Question 1

Secondary data should be gathered first because this type of information is less expensive to obtain.

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

A)   Decline in the cost of advertising on radio and newspapers enabling firms to more efficiently reach a wide audience
B)   Supreme Court ruling that limits the market share individual firms in a market are allowed to serve
C)   Growing acceptance of free-trade agreements such as NAFTA
D)   Manufacturing improvement enabling firms to more efficiently design and produce specialized products for small groups of consumersE) B) and C)
F) None of the above

Question 3

Which of the following represents a technique used to obtain primary data?

Accepted Answer

A)   Gaining access to an unpublished government report from the Federal Trade Commission
B)   Conducting personal interviews with potential customers
C)   Establishing a database to store and cross-index articles from leading academics and researchers
D)   Reviewing the best-selling trade books and textbooks that present marketing principlesE) A) and B)
F) A) and C)

Question 4

The Adapting to Change box shows us that product reviews, like those featured on Amazon, are extremely powerful but sometimes are unreliable.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is consistent with relationship marketing?

Accepted Answer

A)   Maintaining transactional relationships with customers
B)   Working with buyers to determine their individual needs
C)   Developing market share through mass media advertising
D)   Focusing more on obtaining new customers than on retaining existing customersE) A) and D)
F) B) and C)

Question 6

Andre is a real estate agent who has an idea for a software program that will help perform real estate appraisals more quickly and more accurately. He has worked with a buddy who is good at programming to develop a detailed description of what the software will do and how it differs from existing applications. Now Andre has taken this description and shown it to a number of fellow real estate agents to see if his idea appeals to them. Andre is engaging in:

Accepted Answer

A)   prototype outsourcing.
B)   test marketing.
C)   concept testing.
D)   word-of-mouth promotion.E) B) and C)
F) A) and D)

Question 7

H2 O'Yeah has designed a water purification device that is drastically different and far superior to any product currently on the market. Although consumer response was positive to the idea of the new product, management wants to find out more before committing to full-scale production. The next step H2 O'Yeah's marketing department is likely to take is to:

Accepted Answer

A)   locate a low-cost production site.
B)   seek a joint venture with a larger competitor.
C)   test market the product among potential users.
D)   develop an advertising campaign to persuade consumers of the value of the new water purifier system.E) C) and D)
F) A) and B)

Question 8

The idea behind customer relationship management is to enhance customer satisfaction and stimulate long-term customer loyalty.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

Learning involves changes in an individual's behavior resulting from previous experiences and information.

Accepted Answer

A) True 
 B)False

Question 11

___________ is a process used to test consumer reactions about a product among potential users.

Accepted Answer

A)   Pro forma branding
B)   Virtual design
C)   Prototype
D)   Test marketingE) B) and C)
F) A) and D)

Question 12

Marketing research is a process that most firms complete once a year, in order to gather information for the firm's budgeting process.

Accepted Answer

A) True 
 B)False

Question 13

A focus group consists of a small group of people who meet, under the direction of a discussion leader, to communicate their opinions about an organization, its products, or other issues.

Accepted Answer

A) True 
 B)False

Question 14

Population growth and changing demographics are two elements of a firm's socio-cultural environment.

Accepted Answer

A) True 
 B)False

Question 15

Comparing the business practices of the 1950s to those of today indicates that today's marketing managers:

Accepted Answer

A)   have a more ambitious goal of not just satisfying customers, but of exceeding their expectations.
B)   are much more focused on production and mass marketing.
C)   put less emphasis on earning a profit, since doing so makes it harder to satisfy the needs of the firm's stakeholders.
D)   operate essentially the same as their predecessors.E) A) and B)
F) A) and C)

Question 16

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
B)   focus group
C)   target audience
D)   social classE) All of the above
F) A) and D)

Question 17

Which of the following statements about the distinction between consumer goods and B2B goods is the most accurate?

Accepted Answer

A)   The same product can be classified as either a consumer good or an industrial good, depending upon its end use.
B)   Industrial goods tend to have a useful life of several years and can be depreciated while consumer goods typically last less than a year.
C)   Consumer goods are typically more expensive than industrial goods.
D)   Industrial goods are custom-made to the specifications of the buyer, while the all consumer goods are mass-produced.E) None of the above
F) A) and B)

Question 18

While the four Ps help us remember the basics components of the __________, they don't have significant relevance in the marketing process.

Accepted Answer

A)   production operation
B)   marketing mix
C)   product development process
D)   competitive benchmarking processE) A) and B)
F) None of the above

Question 19

Firms developing products for a narrow segment of a market are less likely to profitably satisfy that group's needs.

Accepted Answer

A) True 
 B)False

Question 20

Several years ago, Canadian Sam Holman realized there may be a need for a stronger, more durable wood baseball bat. He went through the process of developing the SamBat, a maple bat of precise dimensions. He set a price with a reasonable margin, he decided to take special orders and sell bats directly from his garage, and he promoted the bat with sales calls to professional baseball camps, where ball players could sample the bat. In marketing terms, we recognize that Mr. Holman designed the _______________.

Accepted Answer

A)   marketing process.
B)   marketing mix.
C)   marketing equity.
D)   marketing distribution.E) A) and B)
F) None of the above

Exam 13: Marketing: Helping Buyers Buy

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

Correct Answer
verified

Population growth and changing demographics are two elements of a firm's socio-cultural environment.

Correct Answer
verified

Correct Answer
verified

A focus group consists of a small group of people who meet, under the direction of a discussion leader, to communicate their opinions about an organization, its products, or other issues.

Correct Answer
verified

Learning involves changes in an individual's behavior resulting from previous experiences and information.

Correct Answer
verified

Correct Answer
verified

While the four Ps help us remember the basics components of the __________, they don't have significant relevance in the marketing process.

Correct Answer
verified

The idea behind customer relationship management is to enhance customer satisfaction and stimulate long-term customer loyalty.

Correct Answer
verified

The Adapting to Change box shows us that product reviews, like those featured on Amazon, are extremely powerful but sometimes are unreliable.

Correct Answer
verified

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

Correct Answer
verified

Comparing the business practices of the 1950s to those of today indicates that today's marketing managers:

Correct Answer
verified

Which of the following statements about the distinction between consumer goods and B2B goods is the most accurate?

Correct Answer
verified

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.

Correct Answer
verified

Secondary data should be gathered first because this type of information is less expensive to obtain.

Correct Answer
verified

Which of the following is consistent with relationship marketing?

Correct Answer
verified

Firms developing products for a narrow segment of a market are less likely to profitably satisfy that group's needs.

Correct Answer
verified

Which of the following represents a technique used to obtain primary data?

Correct Answer
verified

Correct Answer
verified

___________ is a process used to test consumer reactions about a product among potential users.

Correct Answer
verified

Marketing research is a process that most firms complete once a year, in order to gather information for the firm's budgeting process.

Correct Answer
verified

Exam 13: Marketing: Helping Buyers Buy

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

Correct AnswerverifiedShow Answer

Population growth and changing demographics are two elements of a firm's socio-cultural environment.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

A focus group consists of a small group of people who meet, under the direction of a discussion leader, to communicate their opinions about an organization, its products, or other issues.

Correct AnswerverifiedShow Answer

Learning involves changes in an individual's behavior resulting from previous experiences and information.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

While the four Ps help us remember the basics components of the __________, they don't have significant relevance in the marketing process.

Correct AnswerverifiedShow Answer

The idea behind customer relationship management is to enhance customer satisfaction and stimulate long-term customer loyalty.

Correct AnswerverifiedShow Answer

The Adapting to Change box shows us that product reviews, like those featured on Amazon, are extremely powerful but sometimes are unreliable.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Comparing the business practices of the 1950s to those of today indicates that today's marketing managers:

Correct AnswerverifiedShow Answer

Which of the following statements about the distinction between consumer goods and B2B goods is the most accurate?

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

Secondary data should be gathered first because this type of information is less expensive to obtain.

Correct AnswerverifiedShow Answer

Which of the following is consistent with relationship marketing?

Correct AnswerverifiedShow Answer

Firms developing products for a narrow segment of a market are less likely to profitably satisfy that group's needs.

Correct AnswerverifiedShow Answer

Which of the following represents a technique used to obtain primary data?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

___________ is a process used to test consumer reactions about a product among potential users.

Correct AnswerverifiedShow Answer

Marketing research is a process that most firms complete once a year, in order to gather information for the firm's budgeting process.

Correct AnswerverifiedShow Answer

Correct Answer
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