Marketing Ch 5

Which of the following IS NOT an example of mass customization? Select one: a. You order a customized vase of flowers from 1-800-Flowers.com. b. A bank employee logs into the e-procurement system to browse a fully customized catalog of office supplies. c. A college creates a custom degree program to match your unique needs. d. A customer orders a custom teddy bear from Build-A-BearWorkshop.com. e. Dell offers fully customized computers based on your needed configuration.

A college creates a custom degree program to match your unique needs

In the article titled "Know Your Customers' Jobs to be Done", which one of the following brands was used as a successful example of creating customer experiences? a. American Girl b. Apple c. Lululemon d. Fidelity e. Lara Bar

American Girl

After enrolling in the MBA program at Macatawa State University, Sheri began having second thoughts. Although MSU seemed to be a good choice based on location, reputation, and price, Sheri was not convinced she had made the right choice. Sheri is suffering from: Select one: a. too many opportunity costs. b. dissatisfaction. c. cognitive dissonance. d. choice insufficiency. e. poor product quality.

Cognitive Dissonance

The consumer buying process begins when: Select one: a. merchants offer goods and services for sale. b. a manufacturer develops a new product. c. consumers begin to seek information about an upcoming purchase. d. consumers recognize that they have unsatisfied needs. e. marketing research discovers a new, untapped market segment.

Consumer recognize that they have unsatisfied needs

What type of segmentation divides consumer markets into segments using variables such as gender, age, income, and education? Select one: a. behavioral segmentation b. benefit segmentation c. psychographic segmentation d. demographic segmentation e. lifestyle segmentation

Demographic Segmentation

If a researcher were to ask John to quickly name the top 3 brands of computers he might consider purchasing, the brands in John's __________ would be Dell, Apple, and HP. Select one: a. purchase set b. evoked set c. brand set d. target group e. best of 2020

Evoked Set

Need recognition is a key part of the purchase stage of the consumer buying decision process. ​ True False

False

When the product's performance falls short of the customer's expectations, the customer experiences cognitive dissonance.​ Select one: True False

False

The main advantage of __________ is specialization, as it allows the firm to focus its resources toward understanding and serving a single segment. Select one: a. multi-segment marketing b. mass marketing c. market concentration d. unidimensional marketing e. team marketing

Market Concentration

Advances in supply chain management now allow companies to customize products to meet the needs of individual customers on a mass scale. This individualized approach to market segmentation is called: Select one: a. one-to-one marketing. b. permission marketing. c. individualization. d. mass customization. e. team marketing.

Mass Customization

The basic assumption of __________ is that all customers in the market have similar needs and wants that can be reasonably satisfied with a single marketing program. Select one: a. mass marketing b. multi-segment marketing c. market concentration d. holistic marketing e. team marketing

Mass Marketing

From the viewpoint of the consumer buying process, what is the difference between a need and a want? Select one: a. Needs and wants are essentially the same, except that consumers will pay more for products they need. b. Needs are related to specific products, whereas wants occur only when the consumer has the ability to purchase the product. c. Needs focus on specific elements of a product's quality, whereas wants are related to services. d. Needs are absolute necessities, whereas wants are related to luxury items. e. Needs are based on discrepancies between actual and desired states, whereas wants occur relative to specific products that can fulfill a need.

Needs are based on discrepancies between actual and desired states, whereas wants occur relative to specific products that can fulfill a need

Which of the following IS NOT one of the things companies can do to reduce post-purchase dissonance? a. Offering discounts on new purchases b. Offering liberal product return policies. c. Sending follow-up emails to make sure to answer post-purchase questions about product use d. Reinforcing the wisdom of the consumer's purchase decision e. Providing extensive post-sale support

Offering discounts on new purchases

Firms that sell luxury products, custom-made products, and services (like wedding planners, home builders, etc) often take the time to significantly modify their products in an effort to precisely match the needs of individual customers. These firms are pursuing what type of approach to market segmentation? Select one: a. focused marketing b. one-to-one marketing c. pinpointed marketing d. niche marketing e. team marketing

One-to-one Marketing

Which of the following is ​a type of individualized segmentation? Select one: a.​ Permission marketing b.​ Multisegment marketing c.​ Mass marketing d.​ Niche marketing e.​ Differentiated marketing

Permission Marketing

A common tool ​used in permission marketing is the opt-in email approach.

True

Little ​Gym focuses on highly customized workout experiences for children between the ages of 4 months and 12 years. This is an example of niche marketing. Select one: True False

True

The two key issues for marketers during the purchase stage are product availability and possession utility. ​ Select one: True False

True

When your brother/sister expresses her desire for a car, you know that his/her real need is transportation. Select one: True False

True

Firms focused on a single market segment use which of the following approaches? ​ Select one: a. ​permission marketing approach b. ​multi segment approach c.​ mass customization approach d.​ homogenous marketing approach e.​ market concentration approach

market concentration approach