Chapter 11 Quizlet
A watch manufacturer makes high-end watches and markets them to high-income professional businessmen. The price of its watches ranges from $2,000 to $20,000. Because of this, the company only advertises in niche market publications that cater to this audience. In this scenario, identify what the central focus should be for this company's marketing activities.
High-income professional businessmen
Which statement best portrays a company's ability to understand consumer buying behavior?
It is extremely difficult to explain exactly why a customer purchases a particular product
Match these psychological variables of buying behavior with their definitions.
Perception- the process by which a person selects, organizes, and interprets information received from his or her senses Motivation- inner drive that directs a person's behavior toward goals Learning- changes in a person's behavior based on information and experience Attitude- knowledge and positive or negative feelings about something Personality- the organization of an individual's distinguishing character traits, attitudes, or habits
A market is defined as ______.
a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas
A ______ is anyone who shops for products and decides whether and what to buy.
buyer
The decision processes and actions of people who purchase and use products is referred to as _______ behavior.
buying
______ behavior is the decision process and actions of people who purchase and use products.
buying
Which of the following are external influences in the marketing environment?
competitive economic legal social
When segmenting a market, a _______ approach is used when a company develops one marketing strategy for a single market segment.
concentration
The idea behind the marketing concept is that ______ will lead to a business achieving its goals.
customer satisfaction
Deodorants, shampoo, and conditioner are often marketed and packaged differently to men than to women. This is an example of market segmentation using ______ variables.
demographic
Segmenting facial products by gender, age, and race is an example of ______ segmentation.
demographic
A marketing strategy has two major components: selecting a target market, and ______.
developing an appropriate marketing mix
______ is making products available in the quantities desired.
distribution
Which of the following can be defined as "services"? (Select all that apply)
doggie day care dry cleaning a physical examination
At the heart of all business is the ______, the act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas).
exchange
In marketing terms, when you pay the cashier money for the items you purchase at a store, it is an example of a(n) _____.
exchange
True or False: Marketing as an activity is used by for-profit businesses only.
false
True or false: If a business wants to achieve its objectives, it simply needs to create an innovative product.
false
True or false: The tools and techniques for analyzing exactly why consumers purchase what they purchase have been perfected and are quite exact.
false
What are some of the sample variables under demographic segmentation?
gender, age, education, and income
Any physical good, service, or idea that satisfies a want or need is a(n) _______.
good
A ______ is a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas.
market
Ashton Athletics decided to promote its new running shoes designed for treadmill users to males aged 45-65 because research had told them this was the main group who worked out using a treadmill. This group is an example of a ______.
market segment
Dividing the market into groups whose members have similar characteristics is ______.
market segmentation
A basic philosophy that guides all marketing activities is the ______ concept.
marketing
A(n) ______ strategy is a plan of action for developing, pricing, distributing, and promoting products.
marketing
Functions of ______ include buying, selling, transporting, and storing goods for an organization in order to accomplish objectives and generate exchanges.
marketing
What is the crucial link connecting organizations with their target audiences?
marketing
Political, legal, regulatory, social, competitive, economic, and technological forces comprise the ______.
marketing environment
A total-market approach is also referred to as ______.
mass marketing
Joe's Taco cart, which has always sold 100 percent pure beef tacos, develops three new taco varieties for the growing group of vegetarian students who come by daily. Joe still advertises his beef tacos but has also developed a mini-campaign to pitch the veggie tacos. Joe is using a(n) ______ market segmentation approach.
multisegment
When a UPS store targets consumers for shipping products around the holidays but targets businesses for everyday shipping needs, it is using a(n) ______ approach.
multisegment
What are the two common approaches to segmenting markets?
multisegment approach concentration approach
Which two terms best describe the process of gathering market research about potential customers that will help guide marketing decisions?
objective systematic
Which statement best describes the concentration segmentation approach?
one marketing strategy for a single market segment
Distribution is sometimes referred to as _______ in the marketing mix.
place
Because it relates directly to the generation of revenue, ______ is considered a key element of the marketing mix.
price
Since it represents the measure of value used in an exchange, ______ is the marketing mix element that is the basis of most market exchanges.
price
Which four elements make up the marketing mix?
price product promotion distribution
Which of the following is least likely to be part of promotion?
pricing
Automobile companies truly seem to be listening to customers who are environmentally concerned by offering more fuel-efficient cars. Companies are adjusting the ______ factor of the marketing mix.
product
New technologies such as electricity and railroads allowed the ______ orientation to flourish by allowing goods to be manufactured with increased efficiency.
production
Due in part to the Industrial Revolution and the demand for manufactured goods, this orientation was prominent in the second half of the 19th century.
production orientation
______ is a persuasive form of communication that attempts to expedite a marketing exchange by influencing individuals, groups, and organizations to accept goods, services, and ideas.
promotion
Marketing ______ is a systematic, objective process of gathering information about potential customers.
research
Marketing focuses on a complex set of activities that must be performed to accomplish objectives and generate exchanges. What are three of these activities?
risk taking researching selling
The process of dividing the total market into groups whose members have similar characteristics is market ______.
segmentation
Marketers expedite the exchange process by using promotion activities to persuade a customer to purchase a product. This is the essence of which function of marketing?
selling
What do marketers usually view as a persuasive marketing activity accomplished through promotion?
selling
A ______ is the application of human and mechanical efforts to people or objects to provide intangible benefits to customers.
service
University student, mother, and sister are examples of _______ roles that influence buying behavior.
social
Which of the following is not a psychological variable in reference to buying behavior?
social class
Which of the following are social factors that influence how, why, and when a consumer may buy a product or service?
social class culture reference group
American Girl manufactures dolls for young girls between the ages of 3 and 12. This specific group of consumers is the company's ______ market.
target
A group of high school soccer girls with the need, desire, ability, and authority to purchase soccer gear can be referred to as a:
target market
What is the central focus of all marketing activities?
the buyer
Why do companies use market segmentation?
to develop a productive marketing strategy
If you open a pizza restaurant and assume that all potential customers have similar needs and wants, you are using a _______ approach to define your target market.
total market
True or false: A marketer must understand the needs of the buyer in order to determine what products to make available.
true
A customer's subjective assessment of what they receive relative to costs in determining the worth of an item is referred to as ______.
value
Customer benefits subtracted by customer costs equals customer ______.
value
Interactive multimedia research is also known as ______.
virtual testing
______ combines sight, sound, and animation to facilitate testing of concepts as well as packaging and design features.
virtual testing
In the United States, ______ are the largest market segment.
women
