Exam 1 for marketing
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| After understanding the marketplace and customer needs, what is the next step in the marketing process? | Designing a customer value-diven marketing strategy
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| The first step of the marketing process. | Understanding the marketplace, customer needs, and customer wants
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| The second step of the marketing process. | Developing a marketing strategy
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| The third step of the marketing process. | Delivering superior value
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| The fourth step of the marketing process. | Building strong relationships with customers
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| The fifth step of the marketing process. | Capturing value from customers
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| Mary is hungry and chooses to go to McDonalds for a salad. Mary's hunger is a _______ and her choice of a salad is a _______ | need; want
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| The actual and potential buyers in a market share which of the following characteristics? | They share a particular need or want.
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| The first step to a successful value-driven marketing strategy is to determine whom to serve with a market offering. To make this decision, marketers engage in which two activities? | Segmenting and targeting
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| The marketing mix is referred to as the four Ps of marketing. Which of the following are the four Ps? | Product, price, place, and promotion
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| FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh those benefits against the monetary costs and other costs of using the service, they are acting on ________. | customer-perceived value
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| Which customer group is potentially profitable but not loyal? | Butterflies
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| A type of customer who are loyal but not very profitable | Barnicales
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| Which of the following statements regarding the changing marketing landscape is correct? | Digital technology has changed the way we live.
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| Nike states that it wants to "bring inspiration and innovation to every athlete in the world." This is Nike's _________. | market-oriented mission statement
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| The primary purpose of a strategic plan is to ________________. | develop and maintain a strategic fit between a company's goals and capabilities and its changing marketing opportunities
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| According to the BCG matrix, ______ are high-share, high-growth products. When the market growth slows, these products become ________. | stars; cash cows
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| Starbucks is opening Princi Bakery and Café shops, which offer artisan Italian food. Which growth strategy is Starbucks pursuing? | Diversification
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| A marketing strategy that involves increasing a product or service's market share and sales within an existing market. | Market penetration
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| When a company sells a portion of its assets or business units. | Divestment
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| One key role marketing plays in a company's strategic planning is to _________. | provide a guiding philosophy
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| Which one of the following statements about marketing's role in strategic planning is correct? | Marketing provides inputs to strategic planners.
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| What is one primary purpose of a product's position? | Differentiation
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| The four Ps of the marketing mix are redefined in customer terms as the four As. What are the four As of the marketing mix? | Acceptability, affordability, accessibility, awareness
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| Which of the following is NOT one of the five marketing management functions? | Customer service
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| Which of the following is a true statement regarding managing and measuring marketing return on investment (ROI)? | Marketers are increasingly using measures such as customer acquisition and retention, customer engagement, and customer equity as measures of ROI.
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| Which of the following correctly lists actors in a company's microenvironment? | Competitors, marketing intermediaries, suppliers, and publics
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| One challenge that marketers face regarding the macroenvironment is that ________. | changes in this environment are often unforeseeable and uncontrollable
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| According to the text, what is the single most important demographic trend in the United States today? | The changing age structure of the population
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| Which of the following is an important trend in the natural environment that marketers should be aware of? | A movement toward environmental sustainability
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| Which of the following is true regarding the technological environment? | Companies must keep up with changes in technology or risk being left behind.
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| One important reason that business legislation is enacted is to ________. | protect consumers from unfair business practices
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| One result of changes in people's views of nature is ________. | the growth of the market for organic products and alternative medicines
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| Being proactive toward the marketing environment means that a company ________. | develops strategies to change the environment
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| A firm is concerned about how to prepare for changes in its marketing environment. What advice would you give the firm? | Whenever possible, take a proactive approach to the environment.
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| To deliver real value to marketers, marketing information must ________. | provide useful customer insights
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| Which of the following statements about big data is correct? | One result of big data is that marketing managers are often overloaded and overwhelmed with information.
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| To develop needed information, marketing information ecosystems utilize ________. | internal databases, marketing intelligence, and marketing research
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| Which of the following statements about competitive marketing intelligence is correct? | The goal of competitive marketing intelligence is to improve strategic decision making.
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| You and seven other people are talking with a trained moderator about your feelings and thoughts regarding a potential new product. For doing this, you receive a small payment. You are participating in a(n) ________. | focus group interview
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| Companies use ________ to manage detailed information about individual customers. | Customer relationship Management (CRM)
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| The main purpose of CRM is to __________. | build stronger customer relationships
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| Which one of the following statements about marketing research in small businesses and non-profit organizations is correct? | Although the research methods used by small businesses and nonprofits are less complex and costly, they still must be conducted carefully.
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| According to the text, the three major public policy and ethical issues in marketing research are ________. | intrusions on consumer privacy, data security and protection, and the misuse of research findings
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| What are the two parts to how buyers process stimuli into responses? | The buyer's characteristics and the buyer's decision process
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| Other than marketing stimuli, factors in the buyer's environment include ________. | economic, technological, social, and cultural forces
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| ________ are the social factors that influence consumer buyer behavior. | Groups, social networks, influencers, family, roles, and status
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| The statements, "I only buy the best" and "The Japanese make the best cars in the world," represent ________. | attitudes
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| Variety-seeking buying behavior would result from which of the following conditions? | Low involvement and significant differences between brands
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| In the buyer decision process, after a consumer has recognized a need, they will next ________. | conduct an information search
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| The first step of the buyer decision process | a consumer has recognized a need
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| The second step of the buyer decision process | conduct an information search
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| The third step of the buyer decision process | evaluate alternatives
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| The fourth step of the buyer decision process | make a purchase decision
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| The fifth step of the buyer decision process | post purchase evaluation
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| What determines whether a buyer is satisfied or dissatisfied with a purchase? | The relationship between the consumer's expectations and the product's perceived performance.
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| The process of evaluating each market segment's attractiveness and selecting one or more market segments to enter is called ________. | market targeting
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| A marketing strategy that involves dividing a target market into smaller groups, or segments, based on shared characteristics | market segmentation
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| The place you want your brand or product to have within a particular target market | positioning
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| Which of the following statements about segmentation is true? | Different segments might require different marketing strategies or mixes.
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| Which of the following statements regarding segmentation is correct? | Consumer and business marketers use many similar variables, but business marketers use additional variables to segment their markets.
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| When marketers target segments such as sports fans, do-it-yourselfers, commuters, and wine enthusiasts, which base of segmentation are they using? | Psychographic segmentation
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| A marketing strategy that divides consumers into groups with similar needs and buying behaviors, even though they live in different countries | Intermarket segmentation
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| A colleague wants to evaluate the attractiveness of a particular market segment. Which of the following would be good advice for your colleague? | Carefully consider the degree of competition and ease of entry into the segment.
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| The Coca-Cola Company sells beverages, ranging from soft drinks to juices to bottled water, to a variety of different segments. Which targeting strategy is Coca-Cola using? | Differentiated marketing
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| One important consideration in using a differentiated marketing strategy is that ________. | it can increase costs
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| Many retailers go through great efforts to hire and train excellent customer service representatives. This practice reflects which form of differentiation? | People differentiation
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| The Westin Stamford Hotel in Singapore failed when it once advertised itself as the world's tallest hotel. This difference was not worth establishing because it did not satisfy which of the following criteria? |
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| What are perceptual positioning maps used for? | To show consumer perceptions of different brands on important buying dimensions
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| ________ is the first stage in the new product adoption process. | Awareness
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| The first stage of the new product adoption process | Awareness
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| The second stage of the new product adoption process | Interest
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| The third stage of the new product adoption process | Evaluation
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| The fourth stage of the new product adoption process | Trial
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| The fifth stage of the new product adoption process | Adoption
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| Which of the following correctly identifies the first two adopter groups that adopt a new product? | Innovators and early adopters
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