Chapters 1-6 Flashcards
Which of the following is not an accurate description of modern marketing:
A) marketing is the creation of value for customers
B) marketing involves managing profitable customer relationships
C) marketing emphasizes selling and advertising exclusively
D) marketing involves satisfying customers’ needs
E) marketing is building value-laden exchange relationships with customers
C
According to management guru Peter Drucker, “the aim of marketing is to ____”
Make selling unnecessary
______ are human needs that are shaped by culture and individual personality
Wants
When backed by buying power, wants become _______
Demands
Greg Williams now has the buying power to purchase the desktop computer that he has wanted for the last six months. Greg’s want now has become a(n)
Demand
The art and science of choosing target markets and building profitable relationships with them is called ______
Marketing management
Selecting which segments of a population to serve is called ______
Target marketing
Cathy’s clothes is a small yet successful retail chain that sells women’s clothing with a focus on buyers who have modest means. For this specific purpose, the firm has rolled out marketing initiatives aimed at women of a specific demographic. This is an example of ________
Target marketing
In which of the following situations has a company most actively embraced customer-managed relationships?
A) American Airlines awards frequent flyer points to returning customers
B) Paige Premium Denim jeans provides superior quality and perfect fit
C) iRobot invites enthusiastic roomba owners to develop and share their own uses for the company’s robotic vacuum cleaner
D) Best Buy distinguishes between its best customers and it’s less profitable customers, stocking merchandise to appeal each group
E) Toyota develops a marketing presence on social networks
C
Which of the following is true about creating customer loyalty and retention?
losing a customer means losing the entire stream of purchases that the customer would make over a lifetime of patronage
FedEx offers its customers fast and reliable package delivery. When fedex customers weigh these benefits against the monetary cost of using fedex along with other costs of using the service, they are acting upon _______
Customer-perceived value
Marketers use mobile channels for several purposes. Which of the following is least likely to be on of those purposes A) enrich the brand experience B) send billing statement C) stimulate immediate buying D) make shopping easier E) boost sampling
B
Following the change in consumer values and consumption patterns after the Great Recession, marketers have changed their marketing strategies to emphasize the ________ of their products
Value
______ is the process of developing and maintaining a crucial fit between the organizations goals and capabilities and it’s changing marketing opportunities
Strategic planning
Which of the following is true with regard to strategic planning
A) a strategic plan deals with a company’s short term goals
B) the focus of strategic planning is to define a game plan for long run survival and growth
C) the strategic plan is a statement of an organizations purpose
D) strategic planning involves identifying segments of consumers with identical preferences
B
Each department in a company that carries out value-creating activities can be thought of as a link in the company’s _______
Internal value chain
The fact that people are dropping out of organized religion doesn’t mean they are abandoning their faith. Some futurists have noted a renewed interest in _______, perhaps as a part of a broader search for a new inner purpose
Spirituality
Companies that take a proactive stance toward the marketing environment are most likely to _______
Develop strategies to change the environment in their favor
Katrina Mendoza is a senior manager in a manufacturing firm that hires lobbyists to influence legislation that affects the manufacturing industry. Katrina’s firm takes a _____ stance toward the marketing environment
Proactive
Which of the following is most likely influenced by marketers? A) population shifts B) core cultural values C) income distribution D) ethic diversity E) media
E
Among the generation groups in the U.S. population, the ______ are still the wealthiest generation in U.S. history
Baby boomers
New technologies most likely leads to
New markets and opportunities
Many firms today use RFID technology to _______
Track products through various points in the distribution channel
Many companies use RFID product labels on their goods, which exemplifies the ______ environment in business
Technological
What is a potential downside to using patriotic themes in marketing programs?
Patriotism can be seen as an attempt to cash in on the nations emotions
Consumers in the “lifestyles of health and sustainability” market are more likely to seek \_\_\_\_\_\_ A) alternative medicine B) perfumes made from animal products C) clothing made of fur D) leather goods E) foods high in saturated fat
Alternative medicine
_____ analysis is an overall evaluation of the company’s strengths, weaknesses, opportunities and threats
SWOT
______ refers to meaningful sets of marketing performance measures in a single display used to monitor strategic marketing performance
Marketing dashboards
______ provide the resources needed by a company to produce its goods and services.
Suppliers
Sparex inc is a manufacturer of metal bolts that are used by Boilex inc. to manufacture heavh machines. In this instance, sparex acts as a ______
Supplier
The marketing team of 7 Star inc, a company manufacturing smartphones, is currently studying the size, density, location, age, and occupation of its target market. Which of the environments is being studied?
Demographic environment
The single most important demographic trend in the United States is the _______
Changing age structure of the population
Redfin manufactures diving equipment that is highly regarded by customers worldwide. Each department in Redfin contributes to its success and can be thought of as a _______
Link in the company’s internal value chain
The network made up of the company, its suppliers, its distributers, and its customers who partner with each other to improve the performance of the entire system is known as the
Value delivery network
