Marketing 310 Exam 1 Review

According to the management guru Pete Drucker, the aim of marketing is to ____
make selling unnecessary
____ are human needs that are shaped by culture and individual personality
Wants
When backed by buying power, wants become ____
demands
A ____ is some combination of products, services, information, or experiences offered to a market to satisfy some kind of want
market offer
When markets set low expectations for a market offering, they sun the risk of ____
failing to attract enough customers
____ is the set of potential and actual buyers of a product
market
Consumer research, product development, communication, distribution, pricing, and service are all core ___ activities
marketing
The art and science of choosing target markets and building profitable relationships with them is called ____
marketing management
____ is a process of developing and maintaining a crucial fit between an organizations … goals
Strategic planning
Which of the following is the 1st step in strategic planning?
Defining the market’s mission statement
Which of the following is not a step in strategic planning?
Evaluating all members of the value chain
A ____ documents an organization’s purpose- what it wants to accomplish in the larger enviromment
mission statement
A mission statement serves as a ____
statement of the organization’s purpose
Mission statements should be ____
?
The businesses and products that make up a company is called its ____
business portfolio
Which of the following is the 1st step in business portfolio planning?
Determining which businesses should receive more, less, or no investment
The major activity in strategic planning is ____
business portfolio analysis
Which of the following best describes strategic business units
Key businesses that make up the company
During portfolio analysis, a company ____
assesses the attractiveness of the market or industry
Which of the following is used to describe factors that….
Marketing enviroment
Which of the following is a component of a firms microenviroment?
Market intermediaries
The interrelated departments within a company that influence marketing decisions forms the ______ enviroment
internal
____ provide the resources needed by a company to provide goods and services
Suppliers
____ help companies stock and move goods from their points of origin to their destinations
Physical distribution firms
____ include banks, credit companies, insurance companies, and other businesses that help finance transactions or insure against the risks associated with buying and selling goods
Financial intermediaries
Which of the following influence the company’s ability to obtain funds?
Financial publics
A company’s market decisions may be questioned by consumer organizations, environmental groups, minority groups, and others. Its public relations department can help it stay in touch with consumer and citizen group.
Citizen-action pulics
Which group includes neighborhoods and community organizations?
Local publics
With the recent explosion of information technologies ____
most marketing managers are overloaded with data and often overwhelmed by it
A ___ consists of people and procedures to assess information needs, develop the needed information, and help make decision makers analyze and use the info
marketing information system (MIS)
A marketing information system (MIS) is used to ____
assess information needs
In the model of buyer behavior, which is not a major type of force or event in the buyer’s environment?
Political
____ is the most basic determinant of a person’s wants and behavior
Culture
Each culture contains smaller groups of people with shared value systems based on common life experiences and situations called ____
subcultures
Which consumer group tends to have more brand loyalty… kids/family?
Hispanic Americans
____ consumers are one of the fastest growing US population sub-segments and are expected to surge to nearly 30% of the total US population by 2050
Hispanic Americans
Although more price-conscious than other segments, ____ consumers tend to be strongly motivated by quality and selection. Brands are important as well.
African Americans
____ are society’s relatively permanent and ordered divisions in a society whose members share similar values, interests, and beliefs
Social classes
Family is 1 of the top ____ factors that influence customer behavior
social
Information in a company’s database can come from many sources. An advantage of harnessing such information is to _____
gain competitive advantage
____ is a systematic collection and analysis of publicly available information of competitors
competitive market intelligence
____ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
marketing research
The objective of casual research is ____
to test hypotheses of cause and effect research
Individuals in households that buy or acquire goods and services for personal consumption make up the ____
consumer market
Which of the following…
Price stimuli
Which of the following is one of the stimuli present in…
Culture
According to the model of buyer behavior, which of the following is of the 2 primary parts of a buyers black box?
Buyer’s decision processs
What is not a part of the 3 p’s (marketing stimuli)
Packaging