question

Marketing

answer

Economic _________ is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers (CH1)

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understanding the marketplace and customers' needs, wants, and demands

answer

The first step in the marketing process is ___________. (CH1)

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It is the actual buying power a consumer has that enables him to fulfill his needs

answer

Demands differ from wants in which way? (CH1)

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Need

answer

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 (CH1)

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goods, services, ideas, information, people, places, and organizations

answer

Market offerings to which the marketing process applies include (CH1)

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What is the value proposition?

answer

In the process of developing marketing strategy, one of the two critical questions the manager must ask is, "What customers will we serve (what's our target market)?" Which of the following is the other question? (CH1)

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Segments

answer

As the organization determines which customers to serve, it must first divide the market into reachable portions, or ____________ of the market, and then select which portion of the market to target (CH1)

question

Seven Up, The Uncola

answer

An example of a value proposition is best illustrated as which of the following? (CH1)

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Production

answer

Historically, the concept by which marketing managers operated, which was based on being able to make the product efficiently and cost effectively, was the _________ Concept (CH1)

question

customer value; customer satisfaction

answer

The fourth stage in the marketing process is to build and sustain enduring customer relationships. The key elements of this process involve_____ and _______. (CH1)

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Attraction

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Customer engagement marketing in the age of social media marketing differs from more traditional marketing, which relied on intrusion to build market share. Customer engagement marketing depends on __________ instead (CH1)

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Time consuming aspects, costliness, and the fact that it might not produce measurable results

answer

Advantages of consumer-generated marketing are the credibility and honesty of it and the appeals. Drawbacks for the marketing manager of consumer-generated marketing include ____________. (CH1)

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Social Media

answer

While it is one of the newest marketing tools firms have to communicate with customers, _______________ is(are) now used by more than 90% of American organizations. (CH1)

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Mobile

answer

_____________ marketing is perhaps the fastest-growing digital marketing platform. It is ideal for engaging customers anytime and anywhere as they move through the buying process. (CH1)

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The economy

answer

dramatic shift in _______________, beginning in 2008, has caused marketing managers to realign marketing plans and focus more on value. (CH1)

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Turning the mission into detailed supporting objectives that guide the entire company

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After determining the market-oriented mission, what is the next step in the process of strategic planning? (CH2)

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Mission Statement

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A ____________________ is a statement of the organization's purpose —what it wants to accomplish in the larger environment (CH2)

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to give people a window into the world's information, wherever it might be found

answer

If Google wrote its mission statement, what would it be advised to write? The mission of Google is __________. (CH2)

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The organization must shape the future portfolio by developing strategies for growth and downsizing.

answer

There are two steps to business portfolio planning. First, the company analyzes its current business portfolio and determines which businesses should receive more, less, or no investment. Which of the following is the second step? (CH2)

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market growth rate

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The Boston Consulting Group growth-share matrix classifies SBUs the firm has in two dimensions; the first dimension is _______________, which measures market attractiveness for the entire industry on the vertical axis. (CH2)

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relative market share

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The Boston Consulting Group growth-share matrix classifies SBUs the firm has in two dimensions. The horizontal dimension consists of the _______________, which measures the firm's strength in the market. (CH2)

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Profitable Growth

answer

Designing a business portfolio involves finding businesses and products the company should consider in the future. Companies need growth if they are to compete more effectively, satisfy their stakeholders, and attract top talent. At the same time, a firm must be careful not to make growth itself an objective. The company's objective must be to manage __________. (CH2)

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value delivery network

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Astute marketers practice partner relationship management and must work closely with partners in other company departments to form an effective internal value chain that serves customers. Additionally, they must partner effectively with other companies in the marketing system to form a competitively superior _____________________. (CH2)

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increased purchasing costs, disrupted production schedules, and increased inventories

answer

When the marketing department works to improve customer satisfaction, it can cause other departments to decrease their job performance. When marketing tries to improve customer satisfaction, it may result in __________. (CH2)

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suppliers, distributors, and customers

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More companies today are partnering with other members of the supply chain. These partnerships include __________ and they improve the performance of the customer value delivery network. (CH2)

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Portfolio

answer

Marketing managers have in their control four variables known as the four Ps. These four variables do not include the __________ (CH2)

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segmentation, market targeting, differentiation, and positioning

answer

Companies know that they cannot profitably serve all consumers in a given market, at least not all consumers in a uniform way. Most firms are in a situation to serve some portions of the market better than others, and they undertake four steps in order to make that effective. These steps are as follows (placed in sequential order): ____________________. (CH2)

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Implementation

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Managing the marketing process requires four marketing management functions: analysis, planning, ______________, and control (CH2)

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opportunities; threats

answer

SWOT analysis is an integral part of the first stage of the market process, which is analysis. The parts of the SWOT analysis that apply to external elements are___________ and __________. (CH2)

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Marketing Implementation

answer

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 (CH2)

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microenvironment; macroenvironment

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Marketing managers need to analyze the environment, which includes two parts; these are known as the ________ and the ________. (CH3)

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Microenvironment

answer

The ________ consists of the actors close to the company who affect its capability to engage and serve its customers, including the company, suppliers, marketing intermediaries, customer markets, competitors, and publics (CH3)

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Microenvironment

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The ________ consists of the larger societal forces that affect the microenvironmentlong dash—demographic, economic, natural, technological, political, and cultural forces (CH3)

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suppliers

answer

As part of the microenvironment, ________ form an important link in the company's overall customer value delivery network. They provide the resources needed by the company to produce its goods and services. (CH3)

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demography

answer

A critical element of microenvironmental scanning is ________, which is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics. This portion of the environment is of major interest to marketers because it involves people who make up markets (CH3)

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Millenials

answer

Generation Y, or echo boomers, are also known as ________. They are the portion of the population that was born between 1977 and 2000 (CH3)

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Sunbelt

answer

Over the past two decades, the U.S. population has shifted toward the ________ states (CH3)

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Asian Americans

answer

This ethnic segment of the American market comprises roughly 5% of the total population. _____________ are consistently more confident about their financial situations than other segments and are more likely to live within their means. They tend to avoid credit card debt and save more for future eventualities (CH3)

question

technological

answer

The ________ environment offers marketers many opportunities in one of the most dramatic wayslong dash—it affects such wonders as antibiotics, robotic surgery, miniaturized electronics, smartphones, and the Internet (CH3)

question

radio-frequency identification (RFID) transmitter

answer

Many firms are already using ________ technology to track products through various points in the distribution channel. (CH3)

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Consumer Product Safety Commission (CPSC)

answer

Marketers should increasingly be aware of regulations designed to protect consumers when applying new technologies and developing new products. Many government agencies investigate and ban potentially unsafe products, but the two with the most direct impact on marketing managers are the Food and Drug Administration (FDA) and the ________ (CH3)

question

cause-related

answer

To exercise their social responsibility and build more positive images, many companies are now building efforts in the area of ________ marketing, linking themselves to respectable, socially minded organizations and ideas, which firms increasingly use as a form of corporate giving (CH3)

question

core

answer

The marketing manager confronts two types of beliefs as she analyzes the cultural environment, ________ beliefs and secondary beliefs (CH3)

question

advertorials

answer

Some companies hire lobbyists to influence legislation affecting their industries and stage media events to gain favorable press coverage. These firms will often run ________, which are ads expressing editorial points of view (CH3)

question

Google designing Google Glass

answer

Which of the following firms could be identified as taking a proactive stance toward the marketing environment? (CH3)

question

the customer

answer

Companies have tremendous amounts of information available on competitors, resellers, and other players in the marketplace, but they must also use that data to gain insight into ________ as Pinterest did successfully in creating a scrapbooking site for shared pictures (CH4)

question

Big Data

answer

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 (CH4)

question

customer insight teams

answer

Innovative marketing firms are restructuring their marketing information and research functions and are creating ________, which are typically headed by a senior marketing executive with representatives from as many as two dozen of the firm's functional areas (CH4)

question

Walmart's Retail Link system

answer

Although a marketing information system primarily serves the company's marketing and other managers, it might also provide information to external partners, such as suppliers, resellers, or marketing services agencies. An example of how the MIS can provide customer information to partners beyond the firm is ________ (CH4)

question

Cost

answer

The firm's MIS is useful to the marketing managers, but it does involve one distinct disadvantage. The company must deal with what factor before obtaining, analyzing, storing, and delivering information? (CH4)

question

Syndicated databases

answer

Collections of consumer and market information obtained from data sources within the company's network, or internal databases, are derived from several functional areas within the firm. __________ are not sources of internal data (CH4)

question

Competitive marketing intelligence

answer

MasterCard's Conversation Suite, which monitors, analyzes, and responds in a timely way to millions of online conversations around the world, is an example of which type of market research tool? (CH4)

question

Internal Employee Group

answer

Managers seeking competitive intelligence can use any of the scores of online databases, some of which are free and some for which the user pays. All of the following are sources of competitor information, but one is not an online database. Which one is not an online database? (CH4)

question

Developing the MIS

answer

Essentially, the marketing research process encompasses four steps. __________ is not a step in the research process. (CH4)

question

Descriptive

answer

A marketer defines her research objective to define and identify things within the market such as how many times a week does the customer go to the grocery store and how many bananas does the consumer purchase at a time? This is classified as which type of market research? (CH4)

question

Company-wide

answer

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? (CH4)

question

Extranets

answer

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? (CH4)

question

Experimental research

answer

With budgetary constraints facing small businesses, small firms can still take advantage of many marketing research options from governmental and trade agencies to diversify research approaches. _________ is(are) not feasible for the small businesses that want to conduct market research (CH4)

question

Countries that have almost no research services from which to collect data

answer

International researchers follow the same steps as domestic researchers, from defining the research problem and developing a research plan to interpreting and reporting the results. However, these researchers often face more and different problems particularly when collecting primary data. Which of the following creates a problem for collecting secondary data internationally? (CH4)

question

intrusions on consumer privacy

answer

Firms face ethical issues in using marketing research data in many forms but primarily in two areas: the misuse of research findings and ________ (CH4)

question

Individuals and households buying goods and services for personal consumption

answer

Consumer buyer behavior refers to the buying behavior of final consumers, which is defined to include whom? (CH5)

question

The buyer's decision process itself and how it affects his or her behavior

answer

Marketing managers have to analyze what goes on in the consumers' "black box." The black box has two parts. The first is that the buyer's characteristics influence how he or she perceives and reacts to the stimuli. What is the second element? (CH5)

question

Promotion

answer

Consumer purchases are strongly influenced by many factors the marketer cannot control. __________ is a factor that the marketer can control (CH5)

question

. culture

answer

The most basic cause of a person's wants and behavior is his ________, which is learned from childhood (CH5)

question

United States

answer

A child in which of the following cultures normally learns or is exposed to the following values: achievement and success, freedom, individualism, hard work, activity and involvement, efficiency and practicality, material comfort, youthfulness, and fitness and health? (CH5)

question

cultural shifts

answer

Marketers are always trying to spot ________ so as to discover new products that might be wanted by buyers. One of these is the growing concern among consumers about their health and fitness, which has created a great opportunity for flavored vitamin waters (CH5)

question

subcultures

answer

Each culture contains smaller groups of people with shared value systems based on common life experiences and situations. These smaller groups, identified as ________, include nationalities, religions, racial groups, and geographic regions. They often make up important market segments (CH5)

question

Hispanics are more active on mobile and social networks than other segments, making digital mediums ideal for reaching this segment

answer

Hispanics represent a large, fast-growing market. The nation's more than 55 million Hispanic consumers will account for 11% of the nation's total buying power by 2015, but they do vary in buying behavior from the mainstream American public. Which of the following statements is true about the Hispanic consumer? (CH5)

question

African Americans

answer

Which subcultural American market segment is more price conscious than other segments? (CH5)

question

Asians Americans

answer

Which subcultural market segment is the most affluent demographic segment? (CH5)

question

Post-purchase behavior

answer

The buying decision process follows several steps. How is the final step in the process identified? (CH5)

question

Personal, commercial, public, and experiential sources

answer

In the second stage of the buyer decision process, the consumer gathers information. The sources from which the buyer can collect this information include which of the following? (CH5)

question

Early adopters

answer

Which adopter group is made up of opinion leaders in their communities and who adopt new ideas carefully? (CH5)

question

Interest

answer

A consumer is curious as to whether or not he would like a tablet instead of a laptop. He knows there are differences but does not really understand brand differences nor does he know the specific features of different tablets. He begins doing some online research. He is described as being in which stage of the new product adoption process? (CH5)

question

The Soda Stream ads suggest there are fewer bottles to carry and a reduced effort of having to recycle bottles

answer

Soda Stream is an innovation in soft drinks that enables consumers to create their own sodas at home with purchased syrup, tap water, and a carbonation device. To increase the adoption rate, the firm is advised to present the relative advantage. How would the relative advantage of Soda Stream be described? (CH5)

question

Business buyer behavior

answer

________ refers to the buying behavior of organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others (CH6)

question

the nature of the buying unit

answer

The main differences between consumer and business buyer behavior include differences in market structure and demand, ________, and the types of decisions and the decision process involved. (CH6)

question

far fewer; larger

answer

The business marketer usually deals with a difference in the market size and type of customer from consumer markets. The business market is characterized with ________ buyers and much ________ buyers than does the consumer marketer. (CH6)

question

inelastic

answer

In a business marketing scenario, demand is typically ________ and fluctuates more than in the consumer marketplace. (CH6)

question

Straight rebuy, modified rebuy, and new task

answer

What are the major types of buying situations in the business market? (CH6)

question

Modified rebuy

answer

Costco wants the processor of the brand of yogurt it has been selling for eight years to increase the number of units per pack from 9 to 12 and to reduce its profit margin from 14% to 12%. The buying situation would be described as which type? (CH6)

question

buying center

answer

The decision-making unit of a buying organization is called its ________. It consists of all the individuals and units that play a role in the business purchase decision-making process. (CH6)

question

. Gatekeepers

answer

In the buying center, which role is responsible for controlling the flow of information and might include secretaries and technical staff? (CH6)

question

Problem recognition

answer

The first step in a fairly lengthy, complex process of making a purchase in a business marketing situations is what? (CH6)

question

Value analysis

answer

Before the buying firm begins the supplier search, the firm determines the specifications with help of what technique to analyze cost reduction and to determine whether the required product can be redesigned, standardized, or made by less costly methods of production? (CH6)

question

Draw up a list of the desired supplier attributes and their relative importance

answer

During supplier selection, members of the buying center review the proposals and select a supplier or suppliers. Additionally, which of the following is a task that takes place during supplier selection? (CH6)

question

Institutional and government markets

answer

Organizational buying behavior also applies to certain groups of buyers beyond the traditional business. To which other entities, with special characteristics, does organizational buying apply? (CH6)

question

Prisons and hospitals

answer

One type of nonbusiness organizational market is the institutional market. It includes which of the following typical buyers? (CH6)

question

The government purchases a lot of goods and services and pays its bills.

answer

Why would any firm choose to do business with the U.S. government especially given the complications involved in selling to it? (CH6)

question

General Services Administration (GSA)

answer

There are several sources of information for business marketers looking to sell to the U.S. government. Which of the following is the source that provides a complete education on the way government agencies buy, the steps that suppliers should follow, and the procurement opportunities available? (CH6)

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