Marketing:
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for
... [Show More] customers, clients, partners, and society at large
Marketing Concept:
the business orientation model that involves creating value and satisfying consumer needs
Marketing Mix:
consists of four elements: product, place, price, and promotion, also called the 4 Ps
Marketing Plan:
a tool used to set up various elements of a company's marketing strategies and develops an accompanying tactical plan
Marketing Strategy:
describes what the business wants to achieve in its marketing efforts
SWOT Analysis
a tool an organization uses to analyze its strengths, weaknesses, opportunities, and threats
What is the process that determines what is needed, how to collect it, analyze it, and use it for effective market planning? b. marketing information system
Pete's Car Wash will donate 10% of Platinum Car Wash purchases to feed the homeless. This is an example of ? C. Cause Marketing
Ginger Jones was reading an interesting newspaper article that discussed the diverse culture of a foreign land. However, by the time she finished reading the article, she discovered that the content was actually an advertisement for a travel company. This is an example of . C. native advertising
Which is the key strategic decision in formulating a marketing plan? D. all of the above
What is the process called when the wholesalers and manufacturers segment their markets much the same way as retailers? C. B2B segmentation
The process of developing and executing strategies and tactics to market and sell a product or service to a very specific target segment is: a. micromarketing
Which of the following options is not used in SWOTT analysis to set a direction in the brand of a highly competitive marketplace? D. planning
Which of the following is not an economic factor: b. Customer's data Marketing includes which of the following activities?
Pricing a product
What is the process called when the wholesalers and manufacturers segment their markets much the same way as retailers?
B2B segmentation
Which is NOT a key strategic decision in formulating a marketing plan? Creation of the logo and tagline
Which of the following key perspectives is not considered while performing the situation analysis? Suppliers
The Marketing Concept Era is designated between:
1960s-1970s
Who is required to have multiple decision-makers in order to appeal to multiple stakeholders for a single purchase?
B2B marketers
Government regulations, suppliers, competitors, the economy, business trends, finances, and the weather are? Opportunities and threats?
In the late 1990s, which of the following was third place in the minds and wallets of worldwide consumers?
MasterCard
The process of developing and executing strategies and tactics to market and sell a product or service to a very specific target segment is:
Micromarketing
When few sellers control most of the sales, it is:
Oligopoly
Which of the following options is not used in SWOTT analysis to set a direction in the brand of a highly competitive marketplace?
Segmentation
Which of the following refers to specific, measurable, achievable, relevant, and timely, and pertains to formulation of organizational objectives that are clear and measurable?
SMART goals
The process of gathering information about events and their relationships within an organization's internal and external environment is:
Environmental scanning
Which of the options below enables marketers to understand when they have achieved the goals of success throughout the plan, and allows them to quickly recognize areas that may be off-track in order to resolve them?
Key performance indicators
A detailed marketing plan does not include:
Marketing mix
What is the process that determines what is needed, how to collect it, analyze it, and use it for effective market planning?
Marketing information system
Which is helpful for the marketers to evaluate between risk and reward? Ansoff matrix
Social factors include:
Demographics, culture, and norms
Which of the following is not an economic factor: Customer's data
Chapert 2
Examples of neuromarketing research are: All of the above
What is market segmentation? Dividing the entire market into groups of consumers
What are Marketing Objectives/strategies? Written plans addressing significant marketing problems and opportunities.
What does brand development index (BDI) represent: sales potential of a brand
what relates to how above average or how below average sales are compared to the population demo? Index
What measures the number of cases, units or dollar volume of a brand sold per 1000 population percentage? BDI
what is the outcome of high BDI and high CDI? high share of market and good market potential
what is the outcome of high CDI and low BDI? low share of market and good market potential
what is the outcome of low CDI and high BDi? high share of market, monitor for sales decline
what is the outcome of low CDI and low BDI? low share of market and poor market potential
What is effective frequency? the amount of frequency the planner judges to be necessary for advertisements to be effective in communicating the creative message
what is effective reach? the percent of the target audience exposed at the frequency level that is effective in the planner's judgment
what is offensive advertising? advertising activity intended to secure new business
what does the Ostrow's approach say? when do you for sure emphasize reach in an ad campaign
what is the definition of geographic weighting? practice of giving extra consideration to one or more markets that have more sales potential due to location, demographics, etc.
what is the definition of continuity advertising scheduling strategy, and why would someone use it? it is a continuous, for example, either everyday or every week, works as a reminder
what is the definition of flighting advertising scheduling strategy, and why would someone use it?
is an intermittent pattern with gaps of time when no advertising is done, heavy considerations at certain times, helps beat competition because it advertise in most important times, great timing
what is the definition of pulsing advertising scheduling strategy, an why would someone use it?
is a mixture of continuity and flgihting and represents the best of both techniques.
what is the definition of index numbers? numbers that show a relationship between two percentages or two raw numbers
what is the one main point that underlies all the reasons when to advertise? when people tend to buy the product in question
When do you for sure emphasize frequency in an ad campaign? repetition, not dispersion is the key selling strategy
What are the four positioning statements: Target market, category, brand promise, the reason to believe. Which of the following does not cover marketing data: Customer
Which is the proper sequence of the marketing research process: Identify the Problem - Develop the Research Plan - Conduct Research - Analyze Data and Report Findings - Take Action
Which marketing intelligence issue relates to whether a brand is distributed nationally or regionally? geography questions
Demographics, trends, buying habits, competition, and industry environments are the part of: Marketing Data
Psychographic segmentation narrows segments of the market by: Act and thinking of customer
Geographic segmentation narrows the market by: Location
The likert scale comes under: Quantitative research
map is a tool for visualizing: Competitive landscape and spotting positioning opportunities
Secondary Data: Information previously collected for some other problem or issue.
Primary Data: Information collected for a current research problem or opportunity.
Gatekeeper Technologies: Technologies such as caller ID that are used to prevent intrusive marketing practices such as by telemarketers and illegal scam artists.
Information Research Process: A systemic approach to collecting, analyzing, interpreting, and transforming data into decision-making information.
Scientific Method: Research procedures should be logical, objective, systemic, reliable, and valid.
Knowledge: Information becomes knowledge when someone, either the researcher or the decision maker, interprets the data and attaches meaning.
Situational Analysis: Gathers and synthesizes background information to familiarize the researcher with the overall complexity of the problem.
Unit of Analysis: Specifies whether data should be collected about individuals, households, organizations, departments, geographical areas, or some combination.
Analysis: which marketing intelligence issue relates to consistent with the goals set for marketing
Competitive considerations: which marketing intelligence issue relates to needs to know as much as possible about the activities of the competitive brands.
Exploratory Research: Generates insights that will help define the problem situation confronting the researcher or improves the understanding of consumer motivations, attitudes, and behavior that are not easy to access using other research methods.
Descriptive Research: Collects quantitative data to answer research questions such as who, what, when, where, and how.
Casual Research: Collects data that enables decision makers to determine cause and effect relationships between 2 or more variables.
Target Population: The population from which the researcher wants to collect data.
Target Audience: which marketing intelligence issue relates to considering both demo and psycho target audiences
Census: The researcher attempts to question or observe all the members of a defined target population.
Sample: Small number of members of the target population from which the researcher collects data.
Research proposal: A specific document that provides an overview of the proposed research and methodology and serves as a written contract between the decision makers and the researcher.
Location: Geographic segmentation narrows segments of the market by.
Geography questions: which marketing intelligence issue relates to whether a brand is distributed nationally or regionally.
Index Numbers: numbers that show a relationship between two percentages or two raw numbers.
Chapter 3
Who is affected by the individual consumer tolerance of risk? Purchase decision
What are the factors Influencing Consumer Behavior Economic Factor: Psychology, Demographic, Economic
Which purchases usually involve a more complex process? New buy
Maslow's hierarchy of needs is: Self-actualization, esteem, love, safety, physiological
The purchase that involves the reordering of goods or services already under contract is: Straight rebuy Among specific filters, which one is the selective perception? Selective attention
Recent reports show that 85 % of consumers report that they trust online reviews left by other consumers as much as personal recommendations.
Some of the reasons that make people decide what to buy are: Personal, situational, psychological, and social interactions
The factors that include demographics, culture, and subcultures are known as: Sociocultural factors
A process by which consumers choose to remember or reject and forget the information proffered is known as: Selective retention
consumer market: purchasers and household members who intend to consume or benefit from the purchased products and do not make profits
business market: individuals, organizations, or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general operations
undifferentiated targeting strategy: a strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product.
homogeneous market: a market in which a large portion of customers have similar needs for a product.
heterogeneous market: a market made up of individuals or organizations with diverse needs for products in a specific product class.
market segmentation: the process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs.
market segment: individuals, groups, or organizations sharing one or more similar characteristics that cause them to have similar product needs
concentrated targeting strategy: a market segmentation strategy in which an organization targets a single market segment using one marketing mix.
differentiated targeting strategy: a strategy in which an organization targets two or more segments by developing a separate marketing mix for each segment.
segmentation variables: characteristics of individuals, groups, or organizations used to divide a market into segments.
market density: the number of potential customers within a unit of land area
geodemographic segmentation: a method of market segmentation that clusters people in zip code areas and smaller neighborhood units based of lifestyle and demographic information.
Micromarketing: an approach to market segmentation in which organizations focus precise marketing efforts on very small geographic areas
benefit segmentation: the division of a market according to benefits that consumers want from the product.
market potential: the total amount of a product that customers will purchase within a specified period at a specific level of industry-wide marketing activity.
company sales potential: the maximum percentage of market potential that an individual firm within an industry can expect to obtain for a specific product.
buildup approach: measuring company sales potential by estimating how much a product a potential buyer in a specific geographic area will purchase in a given period by the number of potential buyers, and adding the totals of all geographic areas considered.
trend analysis: an analysis that focuses on aggregate sales data over a number of many years to determine general trends in annual sales
time series analysis: uses historical sales data
cycle analysis: sales figures for a three to five-year period to ascertain whether sales fluctuate in a consistent, periodic manner.
seasonal analysis: daily, weekly, or monthly
consumer Behavior: The study of figuring out what customers want Motivation: The perceived need
Perception: the use of the five senses to perceive the environment
environmental factors: includes overall expected demand of the product or service from the specific market, material shortages, and outside technology impacts.
straight rebuy: purchases that involve the reordering of goods and services already under contract
new buy: purchases that usually involve a more complex process and individuals, especially if the purchase involves new technology
modified rebuy: purchases that involve previously purchases goods or services that are subjected to some significant change, typically involving pricing or volume
organizational buying demand: Purchases by organizations that are influenced by the consumer
Chapter 4
Customer Insights
Fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships.
Marketing Research
The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
Exploratory Research
Marketing research to gather preliminary information that will help define problems and suggest hypotheses.
Descriptive Research [Show Less]