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Exam 13: Marketing: Helping Buyers Buy

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Question 91

True/False

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With careful attention to controlling costs and quality, businesses can successfully satisfy consumers with a standardized product for different markets.

A) True
B) False

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Question 92

Multiple Choice

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Pham, after years working with the consumer market, has just been transferred into a new job dealing with buyers in the B2B market. Which of the following correctly identifies a key difference Pham will likely notice between consumer markets and B2B markets?

A) Businesses focus on developing wants and needs in consumer markets, while firms work to satisfy the existing needs of the B2B market.
B) Relationship marketing tends to be much more important in consumer markets than in the business-to-business markets.
C) Buyers in the business-to-business markets tend to be more rational than buyers in consumer markets.
D) Business-to-business markets make greater use of marketing intermediaries such as wholesalers and retailers than do consumer markets.

E) B) and D)
F) All of the above

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Question 93

Multiple Choice

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Which of the following describes a process in which marketers present an accurate description of a new product to potential customers and ask if they find the idea appealing?

Intermediaries are firms in the middle of a series of organizations that distribute goods from producers to consumers.

Enrollment at Mountain Top Community College has been in decline for five years. In the past the college has relied strictly on enrollment from newly graduated high school students. In order to identify other potential markets, the school would benefit from

According to the ________ concept, a firm must (1) find out what customers want and provide it, (2) make sure everyone in the organization has customer satisfaction as an objective, and (3) provide goods and services that will earn a profit.

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:

Lennox just moved from a position where he dealt with the consumer market to working as a salesperson in the B2B market. As he considers his new responsibilities, it's likely that he will

Identify and discuss the four eras of the evolution of marketing.

As a personal trainer at a local gym, Marie has been invited by a publisher to meet with nine other people to discuss a new concept for a health and fitness magazine. A member of the publisher's marketing staff will be at the meeting to guide the discussion and to record the participants' comments and suggestions. If Marie accepts the invitation, she will be participating in a focus group.

B2B markets tend to be

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have a value for customers, clients, partners, and society at large.

The management at Slick Automotive has replaced their outdated marketing approach with an approach that emphasizes relationship marketing. Under this new approach, Slick's salespeople will be expected to devote less time to current customers and a larger share of their time searching for new customers.

Pequeno Pesos Restaurants, Inc. is a chain of restaurants featuring authentic, affordable Mexican cuisine around the United States. The company is looking to expand its reach and to improve its menu. Which of the following is an example of secondary data the owners of Mucho Tacos might find useful?

Looking to increase its customer loyalty, management at Epic International has worked to create a personal dialogue with their customers. This dialogue will enable Epic to offer products that exactly meet their customers' needs and provide personalized service before and after the sale. What strategy does Epic International illustrate?

The marketing manager's job is to design a program that effectively combines the ingredients of the marketing mix.

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?

Which of the following is a part of the marketing concept?

Successful marketing researchers

Psychographic segmentation involves dividing a market into segments based on lifestyle, values, attitudes, or interests.