Chapter 11 Business
Which type of tool used to collect primary data allows marketers to understand not only how consumers express themselves but also allows them to observe a consumer's behavior patterns?
Focus group
When conducting marketing research, Twitter, Facebook, and LinkedIn are often good substitutes for ______.
Focus groups
What are some of the sample variables under demographic segmentation?
Gender, age, education, income
Beach Waves Mfg. has decided to focus its selling efforts in the southeast and west coastal states because those are the areas where more people go to the beach and are more likely to use their products. Which type of market segmentation is Beach Waves using?
Geographic
In order to implement the marketing concept, what is essential for a business to have?
Good information about consumer desires
When men's dress shirts are divided and separated by size as well as color and brand name, it can be said that they are being ______.
Grading
_____ is the standardizing of products by dividing them into subgroups and displaying and labeling them for consumers to understand their quality differences.
Grading
A watch manufacturer makes high-end watches and markets them to high-income business professionals. The price of the watches ranges from $2,000 to $20,000. Because of this, the company only advertises in niche market publications that cater to this audience. In this scenario, identify what the central focus should be for this company's marketing activities.
High-income business professionals
Concepts, philosophies, images, and issues are all forms of ______.
Ideas
Marketers of _____ include political parties, churches, and schools.
Ideas
Firms that successfully implement the marketing concept focus on ______.
Improving customer value
Henrik bought the vacuum because it is easy to push and the cord wraps neatly around the vacuum when you're done using it. Which psychological variable affected his buying choice?
Motivation
Joe's Taco cart, which has always sold 100 percent pure beef tacos, develops three new taco varieties for the growing group of vegetarian students who come by daily. Joe still advertises his beef tacos but has also developed a mini-campaign to pitch the veggie tacos. Joe is using a(n) _____ market segmentation approach.
Multisegment
When a UPS store targets consumers for shipping products around the holidays but targets businesses for everyday shipping needs, it is using a(n) ______ approach.
Multisegment
A(n) ______ is someone who visits a store "undercover" to document their observations of the store. They do so in order to provide valuable information to the company to help it improve its organization and refine its marketing strategy.
Mystery shopper
A company manufactures an underwater camera that can be used specifically for deep-sea diving. Which marketing approach would this company most likely use to promote this underwater camera?
Niche marketing
The segmentation method that develops or finds products for small, well-defined market segments is ______.
Niche marketing
Which statement best describes the concentration segmentation approach?
One marketing strategy for a single market segment
In order to successfully implement the marketing concept, it is important that a business view the customer's _____ as the ultimate measure of work performance.
Perception of value
Although research is inconclusive, some marketers feel that the type of clothing one wears or the type of car one drives is directly related to which psychological factor?
Personality
Distribution is sometimes referred to as _____ in the marketing mix.
Place
Because it relates directly to the generation of revenue, ______ is considered a key element of the marketing mix.
Price
Since it represents the measure of value used in an exchange, ______ is the marketing mix element that is the basis of most market exchanges.
Price
Data that you gather using sources like surveys, focus groups, and interviews is known as _____ data.
Primary
Automobile companies truly seem to be listening to customers who are environmentally concerned by offering more fuel-efficient cars. Companies are adjusting the ______ factor of the marketing mix.
Product
Three examples of supporting services
Product information on an iPad, Guarantee for a new car, Installation of brakes
A _____ is a complex mix of tangible and intangible attributes that provide satisfaction and benefits to the consumer. A _____ is a physical entity you can touch.
Product;good
New technologies such as electricity and railroads allowed the ______ orientation to flourish in the second half of the 19th century by allowing goods to be manufactured with increased efficiency.
Production
Due in part to the Industrial Revolution and the demand for manufactured goods, the _____ orientation was prominent in the second half of the 19th century.
Production orientation
_____ is a persuasive form of communication that attempts to expedite a marketing exchange by influencing individuals, groups, and organizations to accept goods, services, and ideas.
Promotion
Dividing the market using a group's personality characteristics, motives, and lifestyles is _____ segmentation.
Psychographic
Digital communication has increased the ability of marketers to conduct polls on blogs and social networking sites. What are two benefits of online market research?
Quicker feedback, lower cost
Dewayne's family, his National Society of Black Engineers of America professional group, and the Rotary organization to which he belongs are _____ groups that may influence his buying decisions.
Reference
Customer ____ management systems help marketers listen to customer feedback in order to respond to their needs and wants and work toward building a long-term relationship
Relationship
Marketing focuses on a complex set of activities that must be performed to accomplish objectives and generate exchanges. What are three of these activities?
Researching, Selling, Risk-taking
What are two examples of intermediaries?
Retailers, wholesalers
Marketers must realize that developing a new product creates a chance of loss if consumers do not like it enough to buy it. This relates to which function of marketing?
Risk taking
multisegment approach
a market segmentation approach whereby the marketer aims its efforts at two or more segments, developing a marketing strategy for each.
marketing strategy
a plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers.
social classes
a ranking of people into higher or lower positions of respect.
social roles
a set of expectations for individuals based on some position they occupy.
target market
a specific group of consumers on whose needs and wants a company focuses its marketing efforts.
total-market approach
an approach whereby a firm tries to appeal to everyone and assumes that all buyers have similar needs.
secondary data
information that is compiled inside or outside an organization for some purpose other than changing the current situation.
The process of dividing the total market into groups whose members have similar characteristics is market _____.
Segmentation
market segment
a collection of individuals, groups, or organizations who share one or more characteristics and thus have relatively similar product needs and desires.
Value
a customer's subjective assessment of benefits relative to costs in determining the worth of a product.
market segmentation
a strategy whereby a firm divides the total market into groups of people who have relatively similar product needs.
Rachel noticed in the advertisement for the Ultra Hair Dryer that it came with a five-year warranty against product defects. This product warranty is an example of
a supporting service
When it comes to the marketing of products, what are the three things that consumers are really looking for?
A way to gain some enjoyment, A way to get a job done, A way to solve a problem
In the first half of the 20th century, business people who adopted the sales orientation perspective believed the most important marketing activities were personal selling and ______.
Advertising
What are four methods of promotion a company might use to promote its products?
Advertising, Personal selling, Sales promotion, Publicity
True or false: If a business wants to achieve its objectives, it simply needs to create an innovative product.
False
True or false: While marketing is an important function of every business, it is not included in a firm's overall strategy.
False
Southgate Appliances offers credit services where customers can pay for their purchase over time. To entice customers to shop, Southgate also offers "no money down" and "no interest" options. These options are all examples of the ______ function of marketing.
Financing
Which marketing function takes on significant importance when dealing with seasonal fruits and vegetables that offer a short shelf life and selling opportunity?
Storing
Starbucks serves coffee drinks at a premium price but also provides consumers with convenience, quality, and an inviting environment. The coffee Starbucks sells is a(n) ______ product while convenience, quality, and an inviting environment represent ______ benefits.
Tangible;Intangible
market orientation
an approach requiring organizations to gather information about customer needs, share that information throughout the firm, and use that information to help build long-term relationships with customers.
A marketing strategy has two major components: selecting a target market, and ______.
developing an appropriate marketing mix
The most direct benefit of a well-managed customer relationship management system is
loyal customers
Ashton Athletics decided to promote its new running shoes designed for treadmill users to males aged 45-65 because research had told them this was the main group who worked out using a treadmill. This group is an example of a
market segment
Functions of _____ include buying, selling, transporting, and storing goods for an organization in order to accomplish objectives and generate exchanges.
marketing
B2C marketing
marketing products directly to the end consumer
B2B marketing
marketing products to customers who will use the product for resale or in the making of other products
Exchange
the act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas).
reference groups
groups with whom buyers identify and whose values or attitudes they adopt.
To implement the marketing concept, a firm must ______. (Select all that apply)
have good information about what customers want, coordinate its efforts throughout the entire organization, adopt a consumer orientation
_____ is making products available to customers in the quantities desired.
Distribution
By the _____, some businesspeople began to recognize that efficient production and extensive promotion did not guarantee sales and the marketing era was born.
1950s
Corinne's manager has insisted that the marketing group figure out a way to conduct research at a faster pace and at a lower cost. Based on this, what should the group consider using?
An online poll on the company's social networking sites
By using data that has been collected, marketers use marketing ____ to measure, interpret, and evaluate their marketing decisions.
Analytics
What are three things a firm must take into consideration in order to successfully use a concentration or multisegment approach?
At least one segment must be profitable enough to maintain the chosen strategy., The firm must be able to reach the market with its chosen strategy., The segments must be both identifiable and divisible.
Maggie volunteers at the local children's hospital whenever she can. She recently heard that the running store downtown was partnering with the children's hospital and donating a percentage of its sales to the hospital. Maggie has decided to shop there from now on and is telling all her friends to do the same. What psychological factor is at play here?
Attitude (these questions are garbage bro it could be multiple factors depending on what you focus on)
A face cream that reduces wrinkles is marketed to women looking for anti-aging products. This type of benefit segmentation is related to ______ segmentation.
Behavioristic
Shalle Snacks, Inc. targets its low-carb/low-sodium snacks toward consumers looking to maintain a healthy diet. Which type of segmentation does this demonstrate?
Behavioristic
Customer ______ in a high-quality hotel may include plush towels, lush bathrobes, and a jacuzzi spa. The ______ is the customer's subjective assessment of the money spent for the experience received.
Benefits;value
Serene Skincare sells its products to more than 150 hotels across the United States. The products are used in the spas located in these hotels. In addition, the company also sells its products online and Maria has been purchasing them for herself for the past ten years. Which type of marketing is Serene Skincare using?
Both B2B and B2C
The goal of a market orientation is to ______.
Build long-term customer relationships
A(n) _______ is anyone who shops for products and decides whether and what to buy.
Buyer
_____ behavior is the decision process and actions of people who purchase and use products.
Buying
Tyrone needs a new laptop. He knows how much he can afford, but rather than just purchase impulsively, he is in the process of researching different models and asking his friends for their recommendations. Marketers would consider this to be Tyrone's ______.
Buying behavior
What are three characteristics of digital advertising?
Caters to both large and small companies, Allows companies to directly interact with their customers, Is often less expensive than traditional advertising
Learning
Changes in a person's behavior based on information and experience.
Competitive and economic forces
Competitive relationships such as those in the technology industry, unemployment, purchasing power, and general economic conditions
Technological forces
Computers and other technological advances that improve distribution, promotion, and new-product development
A manufacturer of educational toys for children ages 2 to 4 wants to develop a marketing strategy to focus on just this segment. Which market segmentation approach would the firm most likely use?
Concentration approach
Customer _____ include anything a buyer must give up to obtain the benefits that a product offers.
Costs
Which social factor is in evidence when people from Wisconsin refer to a water fountain as a "bubbler?"
Culture
The idea behind the marketing concept is that ______ will lead to a business achieving its goals.
Customer satisfaction
Advertising on websites and social media is referred to as _______ advertising.
Digital
The COVID-19 pandemic is an example of how a(n) ______ force can quickly alter consumer buying behavior.
Environmental
At the heart of all business is the _____, the act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas).
Exchange
When Mariana's Taqueria provides tacos produced with time, labor, and money and in return has received payment from its customers, Mariana's Taqueria has engaged in the heart of all business, the _____ relationship.
Exchange
Political, legal, regulatory, social, competitive, economic, and technological factors are all _______ forces that influence the development of marketing strategies.
External
True or false: Secondary data are always compiled outside of an organization.
False
True or false: The tools and techniques for analyzing exactly why consumers purchase what they purchase have been perfected and are quite exact.
False
Which function of marketing does this statement describe: For many products, especially large items such as automobiles, refrigerators, and new homes, the marketer arranges credit to expedite the purchase?
Financing
Motivation
Inner drive that directs a person's behavior toward goals.
What is an accurate characterization of marketing?
It focuses on activities such as pricing and promoting that foster exchanges.
Which statement best portrays a company's ability to understand consumer buying behavior?
It is extremely difficult to explain exactly why a customer purchases a particular product.
Why do companies take measures to build long-term relationships with customers?
It is less expensive to retain existing customers.
Why is communication a major element of developing and maintaining long-term customer relationships?
It provides a way for businesses to personalize customer relationships.
Attitude
Knowledge and positive or negative feelings about something.
Political, legal, and regulatory forces
Laws and regulators' interpretation of laws, law enforcement and regulatory activities, regulatory bodies, legislators and legislation, and political actions of interest groups
Rashmi always used to shop at a particular clothing store. However, the last two times she shopped there, the staff was rude and they didn't have much stock on hand. Consequently, Rashmi is trying out new stores to shop at. Which psychological factor is at play in this scenario?
Learning
What are four external influences in the marketing environment?
Legal, Economic, Competitive, Social
Select the three variables that are part of psychographic segmentation.
Lifestyle, Motives, Personality
Which orientation is best described as first determining what customers want and then produce it, rather than making the products first and then trying to persuade customers that they need them.
Market orientation
Which marketing activity helps businesses gather information to compete effectively?
Market research
Using data that has been already collected to measure, interpret, and evaluate marketing decisions is the function of ______.
Marketing analytics
After a period of intense demand and production of goods in the late 19th century, supply began to exceed demand. Businesses realized that they would have to make a concerted effort to sell products and began advertising. This describes the ______ orientation.
Sales
Marketers expedite the exchange process by using promotion activities to persuade a customer to purchase a product. This is the essence of which function of marketing?
Selling
What do marketers usually view as a persuasive marketing activity accomplished through promotion?
Selling
A ____ is the application of human and mechanical efforts to people or objects to provide intangible benefits to customers.
Service
A good outcome of ____ networks is the opportunity to reach new voices and gain varied perspectives on the creative process of developing new products and promotions.
Social
What is not considered a psychological variable in reference to buying behavior?
Social class
______ forces include opinions and attitudes toward issues such as living standards and the environment.
Social forces
A group of high school soccer girls with the need, desire, ability, and authority to purchase soccer gear can be referred to as a ______.
Target market
In many businesses today, companies are relying on ______ to help boost business with existing customers.
Technology
What is the central focus of all marketing activities?
The buyer
Personality
The organization of an individual's distinguishing character traits, attitudes, or habits.
Perception
The process by which a person selects, organizes, and interprets information received from his or her senses.
Social forces
The public opinions and attitudes toward issues such as living standards, ethics, the environment, lifestyles, and quality of life
concentration approach
a market segmentation approach whereby a company develops one marketing strategy for a single market segment.
Why do companies use market segmentation?
To develop a productive marketing strategy
In defining its target market, All-Good Baking Products, distributors of salt, sugar, and flour most likely use a _____.
Total-market approach
The process of moving strawberries, blackberries, and raspberries from Portland Fresh and Ready Farms to the farmer's market where customers will purchase them is a marketing activity called ______.
Transporting
_____ is the process of moving products from a seller to a buyer.
Transporting
True or false: A marketer must understand the needs of the buyer in order to determine what products to make available.
True
True or false: Communication helps to identify individual customers and therefore, allows marketers to try and increase those customer's share of purchases.
True
True or false: One weakness related to surveys is that respondents are sometimes untruthful.
True
True or false: Time utility has to do with selling an item or service in a timely manner and relates to the storing function of marketing.
True
Customer benefits subtracted by customer costs = customer _____.
Value
_____ refers to a customer's subjective assessment of what they receive relative to costs in determining the worth of an item.
Value
_____ combines sight, sound, and animation to facilitate testing of concepts as well as packaging and design features.
Virtual testing
What are two examples of environmental forces that can affect buying behavior?
Worldwide pandemic, global warming
Marketing
a group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas.
Market
a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas.
If Flower's To Your Door does not feel good about its recent purchases of roses, daisies, and carnations from a new wholesaler, the _____ will likely not continue if other options are available.
exchange
primary data
marketing information that is observed, recorded, or collected directly from respondents.
A total-market approach is also referred to as ______.
mass marketing
The factors that go into a marketing program—product, price, distribution, and promotion—are called the marketing
mix
Information that has already been compiled by others and published in journals and books or made available online is known as
secondary data
Stefan has three small children and wants to buy a car that has good safety ratings. He is also in the market for a new television and as a sports-lover, he wants a large screen TV that has great definition. These two buying behaviors are a reflection of his
social roles
marketing mix
the four marketing activities—product, price, promotion, and distribution—that the firm can control to achieve specific goals within a dynamic marketing environment.
marketing concept
the idea that an organization should try to satisfy customers' needs through coordinated activities that also allow it to achieve its own goals.
Culture
the integrated, accepted pattern of human behavior, including thought, speech, beliefs, actions, and artifacts.
Interactive multimedia research is also known as
virtual testing
