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MKT 3000 Exam 1
| Question | Answer |
|---|---|
| What is an example of a marketing manager's role within an organization? | Responsible for all short-term and long-term operational and strategic activities of a firm |
| The process of thoughtfully defining a firm’s objectives and developing a method for achieving those objectives is known as? | Strategic planning |
| Factors such as competition, societal change, economic uncertainty, and evolving customer demand are all part of a firm’s? | Marketing environment |
| If a firm wanted to adjust the cost of a service by 2 percent to stay competitive, on which of the four Ps would it be focusing? | Price |
| What are the 4P's of the marketing mix? | Product, price, place, and promotion |
| Marketing is defined as | The process of creating, communicating, and delivering value to customers and managing those relationships in ways that benefit the organization and its employees, customers, investors, and society as a whole. |
| Without successful marketing, there is no need for a firm to expand its business or invest in capital expenditures. Which key functional area would be most affected by this lack of growth and investment? | Finance |
| The four Ps are product, price, place, and? | Promotion |
| One key goal of marketing is to | Focus on satisfying the needs of the customer |
| What is true about of customer value? | Value is what customers receive from a product less what they give to obtain it |
| Why should marketers distinguish between needs and wants? | It helps them provide products that fulfill customers’ wants and satisfy their underlying needs |
| What is true of the marketing mix? | The primary way that marketers generate value is through decisions on product, price, place, and promotion. These elements are known as the four Ps of the marketing mix |
| What is the role of the promotion element in the marketing mix? | Communicating the value of a product to customers |
| A consumer need is something one has to have for survival, whereas a consumer want is... | Is something one would like to have but does not require it for survival |
| What is the primary way that firms capture value from customers? | Price |
| Defines customer value? | Customer value refers to the perceived benefits, both monetary and nonmonetary, that customers receive from a product |
| Which of the four Ps of the marketing mix is typically the easiest to change and therefore makes it a powerful tool for firms that are looking to quickly adjust their market share or revenues? | Price |
| Which marketing mix element involves decisions regarding distribution and inventory management? | Place |
| What is the sequence of steps in the consumer purchase decision process? | Problem recognition, information search, evaluation of alternatives, purchase, and postpurchase evaluation |
| In order to ensure that firms sell more products more profitably, what do marketers need to understand about individuals and organizations and the purchases they make? | Why, when, where, and how they make their purchases |
| What correctly identifies the variations of the consumer purchase decision process? | Routine, limited, and extended problem solving |
| According to Maslow’s hierarchy of needs, once their physical needs have been satisfied, consumers’ _____ take precedence. | Safety needs |
| The way in which individuals and organizations make decisions to spend their available resources, such as time or money, is known as? | Consumer behavior |
| Consumer learning typically begins with | A stimulus that encourages consumers to act to reduce a need or want |
| The marketing environment comprises ________ and ________ factors that affect firms and may help or hurt a product in the marketplace | Internal; external |
| There are six major external factors that influence the marketing environment of a firm: economic, demographic, technological, political/ legal, competitive, and | Sociocultural. |
| Of the six external environmental factors that impact the marketing environment, this one considers the impact of agencies like the Federal Trade Commission (FTC) | Political/legal |
| A firm’s ________ is considered part of its immediate environment because it is something the firm can control, unlike ________ within the firm’s external environment, which the firm cannot control. | Internal structure; economic changes |
| The description of human populations based on characteristics such as age, gender, ethnicity, and education level is referred to as? | Demographics |
| As the ethnic composition of the United States continues to rapidly change, this gives marketers the opportunity to? | Adapt their marketing strategies to appeal to the growing variety of unique tastes and cultures |
| Indirect competition occurs when? | Products provide alternative solutions to the same problem |
| _____ is the most common gauge of the overall expansion or contraction of an economy. | Gross domestic product |
| What is the relationship between purchasing power and inflation? | Purchasing power decreases with rising inflation |
| If the economy of a country contracts and people lose jobs? | Consumer confidence decreases |
| Describe the relationship between global and domestic marketing? | Expanding into a global market often spurs innovation as firms respond to market differences that later become product improvements for all markets |
| U.S. companies often learn about consumer behavior in other regions of the world by? | Using local marketing research companies in other countries |
| The way wealth is allocated across the population of a country, which is known as ________, is one of the three economic factors that can impact global marketing. | Income distribution |
| A domestic firm believes that global consumers want exactly the same products as its U.S. consumers. This belief shows that the firm is most likely ignoring the importance of? | Cultural fit |
| What is a consequence of strong global competition? | A firm will start to localize its operations and change its brand to better suit the specific global market |
| Which of the following market entry strategies provides a firm with the least risk for entering the global market? | Exporting |
| A direct ownership is when a domestic firm? | Actively manages an overseas facility and maintains greater control over its various operations |
| A company that sells its exports to another country at a lower price than it sells the same product in its domestic market is known as? | Product dumping |
| True or false firms should keep consistent brand messages across both its domestic and global markets. | False |
| When marketers segment based on _____, they divide the market into groups according to the reason consumers purchase products. | Psychographics |
| Which of the following strategies exemplifies a geographic segmentation strategy based on customer convenience? | Cracker Barrel Old Country Store® locating its stores along interstate highways |
| What is a variable of behavioral segmentation? | Loyalty |
| Segments must be _____ in order to be considered as potential target markets because such segments hold promise of greater rewards (sales, profits, market share, etc.). | Substantial |
| The allocation of promotional resources should be considered in the context of how _____ a segment is. | Actionable |
| Which common form of external data helps marketers understand what influences a consumer’s purchasing behavior? | Psychographics |
| What are the 3c's | Customers, Company, and Competition |
| Marketing strategy | The set of actions taken to accomplish organizational objectives |
| Strategic planning | The process of thoughtfully defining a firm’s objectives and developing a method for achieving those objectives |
| Marketing mix | A combination of activities related to product, price, place, and promotion that represent areas a firm can adjust to influence demand for its good, service, or idea. |
| Customer value | What customers receive from a product less what they give in order to obtain it |
| Value creation | Occurs when consumers use products or services that satisfy their needs and wants |
| Exchange | When a buyer and seller trade things of value so that each is better off as a result |
| Product | A specific combination of goods, services, or ideas that a firm offers to consumers |
| Price | The amount of something—money, time, or effort—that a buyer exchanges with a seller to obtain a product typically the easiest and most common marketing mix element to change |
| Place | Includes the activities a firm undertakes to make its product available to potential consumers examples includes location, distribution, inventory management, and even where to put an item in a store |
| Promotion | Refers to all the activities that communicate the value of a product and persuade customers to buy it |
| Needs | States of felt deprivation |
| Wants | Something that you would like to have |
| External information search | Consumers seek information beyond their personal knowledge and experience |
| Internal information search | Consumers use past experiences with items from the same brand or product class as sources of information |
| Evaluation of Alternatives | Once consumers acquire information, they can use it to evaluate different alternatives |
| Post-purchase evaluation | Occurs after the sale is complete |
| What are the three main things evaluated after a purchase? | Customer satisfaction, cognitive dissonance, loyalty |
| Customer satisfaction | A state that is achieved when customers’ expectations and needs are met |
| Cognitive dissonance | Mental conflict that occurs when consumers acquire new information that contradicts their beliefs or assumptions about the purchase |
| Loyalty | An accrued satisfaction over time that results in repeat purchases |
Created by:
lback21