Marketing Test 1

Front 1

More than _____ of all new businesses fail within _____ years of their launch.

Back 1

half; five

Front 2

The idea of _______ refers to the trade of things of value between buyer and seller so that each is better off after the trade – in the context of marketing

Back 2

exchange

Front 3

A ______ occurs when a person feels deprived of basic necessities such as food, clothing, and shelter.

Back 3

need

Front 4

In a marketing context, a _______ refers to people with both the desire and ability to buy a specific offering

Back 4

market

Front 5

A _________ refers to one or more specific groups of potential consumers toward which an organization directs its marketing program

Back 5

target market

Front 6

The "marketing mix" or controllable factors are encompassed by the 3 P's, which are...

Back 6

product, price, promotion, and place

Front 7

The marketing concept refers to the idea that an organization should:

Back 7

(1) strive to satisfy the needs of consumers

(2) while also trying to achieve the organization's goals.

Front 8

An organization that focuses its efforts on these three things is said to have a market orientation.

Back 8

(1) continuously collecting information about customers' needs;

(2) sharing this information across departments; and

(3) using it to create customer value

Front 9

How an individual organization directs its marketing activities and allocates its resources to benefit its customers is known as __________.

Back 9

micromarketing

Front 10

Units such as manufacturers, retailers, and government agencies that buy goods and services for their own use or for resale are referred to as ___________.

Back 10

organizational buyers

Front 11

___________ applies innovative approaches to organize, create, and manage a venture to solve the practical needs of society.

Back 11

Social entrepreneurship

Front 12

Statements of an accomplishment of a task to be achieved, often by a specific time are referred to as ________.

Back 12

goals

Front 13

Data visualization is the information about an organization's marketing metrics graphically so marketers can quickly:

Back 13

(1) spot deviations from plans and

(2) take corrective actions.

Front 14

A _______ refers to a road map for the marketing activities of an organization for a specified future time period, such as one year or five years.

Back 14

marketing plan

Front 15

_________ include all of the following: profit, customer service, resources, and employee skills.

Back 15

Competencies

Front 16

The axes of the the Boston Consulting Group's classification of organizations are:

Back 16

Vertical: more or less market share
Horizontal: more or less growth potential

Front 17

_____________ is a marketing strategy to increase sales of current products in current markets.

Back 17

Market penetration

Front 18

__________ refers to the marketing strategy of selling new products to new markets

Back 18

Diversification

Front 19

What does SWOT stand for?

Back 19

strengths, weaknesses, opportunities, and threats

Front 20

____________ refer to those characteristics of a product that make it superior to competitive substitutes

Back 20

Points of difference

Front 21

The four components of the implementation phase include:

Back 21

(1) obtaining resources;

(2) designing the marketing organization;

(3) developing planning schedules; and

(4) actually executing the marketing program designed in the planning phase

Front 22

__________ refer to the detailed day-to-day operational decisions essential to the overall success of marketing strategies

Back 22

Marketing tactics

Front 23

_____________ trends come from social, economic, technological, competitive, and regulatory forces

Back 23

Environmental scanning

Front 24

The population explosion has occurred primarily in:

Back 24

the developing countries of Latin America, Asia, and Africa.

Front 25

_________ is predicted to have the world's largest population in 2050 with 1.75 billion people. _______ will be a close second with 1.44 billion people

Back 25

India; China

Front 26

Generally, _________ are receptive to products that are healthier for them

Back 26

baby boomers

Front 27

___________ includes the 15 percent of the population born between 1965 and 1976. These consumers are self-reliant, supportive of racial and ethnic diversity, and better educated than previous generations. They are not prone to extravagance and are likely to pursue lifestyles that are a blend of caution, pragmatism, and traditionalism. They are also collaborative decision-makers. __________ is replacing baby boomers as the largest segment of business travelers.

Back 27

Generation X

Front 28

____________ includes those born between 1977 and 1994. This was a period of increasing births, which resulted from baby boomers having children. This cohort is sometimes referred to as the echo-boom or baby boomlet.

Back 28

Generation Y

Front 29

Consumers under 20 years old rank _______ third, while the 20-to-29 and 30-to-39 age groups rank ________ and ________ as their third most important values, respectively.

Back 29

friendship; self-esteem; health and fitness

Front 30

In developing a marketing program, companies must consider the factors that drive competition:

Back 30

entry,
the bargaining power of buyers and suppliers,
existing rivalries, and
substitution possibilities.

Front 31

Registration under the __________ provides important advantages to a trademark owner that has used the trademark in interstate or foreign commerce, but it does not confer ownership

Back 31

Lanham Act

Front 32

The best-known self-regulatory group is the __________. Although it has no legal power, it does try to use "moral suasion" to get members to comply with its standards

Back 32

Better Business Bureau

Front 33

After recognizing a problem, a consumer begins to search for ___________, first by scanning one's memory for previous experiences with products or brands.

Back 33

information

Front 34

Five situational influences have an impact on a consumer's purchase decision process:

Back 34

purchase task,
social surroundings,
physical surroundings,
temporal effects,
and antecedent states.

Front 35

The way people see themselves and the way they believe others see them is referred to as ________.

Back 35

self-concept

Front 36

__________ refers to the process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world

Back 36

Perception

Front 37

The process of seeing or hearing messages without being aware of them is referred to as ______________

Back 37

subliminal perception

Front 38

A need that moves an individual to action is a _______. A ________ is a stimulus or symbol perceived by consumers.
A _________ is the action taken by a consumer to satisfy a drive.

Back 38

drive; cue; response

Front 39

About __ percent of U.S. product sales are directly tied to word of mouth activity among friends, family, and colleagues.

Back 39

67

Front 40

____________ refers to relatively permanent, homogenous divisions in a society in which people sharing similar values, interests, and behavior can be grouped

Back 40

Social class

Front 41

____________ refers to the marketing of goods and services to companies, governments, or not-for-profit organizations for use in the creation of goods and services that they can produce and market to others.

Back 41

Business marketing

Front 42

Wholesalers and retailers that buy physical products and resell them without any reprocessing are referred to as __________. Federal, state, and local agencies that buy goods and services for the constituents they serve are referred to as _____________.

Back 42

reseller firms; government units

Front 43

____________ provides common industry definitions for Canada, Mexico, and the United States

Back 43

The North American Industry Classification System (NAICS)

Front 44

The objective attributes of the supplier's products and services and the capabilities of the supplier itself are collectively referred to as

Back 44

organizational buying criteria

Front 45

__________ refers to the standards for registration and certification of a manufacturer's quality management and assurance system based on an on-site audit of practices and procedures developed by the International Standards Organization.

Back 45

ISO 9000

Front 46

A ____________ exists when a buyer and its supplier adopt mutually beneficial objectives, policies, and procedures for the purpose of lowering the cost or increasing the value of products and services delivered to the ultimate customer

Back 46

supply partnership

Front 47

___________ aims to integrate environmental considerations into all stages of an organization's buying process with the goal of reducing the impact on human health and the physical environment

Back 47

Sustainable procurement

Front 48

Several people often participate in the organizational buying process. Called a _________, these people share common goals, risks, and knowledge important to a purchase decision

Back 48

buying center

Front 49

The third stage of the organizational buying decision process is __________.

Back 49

alternative evaluation

Front 50

A __________ refers to an online auction in which a buyer communicates a need for a product or service and would-be suppliers are invited to bid in competition with each other

Back 50

reverse auction