Question 1

Frequent-buyer clubs are common tools in relationship marketing.

Accepted Answer

Frequent-buyer clubs are a popular strategy in relationship marketing, aimed at rewarding loyal customers and encouraging repeat business.

Question 2

When Clorox targets heavy users of bleach, it is using volume segmentation.

Accepted Answer

Volume segmentation is a type of market segmentation where customers are segmented based on the volume of product or service they use. In this case, Clorox is targeting heavy users of bleach, which falls under volume segmentation.

Question 3

The five P's are product, promotion, price, people and possession.

Accepted Answer

The five P's are traditionally known as product, price, place, promotion, and people in marketing.

Question 4

Basing market decisions on what a product will do rather than on consumer characteristics is called benefit segmentation.

Accepted Answer

Benefit segmentation involves identifying the benefits that consumers are seeking from a product or service and dividing the market based on those benefits. Market decisions are then made based on the benefits being offered, rather than on consumer characteristics such as demographics or psychographics.

Question 5

The strategy that is based on the demand for the product and the cost of producing it is called the pricing strategy.

Accepted Answer

The statement is correct. The demand for the product and the cost of producing it are important factors in determining the pricing strategy for a product or service.

Question 6

Buying Canon brand cameras because quarterback Archie Manning promotes that brand is an example of the use of benefit segmentation.

Accepted Answer

Benefit segmentation involves dividing a market into segments based on the different benefits that consumers seek from the product. Buying a camera because a celebrity endorses it is an example of influence by celebrity endorsement, not benefit segmentation.

Question 7

Personal selling is an element of the product strategy.

Accepted Answer

Personal selling is an element of the promotional strategy, not the product strategy. It involves direct interaction between the salesperson and the customer to persuade the customer to make a purchase.

Question 8

Verna Knight is doing observation research when he asks people to describe how to fold sheets, towels, and pillowcases.
.

Accepted Answer

Observation research involves watching subjects and noting their actions or behaviors without directly interacting with them or asking them questions. Asking people to describe how to fold items involves direct interaction and verbal feedback, which is more aligned with interview or survey research methods.

Question 9

The first step in the consumer decision-making process for buying sandals would be for the weather to turn hot and me to realize I have no footwear that doesn't make my feet sweat.

Accepted Answer

The first step in the consumer decision-making process is recognizing a need or problem, such as realizing the need for appropriate footwear due to hot weather.

Question 10

The goal in environmental scanning is to gather internal environmental data to identify future market opportunities and threats.

Accepted Answer

The goal in environmental scanning is to gather both internal and external environmental data to identify future market opportunities and threats.

Question 11

The marketing concept emphasizes a consumer orientation.

Accepted Answer

The marketing concept focuses on identifying and meeting the needs and wants of consumers.

Question 12

Marketing is the process of combining the conception, pricing, promotion, and distribution of goods or services to create exchanges that satisfy individual and organizational objectives.

Accepted Answer

This statement provides an accurate definition of marketing.

Question 13

Distribution strategy is another term for place strategy.

Accepted Answer

Distribution strategy refers to the plan or approach used to make products or services available to customers, which is essentially the same as place strategy in the marketing mix.

Question 14

A target market is a specific group of consumers toward whom a firm directs its marketing effort.

Accepted Answer

A target market is defined as a narrowly defined group of potential customers that a business is trying to sell its products or services to. It is a crucial aspect of marketing as it enables businesses to develop tailored marketing strategies that are more likely to be effective in reaching the desired consumers.

Question 15

Chewing gum, flashlight batteries, sewing needles, and adhesive tape are considered convenience products.

Accepted Answer

Convenience products are those products that are easy to purchase frequently, immediately, and with a minimum of effort or thought. Chewing gum, flashlight batteries, sewing needles, and adhesive tape are all considered convenience products.

Question 16

Selling retirement plans to people over the age of 50 is an example of demographic segmentation.

Accepted Answer

Demographic segmentation is the process of dividing a market based on measurable characteristics such as age, gender, income, education, etc. Selling retirement plans specifically to people over the age of 50 is an example of demographic segmentation based on age.

Question 17

There are no significant differences between the consumer market and the business-to-business market.

Accepted Answer

The consumer market and the business-to-business (B2B) market differ significantly in terms of purchase motivation, buying behavior, decision-making processes, and marketing strategies. For example, B2B transactions often involve larger quantities, longer sales cycles, and more complex decision-making processes involving multiple stakeholders, whereas consumer purchases are typically for personal use and involve simpler decision-making.

Question 18

Sales promotion, advertising, and public relations are elements of the promotion strategy.

Accepted Answer

This is because sales promotion, advertising, and public relations are all activities that fall under the umbrella term of "promotion" in marketing.

Question 19

A product is any good or service, along with its perceived attributes and benefits, that satisfies wants.

Accepted Answer

This is the definition of a product.

Question 20

Market behavior is a term used to describe the actions people take in buying and using goods and services.
.

Accepted Answer

The answer of Market behavior is a term used to...

Quiz 11: Creating Products and Pricing Strategies to Meet Customers Needs