Marketing Midterm/ CH. 1-10

Good marketing is not a random activity it is
planned
The four Ps of the marketing mix include
promotion,product,place,price
is what you get for what you give
Value
Marketers must determine the price of a product carefully, based on potential buyers’ beliefs about
Value
The marketing goal of getting the “right quantities to the right locations, at the right time” relates to ___________________________________.
Marketing Channel
is communication by a marketer that informs, persuades, or reminds potential customers about a product.
Promotion
The goal of customer relationship management is to
Build loyalty on value of customer
Marketing enriches society by
Involving the company in social activities
The activity, set of institutions, and process for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is called
Marketing
Which element of the marketing mix is most relevant to the activity “capturing value
Price
Which element of the marketing mix is most relevant to the activity “creating value”?
Product
If a firm wants to develop a sustainable competitive advantage, it should
Focus on something others cant do
What two elements of the SWOT Analysis are Internal
Strength and weakness
What two elements of the SWOT Analysis are External
Opportunities and threats
involves the process of defining the marketing mix variables so that target customers have a clear, distinctive understanding of what a product does or represents in comparison with competing products.
Market positioning
The process of dividing the market into groups of customers with different needs, wants, or characteristics is called
Market segmentation
involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.
market positioning
The primary purpose of the __________ plan is to specify the marketing activities for a specific time
marketing
What is the definition of Social Media
websites and applications that enable users to create and share content
Instagram is an example of what type of social media site
media sharing
YouTube is an example of what type of social media site
video media sharing
The three elements of the social media engagement process are?
Assesment, implementation, get momentum
Marketers rely on social media to achieve three objectives. What are those objectives
Listen Analyze and Do
Deceptive advertising and promotion of inferior products are examples of __________ ethical issues.
marketing
Refers to voluntary actions taken by a company to address the ethical impacts on business operations
corporate social responsibility
Stakeholders typically include the firm’s ____________, __________, ____________, and members of the ____________ in which the firm operates.
employees,suppliers,government, community
The centerpiece of the marketing environment analysis framework is
consumers
A firm’s immediate environment includes all of the following
company,competition, consumers, corporate partners
A firm’s macroenvironment includes all of the following
culture, economic, demographics, technology, political
The shared meanings, beliefs, morals, values, and customs of a group of people constitute their
culture
Typical demographic data include all of the following
age gender race religion
Marketers often use principles and theories from sociology and psychology to better understand consumers’ actions and to
develop basic strategies for dealing with behaivor
The consumer decision process model represents
the steps consumers go through before, after, and during the buying process
The consumer buying process begins when
consumer recognizes need recognition
Upscale men’s and women’s clothing stores like Nordstrom, Neiman Marcus, or Saks Fifth Avenue are more likely to appeal to consumers’ __________ needs.
physiological
When mountain climbers purchase clothing for scaling Mount Everest, their purchases are primarily addressing __________ needs.
functional
Consumers consider universal, retrieval, and evoked sets during which stage of the consumer decision process?
evaluation of alternatives
Marketers particularly want their brands and products to be in consumers’ __________ sets
evoked
Marketers are particularly interested in postpurchase behavior because it
entails actual rather than potential consumers
Marketers frequently design customer relationship management programs to
retain loyal customers
refer(s) to the process by which consumers select, organize, and interpret information to form a meaningful picture of the world
perception
The traditional marketing strategy of selling umbrellas when it is raining is an example of how __________ factors influence consumers’ decisions.
situational
What are five types of risks associated with purchase decisions
performance /financial/ social/ psychological/ physiological
The greater the difference between a consumer’s unsatisfied need and the desired state, the greater the ________________________ will be.
need recognition
Brenda wants a new car that will be dependable transportation and look good. She wants to satisfy both ______________ and _______________ needs.
functional and psycological
Generally, people buy one product or service instead of another because they
perceive it to be better value for them
A key to successful marketing is determining how to meet the correct balance of __________ needs that best appeals to the firm’s target markets.
functional
attributes are product or service features that are important to buyers and that are used to differentiate among choices.
determinant
Business-to-business marketing involves buying and selling goods or services by ____________,
____________, and __________________.
retailors, service producers, government
Whether targeting consumers or resellers, marketers need to focus on
creating value for their customers
In most countries, __________ is(are) among the largest purchasers of goods and services.
government
Both the B2B and B2C buying processes begin with
need recognition
Compared to the B2C process, the information search and alternative evaluation steps in the B2B
process are
more formal and structured
Most B2B buying situations can be categorized as _____________, __________, and _____________.
new buy, straight rebuy, modified rebuy
refers to the processes by which goods, services, capital, people, information, and
ideas flow across national borders.
globalization
The components of global market assessment include
government actions, infastructure and technology, economic analysis, socioculture analysis
Global businesses often find it particularly difficult to understand the __________ of a country’s
culture
values
affects every aspect of consumers’ purchase decisions.
culture
When entering a foreign market, the least risky strategy is
exporting
Of the five strategies for entering new markets, ____________________ creates the greatest potential
risk.
direct investment
Many of the best-known American retailers, like Starbucks and McDonalds, have contractual
agreements with another firm or individuals, allowing its businesses to operate overseas. These
companies expanded globally using
franchising
The most important consideration when a firm chooses a global product strategy should
be
needs of target market
The first step in the STP process is to
establish overall objectives
Four frequently used targeting strategies are the _______________, _______________, ____________,
and __________ targeting strategies.
consumer, behavioral, contextual, segment
For products like clothes pins, which provide the same benefit for all consumers, marketers should
probably use a(n) ______________ strategy.
undifferentiated targeting
Adidas Group owns Reebok, Rockport, and TaylorMade brands. Adidas uses the different brands to
pursue a(n) __________ strategy.
differentiated
Firms use a differentiated targeting strategy because
target several segements with different offers
is an extreme form of a targeting strategy.
micromarketing
segmentation is the most common basis of consumer market segmentation because these
segments are easy to define and usually easy to reach.
demographic
Beer marketers know that high school educated, working-class males from the ages of 25 to 40 make an
attractive market for their products. This is a __________ segment of the beer market.
demographic
Psychographics is the segmentation method that delves into how consumers
describe themselves
segmentation is the segmentation method most directly related to value creation for
consumers.
demographic
The phrase “birds of a feather flock together” captures the idea of __________ segmentation
geodemographic
Marketers often create a special marketing mix for loyalty segments because these segments
are
quite profiable
When selecting a target market, firms will be most successful if they
pick an audience
involves defining the firm’s marketing mix variables so that target customers have a clear,
distinctive, and desirable understanding of the firm’s offerings relative to competitors’ offerings.
positioning
A __________ is often used to illustrate the position of a firm’s products or brands in consumers’ minds.
perceptual map
The ______________________ is defined as the unique value that a product or service provides to
customers
customer value
Marketing research includes all of the following; collecting data, ________________ data,
_________________ data and _______________________ data.
recording analyzing and interpreting
Two types of data are ________________ data and _________________ data.
primary and secondary
The marketing research process follows what five steps?
defining research objectives, design research, data collection, analyzing data, action plan and implementation
The first question a marketing researcher should ask before embarking on a research study is,
will the research be useful
Just as marketers create value by meeting the needs and wants of consumers, marketing researchers
create value if
the results will be used in many management decisions
Data collection begins
only after completing the research design process
A marketing research project often begins with a review of the relevant __________ data.
secondary
A major advantage of primary data collection is
it can be tailored to meet specific research needs
A major disadvantage of primary data collection is
time consuming
Social media monitoring, in-depth interviews, and focus groups are all __________ research methods.
qualatative
A(n) __________ is a small group of people brought together for an intensive discussion of a topic
focus group
Commercial research firms like Nielsen and J. D. Power and Associates are sources of ______________
data
syndicated secondary
Company sales invoices, census data, and trade association statistics are examples of _______________
data
secondary
What is meant by data mining?
the use of a variety of statistical analysis tools to uncover previously unknown patterns
A disadvantage to using ___________ data is that they might not be precisely relevant to the
information needed.
secondary
Political consultants have been using marketing research for decades to help their candidates
understand ______
who makes up the voting public and how to reach them
Walmart is known for its efficient logistical systems. Every time consumers buy something, that
purchase is recorded and sent to company headquarters, where it is used to generate reorders to vendors.
In addition, customers’ billions of purchases are analyzed to uncover patterns of consumers’ purchasing
behavior. This is an example of
patterns of consumers purchasing behaivor
If a firm has demographic and purchasing information about its customers, the firm can use data mining
techniques to
build seperate marketing programs for different demographic segments
From charitable giving to medical records to Internet tracking, consumers are more anxious than ever
about
preserving their right to privacy
Benefit-cost analysis in marketing research weighs
the benefits of answering questions against the cost of the research