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Exam 13: Marketing: Helping Buyers Buy

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Question 51

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Firms that adopt a relationship marketing strategy attempt to:

A) develop products that meet the specific requirements of individual customers.
B) maximize their market share by designing products that appeal to large numbers of customers.
C) develop their promotional efforts utilizing mass media such as television,newspapers and radio in order to relate to a large audience.
D) maximize market share by controlling production costs and maintaining low prices.

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Question 52

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Successful marketers adjust their product offerings as the level of economic activity changes.

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Question 53

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Marketing focuses on the pricing and distribution of want-satisfying products,as well as determining the best way to promote the products to consumers. Marketing is concerned with product,price,promotion,and distribution.These are the major components of the marketing mix for the firm.

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

Target marketing is a business strategy that focuses a firm's marketing efforts towards a potentially profitable segment of a larger market.

Psychographic segmentation involves dividing a market into segments based on lifestyle,values,attitudes,or interests.

Relationship marketing is rather easy to implement in the B2B market but almost impossible to use in the consumer market due to the sheer size of the consumer market.

___________ is a process used to test consumer reactions about a product among potential users.

Melanie is a sales representative for a college textbook publisher.She spends a great deal of time visiting college professors who have already adopted one of her books for use in her classes.She makes sure they have all the supplements to the book they need and are informed about when new editions will be available.Melanie's emphasis on keeping her existing customers satisfied is consistent with the philosophy of relationship marketing. The goal of relationship marketing is to keep individual customers over time by offering them new products that exactly meet their requirements.

According to the Thinking Green box in Chapter 13,one key issue encountered in marketing cars today is that:

The set of values,attitudes,and ways of doing things that result from belonging to a certain ethnic,religious,or racial group is called that group's cognitive dissonance.

Relationship marketing moves away from mass production and toward custom-made goods and services.

Setting prices higher than the competition can help create an image of quality.

In the Reaching beyond Our Borders box,Debra Wexler,an online diamond jewelry dealer,found a unique way to market her diamond products to consumers around the globe,her marketing strategy is to:

Roosevelt Community College has experienced declining enrollment for the past three years.In the past the college has relied strictly on enrollment from newly graduated high school students.In order to identify other potential markets,Roosevelt Community College would benefit from:

In the production era the greatest marketing need was for distribution and storage.

Which of the following would be considered part of a firm's marketing mix?

In general,the broader the market a firm tries to serve,the better its chances of success. The best segmentation strategy is to use all the variables to come up with a consumer profile that's sizable,reachable,and profitable.On the one hand,that may mean not segmenting the market at all and instead going after the total market.On the other hand,it may mean going after smaller and smaller segments.

Price is the determining factor as to whether a good is classified as a consumer product or a B2B product.

The most dramatic global change affecting a firm's marketing environment is probably the growth of the Internet.