Exam 12: Building Customer Relationships Through Effective Marketing

Markets are classified as either

A marketing strategy consists of the selection and analysis of a target market and

What focuses on using information about customers to create marketing strategies that develop and sustain desirable customer relationships?

Teenagers spend billions of dollars on smart phones, music downloads, and video games. They have the ability, willingness, and authority to purchase such products because of their perceived need. These teenagers are an example of a(n) ____ market.

Reseller markets consist of intermediaries such as wholesalers that buy finished products and sell them for a profit.

Roger's car battery dies while he is on his way to an important meeting. Which step is Roger at in the consumer buying process?

The process of shipping fresh flowers from California to Texas gives ____ utility to the flowers.

A firm should have no more than one market segment in its marketing strategy.

An approach to marketing that involves the entire business organization in the process of satisfying customers' needs while achieving the organization's goals is called

One way to segment a market is according to whether the purchaser is a consumer or a business-to-business user.

Erica goes to a drugstore and purchases toothpaste. What type of purchase process did Erica most likely use?

Examples of product ingredients of the marketing mix include design of the product and trade names, packaging, and warranties.

Marketers are most interested in discretionary income because consumers have the most choice in spending it.

The utility created by making a product available when customers wish to purchase it is called ____ utility.

Your Best, Inc. Marietta worked for a retail company and noticed there were many things it could do better. She shared some of her ideas with upper management, but management did not want to do things differently. When Marietta went home to talk to her husband, they both realized that, given her passion, it would be better for Marietta to open her own business. After a lot of consideration, she decided to open a sporting goods store called Your Best, Inc. She also knew just where to open the store―right next to her house. To be certain to address all aspects of the business, Marietta hired a marketing research firm to determine the best location. Once all the research was compiled and analyzed, she realized that it would actually be better to open the store in a different area. She also realized that deciding where to locate the business was not the only major concern. More specifically, she would have to focus on the four elements of the marketing mix as well, creating a whole marketing plan. Her husband mentioned the possibility of using online information services to help with the business. With her husband's support and a good marketing plan, Marietta felt that she would be prepared to make the right decisions. -Refer to Your Best, Inc. If Marietta were to use information services available online, they would offer her access to which of the following?

A Corvette, a dinner at the Olive Garden, and an overnight stay at a Hilton Hotel all satisfy human needs. Therefore, each

JCPenney combines the inputs of buyer surveys, time-series analyses, correlation analyses, executive judgments, and market tests to develop a tool for predicting sales for the Christmas season. This tool would be termed a

In creating a marketing information system, management would collect data from internal sources such as

What are the major forces in the marketing environment?

The income an individual receives from all sources less the Social Security taxes that the individual must pay is known as ____ income.