Chapter 13 quiz

True or False Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have a value for customers, clients, partners, and society at large.

True

True or False The idea behind customer relationship management is to enhance customer satisfaction and stimulate long-term customer loyalty.

True

True or False The marketing process includes decisions about the best way to get the product to the consumer.

True

The "marketing mix" involes four factors in the marketing process. List the four (4) factors of the "marketing mix," also referred to as the four "P's" of marketing. 1. 2. 3. 4.

1. Product 2. Price 3. Place 4. Promotion

Which of the following describes a word, letter, or group of words or letters that differentiate the goods and services of a seller from those of competitors? A. brand name B. product designation C. prototype name D. generic name

A. brand name

The most important technological change likely to affect the marketing success of many firms is the A. growth of consumer databases, blogs, and social networking sites. B. speed of service from faster check-outs. C. level of computer literacy of the target market. D. number of computers in use in the home.

A. growth of consumer databases, blogs, and social networking sites.

Which of the following refers to the process of dividing the total market into several groups with similar characteristics? A. market segmentation B. market differentiation C. market determinants D. market partitioning

A. market segmentation

Consumer decisions regarding the products they buy are often influenced by their nationality, religion, or ethnic origin. Marketers realize that the consumer decision-making process is impacted by the consumers' A. subcultures. B. four Ps. C. cognitive behaviors. D. market position.

A. subcultures.

Which of the following refers to a marketing strategy in which the focus is on small but profitable market segments? A. micro targeting B. narrowcast marketing C. focused marketing D. niche marketing

D. niche marketing

Which of the following statements about the B2B market is true? A. The markets are often geographically dispersed. B. Industrial buyers are usually large. C. Industrial buyers tend to be more emotional in their purchasing decisions. D. The size of the market is smaller than the consumer market.

B. Industrial buyers are usually large.

Which of the following terms involves the analysis of markets to identify opportunities and challenges? A. market analysis B. marketing research C. opportunity identification D. market prospecting

B. marketing research

The two major types of markets are the A. primary market and the secondary market. B. B2B market and the C2C market. C. consumer market and the B2B market. D. target market and the niche market.

C. consumer market and the B2B market.

The goal of __________ is to keep individual customers over time by offering them new products that exactly meet their requirements A. niche marketing B. mass marketing C. relationship marketing D. segment marketing

C. relationship marketing

Which of the following statements is most consistent with today's views on effective marketing? A. "There's a sucker born every minute." B. "Find out what your competition does and do it better." C. "A good promotional campaign can sell anything." D. "Learn about your customers and exceed their expectations."

D. "Learn about your customers and exceed their expectations."

Which of the following would be considered part of a firm's marketing mix? A. Identifying the best source of funds to finance a firm's marketing activities B. Determining the best pricing strategy for a product C. Establishing a production schedule that enables the firm to meet forecasted sales D. Designing the most efficient production plan

Determining the best pricing strategy for a product

True or False Marketing research usually begins with secondary data because it is more accurate and more relevant than primary data.

False

True or False Relationship marketing makes heavy use of media such as television, radio, and newspapers, to convince large groups of customers to buy a standardized product.

False

True or False The tremendous demand for consumer goods and services after World War II helped launch the production era of marketing.

False

Firms that have adopted _________ seek to do more than simply sell a product; they seek to learn as much as possible about their customers in order to satisfy them with goods and services over time. A. nonprofit marketing B. customer relationship management C. management by objectives D. the marketing mix

customer relationship management

B2B markets tend to be A. dominated by marketing intermediaries. B. geographically concentrated. C. characterized by the presence of a large number of small buyers. D. more emotional than consumer markets

geographically concentrated.