Chapter 11 Busi 1301

_____ involves gathering, interpreting, and applying information to uncover marketing opportunities and challenges.

a. Marketing research

_____ is achieved when customers buy a product from the same supplier again and again—sometimes paying even more for it than they would for a competitive product.

b. Customer loyalty

_____ is achieved when customers perceive that a good or service delivers value above and beyond their expectations.

b. Customer satisfaction

In the context of customer relationship management, which of the following statements is true of value?

b. Low cost does not always mean high value.

Which of the following statements is true in the context of actual value and perceived value?

b. Marketers must help customers believe that their products are uniquely qualified to meet their needs.

The initiative "Don't drink and drive" is an example of _____.

c. idea marketing

The blend of marketing strategies for product, price, distribution, and promotion is known as _____.

d. the marketing mix

The campaign "What happens in Vegas stays in Vegas" illustrates _____.

b. place marketing

Which of the following factors is part of the product strategy in the marketing mix?

c. Customer service

_____ refers to developing and promoting environmentally sound products and practices to gain a competitive edge.

d. Green marketing

_____ is the creation of products tailored for individual consumers on a mass basis.

d. Mass customization

Lifant Technologies is in the process of launching a new cell phone. It wants to conduct marketing research on an international level. Dan, the CEO of Lifant Technologies, believes that obtaining data from multiple countries will help in identifying consumer demands and requirements accurately. However, the company is facing problems gathering the required data in a few countries where people are not receptive to foreign researchers. Which of the following approaches should Lifant Technologies adopt under such circumstances?

a. It should hire research firms with a strong local presence to handle its international marketing research projects.

_____ refers to dividing the market based on measurable characteristics about people such as age, income, ethnicity, and gender.

c. Demographic segmentation

Which of the following marketing strategies can most likely help in pursuing personal goals such as seeking a new job or getting a university admission?

d. People marketing

In the context of the marketing era, which of the following statements best describes a marketing concept?

a. It is a philosophy that makes customer satisfaction the central focus of the entire organization.

In the context of consumer behavior, which of the following statements best defines cognitive dissonance?

a. It is the consumer discomfort with a purchase decision, typically for a higher-priced item.

_____ is a customer perception that a product has a better relationship than its competitors between the cost and the benefits.

a. Value

The ultimate benefit that most businesses seek from marketing is _____.

a. long-term profitability

The first step in planning a marketing strategy is _____.

a. market segmentation

In the context of the marketing environment, the percentage of a market controlled by a given marketer is known as _____.

a. market share

_____ direct their efforts to customers who are buying products to use either directly or indirectly to produce other products.

b. Business marketers

The tourism board of Kurania, a small country with several beautiful landscapes, recently launched an advertisement campaign using stunning visuals of the country's landscapes. This advertisement campaign illustrates _____.

b. place marketing