Marketing: Understanding Customer Needs and Wants
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Creating customer​ value, building customer​ relationships, and engaging customers.
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Which of the following is included in a broad definition of​ marketing?
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Understand the​ marketplace, which includes customer needs and wants.
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The first step of the marketing process is to​:
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Needs, wants, and​ demands; market​ offerings; value and​ satisfaction; exchanges and​ relationships; and markets.
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Which of the following correctly identifies the five core customer and marketplace​ concepts?
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​Products, services,​ information, and experiences.
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Which of the following represent market​ offerings?
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What customers will we​ serve? How can we serve these customers​ best?
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To design a winning marketing​ strategy, what are the two important questions a marketing manager must​ answer?
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The marketing concept.
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Which marketing management orientation holds that a firm should have a customer focus to achieve sales and​ profits?
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Value and satisfaction.
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What are the two keys to building lasting customer​ relationships?
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Share of customer.
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A company rarely gets​ 100% of a​ customer's purchases for a product category. The share it does get of the​ customer's purchasing in its product categories is called:
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The Great Recession caused consumers to rethink their buying priorities.
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Which of the following statements regarding the changing marketing landscape is​ correct?
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Social​ media, mobile​ apps, and blogs.
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Digital marketing tools used in digital and social media marketing include:
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Market-oriented.
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Products and technologies eventually become​ outdated, but basic market needs can last forever. For this​ reason, company mission statements should be​:
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Define the company​ mission, set company objectives and​ goals, design the business​ portfolio, and plan the market and other functional strategies.
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What is the correct sequence of the steps in the strategic planning​ process?
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The attractiveness of the​ SBU's market or industry and the strength of the​ SBU's position in that market or industry.
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Most standard portfolio analysis methods evaluate strategic business units​ (SBUs) on their performance in two important dimensions. What are these two​ dimensions?
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Market​ penetration, market​ development, product​ development, and diversification.
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What are the four growth strategies identified by the​ product/market expansion​ grid?
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The marketing concept.
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For strategic planning​ purposes, marketing provides a guiding philosophy that suggests the​ company's strategy should revolve around creating customer value and building profitable relationships with important consumer groups. This philosophy is called:
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​Suppliers, distributors, and customers.
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A​ company's external value delivery network consists of​:
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Market segmentation.
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​What is the process of dividing a market into distinct groups of buyers who have different​ needs, characteristics, or behaviors and who might require separate marketing strategies or mixes?
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Product, price,​ place, and promotion.
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What are the variables in a​ company's marketing​ mix?
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Analysis, planning,​ implementation, organization, and control.
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What are the five marketing management functions used to manage the marketing​ process?
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Analysis.
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A SWOT is a part of which marketing management​ function?
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The​ company, suppliers, marketing​ intermediaries, customer​ markets, competitors, and publics.
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Which of the following correctly lists the actors in a​ company's microenvironment?
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Demographic, economic,​ natural, technological,​ political/social, and cultural forces.
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Forces in a​ company's macroenvironment that shape opportunities and pose threats to the company include​ what?
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The changing age structure of the population.
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What is the single most important demographic trend in the U.S.​ today?
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Income distribution levels.
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In addition to income​ levels, marketers need to pay attention to​ ______, which has created a tiered market.
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Shortages of raw materials.
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Which of the following is an important trend in the natural environment of which marketers should be​ aware?
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Technological forces.
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According to the​ text, __________ are perhaps the most dramatic forces affecting​ today's marketing strategies.
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To protect consumers from unfair business practices.
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Which of the following is a reason for business​ legislation?
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Cultural forces.
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People's views of​ themselves, others,​ organizations, and nature are part of which macroenvironmental​ force?
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Whenever​ possible, take a proactive approach to the environment.
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What advice would you give a firm about how to respond to the changing marketing​ environment?
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Proactive.
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Firms that develop strategies to change the environmentlong dash—instead of assuming that strategic options are bounded by the current environmentlong dash—are being​ _______.
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Provide useful customer insights
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To deliver real value to​ marketers, marketing information must:
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Data contained in huge and complex data sets.
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What is big​ data?
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Marketing information system.
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The 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 comprise a​:
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Internal​ data, marketing​ intelligence, and marketing research.
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What are the three general sources from which marketers can obtain​ information?
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Define the problem and research​ objectives, develop the research​ plan, implement the research​ plan, interpret and report the findings.
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What are the four steps of the marketing research process in their correct​ sequence?
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Exploratory​ research, descriptive​ research, and causal research.
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What are the three types of objectives a marketing research project might​ have?
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To capture and use customer data.
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Why do companies use customer relationship​ management?
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Marketing analytics.
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What do marketers use to analyze big​ data?
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Intrusions on consumer privacy and the misuse of research findings.
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According to the​ text, two major public policy and ethical issues in marketing research are:
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Translating questionnaires from one language to another is not an easy task.
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Which of the following is true regarding international marketing​ research?
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Individuals and households that buy goods and services for personal consumption.
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Which of the following correctly defines the consumer​ market?
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Cultural​ characteristics, social​ characteristics, personal​ characteristics, and psychological characteristics.
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What are the four general characteristics that influence consumer​ purchases?
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Recognizing a need.
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The buyer decision process starts with​:
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The relationship between the​ consumer's expectations and the​ product's perceived performance.
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What determines whether the buyer is satisfied or dissatisfied with a​ purchase?
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Awareness, interest,​ evaluation, trial, and adoption.
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What are the five stages of the consumer adoption process in the correct​ sequence?
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Relative​ advantage, complexity,​ compatibility, divisibility, and communicability.
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What are the five characteristics that are especially important in influencing an​ innovation's rate of​ adoption?
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Many sets of business purchases are made for one set of consumer purchases.
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Which of the following statements regarding the business market is​ correct?
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A new task situation.
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Which type of business buying situation offers marketers the greatest opportunity but also the greatest​ challenge?
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Problem​ recognition, general need​ description, product​ specification, supplier​ search, proposal​ solicitation, supplier​ selection, order-routine​ specification, and performance review.
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What are the eight steps in the business buying decision process in the correct​ sequence?
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​Order-routine specification.
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In which step of the buying decision process is the final order with the chosen supplier​ developed?
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Dividing a market into distinct groups of buyers who have different​ needs, characteristics, or behaviors and who might require separate marketing strategies or mixes.
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What is market​ segmentation?
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Market targeting.
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Evaluating each market​ segment's attractiveness and selecting one or more market segments to enter is called​:
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​Geographic, demographic,​ psychographic, and behavioral.
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What are the four major variables used to segment consumer​ markets?
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Operating​ characteristics, purchasing​ approaches, situational​ factors, and personal characteristics.
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Which of the following are additional variables marketers use to segment business markets but not consumer​ markets?
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Very few actual or potential substitute products.
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Which structural factor would make a market segment attractive to​ enter?
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Concentrated (niche) marketing.
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In which targeting strategy does a firm go after a large share of one or a few smaller​ segments?
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Value proposition.
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A​ _______ defines how a company will create differentiated value for targeted segments and what positions it wants to occupy in those segments.
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The way a product is defined by consumers on important attributes.
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What is a​ product's position?
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A product is anything that can be offered to a market for​ attention, acquisition,​ use, or consumption that might satisfy a want or need.
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Which of the following is the correct definition of a​ product?
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Consumer products and industrial products
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What are the two broad classifications of​ products?
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Product​ attributes, branding,​ packaging, labeling, and product support services.
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Which of the following correctly identifies the five important decisions marketers must make when developing individual products and​ services?
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Length.
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The major product line decision involves the​ line's ______, or the number of items in the product line.
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Services are​ intangible, inseparable,​ variable, and perishable.
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Services are characterized by four key​ aspects:
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For service​ providers, a solution to price competition is to develop a differentiated​ offer, delivery, and image.
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Which of the following statements is true regarding the marketing of​ services?
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Positioning, name​ selection, sponsorship, and development.
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The four major brand strategy decisions involve brand​:
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Line​ extensions, brand​ extensions, multibrands, and new brands.
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What are the four choices a company has for developing​ brands?
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Acquisitions and new product development.
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What are the two ways a firm can obtain new​ products?
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Understand its​ consumers, markets, and​ competitors, and develop products that deliver superior value.
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To create successful new​ products, a company must:
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Generating new product ideas
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What is the first step in the new product development​ process?
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Conducting a business analysis.
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Once management has decided on its product concept and marketing​ strategy, it can evaluate the business attractiveness of the​ proposal, which involves:
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Sales are slow and profits nonexistent.
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During the introductory stage of the product​ lifecycle:
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Maturity.
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Which stage of the product lifecycle normally lasts longer than the previous stages and poses strong challenges to marketing​ management?
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The government may prevent companies from adding products through acquisitions if the effect threatens to lessen competition.
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Which of the following statements regarding socially responsible product decisions is​ correct?
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Because markets and consumers around the world differ​ widely, companies must usually adapt their product offerings in different world markets.
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Which of the following statements regarding the marketing of international products and services is​ correct?
