Chapter 15

Question 1

What do marketers use to help identify the objectives the marketing group wants to accomplish in the future?

Answer 1

Marketing plan

Question 2

What are marketing objectives?

Answer 2

The specific, measurable actions marketing intends to accomplish in its marketing plan

Question 3

What is product positioning?

Answer 3

The way marketers fix, adapt, and communicate what a product is all about for the consumer

Question 4

How is the value of a product determined?

Answer 4

Benefits compared to costs

Question 5

When consumers compare the benefits of a product to the cost of the product, what are they attempting to determine?

Answer 5

The value of the product

Question 6

What is the industrial market?

Answer 6

Firms that buy goods that are either converted into products or are used during the production process

Question 7

When marketers use behaviour segmentation to better reach an audience, how is the audience classified?

Answer 7

By types of buyers

Question 8

What is the goal of geographical segmentation?

Answer 8

To allow marketers to identify unique traits in an area and incorporate those into the marketing process

Question 9

Which of the following is the element of the marketing mix concerned with getting products from producers to consumers?

Answer 9

Place

Question 10

___________ is the creation of a product feature or product image that differs enough from existing products to attract customers

Answer 10

Product differentiation

Question 11

Not every firm offers items in all areas of the product line. What is the name of the group of items the manufacturer chooses to offer?

Answer 11

Product mix

Question 12

Marketing ________ are the specific, measurable actions marketing intends to accomplish in its marketing plan.

Answer 12

objectives

Question 13

What term describes the ability of a product to satisfy a human want or need?

Answer 13

Utility

Question 14

The combination of features and attributes of a product, such as price and ease of use, can be taken together to create a _______ for consumers.

Answer 14

value package

Question 15

What is a social influence on the life of a consumer?

Answer 15

The influence of family, friends, and coworkers

Question 16

A group of goods that are closely related and function in a similar manner are a ________.

Answer 16

product line

Question 17

What is customer relationship management (CRM)?

Answer 17

An organized method that an enterprise uses to build better information connections with clients, so that managers can develop stronger enterprise-client relationships

Question 18

A national firm would like to expand sales into the international market to expand market share of a product that sells well domestically. Which of the following will help increase the product life cycle by entering a new market?

Answer 18

Product extension

Question 19

What are psychological influences on consumer behaviour?

Answer 19

Motivations, perceptions, ability to learn, and attitudes

Question 20

During what stage of the product life cycle do marketers focus on making potential customers aware of the benefits of a product?

Answer 20

Introduction

Question 21

What is the process used to fix, adapt, or communicate information about a product?

Answer 21

Product positioning

Question 22

Which of the following is based on understanding the decision-making process used when buying and using products?

Answer 22

Consumer behaviour

Question 23

What is the act of transferring product ownership to customers by setting prices, terms for credit payments, and providing ownership documents?

Answer 23

Possession utility

Question 24

What is the physical products purchased by consumers for personal use?

Answer 24

Consumer goods

Question 25

What is the process of creating, communicating, and delivering value to consumers?

Answer 25

Marketing

Question 26

What is an organizational market consisting of nongovernmental buyers of goods and series such as hospitals, churches, museums, and charitable organizations?

Answer 26

Institutional

Question 27

Firms use a variety of strategies to attract and retain customers. What should a marketing strategy focus on?

Answer 27

Increasing value for the customer

Question 28

When buying a product, customers often seek the value one product offers that another does not. What are these rewards or benefits?

Answer 28

Product features

Question 29

To better determine what types of goods and services consumers are interested in, corporations use __________ to collect information about consumers, looking for clues about how consumers can be influenced in their purchase decision.

Answer 29

data mining

Question 30

What is demographic segmentation?

Answer 30

A segmentation strategy that uses characteristics such as age, income, and marital status to identify different market segments

Question 31

Before products are delivered to the final consumer, they are passed through intermediaries such as wholesalers and retailers. These intermediaries make up what type of market?

Answer 31

Reseller

Question 32

``` Exciting​ Electronics, Inc. provides options for its customers. Its products can be purchased online or at retail stores. What is Exciting Electronics​ providing? A. Time utility B. Place utility C. Value D. Form utility E. Possession utility ```

Answer 32

Place utility

Question 33

``` All cell phone companies have similar​ products, so their advertising focuses on convincing potential customers of the benefits their products offer. What are these companies​ facing? A. Substitute products competition B. Demographic variables C. Geographic variables D. International competition E. Brand competition ```

Answer 33

Brand competition

Question 34

``` Custom Cosmetics is offering a free gift with any purchase of​ $25 or more. This is an example of​ ________. Question content area bottom Part 1 A. advertising B. personal selling C. personal influence D. sales promotion E. public relations ```

Answer 34

sales promotion

Question 35

``` Krazy Kids focuses its advertising toward females between the ages of 25 and 35 with children under 6 years​ old, who live within a major city. This is the​ company's ________. A. target market B. behavioral segmentation C. product differentiation D. psychographic segmentation E. ​geo-demographic segmentation ```

Answer 35

target market

Question 36

``` New data a company collects for itself when consumers test its products is​ ________. A. primary data B. market segmentation C. public relations D. promotion E. secondary data ```

Answer 36

primary data

Question 37

World​ Automotive, a maker of​ high-end luxury​ vehicles, would like to better understand how customers interact with and feel about some of the options currently available on their cars. World Automotive wants to use research that will best observe consumer preferences​ quickly, and with the greatest accuracy possible. Which of the following would work BEST for World​ Automotive? A. Utilize online data that indicates which options are most often purchased by consumers when buying a new vehicle. B. Send out a questionnaire that describes each option and ask customers to indicate their preference level. C. Record the behavior of customers when they sit in a sample car and use the new options. D. Try to identify the demographics of the target audience and how much they would be willing to pay for each new option. E. Invite current customers to gather in one place and discuss one option in the vehicle.

Answer 37

Record the behavior of customers when they sit in a sample car and use the new options.

Question 38

``` Gerry decided which new car to buy based on the price of the​ car, its​ quality, and how it fits into his lifestyle. What is​ Gerry's purchasing decision based​ on? A. Emotional motives B. Brand loyalty C. Cultural influences D. Rational motives E. Social influences ```

Answer 38

Rational motives

Question 39

``` Hospitals are part of which​ market? A. Services B. Government C. Industrial D. Institutional E. Reseller ```

Answer 39

Institutional

Question 40

``` Greater awareness of the need for a healthier diet is an example of a trend in the​ _____ environment. A. economic B. sociocultural C. technological D. ​political-legal ```

Answer 40

sociocultural

Question 41

``` Through​ _____ strategy, the marketing mix identifies the features and benefits of a product that will appeal to its target market. A. process B. promotion C. product D. price E. place ```

Answer 41

product

Question 42

What is marketing and marketing concepts?

Answer 42

- Marketing ○ An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in wats that benefit the organization and its stakeholders. - Marketing concepts ○ The idea that the whole firm is directed towards serving present and potential

Question 43

What is utility? what are the four kinds of utility?

Answer 43

○ Utility § The ability of a product to satisfy a human want or need § Four kinds of utility □ Form utility ® Marketing has a voice in designing products with features that customers want □ Time utility ® Marketing creates a time utility by providing products when customers will want them □ Place utility ® Marketing creates a place utility by providing products where customers will want them □ Possession utility ® Marketing creates a possession utility by transferring product ownership to customer by setting selling prices, by setting terms for customer credit payments if needed, and by providing ownership documents

Question 44

what are the two types of customers? What the two types of goods?

Answer 44

- 2 types of customers ○ Those who by consumer goods ○ Those who by industrial goods - Consumer goods ○ Physical products purchased by consumers for personal use ○ B2C ○ Firms that sell goods o consumers for personal consumption are engaged in consumer marketing - Industrial goods ○ Physical products purchased by companies to produce other products § Ex. □ Surgical instruments and bulldozers ○ B2B § Firms that sell goods to other companies are involved in industrial marketing - Services ○ Products with intangible(non-physical) features, such as information, expertise, or an activity that can be purchased. ○ Ex. § Professional consulting advice § Timely information for decisions § Arrangements for a vacation ○ Insurance companies, airlines, public accountants, and health clinics are all engaged in service marketing - Marketers also promote ideas

Question 45

what is relationship marketing?

Answer 45

- Relationship marketing ○ A marketing strategy that emphasizes building lasting relationships with customers and suppliers Stronger relationships including stronger economic and social ties - can result in greater long-term satisfaction, customer loyalty, and customer retention.