Marketing exam 1

Market targeting

The process of evaluating each market segment's attractiveness and selecting one market to enter.

Racial groups

A category of subcultures that includes nationalities, religions, geographic regions, and racial identities.

Subculture

Smaller groups within a culture that share value systems based on common life experiences.

Ethical

Not one of the major variables used in segmenting human markets.

Wants

Human needs shaped by culture and individual personality.

Political

Not a major type of force or event in a buyer’s environment in the model of buyer behavior.

Packaging

Not one of the four P's of marketing stimuli.

Consumer market

Comprised of individuals in households that buy or acquire goods and services for personal consumption.

Market segmentation

The process of dividing the market into smaller segments of buyers with distinctive needs.

Differentiation

The process of distinguishing a firm's market offering to create superior customer value.

Secondary data

Information that already exists somewhere, often used in research.

Marketing research

A systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation.

True

Competitive marketing intelligence involves systematic collection and analysis of publicly available information.

Positioning

Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products.

Value creation and exchange

The definition of marketing as a social and managerial process.

Marketing myopia

The situation where sellers focus too much on their own products instead of on consumer needs.

Customers know what they want

A characteristic of consumer-driven marketing.

Why they buy

The most difficult aspect for companies to research about consumers.

Microenvironment

The study of forces close to a company that affect its ability to serve customers.

Marketing research

Gives marketers insight into customers' motivations.

Gain competitive advantage

An advantage of harnessing information from a company’s database.

Most marketing managers are overwhelmed with data

A consequence of the explosion of information technologies.

True

The customer-driven market strategy involves the steps: market segmentation, targeting, differentiation, positioning.

Understand the marketplace and consumer needs and wants

What companies should do before designing a consumer-driven market strategy.

Market segmentation

Dividing the market into various groups of consumers that the company may serve.

Consumer purchasing power

Economic factors that affect consumers’ ability to buy.

Changing age structure of the population

The single most important demographic trend in the US.

Provide the same product as the competition

An action companies should avoid to succeed against competitors.

Macro

Describes the actors and forces outside marketing that affect marketing management.

Marketing environments

The actors and forces outside marketing that influence the ability to build and maintain successful relationships with target customers.