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Marketing Quiz ch. 1
chapter 1 -2
| Question | Answer |
|---|---|
| A(n) __________ is the set of actual and potential buyers of a product or service. | Market. |
| All of the following are the main elements in a marketing system EXCEPT __________. | Needs. |
| Which of the following represent market offerings? | Products, services, information, and experiences. |
| Some combination of products, services, solutions, and experiences provided to satisfy a need or a want is referred to as ____________. | Market offerings. |
| Herb Kelleher of Southwest Airlines was famous for greeting employees and passengers on Southwest flights. This personal involvement was an example of how this helped him to understand _________. | his customers, needs, wants, and demands. |
| Which of the following correctly identifies the five core customer and marketplace concepts? | Needs, wants, and demands; market offerings; value and satisfaction; exchanges and relationships; and markets |
| Which of the following represent market offerings? | Products, services, information, and experiences |
| What are the two important questions a marketing manager must answer to design a winning marketing strategy? | What customers will we serve? How can we serve these customers best? |
| What are the key considerations underlying the Societal Marketing Concept? | Consumers' wants, consumers' long-run interests, the company's requirements, and society's long-run interests |
| When a company is deciding which customers to cultivate, it is engaging in ________. | target marketing |
| The major marketing mix tools are referred to as _________. | the four Ps of marketing |
| Which marketing management orientation is typically used with unsought goods? | The selling concept |
| JetBlue's promise of "award winning service from award-winningly nice humans," and stating that "Just Alright Doesn't Fly Here" is an example of __________. | a value proposition |
| What is the key to building lasting customer relationships? | Creating superior customer value and satisfaction |
| What is the overall goal of customer-engagement marketing? | To make the brand a meaningful part of consumers' conversations and lives |
| ________ is the overall process of building and maintaining profitable customer connections by delivering superior customer value and satisfaction. | Customer relationship management |
| Customer brand advocacy refers to ________. | actions through which satisfied customers initiate favorable interactions with others about a brand |
| A strategy for creating value and building strong customer relationships includes ________, which means working closely with others inside and outside the company to jointly engage and bring more value to customers. | partner relationship management |
| Which customer relationship group is potentially profitable but not loyal? | Butterflies |
| Which of the following BEST describes artificial intelligence (AI) and big data in today's technology landscape? | AI and big data create a global environment where data-driven insights enhance decision-making across various sectors. |
| With so many information sources available digitally, companies can collect mountains of data called ________ and make sense of it using ________. | marketing analytics; artificial intelligence |
| ________ is revolutionizing marketing by helping to automate many analytical and creative tasks that are typically done by humans but doing them faster, often better, and at lower costs. | Artificial intelligence |
| Which major trend is ideal for engaging customers anytime, anywhere, as they move through the buying process? | Mobile marketing |
| Marketing tools used in digital and social media marketing include ________. | social media, mobile apps, and blogs |
| The focus of which of the following processes not only sets the stage for planning in the firm, but also represents the maintenance and development of the organization's goals and capabilities and its changing marketing opportunities? | Strategic planning |
| What is the correct sequence of the steps in the strategic planning process? | Define the company mission, set company objectives and goals, design the business portfolio, and plan the marketing and other functional strategies |
| _________ is the process of developing and maintaining a profitable long-term fit between the organization's goals and capabilities and its changing marketing opportunities. | Strategic planning |
| What is the first step in the strategic planning process? | Defining the company's mission |
| Mission statements should be ________. | defined in terms of customer needs |
| Which is an example of a market-oriented business definition? | We empower our busy customers to maintain a healthy diet even when they don't have time to cook. |
| Most standard portfolio analysis methods evaluate strategic business units (SBUs) on their performance in two important dimensions. What are these two dimensions? | The attractiveness of the SBU's market or industry in terms of growth and other factors and the strength of the SBU's position in that market or industry |
| A fitness equipment company wants to introduce its existing line of exercise machines into the European market. Based on the product/market expansion grid, which growth strategy is the firm using? | Product development |
| A fitness equipment company wants to introduce its existing line of exercise machines into the European market. Based on the product/market expansion grid, which growth strategy is the firm using? | Market development |
| The best ________ is the one that best fits the company's strengths and weaknesses to opportunities in the environment. | business portfolio |
| High-growth, high-share businesses, or products are classified as which of the following SBU groups? | Stars |
| Which strategy is NOT found in the product/market expansion grid? | Consolidation |
| Fairly recently, Starbucks began expanding into China. At one point, Starbucks was opening a new store in China every 15 hours. Which product/market expansion strategy does this represent? | Market development |
| The idea of focusing on creating customer value and building profitable relationships with important consumer groups is known as ____________. | the marketing concept |
| ________ compose a company's external value network. | Suppliers, distributors, and customers |
| Marketers' practice _________ when they closely collaborate with other company departments to form an internal value chain that serves customers. | partner relationship management |
| The _______ is a guiding philosophy that focuses the company strategy on creating customer value and building profitable relationships with key customer segments. | marketing concept |
| As part of marketing's role, the department works closely with partners in other departments to form an effective ________, with each department carrying out activities to design, produce, market, deliver, and support the firm's products. | internal value chain |
| Subway's reputation for its fresh sandwiches is effective to the extent that it successfully partners with its franchisees, suppliers, and others to jointly fulfill its "Eat fresh. Feel good." promise. To achieve this, Subway has developed a finely t | value delivery network |
| ________ is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate marketing strategies or mixes. | Market segmentation |
| What are the four Ps of the marketing mix? | Product, price, place, promotion |
| Liberty Mutual's "only pay for what you need" slogan aimed at saving people from overpaying for one-size-fits-all insurance is an example of ________. | differentiation |
| What is at the center of managing marketing strategies and the marketing mix? | Customers |
| The customer-driven company divides the total market into smaller segments, selects segments it can best serve, and decides how it wants to bring value to target consumers in the selected segments. It then designs a(n) ________. | integrated marketing mix |
| Which of the following is NOT a variable in a company's marketing mix? | Profits |
| Which of the following elements are typically not included in a comprehensive marketing plan? | Depreciation approach for product manufacturing machines |
| Which of the following statements best describes marketing implementation? | Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives |
| Which of the five marketing management functions consists of measuring and evaluating the results of marketing activities and taking corrective action where needed? | Control |
| In which part of which marketing management function should marketers evaluate the firm's overall strengths, weaknesses, opportunities, and threats? | Analysis |
| The most common form of marketing organization is the _________ organization which is staffed with specialists such as a digital content manager or a customer service manager. | functional |
| Today's marketers face growing pressures to show that they are adding value in line with their costs. In response, marketers are using a key marketing performance measure that reflects the profits generated by investments in marketing called ________. | marketing ROI |
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