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Questions and Answers
When a consumer desires a new smartphone and has the financial resources to purchase it, this is an example of what?
When a consumer desires a new smartphone and has the financial resources to purchase it, this is an example of what?
- A want.
- An exchange.
- A demand. (correct)
- A need.
Which concept suggests that organizations should prioritize improving production and distribution efficiency to cater to consumers?
Which concept suggests that organizations should prioritize improving production and distribution efficiency to cater to consumers?
- Value Proposition
- Marketing Mix
- Production Concept (correct)
- Customer Perceived Value
A company promises to deliver high-quality products, excellent customer service, and competitive pricing. What is this an example of?
A company promises to deliver high-quality products, excellent customer service, and competitive pricing. What is this an example of?
- Value Proposition (correct)
- Social Responsibility
- Customer Satisfaction
- Marketing Mix
Which of the following describes the process of evaluating each market segment's attractiveness and selecting the segments the company will serve?
Which of the following describes the process of evaluating each market segment's attractiveness and selecting the segments the company will serve?
A company analyzes its strengths, weaknesses, opportunities, and threats. It then divides its market into different customer groups with similar needs. Finally, the company decides which segments to focus on and how to position its products for those segments. Which of the following is this an example of?
A company analyzes its strengths, weaknesses, opportunities, and threats. It then divides its market into different customer groups with similar needs. Finally, the company decides which segments to focus on and how to position its products for those segments. Which of the following is this an example of?
A company monitors customer reviews online, tracks competitor pricing, and analyzes sales data to identify trends and opportunities. What is this an example of?
A company monitors customer reviews online, tracks competitor pricing, and analyzes sales data to identify trends and opportunities. What is this an example of?
Which type of research would be most suitable for understanding cause-and-effect relationships between marketing variables?
Which type of research would be most suitable for understanding cause-and-effect relationships between marketing variables?
Which of the following is an example of secondary data?
Which of the following is an example of secondary data?
A company uses its CRM system to track customer purchase history, preferences, and interactions across different channels. It then uses this information to personalize marketing messages and offers. This is an example of what?
A company uses its CRM system to track customer purchase history, preferences, and interactions across different channels. It then uses this information to personalize marketing messages and offers. This is an example of what?
Which of the following represents a cultural factor that could influence consumer behavior?
Which of the following represents a cultural factor that could influence consumer behavior?
A consumer is considering buying a new car. They research different models, compare features and prices, and read online reviews before making a decision. Which stage of the buyer decision process does this represent?
A consumer is considering buying a new car. They research different models, compare features and prices, and read online reviews before making a decision. Which stage of the buyer decision process does this represent?
A consumer purchases a product and then experiences feelings of doubt or regret about their purchase decision. Which of the following describes this feeling?
A consumer purchases a product and then experiences feelings of doubt or regret about their purchase decision. Which of the following describes this feeling?
According to Maslow's hierarchy of needs, which of the following needs must be satisfied first?
According to Maslow's hierarchy of needs, which of the following needs must be satisfied first?
What are the stages in the innovation adoption process?
What are the stages in the innovation adoption process?
If a new product is difficult to understand or use, which product characteristic is negatively influencing its rate of adoption?
If a new product is difficult to understand or use, which product characteristic is negatively influencing its rate of adoption?
What is business buyer behavior primarily driven by?
What is business buyer behavior primarily driven by?
In the context of business buying, what is derived demand?
In the context of business buying, what is derived demand?
Which buying situation involves the buyer purchasing a product or service for the first time?
Which buying situation involves the buyer purchasing a product or service for the first time?
What is the main problem with using the BCG matrix?
What is the main problem with using the BCG matrix?
When is evaluation and control implemented?
When is evaluation and control implemented?
What is the purpose of business legislation?
What is the purpose of business legislation?
A company decides to focus on increasing sales of its existing products in its current markets. According to the product/market expansion grid, which growth strategy are they pursuing?
A company decides to focus on increasing sales of its existing products in its current markets. According to the product/market expansion grid, which growth strategy are they pursuing?
A business is donating a portion of it's profit to a local community. Which term is most associated with this?
A business is donating a portion of it's profit to a local community. Which term is most associated with this?
Which of the following refers to institutions and other forces that affect a society's basic values, perceptions, preferences, and behaviors?
Which of the following refers to institutions and other forces that affect a society's basic values, perceptions, preferences, and behaviors?
A company is analyzing population size, density, location, age, gender, race, occupation, and other statistics. What is this company studying?
A company is analyzing population size, density, location, age, gender, race, occupation, and other statistics. What is this company studying?
What constitutes the set of tactical marketing tools—product, price, place, and promotion—that the firm blends to produce the response it wants in the target market?
What constitutes the set of tactical marketing tools—product, price, place, and promotion—that the firm blends to produce the response it wants in the target market?
Which of the following refers to evaluating each market segment's attractiveness and selecting one or more segments to serve?
Which of the following refers to evaluating each market segment's attractiveness and selecting one or more segments to serve?
Which of the following is a relatively permanent and ordered division in a society whose members share similar values, interests, and behaviors?
Which of the following is a relatively permanent and ordered division in a society whose members share similar values, interests, and behaviors?
Which group serves as direct or indirect points of comparison or reference in forming a person's attitudes or behavior?
Which group serves as direct or indirect points of comparison or reference in forming a person's attitudes or behavior?
Which of the following adapter categories of innovation is venturesome and tries new ideas at some risk?
Which of the following adapter categories of innovation is venturesome and tries new ideas at some risk?
Flashcards
What is a need?
What is a need?
State of felt deprivation
What is a want?
What is a want?
The form human needs take as shaped by culture and personality
What is a demand?
What is a demand?
Human wants backed by buying power
What is Market Targeting?
What is Market Targeting?
Evaluating segment attractiveness and selecting segments to enter
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What is Exchange?
What is Exchange?
Obtaining a desired object by offering something in return
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What is Value Proposition?
What is Value Proposition?
The full positioning of a brand; the full mix of benefits
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What is Customer Lifetime Value?
What is Customer Lifetime Value?
Value of purchases a customer makes over a lifetime of patronage
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What is Production Concept?
What is Production Concept?
Consumers favor available and affordable products; focus on production efficiency
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What is Marketing Mix?
What is Marketing Mix?
Product, price, place, and promotion—used to produce a response in the target market
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What is Customer Perceived Value?
What is Customer Perceived Value?
Customer's evaluation of the difference between all benefits and costs vs. competitors
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What is Social Responsibility?
What is Social Responsibility?
A business' obligation to benefit society through its policies and actions
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What is Customer Satisfaction?
What is Customer Satisfaction?
Extent to which a product's perceived performance matches expectations
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What is a mission statement?
What is a mission statement?
Statement of the organization's purpose; what it wants to accomplish
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What is a business portfolio?
What is a business portfolio?
Collection of businesses and products that make up a company
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What is the Boston Consulting Group?
What is the Boston Consulting Group?
A matrix includes the star, dog, ?, and cow.
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What is segmentation?
What is segmentation?
Dividing a market into distinct groups with different needs/behaviors
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What is targeting?
What is targeting?
Evaluating segment attractiveness and selecting segments to serve
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What is positioning?
What is positioning?
Arranging for an offering to occupy a clear, desirable place in consumers' minds
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What is evaluation and control?
What is evaluation and control?
Keep planned activities on target with open line of communication
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What are the steps in strategic planning?
What are the steps in strategic planning?
Defining mission, setting objectives, designing portfolio, planning strategies
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What are the growth strategies in the product/market matrix?
What are the growth strategies in the product/market matrix?
Market penetration, market development, product development, diversification
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What is a value chain?
What is a value chain?
Internal departments that carry out value-creating activities
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What is a demographic environment?
What is a demographic environment?
Study of human populations in terms of size, density, location, etc.
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What is an economic environment
What is an economic environment
Economic factors affecting consumer purchasing power and spending patterns
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Micro environment intermediaries
Micro environment intermediaries
Businesses that facilitate the flow of goods from producers to end-users
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What is cultural environment?
What is cultural environment?
Institutions and forces affecting society's values, perceptions, preferences
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what is primary data?
what is primary data?
Data collected for the specific purpose at hand
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What is survey research?
What is survey research?
Gathering data by asking people questions about their knowledge
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What is cognitive dissonance?
What is cognitive dissonance?
buyer discomfort caused by post purchase conflict
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What are the adapter categories of innovation?
What are the adapter categories of innovation?
Innovators, Early Adopters, Early Mainstream, Late Mainstream, Laggards.
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- A need is a state of felt deprivation.
- A want is the form a human need takes, shaped by culture and individual personality.
- A demand consists of human wants backed by buying power.
- Market targeting involves evaluating the attractiveness of market segments and selecting which ones to enter.
- Exchange is the act of obtaining a desired object from someone by offering something in return.
- A value proposition is the full positioning of a brand, including the mix of benefits upon which it is positioned.
- Customer lifetime value represents the total value of purchases a customer makes over their period of patronage.
- The production concept prioritizes the availability and affordability of products, emphasizing production and distribution efficiency.
- The marketing mix includes product, price, place, and promotion, which are the tools used to elicit the desired response from the target market.
- Customer perceived value is a customer's evaluation of the benefits versus the costs of a marketing offer compared to competitors.
- Social responsibility is a business' obligation to act in ways that benefit society.
- Customer satisfaction is the extent to which a product's perceived performance matches a buyer's expectations.
- A mission statement outlines an organization's purpose and what it aims to achieve in the larger environment.
- A business portfolio is the collection of businesses and products that constitute the company.
- The Boston Consulting Group (BCG) matrix includes classifications: star, dog, ?, and cow.
- Problems with the BCG matrix include difficulties in implementation, defining SBUs, measuring market share and growth, and limited future planning advice.
- Segmentation divides a market into distinct groups of buyers with differing needs or behaviors, potentially requiring unique marketing strategies.
- Targeting involves evaluating the attractiveness of each market segment and selecting one or more segments to serve.
- Positioning involves arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
- Evaluation and control ensures planned activities align with goals.
- Strategic planning involves defining the company mission, setting objectives and goals, designing the business portfolio, and planning marketing and functional strategies.
- Growth strategies in the product/market matrix include market penetration, market development, product development, and diversification.
- A value chain is the series of internal departments that perform value-creating activities to design, produce, market, deliver, and support a firm's products.
- The demographic environment studies human populations based on size, density, location, age, gender, race, occupation, and other statistics.
- The economic environment encompasses factors affecting consumer purchasing power and spending patterns.
- Macro environmental forces include demographic, economic, technological, political, legal, social, and cultural factors.
- Micro environment intermediaries facilitate the flow of goods and services from producers to end-users, including distributors, retailers, and wholesalers
- Business legislation comprises the rules and regulations businesses must adhere to.
- The cultural environment includes institutions and forces affecting society's values, perceptions, preferences, and behaviors.
- Responding to the market environment involves assessing the situation, defining objectives, developing a strategy, implementing it, evaluating results, and continuously innovating and improving.
- Internal data originates from within the organization conducting the research.
- Competitive marketing intelligence is the systematic collection and analysis of public information about consumers, competitors, and market developments.
- A research plan details the scope, methodology, and specifics of data collection and analysis for a research project.
- Exploratory research gathers preliminary information to help define problems and suggest hypotheses.
- Different types of research approaches include descriptive, casual, exploratory, and predictive.
- Secondary data is information that already exists, collected for another purpose.
- Primary data is information collected specifically for the current research purpose.
- Survey research involves gathering primary data by asking people questions.
- CRM is managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty.
- Public policy guides commerce through laws and regulations that limit business for the good of society.
- Types of research instruments include questionnaires and mechanical instruments.
- A research instrument is any tool used to collect, measure, and analyze data such as questionnaires, surveys, interviews, or focus groups.
- Causal research tests hypotheses about cause-and-effect relationships.
- Data mining is analyzing data to extract information not evident from the raw data alone.
- Culture includes the basic values, perceptions, wants, and behaviors learned by a member of society from family and other institutions.
- A subculture is a group sharing a value system based on common life experiences and situations.
- Social class refers to the relatively permanent divisions in a society whose members share similar values, interests, and behaviors.
- A reference group serves as a direct or indirect comparison point for forming attitudes or behaviors.
- Personality includes the unique psychological characteristics distinguishing a person or group.
- Motivational research focuses on unconscious motives by looking at unacceptable needs channelled into acceptable outlets, for example product substitutes.
- Maslow's hierarchy of needs includes physiological needs, safety and security needs, love and belonging needs, self-esteem, and self-actualization.
- The stages in the innovation adoption process are knowledge, persuasion, decision, implementation, and confirmation.
- Product characteristics important to innovation include relative advantage, compatibility, complexity, observability, trialability, and brand innovativeness.
- Business buyer behavior is the buying behavior of organizations that purchase goods and services for use in the production of other products and services that are sold, rented, or supplied to others.
- An opinion leader exerts social influence on others within a reference group due to their skills, knowledge, personality, or other characteristics.
- Consumer buyer behavior is the buying behavior of final consumers who are individuals and households that buy goods and services for personal consumption.
- Cognitive dissonance occurs when there is buyer discomfort caused by post purchase conflict.
- Perception is the process by which people select, organize, and interpret information to form a meaningful view of the world.
- Attitude is a person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea.
- The five stages of the buyer decision process are need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior.
- Individual differences in innovativeness include personality traits, intrinsic motivation, creative self-efficacy, and tolerance for ambiguity.
- Individual differences in adoption includes variation in age at adoption, developmental considerations, cultural background, and individual personalities.
- Innovators are venturesome, early adopters are guided by respect, early mainstream adopters are deliberate, late mainstream adopters are skeptical and lagging adopters are tradition bound
- The relative advantage, compatibility, complexity, trialability, and observability of a product will influence the rate of adoption of an innovation.
- Business buying behavior is more rational and structured, based on cost, quality, and long-term needs, while consumer buying behavior is often impulsive and emotional.
- Derived demand is business demand that ultimately comes from the demand for consumer goods.
- Types of buying situations include straight rebuy, modified rebuy, new task, and systems selling.
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