MRKG 1311-003 Exam 1

____describe the similarities among potential customers within a market segment and explain the differences among people in different market segments.

Market segment profiles

Which of the following statements describes the best use of the Internet by John, a marketer, to establish his business units across the globe?

NOT "Facilitate the marketing exchange, obtain customer feedback, and provide product information" (I don't know the actual answer.)

Which of the following is an element of the marketing mix that is used to increase the level of awareness of a product or company?

Promotion

Marketing facilitates exchange relationships between buyers and sellers. What is marketing's intended outcome for this relationship in marketing?

Satisfaction for both the buyer and seller

The H&R Block company intends to adopt the marketing concept as a business philosophy. To be consistent with this decision, which of the following philosophies is most appropriate?

The customer is always right.

A company sometimes defines a total market as its target market. (True of False?)

True

A market is a group of people who, as individuals, have needs for products in a product class and have the ability, willingness, and authority to purchase such products. (True of False?)

True

Individuals' ability to buy depends on the amount of their buying power. (True of False?)

True

One condition for effective segmentation is that at least one segment must have substantial profit potential. (True of False?)

True

The four requirements of a market are that the individuals in the market must have a need for the product and the ability, willingness, and authority to buy it. (True of False?)

True

____is a customer's subjective assessment of benefits relative to costs in determining the worth of a product.

Value

When a business has a relatively small number of customers, a preferred method of forecasting is____.

a customer forecast survey

Micromarketing is

a market segmentation approach in which firms focus precise marketing efforts on very small geographic markets. (I don't actually know the answer.)

The sales forecasting method that involves making a product available to buyers in one or more test areas and measuring purchases and consumer responses to the product, distribution, promotion, and price is called____.

a market test

The marketing concept is best defined as

a philosophy stating that an organization should try to satisfy customers' needs through a coordinated set of activities that allows the organization to achieve its goals.

The marketing concept is a management philosophy that affects

all efforts of the organization.

Declining sales, increasing expenses, and decreasing profits

are examples of symptoms that point to larger problems.

The definition of marketing implies that____should receive benefits from exchange relationships.

both customers and businesses

Variables such as geographic location, type of organization, customer size, and type of product usage are used to segment____markets.

business

Managing customer relations requires identifying patters of____and then using that information to focus on the most promising and profitable customers.

buying behavior

When selecting specific target markets, a firm should

choose the segments most in line with the firm's objectives and long-term growth.

If Baskin-Robbins calculates that it could sell up to 25 percent of all ice cream cones sold in the United States, this percentage would represent the ice cream marketer's____.

company sales potential

The maximum percentage of market potential that an individual firm can expect to obtain for a specific product is the____.

company sales potential

The product variable of the marketing mix can include all of the following except

consumer perception of the product price.

The marketing mix is built around the

customer.

After an organization has determined which of the many segmentation variables it will use, the next Step in the target market selection process is

developing market segment profiles.

Consumers buying products online have dramatically affected the____variable of the marketing mix.

distribution

Issues of inventory levels and storage costs are both concerns relating to the____variable of the marketing mix.

distribution

The marketing environment is best described as being

dynamic and changing.

Marketing knowledge and skills

enhance consumer awareness and help provide people with satisfying goods and services.

In managing customer relationships, the three primary ways profits can be obtained are by

enhancing the profitability of existing customers, extending the duration of relationships with customers, and obtaining new customers.

Population density and city size are____variables used for market segmentation.

geographic

Exam #2 questions and answers are

identical to Midterm Exam questions and answers.

The real value of marketing research to the organization can best be measured by

improvements in the ability to make decisions.

Demographic variables such as income and occupation, as well as how people spend their time and the importance of things in their surroundings, are all factors considered in____segmentation.

lifestyle

The psychographic variable that includes numerous characteristics related to people's activities, interests, and opinion is

lifestyle.

Many marketers are concerned about the number of potential customers within a certain area of land because of the different requirements to serve dissimilar areas. This segmentation variable is known as____.

market density

The total amount of a product that customers will purchase within a specified period at a specific level of industrywide marketing activity is the____.

market potential

Making modifications to packaging or brand names involves the____component of the marketing mix.

product

The amount of product a company expects to sell during a specific period at a specified level of marketing activity is called the____.

sales forecast(?) NOT "company sales prediction" (I don't know what the answer is.)

The final step in the target market selection process is

selecting specific target markets.

The application of mechanical and human efforts to either people or objects to provide intangible benefits to customers is known as a(n)

service.

The three basic forms that a product can take are

services, ideas, and goods.

During the Industrial Revolution demand for manufactured goods was

strong.

A commercial for the drink "SunnyD" explains how nutritious it is in comparison to other, more "sugary" drinks. While children under 12 are the most likely consumers of SunnyD, the commercial is aimed at mothers. These mothers represent SunnyD's

target market.

Kashi Heart to HeartTM cereal is aimed at people concerned about their heart health. These people (represent the Kashi)

target market.

StarKist Tuna announced a dolphin-safe policy and stopped buying tuna from fishing vessels that net dolphins. This decision indicates a response to concerns about

the marketing environment.

Estimating the cost of entering a market and focusing on a specific target segment is important because

the organization's marketers need to know if they can reach the segment at costs equal to or below competitors' costs.

The primary value that a marketer expects to receive from a customer in an exchange relationship is

the price charged for the product.

Marketing research is best defined as

the systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of market opportunities.

The use of marketing research is

widespread throughout business and nonprofit organizations.