__________ is best defined as the process of continuously obtaining information on events happening outside a company to recognize and interpret possible trends that affect marketing.\t\u00a0\tRelationship marketing\tDigital marketing\tCustomer relationship management\tEnvironmental scanning\t\u00a0\t\u00a0\t\u00a0\tA __________ is often referred to as a business firm.\tgovernment agency\tnonprofit organization\tpublicly owned organization\tfor-profit organization\t\u00a0\t\u00a0\t\u00a0\tThe __________ refers to the seven stages a company goes through to recognize opportunities and convert them into sellable services or products\t\u00a0\tservice gap analysis\tstrategic focus and plan\tnew-product process\tpsychographic segmentation process\t__________ differentiates retail outlets depending on whether contractual systems independent retailers or corporate chains own the outlet.\tForm of ownership\tRetail servicing\tLevel of service\tMerchandise line\t\u00a0\t\u00a0\t\u00a0\tWhich of the following is true of the price equation?\tExtra fees are not part of the price equation.\tSellers subtract the add-on charges from the list price.\tThe amount paid by customers is always the same as the quoted price.\tCustomers are more inclined to pay additional fees than a higher list price.\t\u00a0\t\u00a0\t\u00a0\tA society’s __________ represent socially or personally preferable states of existence or modes of conduct that persist over time.\tlanguages\tsymbols\tvalues\tcustoms\t__________ segmentation is done according to an objective measurable physical or other classification attribute of potential consumers.\tPsychographic\tDemographic\tBehavioral\tGeographic\tA __________ is any word, device (shape, design, color, or sound), or combination thereof used to differentiate a seller’s services or products\t\u00a0\tbrand name\ttrade name\ttrademark\tbrand personality\t\u00a0\tYes Music is the authorized distributor for products of Trompa Instruments, a popular manufacturer of trumpets and other brass instruments. Yes Music purchases products from Trompa and distributes them to music stores across the country. What kind of intermediary function does Yes Music perform for Trompa?\t\u00a0\tManagerial\tFacilitating\tTransactional\tLogistical\t\u00a0\tThe idea of the __________ describes the phases a new product goes through in the marketplace.\tproduct life cycle\tstrategic marketing process\tnew-product process\tmarketing life cycle\t\u00a0\t__________ are small downloadable software programs that work on tablet devices and smartphones.\tAlgorithms\tApps\tDatabases\tRFIDs\t\u00a0\t__________ is the combination of benefits such as convenience, quality, and on-time delivery provided to targeted buyers by firms at a particular price.\tCustomer value\tSeller Value\tManufacturer value\tBusiness value\t\u00a0\tThe __________ sells a marketing plan to readers by being clear and direct.\tmission statement\texecutive summary\tcompany description\tstrategic focus and plan\t\u00a0\t__________ relate to the effort spent in making sales.\t\u00a0\tMarketing input data\tMarketing outcome data\tObservational data\tPrimary data\t\u00a0\tWhat is the difference between a marketing plan and a business plan?\tA marketing plan deals with marketing actions, whereas a business plan addresses the entire organization.\tA marketing plan contains a description of an organization, whereas a business plan does not contain any description.\tA marketing plan contains details on operations, research, and manufacturing, whereas a business plan does not.\tA marketing plan addresses the financial projections of an organization, whereas a business plan does not\t\u00a0\tDarby’s Burgers Ltd. uses the best quality meats in its burgers. However, this fact is not being marketed well to its potential consumers, leading to a decline in sales. There is a growing demand for quality meat products among the health-conscious that could work in Darby’s favor. However, Darby’s must compete with fast-food chains that offer burgers at low prices. Which of the following statements describes Darby’s weakness according to SWOT analysis?\t\u00a0\tThere is a growing demand for quality meat products among the health-conscious.\tDarby’s must compete with fast-food chains that offer cheap burgers.\tDarby’s quality is not well-marketed or advertised to its potential consumers.\tDarby’s uses good quality meats in its burgers.\t__________ is the act of using quotas or tariffs to shield one or more industries within a country’s economy from foreign competition.\t\u00a0\tCommercialism\tCentralism\tProvincialism\tProtectionism\tThe __________ of the environment include the population and culture’s demographic characteristics.\ttechnological forces\tcompetitive forces\tsocial forces\teconomic forces\tThe trade of offerings of value between a buyer and a seller, resulting in mutual benefit, is called a(n) __________.\texchange\tadvertisement\tcommunication\tmarketing mix\t\u00a0\tThe shares of Agro Textiles Ltd. are valued lower than its competitors. To increase its value, the company decides to study its current situation and see how it can improve itself. Which of the following strategic marketing processes should be used by Agro to analyze its situation?\tMarginal analysis\tBreak-even analysis\tBusiness portfolio analysis\tSWOT analysis\tA __________ is when manufacturers direct their promotional efforts toward channel partners to convince them to order and stock products.\tmulti-marketing strategy\tpull strategy\tpush strategy\tskimming strategy\t\u00a0\tWhat is the difference between advertising and personal selling?\tAdvertising is always a paid activity to sell a product, whereas personal selling involves no direct payment to sellers.\tAdvertising can control the amount of wasted coverage, whereas personal selling cannot control the amount of wasted coverage.\tAdvertising does not have an immediate feedback loop, whereas personal selling does because of direct interaction with potential consumers.\tAdvertising uses customized interaction between sellers and potential consumers, whereas personal selling sells to a large group of potential consumers.\t__________ is an activity that creates, communicates, and delivers products and services that benefit an organization, its stakeholders, its customers, and society as a whole.\tMarketing\tAdvertising\tPurchasing\tManufacturing\t\u00a0\tWhat is the difference between primary and secondary data?\tPrimary data are newly collected facts and figures for a project, whereas secondary data are facts and figures recorded prior to a current project.\tPrimary data relate to the results of marketing efforts, whereas secondary data relate to the effort spent in making sales.\tPrimary data relate to the effort spent in making sales, whereas secondary data relate to the results of marketing efforts.\tPrimary data are facts and figures recorded prior to a current project, whereas secondary data are newly collected facts and figures for a project.\tWhat must an organization use to determine its position respective to the competition during the new-product strategy development stage?\tStrategic focus and strategic plan\tPromotion and price strategy\tGeographic and demographic segmentation\tSWOT analysis and environmental scanning\t\u00a0\tBanana Technologies Inc. operates through brick-and-mortar stores that allow customers to personally check the brand’s computers and ask questions about its products. Upon purchase of any of its computers, the company allows the customers to return to the store for free consultations up to one year while also providing free software upgrades. Which marketing strategy is Banana Technologies Inc. following?\tNiche marketing\tDigital marketing\tRelationship marketing\tGuerilla marketing\tAt the __________ level the top management of a company directs the overall strategy for the whole company.\t\u00a0\tstrategic business unit\tfunctional\thuman resources\tcorporate\t\u00a0\tWhich of the following is true of economic development considerations?\tA company must understand whether a country has a mixed economy or a more agricultural economy.\tA company must weigh the average income of a country’s consumers.\tA company must consider a country’s communications, distribution, and transportation systems.\tA company must recognize a country’s currency exchange rates and price its products accordingly.\t\u00a0\t\u00a0\t\u00a0\t\u00a0\tWhich of the following is a step in the planning stage of the strategic marketing process?\t\u00a0\tThe implementation phase\tThe results program\tThe evaluation phase\tThe marketing program\t__________ segmentation is done according to where potential consumers live or work\tBehavioral\tDemographic\tPsychographic\tGeographic<\/p>\n","protected":false},"excerpt":{"rendered":"
__________ is best defined as the process of continuously obtaining information on events happening outside a company to recognize and interpret possible trends that affect marketing. \u00a0 Relationship marketing Digital marketing Customer relationship management Environmental scanning \u00a0 \u00a0 \u00a0 A Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-228884","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/228884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=228884"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/228884\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=228884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=228884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=228884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}