marketing chapters 1, 2, 3, 4
Place the five stages in marketing evolution in the proper order from the earliest to latest (with the earliest stage at the top).
1. simple trade era 2. production era 3. sales era 4. marketing department 5.marketing company era
Trina's Bakery had 600 customers last year and this year, 400 of those customers still patronize the bakery. What is the retention rate at Trina's Bakery?
66%
Which of the following accurately describes macro-marketing?
It is a social process.
Companies rely on ---opportunities to develop marketing strategies that are difficult to replicate and have the potential to make the company a lot of money for a long time.
breakthrough
When a company is working to achieve market penetration, it is attempting to increase sales of its _____ products in its _____ markets.
current; present
The term "mass marketer" is used to
describe large firms that aim at specific groups.
Which of the following are true of market segmentation? (Check all that apply.)
A major reason for market segmentation is to help a manager truly understand customers. Managers use segmentation to help them figure out which groups of customers to serve.
Which of the following might be considered benefits to a person going on a vacation to Hawaii? (Check all that apply.)
A nice sea-view room Free transportation to and from the airport A complementary drink in the hotel lobby
Which of the following is true concerning the importance of the Four Ps?
All are equally important.
Which of the following helps companies create marketing strategies that are difficult to replicate and have long-term profit potential?
Breakthrough opportunities
Choose the statements about differentiation that are true. (Check all that apply.)
Differentiation can only occur if one or more of the four Ps is done better than the competition. Offering a lower price than the competition—while being similar on the other three Ps—would be a source of differentiation. True differentiation occurs when customers see the firm's offering as being better with regard to all four Ps.
Which of the following statements about the Four Ps is true?
Each of the Four Ps contributes to a whole marketing strategy.
Marketing ideas are used to promote which of the following? (Check all that apply.)
Entrepreneurs Political parties Charities
What are the four broad areas of opportunity a company can pursue in the marketing strategy planning process? (Check all that apply.)
Market development Diversification Market penetration Product development
Which of the following involves meeting the goals of an organization by anticipating customer needs and ensuring that the organization's products or services can help satisfy those needs?
Marketing
The marketing department at Henri's company is taking the next two weeks to measure and analyze their current marketing performance. The company will use the results of this analysis to adjust any areas and improve their current effectiveness. What is Henri's company engaging in?
Marketing analytics
Which of the following statements about marketing are correct? (Check all that apply.)
Marketing builds relationships with customers. Marketing is more than just persuading customers.
Which of the following refers to the idea that a company should focus entirely on satisfying customers and do so profitably?
Marketing concept
Which of the following statements about the marketing functions from a micro viewpoint is true?
Marketing functions can be shared among firms in various ways.
What are three components of the promotion element? (Check all that apply.)
Personal selling Mass selling Sales promotion
What is the purpose of a S.W.O.T. analysis?
Picks out a firm's weak and strong points, as well as any potential opportunities or threats the firm might face
Which of the following are part of the "marketing mix"? (Check all that apply.)
Product Promotion
Which of the following are true about the specific qualitative and quantitative screening criteria marketing managers develop? (Check all that apply.)
The firm's objectives and available resources help determine the appropriate criteria to use. These criteria are useful in figuring out the markets in which a firm wants to compete.
Which one of the following is the most important factor in determining an appropriate marketing mix?
The needs of the target market
A company has ______ when the target market prefers the company's marketing mix over a competitor's mix.
a competitive advantage
.A marketing plan is
a document that describes a marketing strategy and various steps and elements involved in carrying out the strategy.
Target marketing classifies a marketing mix as
appealing to a selected group of people.
The two goals of a marketing exchange are to ______. (Check all that apply.)
build an ongoing relationship with the customer. determine future production needs.
Moving into a new line of business, such as a new product or market, is known as
diversification.
The broad possibilities available in the market strategy planning process include market development, market penetration, product development, and
diversification.
True or false: Marketing today consists of just selling and advertising.
false
Marketing plans are put into action during
implementation.
Customer value _______ when customers perceive more benefits or lower costs.
increases
Which of the following is a company engaged in when it attempts to increase sales of its current products by offering them in new markets?
market development
The - - era describes a stage when a single department in a firm takes over the firm's marketing activities in an effort to improve marketing activities. (Enter one word in each blank.)
marketing department
A(n) ---- ---- is a written document that identifies a marketing strategy and spells out the various elements that are necessary for fulfilling that strategy. (Enter one word in each blank.)
marketing plan
When a company offers a new product or an improved version of a current product in its present markets, it is engaged in
product development.
True or false: An effective marketing strategy matches opportunities to the firm's resources and objectives.
true
The processes of buying, selling, shipping, storing, financing, and risk-taking are components within the ______ functions of marketing.
universal
Market definitions for both a product market and a generic market have which of the following in common?
Customer needs, customer type, and geographic area
Which of the following are general categories of segmenting dimensions in consumer markets? (Check all that apply.)
Demographic Behavioral Geographic
Which of the following are marketing processes used by combiners? (Check all that apply.)
Developing a marketing mix that appeals fairly well to customers across multiple submarkets Grouping similar customers across multiple submarkets into a single target market
Price is concerned with which of the following? (Check all that apply.)
Discounts Allowances
Which of the following aspects should a company evaluate in order to determine its strengths and weaknesses? (Check all that apply.)
Employee knowledge Production capability and flexibility Current products Market demands
True or false: Marketing managers find breakthrough opportunities or competitive advantage by using their strengths to take on competitors with similar strengths.
False
The people born between 1965 to 1977 are referred to as ______.
Generation X
The people born from 1978 to 1994, who are sometimes called Millennials, are referred to as ______.
Generation Y
The people born after 1995 are referred to as ______.
Generation Z
Which of the following groups are considered "digital natives"?
Generation Z
Which of the following are examples of marketing strengths that might be enjoyed by the Coca Cola Company? (Check all that apply.)
Good relationships with retailers Experienced sales force Recognizable branding
Which of the following activities are part of the basic approach to competitor analysis? (Check all that apply.)
Identify existing and potential competitors. Evaluate the strengths and weaknesses of your target market and marketing mix. Understand how your marketing mix compares to your competitors' offerings and strategy.
Garrett knows what the company plans to do for its marketing efforts and now needs to find a way to put those plans into operation. What phase of the marketing plan is Garrett working on?
Implementation
Which three of the following are considered elements of the economic environment?
Inflation rates National income Economic growth rates
Which of the following are examples of "product" strategy decisions? (Check all that apply.) Multiple select question.
Installation Branding Packaging Instructions
Which two of the following statements about international markets are true?
It can be challenging to anticipate potential business risks. It is often difficult to gain a full understanding of the market environment variables.
Why does the marketing strategy process start broad before narrowing?
It gives firms a chance to identify opportunities they might miss if the process starts too narrow.
Which of the following are true of a successful product-market? (Check all that apply.)
It helps focus and sharpen a firm's marketing strategy. It is defined as the scope of the market in which a firm will compete.
What is the primary disadvantage of the production-oriented marketing approach?
It leads to missed opportunities by ignoring customers.
Which competitive market situation describes one organization having total control over a product-market?
Monopoly
The market segmentation process consists of which of the following? (Check all that apply.)
Naming broad product markets Segmenting broad product markets into select target markets
Promotion is concerned with which of the following within the marketing mix? (Check all that apply.)
Number of salespeople Contests
Which four of the following are basic market/competitive situations a company might face? (Check all that apply.)
Oligopoly Monopolistic competition Pure competition Monopoly
Which of the following is not in the circular model that leads to building superior customer relationships?
Only the marketing department should satisfy customers.
Which of the following is not part of a complete product-market definition?
Organization type
People of what age range are considered senior citizens in the United States?
Over 65
Which of the Four P's is focused on all the decisions needed to get the right product to the target market via retail stores or online stores?
Place
Which of the following is focused on informing people about the features of the product?
Promotion
What type of segmenting dimensions involves whether a customer can be considered part of a product-market?
Qualifying
How common are monopoly situations in market-directed economies?
Relatively rare
Cultural differences that may complicate the segmenting process include which of the following? (Check all that apply.)
Religion Customs Race
Which of the following is an example of marketing metrics?
Revenue
Which of the following steps is commonly added to the segmentation process by international firms?
Segment by country or region
Which of the following are true with respect to exchange in marketing? (Check all that apply.)
Sellers offer to exchange something that meets a need. Marketing involves a willingness of at least two parties to engage in exchange.
Which of the following statements are true with respect to marketing and nonprofit organizations? (Check all that apply.)
The marketing objective for a nonprofit organization may be to increase membership. Government agencies can be customers of nonprofit organizations. The clients of a nonprofit organization may be consumers or business firms.
Which of the following statements about the marketing strategy planning process are true? (Check all that apply.)
The marketing strategy process starts broadly and then narrows down. A marketing strategy begins with an evaluation of customers, competitors, and company.
Which of the following statements about marketing strategy are true? (Check all that apply.)
The needs of the target market should drive decisions on the marketing mix. Strategies include identifying both a target market and a marketing mix.
Which two of the following factors are part of the competitive environment for a fast food chain?
The number of restaurants in the market The types of restaurants in the market
True or false: It is more difficult to evaluate opportunities in international markets due to the wide range of environmental variables.
True
True or false: The technology associated with driverless cars may allow older adults to live on their own and slow the demand for nursing home care.
True
Under English and U.S. common law systems, a seller is required to do which three of these things? (Check all that apply.)
Uphold contracts Stand behind the firm's product Tell the truth
The relevant market that a firm has for finding opportunities should be _____ the firm's present product-market.
bigger than
To achieve effective market segmentation, markets should first disaggregate the needs of customers. This means the company should _____.
break apart all possible needs into some generic markets
Terms such as generic market and product-market are examples of ______ market definitions that can be useful to firms searching for opportunities.
broad
Greg told the management team that the ideal consumer for the product is a 27-36 year old working mother living in the Midwest. This fictional description of a customer is called a(n) _____.
buyer persona
A major difference between the economic environment and the cultural and social environment is that the economic environment ______.
changes rapidly
Margo's company plans to reposition the high-end trail bike it introduced last year. This will involve _____.
changing customer perceptions
Trying to increase the size of their markets by putting two or more segments together is a typical practice performed by ______.
combiners
Managers should set marketing objectives within the framework of larger ______.
company objectives
When marketing managers analyze similar businesses and their strategies, they are considering the ______ environment.
competitive
In competitive analysis, marketing managers attempt to identify those firms whose products and marketing mix are the most similar, these firms are known as ______.
competitive rivals
Marketing managers focus their competitive analysis on ______, firms that offer similar products and marketing mixes.
competitive rivals
The first step in competitor analysis is to identify potential ______.
competitors
Aliza is the marketing manager at SinoSure Foods, an Asian food company. She has been going to stores to check out new products on the shelves by the SinoSure goods. She is actively seeking out information about current and potential ----.
competitors, competition, or rivals
The --- --- --- Act set up the Consumer Protection Commission.
consumer product safety
In many businesses, the --- of producing and selling each unit decreases as the number of units produced increases.
cost
in international marketing, ______ differences such as language and customs can complicate segmentation efforts.
cultural
The various ways in which people live, including their motivations and behaviors, are part of the ______ environment.
cultural and social
The CRM process relies on a ______ for information.
customer database
Companies predict how many purchases a single customer might make from the company over the length of the relationship with that consumer, a measurement called the ______.
customer lifetime value
The number of purchases a person could make from a firm during the course of their relationship is called the
customer lifetime value.
A company typically bases a buyer persona on _____.
customer research
When a company decides to reposition a product, it is doing so in response to _____. Multiple choice question.
customers who do not view the product in the desired way
What type of market is one in which potential customers have similar, but not identical, needs and are offered various and diverse ways to satisfy those needs?
generic
A complete product-market definition includes product type, customer needs, customer types, and ______.
geographic area
If a firm decides that it will offer its products in the North American market, it has defined the ______ of its marketing strategy.
geographic area
Which of the following are potential benefits to using the segmenter approach?
greater sales higher profits reduced competition
The legal environment of the United States assumes that competition between numerous small businesses ______ the economy.
helps
A successful segmenter can develop a customer base that is willing to pay _____ prices because the company provides products that precisely match the needs of the market.
higher
Not everyone turns an opportunity into a successful strategy. You need to have a logical process to avoid --- or --- marketing situations.
hit, miss
The ______ dimension of a strategic planning grid helps managers determine whether a product-market plan is a good idea.
industry attractiveness
Industrial products are at the ---- (sensitive or insensitive?) end of the continuum of environmental sensitivity, while consumer products that are targeted toward a specific cultural variable are at the --- (sensitive or insensitive?) end of the continuum of environmental sensitivity.
insensitive sensitive
The --- rate is the cost associated with borrowing money.
interest
Retailers and wholesalers are two kinds of ______, marketing specialists who play a role in trade rather than production.
intermediaries
To be most effective, marketing should ______. (Check all that apply.)
interpret customer's needs provide direction for production and finance
It is important for companies to remember that selecting a target market and developing a marketing mix are _____ activities and must be done _____.
interrelated; together
In the United States, business that try to ______ competition are thought to act against the public interest.
limit
In pure competition, customers see the different available products as close substitutes. Many marketing managers compete by ______.
lowering prices and sacrificing profits
Artificial intelligence refers to ______.
machines that operate like humans
A(n) _____ consists of potential customers with similar needs who are willing to exchange something of value with sellers in order to receive a good or service
market
Explicitly stating that a firm will market to business customers rather than unaffiliated consumers is an important aspect of a manager's ______ since this clearly establishes the markets in which the firm will compete.
market definition
A group of customers with shared characteristics who are expected to have a similar response to a marketing mix is known as a
market segment.
To identify and understand different subgroups in the target market, marketing managers rely on
market segmentation.
Home Depot has great relationships with building contractors. This is an example of a(n) ______ strength.
marketing
In the ______ era of marketing, all the operations of a firm are guided by marketing concepts.
marketing company
Firms need a hierarchy of objectives, moving from company objectives to ______.
marketing objectives
-- marketers, such as Target, aim at large, clearly defined markets.
mass
The - - dilemma refers to the fact that what benefits specific companies and their customers may not benefit all of society.
micro macro
An organization's ---statement describes the organization's basic purpose for existing.
mission
In ______ competition, several firms offer marketing mixes that at least some customers see as different. In this situation, marketing managers try to differentiate their offerings by adjusting other aspects of the marketing mix.
monopolistic
The market for breakfast cereals includes many brands and marketing mixes that some customers see as different despite their similarities in terms of ingredients and branding. The breakfast cereal market can be described as ______.
monopolistic competition
A company's ______ help guide present decisions and create a path to follow for future development.
objectives
Company --- should guide all aspects of a business and are used by marketing managers as they search for and evaluate opportunities.
objectives or objective
The pending impact of driverless cars will allow ______ to drive longer.
older people
The four basic market situations include monopoly, pure competition, monopolistic competition, and --- .
oligopoly
Customers can perceive differences based on
only one important element of the marketing mix.
A "good" market segment should be _____ in that the segmenting dimensions should be useful for identifying customers and deciding on marketing mix variables.
operational
A successful marketing strategy pairs
opportunities with a company's resources and goals.
A weakness of positioning analysis is that it can ______.
overlook customer-related dimensions like needs and attitudes
Many companies find attractive opportunities close to markets they already know. They are focused on market ---.
penetration
A company that is working to increase customer purchases of its current products in its current market is trying to achieve market
penetration.
A product needs to get to the customer when and where they need it. This is considered to represent the -- function of the 4 Ps.
place
How customers think about brands in a market, also known as ______, affects how marketing managers adjust the marketing mix.
positioning
In order to focus a marketing mix, marketing managers might describe the firm's target market, product offerings, and differentiation strategy in a ______ statement.
positioning
The way in which customers think about brands in a market is called ______.
positioning
A(n) --- statement provides an exact picture of the firm's product offerings, target market, and differentiation strategy.
positioning or position
Effective marketing should start with ______.
potential customer needs
When targeted customers ______, the company is said to have a competitive advantage.
prefer a company's marketing mix over that of a competitor
To clear out some slow-selling pink sofas, Furniture Warehouse offered $100 discounts. The furniture store made this decision based on the _______ component of the marketing mix.
price
Positioning analysis is a ______-oriented approach.
product
A firm engaged in ______ is offering its current markets a new product or an improved version of a current product.
product development
The "four Ps" of the marketing mix are
product, place, promotion, and price.
Market segmentation requires that the marketing manager decide which ______ might be useful for marketing mix planning.
product-market dimensions
The ______ era is a time when companies focus on the production of a few specific products perhaps in response to a lack of these products in the existing markets.
production
Which of the following is not considered a possible segmenting dimension for consumer markets?
production facilities
In the U.S. marketplace, vigorous competition is expected to ______ careful consumers.
protect
Segmenting dimensions that help marketing managers decide whether to include a customer type in a product-market are called ______ dimensions.
qualifying
The "core benefits" required by all consumers in a product-market are identified by the ______ dimensions.
qualifying
The process of using a customer database to refine marketing efforts is known as customer _____ management.
relationship
When determining customer lifetime value, the ____ rate refers to the percentage of customers who stay with the company in comparison to the total number of customers.
retention
After analyzing environmental trends and the firm's resources and objectives, marketing managers should develop ______ to narrow down the number of strategic choices.
screening criteria
A market ______ is a group of customers with similar needs who will have a similar response to a marketing mix.
segment
Marketers that develop a different marketing mix for each homogeneous market segment are known as ______.
segmenters
Business-to-business markets, with very large customers, can treat customer firms individually as " --- of one."
segments
The single target market approach involves ______.
selecting one homogeneous market segment as a target market
In the United States, people over the age of 65 (regardless of the year they were born) are called ______.
senior citizens
The Johnson Family restaurant, which specializes in Cajun cooking, wants to open a restaurant in another state. According to the continuum of environmental sensitivity, this type of product is considered environmentally ______.
sensitive.
Developing a _______ can help a manager identify and define the markets in which the firm wants to compete.
set of specific qualitative and quantitative criteria
Marketing managers
should seek attractive opportunities.
The - - era was characterized by families or other small groups that might sell or trade to local distributors any extra goods that they might produce.
simple trade
Selecting one homogeneous market segment as the firm's target market is called the ---target market approach.
single
As a marketer, it is usually safer to try to satisfy the needs of a ______.
small group of customers very well.
Generation X is ______ in number than the baby boom generation.
smaller
The macro view of marketing sees marketing as a(n) ______ process.
social
Customer equity is
the amount of money a company can expect to earn from customers during a given time.
True or false: When customers make online purchases, a company has access to data that can be used for marketing analytics.
true
How many steps are there in the market segmentation process?
2
Susan is a first-time home buyer. She wants to keep her monthly mortgage payments as low as possible. Which of the following would work in her favor?
A low interest rate
Which of the following statements regarding marketing managers and potential competitors is true?
A marketing manager should research and seek information about competitors.
Carrie walks into her kitchen every morning and speaks to a device on her counter, "Alexa, what's the weather today?" The device she is interacting with is based on what technology?
AI
When considering starting a new business, which of the following can be a financial strength?
Access to capital
Which of the following is most crucial for entering an attractive market?
Access to capital
Which of the following reflect how a company adopting a production orientation would operate? (Check all that apply.)
Advertising emphasizes product features. The company sells whatever product offering it is able to produce. Customer service is required only to handle and reduce customer complaints.
Which of the following are true about the price area of the marketing mix? (Check all that apply.)
As part of Price, marketing managers estimate how customers will react to changes in price. Price includes an evaluation of delivery costs. Price includes decisions about discounts.
Which of the following variables contribute to the cultural and social environment? (Check all that apply.)
Clothing styles Education level Religious beliefs Language
Which of the following help marketers focus on a specific target market and provide superior value? (Check all that apply.)
Cluster analysis Segmentation CRM
Which of the following groups is responsible for establishing and enforcing safety standards in the United States?
Consumer Product Safety Commission
Since most firms find attractive opportunities for their products fairly close to existing markets, what opportunity do marketing strategies typically pursue first?
Market penetration
Which of the following factors do marketing managers consider when evaluating the industry attractiveness dimension of a product-market plan? (Check all that apply.)
Market size and rate of growth The types and amount of competition in the industry The potential environmental impact of the plan
Which of the following are ethical issues that may arise when selecting segmenting dimensions? (Check all that apply.)
Marketing infant formula to less-developed countries Marketing unhealthy foods to kids Targeting the disadvantaged with expensive goods
Which of the following documents describes a firm's basic purpose?
Mission statement
Why is effective marketing difficult in an advanced economy?
Producers and consumers are commonly separated from each other in several ways.
Which of the following statements about a product are true? (Check all that apply.)
Product can involve a blend of physical good and service. Product can involve a physical good.
What three things are measured when considering a company's triple bottom line?
Social outcomes Environmental impact Economic results
A S.W.O.T. analysis helps a company figure out which four of the following? (Check all that apply.)
Strengths Opportunities Weaknesses Threats
What are the two parts of a marketing strategy? (Check all that apply.)
Target market Marketing mix
Which type of marketing focuses the marketing mix on appealing to a particular group?
Target marketing
Which of the following regions in the United States are currently experiencing the highest rates of population growth? (Check all that apply.)
The southeast The west
Which of the following statements about Generation Y are true?
They are relatively comfortable with technology. They are health conscious.
Which of the following is true of smaller firms? (Check all that apply.)
They can be at a disadvantage because the cost of producing smaller units is higher. They can have the advantage of flexibility.
Which of the following do production-oriented managers do? (Check all that apply.)
They focus on the products they sell. They miss opportunities by ignoring the market.
With regard to the target market, which of the following must marketing-oriented managers do?
They must focus on specific target markets.
Which of the following are part of the role of a macro-marketing system? (Check all that apply.)
To help ensure that the society's objectives are met To match heterogeneous supply and heterogeneous demand To get products to consumers at the right time, place, and price
Which of the following is the intended goal of focusing on a specific target market?
To offer superior value to the target market
Since broad product-markets can have many submarkets, target marketers have ______.
a choice among many possible target markets
Since broad product-markets can have many submarkets, target marketers have ______. Multiple choice question.
a choice among many possible target markets
A regional population ______ typically creates stronger competition among firms in the area
decline
In pure competition, where competitors offer similar products, over time, profit margins generally _____.
decline
As noted in the text, when the Chicago South Loop Hotel offered free parking to encourage customers to choose its hotel over others, it was relying on a ______ dimension to attract customers.
determining
A company is attempting to achieve market --- when it works to increase sales by selling its current products in new markets.
development
A company is attempting to achieve market ---- when it works to increase sales by selling its current products in new markets.
development
Specifying a target market and the corresponding marketing mix are the two elements that comprise the
development of a marketing strategy.
The marketing manager reminded the team that they had to come up with something that would set them apart from their competitor. In other words, their marketing mix needed
differentiation.
When a marketing mix has an element that sets it apart from those of the competition, it is said to have
differentiation.
The Chicago South Loop Hotel wants to address customers' concern about parking costs by offering free parking. This is an example of a determining ---
dimension
The Chicago South Loop Hotel wants to address customers' concern about parking costs by offering free parking. This is an example of a determining ---.
dimension
When a company begins working in a brand new market or with new products, it is engaged in
diversification.
Macro-economic factors that influence consumer spending, including rates of inflation and economic growth, are part of the ______ environment.
economic
The --- environment changes more rapidly than the cultural and social environment.
economic
What are a company's three potential paths for growth based on the customer equity approach? (Check all that apply.)
enhancing customer value retaining current customers acquiring new customers
A company's customer --- --- is what the company can expect to earn from its current and potential customers during a particular period.
equity
Marketing unhealthy snack foods to kids is considered a(n) ______ issue that may arise during the segmenting process.
ethical
True or false: Generic markets focus primarily on product type.
false
True or false: It is usually safer for marketers to try to satisfy many customers fairly well.
false
True or false: The determining dimension helps marketers to understand the "core benefits" required by consumers in a product-market.
false
True or false: Within a broad product-market, there is only one way to develop market-oriented strategies.
false
Segmenters often ______ their marketing mixes for each target market.
fine-tune
Infant formula and diapers provide _____ benefits and satisfy a customer need.
functional
A(n) --- market consists of customers with broadly similar needs and many different options for satisfying them.
generic
The marketing _______ should be evaluated against the company's objectives.
strategies
Adding an additional step to the marketing segmentation process for international markets aids in identifying regional or national ______ that are fairly similar.
submarkets
Treena told the management team that she didn't think the market segment was big enough and the company would lose profits if they decided to target the segment. Which criteria for a "good" market segment is Treena using to make her decision?
substantial
The use of scientific advancements to help convert resources into goods and services is also known as ______.
technology
When an auto manufacturer applies scientific advancements to improve the gas mileage of its vehicles and increase sales, it is taking advantage of ______.
technology
A highly-personalized marketing approach considers each customer to be ______.
their own individual segment
An ideal product-market description should include ______ customer dimensions plus one product type description.
three
The qualifying and determining dimensions work ______ in marketing strategy planning.
together
True or false: Some firms find that it costs them less to retain a customer than trying to acquire a new one.
true
True or false: The first step in effective market segmentation should be to name a broad product-market of interest to the firm.
true
Customer -- refers to the relative benefit that a customer believes he or she gets from a product or service compared to the cost of obtaining it.
value
If a customer perceives a product to have more features and a higher quality, then the customer perceives the product to have more -- .
value, benefit, or worth
The questions that a marketer should ask in order to identify customer similarities and differences include ______. (Select all that apply.)
what why who
Conrad's company wants to understand the reason customers are choosing their competitors products over their products. Which type of question does Conrad need to answer?
why