Obtain information about its present and potential customers. • The differentiation of a firm's products or services to promote environmental responsibility is referred to as: Which of the following elements is not part of Porter's Five Forces model for industry competitiveness? You may need to download version 2.0 now from the Chrome Web Store. document.write([location.protocol, '//', location.host, location.pathname].join('')); The political, economic, social, technological, legal, and ecological environments. Which type of market consists of individuals and business organizations that buy certain products to use in the manufacture of other products? Define the problem, make a preliminary investigation, plan the research, gather factual information, interpret the information, and reach a conclusion. An organization can offer standard products at acceptable levels of quality, yet still generate above-average profit margin by adopting _____________. View Homework Help - MKT 405 Multiple choice 22 from MKT 405 at Ashford University. To evaluate an organization's Strategic Business Units (SBU), the Boston Consulting Group developed a portfolio performance framework that characterizes some of the SBUs as: ________________ is a process that leads to specific decisions on how to compete in the marketplace and how the company should best serve its customers. c) List the five stages of the consumer buying decision process in chronological order: Recognize the problem, search for information, evaluate alternatives, purchase, and evaluate after purchase. https://quizlet.com/383512513/ch-11-intro-to-business-flash-cards This framework has undergone many changes and also has many variations. Printed from What is the first step in implementing the marketing concept? They can refer new customers of similar value. a) Political. _______ is an important step of the marketing process because it involves collecting and analyzing data on what consumers want and need, their consumption habits, trends, and changes in the marketing environment. Which of the following is a benefit of retaining customers? These objectives are often employed in mature markets as firms/products enter a decline phase. Which of the following statements is true with regards to how customers' decision-making time varies with the type of product? Political. Your IP: 18.104.22.168 By which of the factors in the external environment is he being influenced. What best describes an online information service? Another way to prevent getting this page in the future is to use Privacy Pass. The business philosophy that a firm should provide goods and services that satisfy customers' needs through a coordinated set of activities that allow the firm to achieve its objectives is commonly known as: What does the firm do if it has a customer orientation? Bring back products that were considered obsolete. The purchasing, economics, social, technological, legal, and ecological environments. Cloudflare Ray ID: 5ece03fb8e3f8b38 Completing the CAPTCHA proves you are a human and gives you temporary access to the web property. A group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas. The realization that Japanese people didn't need large, high-speed cars. A marketing strategy has two major components: selecting a target market, and: A group of high school soccer girls with the need, desire, ability, and authority to purchase soccer gear can best be referred to as a: The _______ assumes that individual customers have similar needs and that most customers can be satisfied with a single marketing mix. Utility created by converting production inputs into finished products is known as: Physical distribution creates ______ and ______ utility by making products available when and where they are wanted, with adequate service and at minimum cost. The political, economic, social, treat, legal, and ecological environments. The firm has to first determine what customers need and then develop goods and services to fill those particular needs. Robert is working hard to make sure that the promotional campaign is clearly understood by the nation's consumers and doesn't offend anyone. New technology results in new goods and services, and it can also: Lower the available level of customer service. So it essentially helps the companies have a ten thousand foot view of the macro environmentit is operating in. PESTLE stands for _____________. Tobacco advertising is now banned in virtually all marketing communication forms in many countries around the world. This can be explained as an influence of: _____________ is an assessment of a company's mix of products, services, investments, and other assets in order to optimize the use of resources and to assess its suitability, level of risk, and expected financial return. The process of collecting information about the external marketing environment is: The six dimensions usually considered to constitute the external marketing environment include all of the following except: ____________________ are those who address the same target market but provide a different offering to satisfy the market need, for example Spotify, Sony, and Apple's iPod. Toyota's Prius and Honda's hybrid Civic are examples of technological products inspired by: Style considerations in the Japanese automobile industry. And the legal environment … Managers of companies may rely on sales forecast figures for all the following, except: All of the following are methods used by businesses to forecast sales, except: Data from a marketing information system is collected from _______ sources, such as sales figures and marketing costs, and _______ sources, such as data from an organization's supplier or data from customers. Social pressure to develop more fuel-efficient vehicles with fewer dangerous emissions. If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices. To make sense of the external environment, the well-known acronym, PESTLE is used. The political, economics, substitute, technological, legal, and ecological environments. These objectives are often the most suitable when firms operate in a market dominated by a major competitor and where their financial resources are limited. If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware. Offers subscribers access to e-mail, websites, downloadable files, news, databases, and research materials. Previously it was only PEST analysis. © Oxford University Press, 2020. The goal is to maximize short-term profits and stimulate a positive cash flow. He is working on the promotional campaign designed to reach a target audience in a new international market. Which of the following is least likely to influence the consumer buying decision making process? Also helps to keep a track of all the changes happening in the environment. When customers' needs vary, the _______ should be used. b) Legal. , all rights reserved. Question Which of the following is not part of the external marketing environment? Which type of income do marketers have a particular interest in monitoring. • This is something that at some time in the future may destabilize and/or reduce the potential performance of the organization. _____ behavior is the decision process and actions of people who purchase and use products. It is a mnemonic which expands to Political, Economic, Social, Technological, Legal and Environmental and elements of a business. Let us start with what PESTEL or PESTLE stands for. Strengths, weaknesses, opportunities, threats. Which of the following is not part of the external marketing environment? Which of the following is not part of the external marketing environment? Performance & security by Cloudflare, Please complete the security check to access. The desire of many engineers to simply make interesting products. Which of the following uses information about customers to create marketing strategies that develop and sustain desirable customer relationships? Communication, Media Studies, & Journalism, Return to Fundamentals of Marketing Student Resources. External forces, which are generally uncontrollable, that can have a significant impact on a firm's marketing activities are known as: All of the following are major components of the marketing plan, except: All of the following are true about a marketing plan, except: It is static and does not need to be updated. Robert is a marketer for a global consumer products company. Reduce prices through new production and distribution methods. For purchases made occasionally, or when more information is needed about an unknown product in a well-known product category then the buyer uses limited decision making. In what order should you complete the six steps of the marketing research process? Undifferentiated approach; market segmentation. The six dimensions usually considered to constitute the external marketing environment include all of the following except: ... To make sense of the external environment, the well-known acronym, PESTLE is used. __________ is the collection and interpretation of information about forces, events, and relationships that may affect the organization. All of the following are marketing activities that are part of the marketing mix, except: Which of the following is not part of the marketing environment that marketing managers attempt to understand and/or control?
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