Exam 1 review UPDATED Study Guide
QUESTIONS AND CORRECT ANSWERS
Challenges of managing big data include ________. - CORRECT ANSWERS
Accessing and sifting through so much data.
________ consists of inviting 6 to 10 people to meet with a trained moderator to
talk about a product, service, or organization. - CORRECT ANSWERS
Focus group interviewing
________ is the process by which firms interact one-to-one with masses of
customers to design products and services tailor-made to individual needs. -
CORRECT ANSWERS Mass customization
________ calls for dividing the market into regions, states, counties, cities, or
even neighborhoods. - CORRECT ANSWERS Geographic segmentation
________ describes changes in an individual's behavior arising from
experience. - CORRECT ANSWERS Learning
The set of marketing tools a firm uses to implement its marketing strategy is
called the ________. - CORRECT ANSWERS marketing mix
Which of the following is the first stage in the new product adoption process? -
CORRECT ANSWERS awareness
A mission statement serves as a ________. - CORRECT ANSWERS
statement of the organization's purpose
, Family is one of the ________ factors that influence consumer behavior. -
CORRECT ANSWERS Social
An MIS user should most likely be able to ________. - CORRECT ANSWERS
Develop customer insights
Which of the following terms refers to sellers being preoccupied with their own
products and losing sight of underlying consumer needs? - CORRECT
ANSWERS Marketing myopia
________ segmentation divides buyers into different segments based on social
class, lifestyle, or personality characteristics. - CORRECT ANSWERS
Psychographic
Railroads were once operated based on the thinking that users wanted trains that
would offer the most in quality, performance, and innovative features. The
railroad managing companies overlooked the fact that there could be other
modes of transportation. This reflects the ________ concept. - CORRECT
ANSWERS Product
Which of the following refers to a set of benefits that a company promises to
deliver to customers to satisfy their needs? - CORRECT ANSWERS
value proposition
Which of the following is the most likely result of a marketing strategy that
attempts to serve all potential customers? - CORRECT ANSWERS Not
all customers will be satisfied.
________ segmentation divides the market into segments based on variables
such as age, life-cycle stage, gender, income, occupation, education, religion,
ethnicity, and generation. - CORRECT ANSWERS Demographic
QUESTIONS AND CORRECT ANSWERS
Challenges of managing big data include ________. - CORRECT ANSWERS
Accessing and sifting through so much data.
________ consists of inviting 6 to 10 people to meet with a trained moderator to
talk about a product, service, or organization. - CORRECT ANSWERS
Focus group interviewing
________ is the process by which firms interact one-to-one with masses of
customers to design products and services tailor-made to individual needs. -
CORRECT ANSWERS Mass customization
________ calls for dividing the market into regions, states, counties, cities, or
even neighborhoods. - CORRECT ANSWERS Geographic segmentation
________ describes changes in an individual's behavior arising from
experience. - CORRECT ANSWERS Learning
The set of marketing tools a firm uses to implement its marketing strategy is
called the ________. - CORRECT ANSWERS marketing mix
Which of the following is the first stage in the new product adoption process? -
CORRECT ANSWERS awareness
A mission statement serves as a ________. - CORRECT ANSWERS
statement of the organization's purpose
, Family is one of the ________ factors that influence consumer behavior. -
CORRECT ANSWERS Social
An MIS user should most likely be able to ________. - CORRECT ANSWERS
Develop customer insights
Which of the following terms refers to sellers being preoccupied with their own
products and losing sight of underlying consumer needs? - CORRECT
ANSWERS Marketing myopia
________ segmentation divides buyers into different segments based on social
class, lifestyle, or personality characteristics. - CORRECT ANSWERS
Psychographic
Railroads were once operated based on the thinking that users wanted trains that
would offer the most in quality, performance, and innovative features. The
railroad managing companies overlooked the fact that there could be other
modes of transportation. This reflects the ________ concept. - CORRECT
ANSWERS Product
Which of the following refers to a set of benefits that a company promises to
deliver to customers to satisfy their needs? - CORRECT ANSWERS
value proposition
Which of the following is the most likely result of a marketing strategy that
attempts to serve all potential customers? - CORRECT ANSWERS Not
all customers will be satisfied.
________ segmentation divides the market into segments based on variables
such as age, life-cycle stage, gender, income, occupation, education, religion,
ethnicity, and generation. - CORRECT ANSWERS Demographic
