Question 1

A consumer usually will go through all of the steps of the consumer buying decision process for every purchase.

Accepted Answer

Consumers may go through all the steps for high-involvement purchases, but for low-involvement purchases, they may skip some steps or even make the purchase habitually without going through the decision-making process.

Question 2

From time to time, some of the activities within the eight major functions of marketing are eliminated to provide for a more effective marketing process.

Accepted Answer

The answer of From time to time, some of the...

Question 3

The power of a good or service to satisfy a human need is called utility.

Accepted Answer

This is a commonly accepted definition of utility in economics.

Question 4

Time, place, and possession utility have no real value in terms of money.

Accepted Answer

Time, place, and possession utility are all factors that can increase the value of a product or service, and therefore can potentially increase the price that someone is willing to pay for it. For example, a product that is conveniently located, available at the right time, and customized to a buyer's specific needs will generally be worth more than a similar item that lacks these features.

Question 5

The four elements of the marketing mix are product, price, distribution, and promotion.

Accepted Answer

The four elements of the marketing mix are indeed product, price, distribution, and promotion.

Question 6

Accurate and timely information is the foundation of effective marketing, especially of the marketing concept.

Accepted Answer

Accurate and timely information is crucial in developing effective marketing strategies based on the needs and preferences of target consumers, which is a key principle of the marketing concept. Without reliable information, marketing efforts can be misguided and ineffective.

Question 7

Greer, Inc. is developing a marketing information system to try to improve its marketing efforts. Internal sources of marketing data the company could incorporate in the MIS include all of the following except
A)sales forecasts.
B)economic conditions.
C)inventory levels.
D)purchase requests.
E)prices of products.

Accepted Answer

Economic conditions are not an internal source of marketing data. They refer to external factors such as inflation, interest rates, and unemployment that can affect the overall business environment. Internal sources of marketing data are those that are generated within the company, such as sales forecasts, inventory levels, purchase requests, and prices of products.

Question 8

Marketing managers are better able to predict consumer responses to marketing strategies and to develop a satisfying marketing mix if they are aware of the factors that
A)are controllable marketing forces.
B)are uncontrollable marketing forces.
C)affect buying behavior.
D)are used to segment the market.
E)are involved in the handling of consumer complaints.

Accepted Answer

Factors that affect buying behavior are essential for marketing managers to understand in order to predict consumer responses and develop an effective marketing mix. These factors can include cultural, social, personal, and psychological influences on consumer decision-making.

Question 9

The Terminator Home Security Company markets its infrared alarm system to urban residents who are more likely to experience a theft than their rural counterparts. This is an example of ____ segmentation.
A)demographic
B)brand-related
C)psychographic
D)geographic
E)behavioristic

Accepted Answer

The segmentation is based on geography, specifically urban areas.

Question 10

During the 1950s, the marketing concept began to develop as business managers recognized that they were not primarily producers or sellers but rather were in the business of
A)satisfying customers' needs.
B)researching new technologies.
C)developing human resources.
D)developing corporate cultures.
E)creating positive public relations.

Accepted Answer

The marketing concept emphasizes the importance of satisfying customers' needs and wants. It is the idea that businesses must focus on understanding and meeting the needs of their target market to be successful.

Question 11

Dell Computer Corporation sells personal computers to colleges and universities, hospitals, civic clubs, charitable organizations, and foundations. This market is called a(n) ____ market.
A)consumer
B)producer
C)governmental
D)institutional
E)reseller

Accepted Answer

Institutional market refers to organizations, such as colleges, hospitals, civic clubs, charitable organizations, and foundations that purchase goods and services to carry out their operations. Thus, Dell Computer Corporation selling personal computers to these organizations falls under the institutional market.

Question 12

Lynn walks into a local convenience store to buy chewing gum. She more than likely will employ ____ in deciding to make that purchase.
A)absolute response behavior
B)extensive decision making
C)limited decision making
D)routine response behavior
E)intensive decision making

Accepted Answer

Chewing gum is a low-involvement product that generally does not require much thought or decision-making. Lynn is more likely to employ routine response behavior, or a habitual purchase decision, in buying chewing gum from a convenience store.

Question 13

If you have always been committed and loyal to Hewlett-Packard technology products, your customer lifetime value to Hewlett-Packard would likely be quite high.

Accepted Answer

The answer of If you have always been committed and...

Question 14

IRI, a marketing research firm, has been contracted by T-Fal to evaluate the market performance of a new line of cookware. Which of the following is not likely to be a step in IRI's research process?
A)Interpreting the research data
B)Collecting data
C)Making decisions about whether or not the cookware's market performance is acceptable
D)Designing the research project
E)Reaching a conclusion

Accepted Answer

While IRI may present their findings and recommendations to T-Fal, making final decisions about the acceptability of the cookware's market performance is not typically within the scope of a marketing research firm's responsibilities. This decision ultimately rests with T-Fal as the client.

Question 15

Your Best, Inc.
Christie worked for a retail company and noticed there were many things it could do better. She shared some of her ideas with upper management, but it did not want to do things differently. When Christie went home to talk to her husband, they both realized that, given her passion, it would be better for Christie to open her own business. After a lot of consideration, she decided to open a sporting goods store called Your Best, Inc. She also knew just where to open the store⎯right next to her hous
-Refer to Your Best, Inc. Marketing research involves
A)satisfying customers.
B)determining a target market.
C)creating a product mix.
D)interpreting information.
E)product promotion.

Accepted Answer

Marketing research involves interpreting information, which is done by compiling and analyzing data to make informed decisions about the business. Marketing research helps a business owner to understand the target market as well as other elements like pricing, packaging, promotion, and distribution.

Question 16

Marketers are most interested in discretionary income because consumers have the most choice in spending it.

Accepted Answer

Marketers are interested in discretionary income because it is the money that consumers have available to spend on non-essential items or experiences, giving marketers a better idea of where consumers may be willing to spend their money. Consumers have more freedom to choose how to spend their discretionary income, which makes it a valuable tool for marketers to understand.

Question 17

When Pepsi decides to develop a new product, it creates the product itself, determines the price the new product will sell for, decides how to distribute the product to consumers, and develops a promotion campaign to inform the market of the new product. Pepsi has created a(n)
A)marketing strategy.
B)consumer market.
C)undifferentiated approach.
D)market segmentation.
E)marketing mix.

Accepted Answer

Pepsi's actions of creating the product, determining the price, deciding on distribution, and developing a promotion campaign all relate to different elements of the marketing mix, which is defined as the set of actions, or tactics, that a company uses to promote its brand or product in the market. Therefore, the best answer is E, marketing mix.

Question 18

One way to segment a market is according to whether the purchaser is a consumer or a business-to-business user.

Accepted Answer

This statement is true. Market segmentation can be based on various criteria such as demographics, psychographics, geographic location, behavior, and more. One common form of segmentation is based on whether the purchaser is an individual consumer or a business-to-business user. This helps companies tailor their marketing efforts and product offerings to better meet the needs and preferences of their target audience.

Question 19

Which of the following is the most likely basis on which a market for boats can be segmented?
A)The end use of the product
B)The size of the product
C)The product's proximity to a retail outlet
D)Religion
E)The color of the product

Accepted Answer

The end use of the product (such as fishing, water skiing, or leisure cruising) is a common basis for segmenting the boat market, as different types of boat models and features are better suited for different activities.

Question 20

General Motors uses multiple marketing mixes for its various divisions and focuses these marketing mixes on various segments of the automobile-purchasing market. General Motors uses
A)concentrated market segmentation.
B)an undifferentiated approach.
C)differentiated market segmentation.
D)segmentation by function.
E)mixed market segmentation.

Accepted Answer

General Motors uses differentiated market segmentation where it targets different segments of the automobile-purchasing market with specific marketing mixes for its various divisions. This approach allows them to tailor their marketing efforts to specific customer needs and preferences, increasing the likelihood of success in each segment.

Quiz 11: Building Customer Relationships Through Effective Marketing

A consumer usually will go through all of the steps of the consumer buying decision process for every purchase.

From time to time, some of the activities within the eight major functions of marketing are eliminated to provide for a more effective marketing process.

The power of a good or service to satisfy a human need is called utility.

Time, place, and possession utility have no real value in terms of money.

The four elements of the marketing mix are product, price, distribution, and promotion.

Accurate and timely information is the foundation of effective marketing, especially of the marketing concept.

Greer, Inc. is developing a marketing information system to try to improve its marketing efforts. Internal sources of marketing data the company could incorporate in the MIS include all of the following except

Marketing managers are better able to predict consumer responses to marketing strategies and to develop a satisfying marketing mix if they are aware of the factors that

The Terminator Home Security Company markets its infrared alarm system to urban residents who are more likely to experience a theft than their rural counterparts. This is an example of ____ segmentation.

During the 1950s, the marketing concept began to develop as business managers recognized that they were not primarily producers or sellers but rather were in the business of

Dell Computer Corporation sells personal computers to colleges and universities, hospitals, civic clubs, charitable organizations, and foundations. This market is called a(n) ____ market.

Lynn walks into a local convenience store to buy chewing gum. She more than likely will employ ____ in deciding to make that purchase.

If you have always been committed and loyal to Hewlett-Packard technology products, your customer lifetime value to Hewlett-Packard would likely be quite high.

IRI, a marketing research firm, has been contracted by T-Fal to evaluate the market performance of a new line of cookware. Which of the following is not likely to be a step in IRI's research process?

Marketers are most interested in discretionary income because consumers have the most choice in spending it.

When Pepsi decides to develop a new product, it creates the product itself, determines the price the new product will sell for, decides how to distribute the product to consumers, and develops a promotion campaign to inform the market of the new product. Pepsi has created a(n)

One way to segment a market is according to whether the purchaser is a consumer or a business-to-business user.

Which of the following is the most likely basis on which a market for boats can be segmented?

General Motors uses multiple marketing mixes for its various divisions and focuses these marketing mixes on various segments of the automobile-purchasing market. General Motors uses