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Exam 13: Marketing: Helping Buyers Buy

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Question 41

Multiple Choice

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Which of the following is consistent with relationship marketing?

A) maintaining transactional relationships with customers
B) working with buyers to determine their individual needs
C) developing market share through mass media advertising
D) focusing more on obtaining new customers than on retaining existing customers

E) A) and D)
F) None of the above

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Question 42

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Population growth and changing demographics are two elements of a firm's sociocultural environment.

A) True
B) False

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Question 43

Multiple Choice

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When Briana wants to obtain information to research changes in her market or determine what her customers are likely to want in the future, she relies on the articles and data available in trade journals, feedback from surveys, and personal interviews of her customers. Which of the following statements about Briana's sources of information is most accurate?

B2B marketers include manufacturers, retailers, hospitals, and the government.

The activities of marketers depend on what needs to be done to satisfy consumer wants and needs, in other words, helping the buyer buy.

Customer relationship management (CRM) is the process of learning as much as possible about customers and doing everything you can to satisfy them.

The B2B market involves fewer trades and fewer dollars spent than the consumer market because there are so many more consumers than there are businesses.

Products such as computers, tablets, telecommunication equipment, smartphones, and other manufactured or mass-produced items are always classified as B2B products.

Liberty Autos recognizes that it has some customers who like roomy SUVs, while others like more compact versions. Liberty designs and manufactures several models to satisfy the different tastes and lifestyles of its customers. Customers who want traditional SUV luxury and seldom settle for anything other than leather interiors, would prefer the Regal model. Rapido customers might be described as sportier and typically women. Fans of the Cowboy model may include a group that is seldom over 30 years of age, typically male, and have often served in the U.S. military. By recognizing differences in its customers and using different characteristics to define its customers, Liberty Autos is

For safety's sake, Marshall Metals produces as many products as possible since customers are not a good source of informing the organization what they want to buy.

Engineers at Epic Electronics have designed a new smartphone ready to rival iPhone. The marketing department wants to find a way to identify the new phone in the minds of current smartphone consumers and differentiate it from products made by Epic's competitors. An important part of this effort is likely to be the selection of a ________ for the new phone.

In an effort to increase profits, Hunan Kitchen is attempting to appeal to a specific segment of the market by offering an all-you-can-eat buffet. These efforts, designed to identify specific groups that can be profitably served, represent an example of

Marketing involves developing and promoting a firm's products and allowing the firm's purchasing department to make all distribution and transportation decisions.

The final step of the marketing research process involves selecting from several alternative strategies, and performing follow-up research to see if results were as expected.

The number of customers in B2B markets is quite large compared to the number of customers in the consumer market.

After World War II, the tremendous demand for goods and services among the returning veterans allowed businesses to sell whatever they produced without having to worry about what the competition was doing.

A consumer's decision-making process is influenced by his/her ________, consisting of those people who help shape the consumer's beliefs, attitudes, values, or behavior.

H2 O'Yeah has designed a water purification device that is drastically different and far superior to any product currently on the market. Although consumer response was positive to the idea of the new product, management wants to find out more before committing to full-scale production. The next step H2 O'Yeah's marketing department is likely to take is to:

Because consumers differ in age, education, income, and tastes, companies will be more likely to succeed if they target a segment of a market and develop goods and services specially tailored to that group.

Kaden bought an expensive sports car last week. Immediately after the purchase, he worried that he paid too much, and that a less expensive model with better gas mileage would have been a wiser choice. Marketers refer to the doubts Kaden is experiencing as post-purchase stress syndrome.