Intro to Business Chapter 11
It is the blend of marketing strategies for product, price, distribution, and promotion.
Which of the following best describes marketing mix?
competitive environment.
Analysis of market share is a key to understanding a firm's:
Chris needs to consider if there are enough people in the target group to support the business.
Chris is developing an innovative picture book for kids. He believes that it will be something every grandparent in the world will want to buy for his or her grandchild. Creating an innovative book does not necessarily mean that the book will be successful. In order to make his book a success, which of the following will Chris need to consider first and foremost?
collecting secondary data to narrow the list of possible locations, then use the results to focus primary research efforts on a limited number of possible locations.
Clyde wants to open a new store in his neighborhood but needs to first collect relevant data. A cost-effective way to start his research is by:
based on measurable characteristics about people.
Demographic segmentation divides the market:
corporate responsibility report.
Granite Inc. is a reputable company that has contributed a lot toward the social welfare of the public. Granite has improved working conditions in its overseas factories and has cut its waste emissions by half. To highlight these achievements, the company can publish a(n):
Mass customization
Horizon Inc., an automobile designer and developer, conducted a survey and built cars that suit the needs of its customers. Its newly designed cars let customers choose the color of the interiors. The company also designed touchscreens to control the entertainment, navigation, and climate in the vehicle, instead of knobs or buttons. Which of the following concepts is being illustrated in this scenario?
primary
In an effort to expand its business, music retailer MovNow offers DVD rentals online. In order to spot trends in consumer interest, MovNow has decided to evaluate the data of the hyperlinks that customers click on when they visit its website. This is an example of how a company can obtain _____ data.
pursue a full partnership with each of its key clients.
In the context of customer relationship management (CRM), a firm selling a high-ticket product to a small customer base is most likely to:
Less customers try a product
In the context of customer satisfaction, which of the following happens when a marketer falls into the trap of underpromising?
product strategy
Jim works in the marketing department of a smartphone manufacturing firm. He is currently working on new package design ideas for the company's latest range of smartphones. In the context of the company's marketing mix, Jim's ideas contribute to the _____.
Perceived value of the car
Lawrence recently bought a brand new '69 Mustang, but he is not completely satisfied with it. He wished he had bought something that made a bigger impression on his colleagues at his posh Wall Street office. Lawrence's friend Howard, on the other hand, bought a Porsche 911 and is extremely happy with it. Howard becomes even more proud of his purchase when his friends compliment his car. From the marketing point of view, which of the following concepts has contributed to Howard feeling satisfied with this car?
products tailored for individual consumers on a mass basis.
Mauve Inc. purchased a global data collection and management system that will provide it with detailed information about each of its customers. This would allow Mauve Inc. to create:
target market
Neon Bolt is an energy drink manufacturer. The marketing strategies of Neon Bolt are focused on males in the age group of 16-25 years who enjoy sports and other outdoor activities. The company advertises its product at skateboard parks, basketball venues, and ski resorts. The customer group that Neon Bolt focuses on is called its _____.
market segmentation.
Peter is starting a new business. He has to develop a marketing strategy by identifying similar characteristics, attributes, and behaviors of the target market, and then group the customers according to these characteristics, attributes, and behaviors. The term used to describe Peter's strategy is:
Marketing concept
The _____ is a philosophy that makes customer satisfaction the central focus of an entire organization.
Marketing concept
Walt owns a local chain of auto repair shops in Northern Rottawa. He goes the extra mile in pleasing his customers by providing comfortable and attractive waiting rooms, friendly service, and an exceptional warranty on all repair work. Which of the following philosophies has Walt employed to make all his customers highly satisfied?
Acquisition of new customers
Which of the following can be achieved by marketers by acquiring customer loyalty?
Demographic segmentation refers to dividing the market based on measurable characteristics about people, whereas geographic segmentation refers to dividing the market based on where consumers live.
Which of the following is a difference between demographic segmentation and geographic segmentation?
It tends to be more expensive than secondary data.
Which of the following is a drawback of primary data?
Good accessibility
Which of the following is one of the characteristics of a well-chosen target market?
Limited relationship
Which of the following is the scope of relationship of marketers who actively gather data and pursue a connection with customers who initiate contact.
Place marketing
Which of the following marketing strategies can be best employed for attracting tourists?
Claire sells solar-powered watches.
Which of the following scenarios exemplifies green marketing?
Idea
While driving to work, Noel hears an advertisement on the radio about the annual blood donation camp organized by the American Red Cross. The American Red Cross emphasizes the importance of blood donation for the donor and recipient. This is an example of _____ marketing.
Social responsibility
_____ demands that marketers actively contribute to the needs of the broader community.
Value
_____ is based on a customer's perception that a product has a better relationship between the cost and the benefits than its competitors.
Customer relationship management
_____ is the ongoing process of acquiring, maintaining, and growing profitable customer associations by delivering unmatched value.
Environmental scanning
_____ is the process of continually collecting information from the external marketing surroundings.
Green marketing
_____ refers to the development and promotion of products with ecological benefits.