MARK 3336 QUIZ, EXAM 1

Create value for customers
To capture value from​ consumers, marketers must​ ______.
Customers
Marketing, more than any other business​ function, deals with​ ___________.
Designing a market strategy
After understanding the marketplace and customer​ needs, what is the next step in the marketing​ process?
Gain a better understanding of their customers
The first step of the marketing process involves companies working to​ ____________.
Understanding the marketplace, consumer needs and consumer wants.
___________ is the first step of the marketing process.
​Product, price,​ place, promotion
A​ firm’s strategy is set into action through plans and programs that consist of the marketing mix. The marketing mix is referred to as the four Ps of marketing. Which of the following are the four​ Ps?
Customer-Driven
Following the marketing concept means that firms are​ _______.
Know what they want
Customer-driven marketing usually works well when a clear need exists and when customers​ _________________.
Marketing Concept
The​ ____________ holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
The societal marketing concept
Companies like​ IBM, Walmart, and Intel now look beyond economic gain​ and, in their marketing strategies they also consider the​ well-being of​ customers, the depletion of natural​ resources, the viability of​ suppliers, and the interests of the local community. This reflects which marketing​ philosophy?
Segmenting and Targeting
The first step to a successful​ value-driven marketing strategy is to determine whom to serve with a market offering. To make this​ decision, marketers engage in which two​ activities?
getting people to talk with others and pass along their positive brand experiences
Social sharing is best described as​ __________.
stimulate immediate​ buying, make shopping​ easier, and enrich the brand experience
Mobile channels are used by marketers to​ _______________.
Digital technology has changed the way we live.
Which of the following statements regarding the changing marketing landscape is​ correct?
A.
Global competition only affects marketing in large companies.
B.
Marketers have mastered the use of social media and mobile marketing.
C.
Marketing plays no role in the strategies of​ not-for-profit organizations.
D.
​Today’s post-recession era consumers buy​ more, use fewer​ coupons, use their credit cards more and save less.
E.
Digital technology has changed the way we live.
getting people to talk with others and pass along their positive brand experiences
The goal of most social media campaigns is social​ sharing, which is​ __________.
To stimulate immediate​ buying, make shopping​ easier, and enrich the brand experience
What do marketers use mobile channels​ for?
Consumer spending values now emphasize simpler living and more value for the dollar.
Which of the following statements regarding the current economic environment is​ correct?

A.
Consumers have resigned themselves to lives of deprivation.
B.
Since consumer incomes and spending are again on the​ rise, companies can now​ de-emphasize value.
C.
Consumers are using their credit cards more frequently and putting less money in the bank.
D.
Consumer spending values now emphasize simpler living and more value for the dollar.
E.
To reach​ today’s frugal​ consumers, marketers should cut prices across the board.

Market Development
A growth strategy in which the company tries to grow sales by identifying and developing new markets for its current products.
portfolio
A key limitation of BCG and other formal approaches to​ ________ planning is that they focus on classifying current businesses and provide little advice for future planning.
BCG
A matrix framework for planning business portfolios.
Business portfolio planning
….involves assessing the collection of businesses and products that make up the company in order to find the combination that best fits the​ company’s strengths and weaknesses to opportunities in the environment.
Relative Market Share
Market Growth Rate
What are the two measures the BCG matrix uses to classify SBUs and products in the​ portfolio?
Stars
Cash Cows
According to the BCG​ matrix, ______ are​ high-share, high-growth products. When the market growth​ slows, these products become​ ________.
diversification
In​ 2005, Proctor and Gamble purchased​ Gillette, makers of shaving​ products, and added these to the existing​ P&G portfolio. Which growth strategy did​ P&G use in acquiring​ Gillette?
Diversification
A growth strategy in which a company starts or buys a business beyond its current products and markets.
product development
Ben​ & Jerry’s frequently expand its line of ice cream with new flavors. Which market growth strategy is Ben​ & Jerry’s​ using?
Marketing Penetration
________________ involves changing elements of the marketing program​ (price, place, and​ promotion) to sell more of the existing product to existing customers.
Product Development
involves offering new or modified products to an existing market.
Marketing Strategy
​________ represents the marketing logic (pathway) by which the company hopes to create customer value and achieve​ profitable, mutually beneficial relationships.
segmentation, market​ targeting, and positioning processes.
The most essential elements of a marketing strategy involve the​:
segmentation
The process of dividing a broad market into distinct groups of buyers who have different​ needs, characteristics, or​ behaviors, and who might require separate products or marketing​ programs, is known as​ ________.
market targeting
The Dollar Store and Family Dollar profitably focus on buyers with modest means with their market offerings. This is an example of​ _________.
Market Targeting
The process of evaluating a market​ segment’s attractiveness and choosing one or more segments to enter with a market offering.
differentiation
What is one primary purpose of a​ product’s position?
Successful positioning
____________ differentiates a market offering from those of competitors and communicates how it delivers value better than those competitors.
Customer Solution
Customer Cost
Convenience
Communication
The four Ps of the marketing mix are redefined in buyer terms as the four Cs. What are the four Cs of the marketing​ mix?
Customer value and relationships
​___________ is at the core of any marketing strategy.
mission
The first step of the strategic planning process is to identify the​ company’s ________, an explicit statement that clearly explains the​ organization’s purpose and what it seeks to accomplish.
Planning marketing strategies
Which of the following steps in the strategic planning process is not done at the corporate​ level?
Setting the company objectives and goals
In the strategic planning​ process, the business portfolio is designed after​ ________
​market-oriented mission statement
Nike states that it wants to​ “bring inspiration and innovation to every athlete in the​ world.” This is​ Nike’s _________.
business portfolio
A major activity in strategic planning is​ ________ analysis, whereby management evaluates the products and lines of business that make up the company.
Define overall purpose and develop mission statement.
Set company objectives and goals
Design Business Portfolio
Steps, at the corporate level, of the Strategic Planning Process:
business​ unit, product and market
Planning, marketing and other functional strategies is done at the ______________________ level.
enable a firm to take advantage of opportunities in a changing environment
The primary purpose of a strategic plan is to​ ________________.