MKT midterm – Flashcards
Unlock all answers in this set
Unlock answersquestion
Which of the following is included in a broad definition of​ marketing? A. Creating customer​ value, building customer​ relationships, and engaging customers B. ​Selling, advertising, and promoting C. ​Advertising, selling, and developing quality products D. Satisfying​ customers, beating​ competitors, and maximizing profits E. Creating customer​ value, building customer​ relationships, and having a strong selling orientation
answer
A. Creating customer value, building customer relationships, and engaging customers
question
The first step of the marketing process is to​ ___________________. A. design a​ customer-driven marketing strategy B. build profitable relationships C. construct an integrated marketing program that delivers superior value D. capture value from customers to create profits and customer equity E. understand the​ marketplace, which includes customer needs and wants.
answer
E. understand the marketplace, which includes customer needs and wants
question
Marketing is the process by which companies​ ________ and build strong customer relationships in order to​ ________. A. create value for​ customers; capture value from customers in return B. capture current​ revenue; gain future revenue C. capture value from​ customers; capture future revenue D. sell products and​ services; obtain revenue E. create value for​ customers; capture revenue from customers
answer
A. create value for customers, capture value from customers in return
question
The marketing process involves five steps. The first four steps focus on​ ________. A. understanding the marketplace B. revenue generation C. implementing a market strategy D. ​getting, engaging, and growing target customers E. creating value for customers
answer
E. creating value for customers
question
The marketing process consists of five key steps. Which of the following is the first​ step? A. Construct a marketing program that actually delivers superior value. B. ​Get, engage, and grow target customers. C. Understand customer needs and wants. D. Understand the marketplace and customer needs and wants. E. Design a​ customer-driven marketing strategy.
answer
D. understand the marketplace and customer needs and wants
question
The marketing process consists of five key steps. In the final step of the​ five-step process, the company reaps the rewards of strong customer relationships by​ ________. A. capturing repeat business from customers B. capturing value from customers C. creating customer delight D. creating value for customers E. creating a​ long-term relationship with customers
answer
B. capturing value from customers
question
Which of the following correctly identifies the five core customer and marketplace​ concepts? A. ​Needs, wants, and​ demands; market​ offerings; value and​ satisfaction; competitors; and profits B. ​Needs, wants,​ demands, market​ offerings, and markets C. ​Needs, wants, and​ demands; market​ offerings; value and​ satisfaction; exchanges and​ relationships; and markets D. ​Needs, wants, and​ demands; products;​ value; customers; and competitors E. ​Needs, wants, and​ demands; market​ offerings; value;​ satisfaction; and markets
answer
C. Needs, wants, and demands; market offerings; value and satisfaction; exchanges and relationships; and markets
question
Which of the following represent market​ offerings? A. ​Products, services,​ needs, and exchanges B. ​Value, satisfaction,​ sales, and profits C. ​Needs, wants,​ products, and advertisements D. ​Products, services,​ needs, and wants E. Products, services,​ information, and experiences
answer
E. Products, services, information, and experiences
question
Outstanding marketing companies go to great lengths to learn about and understand their​ customers' ​________. A. marketplace challenges B. decision​ making, buying, and purchasing processes C. products and services D. distribution methods and channels E. needs​, wants​, and demands
answer
E. needs, wants, and demands
question
Understanding​ wants, needs, and demands helps companies to design​ want-satisfying market offerings and build​ value-laden customer relationships by which they can capture​ ____________________________. A. a greater share of customer and greater share of customer equity B. greater customer equity and greater share of market C. customer lifetime value and greater share of customer equity D. great international market share and greater customer equity E. customer lifetime value and greater share of customer
answer
E. customer lifetime value and greater share of customer
question
Increased​ long-term customer equity is the result of​ _________________. A. capturing customer lifetime value and a greater share of customers B. building​ value-laden customer relationships and​ long-term customers C. capturing customer lifetime value and market share D. capturing greater share of customer and market share E. designing​ want-satisfying market offerings and capturing customer for a lifetime
answer
A. capturing customer lifetime value and a greater share of customers
question
The core marketplace concepts are​ ________. A. ​needs, wants, and​ demands; market offerings​ (products, services, and​ experiences); value and​ satisfaction; exchange and​ relationships; and markets B. market offerings​ (products, services, and​ experiences); value and​ satisfaction; exchange and​ relationships; and markets C. ​needs, wants, and​ demands; market offerings​ (products, services, and​ experiences); exchange and​ relationships; and markets D. ​needs, wants, and​ demands; market offerings​ (products, services, and​ experiences); and value and satisfaction E. ​needs, wants, and​ demands; market offerings​ (products, services, and​ experiences); value and​ satisfaction; and markets
answer
A. needs, wants, and demands; market offerings (products, services, and experiences); value and satisfaction; exchange and relationships; and markets
question
To design a winning marketing​ strategy, what are the two important questions a marketing manager must​ answer? A. How can we serve our customers​ best? How can we maximize​ profits? B. Who are our​ competitors? How can we beat our​ competitors? C. What customers will we​ serve? How can we serve these customers​ best? D. What markets should we​ enter? How do we maximize sales in those​ markets? E. What customers will we​ serve? How can we maximize​ profits?
answer
C. What customers will we serve? How can we serve these customers best?
question
Which marketing management orientation holds that a firm should have a customer focus to achieve sales and​ profits? A. The selling concept B. The societal marketing concept C. The marketing concept D. The production concept E. The product concept
answer
C. The marketing concept
question
​________ companies research customers deeply to learn about their​ desires, gather new product​ ideas, and test product improvements. A. ​Customer-conscious B. Product​ development-driven C. Market​ research-oriented D. ​Product-driven E. ​Customer-driven
answer
E. customer-driven
question
The first four steps of the marketing process focus on creating value for customers. The next step is designing a​ ________. A. sales strategy plan B. process improvement plan C. customer​ value-driven marketing strategy D. customer relationship strategy E. marketing plan
answer
C. customer value-driven marketing strategy
question
Marketing management can adopt one of five competing market​ orientations, which include​ _________. A. the production​ concept, the product​ concept, the selling​ concept, the marketing​ concept, and the societal marketing concept B. the production​ concept, the selling​ concept, the marketing​ concept, the economic​ concept, and the societal marketing concept C. the production​ concept, the product development​ concept, the selling​ concept, the marketing​ concept, and the societal marketing concept D. the production​ concept, the product​ concept, the selling​ concept, the marketing​ concept, and the societal and cultural marketing concept E. the production​ concept, the product​ concept, the​ market-driven concept, the selling​ concept, and the societal marketing concept
answer
A. the production concept, the product concept, the selling concept, the marketing concept, and the societal marketing concept
question
The​ ________ concept holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors do. A. selling B. marketing C. product D. societal marketing E. production
answer
B. marketing
question
What are the two keys to building lasting customer​ relationships? A. Innovative products and low prices B. Customer service and quality products C. Value and satisfaction D. Value and customer service E. Datisfaction and sales promotions
answer
C. Value and satisfaction
question
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​ ________. A. customer lifetime value B. share of market C. share of customer D. customer equity E. customer defections
answer
C. share of customer
question
​________ is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. A. Customer satisfaction B. Customer acquisition C. Customer growth D. Customer relationship management E. customer engagement
answer
D. Customer relationship management
question
The marketing process consists of five distinct steps with four of them focused on creating value for customers. One strategy for creating value for customers is​ ________, which fosters direct and continuous customer involvement in shaping brand​ conversations, brand​ experiences, and brand community. A. ​customer-engagement marketing B. telemarketing C. mass marketing D. advertising and sales promotion E. intrusion marketing
answer
A. customer-engagement marketing
question
Another strategy for creating value and building strong customer relationships includes​ ________, which means working closely with others inside and outside the company to jointly engage and bring more value to customers. A. joint venturing B. partner relationship management C. customer relationship management D. customer engagement marketing E. strategic vendor management
answer
B. partner relationship management
question
Capturing value from customers as a result of​ ________ creates highly satisfied customers who will buy more and buy again. A. delivering and exceeding customer expectations B. exceeding expected product or service delivery times C. delivering superior customer value D. exceeding expected product quality and reliability E. delivering great customer service
answer
C. delivering superior customer value
question
Which of the following statements regarding the changing marketing landscape is​ correct? A. Digital technology has had little impact on the way we live. B. Companies can safely ignore the environmental movement. C. ​Today's post-recession era consumers buy​ more, use fewer​ coupons, use their credit cards​ more, and save less. D. The Great Recession caused consumers to rethink their buying priorities. E. Global competition affects only large companies.
answer
D. The Great Recession caused consumers to rethink their buying priorities
question
Digital marketing tools used in digital and social media marketing include​ ________. A. social​ media, mobile​ apps, and blogs B. mobile​ apps, online​ video, and personal selling C. social​ media, online​ video, and newspaper coupons D. social​ media, mobile​ apps, and television advertising E. ​e-mail, telemarketing, and blogs
answer
A. social media, mobile apps, and blogs
question
Advances in​ ________ are forces that offer exciting new opportunities to target customers more selectively and engage them more deeply. A. digital media streaming technologies B. ​e-commerce and mobile payment technologies C. visualization software technologies D. big data and analytics E. digital and social media
answer
E. digital and social media
question
The Great Recession caused consumers to rethink their buying priorities and bring their consumption back in line with their incomes. The challenge of this trend is to​ ________ with current times while also enhancing its​ long-term equity. A. balance marketing priorities B. ​re-think digital and social media strategies C. balance a​ brand's persona or brand personality D. balance a​ brand's value proposition E. balance a​ brand's social media voice
answer
D. balance a brand's value proposition
question
In recent​ years, today's marketers are also reexamining their​ ________ responsibilities. A. ethical and cultural responsibilities B. ethical and societal responsibilities C. moral and ethical cultural responsibilities D. economic and ethical responsibilities E. cultural and societal responsibilities
answer
B. ethical and societal responsibilities
question
Many marketers are now connected​ ________ with their​ customers, marketing​ partners, and competitors. A. locally B. domestically C. through shared business objectives D. through the Internet E. globally
answer
E. globally
question
Products and technologies eventually become​ outdated, but basic market needs can last forever. For this​ reason, company mission statements should be​ ______. A. ​profit-oriented B. ​sales-oriented C. ​market-oriented D. ​product-oriented E. ​business-oriented
answer
C. market-oriented
question
What is the correct sequence of the steps in the strategic planning​ process? A. Define the company​ mission, design the business​ portfolio, set company objectives and​ goals, plan market and other functional strategies B. Define the company​ mission, set company objectives and​ goals, plan the market and other functional​ strategies, and design the business portfolio C. Design the business​ portfolio, define the company​ mission, set company objectives and​ goals, and plan the market and other functional strategies D. Define the company​ mission, set company objectives and​ goals, design the business​ portfolio, and plan the market and other functional strategies E. Set company objectives and​ goals, define the company​ mission, design the business​ portfolio, and plan the market and other functional strategies
answer
D. Define the company mission, set company objectives and goals, design the business portfolio, and plan the market and other functional strategies
question
​________ planning sets the stage for the rest of the​ company's planning. It develops a strategy for​ long-run survival and growth. A. Strategic B. Financial C. Marketing D. Sales E. Product development
answer
A. Strategic
question
The step in the strategic planning process that should be market​ oriented, realistic,​ specific, motivating, and consistent with the market environment is the ​________. A. step of developing functional plans B. step of designing a business portfolio C. definition of the​ company's mission D. marketing planning step E. step of setting goals and objectives
answer
c. definition of the company's mission
question
The definition of the​ company's mission is the first step in the strategic planning process. The mission is then transformed into​ ________, which in turn guide decisions about​ ________. A. detailed supporting goals and​ objectives; the business portfolio B. detailed functional​ planning; the business portfolio C. a detailed business​ portfolio; supporting goals and objectives D. a detailed business​ portfolio; functional planning E. detailed supporting goals and​ objectives; functional planning
answer
A. Detailed supporting goals and objectives; the business portfolio
question
The mission is transformed into detailed supporting goals and​ objectives, which in turn guide decisions about the business portfolio. Then each business and product unit must develop detailed​ ________ plans in line with the​ company-wide plan. A. product development B. revenue C. marketing D. sales E. functional
answer
E. functional
question
Most standard portfolio analysis methods evaluate strategic business units​ (SBUs) on their performance in two important dimensions. What are these two​ dimensions? A. The attractiveness of the​ SBU's market or industry and the strength of the​ SBU's position in that market or industry B. The attractiveness of the​ SBU's market or industry and the number of products the company produces C. The number of products a company produces and the number of foreign countries in which the company competes D. The number of SBUs the company identifies and the number of products it produces E. The type of market or industry in which the company competes and the strength of the​ SBU's position in that market or industry
answer
A. the attractiveness of the SBU's market or industry and the strength of the SBU's position in that market or industry
question
What are the four growth strategies identified by the​ product/market expansion​ grid? A. Global​ expansion, domestic​ expansion, customer​ expansion, and product expansion B. Product​ development, diversification, domestic​ expansion, and global expansion C. Market​ penetration, market​ development, product​ development, and diversification D. Product​ growth, market​ growth, customer​ growth, and profitable growth E. Product​ penetration, product​ development, diversification, and global expansion
answer
C. Market penetration, market development, product development, and diversification
question
The best​ ________ is the one that best fits the​ company's strengths and weaknesses to opportunities in the environment. A. business portfolio B. marketing plan C. product portfolio D. strategic plan E. functional plan
answer
A. business portfolio
question
The two steps in business portfolio planning are​ ________ and​ ________. A. creating a corporate strategic​ plan; developing strategies for growth and downsizing B. analyzing past business​ portfolios; analyzing the current business portfolio C. creating detailed functional​ plans; developing strategies for growth and downsizing D. analyzing the current business​ portfolio; developing revenue strategies E. analyzing the current business​ portfolio; developing strategies for growth and downsizing
answer
E. analyzing the current business portfolio; developing strategies for growth and downsizing
question
One useful device for identifying growth opportunities is the​ product/market expansion​ grid, which includes​ ________. A. market​ penetration, market​ development, product​ development, and consolidation B. market​ potential, market​ development, product​ development, and diversification C. market​ penetration, market​ development, product​ development, and merger D. market​ penetration, market​ development, product​ development, and acquisition E. market​ penetration, market​ development, product​ development, and diversification
answer
E. market penetration, market development, product development, and diversification
question
Companies must not only develop strategies for growing their business portfolios but also strategies for​ ________ them. A. downsizing B. leading C. merging D. expanding E. managing
answer
A. downsizing
question
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​ _______. A. value chain management B. the value concept C. partner relationship management D. the marketing concept E. customer relationship management
answer
D. the marketing concept
question
A​ company's external value delivery network consists of​ __________. A. ​suppliers, distributors, and other company departments B. ​customers, competitors, and suppliers C. ​suppliers, distributors, and customers D. ​suppliers, customers, and other company departments E. other company​ departments, customers, and competitors
answer
C. suppliers, distributors, and customers
question
Marketing plays a key role in the​ company's strategic planning by providing a​ ________ concept philosophy and inputs regarding attractive market opportunities. A. selling B. product C. marketing D. production E. societal marketing
answer
C. marketing
question
Marketers alone cannot produce superior value for customers and must practice​ _________ management. A. vendor relationship B. partner relationship C. sales relationship D. customer relationship E. supply chain
answer
B. partner relationship
question
As part of​ marketing's role, it works closely with partners in other departments to form an effective internal​ ________ and with other companies in the marketing system to create an external value delivery network that jointly serves customers. A. value chain B. partner chain C. customer relationship management chain D. network E. management process
answer
A. value chain
question
Marketing must also partner effectively with other companies in the marketing system to form a competitively superior​ ________. A. value delivery network B. functional delivery network C. vendor chain network D. value chain E. supply chain network
answer
A. value delivery network
question
​________ 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. A. Positioning B. Market segmentation C. Market targeting D. Marketing strategy E. Differentiation
answer
B. market segmentation
question
What are the variables in a​ company's marketing​ mix? A. ​Profits, product,​ partners, and people B. ​Product, partners,​ profits, and place C. ​Product, price,​ profits, and people D. ​Product, price,​ promotion, and people E. ​Product, price,​ place, and promotion
answer
E. Product, price, place, and promotion
question
There are too many different kinds of consumers with too many different kinds of needs so companies must design strategies for profitably serving chosen segments. The design of the strategies begins with four key​ elements, which are​ ________, _______,​ ________, and​ ___________. A. market​ targeting, differentiation, promotional strategies and positioning B. market​ segmentation, differentiation, selling​ strategies, and positioning C. market​ segmentation, market​ targeting, micro-targeting, and differentiation D. market​ segmentation, market​ targeting, differentiation, and positioning E. marketing​ planning, market​ segmentation, differentiation, and positioning
answer
D. market segmentation, market targeting, differentiation, and positioning
question
​________ are at the center of marketing strategy and programs. A. Customer​ engagement, value, and relationships B. Customer​ engagement, customer relationship​ management, and relationships C.​ Value, relationships, and marketing planning D. Market​ segmentation, differentiation, and positioning E. Strategic​ planning, marketing​ planning, and sales planning
answer
A. customer engagement, value, and relationships
question
The​ customer-driven company divides the total market into smaller​ segments, selects segments it can best​ serve, and decides how it wants to bring value to target consumers in the selected segments. It then designs​ a(n) ________. A. integrated marketing plan B. integrated marketing communications plan C. comprehensive sales plan D. integrated marketing mix E. revenue plan
answer
d. integrated marketing mix
question
The marketing mix consists of​ product, price,​ place, and promotion​ decisions, and is one of the major concepts in modern marketing. The marketing mix consists of everything the firm can do to​ ________. A. engage consumers and deliver corporate growth B. facilitate revenue and growth C. deliver customer value and achieve revenue goals D. achieve sales goals and deliver corporate growth E. engage consumers and deliver customer value
answer
E. engage consumers and deliver customer value
question
What are the five marketing management functions used to manage the marketing​ process? A. ​Segmenting, targeting,​ positioning, differentiation, and control B. ​Analysis, planning,​ implementation, organization, and control C. Writing an executive​ summary, conducting a situation​ analysis, planning, setting​ budgets, and outlining controls D. ​Planning, segmenting,​ targeting, positioning, and implementing E. Product​ development, pricing, customer​ service, promotion, and cost control
answer
B. Analysis, planning, implementation, organization, and control
question
A SWOT is a part of which marketing management​ function? A. Analysis B. Planning C. Control D. Organization E. Implementation
answer
A. Analysis
question
To find the best strategy and mix and to put them into​ action, the company engages in four activities. These activities include​ ________, _________,​ _________, and​ _________. A. marketing​ analysis, planning,​ research, and implementation B. marketing​ planning, sales​ planning, control, and implementation C. marketing​ analysis, marketing​ research, implementation, and control D. marketing​ analysis, planning,​ implementation, and control E. ​planning, implementation,​ research, and control
answer
D. marketing analysis, planning, implementation, and control
question
The part of the marketing plan that is written last is​ _________________. A. objectives and issues B. the current marketing situation C. controls D. threats and opportunities E. the executive summary
answer
E. executive summary
question
Marketing departments can be organized in a number of ways.​ However, more and more companies are changing organizational focus from​ ________ to​ ________. A. product management​ organization; market management organization B. customer relationship​ management; product or territory management C. product or territory​ management; customer relationship management D. product or territory​ management; functional marketing organizations E. customer relationship​ management; functional marketing organization
answer
C. product or territory management; customer relationship management
question
Today's marketers face growing pressures to show that they are adding value in line with their costs. In​ response, marketers are developing better measures of​ ________. A. marketing return on investment B. customer value and partnership management efforts C. marketing investments in specific global and domestic locations D. marketing tactics and implementation E. the effectiveness of digital and social media marketing
answer
A. marketing return on investment
question
Which of the following correctly lists the actors in a​ company's microenvironment? A. Demographic​ forces, economic​ forces, technological​ forces, cultural​ forces, political​ forces, and customers B. The​ company, customers,​ suppliers, demographic​ forces, cultural​ forces, and publics C. The​ company, suppliers, marketing​ intermediaries, technological​ forces, competitors, and cultural forces D. The​ company, suppliers, marketing​ intermediaries, customer​ markets, competitors, and publics E. The​ company, customers,​ suppliers, demographic​ forces, cultural​ forces, and competitors
answer
D. The company, suppliers, marketing intermediaries, customer markets, competitors, and pubics
question
Forces in a​ company's macroenvironment that shape opportunities and pose threats to the company include​ what? A. ​Competitors, suppliers,​ natural, publics, and culture B. ​Competitors, marketing​ intermediaries, demographics,​ political, and technology C. ​Demographic, economic,​ natural, technological,​ political/social, and cultural forces D. ​Demographics, technology,​ culture, political, and publics E. ​Competitors, marketing​ intermediaries, publics,​ natural, and customers
answer
C. Demographic, economic, natural, technological, political/social, and cultural forces
question
The​ company's ________ consists of actors close to the company that combine to form its value delivery network or that affect its ability to serve customers. A. microenvironment B. macroenvironment C. internal environment D. competitive environment E. supply chain
answer
A. microenvironment
question
The microenvironment consists of those close to the company that combine to form its value delivery network or that affect its ability to serve customers through six key​ ways, which include​ ________, __________,​ ___________, ________,​ _________, and​ _______. A. the​ company, suppliers, marketing​ intermediaries, customer​ markets, economic​ forces, and publics B. the​ company, suppliers, marketing​ intermediaries, competitors, key​ customers, and publics C. the​ company, suppliers, marketing​ intermediaries, cultural​ forces, competitors, and publics D. the​ company, suppliers, marketing​ intermediaries, demographic​ forces, competitors, and publics E. the​ company, suppliers, marketing​ intermediaries, customer​ markets, competitors, and publics
answer
E. the company, suppliers, marketing intermediaries, customer markets, competitors, and publics
question
Larger​ ________ that affect the entire microenvironment combine to form the macroenvironment. A. societal forces B. technological forces C. economic and cultural forces D. demographic and economic environments E. ​political/social forces
answer
A. societal forces
question
Major​ ________ shape marketing​ opportunities, pose​ threats, and affect the​ company's ability to engage customers and build customer relationships. A. environmental forces B. demographic forces C. technological forces D. ​socio-political forces E. microenvironmental forces
answer
A. environmental forces
question
What is the single most important demographic trend in the U.S.​ today? A. Geographic population shifts B. Increasing diversity C. Changes in the American family D. The changing age structure of the population E. A better educated population
answer
D. The changing age structure of the population
question
In addition to income​ levels, marketers need to pay attention to​ ______, which has created a tiered market. A. foreign exchange rates B. savings patterns C. interest rates D. income distribution levels E. consumer debt
answer
D. income distribution levels
question
Marketers keep a close eye on demographic trends and developments in their markets. They analyze​ ________. A. changing age and family​ structures, geographic population​ shifts, educational​ characteristics, and population diversity B. changing age and family​ structures, geographic population​ shifts, educational​ characteristics, religious​ characteristics, and population diversity C. changing age and family​ structures, geographic population​ shifts, consumption​ habits, and population diversity D. changing age and family​ structures, geographic population​ shifts, and population diversity E. changing age and family​ structures, geographic population​ shifts, political​ shifts, educational​ characteristics, and population diversity
answer
A. changing age and family structures, geographic population shifts, educational characteristics, and population diversity
question
The demographic environment is of major interest to marketers because​ ________. A. it involves geographic shifts in population B. it involves​ people, and people make up markets C. it involves a​ better-educated, more​ white-collar, more professional​ population D. it involves changes in the age structure of the population E. it involves increasingly diverse markets
answer
B. it involves people, and people make up markets
question
The economic environment impacts marketing decisions. The economic environment consists of two primary economic factors that affect​ __________________. A. consumer income levels and spending patterns B. consumer product purchasing habits and spending habits C. consumer purchasing preferences and buyer power D. consumer purchasing power and spending patterns E. consumer spending patterns and buyer preferences
answer
D. consumer purchasing power and spending patterns
question
The economic environment can offer both opportunities and threats. For​ example, in the​ post-Great Recession​ era, ________ has become the focus for marketers in all industries. A. relationship marketing B. ​long-term customer engagement C. value marketing D. digital and social media marketing E. target marketing
answer
C. value marketing
question
Which of the following is an important trend in the natural environment of which marketers should be​ aware? A. A decrease in consumer concern towards the environment B. Decreased pollution C. Decreasing costs of nonrenewable resources D. Shortages of raw materials E. Decreased government intervention
answer
D. shortages of raw materials
question
According to the​ text, __________ are perhaps the most dramatic forces affecting​ today's marketing strategies. A. technological forces B. economic forces C. demographic forces D. natural forces E. political forces
answer
A. technological forces
question
The natural environment involves​ __________________ that are needed as inputs by marketers or that are affected by marketing activities. A. the natural resources and economic environment B. the physical environment and sustainable resources C. the physical environment and economic environment D. sustainable resources and natural resources E. the physical environment and natural resources
answer
E. the physical environment and natural resources
question
Environmental sustainability concerns have grown steadily over the past three decades. Marketers should be aware of three primary trends in the natural​ environment, which include​ ________, ________________, and​ ________________. A. increased government​ intervention, increased​ pollution, and the expense associated with sustainability B. growing depletion of natural​ resources, climate​ change, and accompanying shortages of raw materials C. increased global pollution especially in​ Asia, climate​ change, and the refusal of foreign governments to address it D. growing shortages of raw​ materials, increased​ pollution, and increased government intervention in natural resource management E. climate​ change, increased government intervention in environmental​ regulation, and the accompanying regulations
answer
D. growing shortages of raw materials, increased pollution, and increased government intervention in natural resource management
question
The​ ________ environment represents the most dramatic force affecting​ today's marketing strategies. A. political and social B. natural C. technological D. cultural E. economic
answer
C. technological
question
The technological environment changes​ rapidly, creating new markets and opportunities.​ However, some companies might miss new product and market opportunities because of three primary reasons that include​ ________, ___________,​ or, __________. A. refusing to invest in new​ technologies, lack of​ capital, or choosing to ignore a changing international landscape B. they fighting new​ technologies, ignoring new technologies or lack of capital C. fighting or ignoring new​ technologies, inability to keep​ up, or ignoring a changing regulatory landscape D. they fight or ignore new technologies E. they ignore changing regulatory landscapes or fail to address product safety issues
answer
C. fighting or ignoring new technologies, inability to keep up, or ignoring a changing regulatory landscape
question
Which of the following is a reason for business​ legislation? A. To ensure that competition is unregulated B. To ensure that companies make profits C. To provide legal guidelines for businesses and marketers without actually enforcing them D. To remove legal regulations from the free market economy E. To protect consumers from unfair business practices
answer
E. to protect consumers from unfair business practices
question
​People's views of​ themselves, others,​ organizations, and nature are part of which macroenvironmental​ force? A. Technological forces B. Political forces C. Natural forces D. Cultural forces E. Demographic forces
answer
D. cultural forces
question
Legislation affecting business around the world has increased steadily over the years within the political environment. The increased legislation has been enacted in three primary areas including​ ________, ______________, and​ _______________. A. government regulation to protect consumers from unfair business​ practices, laws protecting​ children, and laws protecting society. B. laws protecting companies from each​ other, laws protecting companies doing business​ internationally, and laws protecting consumers. C. protecting the interests of society against unrestrained business​ behavior, laws protecting​ environmentalists, and laws protecting children. D. laws protecting companies from each​ other, laws protecting​ consumers, and laws protecting the interests of society E. laws protecting companies from each other mostly to define and restrain unfair​ competition, laws protecting​ consumers, and laws protecting society
answer
D. laws protecting companies from each other, laws protecting consumers, and laws protecting the interests of society
question
Even though legislation affecting business around the world has increased steadily over the​ years, there has been​ ________. A. less emphasis on ethics B. increased emphasis on sustainability C. increased emphasis on the prosecution of unethical behavior D. increased emphasis on ethics and socially responsible actions E. less emphasis on ethical and socially responsible actions
answer
D. increased emphasis on ethics and socially responsible actions
question
The cultural environment consists of​ ________ that affect a​ society's values,​ perceptions, preferences, and behaviors. A. cultural beliefs and forces B. a​ population's set of beliefs C. institutions and forces D. diverse cultural settings E. institutions
answer
C. institutions and forces
question
Marketers want to predict cultural shifts to spot new opportunities or threats. The major cultural values of a society are expressed in​ people's views of themselves and​ others, as well as in their views of​ ________, __________,​ ____________, and​ ________. A. ​organizations, society,​ nature, and the universe B. ​society, nature,​ schools, and the universe C. ​organizations, society,​ neighborhoods, and the universe D. ​organizations, society,​ schools, and nature E. ​organizations, institutions,​ society, schools and nature
answer
A. organizations, society, nature, and universe
question
What advice would you give a firm about how to respond to the changing marketing​ environment? A. Whenever​ possible, take a proactive approach to the environment. B. Do not do anything until competitors respond. C. Watch environmental changes but react only when absolutely necessary. D. Accept the fact that things change and not much can be done about it. E. If the current strategy is​ working, there is no need to respond to environmental changes.
answer
A. whenever possible, take a proactive approach to the environment
question
Firms that develop strategies to change the environment—instead of assuming that strategic options are bounded by the current environment—are being​ _______. A. shortsighted B. proactive C. passive D. reactive E. unethical
answer
B. proactive
question
Many companies view the marketing environment as an uncontrollable element to which they must​ ________. A. react B. react and adapt C. analyze and then adapt D. accept and change E. react and change
answer
B. react and adapt
question
Many companies see the marketing environment as uncontrollable. They​ ________ that will help the company avoid the threats and take advantage of the opportunities the environment provides. A. analyze microenvironmental forces and execute strategies B. analyze environmental forces and design strategies C. do not analyze environmental forces and design strategies D. analyze environmental forces and execute strategies E. analyze macroenvironmental forces and execute strategies
answer
B. analyze environmental forces and design strategies
question
Other companies do not see the marketing environment as uncontrollable. They take a​ ________ stance toward the marketing environment and develop strategies to​ ________ the environment. A. ​reactive; change B. ​proactive; adapt to C. ​wait-and-see; adapt to D. ​proactive; change E. ​reactive; adapt to
answer
D. proactive; change
question
Rather than simply watching and reacting to environmental​ events, proactive firms take aggressive actions to affect the​ _______________in their marketing environment. A. forces and politics B. publics and competitors C. publics and customers D. publics and economics E. publics and forces
answer
E. publics and forces
question
To deliver real value to​ marketers, marketing information must​ _________. A. include information on competitors B. have a positive impact on profits C. come from big data sources D. provide useful customer insights E. be collected inexpensively
answer
D. provide useful customer insights
question
What is big​ data? A. Data that proves to be useful to marketers B. Data that is obtained from competitors C. Data that is collected globally D. Data contained in huge and complex data sets E. Data collected by very large companies
answer
D. Data contained in huge and complex data sets
question
To​ ________ for customers and​ ________, marketers must first gain​ fresh, deep insights into what customers need and want. A. create​ value; build exceptional products B. produce​ results; build meaningful relationships C. create​ value; build repeat revenue streams D. create​ value; build meaningful relationships with them E. create​ value; design exceptional products
answer
D. create value; build meaningful relationships with them
question
Customer insights come from good marketing​ information, which contribute to creating value and meaningful customer relationships. Companies use these customer insights to develop​ ________. A. marketing plans B. marketing and sales advantages C. products and services D. a competitive advantage E. financial and revenue projections
answer
D. a competitive advantage
question
To gain good customer​ insights, marketers must effectively manage marketing information from​ ________. A. product marketing research B. internal​ data, marketing​ intelligence, and marketing research C. a wide range of sources D. primary and secondary research E. focus groups and surveys
answer
C. a wide rage of sources
question
Marketers are viewing information not only as an input for making better decisions but also as​ a(n) ______________. A. important product development tool and advertising tool B. important marketing tool and advertising tool C. important strategic asset and sales tool D. strategic planning tool and marketing tool E. important strategic asset and marketing tool
answer
E. important strategic asset and marketing tool
question
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​ ________. A. marketing research department B. marketing consulting team C. marketing information system D. marketing analytic system E. marketing technology system
answer
C. marketing information system
question
What are the three general sources from which marketers can obtain​ information? A. Internal​ data, big​ data, and global data B. ​Competitors, the​ Internet, and the media C. Sales​ records, the​ Internet, and internal databases D. Internal​ data, marketing​ intelligence, and marketing research E. Marketing​ research, surveys, and scanners
answer
D. internal data, marketing intelligence, and marketing research
question
The marketing information system​ (MIS) consists of​ _______, __________, and​ ___________to generate and validate actionable customer and market insights. A. procedures for assessing information​ needs, developing the needed​ information, and helping decision makers use the information B. people to asses information​ needs, develop the needed​ information, and help decision makers use the information C. people and procedures for assessing information​ needs, developing the needed​ information, and helping decision makers use the information D. developing needed​ information, helping marketing managers use​ it, and helping decision makers use it E. people and procedures for assessing information​ needs, developing the needed​ information, and helping salespersons use the information
answer
C. people and procedures for assessing information needs, developing the needed information, and helping decision makers use the information
question
The marketing information system​ (MIS) first​ ________, which primarily serves the​ company's marketing and other​ managers, but it might also provide information to external partners. A. manipulates existing data B. creates procedures for data gathering C. creates databases of the data D. summarizes existing data E. assesses information needs
answer
E. assesses information needs
question
The second critical phase in developing a marketing information system​ (MIS) is developing information. The information is developed from​ ________, __________, and​ ____________. A. internal​ databases, marketing intelligence​ activities, and marketing research B. internal​ databases, marketing intelligence​ activities, and secondary research C. internal​ databases, customer​ analytics, and marketing intelligence activities D. internal​ databases, business​ analytics, and marketing research E. internal​ databases, marketing intelligence​ activities, and shopper research
answer
A. international databases, marketing intelligence activities, and marketing research
question
The marketing information system​ (MIS) helps users analyze and use the information to​ ________, ______________,​ _______________. A. primarily develop customer​ insights, make marketing​ decisions, and manage vendors B. develop customer​ insights, make marketing​ decisions, and manage customer relationships C. develop customer​ insights, manage sales​ strategies, and manage customer relationships D. primarily develop customer​ insights, make select marketing​ decisions, and manage vendors E. primarily make marketing​ decisions, manage vendor​ relationships, and manage customer relationships
answer
B. develop customer insights, make marketing decisions, and manage customer relationships
question
What is market​ segmentation? A. Dividing a market into distinct groups of buyers who have different​ needs, characteristics, or behaviors and who might require separate marketing strategies or mixes B. Arranging for a market offering to occupy a​ clear, distinctive, and desirable place relative to competing products in the minds of target consumers C. Differentiating the​ firm's market offering to create superior customer value D. Evaluating each market​ segment's attractiveness and selecting one or more market segments to enter E. Marketing to a mass market of homogenous buyers
answer
A. Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes
question
Evaluating each market​ segment's attractiveness and selecting one or more market segments to enter is called​ _____. A. market segmentation B. mass marketing C. differentiation D. positioning E. market targeting
answer
E. market targeting
question
Market segmentation is the act of dividing a market into distinct groups of buyers who have​ ________ and who might require separate marketing strategies or mixes. A. ​needs, wants, and desires B. primarily different behaviors C. different​ needs, characteristics,​ traits, and behaviors D. different​ needs, characteristics, or behaviors E. different​ needs, characteristics, or buying power
answer
D. different needs, characteristics, or behaviors
question
Once groups have been​ identified, market​ ________ evaluates each market​ segment's attractiveness and selects one or more segments to serve. A. positioning B. ​micro-targeting C. segmentation D. targeting E. differentiation
answer
D. targeting
question
There are two other major steps in designing a customer​ value-driven market​ strategy: ________ seeks to create superior customer value in the mind of the consumer and​ ________ seeks to firmly place the market offering in the minds of target customers. A. ​Positioning; segmentation B. ​Positioning; target marketing C. ​Differentiation; positioning D. ​Positioning; differentiation E. ​Differentiation; segmentation
answer
C. differentiation; positioning
question
A customer​ value-driven marketing strategy seeks to build the right​ ________ with the right​ ________. A. sales​ strategies; customers B. products or​ services; customer needs C. product​ pipeline; customers D. sales​ strategies; revenue targets E. ​relationships; customers
answer
E. relationships; customers
question
What are the four major variables used to segment consumer​ markets? A. ​Geographic, demographic,​ psychographic, and psychological B. ​Ethnicity, region,​ gender, and income C. ​Income, age,​ geography, and lifestyle D. ​Geographic, demographic,​ psychographic, and behavioral E. ​Income, gender,​ age, and ethnicity
answer
D. geographic, demographic, psychographic, and behavioral
question
Which of the following are additional variables marketers use to segment business markets but not consumer​ markets? A. Operating​ characteristics, purchasing​ approaches, situational​ factors, and benefits sought B. Operating​ characteristics, purchasing​ approaches, situational​ factors, and personal characteristics C. Operating​ characteristics, purchasing​ approaches, situational​ factors, and region D. Operating​ characteristics, purchasing​ approaches, situational​ factors, and loyalty status E. Operating​ characteristics, purchasing​ approaches, situational​ factors, and usage rate
answer
B. Operating characteristics, purchasing approaches, situational factors, and personal characteristics
question
There are four major variables that might be used in segmenting consumer markets. Those major variables are​ ________ variables. A. ​geographic, demographic,​ psychographic, and political B. ​geographic, demographic,​ economic, and behavioral C. ​geographic, demographic, political and economic D. ​geographic, demographic,​ psychographic, and behavioral E. ​geographic, demographic,​ cultural, and behavioral
answer
D. geographic, demographic, psychographic, and behavioral
question
Segmentation provides a powerful tool for marketers of all kinds. It can help companies identify and better understand key customer​ segments, ________________ to their specific needs. A. reach them more​ efficiently, and position products and services B. ​position, and tailor market offerings and messages C. ​target, and tailor market offerings and messages D. reach them more​ efficiently, and tailor market offerings and messages E. reach them more​ efficiently, and differentiate products and services
answer
D. reach them more efficiently, and tailor market offerings and messages
question
Although business marketers use many of the same variables to segment their​ markets, they also use some additional​ variables, such as​ ________, ____________.​ _________ and personal characteristics. A. customer operating​ characteristics, purchasing​ approaches, situational factors B. customer operating​ characteristics, sales and proposal​ processes, situational factors C. customer operating​ characteristics, purchasing​ approaches, management factors D. customer operating​ characteristics, vendor selection​ processes, situational factors E. customer operating​ characteristics, purchasing​ approaches, environmental factors
answer
A. customer operating characteristics, purchasing approaches, situational factors
question
The key to the effectiveness of the segmentation analysis depends on finding segments that are​ ________. A. ​measurable, accessible,​ substantial, and actionable B. ​measurable, substantial,​ differentiable, and actionable C. ​measurable, accessible,​ substantial, differentiable, and actionable D. ​measurable, accessible,​ substantial, and differentiable E. ​measurable, accessible,​ differentiable, and actionable
answer
C. measurable, accessible, substantial, differentiable, and actionable
question
Which structural factor would make a market segment attractive to​ enter? A. Many strong and aggressive competitors B. New entrants can easily come into the segment C. Powerful buyers D. Powerful suppliers E. Very few actual or potential substitute products
answer
E. very few actual or potential substitute products
question
In which targeting strategy does a firm go after a large share of one or a few smaller​ segments? A. Undifferentiated marketing B. Concentrated marketing C. Micromarketing D. Mass marketing E. Differentiated marketing
answer
B. concentrated marketing
question
To target the best market​ segments, the company first evaluates each​ segment's ________. A. compatibility with company objectives and resources B. size and growth characteristics and structural attractiveness C. size and growth characteristics and compatibility with company objectives and resources D. size and growth​ characteristics, structural​ attractiveness, and compatibility with company objectives and resources E. size and growth characteristics
answer
D. size and growth characteristics, structural attractiveness, and compatibility with company objectives and resources
question
After identifying attractive market​ segments, the company then chooses one of four​ market-targeting strategies—ranging from very broad to very narrow targeting. The seller can ignore segment differences and target​ ________. A. narrowly using differentiated marketing B. narrowly and indiscriminately C. broadly using undifferentiated​ (or mass) marketing D. narrowly using undifferentiated​ (or mass) marketing E. broadly using differentiated marketing
answer
C. broadly using undifferentiated (or mass) marketing
question
The seller can adopt​ ________, developing different market offers for several segments. A. undifferentiated marketing B. differentiated marketing C. niche marketing D. concentrated marketing E. micromarketing
answer
B. differentiated marketing
question
Companies need to consider many factors when choosing a​ market-targeting strategy.​ However, which targeting strategy is best depends on company​ resources, product​ variability, product​ life-cycle stage as well as​ ________________________. A. distribution characteristics and competitive marketing strategies B. product development strategies and competitive marketing strategies C. sustainability strategies and market variability D. market variability and sales strategies E. market variability and competitive marketing strategies
answer
E. market variability and competitive marketing strategies
question
A​ _______ defines how a company will create differentiated value for targeted segments and what positions it wants to occupy in those segments. A. value proposition B. positioning map C. mission statement D. value statement E. unique proposition
answer
A. value proposition
question
What is a​ product's position? A. How much consumers are willing to pay for a product B. How the company advertises a product C. Where a product is located on store shelves D. The way a product is defined by consumers on important attributes E. The market share of a product
answer
D. the way a product is defined by consumers on important attributes
question
Once a company has decided which segments to​ enter, it must decide on its​ ________ strategy. A. channel and distribution B. financial and revenue C. advertising and sales promotion D. sales and marketing E. positioning and differentiation
answer
E. positioning and differentiation
question
The differentiation and positioning task consists of three​ steps: identifying​ ________ that create competitive​ advantage, choosing​ ________ on which to build a​ position, and selecting an overall positioning strategy. A. products or​ services; features and benefits B. a set of possible​ differentiations; advantages C. a set of​ products; advantages D. a set of possible​ differentiations; product features and benefits E. positioning​ statements; advantages
answer
B. a set of possible differentiations; advantages
question
The full positioning of a brand is called the​ brand's ________, which is the full mix of benefits on which a brand is differentiated and positioned. A. benefit proposition B. value proposition C. differentiation statement D. positioning statement E. overall brand strategy
answer
B. value proposition
question
​________ are summarized in positioning statements that state the target segment and​ need, the positioning​ concept, and specific points of difference. A. Differentiation and positioning B. Product and brand positioning C. Company and product positioning D. Company and brand positioning E. Company and market positioning
answer
D. company and brand posititoning
question
Which of the following is the correct definition of a​ product? A. A product is a tangible good or a service that can be offered to a market for​ attention, acquisition,​ use, or consumption that does not satisfy a want or need. B. A product is a tangible good or a service that can be offered to a market for consumption that might satisfy a want or need. C. A product is a tangible good that can be offered to a market for​ attention, acquisition,​ use, or consumption that might satisfy a want or need. D. A product is anything that can be offered to a market for​ attention, acquisition,​ use, or consumption that might satisfy a want or need. E. A product is anything that can be offered to a market for consumption that does not satisfy a want or need.
answer
D. a product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need
question
What are the two broad classifications of​ products? A. Consumer products and household products B. Consumer products and business products C. Necessity products and luxury products D. Consumer products and industrial products E. Grocery products and luxury products
answer
D. consumer products and industrial products
question
Broadly​ defined, a product is anything that can be offered to a market for​ ___________ or consumption that might satisfy a want or need. Products include physical objects but also​ services, events,​ persons, places,​ organizations, ideas, or mixtures of these entities. A. ​attention, acquisition, use B. ​requisition, use, attention C. ​acquisition, trial, attention D. ​rent, acquisition, use E. ​use, purchase, acquisition
answer
A. attention, acquisition, use
question
Consumer products are products and services bought by final consumers for personal consumption. Consumer products include​ _______________ and unsought products. A. ​shopping, specialty, sought products B. ​convenience, shopping, seasonal C. ​convenience, shopping, optional D. ​convenience, shopping, specialty E. ​luxury, specialty, and unsought products
answer
D. convenience, shopping, specialty
question
Industrial products are those purchased for further processing or for use in conducting a​ business, which include materials and​ parts, ________, and supplies and services. A. raw materials B. supplies and services for other businesses C. line item products selling under​ $25,000 D. capital items E. supplies and services for consumer markets
answer
D. capital items
question
The distinction between a consumer product and an industrial product is based on the​ ________ for which the product is purchased. A. segment B. customer C. purpose D. industry E. market
answer
C. purpose
question
Which of the following correctly identifies the five important decisions marketers must make when developing individual products and​ services? A. Quality​ level, pricing,​ advertising, distribution, and promotion B. Product​ attributes, pricing,​ advertising, distribution, and promotion C. Product​ attributes, branding,​ packaging, labeling, and product support services D. Product​ attributes, branding, quality​ level, pricing, and distribution E. ​Branding, pricing,​ advertising, distribution, and product support services
answer
C. product attributes, branding, packaging, labeling, and product support services
question
The major product line decision involves the​ line's ______, or the number of items in the product line. A. portfolio B. scope C. mix D. length E. depth
answer
D. length
question
At what levels do marketers make product and service decisions​ ________? A. individual​ product, product​ line, and product mix decisions B. product​ development, individual​ product, product​ line, and product mix decisions C. primarily individual product and product line decisions D. primarily individual product and product mix decisions E. individual​ product, product line​ extensions, and product mix decisions
answer
A. individual product, product line, and product mix decisions
question
Companies must make important decisions about their individual products and services. Individual product decisions involve​ ________________ and product support services. A. product​ attributes, branding,​ packaging, labeling B. product​ attributes, product line​ decisions, branding, labeling C. product​ mix, branding,​ packaging, labeling D. product​ characteristics, branding,​ packaging, and labeling E. product​ colors, branding,​ packaging, labeling
answer
A. product attributes, branding, packaging, labeling
question
A product line is a group of products that are related in​ function, customer-purchase​ needs, or distribution channels. Managers need to analyze their product lines periodically to assess​ ________. A. ​customer-purchase needs including sales and profits B. ​customer-purchase needs or distribution channels C. how each item contributes to the​ line's monthly performance D. each​ item's sales and profits and understand how each item contributes to the​ line's overall performance E. sales and profits as well as distribution channels
answer
D. each item's sales and profits and understand how each item contributes to the line's overall performance
question
All product lines and items offered to customers by a particular seller make up the product mix. The mix can be described by four​ dimensions, which are the tools for developing the​ company's ________ strategy. A. product B. revenue and growth C. sales D. marketing E. channel and distribution
answer
A. product
question
Services are characterized by four key​ aspects: ______________________. A. services are​ intangible, inseparable,​ variable, and perishable. B. services are​ intangible, inexpensive, easy to​ find, and automated. C. services are​ intangible, variable,​ perishable, and inexpensive. D. services are​ intangible, perishable,​ consistent, and inseparable. E. services are​ inexpensive, easy to​ find, intangible, and variable.
answer
A. services are intangible, inseparable, variable, and perishable
question
Which of the following statements is true regarding the marketing of​ services? A. Service providers do not need to differentiate their offerings. B. For service​ providers, a solution to price competition is to develop a differentiated​ offer, delivery, and image. C. ​Customer-facing employees are not important in the marketing of services. D. ​Buyer-seller interaction during the service encounter has little impact on service quality. E. Service providers do need to use segmentation and target marketing.
answer
B. for service providers, a solution to price competition is to develop a differentiated offer, deliver, and image
question
Services are characterized by four key​ aspects, with each posing problems and marketing requirements. The four key aspects are​ ________________________. A. ​intangible, inseparable,​ variable, and imperishable B. ​intangible, separable,​ variable, and perishable C. ​intangible, inseparable,​ variable, and perishable D. ​tangible, separable,​ invariable, and imperishable E. ​tangible, inseparable,​ variable, and perishable
answer
C. intangible, inseparable, variable, and perishable
question
Good service companies understand the service profit​ chain, which links​ ________. A. product profits with​ employee, vendor, and customer satisfaction B. service firm profits with employee satisfaction C. service firm profits with employee and customer satisfaction D. product profits with employee and customer satisfaction E. service firm profits with customer satisfaction
answer
C. service firm profits with employee and customer satisfaction
question
Services marketing strategy calls not only for external marketing but also for internal marketing to motivate​ ________ and interactive marketing to create service delivery skills among​ ________. A. customer support​ staff; service providers B. ​employees; customers C. sales​ teams; service providers D. ​employees; supply chain members E. ​employees; service providers
answer
E. employees, service providers
question
Service marketers must create​ ________, offer high​ ________, and find ways to increase​ ________ to succeed. A. competitive​ differentiation; service​ quality; service variety B. competitive​ pricing; service​ quality; service productivity C. competitive​ positioning; service​ quality; service productivity D. competitive​ differentiation; service​ responsiveness; service productivity E. competitive​ differentiation; service​ quality; service productivity
answer
E. competitive differentiation; service quality; service productivity
question
The four major brand strategy decisions involve brand​ ________. A. name​ selection, logo​ selection, sponsorship, and identity B. ​equity, name​ selection, sponsorship, and development C. ​positioning, name​ selection, sponsorship, and development D. ​equity, value, name​ selection, and positioning E. ​equity, identity, name​ selection, and logo selection
answer
C. positioning, name selection, sponsorship, and development
question
What are the four choices a company has for developing​ brands? A. Single​ brands, multibrands, line​ extensions, and licensing B. Line​ extensions, brand​ extensions, new​ brands, and brand phase out C. Line​ extensions, licensing, brand​ extensions, and new brands D. Line​ extensions, brand​ extensions, multibrands, and new brands E. Line​ extensions, line​ supplements, new​ lines, and new brands
answer
D. line extensions, brand extensions, multibrands, and new brands
question
In building​ brands, companies need to make decisions about four key powerful areas which include​ ________________________________. A. brand name​ selection, brand​ positioning, brand​ advertising, and brand sponsorship B. brand extension​ selection, brand name​ selection, brand​ sponsorship, and brand development C. brand​ positioning, brand name​ selection, advertising​ sponsorship, and brand development D. brand name​ selection, brand​ logos, brand​ sponsorship, and brand development E. brand​ positioning, brand name​ selection, brand​ sponsorship, and brand development
answer
E. brand positioning, brand name selection, brand sponsorship, and brand development
question
The most powerful area companies need to make decisions about their brands is brand​ _______, which builds around strong consumer beliefs and values. A. positioning B. development C. persona D. name selection E. sponsorship
answer
A. positioning
question
The​ brand's positioning must be continuously communicated to consumers. Although advertising can​ help, brands are not maintained by advertising but by​ customers' ________. A. brand experiences B. attitudes toward the brand C. ​long-term purchases of the brand D. reactions to the brand E. brand preferences
answer
A. brand experiences
question
Companies must periodically audit their​ brands'________, which might turn up brands that need more​ support, brands that need to be​ dropped, or brands that must be rebranded or repositioned because of changing customer preferences or new competitors. A. strengths and threats B. weaknesses and threats C. strengths and opportunities D. ​strengths, weaknesses,​ opportunities, and threats E. strengths and weaknesses
answer
E. strengths and weaknesses
question
What are the two ways a firm can obtain new​ products? A. Acquisitions and new product development B. New product development and external research and development C. Acquisitions and external research and development D. Mergers and acquisitions E. New product development and existing product modification
answer
A. Acquisitions and new product development
question
To create successful new​ products, a company must​ _______. A. wait and see what new products its competitors offer B. spend more on​ R&D than its competitors C. cut costs to keep the price of new products low D. understand its​ consumers, markets, and​ competitors, and develop products that deliver superior value E. avoid innovation and only improve​ existing, successful products
answer
D. understand its consumers, markets, and competitors, and develop products that deliver superior value
question
Companies find and develop new product ideas from a variety of sources. Which of these is an internal source for new product​ ideas? A. competitors B. suppliers C. ​R&D sources D. customers E. distributors
answer
C. R&D sources
question
At​ 3M, a program called Dream​ Days, has long encouraged employees to spend 15 percent of their working time on their own​ projects, resulting in​ Post-it Notes and many other successful products. This an example of​ a(n) __________ approach to develop new products. A. external B. intrapreneurial C. ​customer-based D. ineffective E. crowdsourced
answer
B. intrapreneurial
question
Ideally, a company must carry out strong new product planning and set up a​ systematic, new product development process which is​ _________ to find and grow new products. A. ​cost-effective B. ​employee-driven C. ​customer-driven D. ​competitor-driven E. profitable
answer
C. customer-driven
question
Many companies are now developing​ ________ programs to generate new product ideas. A. crowdsourcing or​ open-innovation B. external​ R&D C. college and university D. customer panel E. distributors and suppliers
answer
A. crowdsourcing or open-innovation
question
What is the first step in the new product development​ process? A. Consulting with​ R&D on the feasibility of the new product B. Screening new product ideas C. Generating new product ideas D. Setting the budget E. Building a prototype
answer
C. Generating new product ideas
question
Once management has decided on its product concept and marketing​ strategy, it can evaluate the business attractiveness of the​ proposal, which involves​ ___________. A. conducting test marketing B. conducting concept testing C. introducing the new product to the market D. building and testing a prototype E. conducting a business analysis
answer
E. conducting a business analysis
question
The new product development process consists of sequential stages. The first stage is​ _______ and the last​ ______________. A. product concept​ development; commercialization B. idea​ screening, test marketing C. business​ analysis, product development D. idea​ generation; test marketing E. idea​ generation; commercialization
answer
E. idea generation; commercialization
question
The product development process starts with​ ________. Next comes​ ________, which reduces the number of ideas based on the​ company's own criteria. A. idea​ generation; product development B. product concept​ development; product development C. idea​ screening; product concept development D. idea​ screening; idea generation E. idea​ generation; idea screening
answer
E. idea generation; idea screening
question
In the product development​ process, ideas that pass the screening stage continue through​ ________. Strong concepts proceed to​ ________. A. marketing strategy​ development; business analysis B. marketing strategy​ development; product concept development C. product concept​ development; marketing strategy development D. product concept​ development; product development E. product concept​ development; business analysis
answer
C. product concept development; marketing strategy development
question
With positive results at the earlier stages of product​ development, the product ideas become more concrete through​ ________ and finally are launched during​ ________. A. idea screening and product​ development; commercialization B. marketing strategy development and business​ analysis; commercialization C. product concept development and product​ development; commercialization D. product development and marketing strategy​ development; commercialization E. product development and test​ marketing; commercialization
answer
E. product development and test marketing; commercialization
question
During the introductory stage of the product​ lifecycle, ______________. A. sales rise​ quickly, but profits are nonexistent B. profits rise quickly and there is rapid market acceptance of the product C. sales fall and profits decline D. sales are slow and profits nonexistent E. sales rise quickly and profits are high
answer
D. sales are slow and profits nonexistent
question
Which stage of the product lifecycle normally lasts longer than the previous stages and poses strong challenges to marketing​ management? A. Decline B. Growth C. Introduction D. Product development E. Maturity
answer
E. maturity
question
Each product has a life cycle marked by a changing set of problems and opportunities. The sales of the typical product​ ________. A. follow a​ bell-shaped curve of five stages B. follow an​ S-shaped curve made up of five stages C. follow an inconsistent and irregular path D. follow an​ S-shaped curve made up of eight stages E. follow a specific path made up of eight stages
answer
B. follow an S-shaped curve made up of five stages
question
The stages of the product life cycle are​ ______________________________. A. ​introduction, growth,​ maturity, maintenance, and decline B. product​ development, introduction,​ growth, maturity, and harvest C. ​introduction, growth,​ maturity, decline, and retirement D. product​ development, introduction,​ growth, maturity, and decline E. product​ development, introduction,​ growth, maturity,​ decline, and maintenance
answer
D. product development, introduction, growth, maturity, and decline
question
Marketers can apply the​ ________ as a useful framework for describing how products and markets​ work, and help develop good marketing strategies for the different life-cycle stages. A. marketing planning process B. product development process C. strategic planning process D. marketing concept E. product​ life-cycle concept
answer
E. product life-cycle concept
question
No matter how successful its current product​ lineup, a company must skillfully manage the​ ________ for future success. To​ grow, the company must develop​ ________ that will bring new value to customers. A. marketing planning​ process; enhancements to old products B. life cycles of future​ products; a steady stream of new products C. life cycles of existing​ products; a steady stream of new products D. introduction of new​ products; a steady stream of revenue E. product development​ process; a marketing plan
answer
C. life cycles of existing products; a steady stream of new products
question
Which of the following statements regarding the marketing of international products and services is​ correct? A. Advertising is one service industry that has not needed to globalize its operations. B. The trend toward growth of global service companies will not continue and will actually decline. C. Because markets and consumers around the world differ widely, companies must usually adapt their product offerings in different world markets. D. Markets and consumers around the world are now so similar that international product and services marketers no longer face special challenges when marketing in foreign countries. E. Markets and consumers all over the world are​ alike, so a company should always standardize international products.
answer
C. Because markets and consumers around the world differ widely, companies must usually adapt their product offerings in different world markets
question
Marketers must consider two additional product​ issues, which are​ ________. A. sustainability and international product and services marketing B. domestic product and services​ marketing, and international product and services marketing C. social responsibility and international product and services marketing D. international product and international services marketing E. public policy and regulatory
answer
C. social responsibility and international product and services marketing
question
Social responsibility includes public policy issues and regulations involving​ _________________ and product warranties. A. product​ sustainability, patent​ protection, product quality and safety B. patent​ protection, product​ quality, safety C. product​ replacement, product​ quality, safety D. acquiring or dropping​ products, patent​ protection, product quality and safety E. product​ quality, safety, product replacement
answer
D. acquiring or dropping products, patent protection, product quality and safety
question
The advantages of standardizing products and services for international markets include​ _______________, lower manufacturing​ costs, and lower marketing costs. A. lower product​ design, shipping costs B. lower distribution​ costs, less regulatory burdens C. lower product design​ costs, lower distribution costs D. lower product​ design, lower management costs E. consistent global​ image, lower product design costs
answer
E. consistent global image, lower product design costs
question
Because markets and consumers worldwide differ widely, companies usually respond to these differences by_________. A. creating entirely different products​ market-by-market B. standardizing their product offerings C. adapting their product offerings D. maintaining a consistent image and lowering marketing costs E. standardizing shipping and distribution costs
answer
C. adapting their product offerings
