Strategic Marketing 3000
a. Metamarket
A cluster of closely related goods and services that center around a specific consumption activity is referred to as a: a. metamarket. b. marketspace. c. marketing channel. d. metamediary. e. market.
b. how well that choice will fulfill that person's needs and satisfy his or her wants.
A customer's decision to purchase one product or group of products over another is primarily a function of: a. the availability of the product or group of products. b. how well that choice will fulfill that person's needs and satisfy his or her wants. c. the product's features relative to competing products. d. the product's price. e. the convenience of acquiring the product or group of products.
d. customers
Among the fundamental changes to marketing and business practice in today's economy is the dramatic increase in the availability of information. This increase in information has created a shift in the balance of power in the supply chain. Who now holds most of the power in today's economy? a. manufacturers b. wholesalers c. market research firms d. customers e. retailers
b. Customers will turn to the most convenient, least expensive alternative in situations where they see goods and services as commodities.
Changing value propositions in today's economy—such as changes caused by the growth in e-commerce—have forced marketers to learn a tough lesson about customers. What is that lesson? a. Customers would rather perform service for themselves to save money. b. Customers will turn to the most convenient, least expensive alternative in situations where they see goods and services as commodities. c. Customers will always seek the best value regardless of quality. d. Customers will always seek the best quality regardless of price. e. Customers will always turn to the most recognized brand.
e. Customers will turn to the most convenient, least expensive alternative in situations where they see goods and services as commodities.
Changing value propositions in today's economy—such as changes caused by the growth in e-commerce—have forced marketers to learn a tough lesson about customers. What is that lesson? . a. Customers will always seek the best quality regardless of price. b. Customers would rather perform service for themselves to save money. c. Customers will always seek the best value regardless of quality. d. Customers will always turn to the most recognized brand. e. Customers will turn to the most convenient, least expensive alternative in situations where they see goods and services as commodities.
d. Distribution
From the customer's perspective, which part of the marketing mix takes place largely behind the scenes? a. Market segmentation b. Product c. Price d. Distribution e. Promotion
a. possession utility
Furniture Mart offers services such as financing and home delivery to its customers. What type of utility is Furniture Mart trying to increase? a. possession utility b. psychological utility c. place utility d. time utility e. form utility
c. value; customer relationships
In 2005, the American Marketing Association changed the definition of marketing that had stood for 20 years. The major changes in the definition included a shift from delivering the 4 Ps (product, price, place, promotion) to delivering __________ and a shift from creating exchanges to creating __________. a. satisfaction; customer relationships b. value; satisfaction c. value; customer relationships d. quality; value e. quality; transactions
b. There is very little differentiation among product offerings in the industry.
In the airline industry, companies like American, Delta, and US Air have a difficult time competing because their industry has become commoditized. What does this mean for firms in the airline industry? a. Airline firms compete in a declining industry. b. There is very little differentiation among product offerings in the industry. c. Airlines have been forced to develop partnerships to remain competitive. d. The industry experiences very little change over time. e. Airline customers have become increasingly demanding.
d. target market and marketing mix
List the elements that make up a marketing program. a. product and target market b. price, promotion, place, and product c. marketing mix, price, and promotion d. target market and marketing mix e. market segment and market plan
c. product positioning
Many firms attempt to distinguish or differentiate their product offerings through the use of __________ strategies. This involves establishing a mental image of the product offering relative to competing offerings in the minds of target buyers. a. branding b. perceptual marketing c. product positioning d. comparative e. image marketing
e. product positioning
Many firms attempt to distinguish or differentiate their product offerings through the use of __________ strategies. This involves establishing a mental image of the product offering relative to competing offerings in the minds of target buyers. a. comparative b. branding c. image marketing d. perceptual marketing e. product positioning
a. international markets.
One of the major difficulties of conducting business in today's economy concerns the unclear legal jurisdiction surrounding many business transactions. The issue is especially keen for marketers who do business in: a. international markets. b. business-to-business markets. c. peer-to-peer transactions. d. domestic, interstate markets. e. metamarkets.
d. utility
The term ______ is used to describe the ability of a product to satisfy a customer's desires. a. strategy b. market scanning c. competitive intelligence d. utility e. exchange
c. Price has a direct connection with customer demand
Which of the following statements about pricing decisions in the marketing program is TRUE? a. Price is one of two elements of the marketing mix that leads to revenue. b. Pricing is the least manipulated element of the marketing mix. c. Price has a direct connection with customer demand. d. Customers will always equate higher prices with higher quality products. e. Pricing is the most difficult element of the marketing mix to change.