Chapter 1 Flashcards
Social marketing (“targeted individuals or society as a whole”)
Mia is concerned how her marketing activities will affect “individual consumers as well as society at large”. Mia is implementing “Social marketing”
application of marketing strategies and tactics to alter or create behaviors that have a positive effect on the “targeted individuals or society as a whole”
Which of the following is used by firms to influence consumers A. ads B. packages C. store environments D. sales pitches E. all of the above
E. all of the above
To survive in a competitive environment, an organization must provide its target customers more \_\_\_\_\_ than is provided to them by its competition. A. product B. service C. value D. feedback E. attention
C. value
The difference between all the benefits derived from a total product and all the costs of acquiring those benefits is known as \_\_\_\_\_. A. price B. position C. consumer behavior D. customer value E. equity
D. customer value
It is critical that a firm consider value from which perspective? A. the competition's B. the firm's C. the customer's D. the government's E. the industry's
C. the customer’s (“value” “customer”)
Marketing strategy begins with _____.
Harold is tasked with developing the marketing strategy for his family's business. What should he do first? A. market segmentation B. targeting C. conducting an outcomes assessment D. objective setting E. conducting a market analysis
E. conducting a market analysis
Marketing strategy is formulated in terms of the marketing mix; that is, it involves determining the "product, features, price, communications, distribution, and services" that will provide customers with superior value. This entire set of characteristics is often referred to as the \_\_\_\_\_. A. total product B. customer value C. offering D. value proposition E. total value
A. total product (“product, features, price, communications, distribution, and services”)
An experience occurs when a company
intentionally creates a memorable event for customers (Disney World)
A shopper who cares about brand-name merchandise and convenience is known as a \_\_\_\_\_\_\_\_ shopper. A. destination B. brand C. basic D. enthusiast E. serious
E. serious
*Which of the following is a component of a "market analysis"? A. market segmentation B. objectives C. conditions D. price E. all of the above
C. “conditions”
(The state of the economy, the physical environment, government regulations, and technological developments affect consumer needs and expectations as well as company and competitor capabilities)
*Darren is “conducting a market analysis” for his business, and he has asked your advice on what he should be analyzing. Which of the following should he consider at this step of marketing strategy development?
A. the company’s own ability to meet customer needs
B. competitors’ capabilities and strategies
C. consumers’ needs
D. conditions in the market
E. all of the above
E. all of the above
“Market analysis” requires a thorough understanding of:
+ the company’s own ability to meet customer needs
+ competitors’ capabilities and strategies, consumers’ needs
+ conditions in the market.
Jamie is developing a "thorough understanding" of his company's own capabilities; the capabilities of current and future competitors; the consumption process of potential customers; and the economic, physical, and technological environment in which these elements interact. Which step in the marketing strategy process is Jamie performing? A. setting objectives B. segmenting the market C. conducting a market analysis D. assessing the outcomes E. targeting the market
conducting a “market analysis” (company, competitor…)
Market analysis requires a thorough understanding of the company’s own ability to meet customer needs, competitors’ capabilities and strategies, consumers’ needs, and conditions in the market.
Which of the following aspects is evaluated when determining a firm's ability to meet customer needs? A. financial condition B. general managerial skills C. production capabilities D. technological sophistication E. all of the above
E. all of the above
*Which of the following is "NOT evaluated when analyzing a company's own ability to meet customer needs"? A. competitors B. financial strengths C. general managerial skills D. production capabilities E. reputation
A. competitors (outside factor)
Tracking consumers’ online activity and delivering specific banner ads based on that activity
behavioral targeting
A portion of a larger market “whose needs differ somewhat from the larger market” is referred to as a(n)
market segment
*What is the first step in market segmentation?
Carlos is attempting to segment the market for his company’s products. Where should he begin?
A. describe each group
B. group customers with similar needs sets
C. identify product-related need sets
D. select an attractive segment to serve
E. set objectives for segmenting
C. identify product-related need sets
*What is the LAST step in market segmentation?
A. describe each group
B. select an attractive segment(s) to serve
C. identify product-related need sets
D. group customers with similar need sets
E. decide the segmenting scheme
B. select an attractive segment(s) to serve
*Which of the following is NOT a step in market segmentation?
A. set budget
B. identify product-related need sets
C. group customers with similar need sets
D. describe each group
E. select an attractive segment(s) to serve
A. set budget
Which term reflects the fact that most products in developed economies satisfy “more than one need”?
Barry is looking for a car that is dependable yet stylish enough to let others know that he has achieved a respectable status in his life and career. "He also wants it to be a high-performance automobile." Dependability, status, and performance represent Barry's \_\_\_\_\_. A. multiplicity B. duplicity C. need array D. need set E. value proposition
D. need set
