MKT 340 Quiz 1 – Flashcards
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According to the five-step model of the marketing process, the first step in marketing is ________.
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understanding the marketplace and customer needs and wants
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Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on ________.
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consumers' existing wants
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________ is the act of obtaining a desired object from someone by offering something in return.
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Exchange
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Which of the following concepts holds that consumers will favor products that are available and highly affordable?
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the production concept
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The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
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marketing
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________ marketing is defined as socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.
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Sustainable
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The overall process of dealing with all aspects of acquiring, keeping, and growing customers is referred to as ________.
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customer relationship management
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Which of the following transforms marketing strategies into real values for consumers?
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the four P's of marketing
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jeff Barkins is a conscientious marketing manager. Sometimes, Jeff and his staff are unclear what decisions to make when faced with moral dilemmas. Jeff and other managers could create broad guidelines that everyone in the organization must follow in the form of a ________.
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business value statement
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Which of the following best describes a company's business portfolio?
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the collection of businesses and products that make up the company
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Business portfolio analysis is defined as the process in which management ________.
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assesses the attractiveness of an SBU's market and the strength of its position in the market
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Which of the following criteria does the Boston Consulting Group approach use to provide a measure of a company's strength in the market?
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relative market share
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Which of the following statements is true in the context of the BCG growth-share matrix?
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Stars often need heavy investment to finance their rapid growth in a market.
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With a market development strategy, a company aims to improve sales by ________.
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introducing a new variant of its product in a new market
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Which of the following groups is included in both a company's value chain and its value delivery network?
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competitors
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Which of the following best describes product positioning?
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arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
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Which component of the marketing mix refers to the goods-and-services combination a company offers to its target market?
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product
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To which of the following elements of the marketing mix do design, packaging, services, and features belong?
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product
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Which of the following will most likely be included in the "place" component of a company's marketing mix?
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inventory
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In a SWOT analysis, which of the following would be considered a weakness of a company?
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obsolete technologies used by the company
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In a SWOT analysis, ________ refer to unfavorable external factors or trends that may present challenges to performance.
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threats
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Which of the following is part of the microenvironment of a firm's marketing environment?
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the suppliers who work with the company
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Demographic, economic, natural, technological, political, and cultural forces form the ________ of an organization.
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macroenvironment
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According to the text, ________ are the most important actors in a company's microenvironment.
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suppliers
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JJ Distributors Ltd. buys electronic products from manufacturers for wholesale and sells them to various retail outlets. To which of the following markets does JJ Distributors Ltd. directly cater?
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reseller markets
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Which of the following is most likely a true statement about baby boomers?
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They are the wealthiest generation in U.S. history.
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Which of the following has resulted from the increased educational levels of the U.S. population?
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greater job growth for professional workers
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Subsistence economies are best defined as economies that ________.
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consume most of their own agricultural output and offer few market opportunities
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In a marketer's macroenvironment, the ________ environment consists of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society.
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political
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Which of the following is most likely a characteristic of firms that adopt a reactive approach toward the marketing environment?
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They take advantage of the opportunities provided by the environment.
