Exam 13: The Art and Science of Marketing

Majestic Shoes Inc.,an international shoes and footwear manufacturing firm,groups its customers according to the region in which they live.The firm markets its range of waterproof,cold-weather footwear in mountainous regions.In this example,Majestic Shoes Inc.uses which of the following targeting strategies?

Successful marketers try to identify sources of competitive advantage and areas that need improvement.

Which of the following is TRUE about the elements of marketing mix?

Demographics differs from psychographics in that demographics ________.

Compare and contrast concentrated marketing with micromarketing.

Marks,Inc.,a company that manufactures carbonated soft drinks called Quick Drinks,classifies its target market based on the occasions that prompt customers to buy Quick Drinks,their frequency of purchasing the drinks,and their preference for the Quick Drinks brand.This data enables the firm to better market its products.In this example,Marks,Inc.uses which of the following targeting strategies?

The basic distinction between wholesalers and retailers is that retailers sell to other companies whereas wholesalers sell to individual consumers.

Strategic marketing planning refers to 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.

________ refers to the categorization of customers according to their relationship with products or response to product characteristics.

What is cognitive dissonance?

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

The exchange of value between parties is referred to as a(n)________.

What is marketing mix? Discuss the four main components of the marketing mix.

High Fashion,a firm that manufactures and sells ready-to-wear fashion apparel in Chicago,becomes a very popular brand within a few years of its launch.After examining the current market situation,Fernanda Rhone,the owner of the firm,decides to pursue market opportunities through market development.Which of the following actions is she most likely to take based on this decision?

Grouping customers with similar characteristics,behaviors,and needs is known as ________.

Compare and contrast the influence of customer relationship management (CRM)systems on the marketing process with that of social commerce.

Micromarketing differs from undifferentiated marketing in that micromarketing ________.

The sales concept is an approach to business management that stresses customer needs and wants,seeks long-term profitability,and integrates marketing with other functional units within the organization.

When you segment a market using psychographics,you subdivide your customers according to characteristics such as their ________.

A company ignores differences among buyers.In addition,it offers only one product line and presents it with the same communication,pricing,and distribution strategies to all potential buyers.This company is most likely to be using which of the following targeting strategies?