Understanding business Test bank solution Chap 13 Marketing helping buyers buy

Why is market segmentation important? Describe three ways firms can segment consumer markets. Marketing is different in B2B markets than in consumer markets. Identify and explain three differences between the businesstobusiness market and the consumer market. Explain how mass marketing and relationship marketing differ. B2B Marketing

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Chapter 13 - Marketing: Helping Buyers Buy

TEST PLANNING TABLE FOR CHAPTER 13

134,135,136,137,138,139, 139,140,141,142,143

19,20,21,22~, 144,145,146,147,148 23,24,25,26,149,150,151,152,153,

45,46,47,48,49,50,51,

163,164,165 52,166,167,168,169,170,

171, 242, 250*

3 Summarize the

marketing

research process.

53,54,55,56,57,58,59,60, 61,62,63,64,65,66,

172,173,174,175,176,177, 178,179,178,179,180

67,68,69,70,

181,182 71,72,183,184,185,186,

246, 248*

187,188,189,190,191,192, 193,194

84,85,86~, 195,196

87,

197,198, 252*

199,200,201,202,204,205, 206,207,208,209,210

113,114,115,116,117~, 211,212,213,214,215, 216,217

118,119,120,121,122,

218,219,220,221,222, 223,224,225,226,227, 228,229,230,231,232, 243,245,

Total number of test items: 252

True/false questions are in plain text.

Multiple choice questions are in bold text

Questions on boxed material are in bold text with a tilde~.

Essay questions are in bold underlined text.

Minicase questions are in bold with an asterisk*.

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Chapter 13 Marketing: Helping Buyers Buy Answer Key

True / False Questions

1 Marketing is the activity, set of institutions, and processes for creating, communicating,

delivering, and exchanging offerings that have a value for customers, clients, partners, andsociety at large

Answer: True

AACSB: Reflective Thinking

Bloom’s: Remember

Learning Objective: 13-01 Define marketing, and apply the marketing concept to both for-profit and nonprofit organizations

Level of Difficulty: 1 Easy

Topic: The Evolution of Marketing

2 The activities of marketers depend on what needs to be done to satisfy consumer wants

and needs, in other words, helping the buyer buy

Answer: True

3 In the evolution of marketing, the production era assumed an unlimited market

Answer: True

4 The four eras of the evolution of marketing are (1) production, (2) selling, (3) advertising,

and (4) stakeholder relationships

Answer: False

5 The focus of the production era was on distribution and advertising

Answer: False

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6 The tremendous demand for consumer goods and services after World War II helped

launch the production era of marketing

Answer: False

7 In the production era the greatest marketing need was for distribution and storage

Answer: True

8 During the selling era, businesses turned from an emphasis on production to an emphasis

on selling

Answer: True

9 The marketing concept has three parts: (1) a consumer orientation, (2) a service

orientation, and (3) an advertising orientation

Answer: False

10 In the evolution of marketing, the marketing concept era emphasized selling and

advertising in an effort to persuade consumers to buy existing products

Answer: False

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11 The marketing concept emphasizes that everyone from the president of the firm to the

delivery people should be customer oriented

Answer: True

12 The marketing concept was used heavily by business when it was first suggested in the

1950s

Answer: False

13 Customer relationship management (CRM) is the process of learning as much as possible

about customers and doing everything you can to satisfy them

Answer: True

14 The idea behind customer relationship management is to enhance customer satisfaction

and stimulate long-term customer loyalty

Answer: True

15 Because the marketing concept emphasizes a profit orientation, marketing has not been

used successfully by nonprofit organizations

Answer: False

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

Answer: False

17 During the early 1900s, businesses emphasized learning as much as possible about their

customers and doing everything to satisfy them

Answer: False

18 Outstanding service after the sale was a primary focus of businesses during the selling

era

Answer: False

19 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 aboutwhat the competition was doing

Feedback: Competition for the consumer's dollar was fierce after World War II This

competition forced businesses to be more responsive to consumers, leading to the emergence

of the marketing concept

Answer: False

Bloom’s: Understand

Level of Difficulty: 2 Medium

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20 It is the job of marketers today to persuade consumers to buy the goods and services those

marketers have available to sell

Feedback: Although marketers in the 1920s might agree with this statement, marketing today

is about learning as much as possible about customers and then exceeding their expectations and helping them buy

Answer: False

21 Social media is not having an effect on the emerging era of mobile/on-demand marketing

Feedback: The digital age is increasing consumer power and this allows consumers to share

information via many platforms, including social media

Answer: False

22 The Seeking Sustainability box shows us that consumer relationship building can mean

many different things In this case, Campbell’s and the Food Bank of South New Jersey are showing their great examples of being socially responsible and promoting

sustainability, two attributes consumers are seeking more

Feedback: With the Food Bank of South New Jersey, Campbell’s developed “Just Peachy

Salsa” to give back to the community and prevent the environmental impact of dumping almost 1 million bruised peaches

Answer: True

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23 The marketing efforts at Rotary Enterprises place a great deal of emphasis on marketing

goods that will earn the firm a profit This focus on profit orientation shows that Rotary has not yet adopted the marketing concept that emphasizes a customer orientation rather than a profit orientation

Feedback: The marketing concept has three parts: a customer orientation, a service

orientation, and a profit orientation The customer orientation and profit orientation

components are not mutually exclusive, since firms are unlikely to earn a profit unless they are responsive to the needs of their customers

Answer: False

AACSB: Knowledge Application

Bloom’s: Apply

Level of Difficulty: 3 Hard

24 Sales representatives at the HomeWork Helper Appliances Store work hard to develop a

close relationship with their customers and to provide satisfaction even after the sale These efforts by HomeWork Helper's sales personnel are part of the marketing process

Feedback: Today, marketing has adopted the concept of customer relationship management

This concept calls for learning as much about customers as possible and doing everything possible to satisfy them with goods and services over time

Answer: True

Bloom’s: Apply

25 Mike's Auto Repair works hard to find out what customers want and how to best meet

their needs Based on feedback from customers, Mike now provides a written estimate before any work is done, offers a more comprehensive guarantee than competitors, and calls customers after servicing their cars to make sure they are satisfied These efforts suggest Mike is applying the concepts of customer relationship management

Feedback: Customer relationship management is a concept that calls for learning as much as

possible about customers and doing what it takes to satisfy and even delight them

Answer: True

Bloom’s: Apply

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26 The McDonald's Foundation is a nonprofit organization that helps underprivileged

children As a nonprofit organization, it should avoid performing marketing functions, since these functions are designed to help organizations earn a profit

Feedback: Although the marketing concept does emphasize a profit orientation, marketing

functions must be performed by almost all organizations, including those that do not seek a profit

Answer: False

Bloom’s: Apply

27 The main concern of the marketing mix is to please firm's stockholders

Answer: False

Learning Objective: 13-02 Describe the four Ps of marketing

Topic: The Marketing Mix

28 Placing a product in a location where people will buy it is part of the marketing mix

Answer: True

29 Designing a want-satisfying product is part of the marketing mix

Answer: True

30 Setting a price for the product or service is one element of the marketing mix

Answer: True

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31 The primary factors involved in the marketing mix are sometimes called the 5 intangibles

of marketing

Answer: False

32 The marketing manager's job is to design a program that effectively combines the

ingredients of the marketing mix

Answer: True

33 The four elements of the marketing mix are product, production, price, and

predictability

Answer: False

34 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

Answer: True

35 Concept testing involves placing a product in a place where consumers will buy it

Answer: False

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36 A test market refers to the people in a market that will be least likely to use the product or

service the marketer is offering

Answer: False

37 A brand name is generally thought of as part of the product

Answer: True

38 Test marketing involves developing an accurate description of the product and asking

people if the proposed product appeals to them

Answer: False

39 The marketing process includes decisions about the best way to get the product to the

consumer

Answer: True

40 Setting prices higher than the competition can help create an image of quality

Answer: True

41 Intermediaries are firms in the middle of a series of organizations that distribute goods

from producers to consumers

Answer: True

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42 Promotion includes personal selling, publicity, and word-of-mouth efforts to persuade

people to buy a firm's goods or services

Answer: True

43 Unlike advertising, which is part of the promotional component of the marketing mix,

personal selling is considered to be part of the distribution function

Answer: False

44 The last step in the marketing process often includes building a continuing relationship

with customers

Answer: True

45 Marketers are concerned with selling goods and services, and therefore are not involved

in designing the products their firm will sell

Feedback: One of the four elements of the marketing mix is the design of a want-satisfying

product

Answer: False

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46 Marketing involves developing and promoting a firm's products and allowing the firm's

purchasing department to make all distribution and transportation decisions

Feedback: One of the 4 Ps in the marketing mix is "place" which refers to the marketer's role

in distributing goods and services

Answer: False

47 The most important component of the marketing mix is the actual design and production

of the product

Feedback: The marketing mix involves decisions about product development, pricing,

distribution, and promotion However, the actual production process is not part of marketing

Answer: False

48 Getting the product from the producer to the consumer is a production-related process

and not related to the marketing mix

Feedback: Distribution is one component in the marketing mix.

Answer: False

49 Marketing focuses on the pricing and distribution of want-satisfying products, as well as

determining the best way to promote the products to consumers

Feedback: Marketing is concerned with product, price, promotion, and distribution These are

the major components of the marketing mix for the firm

Answer: True

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50 For safety’s sake, an organization should produce as many products as possible since

customers are not a good source of informing the organization what they want to buy

Feedback: Customers are very important sources in telling the firm what to produce to meet

their needs

Answer: False

51 Marketing is a one-time activity, performed when a business is first established and

introducing product in the market Once a firm has fine-tuned its marketing activities, it can turn its attention elsewhere

Feedback: Marketing is an ongoing process Companies must continually adapt to changes in

consumer wants and needs in order to remain competitive

Answer: False

52 Apps, like WeReward, engage users by combining the most basic elements of social

media These apps are a great benefit to both customers and businesses Customers get a special deal and businesses are able to get their names out to the friends of users This is

an effective form of promotion

Feedback: An effective promotional strategy informs people about products or services and

motivates them to buy Apps like WeReward help the businesses get their name out there

Answer: True

Bloom’s: Apply

53 The marketing mix provides a detailed market analysis to determine opportunities and

challenges as well as information needed to make good decisions

Answer: False

Learning Objective: 13-03 Summarize the marketing research process

Topic: Marketing Research

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54 Marketing research helps determine what customers have purchased in the past, what

situational changes have occurred to change consumer preferences, and what consumers are likely to want in the future

Answer: True

55 Effective marketing research involves listening to customers, employees, shareholders,

and other stakeholders

Answer: True

56 The first step in the marketing research process is to collect relevant data

Answer: False

57 Secondary data should be gathered first because this type of information is less expensive

to obtain

Answer: True

58 Secondary data consists of information that has already been compiled by others and is

published in journals and books or made available online

Answer: True

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59 A telephone or online survey is an example of primary data collection

Answer: True

60 A focus group consists of a small group of people who meet, under the direction of a

discussion leader, to communicate their opinions about an organization, its products, or other issues

Answer: True

61 Marketers use very detailed surveys to gather secondary data

Answer: False

62 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

Answer: True

63 Marketing research is a process that most firms complete once a year, in order to gather

information for the firm's budgeting process

Answer: False

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64 In the marketing research process, marketers should examine all the implications of

alternative solutions before making a recommendation

Answer: True

65 Marketing research needs to be an ongoing process at a firm since changes in the

marketplace and among consumers is a continuous process

Answer: True

66 Government publications, such as the Annual Survey of Manufacturers and Survey of

Current Business, are reliable sources of detailed primary data

Answer: False

67 The secondary data collected in the research process does not need to be carefully

evaluated since it's always collected from reliable secondary sources

Feedback: The secondary data collected in the research process might be turned into useful

information However, since this data has been collected from outside sources and can often

be old, companies must be very careful relying on secondary data

Answer: False

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68 Because accurate and timely market information is vital to a firm's success, businesses

should budget whatever it takes to get the best data available

Feedback: Research can be very expensive The decision about how much to spend obtaining

market information must compare with the need for the additional information against the costs the firm must incur to obtain that information

Answer: False

69 Marketing research usually begins with secondary data because it is more accurate and

more relevant than primary data

Feedback: Marketers often do look at secondary data first, but not because it is more accurate

and relevant The main advantage of secondary data is that it is already published and is less expensive than primary data

Answer: False

70 Whenever available, marketers should rely exclusively on primary data because it is

much more accurate than secondary data

Feedback: When doing research, marketers must be aware of the trade-off between

information needs and the cost Marketers can reduce costs by looking for relevant secondary data before gathering primary data Since secondary data has already been published, it is available without the additional effort and expense needed to obtain primary data

Answer: False

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71 Eavesdrop Communications just finished a telephone survey of several of their current

customers They plan to conduct in-depth personal interviews with about twenty

additional customers Both the telephone survey and the interviews are sources of primarydata for Eavesdrop

Feedback: Primary data are facts and figures not previously published that marketers gather

for their own use Telephone, online, and mail surveys and personal interviews are common ways to obtain primary data

Answer: True

Bloom’s: Apply

72 Peggy, a fitness instructor at the local YMCA, has been invited by a publisher to meet

with nine other people to discuss a new concept for a health and fitness magazine A member of the publisher's marketing staff will be at the meeting to guide the discussion and to record the participants' comments and suggestions If Peggy accepts the invitation, she will be participating in a focus group

Feedback: A focus group is a popular research method in which a small group of people meet

under the direction of a discussion leader to communicate their opinions about an

organization, its products, or other important issues

Answer: True

Bloom’s: Apply

73 Environmental scanning is a green concept that involves the tracking of pollution

generated by a firm and its impact on society

Answer: False

Learning Objective: 13-04 Show how marketers use environmental scanning to learn about the changing marketing environment

Topic: The Marketing Environment

74 The process of identifying the factors that can affect marketing success is called

environmental scanning

Answer: True

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75 Population growth and changing demographics are two elements of a firm's socio-cultural

environment

Answer: True

76 Consumer databases, blogs, and social networking are some of the technological factors

that are used by marketers to develop goods and services

Answer: True

77 Successful marketers adjust their product offerings as the level of economic activity

changes

Answer: True

78 The two major types of markets in business are the consumer market and the government

market

Answer: False

Topic: B2B Marketing

79 The business-to-business (B2B) market involves the marketing of goods and services to

institutions that sell, rent, produce or supply goods to others

Answer: True

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80 When classifying a product as a consumer product or a B2B product, the primary factor

to consider is the financial status of the buyer

Answer: False

83 The consumer market consists of all the individuals or organizations that want goods and

services in order to produce other goods and services to sell, rent, or supply to others

Answer: False

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84 A cup of yogurt is an example of a product that is always classified as a consumer good

Feedback: The determining factor as to classification of a good is the buyer's reason for

buying a product and the way it will be used A cup of yogurt could be classified a B2B good

if it is bought by a restaurant to resell to its customers

Answer: False

85 Products such as computers, telecommunications equipment, PDAs, and other

manufactured or mass-produced items are always classified as B2B products

Feedback: The determining factor as to classification of a good is the buyer's reason for

buying a product and the way it will be used Computers, telecommunications equipment, PDAs could easily fall into the category of consumer products

Answer: False

Topic B2B Marketing

86 As noted in the Reaching Beyond Our Borders box, as China reforms its one-child policy,

the new policy will have a minuscule impact on businesses in the Chinese market

Feedback: Environmental scanning is the process of identifying the factors than can affect

marketing success

Answer: False

87 Helen, a manager for Marshall Manufacturing, spends much of her time reviewing the

global, technological, socio-cultural, competitive, and economic factors that can influence the success of her firm's marketing efforts Helen's efforts indicate that she is involved with environmental scanning

Feedback: Environmental scanning is the process of identifying the factors than can affect

marketing success

Answer: True

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88 Market segmentation is the process of dividing a market into several groups whose

members have dissimilar characteristics

Topic: Market Segmentation

89 Selecting which groups an organization can serve profitably is called target marketing

90 With careful attention to controlling costs and quality, businesses can successfully satisfy

consumers with a standardized product for different markets

91 Target marketing is a business strategy that focuses a firm's marketing efforts toward a

potentially profitable segment of a larger market

92 Because consumers differ in age, educational level, income, and tastes, firms will be

more likely to succeed if they target a segment of a market and develop goods and

services specially tailored to that group

Answer: True

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Learning Objective: 13-05 Explain how marketers apply the tools of market segmentation, relationship marketing, and the study of consumer behavior

93 Firms developing products for a narrow segment of a market are less likely to profitably

satisfy that group's needs

94 Demographic segmentation divides a market into segments based on the customer's

95 Psychographic segmentation involves dividing a market into segments based on lifestyle,

values, attitudes, or interests

96 Separating a market by the amount of the product consumed is known as volume

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97 The strategy of focusing on small but profitable market segments is called micro

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

99 Travel agencies demonstrate a one-to-one marketing strategy when they develop unique

vacation packages for individual customers

101. Mass marketing means developing products and promotions using little segmentation

Topic: Relationship Marketing

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102. A basic principle of relationship marketing is that firms should concentrate on producing and promoting products that appeal to large groups of people

103. Relationship marketing makes heavy use of media such as television, radio and newspapers, to convince large groups of customers to buy a standardized product

goods and services

105. Relationship marketing is rather easy to implement in the B2B market but almost impossible to use in the consumer market due to the sheer size of the consumer market

106. Firms adopting a relationship marketing strategy often establish a database of

information about each customer

Answer: True

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107. Relationship marketing depends on understanding individual consumers and

responding quickly to their wants and needs

108. Consumer behavior is influenced by the attitudes, values, and ways of doing things that are passed from one generation to the next

Topic: The Consumer Buying Process

109. The set of values, attitudes, and ways of doing things that result from belonging to a certain ethnic, religious, or racial group is called that group's cognitive dissonance

110. Learning involves changes in an individual's behavior resulting from previous experiences and information

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111. A reference group is society's accepted values, attitudes, and ways of doing things thatconsumers have to learn

112. Cognitive dissonance refers to the confusion and frustration people experience when they compare different products they rarely use before making a purchase

113. In order to be successful, marketers avoid small market segments in favor of larger targets

Feedback: Marketers have discovered that small market segments can be very profitable In

fact, niche marketing, which finds small but profitable market segments and designs made products for those groups, has become very popular

114. The purpose of market segmentation is to identify the features of a product that will appeal to as many customers as possible

Feedback: Market segmentation attempts to divide the overall market into several groups

whose members have similar characteristics

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115. Using advances in technology to maintain databases of customer information is more important for firms involved in mass marketing than it is for those firms using relationshipmarketing

Feedback: Mass marketing tries to develop products that appeal to large groups of consumers

without customizing them Thus the individual preferences of consumers are not critical to firms using mass marketing However, in relationship marketing the goal is to retain

customers over time by offering products that are customized to precisely meet their needs This requires the firm to know more about individual customers Hence, maintaining a

database of customer information is critical to the relationship marketing approach

116. In general, the broader the market a firm tries to serve, the better its chances of

success

Feedback: The best segmentation strategy is to use all the variables to come up with a

consumer profile that's sizable, reachable, and profitable On the one hand, that may mean notsegmenting the market at all and instead going after the total market On the other hand, it may mean going after smaller and smaller segments

117. The Adapting to Change box shows us that product reviews, like those featured on

Amazon, are extremely powerful but sometimes are unreliable

Feedback: Online product reviews can be a great way to get vital information on a product

However, research has shown that reviewers may not always post what they really think of a

product or they may mistake product reviews as a place to comment on shipping problems

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118. Melanie is a sales representative for a college textbook publisher She spends a great deal of time visiting college professors who have already adopted one of her books for use

in her classes She makes sure they have all the supplements to the book they need and areinformed about when new editions will be available Melanie's emphasis on keeping her existing customers satisfied is consistent with the philosophy of relationship marketing

Feedback: The goal of relationship marketing is to keep individual customers over time by

offering them new products that exactly meet their requirements

119. Top management at Prinze Auto Sales has decided to replace their traditional

marketing approach with an approach that emphasizes relationship marketing Under this new approach, Prinze's salespeople will be expected to devote less time to current

customers and a larger share of their time searching for new customers

Feedback: The goal of relationship marketing is to keep individual customers over time by

offering them new products that exactly meet their requirements, so the salespeople at Prinze would be encouraged to spend more time contacting existing customers and satisfying their wants

120. Click Computers has established a website where its customers can get the latest information about the company's products, offer suggestions about improving products and service, and contact technical support via e-mail The company has even added a chat function that allows customers to communicate with representatives Click's approach indicates that it is trying to utilize relationship marketing

Feedback: Relationship marketing tends to lead away from mass production and toward

custom-made goods and services One-way messages in mass media give way to a personal dialogue among participants This may occur within a well-designed website

Answer: True

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Bloom’s: Apply

121. Jason bought an expensive new 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 Jason is experiencing as post-purchase stress syndrome

Feedback: Marketers use the term cognitive dissonance to refer to the doubts consumers often

experience after making a purchase

122. La Shawna is fascinated by celebrities She often changes her dress, speech, and mannerisms in response to the latest trends in Hollywood When big name stars publicly support a social cause, she tends to support it as well La Shawna's behavior suggests that people in show business are an important reference group for her

Feedback: A reference group is a group that an individual uses as a reference point in the

formation of attitudes, values and behavior

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

Answer: True

Learning Objective: 13-06 Compare the business-to-business market and the consumer market

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124. 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

Answer: False

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129. There is much more emphasis on personal selling in the consumer markets than in the B2B markets

Answer: False

131. Marketing goods and services to the B2B market relies more heavily on advertising than marketing efforts aimed toward the consumer market

Feedback: The strategies used in business-to-business markets are often quite different from

those used in the consumer market because the buyers are so different B2B buyers expect personal service, while advertising, a nonpersonal promotional strategy, can more effectively reach the large number of customers in the consumer market

Answer: False

132. 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

Feedback: Marketing offers a wider variety of career choices than most business disciplines.

Answer: False

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133. Jose has accepted a sales position at Business Solutions Corporation Prior to this job, Jose worked in the electronics department of a retail store selling personal computers to consumers In his new job at Business Solutions, Jose will sell personal computers to businesses Despite the fact that the products sold to these two customer groups are quite similar, Jose is likely to find that purchasing decisions by buyers in the two markets will

be influenced by different factors

Feedback: Buyers in the business-to-business market tend to be more rational than buyers in

the consumer market Industrial buyers often use buying specifications and carefully weigh the "total product offer" including quality, price, and service

Answer: True

Bloom’s: Apply

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Multiple Choice Questions

134. is the activity, set of institutions, and processes for creating,

communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

135. Which of the following marketing eras refers to the time period from our country's first settlers through the early 1900s?

136. The business philosophy of "produce as much as you can because there is a limitless market" is consistent with which of the following marketing eras?

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137. Which of the following describes the marketing era immediately after the development

of mass-production assembly lines?

138. During the era, the prevalent business philosophy turned from an emphasis

on production to an emphasis on advertising and selling

139. The significant increase in consumer demand following World War II marked the beginning of the:

A production era

B selling era

C marketing concept era.

D customer relationship era

Answer: C

140. The is based on three elements: (1) a customer orientation, (2) a service orientation, and (3) a profit orientation

A mercantile philosophy

B hierarchy of needs

C relationship approach to marketing

D marketing concept

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141. According to the _ concept, a firm must (1) find out what customers want and provide it, (2) make sure everyone in the organization has customer satisfaction as an objective, and (3) provide goods and services that will earn a profit

142. Firms that have adopted _ seek to do more than simply sell a product; they seek to learn as much as possible about their customers in order to satisfy them with goodsand services over time

143. 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

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144. Which of the following is a part of the marketing concept?

A a consumer orientation

B avoidance of risk

C financial return orientation

D emphasis on efficient production

Feedback: The marketing concept has three basic components They are (1) consumer

orientation, (2) total organizational effort towards consumer satisfaction, and (3) profit orientation

Answer: A

145. Which of the following statements is most consistent with today's views on effective marketing?

A "There's a sucker born every minute."

B "Find out what your competition does and do it better."

C "A good promotional campaign can sell anything."

D "Learn about your customers and exceed their expectations."

Feedback: Since the 1990s, marketing has focused on developing a relationship with

customers by learning as much as possible about their wants and needs Today marketers try

to enhance customer satisfaction and stimulate long-term customer loyalty

Answer: D

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146. Comparing the business practices of the 1950s to those of today indicates that today's marketing managers:

A have a more ambitious goal of not just satisfying customers, but of exceeding their

expectations

B are much more focused on production and mass marketing

C put less emphasis on earning a profit, since doing so makes it harder to satisfy the needs of the firm's stakeholders

D operate essentially the same as their predecessors

Feedback: Today, firms are trying to go beyond satisfying customers by forging close

relationships with customers to provide products that exactly meet their requirements and a level of service that both surprises and pleases them

Answer: A

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

A Because nonprofit organizations are not motivated by profit, marketing activities are not consistent with their goals

B To be successful, marketers must be able to persuade consumers to purchase goods they don't really need

C Once a product is sold, focus on the next customer

D Marketers recognize the need to learn as much as possible about customers and do

everything possible to satisfy them

Feedback: Beginning in the 1990s, marketing managers have embraced customer relationship

management, which emphasizes learning as much as possible about customers and using this knowledge to do everything possible to exceed their expectations

Answer: D

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148. A key element of customer relationship management is to:

A keep the price of goods as low as possible

B develop a strategy to achieve the largest possible market share

C allow customers to participate in the management decisions of the firm

D learn as much as possible about customers.

Feedback: Customer relationship management attempts to learn as much as possible about

customers in order to do a better job of providing goods and services that satisfy and even delight them over time

Answer: D

149. Blogging has brought Southern Nights Nursery a step in the right direction toward building relationships with its customers The owner blogs his weekly recommendations

to loyal followers and provides supplier sources for all kinds of rare and hard to find plants and shrubs Customers provide other customers with reviews and comments about various plants they purchased through Southern Nights As an extension of customer relationship management, this company is practicing

A production management (PM)

B processing customer relationships (PCR)

C customer-management relationship (CMR).

D psychological-managed relationship (PMR)

Feedback: Customer-management relationship gets the customer involved with suppliers and

other customers The customer is provided more opportunity to make informed decisions

Answer: C

Bloom’s: Apply

Topic: The Evolution of Business

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150. A comparison of the marketing concept and customer relationship management indicates that customer relationship management:

A and the marketing concept are in fact identical

B attempts to improve profits by keeping quality high, while the marketing concept attempts to improve profits by a careful design of the promotional mix

C turns the marketing concept upside down The marketing concept emphasized that marketing was the most important function performed by a firm, but customer relationshipmanagement views management to be the most important function

D extends the marketing concept by calling for the firm to learn more about its customers

so that it not only satisfies them, but exceeds their expectations over time

Feedback: Customer relationship management is an extension of the marketing concept It

calls for learning as much as possible about customers in order to satisfy them with goods andservices over time

Answer: D

Bloom’s: Apply

151. As the campaign manager for a candidate for the U.S Senate, Pete works to learn as much as possible about potential voters With this information, he hopes to focus the campaign on the issues most important to voters This represents:

A the use of marketing by a nonprofit organization.

B a nonprofit application of the production era strategy

C the use of public service advertising to sell a political candidate

D an extension of the profit orientation to a nonprofit organization

Feedback: While the marketing concept emphasizes a profit orientation, marketing is a

critical activity of all organizations Nonprofit groups, such as political candidates, the Red Cross, the Girl Scouts of America, and Greenpeace, use marketing to promote their values andmission

Answer: A

Bloom’s: Apply

Tiêu đề	Marketing: Helping Buyers Buy
Thể loại	test bank solution

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