Chapter 11 Intro to Business

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

True

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

True

In the context of marketing research data, an example of primary data is _______.

a focus group

Which of the following is the key downside of survey research?

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

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

Mass customization

Which of the following are the two basic categories of primary research?

Observation research and survey research

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

People Marketing

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

Social responsibility

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

True

Form utility satisfies wants by converting inputs into a finished form

True

In the context of marketing research, secondary data is existing that marketers gather or purchase for a research product.

True

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

True

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

True

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

True

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

False

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

False

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

False

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

False

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

Green marketing

Which of the following is a drawback of primary data?

It tends to be expensive.

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

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

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

Which of the following utilities satisfies wants by providing goods and services at a convenient period for customers?

Time utility

People marketing involves drawing people to a particular place.

False

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

Value

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

customer relationship management

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 contradictions 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 self

Which of the following is a characteristic of a well-chosen target market?

good accessibility

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

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

market segmentation

monitoring and predicting consumer behavior is an objective of ______.

marketing research

Which of the following is an example of survey research?

online questionnaires

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

product-use-based segmentation

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

Which of the following statements 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

Which of the following marketing strategies can be best employed for attracting toursits?

Place Marketing

Which of the following utilities satisfies wants by providing goods and services at a convenient location for customers?

Place Utility

Which of the following characteristics 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 evolution of marketing, which of the following statements is true of business in the relationship era?

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

Less savvy marketers frequently fall into one of two traps-over-promising or under-promising-when trying to ______.

achieve customer satisfaction

In the context of customer satisfaction, which of the following will happen if a marketer falls into the trap of under-promising?

fewer customers will try the product

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

green marketing