Principles of Marketing Section revision By: Ms. Eman Elfar

____ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation and exchange. A) Research B) Manufacturing C) Marketing D) Innovation E) Production . Greg Williams now has the buying power to purchase the desktop computer that he has wanted for the last six months. Greg's want now has become a(n) ________. A) exchange B) transaction C) necessity D) demand E) need

When backed by buying power, wants become ________ When backed by buying power, wants become ________. A) social needs B) physical needs C) exchanges D) self-esteem needs E) Demands ________ is the act of obtaining a desired object from someone by offering something in return. A) Exchange B) Donation C) Market offering D) Valuation E) Confiscation

A(n) ________ is the set of actual and potential buyers of a product. A) focus group B) audience C) subsidiary D) market E) control group

Selecting which segments of a population to serve is called ________ Selecting which segments of a population to serve is called ________. A) market segmentation B) positioning C) target marketing D) differentiation E) customization The set of marketing tools a firm uses to implement its marketing strategy is called the ________. A) market offering B) marketing effort C) product mix D) promotion mix E) marketing mix

Building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is called _____. A) customer lifetime value B) customer-perceived value C) customer equity D) customer relationship management E) partner relationship management _____ is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities. A) SWOT analysis B) Market segmentation C) Strategic planning D) Diversification E) Benchmarking

Which of the following is true with regard to strategic planning Which of the following is true with regard to strategic planning? A) Strategic planning involves identifying segments of consumers with identical preferences. B) Finding the game plan for long-run survival and growth is the focus of strategic planning. C) A strategic plan deals with a company's short-term goals. D) At the corporate level, the company starts the strategic planning process by determining what portfolio of businesses and products is best for the company. E) The strategic plan is a statement of an organization's purpose

A ________ documents an organization's purpose—what it wants to accomplish in the larger environment. A) value proposition B) business portfolio C) vision statement D) product strategy E) mission statement The collection of businesses and products that make up a company is called its ________. A) strategic plan B) internal value chain C) strategic business unit D) supply chain E) business portfolio

Which of the following best describes a strategic business unit (SBU) Which of the following best describes a strategic business unit (SBU)? A)the supply chain of a company B) the internal value chain of a company C) the key channel intermediaries of a service company D) the key businesses that make up a company E) the key competitors of a company ________ are low-growth, high-share businesses/products that need less investment to hold their market share. A) Bears B) Dogs C) Cash cows D) Stars E) Question marks

Which of the following is true with regard to cash cows Which of the following is true with regard to cash cows? A) They require significant cash to maintain market share. B) They are high-growth, high-share businesses or products. C) They can be used to help finance the company's question marks and stars. D) They do not promise to be large sources of cash. E) They are low-share businesses and products. ________ are low-share business units in high-growth markets that require a lot of cash to hold their share. A) Bears B) Dogs C) Stars D) Question mark E) Cash cows

Making more sales to current customers without changing a firm's products is known as ______. A) market segmentation B) product development C) product diversification D) prospecting E) market penetration The managers of Arrow, an American retail chain, are currently reviewing new demographic markets to sell the firm's current products. This is an example of ________. A) product development B) market development C) product adaptation D) market penetration E) mass marketing

________ is an overall evaluation of the company's strengths, weaknesses, opportunities, and threats. A) A breakeven analysis B) Porter's five forces analysis C) A SWOT analysis D) A regression analysis E) A cluster analysis In a SWOT analysis, which of the following would be considered a strength? A) technological shifts B) environmental demands C) industry trends D) performance challenges E)internal capabilities