environment
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___ factors are environmental factors that include our attitudes, values, and lifestyles
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social
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A(n) ___ is the practice of choosing goods and services that meet one's diverse needs and interests rather than conforming to traditional stereotypes
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component lifestyle
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the study of people's vital statistics, such as age, race and ethnicity, and location, is called
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demography
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recession, inflation, and consumers' incomes that influence the marketing environment are called___
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economic
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___ is the primary determinant of a person's earning potential
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education
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laws and regulations of various governments and their ongoing development and change are an example of ___ factors that are part of the external environment of all organizations
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political and legal
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the number of firms a company must face, the relative size of these firms, and the degree of interdependence within the industry are all part of its ___ environment
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competitive
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___divides individuals into groups according to the way they spend their time, the importance of items in their surroundings, their beliefs, and the socioeconomic characteristics
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lifestyle segmentation
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the purpose of market segmentation
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enable the marketer to tailor marketing mixes to meet the needs of one or more specific groups
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when a firm uses a concentrated target startegy, it can
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offer a highly specialized marketing mix
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a series of stages determined by a combination of age, marital status, and the presence or absence of children is known as the
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family life cycle
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to be useful, a segmentation scheme must produce segments that meet four basic criteria. The criteria are:
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substantiality, identifiability and measurability, accessibility, and responsiveness
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___ is a method that clusters potential customers into neighborhood lifestyle categories and is a combination of geographic, demographic, and lifestyle segmentation
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geodemographic segmentation
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___ segmentation is based on personality, motives, and lifestyle
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psychographic
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A(n) ___ is a group of people or organizations for whom an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges
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target market
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a ___ is a group of people or organizations that has the wants and needs that can be satisfied by particular product categories, has the ability to purchase these products, and is willing to exchange resources for the products
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market
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Market segmentation can assist marketers to do all of the following EXCEPT: develop more precise definitions of customers needs and wants identify which variable base should be used for segmenting more accurately define marketing objectives improve resource allocation evaluate performance
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identify which variable base should be used for segmenting
