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Exam 13: Marketing: Helping Buyers Buy

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Question 121

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The purchase of a cash register is likely a B2B product.

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Question 122

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All-Star Collectibles focuses its marketing efforts on high-income buyers of unique collectible items.The firm realizes that the number of buyers in this segment of the collectible market is small.However,they are confident that this approach will be profitable since these buyers will pay premium prices for their unique products and superior customer service.All-Star's approach is an example of:

A) competitive benchmarking.
B) niche marketing.
C) relationship targeting.
D) target positioning.

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Question 123

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The primary focus of marketing today is on selling and advertising.

Which of the following statements about marketing is the most accurate?

Environmental scanning is a green concept that involves the tracking of pollution generated by a firm and its impact on society.

Describe the steps involved in conducting marketing research.

A ___________ orientation refers to the process of determining the wants and needs of buyers and then providing goods and services to meet or exceed their expectations.

Understanding consumers in marketing is considered so important that a whole area of marketing called _____________________ emerged.

Which of the following terms involves the analysis of markets to identify opportunities and challenges?

Providing people with a description of a potential new good or service and asking if the idea appeals to them are key parts of the marketing process.

Secondary data consists of information that has already been compiled by others and is published in journals and books or made available online.

Explain how mass marketing and relationship marketing differ.

As part of her responsibilities as a marketing manager,Jan has completed a review of data her department has gathered through telephone interviews,mail surveys and focus groups.Jan is disappointed because the research results strongly suggest that a product idea she helped develop is unlikely to be popular with potential customers.Jan should:

One-to-one marketing refers to developing a unique mix of goods and services for each individual customer.

A firm that uses ___________ segmentation divides a market into groups based on age,income,or level of education.

Mini-Case Callie is a successful executive who is also a fitness enthusiast.For years she worked out at Big Jim's Gym,the only gym in her small hometown.However,she felt that the environment at Big Jim's was too masculine,and discovered that her female friends agreed.They disliked the small,smelly locker room,and the limited selection of aerobics equipment.Most of them eventually quit going to Big Jim's.Callie talked to Jim Nasium,the owner of Big Jim's,about things he could do to attract more women,but Jim had little interest in making any changes."I've got all the business I can handle," he told Callie."Why should I spend a bunch of money to redecorate and add extra equipment? Besides,lots of the guys who work out here tell me they like the simple,no-frills atmosphere." Frustrated by Jim's indifference to her ideas,Callie began looking into the possibility of starting a health club to appeal to young,well-educated women.After visiting health clubs in other towns and talking to several friends to get ideas,she came up with a detailed plan for her club.She then described her ideas to women in the community to see how much interest there was in this type of facility.The extremely positive response encouraged her to go ahead with her plans.It took a while,but she ultimately obtained the financial backing to go into business. Callie calls her new health club Curves and Shapes.It offers a spacious and attractive locker room,better aerobics equipment,a child care area so young mothers can have someone watch their toddlers while they work out,and exercise classes designed to appeal to young women.When a woman joins her health club,Callie schedules a free session with a personal trainer who works with the new member to design a personalized workout program.Callie tries hard to keep close to her customers,sending them a monthly newsletter that includes a survey asking what they like and don't like about Curves and Shapes.She wants to please her existing customers and keep them coming back.In fact,now that Curves and Shapes have a strong membership base,Callie believes it is more important to keep existing customers loyal than to attract new customers.In addition to the comments from her own customers,Callie also spends a lot of time tracking economic,social,and competitive trends in the health club industry,trying to identify factors that can affect the marketing success of her health club.She subscribes to several journals that cover trends and report on research findings related to the health club business.She has found that these journals provide her with an inexpensive source of useful information. -The fact that Curves and Shapes is designed to appeal to women of a certain age,education and income level,means that Callie is using:

A firm gathers ___________ data by conducting surveys,interviewing customers,or mailing out questionnaires.

After years of using a mass marketing strategy,Digital Print Shops has responded to new competition from national chain stores by focusing on small market segments that have been ignored by their larger competitors.Digital believes that by offering these market segments personalized customer services it can attract a loyal group of customers willing to pay premium prices.Digital's strategy to improve profits is known as:

While most students find marketing an interesting and meaningful subject,one drawback of majoring in marketing is that it prepares students for only a narrow range of career options.

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