Identify the correct statement about marketing management

It focuses mostly on monitoring the profitability of a company's products and services.

It is primarily concerned with the systematic gathering, recording, and analysis of data about issues related to marketing products and services.

It is defined as the field that deals with planning and managing a business at the highest level of corporate hierarchy

It occurs when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties.

Designing a research plan calls for decisions on all of the following EXCEPT ________.

research approaches

research objectives

research instruments

data sources

After computing averages and measures of dispersion for the major variables and applying advanced statistical techniques and decision models in the hope of discovering additional findings from the gathered information, the researchers ________.

define the problem, the decision alternatives, and the research objectives

evaluate the costs associated with data collected

present findings relevant to the major marketing decisions facing management

analyze the appropriateness of the data sources used

For which of the following categories of products will demand forecasting be easiest?

products whose consumers are highly sensitive to change in price

commodities which are in the initial stage of their product life cycles

products which have many close substitutes in the market

goods which are produced in an oligopoly market

What are customer touch points?

all interactions between customers and competitors

all needs and wants of customers

all aspects of the offering that directly affect consumer preferences

all direct or indirect interactions between the customer and the company

Conformance quality and performance quality are identical in the marketing sense

True

NA

False

NA

________ goods constitute the bulk of most countries' production and marketing efforts.

Durable

Physical

Impulse

Intangible

Why must the researchers avoid generalizing from focus-group participants to the whole market?

Participants' responses are not reliable

The size of the group is too small and the sample is not drawn randomly.

Most of the participants are likely to be ignorant about the topic of discussion.

Most of the participants are likely to exhibit similar tastes and preferences.

Which of the following is true for customer satisfaction?

Greater customer satisfaction has also been linked to higher returns and lower risk in the stock market

Satisfaction is a deeply held commitment to rebuy or repatronize a preferred product despite situational influences.

Consumers often form more favorable perceptions of a product with a brand that is new.

The ultimate goal of a customer-centered firm is to create high customer satisfaction

When the government of any country restricts the sale of a particular commodity to certain groups—for example, restricting sales of alcohol to individuals above the age of 21—the eligible consumers who have income, interest, access and qualification constitute the ________.

target market

qualified potential market

potential market

qualified available market

In the communication stage of the value creation and delivery sequence, marketing must determine specific product features, prices, and distribution channels.

NA

True

NA

False

The sites which offer positive or negative product or service reviews and are built by the retailers of a particular product or service are called ________.

independent service review forums

distributor or sales agent feedback sites

customer complaint sites

combo sites

________ provide diagnostic information about how and why we observe certain effects in the marketplace, and what that means to marketers.

Marketing information systems

Marketing-mix models

Marketing channels

Marketing insights

In which of the following cases is building a database worthwhile for the company?

where customers show little loyalty to a brand

where the product is a once-in-a-lifetime purchase

where the cost of gathering the information is high

where the company has a long relationship with its customers

The ________ is the number of channel levels, from raw materials to final product and distribution, in which a company will participate.

industry sphere

vertical sphere

product/application sphere

competence sphere

Market demand for a product is the total volume that would be bought by a defined customer group in a defined geographical area in a defined time period in a defined marketing environment under a defined marketing program

False

NA

NA

True

A ________ is a set of procedures and sources managers use to obtain everyday information about developments in the marketing environment.

viral marketing campaign

product management system

marketing intelligence system

data warehousing system

You are the marketing research director of a medium-sized manufacturing firm and you would like to engage an outside marketing research firm to conduct field interviews. Which of the following options categories of marketing research firms should you use?

specialty-line marketing research firms

custom marketing research firms

syndicated-service research firms

global research management firms

Companies address needs by putting forth a ________, a set of benefits that they offer to customers to satisfy their needs.

value proposition

deal

marketing plan

brand

Keeping a survey short and simple and contacting customers no more than once a month are two keys to drawing people into the data collection effort.

False

NA

NA

True

The ________ lays out the target markets and the value proposition that will be offered, based on an analysis of the best market opportunities.

corporate tactical plan

strategic marketing plan

organizational plan

corporate mission

Which of the following is an example of growth by diversification?

a company introducing its existing products in a new market

a company increases its product line in an existing market

a company introducing new product category in a new market

a company introducing a new product category in an existing market

Sammy's is a fast food chain that offers burgers, sandwiches, and shakes. It focuses its marketing efforts on all the experiences the customers will have on the way to obtaining their food order and eating it. Hence, Sammy's is focusing its marketing efforts on its ________.

horizontal marketing system

value delivery system

marketing channel system

ost versus benefit system

When consumers share a strong need that cannot be satisfied by an existing product, they are exhibiting latent demand.

NA

True

NA

False

As Kodak addresses the digital revolution taking over the photographic industry, it wants customers to see it as a leader in digital photography. Thus, it is moving away from the production of film roll cameras. This would be an example of which of the following value creation steps?

redoing the corporate logo

repositioning the company's brand identity

changing the corporate vision

abandoning current product lines

Customer profitability analysis (CPA) is best conducted with the tools of an accounting technique called ________.

activity-based costing

factor analysis

input-output analysis

revenue-based costing

Which of the following economies provide limited opportunities to international marketers to develop product sales?

subsistence economies

industrializing economies

raw-materials-exporting economies

capitalist economies

Each of the following is true about the Internet's impact on the way business is conducted today, EXCEPT one. Identify the exception.

It has empowered consumers with easy access to information.

It has facilitated high-speed communication among employees.

It can be used as a powerful sales channel.

It has facilitated mass marketing but not the sale of customized products.

________ is based on the premise that marketers can no longer use "interruption marketing" via mass media campaigns.

Database marketing

Relationship marketing

Permission marketing

Internet marketing

Today, the "mass market" is actually splintering into numerous segments, each with its own wants, perceptions, preferences, and buying criteria. This implies that ________.

the traditional marketing approach would be the best approach to follow

the producers should focus on niche markets

the producers must consider themselves as a part of the value-chain process

all market segments are equally profitable