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?
