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1. Midterm ReviewGame Multiple Choice Practice Marketing Strategy Concepts Vocab 2 Vocab 3 Vocab 1 100 100 100 100 100 100 100 100 100 100 100 500 100 200 200 200 200 500 300 300 300 300 500 400 400 400 400 500 500 500 500 500 500

2. The Answer is: A social and managerial process by which individuals and organizations obtain what they need and want through value creation and exchange.

3. The Question is:

4. The Answer is: Human needs as shaped by individual personality and culture.

5. The Question is: What is are WANTS?

6. The Answer is: The act of obtaining a desired object from someone by offering something in return.

7. The Question is:

8. The Answer is: In the case of excess demand, ________ may be required to reduce the number of customers or to shift demand temporarily or permanently.

9. The Question is:

10. The Answer is: A set of benefits a company promises to deliver its consumers to satisfy their needs.

11. The Question is:

12. The Answer is: This seeks to establish a balance between consumer short-run wants and consumer long-run welfare.

13. The Question is:

14. The Answer is: Building, keeping, and growing profitable value-laden relationships with all customers of a company is called _____________?

15. The Question is:

16. The Answer is: Human wants that are backed by buying power.

17. The Question is:

18. The Answer is: Frequent flyer programs offered by airlines are an example of a ________.

19. The Question is:

20. The Answer is: _____ is the task of developing and maintaining an overall company strategy for long-run survival and growth. DAILY DOUBLE

21. The Question is:

22. The Answer is: This concept holds that consumers will favor products that are available and highly affordable. Therefore, management should focus on improving production and distribution efficiency.

23. The Question is:

24. The Answer is: The idea that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort. This concept is typically practiced with unsought goods.

25. The Question is:

26. The Answer is: This concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than the competition

27. The Question is:

28. The Answer is: The idea that every company has an obligation to treat employees fairly, provide fair wages, produce safe products and minimize pollution is a key part of this concept. DAILY DOUBLE

29. The Question is:

30. The Answer is: Focusing to much of your efforts on this marketing concept can lead to Marketing Myopia.

31. The Question is:

32. The Answer is: Which department in a company carries the primary responsibility for achieving profitable growth?

33. The Question is:

34. The Answer is: The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors is called ________.

35. The Question is:

36. The Answer is: _____ involves evaluating each market segment’s attractiveness and selecting one or more segments to enter.

37. The Question is:

38. The Answer is: You are directed to study the factors that are larger societal forces that affect your company—demographic, economic, natural, technological, political, and cultural. What are you studying?

39. The Question is:

40. The Answer is: The BCG growth-share matrix classifies four types off SBUs. They are ________ , ________ , ________ , and ________.

41. The Question is:

42. The Answer is: • Banks, credit companies, insurance companies, and other businesses that help finance transactions or insure against the risks associated with the buying and selling of goods and services are referred to as ________. • A. financial intermediaries • B. physical distribution firms • C. marketing service agencies • D. resellers • E. wholesalers

43. The Question is:

44. The Answer is: • An increasingly large number of firms are changing their organizational focus from ________ to ________. • A. product management; functional management • B. product management; territory management • C. brand management; customer relationship management • D. territory management; functional management • E. global management; regional management

45. The Question is:

46. The Answer is: • Which of the following is not a reason that a firm might want to abandon products or markets? • A. The market environment has changed making some of the products less profitable. • B. The firm has entered areas in which it does not have expertise. • C. The economic climate is showing signs of recovery. • D. The firm has grown too fast. • E. The firm has not properly researched foreign markets which it has entered.

47. The Question is:

48. The Answer is: • In 1999, Starbucks purchased Hear Music and began making compilation music CDs to play and sell in its stores. It has also tested new restaurant concepts, such as Circadia in San Francisco. Starbucks is implementing ________. • A. new product development • B. market development • C. diversification • D. market penetration • E. product adaptation

49. The Question is:

50. The Answer is: • Starbucks has introduced a debit card that lets customers prepay for coffee and snacks. This effort by Starbucks management is an example of ____________. • A. market development • B. product development • C. diversification • D. market penetration • E. product adaptation