Creating Customer Value and Engagement
1) 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) Marketing emphasizes selling and advertising exclusively.
12) Dan has been directed to study the forces close to a company that affect its ability to serve its customers, such as the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. In this instance, Dan has been directed to study the ________ of the company.
A) macroenvironment
B) microenvironment
C) technological environment
D) demographic environment
E) political environment
B) microenvironment
A university enrolled 200 graduate students in the Fall of 2015. However, the enrollment rate was only slightly affected following a 12-percent hike in tuition the following fall. This illustrates ________ demand.
A) derived
B) negative
C) highly elastic
D) composite
E) inelastic
E) inelastic
2) According to management guru Peter Drucker, "The aim of marketing is to ________."
A) maximize profits of the company
B) emphasize customer wants and not customer needs
C) make selling unnecessary
D) fulfill unrealistic customer expectations
E) sell products
C) make selling unnecessary
The real value of marketing information lies in how it is used ________.
A) in determining selling prices for products
B) in analyzing budgets
C) in creating advertising campaigns
D) in the customer insights that it provides
E) in introducing a new product to the marketplace
D) in the customer insights that it provides
Which is NOT part of the company environment that influences marketing decisions?
A) accounting
B) finance
C) purchasing
D) R&D
E) retailers
E) retailers
7) ________ is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities.
A) Benchmarking
B) SWOT analysis
C) Market segmentation
D) Strategic planning
E) Diversification
D) Strategic planning
What is a market offering?
A product, service or experience that a business offers to a market to meet a customers needs.
True/ False- A mission statement is a document embodying an organization's short-term goals.
Answer: FALSE
The owners of a manufacturing firm in Ohio have developed a core network of suppliers to ensure an uninterrupted supply of products. This is an example of ________.
A) capability management
B) a supply bottleneck
C) asset management
D) backsourcing
E) supplier development
E) supplier development
10) Mission statements should be defined in terms of ________.
A) the advantages a company's products provide
B) satisfying basic customer needs
C) the value a company's products provide
D) the profitability of a company's products
E) the variety they offer to a customer
B) satisfying basic customer needs
When backed by buying power, wants become ________.
Demands
What is a microenvironment?
the environment that exist within the company and can influence daily operations
In the business buying process, what is the Buying Center?
A buying center is a group of employees, family members, or members of any type of organization responsible for finalizing major purchase decisions
Marketing stimuli consist of the four Ps. What are they?
Product, Price, Place, Promotion
Brad works with a reputable retailer and leads a team that collects market information from a wide variety of sources ranging from marketing research studies to monitoring online conversations where consumers discuss Brad's firm or its products. Brad's team uses this information to arrive at a better understanding of consumers' behavior and their buying motives. This, in turn, allows Brad's firm to successfully generate more value for consumers. Brad leads the ________ team.
A) product development
B) strategy implementation
C) human resource
D) customer relationship management
E) customer insights
E) customer insights
What is the marketing information systems?
refers to the systematic collection, analysis, interpretation, storage and dissemination of the market information, from both the internal and external sources, to the marketers on a regular, continuous basis
The decision process by which business buyers determine which products and services their organizations need to purchase and then find, evaluate, and choose among alternative suppliers and brands is known as ________.
A) situational analysis
B) business buying process
C) business diversification
D) business process automation
E) lateral expansion
B) business buying process
Companies can research many aspects of buying decisions. However, the one that is the most difficult to identify is ________.
A) what consumers buy
B) how and how much they buy
C) why they buy
D) when they buy
E) where they buy
why they buy