The American Marketing Association defines _____ as an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
The ultimate user of a good or service is known as the:
Products deliver benefits by:
satisfying a need or want.
A ____ is the difference between a consumers actual state and some ideal or desired state:
The term marketing refers to _____.
an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
Which term refers to all consumers who share a common need that can be satisfied by a specific product and have the resources, willingness, and authority to make the purchase?
A(n) _____ is a desire for a particular product used to satisfy a need in specific ways that are culturally and socially influenced.
The sum of benefits one receives from using a product or service is called _____.
Which type of utility benefits by transforming raw materials into finished products?
_____ utility is the benefit marketing provides by making products available where customers want them.
By staying open twenty-four hours a day, Wal-Mart provides _____ utility.
Which type of utility cannot exist until the exchange has taken place?
When something is obtained for something else in return, _____ has occurred.
an exchange
What are the stages of marketing evolution?
new, production, selling
In which era was there a heavy emphasis on manufacturing efficiency?
production era
The _____ era first emphasized the importance of meeting the needs and wants of customers.
Which orientation toward marketing works best when demand is greater than supply?
The concept of customer relationship management is most closely aligned with the _____ orientation.
new era
Which orientation focuses on building long-term bonds with customers?
new era
_____ involves the systematic tracking of consumer preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual’s unique wants and needs.
customer relationship management
The _____ era took place between the Great Depression and the 1950s.
The _____ orientation worked well when there was little competition in the marketplace.
_____ is a management effort that seeks to make continuous improvements to product quality.
total quality management
In which era did accountability become an important consideration for marketers?
Which of the following metrics is useful for marketers who need to know how much value is created from what they are spending on marketing activities?
return on investment
Marketers may use _____, which are similar to report cards to measure performance.
Which orientation is still found among firms that sell unsought goods?
Firms that view markets as homogenous and products as purely functional may focus on a _____ orientation.
Intangible products are known as _____.
Which term refers to the benefits a customer receives from buying a product?
A company can estimate the lifetime value of a customer by _____.
estimating the amount the person will spend on each and every purchase he or she will make from now and in the future, minus the cost of maintaining the relationship
When a company can provide a benefit that the competition can’t, it is said to have a(n) _____.
competitive advantage
Which term refers to a series of activities involved in designing, producing, marketing, delivering, and supporting any product?
value chain
When a firm assesses their strengths and weaknesses by assessing factors that might help or hinder the development and marketing of products, it is called _____.
analyzing the marketing environment
The document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy is called the _____.
marketing plan
The “four Ps” are elements of the _____.
marketing mix
Which aspect of the marketing mix involves the design and packaging of a good?
Which element of the marketing mix might utilize personal selling, advertising, sales promotion, and public relations?
_____ refers to the availability of the product to the customer at the desired time and location.
Which P in the marketing mix captures the value of the exchange?
A _____ is a distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market.
market segment
According to the American Marketing Association, “the processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders,” is the definition of what term?
All of the consumers who share a common need that can be satisfied by a specific product and who have the resources, willingness, and authority to make the purchase are called the ________.
What type of utility refers to the process of transforming raw materials into a finished good?
form utility
The systematic tracking of consumers’ preferences and behaviors over time in order to tailor the product offering to each person’s wants and needs is known as ________.
What type of products are tangible items that consumers purchase for either personal or family use?
consumer goods
What term is used to refer to the marketing of goods and services from one organization to another organization?
business-to-business marketing
T/F When a product satisfies a need or a want of a consumer, we say that it delivers a value chain.
T/F When a consumer obtains a shirt from a retailer for cash, we say that an exchange has occurred.
T//F The idea that marketers should satisfy customers’ needs in ways that benefit society is known as mass marketing.
T/F Successful marketing requires creating an attractive value proposition for consumers.
T/F A marketing strategy should attempt to create a competitive advantage for the organization with consumers.
_____ is an ongoing process of making decisions that guide the firm both in the short term and for the long haul.
Business planning
What type of plan describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the strategy?
marketing planning
At what management level does marketing planning take place?
functional planning
Which form of planning focuses on the day-to-day execution of plans?
operational planning
At which level of planning is the organization’s mission established?
strategic planning
What type of planning is done by supervisory managers?
operational planning
All of the following are aspects of strategic planning except _____.
monitor and control marketing strategies
Functional planning is also called _____ planning.
Which of the following positions would be involved in strategic planning?
chief executive officer
Which type of plan might show exactly how many units of a product a salesperson needs to sell per month?
operational plan
At management level are marketing metrics used to monitor effectiveness?
A business plan is a plan that _____
includes the decisions that guide the entire organization
_____ means that an organization develops objectives before it takes action.
All of the following are functional levels of a firm___
marketing, finance, HR
Which managerial level is likely to have plans detailed on a quarterly basis?
Individual units within a firm that operate like separate businesses are known as _____.
strategic business units
A mission statement describes _____
the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the strategy
The controllable elements inside a firm that influence how well the firm operates make up the firm’s _____
internal environment
Objectives should be _____
The _____ is a portfolio analysis model
BCG growth-market share matrix
The group of different products or brands owned by an organization and characterized by different income-generating and growth capabilities is referred to as the _____.
business portfolio
General Electric has a jet engine division, lighting division, and appliance division. These divisions are _____ in the GE company.
strategic business units
SBUs with products that have dominant market share in high-growth markets are called _____.
Which category in the BCG matrix describes products with low market share in high-growth markets?
question marks
What type of SBU is used to fund the growth of the other types?
cash cows
Which growth strategy is designed to increase sales of existing products to current customers?
market penetration strategies
Which growth strategy is designed to introduce existing products to new markets?
market development strategies
Which growth strategy is designed to sell new products to existing markets?
product development strategies
Which growth strategy emphasizes both new products and new markets?
diversification strategies
The vertical axis in the product-market growth matrix represents _____.
whether opportunities for growth will come from new or existing markets
Product strategies included in a marketing plan include all of the following types of decisions except _____.
Which type of strategy decisions consider costs to manufacture and expected demand?
pricing strategy
Marketers quantify how an investment in marketing has affected the firm’s success using the metric, _____.
return on marketing investments
Individual support plans that provide guidance for implementation and control of marketing strategies are called _____ plans.
Components of corporate culture?
values, norms, beliefs
The formal process of control involves ___
measuring actual performance, comparing this performance to established objectives, and making adjustments to objectives or strategies.
The metric, return on marketing investment, encourages marketing managers to think of marketing as a(n) _____.
Action plans are sometimes called _____.
marketing programs
The sum of benefits one receives from using a product or service is called _____.
Which of the following is not specified in a marketing program?
SWOT analysis
_____ is the set of values, norms, and beliefs that influence the behavior of everyone in the organization.
corporate culture
Which type of plan generally covers the shortest period of time?
Which of the following tools is used by marketers to manage the time line for accomplishing tasks identified in a marketing program?
GANT charts
Response rates to a direct mail piece represent a type of _____.
marketing metric
The process of making decisions that guide the company in the short and long-term is called ________.
business planning
A document that describes the marketing environment, the marketing objectives and strategies, and identifies how these strategies will be implemented and controlled is called a(n) ________ .
market plan
What type of planning focuses on the day-to-day execution of the functional plans?
operational planning
A written statement of the company’s overall purpose and what it hopes to achieve in terms of customers, products, and resources is called that company’s ________.
mission statement
Another term for a situation analysis is a(n) ________ .
environmental analysis
What type of growth strategy attempts to increase sales of existing products to current users of the product?
market penetration
Customer retention is an example of a(n) ________
marketing metric
T/F A business plan includes the decisions that guide the entire company.
T/F Strategic planning is typically done by a company’s middle managers.
T/F An organization’s strategic plans, functional plans, and operational plans must all “fit together.”
T/F The first step in strategic planning for companies that have multiple SBUs is to establish a mission for the entire company.
T/F Opportunities and threats to a company can come from any part of the company’s internal environment.
false- external
T/F A company’s objectives should be specific, measurable, and attainable.
T/F In the BCG matrix, market growth rate should be on the horizontal axis of the graph.
T/F In the BCG matrix, stars generate small revenues but require small amounts of funding to keep up with consumer demand.
T/F The first step in developing a marketing plan is to do an analysis of the marketing environment.
T/F Each action plan should include a time line for accomplishing the tasks of the plan.
When a business manager offers cash to someone in order to obtain an illegal business advantage, this is an example of ________.
When a manager offers a cash payment to a manager in another firm in order to secure a contract for his company with that firm, this is an example of ________.
Written standards of behavior that apply to every employee in a firm are called that firm’s ________.
code of ethics
When Nivea advertises in magazines that it is “the world’s number one name in skin care,” this is an example of ________.
When a producer is required to pay a supermarket chain a cash amount before it is allowed to place its products on the supermarkets’ shelves, this is an example of a(n) ________
slotting allowance
When a company makes an attempt to select packages and product designs that are “earth-friendly,” this is called ________.
green market
When American Express Co. advertised that it would contribute a percentage of its revenues to the renovation project for the Statue of Liberty, this was an example of what type of marketing?
cause of marketing
The age, gender composition, income, and education of a firm’s target market are measures of what type of characteristic?
The tendency of consumers to prefer products reflecting their own culture instead of products that reflect the culture of other countries is called ________.
When a company prices its products that it sells in another country at a lower price than it charges in its own country in order to export the excess supply in its home markets, this is called ________ .
T/F: Rules of conduct that people in a society use to decide what is “right” and what is “wrong” are called ethics.
T/F: The FCPA bars U.S. businesses from paying bribes in order to do business overseas.
T/F: Marketing managers have the responsibility to determine an ethical way to price, package, promote, and distribute their products.
T/F: U.S. laws prohibit deceptive pricing, unfair pricing, and prices that discriminate against some customers.
T/F: When a company practices hiring procedures that give all job applicants an equal chance to become employees, it is using a cultural diversity program.
T/F: The social movement that attempts to protect consumers from harmful business practices is called GDP.
T/F: When a government sets a limit on the number of units of a product that it will allow to enter its country, this is called a tariff.
T/F: When competitors offer similar services to potential customers, this is called brand competition.
T/F: Per capita GDP is always a good measure of a country’s economic health.
T/F: When a company from one country joins with a company from another country to form a new company that allows the companies to pool their resources, this is called franchising.
The benefit an organization and society receive from the organization’s ethical practices, community service, efforts to promote cultural diversity, and concern for the natural environment is called _____.
cause marketing
The term business ethics refers to _____.
rules of conduct for an organization
Advertising that clarifies or qualifies previous deceptive advertising claims is called _____.
corrective advertising
The principle of _____ means that processes that preserve the environment over the long term can still operate at a profit.
When someone voluntarily offers payment to get an illegal advantage, _____ has occurred.
Which term refers to written standards of behavior to which everyone in an organization must subscribe?
code of ethics
_____ refers to a social movement that attempts to protect consumers from harmful business practices.
Manufacturers may pay retailers a fee, called a _____, in exchange for shelf space
slotting allowance
DuPont claims that its Stainmaster Carpet is “a creation so remarkable, it’s practically a miracle.” This is an example of _____.
_____ is a management practice in which organizations seek to engage in activities that have a positive effect on society and promote the public good.
social responsibility
When an organization makes socially responsible business decisions that also protect the environment, it has assumed a position of _____.
environmental stewardship
Companies that offer earth-friendly products are pursuing a _____ strategy.
_____ refers to marketing activities in which firms seek to have their corporate identity linked to a good cause through advertising, public service, and publicity.
cause marketing
_____ is the value of all the exports and imports of all the world’s nations.
world trade
Governments may adopt a policy of _____ to give domestic companies an advantage
What organization replaced the General Agreement on Tariffs and Trade (GATT)?
Overall patterns of change or fluctuations in the economy are referred to as _____.
business cycle
Which element of a firm’s external environment deals with regulations that affect business decisions?
political/legal environment
_____ are groups of countries that band together to promote trade among themselves and to make it easier for member nations to compete elsewhere.
economic communities
The General Agreement on Tariffs and Trade (GATT) was established by the United Nations after _____.
Which indicator of economic health indicates the total dollar value of goods and services produced by a nation within its borders in a year?
Countries at the lowest stage of economic development are called _____.
less developed countries
Which type of market situation exists when one seller controls the market
In what type of culture do people tend to subordinate their personal goals to those of a stable community?
collectivist culture
Which of the following describes rules that deal with subtleties of consumer behavior such as the way people dress or the furnishings in their homes?
Gender, age, ethnic group, and occupation are all examples of _____ categories.
_____ are a type of protectionism which stipulates that a certain proportion of a product must consist of components supplied by industries in the host country.
local content rules
Which term is used to refer to intermediaries that represent a firm in other countries?
export merchants
The simplest way to enter a new market is by _____
What is the definition of born-global firms?
companies that try to sell their products in multiple countries from the moment they are created
Which type of product strategy is used when a firm offers the same product in both domestic and foreign markets?
straight extension strategy
_____ are items manufactured outside a country and then imported without the consent of the trademark holder.
gray market goods
An agreement that involves one firm giving another firm the right to produce and market its product in a specific country or region in return for royalties is a(n) _____ agreement.
When two or more firms create a new firm together, the firms are participating in a(n) _____.
joint venture
Which market-entry strategy is typically thought of as the riskiest?
direct investment
Which of the following product strategies involves offering a similar but modified product in foreign markets?
product adaptation strategy
Kraft developed an entirely new line of cereals for the Brazilian market. It used a _____ strategy.
product invention strategy
Gillette is using the same marketing mix in every market in which it sells products. Gillette is using a _____ strategy.
_____ might occur when a company prices products in a foreign market lower than it does at home.
What is the primary advantage of a standardization strategy?
the ability to achieve large economies of scale
Advocates of standardization say that it works because needs are primarily _____.
Which of the following companies uses a franchising model to enter global markets?
The process that first determines what information marketing managers need and then gathers, sorts, analyzes, stores, and distributes relevant and timely marketing information to system users is called a(n) _____.
marketing information system
All of the following are primary data sources for marketing information systems _____.
internal company data, marketing intelligence and marketing research
Research conducted for a single firm to provide specific information to its managers need is called _____.
custom research
Which analysis technique is useful for sorting through massive amounts of data?
data mining
The first thing a marketing information system does is _____.
determine what information marketing managers need
An internal corporate communications network that links company departments, employees, and databases is known as a(n) _____.
The term _____ refers to a method by which marketers get information about everyday happenings in the marketing environment.
marketing intelligence system
Marketing researchers known as _____ specialize in predicting consumer trends.
What type of research refers to research by firms that collect data on a regular basis and sell the reports to multiple firms?
syndicated research
When marketers build upon an MIS to further enable its analytical abilities, they have developed a _____
marketing decision support system
Marketing decision support systems rely on _____ so that marketing managers can model relationships.
modeling software
Marketing decision support systems enable marketers to answer _____ questions.
_____ refers to the process of collecting, analyzing, and interpreting data about customers, competitors, and the business environment in order to improve marketing effectiveness.
marketing research
The second step in the marketing research process is to _____.
determine the research design
All of the following are methods for gathering exploratory data___
customer interviews, focus groups and case studies
Another term for exploratory research is _____.
qualitative research
Which of the following techniques is most appropriate when consumers are unable or unwilling to express their true feelings and reactions?
projective techniques
If data are already available, because it was collected for some other purpose, it is called _____.
secondary data
Which of the following is an external source of secondary research data?
syndicated research
The term _____ refers to data from research conducted to help in making a specific decision.
primary data
A _____ is a product-oriented discussion among a small group of consumers led by a trained moderator.
focus group
What type of qualitative research technique refers to one-on-one discussions?
consumer interviews
A(n) _____ tracks the responses of a sample of respondents over time.
longitudinal design
Experiments are used in _____ research.
If a marketer needed to develop consumer insight about a broad topic, which method would likely be suitable?
exploratory research
Which term is used to describe a variable that causes some change in another variable?
independent variable
Primary data collection techniques may include _____ or observation.
All of the following are methods of collecting survey data _____.
mail questionnaires/intercepts and online questionnaires
The radio station K95 measured its popularity compared to other stations by asking car repair shops to record the preset buttons on car radios and the radio station each car was set to when it was left at the repair shop. This is an example of a(n) _____.
unobtrusive measure
_____ are text files a Web site sponsor inserts into a user’s hard drive when the user connects with the site.
The process of selecting respondents for a research study is known as _____.
The process of selecting respondents for a research study is known as _____.
Using a _____ means that each member of the population has a known chance of being included in the research study.
probability sample
The term _____ refers to the process of translating material to a foreign language and then back to the original language.
A _____ is a nonprobability sample composed of individuals who just happened to be available when and where the data are being collected
convenience sample
The final step of the research process is to _____.
prepare the research report
Which type of sample is used when every nth member of the population is selected after a random start?
systematic sampling
Which measure of data quality is most concerned with the sample and the way the sample was selected?
Observation is a(n) _____ measurement instrument while surveys are _____.
passive; active
A process that determines what information managers need and then gathers and analyzes and distributes relevant information to these managers is called what type of system?
A.C. Nielsen’s television ratings are an example of what type of research?
Which aspect of marketing research specifies what information needs to be collected and what type of study needs to be conducted?
research design
Data that has been collected previously for some other purpose is called what type of data?
secondary data
When a researcher stands in a shopping mall and attempts to interview shoppers, what type of sampling procedure is she using?
convenience sample
T/F: When a company uses information from its accounting department to track customer profitability, this is an example of the use of external data.
T/F: The World Wide Web (www) has become a major source of marketing intelligence for companies.
T/F: Marketing research is needed when a company needs to gather unique information in order to make a specific decision
T/F: An MDSS system includes software that allows marketing managers to access MIS data to conduct their own research analyses.
T/F: A research objective determines the target population that needs to be studied.
T/F: When the information that is needed to make a marketing decision already exists, primary data comes into play.
T/F: most exploratory research is quantitative in nature.
T/F: Descriptive research is typically summarized in qualitative terms.
What type of utility refers to making products available where customers want to purchase them?
place utility
When Ford Motor Co. sponsored “The Great American Pony Drive” in honor of loyal Mustang buyers, this was an example of what type of event?
To calculate the lifetime value of a customer, a company estimates the amount this individual will spend with that company and then ________ what it will cost to maintain this relationship with this customer in the future.
When a company develops a capability that is better than that of its competitors, we say that this company has achieved a(n) ________ .
distinctive competency
When a company develops a benefit for its product that provides a unique benefit that cannot be matched by competitors, we say that the company has obtained a(n) ________ .
differential benefit
When an electronics company advertises an RCA television set at a low price but has no intention of selling that product to consumers at that price, this is an example of what concept?
A written document that describes the marketing environment, the marketing objectives and strategy, and identifies who is responsible for carrying out each aspect of this strategy is called a(n) ________
marketing plan
A company’s sales manager is what type of manager?
first-line manager
Walt Disney Corp. includes theme parks, movie studios, television networks, and a cruise line. These are all examples of its ________.
The economy, competition, technology, law, ethics, and sociocultural trends are all examples of a firm’s ________.
external environment
A survey of leading marketing firms in the U.S., UK, France, Germany, and Japan found that what metric was most likely to be reported to the company’s board of directors?
market share
In the BCG matrix, SBUs that have a dominant market share in a low-growth market are called ________.
cash cows
In the BCG matrix, SBUs that have low market shares in fast-growth markets are called ________.
question marks
When Campbell Soup Co. places television ads that encourage current customers to eat soup at work for lunch using its “Soup at Hand’ packages, this is an example of what type of growth strategy?
market penetration
When McDonald’s adds a new country to the 120 countries of the world that it currently serves, this is an example of what type of growth strategy
market development
“Customer satisfaction” represents what type of marketing measurement?
marketing metric
When a government enacts policies that give its home companies a business advantage over foreign companies, this is called ________.
When a government imposes taxes on imported goods to make these goods more costly in order to give its home companies a business advantage in pricing, this is called a(n) ________ .
Per capita GDP is found by taking the total GDP and ________ the number of people in a specific country.
dividing it by
When a company makes products in its home country and sells them in foreign countries, it is using what type of strategy?
When a company “fires” an unprofitable customer, this is called ________.
customer abandonment
Data that is collected for a new research study is called what type of data?
primary data
A group of five to nine consumers who sit together and discuss a magazine ad under the leadership of a discussion leader is called a(n) ________ .
focus group
An in-depth analysis of a single company to determine its marketing plans is called a(n) ________ .
case study
When Coca-Cola determines its market share in terms of the number of gallons of Coke that it sold during the past quarter, this is an example of what type of research?
When Gillette tries to determine the number of units of a razor sold in St. Louis and Kansas City when these cities use different prices, this is an example of what type of research?
If you put a separate piece of paper with the name of each person into a hat and draw out a sample of three people to interview, what type of sampling procedure are you using?
simple random
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