Consumer Spending and Environmental Trends Quiz
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Consumer Spending and Environmental Trends Quiz

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@HeavenlyChrysocolla

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Questions and Answers

Which level of planning focuses on delineated product groups that operate on a clearly definable market?

  • SBU-level
  • Concern level
  • Strategic planning process
  • Product/market-combinations (correct)

    • What is the purpose of a mission statement?

  • To define the organization's purpose (correct)
  • To outline the company's objectives
  • To motivate employees
  • To identify customer needs

    • What should a mission statement be based on?

  • The organization's unique assets and competencies
  • The company's vision
  • The basic needs of the market (correct)
  • The company's profit goals

    • Which of the following best describes marketing?

    <p>The process by which companies engage customers and build strong customer relationships</p> Signup and view all the answers

    What is the main difference between marketing and sales?

    <p>Marketing focuses on long-term relationships and customer input, while sales focuses on short-term goals and limited customer input</p> Signup and view all the answers

    What is the role of marketing in times of economic crisis?

    <p>Marketing is still important and not just for profit</p> Signup and view all the answers

    Which group consists of firms that help the company to promote, sell, and distribute its goods to final buyers?

    <p>Marketing intermediaries</p> Signup and view all the answers

    What is the study of human populations called?

    <p>Demography</p> Signup and view all the answers

    Which generation is the wealthiest in US history?

    <p>Baby boomers</p> Signup and view all the answers

    Which one of the following is NOT an element of a modern marketing system?

    <p>Customers</p> Signup and view all the answers

    Which marketing management orientation focuses on improving production and distribution efficiency when demand is greater than supply?

    <p>Production (production concept)</p> Signup and view all the answers

    What is the equation for customer lifetime value (CLV)?

    <p>CLV = value of the entire stream of purchases a customer makes over a lifetime of patronage</p> Signup and view all the answers

    Which of the following best describes the BCG growth-share matrix?

    <p>A method for evaluating the attractiveness of strategic business units</p> Signup and view all the answers

    What is the purpose of the Ansoff matrix?

    <p>To develop growth strategies</p> Signup and view all the answers

    What is market positioning?

    <p>The arrangement of a product in the minds of target consumers</p> Signup and view all the answers

    Which one of these is the correct formula for calculating Marketing Return on Investment (ROI)?

    <p>ROI = Net return from a marketing investment divided by the costs of the marketing investment</p> Signup and view all the answers

    What does the PDCA cycle stand for?

    <p>Plan-Do-Check-Act</p> Signup and view all the answers

    Which of the following is part of the microenvironment in the marketing environment?

    <p>Suppliers</p> Signup and view all the answers

    What is the purpose of cause-related marketing?

    <p>To differentiate commercial organizations</p> Signup and view all the answers

    What is the main reason for market segmentation?

    <p>To meet the distinct needs of different market segments</p> Signup and view all the answers

    Which one of the following is NOT a type of market segmentation mentioned in the text?

    <p>Behavioral segmentation</p> Signup and view all the answers

    Which one of the following is a factor that influences the profitability of an industry or market, according to Porter's five forces model?

    <p>Bargaining power of customers</p> Signup and view all the answers

    Which one of the following is NOT a factor considered when evaluating market segments for targeting?

    <p>Customer operating characteristics</p> Signup and view all the answers

    Which type of marketing targets the whole market with one offer?

    <p>Undifferentiated (mass) marketing</p> Signup and view all the answers

    Which one of the following is NOT a factor that influences the profitability of an industry or market, according to Porter's five forces model?

    <p>Bargaining power of suppliers</p> Signup and view all the answers

    Which one of the following is a type of segmentation used to identify smaller, better-defined target groups?

    <p>Multiple segmentation</p> Signup and view all the answers

    Which one of the following is NOT a type of market segmentation dependent on the product?

    <p>Geographic segmentation</p> Signup and view all the answers

    Which one of the following is a type of market segmentation that divides the market based on variables such as age, life-cycle stage, and gender?

    <p>Demographic segmentation</p> Signup and view all the answers

    Which one of the following is NOT a factor that influences the profitability of an industry or market, according to Porter's five forces model?

    <p>Bargaining power of customers</p> Signup and view all the answers

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