MKTG 3600 Exam 1 Quiz Questions – Flashcards
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According to the five-step model of the marketing process, a company needs to ________ before designing a customer-driven marketing strategy.
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understand the marketplace, especially customer needs and wants
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In addition to attracting new customers and creating transactions, the goal of marketing is to __________ customers and grow their business.
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retain
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Selecting which segments of a population of customers to serve is called _______.
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target marketing
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The American Red Cross created a series of advertisements encouraging viewers to donate blood. After viewing the advertisement, Amanda went to the local Red Cross office and donated a pint of blood. Afterwards, Amanda returned home feeling satisfied that she had performed a good deed. Was this a marketing exchange?
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yes, because the donated blood was exchanged for a feeling of satisfaction.
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The art and science of segmenting markets, targeting segments, and building profitable relationships with them is called __________.
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marketing management
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The set of marketing tools a firm uses to implement its marketing strategy is called the ___________.
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marketing mix
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The societal marketing concept seeks to establish a balance between consumer short-run wants and consumer __________.
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long-run welfare
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Which of the following is central to any definition of marketing?
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customer relationships
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________ is the set of benefits a company promises to deliver its consumers to satisfy their needs.
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A value proposition
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__________ is the total combined customer lifetime values of all the company's current and potential customers.
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Customer equity
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A sound marketing strategy begins with _______.
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customer analysis
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Portfolio analysis models designed to evaluate strategic business units, such as the BCG model, use two dimensions: market share and ______.
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market growth
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Multinationals like Honda Motor Corp. and Wal-Mart have designed programs to work closely with their suppliers to help them reduce their costs and improve quality. This illustrates the importance of an efficient __________.
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value-delivery network
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The collection of business and products that make up a company is called its _______.
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business portfolio
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The four possible strategies that can be pursued for each SBU are building, holding, _______ and ______.
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harvesting; divesting
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The process of customer-driven marketing involves _______, ________, _______, and ____________.
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market segmentation, target marketing, differentiation, positioning
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Which of the following provides and answer to these questions: What is our business? Who are our customers? What do our customers value? What should our business be?
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mission statement
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Which of the following measures the profits generated by investments in marketing activities?
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marketing ROI
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________ involves evaluating each market segment's attractiveness and selecting one or more segments to enter.
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Market targeting
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_________ is the task of developing and maintaining an overall company strategy for long-run survival and growth.
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Strategic planning
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A society's basic values, perceptions, preferences, and behaviors are all part of its ____________ environment.
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cultural
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Cause-related marketing is __________.
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a primary form of corporate giving
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Many large companies now target specially designed ________ and ___________ to ethnic groups in the United States.
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products; promotions
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Marketers should be aware of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a society. This is the _________ environment.
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political
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The ______ environment consists of factors that affect consumer purchasing power and spending patterns.
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economic
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The recent rash of business scandals and increased concerns about the environment has created renewed interest in the issues of _________ and _________.
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ethics; social responsibility
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Which demographic group (age cohort) has a relatively cautious economic outlook, cares about the environment, and responds favorably to socially responsible companies.
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Generation X
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Which of the following geographical areas has not seen a recent population increase?
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the Northeast
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Which of the following groups of expenses uses up most of household income?
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food, housing, transportation
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________ households are now growing faster than __________ households.
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Nontraditional; traditional
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A marketing information system (MIS) consists of people and procedures to assess information needs, _________, and help decision makers analyze and use the information.
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develop the needed information
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Carl's Jr. comes out with a new hamburger and releases it in two different cities at two different price points. This is an example of __________.
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experimental research
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Causal research is used to __________.
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test hypotheses about cause and effect relationships
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Ethnographic research ____________.
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is gathered where people live and work
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Focus group interviewing has become one of the major marketing research tools for getting insight into consumer thoughts and feelings. However, if the sample is small, it may be difficult to ______.
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generalize the results
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Survey research, though used to obtain many kinds of information in a variety of situations, is best suited for gathering _____________ information.
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descriptive
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The objective of __________ research is to gather preliminary information that will help define the problem and suggest hypotheses.
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exploratory
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Which of the following statements regarding market intelligence is true?
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Marketing intelligence is publicly available information.
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Which of the following was not mentioned as a mechanical instrument used to collect marketing research?
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telephones
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___________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
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Marketing research
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Almost all major purchases result in _________, or discomfort caused by postpurchase conflict.
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cognitive dissonance
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The brand with the highest brand equity in the world today, with an asset value of $69 Billion dollars for just the brand:
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Coca Cola / Coke
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In the model of buyer behavior, which of the following is not a major force or event in the buyer's environment?
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channels
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Researchers found that a number of well-known brands tended to be strongly associated with one particular trait, such as Jeep with "ruggedness". Which of the following terms means a specific mix of human traits that may be attributed to a particular brand?
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brand personality
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The buyer decision process consists of five stages. Which of the following is not one of these stages?
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variety-seeking behavior
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___________ are groups to which an individual wishes to belong, as when a teenage basketball player hopes someday to play for the Los Angeles Lakers.
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Aspirational groups
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______ are people within a reference group who, because of special skills, knowledge, personality, or other characteristics, exert influence on others.
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Opinion leaders
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_________ is (are) the most basic cause of a person's wants and behaviors.
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Culture
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__________ is a pattern of living as expressed in his or her psychographics, including his of her activities, interests, and opinions.
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Lifestyle
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________ is a process by which people select, organize, and interpret information to form a meaningful picture of the world.
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Perception
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Developed in the 1960's by Frank Bass, Bass Models emulate:
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product perceptions
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Making more sales to current customers without changing a firm's products is ________.
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market penetration
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Marketing information has no value until it is used to __________.
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make better marketing decisions
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Which of the following is a strategic design that answers the questions: What is our business? Who are our customers? What do our customers value? What should our business be like?
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mission statement
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Which growth strategy in the Product/Market Expansion grid calls for both a new product and new customers?
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diversification
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Americans born from 1946 through 1964 are members of a market segment called:
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Baby Boomers
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Which type of market buys goods and services for further processing or for use in the production process?
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business
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Atlantix Systems makes the leading brand of refurbished computer equipment with over a 60% market share, and operates in an industry that is growing rapidly worldwide. Use the Market Share/Market Growth model to determine the correct classification.
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Star
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Chet Hoffman's chain of travel agencies has identified the gay, lesbian, bisexual and transgender community as a growing market that spends an increasing percentage of its income on travel. Which of the following would be the least effective component of a marketing plan for Chet to take advantage of this opportunity?
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implement a mass marketing campaign
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Jolene's firm believes that the best way to make money from its products is to have the firm focus on large-scale selling and promotion efforts. Jolene's firm is practicing the ____________ .
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selling concept
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Customer perceived value is determined by a customer's _____________ of the benefits and costs of a market offering relative to those of competing offers.
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personal value perception
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Effective positioning begins with ____________ the company's marketing offering in order to give consumers more perceived value.
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differentiating
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Engle's laws generally have been supported by recent studies. He discovered that as family income rises, the percentage spent on _________ declines and the percentage spent on __________ remains about constant.
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food; housing
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In the case of excess demand, ______________ may be required to reduce the number of customers or shift demand temporarily.
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demarketing
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In the four P's of the marketing mix; design, packaging, services, and warranty all fall under the category of ________.
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product
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The Microenvironment includes all of the following EXCEPT:
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Cultural forces
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People forget much of what they learn. They tend to retain information that supports their attitudes and beliefs. This is called _______________.
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selective retention
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People often buy the kind of clothing that shows the level of esteem they hold in their job, meaning their ______________.
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status
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The S and W portions of the SWOT model analyze things _________ to the company; the O and T portions analyze things that are _________ to the company.
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internal, external
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Secondary data consists of information ___________.
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that already exists somewhere and was gathered for another purpose
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Survey research is one method used to gather information for _____________ .
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primary research
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The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors is called __________.
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market segmentation
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The real value of a company's marketing research and information system lies in the __________.
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quality of customer insights it provides
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The text suggests that instead of selling products or services, marketers would be wise to take the customer's view and think of ___________.
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offering solutions to problems
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Which demographic group is characterized by a total fluency and comfort with computer, digital, and Internet technology?
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Millennials
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______ are low growth, high share businesses or products. They generate a lot of cash that the firm uses to pay its bills and support other SBUs that need investment.
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Cash cows
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___________ are society's relatively permanent and ordered divisions whose members share similar values, interests, and life styles.
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Social classes
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The _____________ is a comprehensive and systematic analysis of a company's environment, objectives, strategies, and activities that is conducted by an outside and objective party.
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marketing audit
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After collecting data about customers, techniques to search for relationships in the data, or ____________ , often leads to new marketing opportunities.
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data mining
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The primary concern with the boom in e-commerce and Internet marketing is _________.
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intrusion into privacy
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Which of the following is the term for a marketing strategy that attempts to target all customers?
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undifferentiated/mass
