Intro to business ch. 13

George is a salesman who drives a lot for his job. He bought his new Toyota Prius because i gets 51 MPG is an example of

Benefit segmentation

Justin is a buyer for his company. He is in charge of purchasing some of the equipment used in their manufacturing facilities is an example of

Business market

Review the list of activities undertaken by Campbell's Soup and place in order

Campbells becomes aware of the Latino population growth in the U.S. Marketers from Campbells start gathering secondary data from the U.S. census bureau Campbells evaluates the data and verifies the increase in the Latino population Campbells introduces Red Bean soup

Procter & gamble sells scope mouthwash, Crest toothpaste and Pert shampoo, which its customers buy for use in their homes is an example of

Consumer market

Place the four steps of the marketing research process in the correct order.

Defining the question (the problem or opportunity) and determining the resent situation Collecting research data Analyzing the collected research data Choosing the best solution and implementing it

CVS Caremark's target market is women since they make up 80 percent of the pharmacy chain's customers is an example of

Demographic segmentation

Fried sells his MP3 player online is an example of

Distribution

When classifying a product as a consumer product or a B2B product, the primary factor to consider is the financial status of the buyer. (T/F)

False

Old El Paso makes it tomato salsa spicier for the markets in Texas, Arizona, and California as customers in those markets prefer their foods spicier that customers in other areas is an example of

Geographic segmentation

Based on the target market, Lance adapted his MP3 prototype to the right size for surfers, and he set prices at appropriate levels is an example of

Name, Package, Price

Lance took his prototype to tradeshows and tested its impact on potential customers is an example of

Product testing

Place the last five steps of the marketing process in the correct order.

Product testing, (Name, package, price), Distribution, promotional program, relationships

Using publicity in surfer magazine, Lance Fried began the process of persuading surfers to use his product is an example of

Promotional program

Dr. Pepper portrays its customers as happy, outgoing people who like things out of the ordinary is an example of

Psychographic segmentation

Marketing research helps determine what customers have purchased in the past, what situational changes have occurred to change consumer preferences, and what consumers are likely to want in the future.

True

Setting a price for the product or service is one element of the marketing mix.

True

The business-to-business (B2B) market involves the marketing of goods and services to institutions that sell, rent, produce, or supply goods to others.

True

Exxon Mobile describes its customers based on how much the customers spend at the pump and how often they fill up is an example of

Volume segmentation

People with unsatisfied wants and needs who have both the ability and the willingness to buy are

a market.

Which of the following describes a process in which marketers present an accurate description of a new product to potential customers and ask if they find the idea appealing?

concept testing

Comparing the business practices of the 1950s to those of today indicates that today's marketing managers

have a more ambitious goal of not just satisfying customers, but of exceeding their expectations.

Which of the following refers to the process of dividing the total market into several groups with similar characteristics?

market segmentation

According to the _________ concept, a firm must (1) find out what customers want and provide it, (2) make sure everyone in the organization has customer satisfaction as an objective, and (3) provide goods and services that will earn a profit.

marketing

A ________ marketing strategy develops products and promotions designed to please large groups of people.

mass

Freestyle Audio works hard to develop long term relationship with surfers is an example of

relationships