Deck 10: Marketing: Building Profitable Customer Connections

Question 1

In today's relationship era of marketing,the emphasis is on finding ways to quickly reach new customers.

Answer 1

False

Question 2

Henry Ford was committed to offering consumers the ability to purchase an automobile by using mass production.His perspective on marketing products was highlighted during the selling era.

Answer 2

False

Question 3

Ownership utility satisfies wants by providing goods and services at a convenient place for customers.

Answer 3

False

Question 4

Companies use event marketing when they sponsor sporting,cultural,or charitable events.

Question 5

Low cost creates high value.

Question 6

The production era of marketing focused on finding ways to stimulate more demand for the company's output.

Question 7

Utility is the ability of goods and services to satisfy consumer "wants."

Question 8

Stray Rescue is a not-for-profit organization.Since the organization is not profit driven,it has no need to focus on marketing.

Question 9

The three basic types of utility are product utility,perception utility,and placement utility.

Question 10

In recent years,marketing has focused on developing long-term relationships with customers.

Question 11

Customer relationship management is the on-going process of acquiring,maintaining,and growing profitable relationships by delivering unmatched value.

Question 12

A business offers value when customers judge that its products deliver a better relationship between benefits and costs than the competitors' products.

Question 13

Marketing is an organizational function and a set of processes for creating,communicating,and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

Question 14

Marketing has always focused on responding to the needs of customers quickly and completely.

Question 15

Walt owns a local chain of auto repair shops in Northern Ontario.He tries to go the extra mile in pleasing his customers with comfortable and attractive waiting rooms,friendly service,and an exceptional warranty on all repair work.Walt's approach is consistent with the marketing concept.

Question 16

The marketing concept was a business philosophy that arose in the era of mass production when it became necessary for firms to use "hard sell" techniques to convince customers to buy products that they didn't really want.

Question 17

Starbucks aggressively opens conveniently located stores that provide customers with easy access to gourmet coffee beverages and pastries.This is an example of providing place utility.

Question 18

The evolution of marketing includes the production era and the selling era.

Question 19

The use of marketing strategies is limited to the development,pricing,promotion,and distribution of goods and services.

Question 20

Acquiring new customers can cost five times more than keeping an existing customer.

Question 21

One benefit of achieving consumer loyalty is that consumers may be willing to forgive a company's mistakes.

Question 22

Underpromising is an effective way to generate a large base of highly satisfied customers because it often results in consumers getting more from a product than they were led to expect.

Question 23

Demographics are the mix of traits that define individuals.

Question 24

Today's businesses use customer relationship management to drive profits upward and provide unmatched value to the consumer.

Question 25

Businesses use CRM techniques to deliver value to customers while promoting customer loyalty.

Question 26

Today's businesses compete for customer loyalty,using marketing plans to define specific strategies.

Question 27

The first step in developing a marketing plan is to identify the individuals most likely to buy your products.

Question 28

Business marketers only direct their efforts to people who purchase their products for personal use.

Question 29

Market share is a key indicator of the conditions in a firm's competitive marketing environment.

Question 30

When it comes to creating customer satisfaction,actual value is more important than perceived value.

Question 31

Demographic market segmentation is based on measurable characteristics of potential customers,such as age,education,income,ethnicity,and gender.

Question 32

Successful companies strive for customer satisfaction and develop marketing programs to encourage repeat business from existing customers.

Question 33

A business segments the market in order to understand the similarities and differences in consumers' needs.

Question 34

Value is based on a customer's perception of quality,appearance,and price.

Question 35

Demographics are measurable characteristics such as age,gender,and income.

Question 36

A firm's marketing mix refers to the array of different types of products it has developed to attract different types of customers.

Question 37

Business leaders use target markets,which divide the market into smaller groups based on attitudes,interests,and values.

Question 38

Many firms develop a formal marketing plan to identify their target audience and how they will reach that audience.

Question 39

Business marketers direct their efforts to customers who buy products they use to produce other products.

Question 40

The process of dividing an overall market into groups of customers who are similar to each other but different from everyone else is known as market aggregation.

Question 41

Consumer behaviour specifically refers to how people act as they buy products for personal consumption.

Question 42

Cultural,social,personal,and psychological factors all influence a consumer's purchasing decisions.

Question 43

Although both B2C and B2B marketers segment their markets,they use somewhat different categories.

Question 44

Environmental scanning is the process of segmenting the market into individual responses to various products.This includes the benefits consumers seek from products and how consumers use products.

Question 45

XLent Computers has one line of computers designed to appeal to hard-core gamers,another line to appeal to people who like to work with video editing,and yet another designed for people who simply like to browse,chat,and e-mail their friends.This attempt to separate the market according to interests and hobbies suggests that XLent is relying heavily on demographic segmentation.

Question 46

Understanding consumer behaviour is a key to successful business-to-business relationships.

Question 47

Strategies about the best way to incorporate personal selling,public relations,and word-of-mouth promotion into the marketing of a good are part of the product strategy component of a firm's marketing mix.

Question 48

In B2B marketing,the most common strategies for segmenting a market are based on geography,customer characteristics,and product-use.

Question 49

Culture refers to the values,attitudes,and customs shared by members of a society.

Question 50

Cognitive dissonance occurs when a consumer refuses to recognize problems or issues that arise from the purchase of a good or service.

Question 51

Age,gender,and attitudes are major determinants of your social class.

Question 52

The laws and regulations affecting marketing practices are a major part of the social/cultural marketing environment.

Question 53

Motivation and attitudes are both major elements of the cultural influences on consumer decision making.

Question 54

How much money you earn and what you do for a living are major determinants of your social class.

Question 55

The product strategy a firm develops would include not only the physical product or specific service the firm offers but also its brand name,packaging,and customer service.

Question 56

There is little a firm can do to reduce the cognitive dissonance experienced by their customers.

Question 57

Strategies about the product,price,promotion,and distribution are all included in a firm's marketing mix.

Question 58

Cognitive dissonance is the part of postpurchase behaviour that occurs when buyers have second thoughts after purchasing a product and begin to worry that they made a bad decision.

Question 59

Understanding consumer behaviour is not necessary to business survival.

Question 60

The consumer decision-making process involves need recognition,the search for information,evaluation of alternatives,the purchase decision,and postpurchase evaluation.

Question 61

Survey research involves an interaction between the researcher and the research subjects.

Question 62

Researchers collecting data from consumers in other countries need to consider the mode of preferred communication for that consumer group.

Question 63

Market research involves gathering,interpreting,and applying information to uncover opportunities and challenges for business.

Question 64

There are many types of primary market research,but one thing they all have in common is that they involve a direct interaction with the research subject.

Question 65

Marketing research is only important when making decisions about ways to improve the marketing mix.

Question 66

Observation research can be both inexpensive and highly effective.

Question 67

Business will only use market research when promoting business-to-business products and services.

Question 68

Whether they realize it or not,consumers go through all of the steps involved in the purchase decision process for every purchase they make.

Question 69

Consumers are most likely to go through all steps of the purchase decision process when they are buying goods for which the financial or social implications are significant.

Question 70

One major disadvantage of primary data is that it is usually outdated even before the marketer receives it.

Question 71

Online questionnaires are an example of observation research.

Question 72

Primary data is new data gathered and compiled by marketers for the first time.

Question 73

Ricardo recently spent a lot of money buying a new sports car.He thought he would really enjoy it,but soon after the purchase,he began to question whether it was a smart move.Ricardo's doubts are an example of cognitive dissonance.

Question 74

Secondary data is existing data marketers gather about purchasing behaviour.

Question 75

Attitudes are a person's lasting impressions of objects or ideas.

Question 76

Primary data is the first type of data marketers obtain.They turn to secondary data only if the primary data alone is not sufficient.

Question 77

Business buyer behaviour is actually quite similar to consumer purchase behaviour.

Question 78

Observation research involves talking to subjects being watched.

Question 79

Observation research and survey research are the two broad categories of primary research.

Question 80

A person's subculture can have an impact on purchasing behaviour.