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Exam 11: Marketing: Building Profitable Customer Connections

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Question 51

True/False

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Although Toyota struggled during the global financial crisis, the more recent earthquake and tsunami in Japan terminated all of Toyota's efforts aimed at promoting the green benefits of the Prius.

A) True
B) False

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Question 52

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Jesse is the marketing manager for a large Midwest­based manufacturer of food products. He is in the process of developing the _____, which takes into consideration the marketing strategies for product, price, promotion, and distribution.

A) competitive mix
B) value chain
C) marketing environment
D) marketing mix

E) A) and B)
F) A) and C)

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Question 53

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Businesses only use market research when promoting business­to­business products and services.

Explain the steps a business leader takes when developing a marketing strategy.

Many successful firms develop a formal _____ to answer the question, "Who is your target market and how do you plan to reach them?"

Social responsibility has become a marketing goal for companies in response to consumer demands for broader community support.

Which of the following types of business­to­consumer (B2C) market segmentation refers to dividing the market based on how people respond toward various products?

Psychographic segmentation refers to dividing the market based on how people behave toward a product.

Define consumer market segmentation and describe the four types of segments.

Kirk opens a local store that sells wholesale organic farm products. Kirk customers are mostly landscapers and retailers who make purchases according to certain specifications. In this scenario, Kirk will primarily be concerned with _____.

Differentiate customer satisfaction from customer loyalty. List and describe the two most common pitfalls marketers fall into when trying to achieve customer satisfaction.

Utility is the ability of goods and services to satisfy consumer "wants."

Which of the following is one of the characteristics of a well­chosen target market?

According to a marketing research conducted by Danny & Associates Inc., spending habits of female college students between the ages of 18 and 21 differ from most other consumers. For this reason, the company's marketing team has developed marketing strategies for this specific group. This scenario exemplifies the:

Describe how social responsibility and technology have influenced marketing.

When firms in B2C (business­to­consumer) markets divide up the potential market according to consumer attitudes, interests, values, and lifestyles, they are making use of _____ segmentation.

Jim works in the marketing department of a smartphone manufacturing firm. He is currently working on new package design ideas for the company's latest range of smartphones. In the context of the company's marketing mix, Jim's ideas contribute to the _____.

A firm's marketing mix refers to the array of different types of products it has developed to attract different types of customers.

According to the American Marketing Association's new definition of marketing, "Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large." The previous definition was, "Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders." In what ways is the new definition of marketing more expansive than the previous definition? How is the more expansive definition of marketing related to the marketing concept?

Overpromising is an effective way to generate a large base of highly satisfied customers, because it often results in consumers getting more from a product than they were led to expect.