MIDTERMS - MARKETING

Question 1

An organizational function
and a set of processes for creating,
communicating, and delivering value
to customers and for managing
customer relationships in ways that
benefit the organization and its
stakeholders.

Answer 1

Marketing

Question 2

The
art and science
of choosing target markets
and getting, keeping, and growing
customers through
creating, delivering, and communicating
superior customer value.

Answer 2

Marketing Management

Question 3

Companies selling business goods and services often face well-informed professional buyers skilled at evaluating competitive offerings.

Answer 3

Business Markets

Question 4

Companies in the global marketplace must decide which countries to enter; how to enter each (as an exporter, licenser, joint venture partner, contract manufacturer, or solo manufacturer); how to adapt product and service features to each country; how to price products in different countries; and how to design communications for different cultures. They face different requirements for buying and disposing of property; cultural, language, legal and political differences; and currency fluctuations.

Answer 4

Global Markets

Question 5

Companies selling to nonprofit organizations with limited purchasing power such as churches, universities, charitable organizations, and government agencies need to price carefully.

Answer 5

Nonprofit and Governmental Markets

Question 6

The customer wants an inexpensive car

Answer 6

Stated needs

Question 7

The customer wants a car whose operating cost, not initial price, is low

Answer 7

Real needs

Question 8

The customer expects good service from the dealer

Answer 8

Unstated needs

Question 9

The customer would like the dealer to include an onboard GPS navigation system

Answer 9

Delight needs

Question 10

The customer wants friends to see him or her as a savvy consumer

Answer 10

Secret needs

Question 11

A central marketing concept, is primarily a combination of quality, service, and price (qsp), called the customer value triad.

Answer 11

Value

Question 12

It reflects a person’s judgment of a product’s perceived performance in relationship to expectations

Answer 12

Satisfaction

Question 13

It deliver and receive messages from target buyers and include newspapers, magazines, radio, television, mail, telephone, billboards, posters, fliers, CDs, audiotapes, and the Internet.

Answer 13

Communication channels

Question 14

These channels may be direct via the Internet, mail, or mobile phone or telephone, or indirect with distributors, wholesalers, retailers, and agents as intermediaries.

Answer 14

Distribution channels

Question 15

To carry out transactions with potential buyers, the marketer also uses ______________ that include warehouses, transportation companies, banks, and insurance companies.

Answer 15

Service channels

Question 16

One of the oldest concepts in business. It holds that consumers prefer products that are widely available and inexpensive. Managers of production-oriented businesses concentrate on achieving high production efficiency, low costs, and mass distribution.

Answer 16

Production

Question 17

Consumers favor products offering the most quality, performance, or innovative features.

Answer 17

Product

Question 18

Consumers and businesses, if left alone, won’t buy enough of the organization’s products. It is practiced most aggressively with unsought goods.

Answer 18

Selling

Question 19

Emerged in the mid-1950s41 as a customer-centered, sense-and respond philosophy. The job is to find not the right customers for your products, but the right products for your customers.

Answer 19

Marketing

Question 20

It is based on the development, design, and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies.

Answer 20

Holistic marketing

Question 21

Occurs when the marketer devises marketing activities and assembles marketing programs to create, communicate, and deliver value for consumers such that “the whole is greater than the sum of its parts.”

Answer 21

Integrated marketing

Question 22

The task of
hiring, training, and motivating able employees
who want to serve customers well.

Answer 22

Internal marketing

Question 23

It requires understanding the financial and nonfinancial returns to business and society from marketing activities and programs.

Answer 23

Performance marketing

Question 24

A tool for identifying was to create more customer value because every firm is a synthesis of primary and support activities performed to design, produce, market, deliver, and support its product.

Answer 24

Value chain

Question 25

Refers to all the activities in gathering and acting upon information about the market.

Answer 25

Market-sensing process

Question 26

All the activities in researching, developing, and launching new high-quality offerings quickly and within budget.

Answer 26

New-offering realization process

Question 27

Entails all the activities in defining target markets and prospecting for new customers.

Answer 27

Customer acquisition process

Question 28

Entails all the activities in building deeper understanding, relationships, and offerings to individual customers.

Answer 28

customer relationship management process

Question 29

Includes all the activities in receiving and approving orders, shipping the goods on time, and collecting payment.

Answer 29

fulfillment management process

Question 30

The central instrument for directing and coordinating the marketing effort. It operates at a strategic and tactical level.

Answer 30

Marketing plan

Question 31

The shared experiences, stories, beliefs, and norms that characterize an organization.

Answer 31

Corporate culture

Question 32

It’s a way of monitoring the external and internal marketing environment.

Answer 32

SWOT analysis

Question 33

It consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers.

Answer 33

Marketing information system

Question 34

1. Choosing the value 2. Providing the value 3. Communicating the value

Answer 34

Phases of Value Creation and Delivery

Question 35

(Re)define the business concept (Re)shaping the business scope (Re)positioning the company’s brand identity

Answer 35

Maximizing Core Competencies

Question 36

Target marketing decisions

Answer 36

Strategic

Question 37

Value proposition

Answer 37

Strategic

Question 38

Analysis of marketing opportunities

Answer 38

Strategic

Question 39

Product features

Answer 39

Tactical

Question 40

Promotion, merchandising

Answer 40

Tactical

Question 41

Sales channels

Answer 41

Tactical

Question 42

- Product or service alliance - Promotional alliance - Logistics alliances - Pricing collaborations

Answer 42

Categories of Marketing Alliances

Question 43

The systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company

Answer 43

Marketing research

Question 44

A coordinated collection of data, systems, tools, and techniques with supporting hardware and software by which an organization gathers and interprets relevant information from business and environment and turns it into a basis for marketing action

Answer 44

Marketing Decision Support System

Question 45

The set of measures that helps marketers quantify, compare, and interpret marketing performance

Answer 45

Marketing metrics

Question 46

These models analyze data from a variety of sources, such as retailer scanner data, company shipment data, pricing, media, and promotion spending data, to understand more precisely the effects of specific marketing activities

Answer 46

Marketing mix models

Question 47

The difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives.

Answer 47

Customer perceived value

Question 48

A deeply held commitment to re-buy or re-patronize a preferred product or service in the future despite situational influences and marketing efforts having the potential to cause switching behavior.

Answer 48

Loyalty

Question 49

The totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs.

Answer 49

Quality

Question 50

The fundamental determinant of a person’s wants and behaviors acquired through socialization processes with family and other key institutions.

Answer 50

Culture

Question 51

Groups having a direct influence

Answer 51

Membership groups

Question 52

Whom the person interacts fairly continuously and informally, such as family, friends, neighbors, and coworkers.

Answer 52

Primary groups

Question 53

People also belong to _____________, such as religious, professional, and trade-union groups, which tend to be more formal and require less continuous interaction.

Answer 53

Secondary groups

Question 54

____________ are those a person hopes to join; disassociative groups are those whose values or behavior an individual rejects.

Answer 54

Aspirational groups

Question 55

Refers to the decision-making process by which formal organizations establish the need for purchased products and services, and identify, evaluate, and choose among alternative brands and suppliers.

Answer 55

Organizational buying

Question 56

The purchasing department reorders supplies such as office supplies and bulk chemicals on a routine basis and chooses from suppliers on an approved list.

Answer 56

Straight Rebuy

Question 57

The buyer in a _____________ wants to change product specifications, prices, delivery requirements, or other terms.

Answer 57

Modified Rebuy

Question 58

A ________ purchaser buys a product or service for the first time (an office building, a new security system). The greater the cost or risk, the larger the number of participants, and the greater their information gathering—the longer the time to a decision.

Answer 58

New Task

Question 59

It consists of a group of customers who share a similar set of needs and wants.

Answer 59

Market segment

Question 60

Consumers who buy only one brand all the time

Answer 60

Hard-core loyals

Question 61

Consumers who are loyal to two or three brands

Answer 61

Split loyals

Question 62

Consumers who shift loyalty from one brand to another

Answer 62

Shifting loyals

Question 63

Consumers who show no loyalty to any brand

Answer 63

Switchers