Question 1

Compare and contrast undifferentiated marketing with differentiated marketing.

Accepted Answer

Companies that practice undifferentiated marketing (also known as mass marketing )ignore differences among buyers and offer only one product or product line and present it with the same communication,pricing,and distribution strategies to all potential buyers.Undifferentiated marketing has the advantages of simplicity and economies of scale,but it can be less effective at reaching some portions of the market.
By contrast,companies that manufacture or sell a variety of products to several target customer groups practice differentiated marketing.Differentiated marketing is a popular strategy,but it requires substantial resources because the company has to tailor products,prices,promotional efforts,and distribution arrangements for each customer group.The differentiation should be based on meaningful differences that don't alienate any audiences.

Question 2

Which of the following is true about concentrated marketing?

Accepted Answer

A)  It ignores differences among buyers. 
B)  It has the advantages of simplicity and economies of scale. 
C)  It allows a firm to focus all its time and resources on a single type of customer. 
D)  It refers to firms that use a different marketing mix for each marketing segment. 
E)  It refers to firms that use the same marketing mix for the entire market. 
A)  It ignores differences among buyers. 
B)  It has the advantages of simplicity and economies of scale. 
C)  It allows a firm to focus all its time and resources on a single type of customer. 
D)  It refers to firms that use a different marketing mix for each marketing segment. 
E)  It refers to firms that use the same marketing mix for the entire market. C

Question 3

Google Analytics helps online advertisers measure the effectiveness of specific search-term keywords and track the behavior of website visitors.

Accepted Answer

A) True 
 B)False  True

Question 4

KLM Inc.,a textile manufacturing firm,has been supplying mesh fabric to Clarence Furnitures for one year.KLM Inc.is delayed by two days in delivering a scheduled batch of mesh fabric to Clarence Furnitures.The firm had met all its previous supply dates,and adhered to all the required quality standards.KLM Inc.follows a relationship marketing strategy.In keeping with this strategy,KLM Inc.is most likely to ________.

Accepted Answer

A)  give Clarence Furnitures a 20% discount on the material supplied 
B)  send an email to Clarence Furnitures informing them about the delay 
C)  ask Clarence Furnitures for an extension on future supplies as well 
D)  take disciplinary action against employees who were responsible for the delay 
E)  make structural changes to enable the firm to detect and prevent such delays 
A)  give Clarence Furnitures a 20% discount on the material supplied 
B)  send an email to Clarence Furnitures informing them about the delay 
C)  ask Clarence Furnitures for an extension on future supplies as well 
D)  take disciplinary action against employees who were responsible for the delay 
E)  make structural changes to enable the firm to detect and prevent such delays

Question 5

Compare and contrast consumer market with organizational market.

Accepted Answer

Consumer market is made up of individual

Question 6

Organizational purchasing differs from consumer purchasing in that organizational purchasing ________.

Accepted Answer

A)  is influenced more by subconscious and emotional factors 
B)  usually involves closer relationships between buyers and sellers 
C)  has lower complexity in product usage 
D)  lacks a formal buying process 
E)  is less clearly driven by economics 
A)  is influenced more by subconscious and emotional factors 
B)  usually involves closer relationships between buyers and sellers 
C)  has lower complexity in product usage 
D)  lacks a formal buying process 
E)  is less clearly driven by economics

Question 7

Differences between a person's actual state and his or her ideal state is termed as ________.

Accepted Answer

A)  cognition 
B)  utility 
C)  needs 
D)  perception 
E)  drive 
A)  cognition 
B)  utility 
C)  needs 
D)  perception 
E)  drive

Question 8

Aspirational groups are those to which consumers actually belong,such as families,networks of friends,clubs,and work groups.

Accepted Answer

A) True 
 B)False

Question 9

Selling existing products to new markets is called ________.

Accepted Answer

A)  market development 
B)  product development 
C)  market segmentation 
D)  market penetration 
E)  vertical integration 
A)  market development 
B)  product development 
C)  market segmentation 
D)  market penetration 
E)  vertical integration

Question 10

Producers do not create needs,but they do try to shape your wants by exposing you to attractive choices.

Accepted Answer

A) True 
 B)False

Question 11

Amadillo Racing Automobiles Inc.,a Detroit-based manufacturer of sports cars,makes automobiles of light weight and fine handling characteristics.The firm provides four brands of standardized racing cars.Although the firm is aware that there are other market segments,such as the small-car segment,the firm focuses its efforts only on racing cars.In this example,Amadillo Racing Automobiles Inc.uses which of the following targeting strategies?

Accepted Answer

A)  undifferentiated marketing 
B)  mass marketing 
C)  micromarketing 
D)  concentrated marketing 
E)  differentiated marketing 
A)  undifferentiated marketing 
B)  mass marketing 
C)  micromarketing 
D)  concentrated marketing 
E)  differentiated marketing

Question 12

Which of the following can be cited as an example of geographic segmentation?

Accepted Answer

A)  Affinity Bank, an international bank, issues Golden Eagle cards by invitation only to customers who spend more than $250,000 a year on their Affinity credit cards. 
B)  A luxury car company creates a hybrid line for consumers who are concerned about the environment. 
C)  Harley-Davidson offers a wide variety of motorcycles, and each model attempts to cater to a particular lifestyle. 
D)  P&G acquires the list of parents-to-be and showers them with samples of Pampers and other baby products to capture a share of their future purchases. 
E)  A toy manufacturing company launches a special line of Hispanic books, dolls, puppets, and toys for areas with high Hispanic habitation. 
A)  Affinity Bank, an international bank, issues Golden Eagle cards by invitation only to customers who spend more than $250,000 a year on their Affinity credit cards. 
B)  A luxury car company creates a hybrid line for consumers who are concerned about the environment. 
C)  Harley-Davidson offers a wide variety of motorcycles, and each model attempts to cater to a particular lifestyle. 
D)  P&G acquires the list of parents-to-be and showers them with samples of Pampers and other baby products to capture a share of their future purchases. 
E)  A toy manufacturing company launches a special line of Hispanic books, dolls, puppets, and toys for areas with high Hispanic habitation.

Question 13

Creating new goods and services for a firm's current markets is called ________.

Accepted Answer

A)  market penetration 
B)  product development 
C)  market development 
D)  diversification 
E)  pure play 
A)  market penetration 
B)  product development 
C)  market development 
D)  diversification 
E)  pure play

Question 14

Wants differ from needs in that wants ________.

Accepted Answer

A)  are more specific 
B)  are independent of culture 
C)  create demand for products 
D)  are the focus of marketing efforts 
E)  are independent of a person's experiences 
A)  are more specific 
B)  are independent of culture 
C)  create demand for products 
D)  are the focus of marketing efforts 
E)  are independent of a person's experiences

Question 15

Chicago Music Academy,a private music school,uses online advertisement as a large part of its advertising campaign.The firm uses Google Analytics to measure the effectiveness of specific search-term keywords and track the behavior of website visitors.The firm uses this information to focus on the most productive marketing efforts.In this example,Chicago Music Academy uses ________.

Accepted Answer

A)  stealth marketing 
B)  product development 
C)  marketing research 
D)  market development 
E)  diversification 
A)  stealth marketing 
B)  product development 
C)  marketing research 
D)  market development 
E)  diversification

Question 16

A central element in the marketing concept is involving the customer as a partner in a mutually beneficial relationship rather than treating the customer as a passive recipient of products and promotional messages.

Accepted Answer

A) True 
 B)False

Question 17

The advertising campaign for Fort Wayne,Indiana,is based on the slogan "Room for Dreams." The city uses this logo to attract businesses and visitors to the city; it also encourages Fort Wayne businesses to incorporate "Room for Dreams" into their marketing campaigns.This would be an example of ________ marketing.

Accepted Answer

A)  cause-related 
B)  guerrilla 
C)  place 
D)  ambush 
E)  stealth 
A)  cause-related 
B)  guerrilla 
C)  place 
D)  ambush 
E)  stealth

Question 18

Compare and contrast market penetration with diversification.

Accepted Answer

Market penetration involves selling more

Question 19

________ consists of the four key elements of marketing strategy: product,price,distribution,and customer communication.

Accepted Answer

A)  Positioning 
B)  Marketing mix 
C)  Social commerce 
D)  Market development 
E)  Product development 
A)  Positioning 
B)  Marketing mix 
C)  Social commerce 
D)  Market development 
E)  Product development

Question 20

________ refers to the increase in the value of a product with the number of customers who use it.

Accepted Answer

A)  Cognitive dissonance 
B)  Possession utility 
C)  Network effect 
D)  Positioning 
E)  Form utility 
A)  Cognitive dissonance 
B)  Possession utility 
C)  Network effect 
D)  Positioning 
E)  Form utility

Compare and contrast undifferentiated marketing with differentiated marketing.

Which of the following is true about concentrated marketing?

Google Analytics helps online advertisers measure the effectiveness of specific search-term keywords and track the behavior of website visitors.

Compare and contrast consumer market with organizational market.

Organizational purchasing differs from consumer purchasing in that organizational purchasing ________.

Differences between a person's actual state and his or her ideal state is termed as ________.

Aspirational groups are those to which consumers actually belong,such as families,networks of friends,clubs,and work groups.

Selling existing products to new markets is called ________.

Producers do not create needs,but they do try to shape your wants by exposing you to attractive choices.

Which of the following can be cited as an example of geographic segmentation?

Creating new goods and services for a firm's current markets is called ________.

Wants differ from needs in that wants ________.

A central element in the marketing concept is involving the customer as a partner in a mutually beneficial relationship rather than treating the customer as a passive recipient of products and promotional messages.

Compare and contrast market penetration with diversification.

________ consists of the four key elements of marketing strategy: product,price,distribution,and customer communication.

________ refers to the increase in the value of a product with the number of customers who use it.

Developing a Business Mindset

Understanding Basic Economics

The Global Marketplace

Business Ethics and Corporate Social Responsibility

Forms of Ownership

Entrepreneurship and Small Business Ownership

Management Roles, Functions, and Skills

Organization and Teamwork

Production Systems

Employee Motivation

Human Resources Management

Labor Relations

Product and Pricing Strategies

Distribution and Marketing Logistics

Customer Communication

Financial Information and Accounting Concepts

Financial Management

Financial Markets and Investment Strategies

The Money Supply and Banking Systems

Filters

Exam 13: The Art and Science of Marketing

Compare and contrast undifferentiated marketing with differentiated marketing.

Which of the following is true about concentrated marketing?

Google Analytics helps online advertisers measure the effectiveness of specific search-term keywords and track the behavior of website visitors.

Compare and contrast consumer market with organizational market.

Organizational purchasing differs from consumer purchasing in that organizational purchasing ________.

Differences between a person's actual state and his or her ideal state is termed as ________.

Aspirational groups are those to which consumers actually belong,such as families,networks of friends,clubs,and work groups.

Selling existing products to new markets is called ________.

Producers do not create needs,but they do try to shape your wants by exposing you to attractive choices.

Which of the following can be cited as an example of geographic segmentation?

Creating new goods and services for a firm's current markets is called ________.

Wants differ from needs in that wants ________.

A central element in the marketing concept is involving the customer as a partner in a mutually beneficial relationship rather than treating the customer as a passive recipient of products and promotional messages.

Compare and contrast market penetration with diversification.

________ consists of the four key elements of marketing strategy: product,price,distribution,and customer communication.

________ refers to the increase in the value of a product with the number of customers who use it.

Developing a Business Mindset

Understanding Basic Economics

The Global Marketplace

Business Ethics and Corporate Social Responsibility

Forms of Ownership

Entrepreneurship and Small Business Ownership

Management Roles, Functions, and Skills

Organization and Teamwork

Production Systems

Employee Motivation

Human Resources Management

Labor Relations

Product and Pricing Strategies

Distribution and Marketing Logistics

Customer Communication

Financial Information and Accounting Concepts

Financial Management

Financial Markets and Investment Strategies

The Money Supply and Banking Systems

Filters