What statement best describes a marketing information system (MIS)?

A system to generate and validate actionable customer and market insights.

The economic environment consists of two primary economic factors that affect _______

consumer purchasing power and spending patterns

Companies need meaningful customer insights so they can ____________.

produce superior value for their customers

Which of the following correctly identifies the five core customer and marketplace concepts?

Needs, wants, demands; market offers; value & satisfaction; exchanges

The fourth step in the marketing research process is ________.

interpreting and reporting the findings

Which of the following is true regarding the technological environment?

Companies must keep up with technology changes or risk being left behind.

Which of the following is NOT true regarding international marketing research?

The cost of international research is lower.

When a company starts the strategic planning process at the corporate level, it begins by ___________.

defining its overall purpose and mission

What are the variables in a company's marketing mix?

Product, price, place, and promotion

Marketers are viewing information not only as an input for making better decisions, but also as a(n) ____________.

important strategic asset and marketing tool

________ compose a company's external value delivery network.

Suppliers, distributors, and customers

What are the three general sources from which marketers can obtain information?

Internal databases, marketing intelligence, and marketing research

The fifth step of the marketing process is designing a ____.

customer value-driven marketing strategy

When a company starts the strategic planning process at the corporate level, it begins by ___________.

defining its overall purpose and mission

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MR1100 Midterm Review Quiz

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Questions 24

Answers

1
Satisfied customers buy again and tell others about their good experiences. What is customer satisfaction based on?
Customer referrals
Markets
Customer expectations
Product price
2
Age, race, gender, and other statistics are part of a company's _____ environment.
demographic
natural (external)
political
cultural
3
What statement best describes a marketing information system (MIS)?
A customer insights and analysis team.
A customer relationship management system.
A system of competitive marketing intelligence.
A system to generate and validate actionable customer and market insights.
4
Huge data sets generated by sophisticated information generation, collection, storage, & analysis are known as
market research
a marketing information system
customer insights
big data
5
Larger ________ that affect the entire microenvironment combine to form the macroenvironment.
economic and cultural forces
demographic and economic environments
technological forces
societal forces
6
The economic environment consists of two primary economic factors that affect _______
consumer purchasing power and spending patterns
consumer spending patterns and buyer preferences
consumer income levels and spending patterns
consumer purchasing preferences and buyer power
7
Companies need meaningful customer insights so they can ____________.
produce superior value for their customers
reduce the need for big data
realize better bottom lines
build databases that prove useful to marketers
8
Which of the following correctly identifies the five core customer and marketplace concepts?
Needs, wants, and demands; value & satisfaction; competitors; profits
Needs, wants, and demands; products; value; customers; and competitors.
Needs, wants & demands; market offerings; value; satisfaction; & markets
Needs, wants, demands; market offers; value & satisfaction; exchanges
9
The fourth step in the marketing research process is ________.
gathering, processing, analyzing, interpreting, and reporting the findings
interpreting and reporting the findings
processing, analyzing, interpreting, and reporting the findings
gathering, processing, and analyzing the data
10
Which of the following is true regarding the technological environment?
Technological changes are the 2nd largest force in themacroenvironment.
Companies must keep up with technology changes or risk being left behind.
As product & technology complexity grow, safety becomes less of a concern.
Changes in technology are always beneficial to consumers and society.
11
Which of the following is NOT true regarding international marketing research?
Translating questionnaires into another language is not an easy task.
The cost of international research is lower.
Cultural differences from country to country cause additional problems.
Obtaining primary data may be difficult.
12
When a company starts the strategic planning process at the corporate level, it begins by ___________.
defining its overall purpose and mission
setting growth strategy goals
formulating product innovation objectives
defining its revenue objectives
13
Outstanding marketing companies go to great lengths to learn about and understand their customers' ________.
distribution methods and channels.
products and services.
decision making, buying, and purchasing processes.
needs, wants and demands.
14
What are the variables in a company's marketing mix?
Product, price, place, and promotion
Product, price, promotion, and people
Product, partners, profits, and place
Profits, product, partners, and people
15
Which of the following is NOT one of the four Ps of the marketing mix?
Price
Place
Production
Promotion
16
Which of the following is NOT one of the components of a company's microenvironment?
Competitors
Customer Markets
Cultural Forces
Suppliers
17
Marketers are viewing information not only as an input for making better decisions, but also as a(n) ____________.
important product development tool and advertising tool
important strategic asset and sales tool
important strategic asset and marketing tool
important marketing tool and advertising tool
18
The ultimate aim of customer relationship management is to produce high ________.
satisfaction
customer equity
sales volume
share of customer
19
________ compose a company's external value delivery network.
Company departments, customers, and competitors
Suppliers, distributors, and customers
Suppliers, customers, and other company departments
Customers, competitors, and suppliers
20
What are the three general sources from which marketers can obtain information?
Marketing research, surveys, and scanners
Internal databases, big data, and global data
Sales records, the internet, and internal databases
Internal databases, marketing intelligence, and marketing research
21
A SWOT is a part of which marketing management function?
Marketing control
Marketing planning
Marketing implementation
Marketing analysis
22
The fifth step of the marketing process is designing a ____.
customer relationship strategy
sales strategy plan
customer value-driven marketing strategy
marketing plan
23
Stars, cash cows, question marks, and dogs are the strategic business units defined in which of the following?
Growth-share matrix
Market segmentation
Product expansion grid
SWOT analysis
24
When a company starts the strategic planning process at the corporate level, it begins by ___________.
formulating product innovation objectives
defining its revenue objectives
setting growth strategy goals
defining its overall purpose and mission

MR1100 Midterm Review Quiz Flashcards | StudBud