chapter 11 business – Flashcards
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A key to successful customer relationship management is to:
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collect, manage, and apply the right data at the right time to the right customer.
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Utility is the ability of goods and services to satisfy consumer "wants."
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True
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Business marketers only direct their efforts to people who purchase their products for personal use.
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True
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When data is gathered using _____, the researcher does not directly interact with the research subject
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observation research
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Consumer behavior specifically refers to how people act when they buy products for personal consumption.
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True
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Cognitive dissonance is the part of post purchase behavior that occurs when buyers have second thoughts after purchasing a product and begin to worry that they made a bad decision.
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True
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_____ is the customer's perception that a product has a better relationship between the cost and the benefits of that particular product than the products of the competitors.
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Value
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Stray Rescue is a nonprofit organization. Since the organization is not profit driven, it has no need to focus on marketing.
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False
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Strategies about product, price, promotion, and distribution are all included in a firm's marketing mix.
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True
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_____ utility satisfies wants by converting inputs into a finished product.
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Form
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In customer relationship management, firms selling big-ticket items with small customer bases often find it advantageous to:
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develop full partnership relationships with their major customers.
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Many firms develop a formal _____ to answer the question, "Who is your target market and how do you plan to reach them?"
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marketing plan
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When B2B marketers divide the market based on the concentration of customers, they are using _____ segmentation.
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geographic
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Jim works in the marketing department of a large firm. He recently spent much of his time working on new packaging ideas for one of his company's products. His work would contribute to the _____ strategy of the company's marketing mix.
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product
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Marketing in foreign countries requires altering the goods or services offered to meet the taste of local customers. Therefore, business leaders must develop a _____ to meet customer needs in each key market.
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global marketing mix
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A company could obtain primary data through:
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focus groups, interviews, and online surveys.
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Decisions about advertising, publicity, and product placement are all part of a firm's:
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promotion strategy in its marketing mix.
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The external marketing environment is influenced by all of the following EXCEPT the _____ environment.
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distribution
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Analysis of market share is a key to understanding the firm's:
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competitive environment.
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Demographic segmentation divides the market by:
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measurable characteristics.
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A well-chosen target market embodies the following characteristics:
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size, profitability, accessibility, and limited competition.
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Marketing research is used to monitor and predict customer behavior.
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False
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Value is based on a customer's perception that a product has a better relationship between the cost and the benefits than its competitors.
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True
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Successful companies strive for customer satisfaction and develop marketing programs to encourage repeat business with existing customers
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True
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Observation research and survey research are the two broad categories of primary research.
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True
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The successful marketing campaign "What happens in Vegas stays in Vegas" is an example of _____ marketing.
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place
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Henry Ford's famous quote that customers could have any color of the Model T as long as it was black best reflects marketing attitudes during the _____ era.
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production
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When a business provides _____, they satisfy customers' wants and needs by providing goods and services at a convenient moment for customers.
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place utility
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The key advantage of survey research is that the researcher can secure information about what people are thinking and feeling, beyond what he or she can observe.
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True
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The process of dividing an overall market into groups of customers who are similar to each other but different from everyone else is known as market aggregation.
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False
