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Exam 13: Marketing: Helping Buyers Buy

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Question 71

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Marketing research is a process that most firms complete once a year, in order to gather information for the firm's budgeting process.

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Question 72

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During the early 1900s, businesses emphasized learning as much as possible about their customers and doing everything to satisfy them.

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Question 73

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Secondary data should be gathered first because this type of information is less expensive to obtain.

Products such as computers, telecommunications equipment, PDAs, and other manufactured or mass produced items are always classified as B2B products.

The business philosophy of "produce as much as you can because there is a limitless market" is consistent with which of the following marketing eras?

Buyers in the B2B market tend to make more rational decisions than buyers in the consumer market.

Travel agencies demonstrate a one-to-one marketing strategy when they develop unique vacation packages for individual customers.

As a marketing manager for Kitch-It-Tools, Jim is frustrated with the way his organization markets their kitchen utensils. Currently Kitch-It-Tools utilizes a strategy aimed towards the largest possible number of people, relying heavily on television and radio advertising. Jim complains that the firm is not listening to its customers and is in danger of losing many of them to firms that create a personal dialogue with their buyers. Presently Kitch-It-Tools practices:

Which of the following statements about the B2B market is true?

In business-to-business markets, sellers rely on wholesalers and retailers to efficiently distribute their products.

B2B marketers include manufacturers, retailers, hospitals, and the government.

Marketers are concerned with selling goods and services, and therefore are not involved in designing the products their firm will sell.

Getting the product from the producer to the consumer is a production-related process and not related to the marketing mix.

The B2B market involves fewer trades and fewer dollars spent than the consumer market because there are so many more consumers than there are businesses.

is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

A firm gathers data by conducting surveys, interviewing customers, or mailing out questionnaires.

Promotion includes personal selling, publicity, and word-of-mouth efforts to persuade people to buy a firm's goods or services.

stakeholder relationships.

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.

When making marketing mix decisions, marketing managers should consider: