Marketing 3150 Exam 1

Macroenvironment
Demographic, economic, natural, technological, political, and cultural forces form the ________ of an organization.

a) supply chain
b) macroenvironment
c) marketing intermediary network
d) internal environment
e) microenvironment

Product, services, channels, people, image
Through what ways can a product differentiate itself?
Micromarketing
The practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations is referred to as ________.

a) niche marketing
b) micromarketing
c) segmented marketing
d) global marketing
e) undifferentiated marketing

Equity
Brands vary in the amount of power and value they hold in the marketplace. Iconic brands like Apple, Google, and Harley-Davidson have achieved substantial brand ________.

a) capital
b) personality
c) perception
d) esteem
e) equity

Product
Make-and-sell philosophy is part of what concept?

A. Production concept
B. Product concept
C. Selling concept
D. Marketing concept
E. Societal marketing concept

Need recognition, information search, evaluation of alternatives, purchase decision, post-purchase phase
Which of the following is the correct order for the five steps in the five step decision making process (assuming the consumer goes through the model in the “typical” order)?

a) Need recognition, evaluation of alternatives, information search, purchase decision, post-purchase phase

b) Evaluation of alternatives, need recognition, information search, purchase decision, post-purchase phase

c) Need recognition, information search, evaluation of alternatives, purchase decision, post-purchase phase

d) Information search, need recognition, evaluation of alternatives, purchase decision, post-purchase phase

e) Information search, evaluation of alternatives, purchase decision, post-purchase phase, problem recognition

Market segmentation
Dividing a market into several sections of customers is known as ________.

a) mass customization
b) market positioning
c) market segmentation
d) value engineering
e) undifferentiated marketing

New entrants finding it easy to enter the segment
Which of the following would make a segment less attractive to​ enter?

A. Buyers with weak bargaining power
B. A lack of aggressive competitors
C. New entrants finding it easy to enter the segment
D. Suppliers with weak bargaining power
E. Very few substitute products

Local marketing
Grocers in neighborhoods with a large Hispanic population typically carry more brands that Hispanic consumers prefer than grocers in other neighborhoods. This is an example of​ ________.

A. local marketing
B. differentiated marketing
C. undifferentiated marketing
D. individual marketing
E. concentrated marketing

Designing a customer-driven marketing strategy
According to the five-step model of the marketing process, which of the following is the final step in creating value for customers?

a) building profitable relationships and creating customer delight

b) capturing value from customers to create profit and customer equity

c) understanding the marketplace and customer needs

d) designing a customer-driven marketing strategy

e) constructing an integrated marketing program that delivers superior value

Exploratory followed by descriptive
Brooke’s Boutique plans to launch a new clothing line. For this purpose, the firm first conducts a survey to understand its target audience and identify the demographics of potential buyers. It then conducts experimental research to test whether customers associate discounted prices with lower product quality. Which types of research has the boutique employed in this case?

a) exploratory followed by causal
b) exploratory followed by descriptive
c) descriptive followed by exploratory
d) descriptive followed by causal
e) causal followed by descriptive

Product, promotion, price, place
The 4 P’s
Price
What a buyer must give up to obtain a product
Price
The most flexible of the “4 Ps” — quickest to change
Place
Product availability where and when customers want them; All activities from raw materials to finished products
Ensure products arrive in usable condition at designated places when needed
Goal of “place” in the marketing mix
Communication
Goal of “promotion” in the marketing mix
Promotion
Role is to bring about exchanges with target markets by:

Informing
Educating
Persuading
Reminding

Marketing
The process by which companies engage customers, build strong relationships, and create customer value in order to capture value from customers in return
Marketing mix
A set of marketing tools that work together to engage customers, satisfy customer needs, and build relationships
1. Understand the marketplace and customer needs and wants

2. Design a customer value-driven marketing strategy

3. Construct an integrated marketing program that delivers superior value

4. Engage customers, build profitable relationships, and create customer delight

5. Capture value from customers to create profits and customer equity

The Marketing Process
Needs
States of felt deprivation
Wants
The form human needs take as they are shaped by culture and individual personality
Demands
When backed by buying power, wants become ____
Marketing myopia
Sellers paying more attention to the specific products they offer than to the benefits and experiences produced by these products; Focusing only on existing wants and lose sight of the underlying customer needs
Market
The set of actual and potential buyers of a product or service
Dissatisfied
If the product’s performance falls short of expectations, the customer is _______
Satisfied
If performance matches expectations, the customer is _________
Delighted
If performance exceeds expectations, the customer is ________
Production, product, selling, marketing, and societal marketing concepts
There are five alternative concepts under which organizations design and carry out their marketing strategies:
Production concept
Which concept holds that customers will favor products that are available and highly affordable

A. Production concept
B. Product concept
C. Selling concept
D. Marketing concept
E. Societal marketing concept

Production concept
Which concept holds that customers favor products that offer the most in quality, performance, and innovative features

A. Production concept
B. Product concept
C. Selling concept
D. Marketing concept
E. Societal marketing concept

Selling concept
In which concept holds that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort?

A. Production concept
B. Product concept
C. Selling concept
D. Marketing concept
E. Societal marketing concept

Selling concept
Which concept is typically practiced with unsought goods – those that buyers do not normally think of buying?

A. Production concept
B. Product concept
C. Selling concept
D. Marketing concept
E. Societal marketing concept

Selling concept
In which concept is there an inside-out perspective: starts with the factory, focuses on the company’s existing products, and calls for heavy selling and promotion to obtain profitable sales; Focuses on customer conquest – getting short-term sales with little concern about who buys or why

A. Production concept
B. Product concept
C. Selling concept
D. Marketing concept
E. Societal marketing concept

Marketing concept
In which concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?

A. Production concept
B. Product concept
C. Selling concept
D. Marketing concept
E. Societal marketing concept

Marketing concept
Outside-in perspective: satisfying customer needs as a path to profits; Yields profits by creating relationships with the right customer based on customer value and satisfaction

A. Production concept
B. Product concept
C. Selling concept
D. Marketing concept
E. Societal marketing concept

Social marketing concept
Which concept questions whether the pure marketing concept overlooks possible conflicts between consumer short-run wants and consumer long-run welfare

A. Production concept
B. Product concept
C. Selling concept
D. Marketing concept
E. Societal marketing concept

Sustainable marketing
Socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs
Shared value
Societal needs, not just economic needs, define markets; Focuses on creating economic value in a way that also creates value for society
Social marketing concept
Marketing strategy should deliver value to customers in a way that maintains or improves both the customers and society’s well-being

A. Production concept
B. Product concept
C. Selling concept
D. Marketing concept
E. Societal marketing concept

1. Product
2. Price
3. Place
4. Promotion
1. ________ – Firm must create a need-satisfying market offering
2. ________ – It must then decide how much it will charge for the offering
3. __________ – And how it will make the offering available to target consumers
4. _________ – Finally it must engage target consumers, communicate about the offering, and persuade consumers of the offer’s merits
Customer-perceived value
The customer’s evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers
Customer-Engagement Marketing
Fostering direct and continuous customer involvement in shaping brand conversations, brand experiences, and brand communities

Goal is to make the brand a meaningful part of consumers’ conversations and lives

Customer equity
The total combined customer lifetime values of all of the company’s current and potential customers; a measure of the future value of the company’s customer base
Customer equity
The value of customer relationships that a brand creates is called​ _______.

A. customer equity
B. brand equity
C. brand value
D. customer value
E. brand differentiation

Customer lifetime value
Represents the total net profit a company makes from any given customer; A projection to estimate a customer’s monetary worth to a business after factoring in the value of the relationship with a customer over time; An important metric for determining how much money a company wants to spend on acquiring new customers and how much repeat business a company can expect from certain consumers.
The company, suppliers, marketing intermediaries, competitors, publics, customers
Actors in the microenvironment
Help the company​ find, promote,​ sell, and distribute products
The role of a​ company’s marketing intermediaries is to do which of the​ following?

A. Purchase the​ company’s product

B. Determine which products a company should market

C. Manage the​ company’s human resources efforts

D. Provide the resources needed by the company to produce goods and services

E. Help the company​ find, promote,​ sell, and distribute products

Work out a plan with its financial intermediaries
​Noah’s Sporting Goods is having difficulty attaining the credit it needs to expand. What should the company do in order to alleviate its financial​ situation?

A. Analyze the finances of one of its competitors
B. Find a new physical distribution firm
C. Reexamine its relationship with its resellers
D. Work out a plan with its financial intermediaries
E. Devise a marketing plan with a marketing service agency

Public
Any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives
Customers
Most important actors in the company’s microenvironment
Individuals and households that buy goods and services for personal consumption
Which of the following correctly defines the consumer​ market?

A. Retailers who sell goods and services to consumers

B. Any business that sells goods and services to other businesses

C. Manufacturers, retailers, and consumers

D. Individuals and households that buy goods and services for personal consumption

E. Individuals who spend more than​ $1,000 a year on purchases

Demography
The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics
Baby boomers
Wealthiest generation in US history; “a marketer’s dream”; fastest-growing demographic online, fastest-growing social media users

A. Generation Z
B. Echo boomers
C. Baby boomers
D.Generation X
E. Senior citizens

Generation X
Considerably smaller and less materialistic generation; family first and career second; more skeptical – tend to research products heavily before they consider a purchase, prefer quality to quantity, and tend to be less receptive to overt marketing pitches

A. Generation Z
B. Echo boomers
C. Baby boomers
D.Generation X
E. Senior citizens

Millennials
Most financially strapped generation; face higher unemployment and debt; comfort with digital technology

A. Generation Z
B. Echo boomers
C. Baby boomers
D. Generation X
E. Millennials

Generation Z
Those born after 2000; represent tomorrow’s market – they are now forming brand relationships that will affect their buying well into the future; highly mobile, connected, and social

A. Generation Z
B. Echo boomers
C. Baby boomers
D. Generation X
E. Senior citizens

Economic environment
The group of economic factors that affect​ consumers’ purchasing power and spending patterns is called​ ________.

A. demographic information
B. the value market
C. income distribution
D. macroenvironment
E. the economic environment

Natural environment
Involves the physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities
The aging U.S. population
Which of the following is NOT a problem involving the natural environment that marketers need to​ consider?

A. Government regulations
B. Pollution
C. The aging U.S. population
D. Raw material shortages
E. Greenhouse gases

Technological environment
Perhaps the most dramatic force now shaping our destiny

A. Economic forces
B. Natural forces
C. Demographic forces
D. Political forces
E. Technological forces

Technological
Wonders such as robotic​ surgery, miniaturized​ electronics, and antibiotics can be attributed to which marketing​ environment?

A. Cultural
B. Political
C. Social
D. Technological
E. Natural

Political environment
Consists of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society
Protection
The purpose of business legislation is primarily based on​ ________.

A. education
B. guidance
C. rehabilitation
D. punishment
E. protection

Cultural forces
People’s views of​ themselves, others,​ organizations, and nature are part of which macroenvironmental​ force?

A. Demographic forces

B. Cultural forces

C. Technological forces

D. Political forces

E. Natural forces

People’s views of themselves and​ others, as well as their views of​ organizations, society,​ nature, and the universe
The major cultural values of a society are expressed by​ _________.

A. ​people’s views of themselves
B. people’s views of organizations
C. people’s views of society
D. ​people’s views of themselves and​ others, as well as their views of​ organizations, society,​ nature, and the universe
E. people’s views of the universe

Secondary
_____ beliefs and values more open to change
Core
____ beliefs and values passed n from parents to children and reinforced by schools, businesses, religious institutions, and government
-Growing segment of “green” consumers (that will be very influenced by whether they feel a firm manages its responsibility to the environment well)
-Potential negative effects of NOT thinking about how consumers can dispose of your product in a way they feel good about (Negative attitudes towards brand/product, not wanting to buy, negative word of mouth)
-Producing packaging that creates less waste
Growing Consumer Interest in Sustainability/Protecting Natural World (3)
Greenwashing
Dishonestly spinning products/policies as environmentally friendly
Market research
This is all about developing customer insights, understanding your target market segment
Marketing information system
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 analytic system

C. marketing consulting team

D. marketing information system

E. marketing technology system

Internal​ data, marketing​ intelligence, and marketing research
What are the three general sources from which marketers can obtain​ information?

A. Internal​ data, marketing​ intelligence, and marketing research

B. Sales​ records, the​ Internet, and internal databases

C. Internal​ data, big​ data, and global data

D. Marketing​ research, surveys, and scanners

E. ​Competitors, the​ Internet, and the media

Define the problem and research​ objectives, develop the research​ plan, implement the research​ plan, interpret and report the findings
What are the four steps of the marketing research process in their correct​ sequence?

A. Collect the​ data, analyze the​ data, develop the research​ plan, interpret and report the findings

B. Define the problem and research​ objectives, develop the research​ plan, implement the research​ plan, interpret and report the findings

C. Develop the research​ plan, define the problem and research​ objectives, implement the research​ plan, interpret and report the findings

D. Develop the research​ plan, set the research​ budget, collect the​ data, interpret and report the findings

E. Set the research​ budget, collect the​ data, analyze the​ data, determine how to use the findings

Exploratory​ research, descriptive​ research, and causal research
What are the three types of objectives a marketing research project might​ have?

A. Exploratory​ research, descriptive​ research, and survey research

B. Demographic​ research, exploratory​ research, and attitudinal research

C. Descriptive​ research, survey​ research, and causal research

D. Exploratory​ research, descriptive​ research, and causal research

E. Exploratory​ research, secondary​ research, and primary research

Data contained in huge and complex data sets
What is big​ data?

A. Data that is obtained from competitors

B. Data that is collected globally

C. Data that proves to be useful to marketers

D. Data collected by very large companies

E. Data contained in huge and complex data sets

Provide useful customer insights
To deliver real value to​ marketers, marketing information must​ _________.

A. provide useful customer insights

B. come from big data sources

C. have a positive impact on profits

D. include information on competitors

E. be collected inexpensively

To create more value for customers
Which of the following BEST describes the purpose of the customer insights​ team?

A. To create more value for customers

B. To advertise new products to customer bases

C. To represent the company to its customers

D. To develop new markets of customers for the company

E. To instruct other company departments in customer service

An internal database
Many companies build extensive electronic collections of consumer and market information obtained from data sources within the​ company’s network. This is known as​ ___________.

A. marketing research
B. an internal database
C. online marketing research
D. an intranet
E. marketing intelligence

Assess the information needs of the company
Cupcakes by Cindy is attempting to gather information about its customers in order to improve its customer service. Which of the following is the BEST place for this company to start to develop an efficient​ MIS?

A. Conduct surveys or focus groups to gather information.

B. Analyze the information gathered in market research.

C. Determine how to use the information gathered by market research.

D. Distribute necessary information to the marketing team.

E. Assess the information needs of the company.

Relevance
Which brand dimension is defined as how consumers feel a brand meets their​ needs?

A. Differentiation
B. Equity
C. Knowledge
D. Relevance
E. Esteem

Warranty
Which of the following is considered part of an augmented product rather than that of an actual product or core customer​ value?

A. Product features
B. Brand name
C. Packaging
D. Warranty
E. Design

Subjective
A researcher must always evaluate secondary information​ carefully; however, the researcher does not need to ensure the evaluation is​ _________.

A. relevant

B. current

C. impartial

D. accurate

E. subjective

A survey
A colleague needs to collect descriptive data about his​ customer’s attitudes. He has not done this type of research before. What research approach would you recommend to best suit this research​ project?

A. Secondary data
B. A survey
C. An experiment
D. An ethnographic study
E. Observation

Exploratory research
Research to gather preliminary information that will help define the problem and suggest hypotheses
Descriptive research
Research to describe things, such as the market potential for a product or the demographics and attitudes of consumers who buy the product
Causal research
Research to test hypotheses about cause-and-effect relationships
Exploratory
Managers usually start with this type of research
Secondary data
Consist of information that already exists somewhere, having been collected for another purpose
Primary data
Data that consists of information collected for the specific purpose
Secondary
This type of data can usually be obtained more quickly and at a lower cost
Observational research
Involves gathering primary data by observing relevant people, actions, and situations (observe what consumers do, say, etc.)
Ethnographic research
Involves sending observers to watch and interact with consumers in their “natural environments”
Netnography research
Observing consumers in a natural context in the Internet and mobile space
Survey research
The most widely used method for primary data collection, approach best suited for gathering descriptive information
Flexibility (can be used to obtain many different kinds of information in many different situations)
Major advantage of survey research is ______
Experimental research
Best suited for gathering causal information

A. Experiemental research
B. Observational research
C. Ethnographic research
D. Survey research
E. Experimental research
F. Focus groups
G. Online marketing research

Experimental research
Research that tries to explain cause and effect relationships
Secondary
Commercial online databases are an example of which type of data?
Secondary
Internet search engines are an example of which type of data?
Observational
____ research can provide a window into customers’ unconscious actions and unexpressed needs and feelings
Immersion groups
Small groups of consumers who interact directly and informally with product designers without a focus group moderator present
Focus groups
The most widely used qualitative research tool
Focus group interviewing
Consists of inviting small groups of people to meet with a trained moderator to talk about a product, service, or organization

-Participants are normally paid a small sum for attending
-Moderator focuses the discussion

Focus group interviewing
In this type of research, researchers not only hear consumer ideas and opinions, but they can also observe facial expressions, body movements, group interplay, and conversational flows
Online marketing research
Internet and mobile surveys, online panels, experiments, and online focus groups and brand communities
-Instantaneous results
-Low cost
-More interactive and engaging and less intrusive
Benefits of online marketing research
Online focus group
Primary qualitative Internet-based research approach
Controlling who is in the online sample
Major challenge to online marketing research
Sample
A segment of the population selected for marketing research to represent the population as a whole
Probability sample
Each population member has a known chance of being included in the sample, and researchers can calculate confidence limits for sampling error
Simple random sample
Every member of the population has a known and equal chance of selection
Stratified random sample
The population is divided into mutually exclusive groups, and random samples are drawn from each group
Cluster (area) sample
The population is divided into mutually exclusive groups , and the researcher draws a sample of the groups to interview
Nonprobability samples
When probability sampling costs too much or takes too much time, marketing researchers often take _____ even though their sampling error cannot be measured
Convenience sample
The researcher selects the easiest population members from which to obtain information
Judgement sample
The researcher uses his or her judgment to select population members who are good prospects for accurate information
Quota sample
The researcher finds and interviews a prescribed number of people in each of several categories
Questionnaire
Most common research instrument
Touch point
Any contact between a customer and a company is called​ a(n) _________.

A. sales call
B. service call
C. satisfaction survey
D. touch point
E. purchase

To capture and use customer data
Why do companies use customer relationship​ management?

A. To get to know their customers personally

B. To avoid using big data

C. To capture and use customer data

D. To maximize sales and revenue

E. To find new customers

Marketing analytics
What do marketers use to analyze big​ data?

A. Marketing analytics

B. Marketing software

C. Customer relationship management

D. Marketing metrics

E. Marketing research

A company extranet
A power tool company wants to give its customers access to​ internal, non-public information about how best to use its product in creative ways. What should the company create to provide customers with this​ information?

A. A company website

B. A company data mine

C. A company intranet

D. A company extranet

E. A data warehouse

Business to consumer
_____ market – things sold to consumers for personal consumption
Business to business
_______ market – businesses selling to other business that will then be used to manufacture their good
1. Need recognition (buyer recognizes a problem or a need)
2. Information search (consumer may store the need in memory or undertake an information search related to the need)
3. Evaluation of alternatives (how consumers process information to choose among alternative brands)
4. Purchase decision (will be to buy the preferred brand, but attitudes of others and unexpected situational forces can come between the purchase intention and the purchase decision)
5. Post-purchase behavior (is the buyer satisfied or dissatisfied)
Five-Step Buyer Decision-making Process
The relationship between the​ consumer’s expectations and the​ product’s perceived performance
What determines whether the buyer is satisfied or dissatisfied with a​ purchase?

A. The relationship between the​ consumer’s expectations and where the product was purchased

B. The relationship between the​ consumer’s expectations and how others evaluate the product

C. The relationship between the​ consumer’s expectations and the​ product’s perceived performance

D. The relationship between the price of the product and the​ product’s perceived performance

E. The relationship between the price of the product and the level of customer service provided

Attitudes of others, unexpected situational factors
What can come between the purchase intention and the purchase decision?
Cognitive dissonance
Discomfort caused by post purchase conflict; consumers feel uneasy about drawbacks of the chosen brand and losing the benefits of the brands not purchased
1. Number of customers (Business to consumer markets have 100 to 1,000 times as many customers for similar amount of revenue)
2. Multiple levels within a business to business “customer” (One consumer going to store to buy coke vs. 3 levels usually involved in Business to business (users, influencers, and decision makers))
3. Domain knowledge (business to business buyer has expertise and experience that most consumers don’t have)
3 Key Differences in B2B Marketing vs. B2C
Cultural​ characteristics, social​ characteristics, personal​ characteristics, and psychological characteristics
What are the four general characteristics that influence consumer​ purchases?

A. Cultural​ characteristics, technological​ characteristics, social​ characteristics, and personal characteristics

B. Technological​ characteristics, social​ characteristics, personal​ characteristics, and the buyer decision process

C. Cultural​ characteristics, social​ characteristics, demographic​ characteristics, and brand loyalty

D. Economic​ characteristics, technological​ characteristics, demographic​ characteristics, and political characteristics

E. Cultural​ characteristics, social​ characteristics, personal​ characteristics, and psychological characteristics

Culture
The most basic cause of a person’s wants and behavior
Subculture
Groups of people with shared value systems based on common life experiences and situations (nationalities, religions, racial groups, and geographic regions)
Recognizing a need
The buyer decision process starts with​ __________.

A. evaluating purchase alternatives
B. making a purchase
C. recognizing a need
D. satisfaction with past purchases
E. getting information about a purchase

Social classes
Society’s relatively permanent and ordered divisions whose members share similar values, interests, and behaviors
Membership groups
Groups that have a direct influence and to which a person belongs
Reference groups

(***People are often influenced by reference groups to which they don’t belong)

Groups that serve as direct (face-to-face interactions) or indirect points of comparison or reference in forming a person’s attitudes or behavior
Reference group
A purse​ company’s ads feature the members of a popular housewives reality show. Product sales increase significantly among the fans. From the​ fans’ viewpoint, the housewives reality show is​ a(n) _____.

A. family group
B. reference group
C. late-majority adopter
D. membership group
E. lagging adopter

Roles and status
Which of the following is a social factor that influences consumer buying​ behavior?

A. Personality
B. Roles and status
C. Economic situation
D. Occupation
E. ​Life-cycle stage

Need recognition
What is the first step of the buyer decision​ process?

A. Information search
B. Purchase decision
C. Need recognition
D. Postpurchase behavior
E. Alternative evaluation

Motivation
​_________ is NOT a characteristic important in influencing an​ innovation’s rate of adoption.

A. Motivation
B. Divisibility
C. Relative advantage
D. Communicability
E. Complexity

Awareness
​______________ is the first stage in the new product adoption process.

A. Awareness
B. Trial
C. Adoption
D. Evaluation
E. Interest

Aspirational groups
Groups in which the individual wishes to belong
Buzz marketing
Involves enlisting or even creating opinion leaders to serve as brand ambassadors who spread the word about a company’s product
Personal
Main characteristic of consumer behavior – Occupation, age and life-cycle stage, economic situation, lifestyle, and personality and self-concept
Lifestyle
A person’s pattern of living as expressed in his or her psychographics
Personality
The unique psychological characteristics that distinguish a person or group
Brand personality
The specific mix of human traits that may be attributed to a particular brand
Self-concept
The idea that people’s possessions contribute to and reflect their identities
Motive
A need that is sufficiently pressing to direct the person to seek satisfaction
Psychological
Main characteristics affecting consumer behavior – motivation, perception, learning, and beliefs and attitudes
Perception
A process by which people select, organize, and interpret information to form a meaningful picture of the world
Learning
Describes changes in an individual’s behavior arising from experience
Belief
A descriptive thought that a person holds about something
Attitude
Describes a person’s relatively consistent evaluations, feelings, and tendencies toward an object or idea
Adoption process
The mental process through which an individual passes from learning about an innovation to final adoption
1. Awareness
2. Interest
3. Evaluation
4. Trial
5. Adoption
Stages in the adoption process in the correct sequence

Evaluation
Trial
Interest
Adoption
Awareness

Awareness
Stage of the adoption process where consumer becomes aware of the new product but lacks information

A. Awareness
B. Interest
C. Evaluation
D. Trial
E. Adoption

Interest
Stage of the adoption process where the consumer seeks information about the new product

A. Awareness
B. Interest
C. Evaluation
D. Trial
E. Adoption

Evaluation
Stage of the adoption process where consumer considers whether trying the new product makes sense

A. Awareness
B. Interest
C. Evaluation
D. Trial
E. Adoption

Trial
Stage of the adoption process where the consumer tries the nee product on a small scale to improve his or her estimate of its value

A. Awareness
B. Interest
C. Evaluation
D. Trial
E. Adoption

Adoption
Stage of the adoption process where the consumer decides to make full and regular use of the new product

A. Awareness
B. Interest
C. Evaluation
D. Trial
E. Adoption

Relative​ advantage, complexity,​ compatibility, divisibility, and communicability
What are the five characteristics that are especially important in influencing an​ innovation’s rate of​ adoption?

A. Relative​ advantage, complexity,​ compatibility, divisibility, and communicability

B. ​Product, price,​ place, promotion, and packaging

C. ​Product, price,​ place, promotion, and relative advantage

D. Relative​ advantage, complexity,​ compatibility, availability, and promotion

E. ​Price, features,​ complexity, relative​ advantage, and promotion

Many sets of business purchases are made for one set of consumer purchases.
Which of the following statements regarding the business market is​ correct?

A. Demand in the business market is more elastic than demand in the consumer market.

B. The business market is not as large as the consumer market in terms of dollars spent and items purchased.

C. Many sets of business purchases are made for one set of consumer purchases.

D. Business buying decisions are less complex than consumer buying decisions.

E. The business market has more businesses than the consumer market.

A new task situation
Which type of business buying situation offers marketers the greatest opportunity but also the greatest​ challenge?

A. A buying center purchase
B. A modified rebuy
C. A straight rebuy
D. A new task situation
E. A request for proposal

A total market strategy
​_________ refers to the practice of including ethnic themes and​ cross-cultural practices within a​ company’s mainstream.

A. Buzz marketing
B. Cause marketing
C. Guerilla marketing
D. A total market strategy
E.Viral marketing

A new task buying situation
In which type of buying situation will a buyer usually go through all the stages of the business buying​ process?

A. A straight rebuy

B. A new task buying situation

C. The purchase of raw materials

D. A modified rebuy

E. The purchase of a business service

Personal sources
Consumers can obtain information from any of several sources. Which source is the most effective in that they legitimize the​ product?

A. Media sources
B. Public sources
C. Commercial sources
D. Personal sources
E. The Internet

Relative advantage
The degree to which the innovation appears superior to existing products

A. Relative Advantage
B. Compatibility
C. Complexity
D. Divisibility
E. Communicability

Compatibility
The degree to which the innovation fits the values and experiences of potential customers

A. Relative Advantage
B. Compatibility
C. Complexity
D. Divisibility
E. Communicability

Complexity
The degree to which the innovation is difficult to understand or use

A. Relative Advantage
B. Compatibility
C. Complexity
D. Divisibility
E. Communicability

Divisibility
The degree to which innovation may be tried on a limited basis

A. Relative Advantage
B. Compatibility
C. Complexity
D. Divisibility
E. Communicability

Communicability
The degree to which the results of using the innovation can be observed or described to others

A. Relative Advantage
B. Compatibility
C. Complexity
D. Divisibility
E. Communicability

1. Fewer
2. Larger
Business markets deal with far ___ but far ________ buyers
More
Business markets involve far ____ dollars and items than do consumer markets
Inelastic
Many business markets have ____ and fluctuating demand (the total demand for many business products is not much affected by price changes)
Demand in business markets is derived demand.
What is the nature of demand in business​ markets?

A. Demand in business markets does not fluctuate.

B. Demand in business markets is elastic.

C. Demand in business markets is derived demand.

D. Demand in business markets fluctuates less than in consumer markets.

E. Business market demand is independent of consumer market demand

More
Business buyers usually face _____ complex buying decisions than do consumer buyers
More
In the business buying process, the buyer and seller are often much _____ dependent on each other
Straight rebuy
The buyer reorders something without any modifications

A. new task
B. system selling
C. buying decision
D. straight rebuy
E. modified rebuy

Modified rebuy
The buyer wants to modify product specifications, prices, terms, or suppliers

A. new task
B. system selling
C. buying decision
D. straight rebuy
E. modified rebuy

New task
A company buying a product or service for the first time faces a _____ situation

A. new task
B. system selling
C. buying decision
D. straight rebuy
E. modified rebuy

1. Straight rebuy
2. New task
The buyer makes the fewest decisions in the __________ and the most in the ____ decision
Buying center
The decision-making unit of a buying organization
Buying center
Consists of all the individuals and units that play a role in that business purchase decision-making process
Segmenting, targeting, positioning
What is STP?
Segmenting
Identifying meaningfully different groups of customers

A. Segmenting
B. Targeting
C. Positioning

Targeting
Selecting which segments to serve

A. Segmenting
B. Targeting
C. Positioning

Positioning
Implementing chosen image and appeal to chosen segment

A. Segmenting
B. Targeting
C. Positioning

Positioning
In which stage of STP do you use the 4 P’s
Geographic segmentation
Dividing a market into different geographical units such as:

nations, states, regions, counties, cities, or neighborhoods

A. Geographic segmentation
B. Behavioral segmentation
C. Psychographic segmentation
D. Demographic segmentation

Demographic segmentation
Dividing a market into segments based on variables such as:

age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation

-Most popular basis for segmenting customer groups

A. Geographic segmentation
B. Behavioral segmentation
C. Psychographic segmentation
D. Demographic segmentation

Concentrated marketing
In which targeting strategy does a firm go after a large share of one or a few smaller​ segments?

A. Differentiated marketing
B. Concentrated marketing
C. Micromarketing
D. Mass marketing
E. Undifferentiated marketing

Geographic, demographic,​ psychographic, and behavioral
What are the four major variables used to segment consumer​ markets?

A. Ethnicity, region,​ gender, and income

B. Geographic, demographic,​ psychographic, and psychological

C. ​Geographic, demographic,​ psychographic, and behavioral

D. Income, age,​ geography, and lifestyle

E. ​Income, gender,​ age, and ethnicity

Very few actual or potential substitute products
Which structural factor would make a market segment attractive to​ enter?

A. New entrants can easily come into the segment

B. Powerful buyers

C. Powerful suppliers

D. Very few actual or potential substitute products

E. Many strong and aggressive competitors

Psychographic segmentation
-Marketers segment their markets using variables such as:
Social class
Lifestyle
Personality characteristics

-The products people buy reflect their lifestyles.

A. Geographic segmentation
B. Behavioral segmentation
C. Psychographic segmentation
D. Demographic segmentation

Behavioral segmentation
Divides buyers into segments based on their knowledge, attitudes, uses, or responses concerning a product

-Occasions, benefits, user status, usage rate, loyalty status

A. Geographic segmentation
B. Behavioral segmentation
C. Psychographic segmentation
D. Demographic segmentation

Dividing a market into distinct groups of buyers who have different​ needs, characteristics, or behaviors and who might require separate marketing strategies or mixes
What is market​ segmentation?

A. Differentiating the​ firm’s market offering to create superior customer value

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. Marketing to a mass market of homogenous buyers

D. Dividing a market into distinct groups of buyers who have different​ needs, characteristics, or behaviors and who might require separate marketing strategies or mixes

E. Evaluating each market​ segment’s attractiveness and selecting one or more market segments to enter

Market targeting
Evaluating each market segment’s attractiveness and selecting one or more market segments to serve

A. positioning
B. market segmentation
C. market targeting
D. mass marketing
E. differentiation

Differentiation
Involves actually differentiating the firm’s market offering to create superior customer value
Services differentiation
Your local pizzeria promises​ “Delivery in 30 minutes or less or the pizza is​ free.” What point of differentiation is​ this?

A. Product differentiation
B. Image differentiation
C. Channel differentiation
D. People differentiation
E. Services differentiation

Image differentiation
A company can differentiate itself from competitors using symbols such as​ McDonald’s golden​ arches, Twitter’s​ bird, and the Nike swoosh. Which type of differentiation is​ this?

A. Services differentiation
B. People differentiation
C. Image differentiation
D. Channel differentiation
E. Product differentiation

Positioning
​______ consists of arranging for a market offering to occupy a​ clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

A. Differentiation
B. Market segmentation
C. Market targeting
D. Positioning
E. Mass marketing

Demographic
​Heeltoe, a boutique that caters to the footwear needs of​ women, manufactures two different lines of footwear based on the purchasing power of its customers. One product line caters to the needs of​ affluent, middle-aged​ women, and the other line targets younger professionals and homemakers. Heeltoe most likely segments the consumer market based on​ ________ variables.

A. geographic
B. behavioral
C. psychographic
D. universal
E. demographic

Micromarketing
Toyota allows Scion buyers to customize their cars to meet their exact needs and preferences. This is an example of​ ____________.

A. segmented marketing
B. differentiated marketing
C. micromarketing
D. concentrated marketing
E. undifferentiated marketing

Geography
Byron Tied 2 Bowties groups its customers by regions in the United​ States, such as​ Midwest, Northeast, and Southwest. For each​ region, Byron Tied 2 Bowties creates a different set of advertisements and promotions. On which of the following segmentation variables does the firm divide its​ market?

A. Geography
B. Benefits sought
C. Demographics
D. Personality
E. Behavior

Target market
Consists of a set of buyers that share common needs or characteristics that the company decides to serve
Mass marketing
Using this strategy, a firm might decide to ignore market segmentation differences and target the whole market with one offer

-Focuses on what is common in the needs of consumers other than what is different

Segmented marketing
Using this strategy, a firm decides to target several market segments and designs separate offers for each
Niche marketing
Using this strategy, instead of going after a small share of a large market, a firm goes after a large share of one or a few smaller segments or niches

-Lets smaller companies focus their limited resources on serving niches that may be unimportant to or overlooked by larger competitors

Micromarketing
The practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations

-Sees the individual in every customer

Local marketing
Involves tailoring brands and promotions to the needs and wants of local customers
Individual marketing
Tailoring products and marketing programs to the needs and preferences of individual customers
Competitive advantage
The extent that a company can differentiate and position itself as providing superior customer value
Important, distinctive, superior, communicable, preemptive, affordable, profitable
A difference is worth establishing to the extent that it satisfies the following criteria:
Value proposition
A​ _______ defines how a company will create differentiated value for targeted segments and what positions it wants to occupy in those segments.

A. value statement
B. mission statement
C. unique proposition
D. value proposition
E. positioning map

Core product
Consists of all the benefits the product will provide for consumers or business customers
The way a product is defined by consumers on important attributes
What is a product’s position?

A. How the company advertises a product

B. How much consumers are willing to pay for a product

C. The way a product is defined by consumers on important attributes

D. Where a product is located on store shelves

E. The market share of a product

Children
Socially responsible target marketing would classify which of the following as an especially vulnerable target market for harmful or controversial​ products?

A. Wealthy consumers
B. Baby Boomers
C. Females
D. Single households
E. Children

Actual product
-Consists of the physical good or delivered service that supplies the desired benefit

-Also includes appearance, styling, packaging, and the brand

Demographic
​H2Coast, an automobile​ manufacturer, produces​ fuel-efficient hybrid vehicles that are targeted toward​ middle-income consumer groups. H2Coast most likely segments the consumer market based on​ ________ variables.

A. geographic
B. psychographic
C. universal
D. behavioral
E. demographic

Augmented product
Consists of the actual product plus other supporting features such as warranty, credit, delivery, installation, and repair service after the sale:
Unique selling proposition
Many marketers think that companies should aggressively promote only one benefit to the target market. The benefit promoted is known as​ a(n) ________.

A. unique benefit proposition
B. unique selling proposition
C. unique position proposition
D. unique difference proposition
E. unique product proposition

A product is anything that can be offered to a market for​ attention, acquisition,​ use, or consumption that might satisfy a want or need.
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 anything that can be offered to a market for consumption that does not satisfy a want or need.

C. A product is anything that can be offered to a market for​ attention, acquisition,​ use, or consumption that might satisfy a want or need.

D. 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.

E. 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.

Consumer products and industrial products
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

Length
The major product line decision involves the​ line’s ______, or the number of items in the product line.

A. scope
B. mix
C. portfolio
D. depth
E. length

Services
A form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything
Experiences
To differentiate their offers, beyond simply making products and delivering services, companies are creating and managing customer _____ with their brands or companies
Core customer value
The most basic level of the product concept
Consumer products
Products and services bought by final consumers for personal consumption
Convenience products
Consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort

A. Convenience products
B. Shopping products
C. Specialty products
D. Unsought products

Shopping products
Less frequently purchased consumer products and services that customers compare carefully on sustainability, quality, price, and style

A. Convenience products
B. Shopping products
C. Specialty products
D. Unsought products

Specialty products
Consumer products and services with unique characteristics or bran identifications for which a significant group of buyers is willing to make a special purchase effort

A. Convenience products
B. Shopping products
C. Specialty products
D. Unsought products

Unsought products
Consumer products that the consumer wither does not know about or knows about but does not normally consider buying

A. Convenience products
B. Shopping products
C. Specialty products
D. Unsought products

Industrial products
Those products purchased for further processing or for use in conducting a business
Brand
A name, term, sign, symbol, or design or a combination of these that identifies the maker or seller of a product or service
Brand equity
The differential effect that knowing the brand name has on customer response to the product and its marketing

-Measure of the brand’s ability to capture consumer preference and loyalty

Services are​ intangible, inseparable,​ variable, and perishable.
Key characteristics of a service:

A. services are​ inexpensive, easy to​ find, intangible, and variable.

B. services are​ intangible, inseparable,​ variable, and perishable.

C. services are​ intangible, perishable,​ consistent, and inseparable.

D. services are​ intangible, variable,​ perishable, and inexpensive.

E. services are​ intangible, inexpensive, easy to​ find, and automated.

For service​ providers, a solution to price competition is to develop a differentiated​ offer, delivery, and image.
Which of the following statements is true regarding the marketing of​ services?

A. For service​ providers, a solution to price competition is to develop a differentiated​ offer, delivery, and image.

B. Service providers do not need to differentiate their offerings.

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.

Service intangibility
Services cannot be seen, tasted, felt, heard, or smelled before they are bought

A. Intangibility
B. Inseparability
C. Variability
D. Perishability

Inseparability
Services cannot be separated from their providers, whether the providers are people or machines

A. Intangibility
B. Inseparability
C. Variability
D. Perishability

Variability
The quality of the service depends on who provides them as well as when, where, and how they are provided

A. Intangibility
B. Inseparability
C. Variability
D. Perishability

Perishability
Services cannot be stored for later sale or use

A. Intangibility
B. Inseparability
C. Variability
D. Perishability

Perishability
For which service characteristic do marketers need to pay close attention to fluctuations in​ demand?

A. Tangibility
B. Inseparability
C. Variability
D. Intangibility
E. Perishability

Product line
A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges
Product mix
Consists of all of the product lines and items that a particular seller offers for sale
Marketing
Main function of product packaging?
Packaging can be an important part of a​ brand’s identity.
Which of the following statements is true regarding​ packaging?

A. Packaging does not influence the consumer buying decision.

B. Packaging does not impact product safety.

C. Packaging is not an important consideration in product strategy.

D. Packaging can be an important part of a​ brand’s identity.

E. Packaging is not used to gain a competitive advantage.

Identifies product, describe the product, promote the brand/engage customers
Functions of labeling
Internal marketing
Service marketing requires​ ________. This means that the service firm must orient and motivate its​ customer-contact employees and supporting service people to work as a team to provide customer satisfaction

A. Interactive marketing
B. Internal marketing
C. The service firm to only focus on the customer
D. Image differentiation
E. External marketing

Interactive marketing
Service quality depends heavily on the quality of the buyer-seller interaction during the service encounter

A. Interactive marketing
B. Internal marketing
C. The service firm to only focus on the customer
D. Image differentiation
E. External marketing

Service profit chain
Links service from profits with employee and customer satisfaction
Unlike product​ quality, service quality will always vary
Which of the following statements is true regarding managing service​ quality?

A. Unlike product​ quality, service quality will always vary.

B. Service recovery is unimportant in managing service quality.

C. Setting standards is not important in delivering service quality.

D. Customer retention is not related to service quality.

E. Service quality is easier to define and judge than product quality.

Customer retention
The best measure of service quality
Creating customer​ value, building customer​ relationships, and engaging customers
Which of the following is included in a broad definition of​ marketing?

A. ​Advertising, selling, and developing quality products

B. Creating customer​ value, building customer​ relationships, and having a strong selling orientation

C. Selling, advertising, and promoting

D. Creating customer​ value, building customer​ relationships, and engaging customers

E.Satisfying​ customers, beating​ competitors, and maximizing profits

Understand the​ marketplace, which includes customer needs and wants.
The first step of the marketing process is to​ ___________________.

.
A. capture value from customers to create profits and customer equity

B. understand the​ marketplace, which includes customer needs and wants.

C. construct an integrated marketing program that delivers superior value

D. design a​ customer-driven marketing strategy

E. build profitable relationships

Needs, wants, and​ demands; market​ offerings; value and​ satisfaction; exchanges and​ relationships; and markets
Which of the following correctly identifies the five core customer and marketplace​ concepts?

​A. Needs, wants, and​ demands; market​ offerings; value and​ satisfaction; exchanges and​ relationships; and markets

B. Needs, wants, and​ demands; market​ offerings; value;​ satisfaction; and markets

C. Needs, wants, and​ demands; market​ offerings; value and​ satisfaction; competitors; and profits

D. Needs, wants, and​ demands; products;​ value; customers; and competitors

E. ​Needs, wants,​ demands, market​ offerings, and markets

Products, services,​ information, and experiences
Which of the following represent market​ offerings?

A. Needs, wants,​ products, and advertisements

B. Products, services,​ information, and experiences

C.Products, services,​ needs, and wants

D. Value, satisfaction,​ sales, and profits

E. ​Products, services,​ needs, and exchanges

What customers will we​ serve? How can we serve these customers​ best?
To design a winning marketing​ strategy, what are the two important questions a marketing manager must​ answer?

A. Who are our​ competitors? How can we beat our​ competitors?

B. What customers will we​ serve? How can we maximize​ profits?

C. What markets should we​ enter? How do we maximize sales in those​ markets?

D. How can we serve our customers​ best? How can we maximize​ profits?

E. What customers will we​ serve? How can we serve these customers​ best?

The marketing concept
Which marketing management orientation holds that a firm should have a customer focus to achieve sales and​ profits?

A. The marketing concept

B. The product concept

C. The selling concept

D. The societal marketing concept

E. The production concept

Value and satisfaction
What are the two keys to building lasting customer​ relationships?

A. Value and satisfaction

B. Satisfaction and sales promotions

C. Value and customer service

D. Customer service and quality products

E. Innovative products and low prices

Share of customer
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 equity

B. share of customer

C. customer defections

D. share of market

E. customer lifetime value

Social​ media, mobile​ apps, and blogs
Digital marketing tools used in digital and social media marketing include​ ________.

A. social​ media, mobile​ apps, and television advertising

B. social​ media, online​ video, and newspaper coupons

C. mobile​ apps, online​ video, and personal selling

D. e-mail, telemarketing, and blogs

E. social​ media, mobile​ apps, and blogs

The marketing mix
Selling and advertising are part of a larger set of marketing tools that work together to satisfy customer needs and build customer relationships known as​ _____________.

A. ​customer-engagement marketing
B. customer equity
C. market offerings
D. the marketing concept
E. the marketing mix

Not-for-profit marketing
​Vince’s Video has suffered in the current economy because fewer people have the money for videos and because people utilize available​ technology, including online streaming sites like YouTube and Hulu. The videos​ Vince’s Video does sell are often out priced by versions coming from China or​ Taiwan, or they are accused of damaging the environment. Which of the following marketing impacts has not likely affected​ Vince’s Video?

A. The digital age
B. Sustainable marketability
C. ​Not-for-profit marketing
D. The changing economic environment
E.Rapid globalization

Determine who in the community wants or needs a bicycle or repair service.
​Bob’s Bicycle Sales and Repair is a brand new company. From a marketing​ standpoint, what is the FIRST thing​ Bob’s Bicycle Sales and Repair needs to​ do?

A. Develop the best bicycle selection to sell.
B. Determine who in the community wants or needs a bicycle or repair service.
C. Develop relationships with the customers who come to purchase bicycles or repair services.
D. Develop a plan to sell as many bicycles as possible.
E. Advertise the company as a location in which to purchase bicycles or repair services.

For the purchase of unsought goods
When is the selling concept typically used by​ marketers?

A. For seasonal items
B. When the company focuses on customer needs
C. For the purchase of unsought goods
D. When the company seeks the​ long-term welfare of society
E. When the product is of high quality

The new concept focuses on the needs of the customer.
How does the new concept of marketing differ from the old concept of​ marketing?

A. The new concept is more cost efficient.
B. The new concept focuses on making money.
C.The new concept requires less work from marketing executives.
D. The new concept focuses on the needs of the customer.
E. The new concept focuses on having a​ well-developed product.

Capture value from customers.
The ultimate goal of the marketing process is to do which of the​ following?

A. Create a quality product.
B. Evaluate customer needs.
C. Determine a target market.
D. Capture value from customers.
E. Develop relationships with customers.

Frequency marketing program
Advantage Airlines has instituted a loyalty rewards program that rewards customers with free​ Wi-Fi, seat​ upgrades, and free miles for their continued patronage. What relationship tool is Advantage Airlines​ using?

A. Club marketing program
B. ​Consumer-generated marketing
C. Mass-media marketing
D. Frequency marketing program
E. Customer-perceived value

Delay responding to environmental legislation as it is instituted.
You can practice sustainable marketing by adhering to general practices. Which of the following would allow a company to profit by serving immediate needs and​ long-term interests but not necessarily be a practice of sustainable​ marketing?

A. Seek ways to profit by serving the​ long-run interests of customers and communities.
B. Help protect the natural environment.
C. Practice caring capitalism by being civic minded and responsible.
D. Deliver value in a socially and environmentally responsible way.
E. Delay responding to environmental legislation as it is instituted.

Should Junbee Inc. follow a product or marketing​ concept?
June and Beatrice have started a new​ company, Junbee​ Inc., and are having trouble deciding which marketing path to take to drive sales. June believes they should follow a​ make-and-sell philosophy that focuses on improving their​ product, whereas Beatrice believes they should be more​ customer-oriented and find the right products for their customers. Which of the following BEST describes this​ situation?

A. Should Junbee Inc. follow a marketing concept or a societal marketing​ concept?
B. Should Junbee Inc. follow a product or marketing​ concept?
C. Should Junbee Inc. follow a societal marketing or production​ concept?
D. Should Junbee Inc. follow a production or selling​ concept?
E. Should Junbee Inc. follow a product or selling​ concept?

An exchange
The act of obtaining a desired object from someone by offering something in return is known as which of the​ following?

A. A trade
B. A swap
C. A sale
D. A barter
E. An exchange

The Internet has allowed consumers to take marketing content and share it.
How has the Internet MOST affected companies and​ customers?

A. The Internet has made advertising easier.
B. The Internet has allowed consumers to take marketing content and share it.
C. The Internet has made creating an image more important.
D. The Internet has increased the potential customer base.
E. The Internet has lowered prices.

The​ customer’s opinion of what constitutes value
What is MOST likely to cause a variation in​ customer-perceived value?

A. The popularity of a product to the customer
B. The​ customer’s satisfaction with a product
C. The cost to produce a product
D. The​ customer’s opinion of what constitutes value
E. The cost of advertising to the target market

Selling concept
Which marketing philosophy holds that consumers will not buy enough of the​ firm’s products unless it undertakes a​ large-scale selling and promotion​ effort?

A. Product concept
B. Marketing concept
C. Societal marketing concept
D. Production concept
E. Selling concept

Profit
Which of the following is NOT one of the four Ps of the marketing​ mix?

A. Product
B. Price
C. Place
D. Profit
E. Promotion

The​ company, suppliers, marketing​ intermediaries, customer​ markets, competitors, and publics
Which of the following correctly lists the actors in a​ company’s microenvironment?

A. The​ company, suppliers, marketing​ intermediaries, customer​ markets, competitors, and publics

B. The​ company, suppliers, marketing​ intermediaries, technological​ forces, competitors, and cultural forces

C. The​ company, customers,​ suppliers, demographic​ forces, cultural​ forces, and competitors

D. Demographic​ forces, economic​ forces, technological​ forces, cultural​ forces, political​ forces, and customers

E. The​ company, customers,​ suppliers, demographic​ forces, cultural​ forces, and publics

Demographic, economic,​ natural, technological,​ political/social, and cultural forces
Forces in a​ company’s macroenvironment that shape opportunities and pose threats to the company include​ what?

A. Competitors, marketing​ intermediaries, demographics,​ political, and technology

B. Competitors, suppliers,​ natural, publics, and culture

C. Demographics, technology,​ culture, political, and publics

D. ​Demographic, economic,​ natural, technological,​ political/social, and cultural forces

E. Competitors, marketing​ intermediaries, publics,​ natural, and customers

The changing age structure of the population
What is the single most important demographic trend in the U.S.​ today?

A. Changes in the American family

B. The changing age structure of the population

C. A better educated population

D. Geographic population shifts

E. Increasing diversity

Income distribution levels
In addition to income​ levels, marketers need to pay attention to​ ______, which has created a tiered market.

A. foreign exchange rates

B. interest rates

C. consumer debt

D. savings patterns

E.income distribution levels

Shortages of raw materials
Which of the following is an important trend in the natural environment of which marketers should be​ aware?

A. Shortages of raw materials

B. Decreased pollution

C. Decreasing costs of nonrenewable resources

D. A decrease in consumer concern towards the environment

E. Decreased government intervention

To protect consumers from unfair business practices
Which of the following is a reason for business​ legislation?

A. To ensure that competition is unregulated

B. To provide legal guidelines for businesses and marketers without actually enforcing them

C. To ensure that companies make profits

D. To remove legal regulations from the free market economy

E. To protect consumers from unfair business practices

Whenever​ possible, take a proactive approach to the environment.
What advice would you give a firm about how to respond to the changing marketing​ environment?

A. Do not do anything until competitors respond.

B. If the current strategy is​ working, there is no need to respond to environmental changes.

C. Whenever​ possible, take a proactive approach to the environment.

D. Accept the fact that things change and not much can be done about it.

E. Watch environmental changes but react only when absolutely necessary.

Proactive
Firms that develop strategies to change the environmentlong dash—instead of assuming that strategic options are bounded by the current environmentlong dash—are being​ _______.

A. reactive

B. passive

C. proactive

D. shortsighted

E. unethical

Target a new market with a different product.
​Chicago’s Best Pizzeria has been operating on the north side of Chicago for over 30 years. Its target market includes​ young, urban professionals who want new​ style, organic pizzas with exotic ingredients.​ However, in recent​ years, the population in the​ pizzeria’s neighborhood has been shifting and fewer​ young, urban professionals live there. The population has grown older and wants traditional​ pizza, not pizza with exotic ingredients. Which of the following identifies the​ pizzeria’s BEST response to this​ situation?

A. Target a new market with a different product.

B. Run an ad campaign on the health benefits of pizza.

C. Be proactive and convince customers that​ “exotic is​ better.”

D. Cut the prices on its pizza.

E. Sell a different food​ product, such as hamburgers or sushi.

​Tina’s Tunes is likely to fail because it is ignoring the technological environment
​Tina’s Tunes is a music store that has been selling CDs for 20 years. Throughout the last six​ years, sales have continuously declined and profits have almost completely disappeared. The CEO of​ Tina’s Tunes believes resurgence is likely to happen soon and wants to continue business as usual. What is likely to happen to​ Tina’s Tunes?
A. ​Tina’s Tunes is likely to fail because it is ignoring the current political environment.

B. ​Tina’s tunes are likely to prosper as mistrust in the digital age increases.

C. Tina’s Tunes is likely to fail because it is ignoring the natural environment.

D. Tina’s Tunes will experience a rebound as the fear of the Great Recession declines.

E. ​Tina’s Tunes is likely to fail because it is ignoring the technological environment

Value marketing
​Roper’s Radical Racers is an upscale company that sells cars primarily to racecar drivers and movie producers. In the​ past, Roper’s Radical Racers marketed itself to the​ fun-loving driverlong dash—the driver who wanted to​ “race with​ life.” However, in the current​ economy, Roper’s has changed its slogan to​ “superior speed, superior​ savings.” Roper’s Radical Racers is engaging in which of the​ following?

A. Value marketing
B. Price slashing
C. Market consideration
D. Income distribution
E. Diversity targeting

A proactive stance allows a company to influence the market in its favor
To be​ successful, why should companies try to adopt a proactive stance on​ marketing?

A. A proactive stance allows a company to compete with its competitors on pricing alone.

B. A proactive stance allows a company to influence the market in its favor.

C. A proactive stance allows a company to let the market determine prices for its products.

D. A proactive stance allows a company to compete with its competitors on quality alone.

E. A proactive stance ensures that a company will increase its market share.

Proactive
​Beverly’s Burgers came under fire recently when allegations were made that its veggie burgers were actually made with beef. To counter the​ claims, the restaurant called in a company to test not only its veggie burgers but also the rest of its vegetarian options to prove they lacked meat. The results were displayed publicly on the​ restaurant’s Facebook page. What BEST describes​ Beverly’s Burgers response to the​ allegations?

A. Passive
B. Determinative
C. Reactive
D. Steadfast
E. Proactive

Intrusions on consumer privacy and the misuse of research findings
According to the​ text, two major public policy and ethical issues in marketing research are​ ________.

A. misuse of research findings and improper sampling procedures

B. paying research respondents and intrusions on consumer privacy

C. deceptive advertising and illegal pricing

D. intrusions on consumer privacy and inaccurate data analysis

E. intrusions on consumer privacy and the misuse of research findings

Marketing analytics
​_______ consists of the analysis​ tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance.

A. CRM
B. Touch points
C. Marketing analytics
D. Marketing information
E. Big data

Inform customers of the​ company’s privacy policy.
An international company has appointed a CPO to ensure the privacy and confidentiality of the consumer data it collects. Which of the following is the CPO MOST likely to do as a function of his​ job?

A. Use customer data in such a way to convince customers to buy products.

B. Inform customers of the​ company’s privacy policy.

C. Scour consumer financial information.

D. Compile an exhaustive resource of customer data.

E. Track the clicks of customers on websites.

Comparing research findings to other studies
Which of the following is NOT a step in the marketing research​ process?

A. Interpreting and reporting the findings

B. Implementing the research plan

C. Comparing research findings to other studies

D. Developing the research plan

E. Defining the research problem

Send researchers​ door-to-door to collect the data from target consumers.
​Lydia’s Lights wants to extend its market into Mexico. Before jumping​ in, the company needs to conduct some​ in-depth research to gauge​ customer’s needs,​ interests, and buying patterns. Which of the following is the BEST option for​ Lydia’s Lights?

A. Set up a call center to be the base for researchers to telephone the target consumers.

B. Send researchers​ door-to-door to collect the data from target consumers.

C. Gather only secondary data to minimize expenses.

D. Send out a survey by mass​ e-mail to the target consumers.

E. Deliver surveys to the target consumers through the mail.

Publicly available
Competitive marketing intelligence uses​ _________ data sources.

A. private
B. expensive
C. competitor’s internal
D. publicly available
E. internal