question

As discussed in class, a market is best defined as

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None of the above

question

Even though it is often more difficult to do so, which of the following types of segmentation most often leads to better results?

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State-of-mind segmentation

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Succesful segmentation includes all but which of the following

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There must be diversity among the consumers in each segment

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Market segmentation involves partitioning a market in to distinct subsets (market segments) of individuals or organizations such that

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Both A and C. A, each subset reacts differently to various marketing efforts and C. The members in each subset respond similarly to various marketing efforts

question

In class, we discussed the following three major ways to segment a market

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By state-of-being, state-of-mind, and product-or-transaction characteristics

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Dividing a market into segments on the basis of consumer interests, values, opinions, personality characteristics, and attitudes is known as

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Psychographic segmentation

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Pertinent and perceived benefits divided by pertinent and perceived costs

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is a way to measure value

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In the pricing model discussed in class, a person's perception of the price

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directly determines their perception of product quality

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Penetration pricing

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is usually used to increase market share

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In the pricing model discussed in class, buyers' perceptions of their own wealth or income

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moderate the relationship between perceived price and perceived buyer sacrifice

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If we lower the price of Duncan Hines cake mix

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the sales volume of Betty Crocker cake mix will go down

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If we raise the price of Betty Crocker cake mix

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the sales volume of Duncan Hines frosting will go up

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In the pricing model discussed in class, if the price of our product was significantly greater than the price of our leading competitor's product, we should

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try to get our customers to focus on the upper paths of the pricing model

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In the pricing model discussed in class, if the price of our product was significantly lower than the price of our leading competitor's product we should

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try to get our customers to focus on perceived buyer sacrifice

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What is the meaning of life?

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It depends or "Depende" if you're latinooo

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The main steps of the Buying Decision Process (as discussed in class) are

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Need recognition, need formulation, need fulfillment

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When moving through the information search portion of the Buying Decision Process

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Information can be obtained from internal and/or external sources

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All of the following are steps in the Buying Decision Process (as discussed in class) except

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Communicating to prospective buyers

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After "making the exchange" (or purchasing the product)

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The buyer may conduct a post-exchange evaluation

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100% customer satisfaction

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is not likely to lead to optimal profits due to the cost of reaching that goal

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Increasing customer satisfaction

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has been shown to lead to an increase in customer retention

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Using a 5-point satisfaction scale, the most difficult (and expensive) increase in customer satisfaction scores

answer

is from 4 to 5

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Customer satisfaction

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Can be assessed by comparing customer expectations with customer evaluations

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Which of the following is a potential problem of relying mainly on mean (average) customer satisfaction scores?

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The mean may not reflect the nature of the satisfaction scores if there is a bimodal distribution

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Which of the following is another problem with relying mainly on the mean (Average) customer satisfaction scores?

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The marketer may make changes to satisfy dissatisfied customers and end up disappointing satisfied customers

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With respect to customer expectations

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too high of an expectation will likely result in lower customer satisfaction

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The fact that retention is rarely 100% suggests that

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customers likely are seeking variety

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The fact that retention is rarely 0% suggests that

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some customers feel that they have no other choices

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The perspective of an economic psychologist (or psychological economist) would be that I would not make a trade unless.....

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The utility of getting a product is more than the sum of its price and my cost of making the trade

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The goal of marketing is to

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Facilitate perceived mutually beneficial exchange relationships

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Which of the following is NOT an example of a marketing exchange?

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All of the above are examples of marketing exchanges

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Which of the following is NOT one of McCarthy's four P's of the marketing mix?

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Productivity

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Which of the following is NOT one of Korler's 4 C's of the marketing mix?

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Commercialization

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One potential problem with Kotler's two additional P's (politics and public opinion) is that they

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are not under as much control by the marketer as the original P's

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According to our class discussion, planning marketing strategy can consist of a simple set of 5 questions. The first four are:

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Who are we? Where are we now? Where do we want to go? How do we get there?

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In comparison to the 4 P's, Kotler's 4 C's are considered to be

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more from the view of the customer than from the marketer

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The main focus of the Distribution Model of Marketing Exchange is the flow between seller and buyer of

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Information, Innovation, and Compensation

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The Distribution Model of Marketing Exchange includes a discussion of

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transaction costs

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In the Distribution Model of Marketing Exchange, the time it takes for me to travel to the Sawgrass Mall

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Would be considered a transaction cost

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In the Distribution Model of Marketing Exchange

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Information flows from buyer to seller, and from seller to buyer

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According to our class discussion, the key measure of productivity

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is profit

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Which of the following is NOT a measure of productivity

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All of the above are measures of productivity

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According to our class discussion, which of the following is NOT true about contribution margin?

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All of the above are true statements regarding contribution margin

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The key concept behind the "productivity perspective"

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is that whatever is spent on marketing efforts should be justified by anticipated return

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Productivity

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is essentially a measure of performance efficiency

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If graphing the sales revenue, the fixed costs, and the total costs (fixed plus variable), the break-even point is

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where the revenue line crosses the total cost line

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If you divide the total fixed costs by the contribution margin percentage (with the contribution margin percentage being the contribution margin per unit divided by the selling price per unit)

answer

The result is the break-even point in dollars

Quizes 1 2 and 3 – Flashcards

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