MARK 3336 QUIZ, EXAM 1 – Flashcards

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To capture value from​ consumers, marketers must​ ______.
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Create value for customers
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Marketing, more than any other business​ function, deals with​ ___________.
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Customers
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After understanding the marketplace and customer​ needs, what is the next step in the marketing​ process?
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Designing a market strategy
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The first step of the marketing process involves companies working to​ ____________.
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Gain a better understanding of their customers
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___________ is the first step of the marketing process.
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Understanding the marketplace, consumer needs and consumer wants.
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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?
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​Product, price,​ place, promotion
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Following the marketing concept means that firms are​ _______.
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Customer-Driven
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Customer-driven marketing usually works well when a clear need exists and when customers​ _________________.
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Know what they want
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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.
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Marketing Concept
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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?
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The societal marketing concept
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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?
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Segmenting and Targeting
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Social sharing is best described as​ __________.
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getting people to talk with others and pass along their positive brand experiences
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Mobile channels are used by marketers to​ _______________.
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stimulate immediate​ buying, make shopping​ easier, and enrich the brand experience
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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.
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Digital technology has changed the way we live.
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The goal of most social media campaigns is social​ sharing, which is​ __________.
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getting people to talk with others and pass along their positive brand experiences
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What do marketers use mobile channels​ for?
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To stimulate immediate​ buying, make shopping​ easier, and enrich the brand experience
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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.
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Consumer spending values now emphasize simpler living and more value for the dollar.
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A growth strategy in which the company tries to grow sales by identifying and developing new markets for its current products.
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Market Development
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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.
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portfolio
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A matrix framework for planning business portfolios.
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BCG
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....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.
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Business portfolio planning
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What are the two measures the BCG matrix uses to classify SBUs and products in the​ portfolio?
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Relative Market Share Market Growth Rate
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According to the BCG​ matrix, ______ are​ high-share, high-growth products. When the market growth​ slows, these products become​ ________.
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Stars Cash Cows
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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?
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diversification
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A growth strategy in which a company starts or buys a business beyond its current products and markets.
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Diversification
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Ben​ & Jerry's frequently expand its line of ice cream with new flavors. Which market growth strategy is Ben​ & Jerry's​ using?
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product development
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________________ involves changing elements of the marketing program​ (price, place, and​ promotion) to sell more of the existing product to existing customers.
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Marketing Penetration
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involves offering new or modified products to an existing market.
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Product Development
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​________ represents the marketing logic (pathway) by which the company hopes to create customer value and achieve​ profitable, mutually beneficial relationships.
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Marketing Strategy
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The most essential elements of a marketing strategy involve the​:
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segmentation, market​ targeting, and positioning processes.
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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​ ________.
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segmentation
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The Dollar Store and Family Dollar profitably focus on buyers with modest means with their market offerings. This is an example of​ _________.
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market targeting
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The process of evaluating a market​ segment's attractiveness and choosing one or more segments to enter with a market offering.
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Market Targeting
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What is one primary purpose of a​ product's position?
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differentiation
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____________ differentiates a market offering from those of competitors and communicates how it delivers value better than those competitors.
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Successful positioning
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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?
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Customer Solution Customer Cost Convenience Communication
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​___________ is at the core of any marketing strategy.
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Customer value and relationships
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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.
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mission
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Which of the following steps in the strategic planning process is not done at the corporate​ level?
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Planning marketing strategies
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In the strategic planning​ process, the business portfolio is designed after​ ________
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Setting the company objectives and goals
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Nike states that it wants to​ "bring inspiration and innovation to every athlete in the​ world." This is​ Nike's _________.
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​market-oriented mission statement
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A major activity in strategic planning is​ ________ analysis, whereby management evaluates the products and lines of business that make up the company.
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business portfolio
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Steps, at the corporate level, of the Strategic Planning Process:
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Define overall purpose and develop mission statement. Set company objectives and goals Design Business Portfolio
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Planning, marketing and other functional strategies is done at the ______________________ level.
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business​ unit, product and market
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The primary purpose of a strategic plan is to​ ________________.
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enable a firm to take advantage of opportunities in a changing environment
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