Question 1

The number of buyers in business-to-business markets is:

Accepted Answer

Business-to-business markets have a relatively small number of buyers compared to the consumer market. This is because the products and services sold in the B2B market are targeted towards specific industries and businesses, whereas the consumer market comprises a diverse range of individuals with differing needs and preferences.

Question 2

Jeep™ currently owned by Chrysler™)recognizes that it has customers who like roomy SUVs,while others like more compact versions.It also has customers who prefer off-road,sporty type vehicles.Jeep makes several models such as Grand Cherokee™,Liberty™,Patriot™,Compass™,and Wrangler™)to satisfy the different tastes and lifestyles of its customers.Grand Cherokee customers may want traditional SUV luxury,and seldom settle for anything other than leather interiors.Liberty customers might be described as sportier,by nature,and typically women.Wrangler customer characteristics may include a group that is seldom over 30 years of age,typically male,and have often served in the U.S.military.By recognizing differences in its customers,and using different characteristics to define its customers,Jeep is:

Accepted Answer

Jeep is segmenting the market by recognizing differences in its customers and creating different models to satisfy different tastes and lifestyles.

Question 3

Which of the following is most consistent with a relationship marketing strategy?

Accepted Answer

A relationship marketing strategy focuses on building long-term relationships with customers by creating value and providing exceptional customer service. Developing a website that seeks customer feedback and allows for communication amongst customers is consistent with a relationship marketing strategy as it creates opportunities for two-way communication between the company and its customers. Options B, C, and D do not focus on building relationships with customers.

Question 4

Which of the following is the best example of cognitive dissonance?

Accepted Answer

Cognitive dissonance occurs when a person experiences discomfort due to holding conflicting beliefs or behaviors. Rico's worry after purchasing the television reflects this, as he is experiencing regret and doubt about his decision.

Question 5

Susan purchased an expensive new automobile four months ago after struggling to choose between a Kadillac and a Rolls Mobile.Even now,after purchasing the Rolls Mobile,she wonders if she made the right choice.Susan is experiencing:

Accepted Answer

Susan is experiencing cognitive dissonance, which is the psychological discomfort that a person feels when they hold two or more contradictory beliefs, values or ideas. In this case, Susan is questioning whether she made the right decision in choosing the Rolls Mobile over the Kadillac. This discomfort can lead to anxiety and may cause Susan to seek reassurance from others, or to downplay the importance of the decision.

Question 6

After years of using a mass marketing strategy,Digital Print Shops has responded to new competition from national chain stores by focusing on small market segments that have been ignored by their larger competitors.Digital believes that by offering these market segments personalized customer services it can attract a loyal group of customers willing to pay premium prices.Digital's strategy to improve profits is known as:

Accepted Answer

Digital Print Shops' strategy of focusing on small market segments that have been ignored by their larger competitors is known as niche marketing. By offering personalized customer services, they aim to attract a loyal group of customers willing to pay premium prices. This strategy is different from mass marketing, which targets a large and diverse audience, and is better suited for smaller businesses looking to gain a competitive edge in a crowded market.

Question 7

__________ marketers include manufacturers,intermediaries,institutions,and the government.

Accepted Answer

The answer of __________ marketers include manufacturers,intermediaries,institutions,and the government.
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Question 8

In an effort to increase customer loyalty,management at Phat International has worked to create a personal dialogue with their customers.This dialogue will enable Phat to offer products that exactly meet their customers' needs and provide personalized service before and after the sale.Phat International's new strategy illustrates:

Accepted Answer

Phat International's new strategy focuses on building and maintaining relationships with customers, which is the hallmark of relationship marketing. This approach emphasizes the importance of understanding individual customer needs and providing personalized service to meet those needs, leading to increased customer loyalty.

Question 9

In terms of the number and dollar volume of transactions,the B2B market is __________ the consumer market.

Accepted Answer

According to most market research, the B2B market is usually much larger in terms of both the number and dollar volume of transactions compared to the consumer market. This is because businesses generally have larger budgets and more complex needs than individual consumers.

Question 10

Which of the following would best benefit the development of niche marketing?

Accepted Answer

Niche marketing relies on targeted and specialized products designed for small groups of consumers. Any improvement in manufacturing that enables firms to more efficiently design and produce such specialized products would benefit the development of niche marketing.

Question 11

Contacting customers after a sale to reassure them that they made the right decision is intended to offset:

Accepted Answer

Contacting customers after a sale to reassure them that they made the right decision is intended to offset cognitive dissonance, which is the psychological discomfort a customer may experience after making a purchase decision, especially if they were choosing between competing alternatives. This discomfort arises from the potential conflict between the customer's thoughts, feelings, and behaviors surrounding the purchase decision. By reaching out to customers and providing post-purchase support, businesses can help alleviate their anxiety and reinforce their confidence in their choice.

Question 12

By employing a relationship marketing strategy,Jocelyn found success as an entrepreneur.The goal of this strategy is to:

Accepted Answer

Relationship marketing focuses on building and maintaining long-term relationships with existing customers by understanding and meeting their wants and needs. It involves engaging with customers through personalized communication, providing exceptional customer service, and creating loyalty programs. This approach typically leads to increased customer satisfaction, repeat business, and positive word-of-mouth marketing.

Question 13

Consumer decisions regarding the products they buy are often influenced by their nationality,religion,or ethnic origin.Marketers realize that the consumer decision-making process is impacted by the consumers':

Accepted Answer

Subcultures, including nationality, religion, and ethnic origin, play a significant role in shaping individual values, beliefs, and behavior patterns. This, in turn, affects the consumer decision-making process, and marketers must take into account these subcultural influences when designing their marketing strategies. The other answer choices, such as the four Ps, cognitive behaviors, and market position, can affect consumer decision-making but are not specifically related to a consumer's subculture.

Question 14

Kelly buys only high-priced jeans and expensive sport shoes endorsed by her favorite entertainers.Also,her attitudes and values are shaped by specific statements made by these celebrities.She also supports causes and charities the celebrities endorse.This illustrates how consumer decision making is influenced by:

Accepted Answer

Kelly's behavior is influenced by her reference group, which in this case is the celebrities she follows and supports. She is motivated to buy products endorsed by these celebrities, and her attitudes and values are shaped by their statements. She also supports causes and charities that the celebrities endorse, which further emphasizes the influence of her reference group on her consumer decision-making process.

Question 15

In an effort to increase profits,Yen Ching Chinese restaurant is attempting to appeal to a specific segment of the market by offering an all-you-can-eat buffet.These efforts,designed to identify specific groups that can be profitably served,represent an example of:

Accepted Answer

Yen Ching Chinese restaurant is attempting to identify a specific segment of the market (customers interested in all-you-can-eat buffets) and tailor their marketing efforts (offering an all-you-can-eat buffet) to appeal to that segment. This is an example of target marketing.

Question 16

Compared to consumer markets,B2B markets:

Accepted Answer

B2B markets rely less on marketing intermediaries as they involve direct business transactions between businesses. In consumer markets, intermediaries like retailers are often used to reach end consumers. The other options are incorrect as B2B markets rely more heavily on relationship marketing and have buyers who usually behave more rationally. Additionally, promotional emphasis for B2B markets is usually on trade shows, conferences, and professional associations rather than traditional advertising mediums like radio and television.

Question 17

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:

Accepted Answer

Kitch-It-Tools practices mass marketing, which is a strategy aimed towards the largest possible number of people, relying heavily on television and radio advertising. The company is not practicing relationship marketing or market segmentation, as they are not creating a personal dialogue with their customers or segmenting their market based on specific characteristics. There is no evidence of a constant change strategy mentioned in the scenario.

Question 18

Business-to-business markets tend to be:

Accepted Answer

Business-to-business markets tend to be geographically concentrated, meaning that many businesses in the same industry tend to be located in the same area. This allows for easier access to suppliers and customers, as well as the sharing of resources and knowledge within the industry. Marketing intermediaries may be present in these markets, but they are not necessarily dominant. The presence of a large number of small buyers is not necessarily characteristic of B2B markets, as there may be a mix of small, medium, and large businesses purchasing goods and services. B2B markets are typically more rational and less emotional than consumer markets.

Question 19

All-Star Collectibles focuses its marketing efforts on high-income buyers of unique collectible items.The firm realizes that the number of buyers in this segment of the collectible market is small.However,they are confident that this approach will be profitable since these buyers will pay premium prices for their unique products and superior customer service.All-Star's approach is an example of:

Accepted Answer

All-Star Collectibles' marketing approach is an example of niche marketing, which involves targeting a small, specialized segment of the market with unique products and tailored marketing efforts. This approach allows the firm to serve a specific group of high-income buyers who are willing to pay premium prices for their products and services.

Question 20

Which of the following represents an example of demographic segmentation?

Accepted Answer

Demographic segmentation involves dividing a market based on characteristics such as age, income, and education level. Option B is an example of demographic segmentation because the automobile manufacturer is offering different types of cars designed to appeal to different age groups and income levels.

Quiz 13: Marketing: Helping Buyers Buy