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Exam 13: Marketing: Helping Buyers Buy

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Question 51

Multiple Choice

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

A) micro targeting
B) narrowcast marketing
C) focused marketing
D) niche marketing

E) A) and B)
F) A) and C)

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Question 52

True/False

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The final step of the marketing research process involves selecting from several alternative strategies, and performing follow-up research to see if results were as expected.

A) True
B) False

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Question 53

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The marketing process includes decisions about the best way to get the product to the consumer.

Setting prices higher than the competition can help create an image of quality.

Consumer behavior is influenced by the attitudes, values, and ways of doing things that are passed from one generation to the next.

Consumer databases, blogs, and social networking are some of the technological factors that are used by marketers to develop goods and services.

is the process of identifying factors that can affect marketing success.

Hideki has just been transferred from a position in his firm where he dealt with the consumer market to a new job dealing with buyers in the B2B market. Which of the following correctly identifies a key difference Hideki is likely to observe between consumer markets and business-to-business markets?

In the production era the greatest marketing need was for distribution and storage.

As the campaign manager for a candidate for the U.S. Senate, Pete works to learn as much as possible about potential voters. With this information, he hopes to focus the campaign on the issues most important to voters. This represents:

Which of the following describes individuals that want goods and services for personal consumption and have the resources to buy them?

The most important technological change likely to affect the marketing success of many firms is the:

Nature's Sun, a company that designs and manufactures clothing for active people, focuses their marketing efforts on people who participate in strenuous outdoor activities such as running and mountain climbing. For example, the firm advertises heavily in magazines for runners. Nature's Sun is using factors to segment its market.

market consists of individuals and organizations that want goods and services in order to produce goods and services or to sell, rent, or supply those goods to others.

All-Star Collectibles focuses its marketing efforts on high-income buyers of unique collectible items. The firm realizes that the number of buyers in this segment of the collectible market is small. However, they are confident that this approach will be profitable since these buyers will pay premium prices for their unique products and superior customer service. All-Star's approach is an example of:

One-to-one marketing refers to developing a unique mix of goods and services for each individual customer.

Secondary data consists of information that has already been compiled by others and is published in journals and books or made available online.

Business-to-business markets tend to be:

A basic principle of relationship marketing is that firms should concentrate on producing and promoting products that appeal to large groups of people.

Successful marketers adjust their product offerings as the level of economic activity changes.