Quiz 1

Question 1

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value.

Answer 1

Marketing

Question 2

CX or Cex

Answer 2

Customer Experience

Question 3

Four P’s

Answer 3

Product, Price, Promotion, Place

Question 4

What is CX/CEX/Customer experience?

Answer 4

The customers overall assessment of every interaction the customer has experienced with a business.

Question 5

BCG?

Answer 5

Boston Consulting Group

Question 6

What is Data?

Answer 6

raw unorganized facts

Question 7

What is Information?

Answer 7

Interpreted data

Question 8

True or false?
Marketing is the first and foremost about satisfying customer needs in a profitable way.

Answer 8

True

Question 9

What is marketing all about?

Answer 9

Customer Experience

Question 10

What is the Marketing mix?

Answer 10

Four P’s (Price, Product, Promotion, Place)

Question 11

What is it called when a firm can offer customers a benefit they can’t get from competitors?

Answer 11

Competitive adavantage

Question 12

What level of a company is Strategic planning?

Answer 12

Corporate

Question 13

True or false?
Operational is to support functional as functional is to support strategic?

Answer 13

True

Question 13

What level of a company is Functional Planning?

Answer 13

Chief Marketing officer, Functional level management.

Question 14

What level of a company is Operational Planning?

Answer 14

Supervisory managers, people on the floor.

Question 15

What is a cash cow?

Answer 15

dominant share in a low market growth

Question 16

what are stars?

Answer 16

SBU’s whose market products have a dominant marketshare in high growth markets

Question 17

what are question marks?

Answer 17

SBU’s who product have a low market share in high growth markets

Question 18

Dogs

Answer 18

something nobody wants

Question 19

What is Customer Lifetime Value

Answer 19

Marketers calculate the lifetime value of a customer.

Question 20

What is it when marketers calculate the lifetime value of a customer?

Answer 20

Customer Lifetime Value

Question 21

what is value?

Answer 21

have to offer value to customers, benefits out weigh the cost

Question 22

a formal statement in the strategic plan that describes the firms overall purpose and what it hopes to achieve in terms of it’s customers, products, and resources.

Answer 22

mission statement

Question 23

What are the three levels of planning?

Answer 23

strategic, functional, and operational

Question 24

What is customer experience?

Answer 24

the customers overall assessment of every interaction the customer has experienced with a business.

Question 25

seek to increase sales of existing products to existing markets

Answer 25

Market Penetration Strategy

Question 26

create growth by selling new products in existing markets

Answer 26

Product development strategy

Question 27

introduce existing products to new markets

Answer 27

Market development strategy

Question 28

emphasize both new products and new markets to achieve both

Answer 28

diversification strategy

Question 29

people want and can buy

Answer 29

demand

Question 30

demand

Answer 30

people want and can buy

Question 31

consumers must have buying power for there to be ???

Answer 31

demand

Question 32

quick to obtain, free or inexpensive, accuracy is questionable, purpose is unknown

Answer 32

secondary data

Question 33

time consuming, expensive to collect, accurate

Answer 33

primary data

Question 34

refers to the process of collecting, analyzing, and interpreting data about customers, rivals, and the business environment in order to improve marketing effectiveness.

Answer 34

Market research

Question 35

your chance of being asked is equal to someone else being asked

Answer 35

probability sampling

Question 36

what is Probability Sampling?

Answer 36

each member of the population has some known chance of being included.

Question 37

What is Non-Probability sampling?

Answer 37

A sample in which personal judgement is used to select respondents.

Question 38

True or false the smaller the sample size is the more accurate the survey?

Answer 38

false

Question 39

what are the internals of SWOT?

Answer 39

strengths and weaknesses

Question 40

what are the externals of SWOT?

Answer 40

Opportunity and Threat

Question 41

What is SBU

Answer 41

Strategic Business Units

Question 42

large company broken down to be more manageable

Answer 42

Strategic Business Units

Question 43

a series of activities involved in designing, producing, marketing, delivering, and supporting any product; the series of activities necessary to change raw materials into a product the customer buys

Answer 43

Value chain

Question 44

each activity adds and removes value

Answer 44

Value chain

Question 45

Large firms often operate a range of different businesses that are called its ???

Answer 45

Business Portfolio

Question 46

what does the BCG help marketers do?

Answer 46

decide what to keep and what to let go of

Question 47

what are business goods?

Answer 47

bought to create a product and not in consumption