Exam 10: Marketing: Building Profitable Customer Connections

Environmental scanning is the process of segmenting the market into individual responses to various products.This includes the benefits consumers seek from products and how consumers use products.

Various magazines such as InStyle,O Magazine,and Sports Illustrated are usually geared toward which of the following?

Business leaders use target markets,which divide the market into smaller groups based on attitudes,interests,and values.

The product strategy a firm develops would include not only the physical product or specific service the firm offers but also its brand name,packaging,and customer service.

Many firms develop a formal marketing plan to identify their target audience and how they will reach that audience.

Researchers collecting data from consumers in other countries need to consider the mode of preferred communication for that consumer group.

A company could obtain primary data through its use of which of the following?

Which of the following is the continual collection of information from various sources to assist businesses in product development and providing customer satisfaction?

Motivation and attitudes are both major elements of the cultural influences on consumer decision making.

Business buyer behaviour is actually quite similar to consumer purchase behaviour.

Ownership utility satisfies wants by providing goods and services at a convenient place for customers.

A strength of survey research is that it almost always yields highly accurate information because it is based on direct answers to specific questions.

Marketers use the Internet to reach larger audiences with 24/7 access.

Understanding consumer behaviour is a key to successful business-to-business relationships.

Demographic market segmentation is based on measurable characteristics of potential customers,such as age,education,income,ethnicity,and gender.

Primary data is the first type of data marketers obtain.They turn to secondary data only if the primary data alone is not sufficient.

What are the two main approaches used in primary marketing research?

There are two basic categories of primary research: observation research and survey research.Describe both observation research and survey research.For each category,give one specific example of the method,and describe the role the researcher plays in collecting data.

Ricardo recently spent a lot of money buying a new sports car.He thought he would really enjoy it,but soon after the purchase,he began to question whether it was a smart move.Ricardo's doubts are an example of cognitive dissonance.

Henry Ford was committed to offering consumers the ability to purchase an automobile by using mass production.His perspective on marketing products was highlighted during the selling era.