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11) Which of the following is part of the microenvironment of a firm's marketing environment?A) the political state of the country in which the firm existsB) the cultural forces that exist in a societyC) the suppliers who work with the companyD) the technological resources available to the companyE) the different demographic trends in the marketAnswer:C
12) Demographic, economic, natural, technological, political, and cultural forces form the________ of an organization.B
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13) The responsibility for setting a company's mission, objectives, broad strategies, and policiesprimarily lies with its ________.C
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14) Which of the following is part of the microenvironment of a company's marketingenvironment?A
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According to the five-step model of the marketing process, the first step in marketing is ________. A) capturing value from customers to create profits and customer equity B) constructing an integrated marketing program that delivers superior value C) building profitable relationships and creating customer delight D) understanding the marketplace and customer needs and wants E) designing a customer-driven marketing strategy
D) understanding the marketplace and customer needs and wants
________ are defined as states of felt deprivation.
________ are the form human needs take as they are shaped by culture and individual personality.
When backed by buying power, wants become ________.
Abel now has the buying power to purchase the computer that he wanted to buy six months ago. Abel's want has most likely become a(n) ________.
Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on ________.
C) consumers' existing wants
________ is the act of obtaining a desired object from someone by offering something in return.
Dividing a market into several sections of customers is known as ________.
9) Selecting particular segments of a population of customers to serve is called ________.
GT Grand, a manufacturer of ultra-luxury cars, supplies customized vehicles based on the specific demands of customers in affluent market segments. The company's approach is most likely referred to as ________.
A brand's ________ is the set of benefits that it promises to deliver to consumers to satisfy their needs.
Which of the following concepts holds that consumers will favor products that are available and highly affordable?
E) the production concept
The production concept holds that ________.
C) consumers will favor products that are available and highly affordable
The ________ concept holds that consumers will favor goods and services that offer the most in quality, performance, and innovative features
Voize, a leading mobile phone manufacturer, focuses on low labor costs and mass distribution to ensure the continuous availability of its products at reasonable prices. Voize most likely follows the ________.
According to the product concept, a company should ________.
D) devote its energy to making continuous product improvements
Henry Ford's philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability. This most likely reflects the ________.
The selling concept holds that ________.
A) consumers will not buy enough of a firm's products unless the firm undertakes large-scale persuasion and promotion efforts
19) The selling concept is typically practiced with ________.
Which of the following is a difference between the marketing concept and the selling concept?
A) The marketing concept focuses on customer needs, whereas the selling concept focuses on existing products.
21) The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
22) Which of the following concepts is based on a customer-centered philosophy?
Customer-driven marketing is most effective when ________.
D) clear needs exist and customers know what their needs are
Directing consumers toward products and services that meet their present and future needs is referred to as ________ marketing.
When customers don't know what they want or don't even know what's possible, the most effective strategy is ________ marketing.
Cylog, a leading provider of personal computer systems, began manufacturing tablet devices after predicting a future consumer need for portability. Which of the following was most likely implemented by Cylog?
B) customer-driving marketing
Futuristic Designs Inc., a furniture retail chain, understands and anticipates customer needs even better than customers themselves do and creates products and services to meet their existing and future needs. Which of the following has Futuristic Designs followed in this case?
B) customer-driving marketing
The societal marketing concept holds that ________.
B) a company's marketing decisions should focus on creating economic value in a way that also creates value for the surrounding environment
29) Which of the following concepts calls for sustainable marketing?
A) the societal marketing concept
Some fast food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to the soaring obesity rates and environmental problems. In this case, these fast-food restaurants have overlooked the ________ concept.
________ marketing is defined as socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.
The concept of shared value focuses on ________.
A) creating economic value in a way that also creates value for society
The overall process of dealing with all aspects of acquiring, keeping, and growing customers is referred to as ________.
C) customer relationship management
Which of the following terms refers to a customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers?
A) customer-perceived value
Sally purchased a newly introduced moisturizing lotion. By attempting to find out if the lotion's perceived performance matched her expectations, Sally was measuring her level of customer ________.
Raymond purchased a Honda Civic six months ago because he perceived Honda's superiority over the competition. Raymond has been more than satisfied with his purchase and now has an emotional relationship with the Honda brand. Raymond's relationship with Honda is best referred to as ________.
37) Customer evangelists are those who ________.
B) tell others about their good experiences with a brand or product
In which of the following circumstances is an organization likely to engage in full partnerships with key consumers?
A) when the market has few customers and high margins
39) Fine Corp., a consumer electronics manufacturer, targets a market with many low-margin customers. Which of the following types of associations would be most profitable for the firm to develop with these customers?
The Niketown running community organizes bimonthly athletic training programs for Nike buyers. This is an example of a ________.
C) club marketing program
41) Greater consumer control means that companies must rely more on marketing by ________.
42) Which of the following is an example of consumer-generated marketing?
C) Fun & Run, a local amusement park, promotes its services by allowing consumers to upload videos and write reviews about the park.
43) Ellis, a marketing manager at a regional chain restaurant, has decided to create a contest asking the public to create commercials for the restaurant. Winning entries will be posted on the organization's home page. Ellis' plan is an example of ________.
A) consumer-generated marketing
44) ________ refers to working closely with people inside and outside the company to jointly bring more value to customers.
D) Partner relationship management
45) ________ refers to a channel stretching from raw materials to components to final products that are carried to final buyers.
46) The final step in the marketing process is ________.
A) capturing value from customers
47) At Ken's boutique, the policy statement posted in the reception states: "Without our customers, we don't exist." Ken and his staff aim to delight each customer and they are quick to offer discounts or extra services whenever a customer is anything less than satisfied. Instead of focusing on individual transactions, Ken and his staff are putting a priority on ________.
E) capturing customer lifetime value
48) ________ refers to the portion of the customer's purchase that a company gets in its product categories.
49) ________ is the total combined customer lifetime values of all the company's current and potential customers.
50) The ultimate aim of customer relationship management is to ________.
A) produce high customer equity
51) In which of the following customer relationship groups do organizations generally avoid investing?
52) A consumer who is potentially profitable but shifts loyalty toward better deals is referred to as a ________.
53) ________ are customers who show low potential profitability and little projected loyalty.
54) A customer who is both loyal and profitable is referred to as a ________.
55) Customers who are classified as true believers ________.
D) tell others about their good experiences with a company
56) Carla, a team leader in charge of customer relationship management, is planning strategies to improve the profitability of her firm's least profitable but loyal customers. She is also examining methods for "firing" customers in this group who cannot be made profitable. To which of the following customer relationship groups do these customers belong?
57) Which of the following is true of mobile marketing?
C) Marketers use mobile channels to stimulate immediate buying.
58) Which of the following is most likely a consequence of the Great Recession of 2008 to 2009?
C) more sensible and mindful consumption
59) The state department of health has allotted a significant amount of money for an advertising campaign that emphasizes the ill effects of smoking and spans radio, print, television, and online media. This is an example of ________ marketing.
60) Which of the following transforms marketing strategies into real values for consumers?
C) the four Ps of marketing
61) Marketing is managing profitable customer relationships.
62) When backed by buying power, wants become needs.
63) Market offerings include entities such as people, places, information, and ideas.
64) When sellers pay less attention to the specific products they offer and more attention to the benefits and experiences produced by these products, they suffer from marketing myopia.
65) A greater focus on underlying customer needs than on existing customer wants leads to marketing myopia.
66) A market is a segment of potential consumers who share a common need or want.
67) The process of dividing the market into segments of customers is known as market penetration.
68) A brand's value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs.
69) The product concept holds that consumers will favor products that offer the most in quality, performance, and innovative features.
70) Xenon Corp. releases frequent updates to improve its expensive software products. This marketing approach used by the firm is most likely based on the production concept.
71) Customer-driving companies create products and services that serve only the existing needs of consumers.
72) Organizations that follow the societal marketing concept most likely practice socially and environmentally responsible marketing.
73) Product, price, place, and promotion make up the elements of a firm's marketing mix.
74) Customer relationship management focuses on retaining existing customers but not on acquiring new customers.
75) Customer-perceived value is defined as a customer's evaluation of the perceived difference between all the benefits and all the costs of a market offering relative to those of competing offers.
76) The more loyal a firm's profitable customers, the lower its customer equity.
77) In markets with few customers and high margins, sellers should try to develop basic relationships rather than full partnerships.
78) Club marketing programs reward customers who buy frequently or in large amounts.
79) Through consumer-generated marketing, consumers themselves are playing a bigger role in shaping their own brand experiences and those of others.
80) Success at delivering customer value rests on how well a company's entire supply chain performs against competitors' supply chains.
81) Customer equity is a measure of the past value of a company's customer base.
82) Barnacles are customers who are potentially profitable but not loyal. Term
83) After the Great Recession, marketers have started focusing on value-for-the-money, practicality, and durability in their product offerings and marketing pitches.
84) Since less than ten percent of smartphone owners use their phones for shopping-related activities, mobile marketing is a slow growing digital marketing platform.
85) In the final step of a marketing process, a company reaps the rewards of its strong customer relationships by capturing value from customers.