Intro to Business- Chapter 11

True / False Your target market is the group of people who are most likely to buy your product.

True

Marketers who cannot forge a close personal bond with every customer but actively gather data and pursue a connection with customers who initiate contact have a ____ with the customers.

Limited relationship

What is a key downside of survey research?

Many people are not honest or accurate about their experiences and opinions.

Dividing potential customers into groups of similar people is known as ____.

Market segmentation

Monitoring and predicting consumer behavior is an objective of ____.

Marketing research

The Internet has opened the door for ___, which is creating products tailored for individual consumers on a large scale.

Mass customization

What are the two basic categories of primary research?

Observation research & survey research

What is an example of survey research?

Online questionnairs

____ demands that marketers actively contribute to the needs of the broader community.

Social responsibility

True / False A marketing plan is a formal document that defines marketing objectives and the specific strategies for achieving those objectives.

True

True / False Form utility satisfies wants by converting inputs into a finished form.

True

True / False In the context of marketing research, secondary data is existing data that marketers gather or purchase for a research project.

True

True / False Primary data is the new data that marketers compile for a specific research project.

True

True / False The marketing concept holds that delivering unmatched value to customers is the only effective way to achieve long-term profitability.

True

True / False The social / cultural element of the marketing environment covers a vast array of factors, including lifestyle, customs, language, attitudes, interests, and population shifts.

True

True / False When it comes to creating customer satisfaction, perceived value is just as important as actual value.

True

_____ is created when your customers believe that your product has a better relationship between the cost and the benefits than any competitor.

Value

True / False Cognitive dissonance is the payoff for delivering value and generating satisfaction.

False

True / False Demographic segmentation refers to dividing the market based on where consumers live.

False

True / False In the context of the marketing mix, the distribution strategy includes all of the ways that marketers communicate about their products.

False

True / False People marketing involves drawing people to a particular place.

False

True / False Survey research is the marketing research that does not require the researcher to interact with the research subject.

False

In the context of customer satisfaction, what will happen if a marketer fails into the trap of underpromising?

Fewer customers will try the product.

What is a characteristic of a well-chosen target market?

Good accessibility

Companies employ ____ when they actively promote the ecological benefits of their products.

Green marketing

In the context of social responsibility, environmentally friendly fashion, such as clothing made of organic cotton, is an example of _____.

Green marketing

A whole range of public and private organizations market beliefs that are meant to change how people think or act. This is referred to as ____.

Idea marketing

What is a drawback of primary data?

It tends to be expensive.

In the context of marketing research data, an examples of primary data is ___.

A focus group

In the context of primary research tools, what is an advantage of observation research over survey research?

It allows you to notice what people actually do and not what they say they do.

Less savvy marketers frequently fall into one of two traps-- overpromising or underpromising-- when trying to ______.

Achieve customer satisfaction

What is true of customer relationship management (CRM)?

CRM works best when marketers combine marketing communication with one-on-one personalization.

_____ is the description of how people act when they are buying, using, and discarding goods and services for their own personal consumption.

Consumer behavior

_____ is the ongoing process of acquiring, maintaining, and growing profitable customer associations by delivering unmatched value.

Customer relationship management

Business-to-business (B2B) _____ refers to dividing the market based on the characteristics of buyers.

Customer-based segmentation

The goal of the ____ of a product is to deliver the product to the right people, in the right quantities, at the right time, in the right place.

Distribution strategy

In the context of the marketing environment, the only certainty in the ____ is change, but the timing of expansions and contractions is virtually impossible to predict.

Economic environment

During the selling era of marketing, supply in many categories exceeded demand. This led to the:

Emergence of the hard sell.

Paris Hilton declaring, "I am a marketing genius," is an example of ____.

People marketing

What marketing strategy can be best employed for attracting tourists?

Place marketing

What utility satisfies wants by providing goods and services at a convenient location for customers?

Place utility

What characteristic of a well-chosen target market states that the people of the target market must be willing and able to spend more than the cost of producing and marketing a product?

Profitability

In the context of the marketing mix, the ____ of a product includes all of the ways that marketers communicate about the product.

Promotion strategy

In the context of customer relationship management (CRM), a firm selling a high-ticket product to a small customer base is most likely to:

Pursue a full partnership with each of its key clients.

In the context of marketing research data, if the marketer of a company wants to gather secondary data, he or she should use ______.

The company's product sales history

In the context of the evolution of marketing, what is true of businesses in the relationship era?

They retain their current customers as it is cost-effective.

What utility satisfies wants by providing goods and services at a convenient period for customers?

Time utility