Exam 11. In the BCG approach, ________ are high-share, high-growth businesses or products. They need heavy investment to finance rapid growth and fend off competition. When their growth slows down, they often turn into ________.a. Stars; cash cows2. It is ___________ to keep a customer, than it is to get a new one.a. Cheaper3. In the Customer Value Hierarchy framework, the level of the hierarchy that best describes the “supplier’s world” isa. Attribute level4. Which of the following re methods that help companies learn more about what customers value?a. Mining customer databases to look for buying patterns and new market segmentsb. Performing primary customer research, including customer interviews, panels, surveys, and observationc. Analyzing customer complaints to look for new ways to meet what they needd. All of the above5. All of the following are key aspects of customer value that we discussed in class, excepta. Customer value is mostly made up of product features and attributes that sellers think should be attractive to customers6. The objective of _____ is to gather preliminary information that will help define a marketing problem and suggest hypotheses.a. Exploratory research7. In the class on Strategic Planning, we used Hewlett Packard as an example of a company that can use the BCG Growth-Share matrix to analyze its portfolio of SBU’s. We concluded that for HP, the smart phone business is a ________ and the calculator business is a ___________.a. Question mark; cash cow8. A macroenvironmental force that Apple Computer needs to be conscious of is the _________.a. Economic environment facing Apple and its customers9. Based on the definitions that we talked about in class, customer value in a business strategy sense can be described in which of the following ways?a. The customer’s perception of what they want to have happen in a specific situation, with the help of a product or service, in order to accomplish a desired purpose or goal.10. Forces close to the company, including suppliers, marketing intermediaries, customers, competitors, and publics make up a firm’s microenvironment.11. Marketers should be aware of laws and government agencies that influence or limit various organizations and individuals in a given society. This is the political environment.12. The first step in strategic planning is to define the company mission.13. Customer Value Strategy Process: Identify the value – choose the value – provide the value – communicate the value – assess the delivered value14. The BCG growth-share matrix classifies four types of SBUs. They are stars, cash cows, question marks, and dogs.15. When conducting market research, managers usually start with exploratory research and later follow with descriptive research or casual research.16. The most widely used method for collecting primary market research data is surveys.17. Aspects of a customer value oriented firm18. A market is the set of actual and potential buyers of a product19. The customer is at the center of a marketer’s universe.20. Consumer markets are individuals and households that buy goods and services for personal consumption21. Marketing information system consists of procedures, people, and equipment to collect, sort, analyze, evaluate, and distribute needed, timely and accurate information to marketing decision makers22. The dynamic nature of customer value, in that it changes from time to time is a key aspect of customer value that makes it hard for companies to understand and compete on customer value23. Diversification24. Marketing intelligence25. Customer Value is a trade-off between benefits and sacrifice26. Macroenvironment is the uncontrollable environmental forces to which a firm must adapt 27. When backed by buying power, wants become demands.28. The Customer Value Hierarchy is a helpful framework to think about customers’ desired attributes, consequences, and ultimate goals that they seek in various products and services29. Wants are human needs as shaped by individual personality and culture30. Value proposition is the set of benefit a company promises to deliver its consumers to satisfy their needs31. Secondary data consists of information that already exists somewhere, having been collected for another purpose32. Limitations of observational research33. Targeting is selecting which segments to