Quizes 1 2 and 3

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As discussed in class, a market is best defined as
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None of the above
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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
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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
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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)
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The result is the break-even point in dollars

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