Chapter 11 Assignment

sales forecast

Managers rely on _____ to purchase raw materials, schedule production, secure financial resources, consider plant or equipment purchases, plan inventory levels, and hire personnel, therefor they must be accurate.

marketing concept

A business philosophy that a firm should provide goods and services that satisfy customers' needs through a coordinated set of activities that allow the firm to achieve its objectives is most often called the _____.

(b) Target market

Businesses need to direct their product marketing strategies to the individuals most likely to purchase it. Often marketing managers examine potential markets for their possible effects on the firm's sales, costs, and profits. Which of the following is the designation given for the group to which marketing managers direct the focus of their marketing efforts for a product? (a) Potential market (b) Target market (c) Market segment (d) Mixed market

producer market

By Abram's Company buying products to use in the manufacture of other products, it has demonstrated that it is part of the _____.

concentrated market segmentation

Centrum Silver is a multiple vitamin marketed to individuals over fifty years old. The company divides its market into Centrum Silver for Women 50+ and Centrum Silver for Men 50+. The organization is using a _____ approach to market these products.

(c) Interest and dividend income

Consumer buying behavior is affected by the individual's buying power. Which of the following is NOT included in an individual's buying power? (a) Personal income (b) Disposable income (c) Interest and dividend income (d) Discretionary income

(b) Time utility

Many homes are decorated in spring colors because these colors are deemed to be uplifting; however, most department stores do not carry products in spring colors in the fall and winter when the focus in on browns and greens. Which of the following utilities explains the reason for spring-colored product availability? (a) Place utility (b) Time utility (c) Form utility (d) Possession utility

marketing plan

The purpose of a _____ is to establish a unified vision for an organization and to communicate this vision among the firm's employees.

competitive forces

When considering the external marketing environment, organizations must consider _____, which is the actions of competitors who are in the process of implementing their own marketing plans.

(b) Estimate sales

Which of the following is not a step in the marketing research process? (a) Make a preliminary investigation (b) Estimate sales (c) Interpret the information (d) Gather factual information

(d) Consumer protection laws

Which of the following is not normally included as a central component of a marketing plan? (a) Objectives (b) Organization's resources (c) Marketing strategy (d) Consumer protection laws

(a) Finances

Which of the following is not normally included in the external marketing environment? (a) Finances (b) Economics (c) Technology (d) Laws and regulations

Customer Relationship Management (CRM)

_____ focuses on using information about the customer to create marketing strategies that develop and sustain desirable customer relationships.

Marketing research

_____ is an important step of the marketing process because it involves collecting and analyzing data on what consumers want and need, their consumption habits, trends, and changes in the marketing environment.

Consumer buying behavior

_____ often differs based on the product being purchased. For instances, low-cost items are purchased with routine response behavior and very little search or decision-making, but expensive, seldom-purchased items call for extended research and decision making.

(c) Reseller market

A market is a group of individuals or organizations, or both, that need products in a given category and that have the ability, willingness, and authority to purchase them. Which of the following is the name given to the market for intermediaries who buy finished products and sell them for a profit? (a) Consumer market (b) Government market (c) Reseller market (d) Industrial market

place utility

A pair of shoes is given _____ when it is shipped from a factory to a department store.

(c) Consumer buying behavior

Buying behavior may be defined as the decisions and actions of people involved in buying and using products. Which of the following is normally included major focus in the study of buying behavior? (a) Institutional buying behavior (b) Personal buying behavior (c) Consumer buying behavior (d) Governmental buying behavior

(a) Marketing decisions and activities focused on achieving long-term, satisfying relationships with customers

Marketing is based on many different relationships between customers, wholesalers and producers, buyers, and sellers. What does the relationship marketing refer to? (a) Marketing decisions and activities focused on achieving long-term, satisfying relationships with customers (b) Measuring a customer's worth (sales minus costs) to a business during one's lifetime (c) Using information about customers to create marketing strategies that develop and sustain desirable customer relationships (d) Retaining customers by offering them big rewards

(b) Sales forecast

To determine the potential of a specific market segment an organization makes predictions based on a specific relevant time frame, geographic boundaries, and an estimate for the specific product item, product line, or an entire category. What is the name given to the estimate of the amount of a product that an organization expects to sell during the specific period based on a specified level of marketing effort? (a) Market prediction (b) Sales forecast (c) Sales data mining (d) Marketing research

(c) Implementing

Which part of the marketing concept is concerned with using information about present and potential customers to provide a product that will satisfy them at a price that is acceptable to them, that will yield a profit, that will promote the product, and ensure that the product is distributed so that it is available to customers where and when it is needed? (a) Surveying (b) Developing (c) Implementing (d) Summarizing