Marketing 300 study guide

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Which of the following is not a characteristic that distinguishes B2B markets from consumer markets?
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The organizational market tends to have a greater number of buyers.
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Janelle works in distribution management at a Fortune 500 company and has formal authority to select a supplier. Janelle is a(n):
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buyer.
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Which of the following is a basic requirement for effective market segmentation?
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The market segment must have measurable purchasing power and size.
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Generally speaking, rubber and raw cotton are examples of:
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business products.
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Concerning market segmentation, all of the following statements are correct except:
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only for-profit organizations practice market segmentation
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Ford Motor Company surveyed 10,000 customers to analyze their needs and preferences in automobiles. At the end of the survey, respondents were asked to provide demographic information, including age. Responses concerning preferences were strikingly similar for each group within a specific five-year age range. This result is called the _____ effect.
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cohort
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Life cycle stages include all of the following except:
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remarried.
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Psychographic segmentation is based on:
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grouping people according to their values and lifestyles
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_____ marketing is the development, growth, and maintenance of cost-effective, high-value relationships with individual customers, suppliers, and other partners over time.
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Relationship
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Which of the following is an important goal of internal marketing?
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Employee involvement
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An example of a first-level relationship marketing program would be a(n):
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two-for-one deal on airline tickets.
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An Internet service provider (ISP) loses approximately 12 percent of its existing customers every year. The ISP is said to be experiencing:
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customer churn.
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Which of the following is an example of affinity marketing?
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University of Iowa branded credit card
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Distinguishing services from goods, all of the following statements are correct except:
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services are easy to standardize
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Which of the following products are, for most consumers, unsought?
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Long-term insurance
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Which of the following correctly matches consumer factors and marketing mix factors in the consumer products classification system?
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Shopping products – relatively short channel of distribution is typical
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Seven-Up is an example of a(n) _____ brand.
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Individual
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A company’s ability to market a product successfully at a higher price is directly related to its:
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brand equity
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International Business Machines decided to brand its products under its acronym IBM. From a marketing perspective, this was a smart idea because as a brand name, IBM:
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is easy to pronounce, recognize, and remember
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Welch’s targeting of seniors with commercials promoting the health benefits of grape juice, a product they had seldom consumed in the past, is an example of the strategy of:
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market development.

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