Question 1

What is the central purpose of marketing research?

Accepted Answer

The central purpose ...

Question 2

There are many more consumer markets than business-to-business (B2B)markets.

Accepted Answer

A) True 
 B)False

Question 3

The most visible part of the marketing mix, which is also often the most expensive, is ________.

Accepted Answer

A)  promotion
B)  market research
C)  market plan development
D)  target market selectionE) B) and C)
F) A) and B)

Question 4

Why is it important for a business to analyze the competition?

Accepted Answer

Analyzing the degree of competition faci...

Question 5

Marketing creates value for the customer by ________.

Accepted Answer

A)  identifying and meeting human needs and wants
B)  offering customers surveys and other feedback tools
C)  creating advertisements in major newspaper chains
D)  using television spots to get the product message acrossE) B) and C)
F) All of the above

Question 6

What does the term "purple cow" refer to? Provide an example.

Accepted Answer

A "purple cow" is something that makes y...

Question 7

What are the four elements of a good marketing plan?

Accepted Answer

1. A clearly written marketing...

Question 8

What factors do B2B purchasers typically take into consideration when making a purchasing decision?

Accepted Answer

B2B purchases are generally objective de...

Question 9

The fact that modern, sophisticated manufacturing innovations have enabled many firms to more easily customize their products and to offer them at dramatically reduced prices to satisfy the varying tastes of targeted customers represents the impact of the ________ on the marketing of products.

Accepted Answer

A)  economic environment
B)  competitive environment
C)  technological environment
D)  4 PsE) C) and D)
F) None of the above

Question 10

Which of the following is NOT one of the factors in the economic environment that will affect customers' willingness and ability to spend their money on a firm's product?

Accepted Answer

A)  changes in government fiscal and monetary policies
B)  changes in the interest rates on credit cards
C)  changes in the amount of bonuses paid to bank executives
D)  changes in the unemployment ratesE) B) and C)
F) None of the above

Question 11

What is a market segment and what do marketers look for when defining a market segment?

Accepted Answer

A market segment is a subgroup of potent...

Question 12

When a company performs an audit of current managerial expertise, manufacturing and financing capabilities, and the organization's execution of the 4 Ps in the marketing mix, it is primarily interested in assessing its ________.

Accepted Answer

A)  reputation
B)  internal strengths and weaknesses
C)  profit and losses
D)  external environmentE) B) and C)
F) All of the above

Question 13

CRM is part of why airlines offer frequent flyer programs to all customers and why credit card companies offer low-interest balance transfers only to certain targeted customers

Accepted Answer

A) True 
 B)False

Question 14

The first step in the marketing process is to ________.

Accepted Answer

A)  conduct market research
B)  identify an unfilled market need
C)  determine costs in relation to potential benefits of the product
D)  establish brand recognitionE) None of the above
F) C) and D)

Question 15

Name at least four of the environment influences outside a firm's control that constrain an organization's ability to manipulate its marketing mix.

Accepted Answer

Environment influences include...

Question 16

Which of the following is the BEST example of ownership utility?

Accepted Answer

A)  A law firm believes that it will be more profitable it if owns rather than leases its office space.
B)  A collectible item decreases in value over time.
C)  A store sells a swimsuit to a customer.
D)  A customer benefits from purchasing ski equipment near the beginning of the winter season.E) A) and C)
F) C) and D)

Question 17

What are the four steps involved in conducting market research?

Accepted Answer

1. Define the marketing need o...

Question 18

Which of the following is a typical characteristic of a business-to-business market?

Accepted Answer

A)  many customers who purchase in small quantities
B)  geographically dispersed buyers
C)  complex buying decisions
D)  an individual makes the purchasing decisionE) A) and B)
F) All of the above

Question 19

The era when companies believed that a good quality product would simply sell itself ran ________.

Accepted Answer

A)  from the 1950s until the early 1980s
B)  from the Industrial Revolution until the 1920s
C)  from the mid-1920s until the 1950s
D)  from the mid-1980s until the late-1990sE) A) and C)
F) A) and B)

Question 20

What is the type of market segmentation based on lifestyles called? Provide an example of a retailer who would segment the market based on lifestyles.

Accepted Answer

Market segmentation based on lifestyles,...

Exam 12: Marketing and Consumer Behavior

Why is it important for a business to analyze the competition?

Correct AnswerverifiedAnalyzing the degree of competition faci...View AnswerShow Answer

What are the four steps involved in conducting market research?

Correct Answerverified1. Define the marketing need o...View AnswerShow Answer

The fact that modern, sophisticated manufacturing innovations have enabled many firms to more easily customize their products and to offer them at dramatically reduced prices to satisfy the varying tastes of targeted customers represents the impact of the ________ on the marketing of products.

Correct AnswerverifiedShow Answer

What are the four elements of a good marketing plan?

Correct Answerverified1. A clearly written marketing...View AnswerShow Answer

Which of the following is the BEST example of ownership utility?

Correct AnswerverifiedShow Answer

The first step in the marketing process is to ________.

Correct AnswerverifiedShow Answer

When a company performs an audit of current managerial expertise, manufacturing and financing capabilities, and the organization's execution of the 4 Ps in the marketing mix, it is primarily interested in assessing its ________.

Correct AnswerverifiedShow Answer

There are many more consumer markets than business-to-business (B2B)markets.

Correct AnswerverifiedShow Answer

Which of the following is NOT one of the factors in the economic environment that will affect customers' willingness and ability to spend their money on a firm's product?

Correct AnswerverifiedShow Answer

What does the term "purple cow" refer to? Provide an example.

Correct AnswerverifiedA "purple cow" is something that makes y...View AnswerShow Answer

What is the central purpose of marketing research?

Correct AnswerverifiedThe central purpose ...View AnswerShow Answer

CRM is part of why airlines offer frequent flyer programs to all customers and why credit card companies offer low-interest balance transfers only to certain targeted customers

Correct AnswerverifiedShow Answer

Name at least four of the environment influences outside a firm's control that constrain an organization's ability to manipulate its marketing mix.

Correct AnswerverifiedEnvironment influences include...View AnswerShow Answer

Which of the following is a typical characteristic of a business-to-business market?

Correct AnswerverifiedShow Answer

The era when companies believed that a good quality product would simply sell itself ran ________.

Correct AnswerverifiedShow Answer

The most visible part of the marketing mix, which is also often the most expensive, is ________.

Correct AnswerverifiedShow Answer

Marketing creates value for the customer by ________.

Correct AnswerverifiedShow Answer

What is a market segment and what do marketers look for when defining a market segment?

Correct AnswerverifiedA market segment is a subgroup of potent...View AnswerShow Answer

What factors do B2B purchasers typically take into consideration when making a purchasing decision?

Correct AnswerverifiedB2B purchases are generally objective de...View AnswerShow Answer

What is the type of market segmentation based on lifestyles called? Provide an example of a retailer who would segment the market based on lifestyles.

Correct AnswerverifiedMarket segmentation based on lifestyles,...View AnswerShow Answer

Correct Answer
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Analyzing the degree of competition faci...
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Correct Answer
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1. Define the marketing need o...
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Correct Answer
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Correct Answer
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1. A clearly written marketing...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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A "purple cow" is something that makes y...
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The central purpose ...
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Environment influences include...
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Correct Answer
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Correct Answer
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Correct Answer
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A market segment is a subgroup of potent...
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Correct Answer
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B2B purchases are generally objective de...
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Correct Answer
verified
Market segmentation based on lifestyles,...
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