Practice Mkt test – Flashcards
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The first step in the marketing process is?
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Understanding the marketplace and customer needs and wants.
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What are states of felt deprivation?
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needs
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When backed by buying power, wants become?
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demands
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What is defined as a social managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others?
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Marketing
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The art and science of choosing target markets and building profitable relationships with them is called?
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Marketing management
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Selecting particular segments of a population of customers to serve is called?
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Target marketing
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A brand's ________ is the set of benefits or values it promises to deliver to consumers to satisfy their needs.
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Value proposition
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Which marketing management concepts is most likely to lead to marketing myopia?
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The production concept
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According to the product concept, a company should
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focus its energy to making continuous product improvements.
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The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is called?
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customer relationship management
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What is an example of the marketing concept philosophy?
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We don't have a marketing department, we have a customer department
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The final step in the marketing process is?
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Capturing value from customers
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What was the most common consumer response to the economic downturn that began in 2008?
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Spending less and choosing products more carefully
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Some fast-food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to the national obesity epidemic and environmental problems. These fast-food restaurants overlook which concept?
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Societal marketing
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Companies can build customer relationships at many levels, depending on the nature of the target market. Hence, a company with few customers and high margins is most likely to seek to develop ________ with key customers
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full partnership
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Greater consumer control means that companies must rely more on marketing by _____ rather than marketing by ______.?
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attraction: intrusion
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______Describes a longer channel, stretching from raw materials to components to final products that are carried to final buyers
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The supply chain
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Which of the following is true of company mission statements?
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Mission statements should be defined in terms of satisfying customer needs
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Customers can be classified into 4 relationship groups, according to their profitability and projected loyalty. Based on this classification,, you should avoid ____ and shouldn't invest anything in them.
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Barnacles
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What is true of strategic planning in a firm?
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Strategic planning deals with adapting the firm to take advantage of opportunities in its changing environment.
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What best describes a company's business portfolio?
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The company's strengths in terms of technology, people, products, advertising, etc/
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In the BCG growth share matrix, stars refer to
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Products with high market share in a market with a high growth rate.
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In the BCG growth share matrix, question mark refers to
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Products with low market share in a niche market
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In the BCG growth share matrix, cash cows refer to
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low growth, high share of businesses or products.
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When divesting a particular strategic business unit, a company
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sells off or phases out the SBU
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A companys increasing its sales in a particular market without modifying its products is referred to as
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market penetration
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What is considered to be a part of the marketing microenvironment of a firm
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the suppliers of the company
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Large societal forces like demographic, economic, natural, technological, political, and cultural forces that affect the microenvironment are considered to be part of the ______ of an organization.
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macroenvironment
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What are distribution channel firms that help the company find customers or make sales to them called?
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Resellers
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What is an example of a marketing intermediary?
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a firm that helps move the company's stocks from production points to distribution centers.
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What comprises of the internal publics dimension of the microenvironment
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The managers, board of directors, and workers of the company
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What is true about the baby boomers?
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They are the wealthiest generation in US history
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What is a characteristic of the Millennials with regard to mass marketing?
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They like to seek out product information and engage in two way brand conversation
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What resulted from the increase of education levels?
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Increase job growth for professional workers
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What is a factor of the company's marketing economic environment?
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Consumer spending patterns
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What defines a nation with a subsistence economy?
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The agricultural and industrial outputs are just enough for the nation to survive
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What was a result of the recession?
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reduced customer spending
