_____ is achieved when customers buy a product from the same supplier again and again—sometimes paying even more for it than they would for a competitive product.b. Customer loyaltyThe first step in planning a marketing strategy is _____.a. market segmentation_____ direct their efforts to customers who are buying products to use either directly or indirectly to produce other products.b. Business marketers_____ refers to dividing the market based on measurable characteristics about people such as age, income, ethnicity, and gender.c. Demographic segmentationThe blend of marketing strategies for product, price, distribution, and promotion is known as _____.d. the marketing mixWhich of the following factors is part of the product strategy in the marketing mix?c. Customer serviceIn the context of the marketing environment, the percentage of a market controlled by a given marketer is known as _____.a. market shareIn the context of consumer behavior, which of the following statements best defines cognitive dissonance?a. It is the consumer discomfort with a purchase decision, typically for a higher-priced item._____ involves gathering, interpreting, and applying information to uncover marketing opportunities and challenges.a. Marketing researchLifant Technologies is in the process of launching a new cell phone. It wants to conduct marketing research on an international level. Dan, the CEO of Lifant Technologies, believes that obtaining data from multiple countries will help in identifying consumer demands and requirements accurately. However, the company is facing problems gathering the required data in a few countries where people are not receptive to foreign researchers. Which of the following approaches should Lifant Technologies adopt under such circumstances?a. It should hire research firms with a strong local presence to handle its international marketing research projects._____ refers to developing and promoting environmentally sound products and practices to gain a competitive edge.d. Green marketing_____ is the creation of products tailored for individual consumers on a mass basis.d. Mass customizationAidForHealth, a nonprofit organization that organizes blood donation camps in several cities, has an advertising campaign that invites youngsters to donate blood. Which of the following marketing strategies is illustrated by this campaign? a. Idea marketing b. People marketing c. Place marketing d. Green marketinga. Idea marketingWhich of the following businesses is most likely to form limited relationships with its clients? a. Tolkin, an auction house b. Vernew, a company that manufactures luxury perfumes c. Shawnet, a company that sells yachts d. Nicholen, a company that sells luxury carsb. Vernew, a company that manufactures luxury perfumesVenus is an apparel manufacturing company that recycles waste to make clothes. Only nontoxic dyes are used in the manufacturing process. The company has gained a lot of popularity for its ideas. Which of the following concepts is illustrated in this scenario? a. Scarcity marketing b. Green marketing c. Value marketing d. Diversity marketingb. Green marketingCustomer relationship management emphasizes: a. the importance of achieving economies of scale. b. the significance of offering limited number of choices to customers. c. mass production over customization. d. delivering unmatched value to product users.d. delivering unmatched value to product users.Julia is a successful athlete who has built a favorable public image for herself. To boost her image, she attends several promotional events that are covered by the media. Which of the following marketing strategies is illustrated in this scenario? a. Idea marketing b. People marketing c. Event marketing d. Place marketingb. People marketingWhich of the following is a similarity between consumer marketers (B2C) and business marketers (B2B)? a. Both use geographic segmentation of markets. b. Both direct their efforts to customers who are buying products to use either directly or indirectly to produce other products. c. Both use behavioral segmentation of markets. d. Both direct their efforts to people who are buying products for personal consumption.a. Both use geographic segmentation of markets.In the context of the role of customers in marketing, loyal customers are most likely to: a. always require more service than other customers. b. refer their friends and sometimes even strangers. c. resent a marketer's mistakes. d. create value for a product.b. refer their friends and sometimes even strangers.The marketing department of Jeremint, a fine dining restaurant, sends flowers to all the customers who write constructive feedback in the feedback forms provided at every table. Most of its customers regularly and repeatedly dine there. Which of the following marketing concepts is best explained in this scenario? a. Market segmentation b. Customer loyalty c. Target market d. Customer dissonanceb. Customer loyaltyWhich of the following is a difference between primary data and secondary data? a. Primary data is obtained at a low cost, whereas secondary data is obtained at a high cost. b. Primary data is proprietary, whereas secondary data is available to competitors and the public. c. Primary data is frequently outdated, whereas secondary data is compiled for the first time. d. Primary data is not specific to one's needs, whereas secondary data is specific to one's needs.b. Primary data is proprietary, whereas secondary data is available to competitors and the public.Which of the following statements is true of a well-chosen target market? a. It consists of customers of all ages. b. It is small and consists of people willing to spend just as much as the cost of manufacturing a product. c. It consists of several competitors. d. It is reachable through channels that a business can afford.d. It is reachable through channels that a business can afford.Dividing the market into smaller groups based on where consumers live is known as _____. a. psychographic segmentation b. geographic segmentation c. behavioral segmentation d. industrial segmentationb. geographic segmentationKeithet Corp. is a manufacturing unit that produces construction materials out of plastic waste. Its product line ranges from plastic blocks, which can substitute bricks, to plastic nails for carpentry. Keithet Corp. illustrates _____. a. form utility b. ownership utility c. place utility d. time utilitya. form utilityWhich of the following businesses is most likely to forge full partnerships with its clients? a. Marc, a multinational consumer goods manufacturer b. Corey, a large chain of retail outlets c. Genett, a general healthcare center d. Derrik, a company that manufactures luxury carsd. Derrik, a company that manufactures luxury carsWhich of the following statements is true of the marketing concept? a. It materialized when the Great Depression made consumers reluctant to part with their limited money. b. It was characterized by an emphasis on mass production. c. It materialized in the 1950s. d. It almost came to an end in the 1920s.c. It materialized in the 1950s.In the context of technology in marketing, which of the following is an advantage of using sophisticated data collection and management systems? a. Marketers can identify high-potential new customers. b. Marketers can keep their marketing mix static. c. Marketers can launch their products without market research. d. Marketers can eliminate research costs.a. Marketers can identify high-potential new customers.Gamma Corp. regularly assesses its marketing strategy. In order to devise good strategies, the company gathers information about factors such as competitors, economic conditions, technological developments, and customer choices. This activity of collecting external information illustrates _____. a. environmental scanning b. downsizing c. green marketing d. divestinga. environmental scanningAlpha Inc., a manufacturer of smartphones, is currently the market leader. The company designs phones that offer several features and a long battery life. Most of Alpha's customers are extremely happy with the phones and believe that the phones come with more benefits and features than what they generally expect from smartphones. This indicates that Alpha has achieved _____. a. customer satisfaction b. market segmentation c. market cannibalization d. customer dissonancea. customer satisfactionIn the context of developing a marketing strategy, once you've identified your target market, your next step is to: a. anticipate changes that take place in the external environment. b. respond to variables that affect the external environment. c. determine how you can best use marketing tools to reach your target market. d. divide the market into groups of people who have similar characteristics.c. determine how you can best use marketing tools to reach your target market.Which of the following statements is true of business buyers? a. They rely heavily on personal judgment or whim while purchasing products. b. They have a more informal process of buying compared to general customers. c. They purchase products or services for their own personal consumption. d. They buy according to purchase specifications and objective standards.d. They buy according to purchase specifications and objective standards.Which of the following approaches can limit a company's chances of being able to launch its product successfully? a. Launching the product in a crowded market with more competition b. Launching the product among people who are ready to pay more for the product c. Launching the product in a market with a large customer base d. Launching the product through several channels simultaneouslya. Launching the product in a crowded market with more competitionWhich of the following scenarios illustrates the use of primary data in marketing research? a. Neil, a marketing consultant at Azure Inc., gathers information from an advertising agency in a particular country to understand the country's culture for his company's new advertising campaign. b. Paul, a market analyst at Nebula Corp., studies the company's previous annual reports to evaluate its financial performance. c. Peter, a door-to-door salesman at Kurtosis Inc., asks people about their product preferences and uses this information to improve sales. d. Nick, a media planner at Imperial Inc., gathers information about magazine circulation to determine the best spots to advertise Imperial's products.c. Peter, a door-to-door salesman at Kurtosis Inc., asks people about their product preferences and uses this information to improve sales.Auburn, a brand of women's fashion apparel, targets its haute couture collection at fashion-conscious ladies with high disposable incomes. Which of the following types of market segmentation is Auburn using? a. Industrial segmentation b. Geographic segmentation c. Demographic segmentation d. Psychographic segmentationc. Demographic segmentationIn the context of the evolution of marketing, which of the following is a similarity between the selling era and the marketing era? a. Both focused on long-term customer relationships. b. Both witnessed a drastic increase in supply. c. Both were in the late 20th century. d. Both were based on the marketing concept.b. Both witnessed a drastic increase in supply.In the context of the evolution of marketing, during the production era, _____. a. many factories that had churned out military supplies converted to consumer production. b. most products were purchased as soon as they were produced and distributed to consumers. c. the marketing concept gathered momentum across the economy, which led to a single-minded focus on long-term customer relationships. d. supply in many categories exceeded demand, which caused the emergence of the hard sell.b. most products were purchased as soon as they were produced and distributed to consumers.

Gen Bus Chapter 11

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