Marketing 310 Exam 1 Review – Flashcards
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According to the management guru Pete Drucker, the aim of marketing is to ____
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make selling unnecessary
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____ are human needs that are shaped by culture and individual personality
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Wants
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When backed by buying power, wants become ____
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demands
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A ____ is some combination of products, services, information, or experiences offered to a market to satisfy some kind of want
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market offer
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When markets set low expectations for a market offering, they sun the risk of ____
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failing to attract enough customers
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____ is the set of potential and actual buyers of a product
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market
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Consumer research, product development, communication, distribution, pricing, and service are all core ___ activities
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marketing
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The art and science of choosing target markets and building profitable relationships with them is called ____
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marketing management
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____ is a process of developing and maintaining a crucial fit between an organizations ... goals
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Strategic planning
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Which of the following is the 1st step in strategic planning?
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Defining the market's mission statement
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Which of the following is not a step in strategic planning?
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Evaluating all members of the value chain
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A ____ documents an organization's purpose- what it wants to accomplish in the larger enviromment
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mission statement
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A mission statement serves as a ____
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statement of the organization's purpose
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Mission statements should be ____
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?
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The businesses and products that make up a company is called its ____
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business portfolio
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Which of the following is the 1st step in business portfolio planning?
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Determining which businesses should receive more, less, or no investment
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The major activity in strategic planning is ____
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business portfolio analysis
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Which of the following best describes strategic business units
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Key businesses that make up the company
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During portfolio analysis, a company ____
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assesses the attractiveness of the market or industry
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Which of the following is used to describe factors that....
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Marketing enviroment
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Which of the following is a component of a firms microenviroment?
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Market intermediaries
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The interrelated departments within a company that influence marketing decisions forms the ______ enviroment
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internal
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____ provide the resources needed by a company to provide goods and services
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Suppliers
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____ help companies stock and move goods from their points of origin to their destinations
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Physical distribution firms
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____ include banks, credit companies, insurance companies, and other businesses that help finance transactions or insure against the risks associated with buying and selling goods
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Financial intermediaries
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Which of the following influence the company's ability to obtain funds?
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Financial publics
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A company's market decisions may be questioned by consumer organizations, environmental groups, minority groups, and others. Its public relations department can help it stay in touch with consumer and citizen group.
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Citizen-action pulics
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Which group includes neighborhoods and community organizations?
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Local publics
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With the recent explosion of information technologies ____
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most marketing managers are overloaded with data and often overwhelmed by it
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A ___ consists of people and procedures to assess information needs, develop the needed information, and help make decision makers analyze and use the info
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marketing information system (MIS)
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A marketing information system (MIS) is used to ____
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assess information needs
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In the model of buyer behavior, which is not a major type of force or event in the buyer's environment?
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Political
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____ is the most basic determinant of a person's wants and behavior
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Culture
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Each culture contains smaller groups of people with shared value systems based on common life experiences and situations called ____
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subcultures
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Which consumer group tends to have more brand loyalty... kids/family?
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Hispanic Americans
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____ consumers are one of the fastest growing US population sub-segments and are expected to surge to nearly 30% of the total US population by 2050
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Hispanic Americans
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Although more price-conscious than other segments, ____ consumers tend to be strongly motivated by quality and selection. Brands are important as well.
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African Americans
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____ are society's relatively permanent and ordered divisions in a society whose members share similar values, interests, and beliefs
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Social classes
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Family is 1 of the top ____ factors that influence customer behavior
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social
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Information in a company's database can come from many sources. An advantage of harnessing such information is to _____
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gain competitive advantage
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____ is a systematic collection and analysis of publicly available information of competitors
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competitive market intelligence
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____ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
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marketing research
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The objective of casual research is ____
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to test hypotheses of cause and effect research
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Individuals in households that buy or acquire goods and services for personal consumption make up the ____
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consumer market
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Which of the following...
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Price stimuli
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Which of the following is one of the stimuli present in...
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Culture
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According to the model of buyer behavior, which of the following is of the 2 primary parts of a buyers black box?
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Buyer's decision processs
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What is not a part of the 3 p's (marketing stimuli)
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Packaging
