Exam 13: The Art and Science of Marketing

Compare and contrast needs with wants.

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

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 ________.

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 ________.

Mass marketing differs from differentiated marketing in that mass marketing ________.

A developing country markets itself as a good destination of foreign investment.This would be an example of place marketing.

Selling existing products to new markets is called ________.

The purchasing behavior of organizations is easier to understand than the purchasing behavior of consumers because it's more clearly driven by economics and influenced less by subconscious and emotional factors.

The process of examining an organization's current marketing situation,assessing opportunities and setting objectives,and then developing a marketing strategy to reach those objectives is called ________.

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

Close relationships between buyers and sellers are not common in organizational purchasing.

What is market segmentation.List the four fundamental factors marketers use to identify market segments.

________ involves selling more of your existing products into the markets you already serve.

Erikson Manufacturers,a firm that designs and manufactures fire,carbon monoxide,and heat detection and notification devices,has been selling its products to U.S.corporate firms for several years.After examining its current marketing condition,the firm decides to open sales offices in Italy and Germany to sell its existing products.The firm aims to gain market share in Europe.This strategy is known as ________.

________ refers to managing a business in a way designed to occupy a particular place in the minds of target customers.

Woodworks Inc.,an American furniture manufacturing company,has stores across America that sell furniture.The firm offers the Fine Furnishings collection of residential furniture designed for the middle-income and upper-middle-income group segments.It offers a Platinum Collection of luxury furniture for high-income groups.The firm also has a range of corporate office furniture that includes desks,chairs,filing cabinets,cubicles,and other office furniture.Woodworks Inc.uses which of the following targeting strategies?

Creating new products for new markets is called ________.

When a supermarket provides fresh,ready-to-eat dishes as an alternative to buying all of the ingredients needed to make dinner,it is creating place utility.

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

Just Read,an online retailer of books,encourages users to write reviews of the books they purchase and rate them.This allows potential customers to know more about the books offered for sale.In this example,Just Read uses which of the following strategies?