Marketing Lab Practice Questions Exam 1 – Flashcards

Which of the following is one of the benefits or results of marketing at the societal​ domain?

At its​ core, the essence of marketing is to create which of the​ following?

True or False: A market differs from a central market only in terms that a central market refers to a physical location.

Marketing at the societal level or domain is referred as which as the​ following?

Which of the following is purpose for marketing at the micro or business level

An example of a value proposition is best illustrated as which of the​ following? A. ​Whopper, buy two for the price of one. B. ​L'Oreal, because we are the best. C. ​Seven-Up, the Uncola. .D. VW​ Jetta, on sale this weekend. E. ​Avis, we are the red one.

The focus of marketing is on the a basic set of values and beliefs about the central importance of the customer that will guide the organization at the dimension of marketing as

Following the marketing concept means that firms are​ _______.

Which of the following is the characteristic that distinguishes a strategic alliance form ALL of the other types of marketing​ relationships?

Which of the following statements regarding the changing marketing landscape is​ correct?

Which of the following is NOT an accurate description of modern​ marketing? A. Marketing emphasizes selling and advertising exclusively. .B. Marketing is building​ value-laden exchange relationships with customers. C. Marketing involves managing profitable customer relationships. D. Marketing involves satisfying​ customers' needs. E. Marketing is the creation of value for customers.

A​ _____________ is a situation in which marketing managers make the mistake of paying more attention to the specific products they offer than to the benefits and experiences.​ Consequently, the managers focus on the​ customer's wants and neglects to evaluate the needs.

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.

Iceco​ Inc., an ice cream manufacturing​ company, encourages all​ stakeholders, including the top management and all​ employees, to consider individual and community welfare in their​ day-to-day decisions. This action undertaken by Iceco reflects​ ________.

The aim of​ _____________ is to produce high customer equity​, the total combined customer lifetime values of all of the​ company's customers.

The first step in the marketing process is​ ___________.

Demands differ from wants in which​ way?

When a consumer experiences a state of deprivation such as being​ hungry, cold, or​ tired, he is feeling​ a(n) ________ that has to be satisfied

At the core of every marketing transaction in the satisfaction of needs and wants is​ a(n) ____ between the buyer and a​ seller, including​ non-financial transactions such as between a politician and a voter.

The aim of​ _____________ is to produce high customer equity​, the total combined customer lifetime values of all of the​ company's customers.

​______________, which depends on the​ product's perceived performance relative to a​ buyer's expectations, is an important factor in creating customer value and building​ long-term market relationships.

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh those benefits against the monetary costs and other costs of using the​ service, they are acting on​ ________.

The total combined lifetime value of a​ company's current and potential customers is called​ ______.

"Losing a customer once means losing the entire stream of possible purchases that the customer would make over an extended period of​ patronage." This statement specifically indicates loss in terms of​ ________.

​_______ are the form human needs take as they are shaped by culture and individual personality.

A(n) ________ is the set of actual and potential buyers of a product or service.

Mary is hungry and chooses to go to McDonalds for a salad.​ Mary's hunger is a​ _____ and her choice of a salad is a​ _____.

Which core marketing concept is the key building block to develop and manage customer​ relationships?

The first step in the marketing process is​ ___________.

When a consumer experiences a state of deprivation such as being​ hungry, cold, or​ tired, he is feeling​ a(n) ________ that has to be satisfied

At the core of every marketing transaction in the satisfaction of needs and wants is​ a(n) ____ between the buyer and a​ seller, including​ non-financial transactions such as between a politician and a voter.

When backed by buying​ power, wants become​ ________.

True or False: The difference between human needs and wants is that needs are not created by marketers.

Which of the following is​ true?

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

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​ ________.

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

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?

​___________ is at the core of any marketing strategy.

Assume the economy is in a recession.​ Mario's custom jewelry is expensive and sales are down. In a situation analysis​ (SWOT), the state of the economy is​ a(n)______ and​ Mario's pricing structure is​ a(n) ________.

What are the main components of a marketing​ plan?

Which of the following is a true statement regarding managing and measuring marketing return on investment​ (ROI)?

Once a marketing plan is​ written, the manager has to convert the plan into actions that actually accomplish the strategic marketing objectives. The process of​ ______________________ addresses the​ who, where,​ when, and how of the marketing plan.

​__________________ is(are) the measurement of the profits generated by investments in marketing activities

Oxo's mission of​ "providing innovative consumer products that make everyday living​ easier" is an example of what type of mission​ statement?

Where would​ OXO's toilet brush fall on Boston Consulting​ Group's growth-share​ matrix?

The different segments that OXO competes inlong dash—kitchen ​gadgets, bathroom, garage and gardenlong dash—are representative of​ OXO's _________.

Of the elements in the marketing​ mix, OXO places the highest strategic importance on​ __________.

OXO uses the philosophy of Universal​ Design, the design of products by the widest range of people operating in the widest range of​ situations, to​ ____________.

Which of the following is not one of the benefits of a​ community-centric marketing​ strategy? A. Diversity B. Costs C. Loyalty D. Authenticity

Lou​ Gerstner's leadership of IBM through​ 'Operation Bear​ Hug' is an example of which of the benefits of a​ community-centric marketing​ strategy?

Marketing​ managers, overloaded with data and often overwhelmed by​ it, face the issue of​ ________, which​ refer(s) to the huge and complex data sets generated by​ today's sophisticated information technologies.

A firm will often employ​ a(n) ________, which is comprised of both people and procedures dedicated to assessing information​ needs, developing the needed​ information, and helping decision makers use the information to generate and validate actionable customer and market insights.

A(n) ________ consists of people and procedures dedicated to assessing information​ needs, developing the needed​ information, and helping decision makers use the information to generate and validate actionable customer and market insights.

An MIS user should most likely be able to​ ________.

To develop needed​ information, marketing information systems utilize​ ________.

Competitive marketing intelligence uses​ ________ data sources.

Which of the following statements about competitive marketing intelligence is​ correct?

Kei, a senior marketing manager of a pizzeria in North​ Florida, is currently researching electronic collections of consumer information within the company network to arrive at crucial marketing decisions. In this​ instance, Kei is using​ ________.

ason​ West, owner of A1​ Cleaning, started his enterprise in 2001.​ Jason's primary focus had been on office cleaning for large corporations. But in recent​ months, Jason has seen a decline in demand for his office cleaning services.​ Surprisingly, the competitive environment appeared relatively stable with no new competitors.​ However, Jason knew that office cleaning was a​ high-frequency service that is usually performed​ daily; therefore, competitors must have been doing something to attract his customers. Building a competitive advantage seemed to be the only option to offset competition. But as Jason pondered over his​ dilemma, he realized that prior to building his competitive advantage he needed to better understand how customers assessed service quality and what they look for in a superior cleaning service. Jason developed a research plan.​ First, he gathered information about his​ competitors, primarily through pamphlets and Web​ sites, as well as through a few phone calls in order to find out exactly what the competitors offered in their cleaning packages. In​ addition, Jason obtained from the Chamber of Commerce an updated list of local corporations. He planned on sending written questionnaires to them. Though the list of corporations contained 141 local company​ names, Jason chose to survey 75 of them. To better understand customer service expectations between both small and large​ corporations, Jason divided his surveys into two categories. The survey questions were designed to extract specific data from respondents with regard to service quality expectations in correlation to service frequency and price. Jason awaited the results. Though his primary focus had been on large​ corporations, he was flexible and would aim his efforts differently if needed. In this​ scenario, which of the following is representative of competitive marketing​ intelligence?

Essentially, the marketing research process encompasses four steps.​ __________ is not a step in the research process.

Customer relationship management​ (CRM) helps​ ________.

Ralph Goldsmith works for Zenith​ Inc., a leading cosmetic company based in Illinois. At​ Zenith, Ralph's primary responsibility revolves around digging deeply into customer data to gain valuable insights about customer​ needs, motives, and attitudes. This data​ is, in​ turn, used by Zenith to personalize its​ customers' shopping experiences.​ Ralph's position at Zenith requires him to focus primarily on​ ________.

Based on the findings of the focus​ groups, Domino's gained valuable​ ____________, which ultimately led to Dominos improving the ingredients used to make its pizzas.

Domino's pursued the approach of​ ___________ to determine the best combination of​ pizza, sauce, and cheese.

Domino's identified that its pizza was unsatisfactory in the eyes of its customers. As a​ result, it sought to conduct formal research to find the best ingredients to improve the quality of its pizza. In the marketing research​ process, this would be which of the following​ steps?

When​ Domino's sat down with focus groups to talk with consumers and hear feedback on its​ pizza, the company was gathering​ ________.

The type of focus group research conducted by Dominos leverages what type of contact​ method?

________ integrates everything that a​ company's sales,​ service, and marketing teams know about individual​ customers, providing a​ 360-degree view of the customer relationship

Many firms securely share relevant​ sales, inventory, product​ development, and marketing information with suppliers and other external partners via its​ ________.

Any contact between a customer and a company is called a​ ________.

Companies use​ ________ to gather company​ wide, finely detailed customer and market information and store it in a centralized and accessible location.

Companies use​ ________ to sift through large amounts of big data and dig out interesting findings relevant to creating customer value.

Companies set up​ ________, which allow key customers and​ value-network members to access​ product, account, and other data anytime they need to.

A data warehouse is a database of finely detailed customer and market information that needs to be sifted through for significant pieces of information and trends. The data warehouse operates at which​ level?

Many firms use company intranet and internal CRM systems to facilitate the process of granting access to research and intelligence​ information, customer contact​ information, and reports within the firm. Some or all of this data might also be shared with​ suppliers, customers,​ resellers, and select other network members via what delivery​ mechanism?

Customer relationship management​ (CRM) helps​ ________.

Managerial Marketing

Which of the following best defines the term 'customer perceive value', or just customer value

How does marketing perform its most essential role at the macro level

The role or purpose of Marketing in a firm is defined by which of the following?

The context or cultural category that enables some action or expression to communicate a message to others internal or external to the community enabling some common understanding.defines which of the following components of a community?

Which of the following is a component of satisfaction?

Which of the following is primarily responsible for establishing physical connections?

Which of the following elements of a typical marketing information system tends to deal with the analysis and presentation of information as opposed to the collection and analysis of information?

Which of the following is an element of a Business Portfolio model?

Which of the statements below defines a strategic marketing plan or process

A organization's planning primarily accomplishes which of the following objectives?