masrkrting final in class review

Which of the following generational groups account for 21% of the US Population but controls 53% of all consumer spending?

Which of the following generational groups account for 21% of the US Population but controls 53% of all consumer spending?

Baby Boomer

is the systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organization

Marketing Research

is a method of gathering primary data that involves asking people questions about their knowledge, attitudes, preferences, and buying behavior.

Survey Research

Marketers apply ______ to the large and complex sets of data they collect to gain customer insights and gauge performance

marketing analytics

According to the text, ______ are the most important actors in a company's microenvironment

customers

is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.

demography

refer to a form of product that consists of activities, benefits or satisfactions offered for sale that are essentially intelligible.

services

A _____ is defined as a name, term, sign, symbol or design or combination of these, that identifies the maker or seller of a product or service

brand

is the process by which people select, organize, and interpret information to form a meaningful picture of the world.

perception

Which of these is the most important membership reference group ad consumer buying organization in society?

family

are people within a reference group who, because of special skills, knowledge, personality, or other characteristics, exert social influence on others.

Opinion leaders

The team based new product development approach saves times and increases effectiveness because departments work closely together in

cross-functional teams

is the degree to which the results of using an innovation can be observed or described to others.

communicability

means that consumers are likely to remember good points made about a brand they favor and forget the good points made about competing brands

selective retention

Which of the following is efficient for short hauls of high-value merchandise and is highly flexible in its routing and time schedules?

trucks

The consumer's use of multiple marketing channels, both digital and nondigital, to help them make a buying decision is known as _____.

consumer omni channel navigation behavior

Online visitors can't buy anything at ESPN.com. Instead, the site creates a virtual experience for sports enthusiasts and fans that can be customized to meet their needs. This is most likely an example of a(n) ________.

brand community website

Which of the following is generally regarded as the most challenging issue with regard to public policy and ethics confronting the direct marketing industry?

invasion of consumer privacy

Sales managers use a _______ that shows which customers and prospects pursue and which activities to carry out.

call plan

A tax on imported product designed to raise revenue or protect domestic firms is referred to as a(n)_______

tariff

According to the five-step model of the marketing process, the first step in marketing is ___________

understanding the marketplace and customer needs and wants.

savvy marketing managers know

that it is impossible to serve all potential customers in every way

Which of the following is a difference between the marketing concept and the selling concept?

The marketing concept takes an inside-out perspective, whereas the selling concept takes an outside-in perspective

A _____ is purposeful, specifying what an organization wants to accomplish win the larger environment

Mission Statement

A strategy for company growth that involves increasing sales to current market segments without changing the product is known as

Market Penetration

refers to the process of evaluating each market segments attractiveness and selecting one or more segments to enter

Market Targeting

demographic, economic, natural, technological, political and cultural forces form the _______ of an organization

macroenvironment

Which of these groups is the most fluent in digital technologies?

Generation Z

Which of the following is the first stage of the buyer decision process?

need recognition

Which of the following stages of the adoption process does a consumer consider whether trying a new product make sense?

evaluation

Many firms begin as _____ marketers before moving into broader market segments

niche

A doctor performing hip surgery on a patient illustrates how a service can be produced and consumed simultaneously. This is an example of which service characteristic?

inseparability

The new product development starts with ________

idea generation

Some companies, such as Google, have ______ that encourage employees to develop new ideas

intrapreneurial programs

creates a seamless cross-channel buying experience that integrates in-store, online and mobile shopping

Omni channel marketing

Which of the following is true of public relations?

it emphasizes news and events rather than sales

Rent, electricity and executive salaries that do not vary with production or sales level are referred to as ____ costs

fixed

one example of ______ occurred when online music downloading almost eliminated traditional. music store retailers

disintermediation

A _______ consists of producers, wholesalers, and retailers acting as a unified system. The system can be dominated by any one of the interdependent members.

Vertical Marketing System

When demand hardly changes with a small change in the price of a product, the demand for the product is best described as _______.

inelastic

Vertical conflicts in distribution channels are conflicts that occur between ________.

different levels of the same channel

_______ is the only element in the marketing mix that produces revenue

price

________ tends to legitimize products, is very expressive, allows brand or company dramatization, and can build up a long-term image for a product.

Television advertising

Which of the following sets the price ceiling for a products pricing?

Consumer perceptions of value

A _____ is made up of a company, its suppliers, distributors and ultimately customers who "partner" with each other to improve the performance of the entire system.

value delivery network

Foot Locker has mastered online and mobile efforts that link seamlessly with store​ operations, offering options such as​ "buy online, ship from​ store" and​ "buy online, reserve in​ store" for pickup. This is an example of​ ________.

omni channel retailing

The growth of the internet caused many traditional companies to ______ in response to customer demands and a changing marketplace

use Omni channel retailing

Mary Kay Cosmetics and Amway sell their products through home and office sales parties, online websites and social media. Both companies use a(n) _____ channel to distribute their offerings.

direct

Which of these is the fastest- growing forms of marketing?

digital

________ can provide on-the-go product information, price comparisons, advice and reviews from other consumers, and access to instant deals and digital coupons.

mobile marketing

The boom in online, mobile, and social media has created a new set of social and ethical issues for companies. Their greatest concern involves ________.

protecting the privacy of knowing and unknowing customers // Invasion of consumer privacy

______ is the process of marketing products and services within across multiple countries

global marketing