Intro to Business Chapter 11

False

Marketers should only concentrate on creating the actual value of a product.

F

A major disadvantage of primary data is that it is usually outdated even before a marketer receives it.

Competitive environment

Analysis of market share is a key to understanding a firm's:

Social responsibility

Demands that marketers actively contribute to the needs of the broader community.

False. It is an examples of Event Marketing.

Escribo Marketing LLC holds annual blood donation camps and conducts other similar charitable events in educational institutions. This is an example of people marketing.

Mass customization

Horizon Inc., an automobile designer and developer, conducted a survey and built cars that suit the needs of its customers. Its newly designed cars let customers choose the color of the interiors. The company also designed touchscreens to control the entertainment, navigation, and climate in the vehicle, instead of knobs or buttons. Which of the following concepts is being illustrated in this scenario?

Purse a full partnership with each of its key clients

In the context of customer relationship management, a firm selling a high-ticket product to a small customer base is most likely to:

Less customers try a product.

In the context of customer satisfaction, which of the following happens when a marketer falls into the trap of underpromising?

Market segmentation

Peter is starting a new business. He has to develop a marketing strategy by identifying similar characteristics, attributes, and behaviors of the target market, and then group the customers according to these characteristics, attributes, and behaviors. The term used to describe Peter's strategy is:

True

The marketing concept holds that delivering unmatched value to customers is the only effective way to achieve long-term profitability.

Marketing concept

Walt owns a local chain of auto repair shops in Northern Rottawa. He goes the extra mile in pleasing his customers by providing comfortable and attractive waiting rooms, friendly services. and an exceptional warranty on all repair work. Which of the following philosophies has Walt employed to make all his customers highly satisfied?

True

When it comes to creating customer satisfaction, perceived value is just as important as actual value.

It is the blend of marketing strategies for product, price, distribution, and promotion.

Which of the following best describes marketing mix?

Acquisition of new customers

Which of the following can be achieved by marketers by acquiring customer loyalty?

Demographic segmentation refers to dividing the market based on measurable characteristics about people, whereas geographic segmentation refers to dividing the market based on where consumers live.

Which of the following is a difference between demographic segmentation and geographic segmentation?

Customer relationship management

is the ongoing process of acquiring, maintaining, and growing profitable customer associations by delivering unmatched value.