Marketing Ch 5-7, Commonly Missed

BritWay Ventures, a leading producer of soft drinks, is considering a differentiated marketing strategy. It is most likely important that the company weighs increased sales against ________ before selecting this strategy.

increased costs

Which of the following is an approach where firms target a whole market based on common consumer needs?

undifferentiated marketing

Unlike other car rental agencies that are based in airports to serve travelers, Wheelz-On-Rent has a network of neighborhood offices. The firm strives to serve people who need car rentals for reasons other than vacation, such as when their own cars are being repaired. Wheelz-On-Rent caters to a small share of the large car rental market. From this description, it can be concluded that Wheelz-On-Rent most likely practices ________.

concentrated marketing

Which of the following is a social factor that influences consumer buying behavior?

family

Compared with undifferentiated marketing, differentiated marketing is more likely to lead to ________.

higher costs of doing business

A market segment is less attractive when ________.

it contains powerful suppliers who can control prices

Stores offering low-quality alternatives to luxury products at low prices most likely follow a ________ positioning strategy.

less-for-much-less

Marketers tailoring brands and promotions to the needs and wants of specific customer groups practice ________.

local marketing

The practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations is referred to as ________.

micromarketing

A business buyer is considering a change in product specifications, terms, and possibly suppliers. This buying situation is referred to as a(n) ________.

modified rebuy

Which of the following includes the target segment of a product, the category to which the product belongs, and the product's point of difference from other members in the category?

positioning statement

Mike's, a chain of department stores, regularly purchases plastic bags from a certain supplier. The store decides to switch to less expensive bags made of biodegradable plastic. The change will promote an environmentally-friendly image for the department store and cut costs. This approach to cost reduction most likely occurred in the ________ stage of the business buying process.

product specification

GenX, a manufacturer of sport motorcycles, is seeking a new supplier of motorcycle headlamps and brake lights. After searching trade directories, GenX invites five different suppliers to make formal presentations about how their solutions can create greater value for GenX than competing solutions. GenX is currently in the ________ stage of the business buying process.

proposal solicitation

Jeff is in the process of buying a new car. He carefully analyzes the features that he wants in a car, and perceives significant differences in price, quality, and features among three of his favorite models. He rates the models on each factor and ranks them in the order of his preference. To which of the following stages of the buyer decision process will Jeff most likely proceed next?

purchase decision