Marketing 320 Exam 1

marketing is managing profitable customer relationships true or false
true
Organizations choose to use only a few of the available online and social media. Using multiple social media results in confused fans. True or False
false
For most marketers, customer relationship management is exclusively a matter of customer data management true or false
false
Customer equity refers to __________.
the total combined customer lifetime value of all of the companies current and potential customers
Jolene firm markets preplanning services for a mortician.She finds that most of her target market avoids discussing future funeral needs. She convinces people to invest in the firms services through her large-scale promotional efforts. Jolenes firm most likely practices the_______.
selling concept
Market offerings are limited to physical products. True or False
false
Some fast-food restaurants offer tasty and convenient food and affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems. These fast-food restaurant overlook the __________ philosophy.
societal marketing concept
Which of the following marketing management concepts is most likely to lead to marketing myopia
product concept
Which of the following is most likely result of a marketing strategy that attempts to serve all professional customers
not all customers will be satisfied
Customers can be classified into 4 relationship groups based on their profitability and projected loyalty. Which customer type is associated with high profitability and long-term loyalty?
true friends
A companies marketing environment excludes the forces outside the marketing department that affect marketing management ability to build and maintain successful relationships with target customers true or false
false
In the context of geographical shifts in the population, the migration toward ____ areas has resulted in a rapid increase in the number of people who telecommute.
micropolital
________ help companies stock and move goods from their points of origin to their destinations
physical distribution firms
Cape Sky an international insurance and financial company is the primary sponsor of the annual new york city marathon which is attended by over one million fans and watched by million viewers worldwide.The Cape Sky logo and name are displayed throughout the racecourse. Cape Sky most likely sponsors this event in order to appeal to which of the following types of publics
general publics
Babita Singh, a 51-year old schoolteacher from los angelos believes that people should choose a profession they like which is an example of babitas ________
secondary belief
marketers should understand that peoples core beliefs and values tend to be ________
fixed
Which group includes neighborhood residents and community organizations
local publics
A trend has been peoples growing mastery over nature through technology and that belief that nature is bountiful, but also that it is finite and fragile true or false
true
Which of the following is most likely true with regard to peoples views of organizations in contemporary America?
The past two decades have seen a sharp decrease in confidence in and loyalty toward Americas business organizations
Among the generational groups in the U.S population, the _______ are still the wealthiest generation in US history
baby boomers
When a customer feels uneasy about losing out on the benefits of a brand not purchased, she is likely to experience _______
cognitive dissonance
Family is one of the ____ factors that influence consumer behavior.
social
Some consumers worry that they will be affected by marketing messages without even knowing it. They are concerned about _______.
subliminal advertising
______ Refers to the unique physiological characteristics that distinguish an individual or group
personality
What is one of the most important consumer buying organization in society
family
Commercial sources of information typically legitimize and evaluate products for buyers true or false
false
_____ are societies relatively permanent and ordered divisions whose members share similar values, interests and behaviors
social classes
A ______ is a descriptive thought that a person has about something
belief
______ are distribution channel firms that help the company find customers or make sales for them
Resellers
The microenvironment consists of all of all of the following except _______
demographics
the “echo boomers” is another name for ______
millennial
the _____ environment consists of economic factors that affect consumer purchasing power and spending patterns
economic
Shortages of certain raw materials is a major trend related to the ____ environment
natural
The ____ environment is the most dramatic force shaping the destiny of the markets and marketing
technological
Business legislation has been enacted for a number of reasons which include all of the following except
developing a code of ethics
the ____ environment consists of institutions and other forces that affect a societys basic values
cultural
A _____ stance by companies toward the marketing environment is preferred over a reactive stance
proactive
Many companies view the marketing environment as an _____ element to which they must react and adapt
uncontrollable
compared to the mainstream buying public, Hispanic consumers tend to be deeply _____ oriented making this a special characteristic and behavior
family
According to the stimulus-response model of buyer behavior, marketing and other stimuli enter the consumers _____ and produce certain responses
black box
Consumer purchases are influenced strongly by certain characteristics which include all of the following except _____
cognitive
Consumer motivation, perception, and learning are related to the _____ factors influencing consumer behavior
psychological
_____ behavior occurs when consumers are highly involved with an expensive, infrequent, or risky purchase but see little difference among brands
dissonance-reducing buying
When does the habitual buying behavior occur?
Under conditions of low-consumer involvement little significant brand difference
in the product adoption process
there are five stages
the first group marketers try to bring their new products to the attention to are potential _______
innovators
Is a process by which companies create value for customer and build strong customer relationships in order to capture value from customer in return
marketing
are some combination of products, services, information, or experiences offered to a market to satisfy a need or want
market offerings
is focusing only on existing wants and losing sight of underlying consumer needs
marketing myopia
is the act of obtaining a desired object from someone by offering something in return
exchange
marketing actions try to create, maintain, and grow desirable
exchange relationship
is the art and science of choosing target markets and building profitable relationships with them
marketing management
refers to dividing the markets into segments of customers
market segmentation
refers to which segments to go after
target marketing
is the set of benefits or values it promises to deliver to customers to satisfy their needs
value proposition
consumers will favor products that available and highly affordable
production concept
is the set of tools (four Ps) the firm uses to implement its marketing strategy. This set includes product, price, promotion, and place.
marketing mix
is a comprehensive plan that communicates and delivers the intended value to chosen customers.
integrated marketing program
is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Customer relationship management
Brand exchanges created by consumers themselves—both invited and uninvited—by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers.
Consumer-Generated Marketing
is the value of the entire stream of purchases that the customer would make over a lifetime of
patronage.
Customer lifetime value
is the portion of the customer’s purchasing that a company gets in its product categories.
Share of customer
is the total combined customer lifetime values of all of the company’s customers.
Customer equity
involves using digital marketing tools such as web sites, social media, mobile ads and apps, online videos, e-mail, and blogs that engage consumers anywhere, at any time, via their digital devices
Digital and social media marketing
includes the actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers
marketing environment
consists of the actors close to the company that affect its ability to serve its customers—the company, suppliers, marketing intermediaries, customer markets, competitors, and publics.
Microenvironment
consists of the larger societal forces that affect the microenvironment—demographic, economic, natural, technological, political, and cultural forces.
Macroenvironment
is the study of human populations– size, density, location, age, gender, race, occupation, and other statistics.
Demography
involves people, and people make up markets.
Demographic environment
include changing age and family structures, geographic population shifts, educational characteristics, and population diversity.
Demographic trends
is important in segmenting people by lifestyle or life stage instead of age.
Generational marketing
involves offering financially cautious buyers greater value—the right combination of quality and service at a fair price
Value marketing
is the physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities.
natural environment
involves developing strategies and practices that create a world economy that the planet can support indefinitely.
Environmental sustainability
consists of institutions and other forces that affect a society’s basic values, perceptions, and behaviors.
cultural environment
are persistent and are passed on from parents to children and are reinforced by schools, churches, businesses, and government
Core beliefs and values
are more open to change and include people’s views of themselves, others, organizations, society, nature, and the universe.
Secondary beliefs and values
is the buying behavior of final consumers—individuals and households that buy goods and services for personal consumption
Consumer buyer behavior
are made up of all the individuals and households that buy or acquire goods and services for personal consumption.
Consumer markets
is the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions. The American culture values achievement and success, activity, efficiency and practicality, progress, material comfort, individualism, freedom, external conformity, humanitarianism, youthfulness, fitness and health.
Culture
is the most important consumer-buying organization in society.
Family
can be defined by a person’s position in a group
Role and status
affects the goods and services bought by consumers
Occupation
situations include trends in:
Economic
is a person’s pattern of living as expressed in his or her psychographics.
Lifestyle
refers to the unique psychological characteristics that distinguish a person or group
Personality
is a need that is sufficiently pressing to direct the person to seek satisfaction of the need.
motive
refers to qualitative research designed to probe consumers’ hidden, subconscious motivations.
Motivation research
is the process by which people select, organize, and interpret information to form a meaningful picture of the world.
Perception
is the tendency to remember good points made about a brand they favor and forget good points about competing brands.
Selective retention
is a descriptive thought that a person has about something based on
belief
describes a person’s relatively consistent evaluations, feelings, and tendencies toward an object or idea.
attitude
is the first stage of the buyer decision process, in which the consumer recognizes a problem or need triggered
Need recognition
is the stage of the buyer decision process in which the consumer is motivated to search for more information.
Information search
is the stage of the buyer decision process in which the consumer uses information to evaluate alternative brands in the choice set.
Alternative evaluation
is the buyer’s decision about which brand to purchase.
Purchase decision
is the stage of the buyer decision process in which consumers take further action after purchase, based on their satisfaction or dissatisfaction.
Postpurchase behavior
is buyer discomfort caused by postpurchase conflict.
Cognitive dissonance
is the mental process an individual goes through from first learning about an innovation to final regular use.
adoption process