Marketing exam 1

Individuals and households that buy or acquire goods and services for personal consumption make up the _

 consumer market

Secondary data consist of

information that already exists somewhere, having been collected for another purpose

Among the generational groups in the U.S population,are still the wealthiest generation in U.S. history

baby boomers

___measures the profits generated by investments in marketing activities.

Return on marketing investment

Which of the following companies has a market-oriented business definition?

A cosmetic company, whose business definition is: "We sell hope and self-esteem."

Harris Brown, the marketing manager at a small retail chain, wants to assess his firm's strengths, opportunities, weaknesses, and threats. Which of the following would be best suited for his purpose?

SWOT analysis

• S = Strengths → What the company does well

• W = Weaknesses → Where the company is lacking

• O = Opportunities → External chances for growth

• T = Threats → External dangers or competition

Which of the following is NOT an example of product-oriented mission statements?

"We sell memorable experiences."

Which of the following is a NOT a valid source of primary data?

commercial databases

The marketing research process does NOT include

market segmentation

__is the set of basic values, perceptions, and behaviors learned by members of society from their family members and other important institutions.

Culture

Primary data consist of

information collected for the specific purpose at hand

Mission statements should and be defined in terms of____

be market oriented; satisfying basic customer

Dividing the market into various groups of customers is known as

market

Which of the following statements is true regarding competitive marketing intelligence?

Competitive marketing intelligence relies upon publicly available

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.

microenvironment

Laquan works with product quality and various regulatory agencies to ensure the firm's products are toddler safe and comply with federal law. He works with the

government

Akira Takano, a marketing manager, is about to test the hypothesis that the sale of a particular product will increase exponentially if there is a $5 drop in the selling price of the product.

Akira is involved in ___

research.

Causal

In a simple random sample

every member of the population has a known and equal chance of selection

In the BCG matrix approach, high-growth, high-share businesses or products are called

stars

People tend to interpret new information in a way that will support what they already believe. This is called

selective distortion

Which of the following is true about experimental research?

 is best suited for gathering causal

Venus Williams now has the buying power to purchase an island in the Bahamas that she has wanted for several years. Venus's want is now an)

demand

When backed by buying power, wants become

social needs

The _ concept of marketing focuses on consumer wants, company requirements, and the long-run interests of consumers and society.

societal

Identifying which groups of customers to serve is known as

target marketing

Lamar decided to buy a particular smartphone that he saw reviewed online. However, after buying the phone he feared he picked the wrong phone. What is Lamar feeling after his purchase?

cognitive dissonance

Which of the following is an accurate statement about the diversity of the American population?

By 2060, Hispanic Americans are estimated to be 28 percent of the population.

Which of these statements is the most accurate with respect to consumer behavior?

Consumers often don't know what influences their purchases.

In the car market, there are consumers who want the biggest, most comfortable car regardless of price. This shared response based on shared needs of customers constitutes an)

market segment

Gen Alphas are kids born after 2012 and they

 will be the most formally educated generation ever.

To head up such large marketing organizations, many companies have now created a position. This person represents marketing on the company's top management team

chief marketing officer (CMO)

Subcultures include nationalities, religions, geographic regions, and ___

racial groups

What is the most important consumer buying unit in society?

family

Some firms attempt to serve all market segments

and end up not serving any of them very well

Which of these categories do you think the COVID-19 pandemic should fit into?

macroenvironment

Company growth by increasing sales of current products to current market segments without changing the product is called:

market penetration

Is the most basic determinant of a person's wants and behavior

culture

Maria works for Sigma Inc., a firm that helps companies target and promote their products to the right markets. Sigma is most likely a

marketing services agency

Which of the following is NOT an element of the marketing mix?

penetration

Which of the following marketing management concepts is most likely to lead to marketing myopia?

customer-driven marketing concept

__include households, other businesses, resellers, and government entities.

Customers

are human needs that are shaped by culture and individual personality 

Wants

Collections of consumer and market information obtained from data sources within the company network are called

internal databases

Sparks Inc. has a growing __market in consisting of firms that use their products for furniture components

business

Companies can research many aspects of buying decisions. However, the one that is the most difficult to identify is

why they buy

Environmental sustainability means

meeting present needs while also considering future

The term big data refers to the __

huge and complex data sets

Which of the following marketing orientations holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?

the marketing concept

The theory that human needs can be arranged in a hierarchy and that people will satisfy the most pressing needs first and then move on to other needs was developed by

Maslow

Marketing is defined as a set of strategies and activities by which companies acquire and engage customers, build strong customer and client relationships, and create superior customer value in order to

capture value from customers in return