Intro To Business Chapter 13
Mike owns an economy car, but he wants to trade it in for a big four-wheel drive truck because he thinks it will make him feel better about himself and attract more women than the economy car does. Which factor appears to be driving Mike's desire to purchase the truck?
His self-image
Which of the following describes behavioral segmentation?
It groups customers according to their relationship with products or response to product characteristics.
Which of the following best describes the consumer market?
It is a group made up of people who buy goods and services for their personal or household use.
Fast Fashions, a retail chain in the United States, is considering expanding into Canada. By which method is Fast Fashion attempting to increase its sales?
Market development
__________ is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
Marketing
Which of the following best describes neuro marketing research?
Research that measures brain activity while customers are viewing or interacting with products, websites, or other elements
From a customer's perspective, which of the following primarily corresponds to the place, or distribution, component in the marketing mix?
A customer expecting a product to be made available as conveniently as possible
In the context of the four Ps of the marketing mix, which of the following best illustrates a decision regarding the place, or distribution, component?
A manager's decision to deliver purchased products directly to customers
Which of the following illustrates a sale to the organizational market?
A manufacturer of electronics buys components from a supplier
Mario is wealthy and lives in a large home on the East Coast. A hurricane is coming, so Mario decides to purchase a generator in case he runs out of power. He has never owned a generator before. Which of the following is driving Mario's purchase?
A situational factor
In context of the four Ps of the marketing mix, which of the following best illustrates a decision regarding the element of promotion (communication)?
An organization's decision to replace personal selling with the distribution of product catalogs because catalogs are preferred by customers
__________ segmentation groups customers according to their relationship with products or response to product characteristics.
Behavioral
Which of the following best illustrates a decision regarding the price component of the marketing mix?
Book Bug Inc., a retail book store, has decided to offer a five percent discount on three books.
Which of the following best describes diversification?
Creating new products for new markets
__________ involves creating new products for new markets.
Diversification
Bryan's Café has branches in several cities across the United States. It wants to observe the effect of changes in pricing on its sales volume before introducing the new varieties of coffee. It selects two cities with similar characteristics and introduces the new variants in its menu. The information collected from these trials will be used to determine the factors affecting sales volumes. Which type or market research is Bryan's Café trying to collect?
Experimental research
A successful clothing store found that its sales had been gradually falling for the last 18 months. In order to find the reasons for the gradual decline, it kept a track of how many customers entered the store and how many actually made a purchase. It also noted the time of the year and the time of day when the largest number of customers approached the store. On the basis of this information, the store was able to devise a marketing plan in order to attract more customers. Which of the following research approaches did the clothing store use?
Observational research
__________ is managing a business in a way that is designed to occupy a particular place in the minds of target customers.
Positioning
Among the four Ps of the marketing mix, coupons and discounts are marketing tools related to the element of __________.
price
From a customer's perspective, the element of promotion in the four Ps of the marketing mix corresponds to __________.
the customer's expectation of two-way communication with the seller
