Question 1

Which of the following correctly identifies why companies would use a market segmentation strategy?

Accepted Answer

The answer of Which of the following correctly identifies why...

Question 2

Jet Magazine focuses its marketing efforts on reaching young African Americans. The firm believes that they are positioned to profitably serve this group of consumers. Jet utilizes the strategy of:

Accepted Answer

Jet Magazine's marketing efforts are focused on a specific group of consumers, young African Americans, which is an example of target marketing. Narrowcasting refers to delivering content to a specific, niche audience through specialized channels, while primary marketing pertains to the initial marketing efforts of new products or services. Focus group selection is a research method used to gather consumer feedback and opinions.

Question 3

A consumer's decision-making process is influenced by his/her ________, consisting of those people who help shape the consumer's beliefs, attitudes, values, or behavior.

Accepted Answer

A reference group consists of those people who help shape the consumer's beliefs, attitudes, values, or behavior, by providing comparisons, guidance, and support. These groups can have both direct and indirect influence on a consumer's decision-making process. Focus group refers to a group of people who are brought together to provide feedback on a product or service. Target audience refers to a specific group of consumers that a product or service is designed for. Social class refers to the social and economic status of a person based on factors such as income, education, and occupation.

Question 4

Firms that adopt a relationship marketing strategy attempt to

Accepted Answer

Firms that adopt a relationship marketing strategy focus on building long-term relationships with individual customers by developing products that meet their specific needs and preferences. This approach involves creating personalized experiences for customers and providing exceptional customer service to retain their loyalty.

Question 5

Which of the following best represents an example of demographic segmentation?

Accepted Answer

Demographic segmentation is when a company divides its market into different groups based on characteristics such as age, income, and education level. Option B describes a car manufacturer that offers different types of cars designed to appeal to different age groups and income levels, which is an example of demographic segmentation. Option A describes geographic segmentation, option C describes psychographic segmentation, and option D describes behavioral segmentation.

Question 6

Understanding consumers in marketing is considered so important that a whole area of marketing called ________ emerged.

Accepted Answer

The area of consumer behavior specifically focuses on understanding consumers and their behaviors in regards to purchasing and consuming goods and services. Therefore, the answer is B - consumer behavior.

Question 7

Which of the following is consistent with relationship marketing?

Accepted Answer

Relationship marketing emphasizes building long-term relationships with customers by understanding and addressing their individual needs. It involves working closely with buyers to identify and satisfy their needs over time, rather than simply focusing on one-time transactions. Maintaining transactional relationships (A) is antithetical to relationship marketing, as is a focus on obtaining new customers at the expense of retaining existing ones (D). While mass media advertising (C) can be a component of a relationship marketing strategy, it is not the primary focus.

Question 8

One factor that influences the consumer decision-making process is ________, referring to the set of values, attitudes, and ways of doing things passed from one generation to another in a given society.

Accepted Answer

Culture refers to the set of values, attitudes, and ways of doing things passed from one generation to another in a given society. This can greatly influence consumer decision-making as individuals are often shaped by the values and norms of their own culture. For example, certain dietary restrictions or preferences may be heavily influenced by cultural practices and beliefs, impacting what products a consumer chooses to buy.

Question 9

Outdoor Adventure, a company that designs and manufactures sportswear, focuses their marketing efforts on people who participate in strenuous outdoor activities such as running, hiking, and climbing. For example, the firm advertises heavily in Runner's World and Women's Running. Outdoor Adventure is using ________ factors to segment its market.

Accepted Answer

Psychographic factors are used to segment markets based on consumers' lifestyles, values, interests, and personality traits. By targeting people who participate in strenuous outdoor activities, Outdoor Adventure is appealing to a specific psychographic segment of consumers who prioritize adventure and fitness in their lives.

Question 10

Fast Fine Foods markets some of its products to consumers looking for simple, quick meals. Fast Fine Foods also offers another line of products targeted to people interested in low-fat, high-nutrition foods. The company's strategy of dividing the market into groups that want similar things from the products they buy is an example of

Accepted Answer

The company's strategy of dividing the market into groups that want similar things from the products they buy is an example of benefit segmentation. Benefit segmentation involves grouping consumers based on the benefits they seek from a product, such as convenience or nutrition. This allows the company to tailor its marketing message and product offerings to each group's specific needs and preferences.

Question 11

"Selling to everybody and listening to nobody" might be the result of a firm that uses a ________ marketing strategy.

Accepted Answer

A mass marketing strategy focuses on reaching a broad audience without targeting specific segments or demographics. By trying to sell to everybody, the firm may not be listening to the needs and preferences of their potential customers.

Question 12

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 refer to groups of people who share similar beliefs, values, customs, and behaviors based on factors such as nationality, religion, or ethnic origin. Marketers recognize that these subcultures can significantly influence the consumer decision-making process, and they often tailor their marketing efforts accordingly to appeal to these groups. Thus, option A is the correct choice. The four Ps (product, price, promotion, and place) refer to the marketing mix, while cognitive behaviors refer to how consumers perceive and process information, and market position refers to a company's standing in the marketplace.

Question 13

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

Accepted Answer

Mass marketing strategy aims to appeal to a large, broad market segment with a standardized product and promotional message. It assumes that most consumers have similar needs and wants, and therefore a single product offer and advertising message can be used to reach them all.

Question 14

Which of the following refers to a marketing strategy in which the focus is on small but profitable market segments?

Accepted Answer

Niche marketing refers to a marketing strategy in which the focus is on small but profitable market segments. Micro targeting, narrowcast marketing, and focused marketing are similar concepts, but not the specific term for this strategy.

Question 15

Firms adopting a relationship marketing strategy view technology and social media as a(n)

Accepted Answer

Firms adopting a relationship marketing strategy aim to personalize their marketing campaigns and build long-term relationships with customers. Technology and social media provide increased opportunities to achieve this goal by allowing firms to gather and analyze data on customer preferences and behaviors, and to communicate with customers on a more individualized basis. Therefore, the adoption of technology and social media is not a threat, but rather an important tool for firms pursuing relationship marketing.

Question 16

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 mental discomfort experienced by a person who holds two or more contradictory beliefs or values at the same time, or is confronted by new information that conflicts with existing beliefs or values. In the context of a purchase decision, customers may experience cognitive dissonance if they have doubts or regrets about their choice, leading to feelings of uncertainty, anxiety, or dissatisfaction. By following up with customers and providing additional information or support, marketers can help to reduce cognitive dissonance and increase satisfaction.

Question 17

________ marketing involves developing a unique mix of goods and services for each individual customer.

Accepted Answer

One-to-one marketing is also known as personalized marketing where marketers develop a unique set of goods and services for each individual customer based on their preferences, behavior, and buying patterns. This helps in establishing a stronger customer relationship and increases customer loyalty. B2B marketing involves selling products and services from one business to another. Volume marketing focuses on selling a large quantity of goods to a large number of customers whereas Usage marketing is concerned with promoting the frequent and regular use of a product or service.

Question 18

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

Accepted Answer

Building a website that allows for customer feedback and communication shows that the company is interested in building long-term relationships with customers by listening to their needs and responding to them. This is consistent with a relationship marketing strategy that prioritizes customer satisfaction and loyalty.

Question 19

According to the Adapting to Change box, while companies are utilizing social media and garnering a ton of "likes" and interactions, what are they struggling with?

Accepted Answer

The answer of According to the Adapting to Change box,...

Question 20

The goal of ________ is to keep individual customers over time by offering them new products that exactly meet their requirements.

Accepted Answer

Relationship marketing focuses on building long-term relationships with individual customers by offering products that meet their specific needs, increasing their loyalty to the brand. Niche marketing targets a specific segment of the market with a specialized product or service, mass marketing targets a larger market with a broad approach, and segment marketing divides the market into subgroups based on similar characteristics.

Quiz 13: Marketing: Helping Buyers Buy