Which of the following marketing management orientations focuses primarily on improving efficiencies along the supply chain?
The Production Concept - The idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency.
In general, a company should enter only segments in which it can____ and ____.
Create superior customer value; Gain advantages over competitors.
Which of the following marketing management concepts is most closely aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer high quality, performance, and innovative features?
The Product Concept - The idea that consumers will favor products that offer the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements.
Mass marketers, such as Target and Venture Stores, often ignore market segment differences and target the whole market with one offer. What is their approach to segmenting?
Undifferentiated (mass) Marketing
When New Port Shipping uses segmented marketing, it targets several segments and designs separate offers for each one. This approach is called ________ marketing.
Differentiated (segmented) Marketing
The 55-year-old baby boomers share common needs in music and performers. When a music company decides to serve this group, the group is called a(n) ________.
The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do.
) Of the following, which is the most important concept of modern marketing?
Customer Relationship Management -The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Which of the following is determined by a customer's personal evaluation of the benefits and costs of a market offering relative to those of competing offers?
To capture the full essence of customer relationship management, which of the following should a marketing manager take into consideration?
The key to building lasting customer relationships is to create superior customer value and satisfaction.
) It is most accurate to say that a customer will buy from the company that offers the highest ________.
Customer Value and Satisfaction
Which of the following has NOT contributed to the deeper, more interactive nature of today's customer relationships
Marketing by intrusion - companies must practice marketing by attraction - creating market offerings and messages that involve consumers rather than interrupt them.
Stew Leonard, owner/operator of supermarkets, reacts adversely to losing a single customer sale. He feels that this amounts to losing the entire stream of future purchases that a customer is likely to make if he or she remains in the area. This is an illustration of ________.
Customer Lifetime Value - The value of the entire stream of purchases that the customer would make over a lifetime of patronage.
________ is the total combined customer lifetime values of all the company's current and potential customers
) The use of short-term incentives to encourage the purchase or sale of a product or service is called ________.
) Any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor is called ________.
Advertising - Any paid form of nonpersonal presentation and promotion of ideas, goods or services, by an identified sponsor.
Which of the five major promotion tools includes building up a positive corporate image and handling unfavorable stories and events?
Public Relations (PR) - Building good relations with the company's various publics by obtaining favorable publicity; building up a good corporate image, and handling or head off unfavorable rumors, stories, and events.
Which of the following is NOT a major category in the promotion mix?
The 5 major categories are : Advertising, Sales Promotion, Personal Selling, Public Relations, and Direct Marketing.
Today's consumers do not need to rely on marketer-supplied information about products and services because they can use ________ to seek out a wealth of information
Which of the following is NOT a factor in the changes occurring in today's marketing communications?
The 5 marketing communications are Advertising, Sales Promotion, Personal Selling, Public relations, and Direct Marketing, and the factors in the changes occurring today are the consumers are changing, marketing strategies are changing and, sweeping changes in communications technology are causing remarkable changes in the ways in which companies and customers communicate with each other.
More companies are adopting the concept of ________, which carefully coordinates the company's many communication channels to deliver a clear, consistent, and compelling message about the organization and its brands.
Integrated marketing communications (IMC)
Integrated marketing communications require a company's mass-market advertisements; Web site, e-mail, and personal selling communications to all have ________.
A carefully integrated unified message to deliver, Promotion Mix
Which promotional mix strategy directs marketing efforts toward final consumers
Push Strategy, and Pull Strategy
) Which promotional mix strategy directs marketing efforts toward market channel members
The producer directs its marketing activities toward channel members in Push Strategies
) Business-to-consumer companies are more likely to emphasize a ________ promotion strategy, while business-to-business companies are more likely to emphasize a ________ promotion strategy.
Advertising ________ define the task that advertising must do with a specific target audience during a specific period of time.
Companies are doing less ________ and more ________ as a result of an explosion of more focused media that better match today's targeting strategies.
) Advertising ________ can be classified by primary purpose-whether the aim is to inform, persuade, or remind.
________ is used heavily when introducing a new product category. The objective is to build primary demand.
________ becomes more important as competition increases. The company's objective is to build selective demand
) Developing an effective message strategy begins with identifying ________ that can be used as advertising appeals.
Creative Concept- "Big Idea" that will bring the message strategy to life in a distinctive and memorable way
It is most accurate to say that marketers are always trying to spot ________ in order to discover new products that might be wanted
) Each culture contains smaller ________, or groups of people with shared value systems based on common life experiences and situations.
________ are society's relatively permanent and ordered divisions whose members share similar values, interests, and behaviors.
What is one way that social class is NOT measured?
Social class is measured by a combination of occupation, income, occupation, education, wealth, and other variables
Many companies, such as JetBlue and Sony, enlist everyday consumers who are enthusiastic about their brands to become ________ who share their passion for a company's products with large circles of friends and acquaintances in return for insider knowledge and other rewards.
________ consists of the activities people are expected to perform according to the persons around them.
A buyer's decisions are influenced by ________ such as the buyer's age and life-cycle stage, occupation, economic situation, lifestyle, and personality and self-concept.
) A person's buying choices are influenced by four major psychological factors. Which is NOT one of these factors?
Motivation, Perception, Learning, Beliefs & Attitudes
Which of the following is NOT part of Maslow's Hierarchy of Needs?
Physiological, Safety, Love/Belonging, Esteem, Self-Actualization
) The buyer decision process consists of five stages. Which of the following is NOT one of these stages
Need Recognition & Problem Awareness, Information Search, Evaluation of Alternatives, Purchase, Post-Purchase Evaluation
) The buying process starts with ________, in which the buyer recognizes a problem or need.
If the consumer's drive is strong and a satisfying product is near at hand, the consumer is likely to buy it then. If not, the consumer may store the need in memory or undertake a(n) ________.
The information sources that are most effective at influencing a consumer's purchase decision are ________. These sources legitimize or evaluate products for the buyer.
Consumers learn about new products for the first time and make the decision to buy them during the ________.
) Relative advantage, compatibility, complexity, divisibility, and communicability are all examples of ________.
product characteristics that influence rate of adoption
When a company identifies the parts of the market it can serve best and most profitably, it is practicing ________.
What are the four steps, in order, to designing a customer-driven marketing strategy?
Segmentation, Differentiation, Targeting, and Positioning
Through market segmentation, companies divide large, heterogeneous markets into smaller segments that can be reached more ________ with products and services that match their unique needs.
Efficiently and Effectively
Demographic variables are so frequently used in market segmentation because they ________.
Customer needs, wants, and usage rates often vary closely with demographic variables. Also, demographic variables are easier to measure than most other types of variables. Even when marketers first define segments using other bases, such as benefits sought or behavior, they must know segment demographic characteristics in order to assess the size of the target market and to reach it efficiently.
) Which type of segmentation centers on the use of the word when, such as when consumers get the idea to buy, when they actually make their purchase, or when they use the purchased item?
Markets can be segmented into groups of nonusers, ex-users, potential users, first-time users, and regular users of a product. This method of segmentation is called ________.
) Consumers can show their allegiance to brands, stores, or companies. Marketers can use this information to segment consumers by ________.
) By studying its less loyal buyers, a company can detect which brands are most ________ with its own.
When an effective program can be designed for attracting and serving a chosen segment, the segment is best described as ________.