BUS CH13 – Flashcard

Firms that adopt a relationship marketing strategy attempt to: A. develop products that meet the specific requirements of individual customers. B. maximize their market share by designing products that appeal to large numbers of customers. C. develop their promotional efforts utilizing mass media such as television, newspapers and radio in order to relate to a large audience. D. maximize market share by controlling production costs and maintaining low prices.

After years of using a mass marketing strategy, Digital Print Shops has responded to new competition from national chain stores by focusing on small market segments that have been ignored by their larger competitors. Digital believes that by offering these market segments personalized customer services it can attract a loyal group of customers willing to pay premium prices. Digital's strategy to improve profits is known as: A. environmental scanning. B. niche marketing. C. micro-marketing. D. respondent change.

Which of the following correctly identifies the motivation of firms using a market segmentation strategy? A. Firms can avoid the government's anti-trust laws by selecting a small slice of a larger market. B. This strategy enables a firm to identify common traits in different consumer groups. C. With limited resources, firms can better satisfy the wants and needs of a smaller target market. D. Government regulations require firms to maintain accurate records to show that the firm has not discriminated against a market segment.

Which of the following is part of the marketing process? A. developing an understanding of company finances available for new products B. determining an appropriate brand name for a new product C. designing the most efficient method of production of a new product D. contacting suppliers after a purchase to ensure producer satisfaction

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: A. prototype outsourcing. B. test marketing. C. concept testing. D. word-of-mouth promotion.

Consumer decisions regarding the products they buy are often influenced by their nationality, religion, or ethnic origin. Marketers realize that the consumer decision-making process is impacted by the consumers': A. subcultures. B. four Ps. C. cognitive behaviors. D. market position.

A key element of customer relationship management is to: A. keep the price of goods as low as possible. B. develop a strategy to achieve the largest possible market share. C. allow customers to participate in the management decisions of the firm. D. learn as much as possible about customers

Which of the following is the best example of a market? A. a group of high school students who are tired of cafeteria food and would like to eat lunch at an expensive restaurant located a few blocks from their campus B. a physical facility large enough to accommodate all the people who want to buy or sell a good C. senior citizens willing and able to cruise to the Bahamas D. a geographic region targeted by a firm for new promotional efforts

Mucho Tacos Restaurants, Inc. is a chain of restaurants featuring authentic Mexican cuisine in seven states. The company is looking into opening restaurants in additional markets and also wants to expand and to improve its menu. Which of the following is an example of "secondary" data the owners of Mucho Tacos might find useful? A. information published by the U.S. Bureau of the Census that identifies which regions of the United States are experiencing the most rapid growth in Mexican-American population B. a telephone survey by the marketing department of Mucho Tacos asking for opinions about the quality of the food at the restaurants C. a focus group of teenagers who like Mexican food who are asked about their reactions to new food dishes the restaurant may offer D. e-mail responses the chain receives to a series of customer satisfaction questions posted on its website

Which of the following statements about the B2B market is true? A. The markets are often geographically dispersed. B. Industrial buyers are usually large. C. Industrial buyers tend to be more emotional in their purchasing decisions. D. The size of the market is smaller than the consumer market.