MKT midterm – Flashcards
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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
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A. Creating customer value, building customer relationships, and engaging customers
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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.
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E. understand the marketplace, which includes customer needs and wants
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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
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A. create value for customers, capture value from customers in return
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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
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E. creating value for customers
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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.
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D. understand the marketplace and customer needs and wants
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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
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B. capturing value from customers
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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
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C. Needs, wants, and demands; market offerings; value and satisfaction; exchanges and relationships; and markets
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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
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E. Products, services, information, and experiences
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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
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E. needs, wants, and demands
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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
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E. customer lifetime value and greater share of customer
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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
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A. capturing customer lifetime value and a greater share of customers
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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
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A. needs, wants, and demands; market offerings (products, services, and experiences); value and satisfaction; exchange and relationships; and markets
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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?
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C. What customers will we serve? How can we serve these customers best?
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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
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C. The marketing concept
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________ 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
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E. customer-driven
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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
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C. customer value-driven marketing strategy
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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
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A. the production concept, the product concept, the selling concept, the marketing concept, and the societal marketing concept
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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
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B. marketing
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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
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C. Value and satisfaction
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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 ________. A. customer lifetime value B. share of market C. share of customer D. customer equity E. customer defections
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C. share of customer
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________ 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
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D. Customer relationship management
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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
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A. customer-engagement marketing
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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
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B. partner relationship management
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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
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C. delivering superior customer value
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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.
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D. The Great Recession caused consumers to rethink their buying priorities
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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
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A. social media, mobile apps, and blogs
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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
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E. digital and social media
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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
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D. balance a brand's value proposition
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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
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B. ethical and societal responsibilities
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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
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E. globally
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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 ______. A. profit-oriented B. sales-oriented C. market-oriented D. product-oriented E. business-oriented
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C. market-oriented
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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
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D. 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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________ 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
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A. Strategic
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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
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c. definition of the company's mission
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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
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A. Detailed supporting goals and objectives; the business portfolio
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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
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E. functional
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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? 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
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A. 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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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
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C. Market penetration, market development, product development, and diversification
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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
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A. business portfolio
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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
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E. analyzing the current business portfolio; developing strategies for growth and downsizing
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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
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E. market penetration, market development, product development, and diversification
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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
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A. downsizing
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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 _______. A. value chain management B. the value concept C. partner relationship management D. the marketing concept E. customer relationship management
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D. the marketing concept
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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
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C. suppliers, distributors, and customers
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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
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C. marketing
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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
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B. partner relationship
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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
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A. value chain
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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
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A. value delivery network
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________ 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
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B. market segmentation
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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
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E. Product, price, place, and promotion
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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
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D. market segmentation, market targeting, differentiation, and positioning
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________ 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
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A. customer engagement, value, and relationships
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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
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d. integrated marketing mix
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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
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E. engage consumers and deliver customer value
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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
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B. Analysis, planning, implementation, organization, and control
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A SWOT is a part of which marketing management function? A. Analysis B. Planning C. Control D. Organization E. Implementation
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A. Analysis
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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
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D. marketing analysis, planning, implementation, and control
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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
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E. executive summary
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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
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C. product or territory management; customer relationship management
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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
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A. marketing return on investment
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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
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D. The company, suppliers, marketing intermediaries, customer markets, competitors, and pubics
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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
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C. Demographic, economic, natural, technological, political/social, and cultural forces
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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
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A. microenvironment
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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
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E. the company, suppliers, marketing intermediaries, customer markets, competitors, and publics
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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
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A. societal forces
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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
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A. environmental forces
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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
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D. The changing age structure of the population
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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
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D. income distribution levels
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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
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A. changing age and family structures, geographic population shifts, educational characteristics, and population diversity
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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
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B. it involves people, and people make up markets
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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
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D. consumer purchasing power and spending patterns
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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
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C. value marketing
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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
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D. shortages of raw materials
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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
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A. technological forces
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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
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E. the physical environment and natural resources
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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
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D. growing shortages of raw materials, increased pollution, and increased government intervention in natural resource management
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The ________ environment represents the most dramatic force affecting today's marketing strategies. A. political and social B. natural C. technological D. cultural E. economic
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C. technological
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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
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C. fighting or ignoring new technologies, inability to keep up, or ignoring a changing regulatory landscape
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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
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E. to protect consumers from unfair business practices
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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
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D. cultural forces
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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
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D. laws protecting companies from each other, laws protecting consumers, and laws protecting the interests of society
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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
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D. increased emphasis on ethics and socially responsible actions
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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
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C. institutions and forces
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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
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A. organizations, society, nature, and universe
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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.
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A. whenever possible, take a proactive approach to the environment
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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
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B. proactive
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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
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B. react and adapt
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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
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B. analyze environmental forces and design strategies
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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
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D. proactive; change
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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
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E. publics and forces
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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
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D. provide useful customer insights
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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
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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
