Exam 13: Marketing: Helping Buyers Buy

The marketing concept emphasizes that everyone from the president of the firm to the delivery people should be customer oriented.

For safety's sake, Marshall Metals produces as many products as possible since customers are not a good source of informing the organization what they want to buy.

________ marketing involves developing a unique mix of goods and services for each individual customer.

Whenever available, marketers should rely exclusively on primary data because it is much more accurate than secondary data.

The goal of ________ is to keep individual customers over time by offering them new products that exactly meet their requirements.

Psychographic segmentation involves dividing a market into segments based on lifestyle, values, attitudes, or interests.

Identify and discuss the four eras of the evolution of marketing.

Mallory wants the celebrity life. She often changes her dress, speech, and mannerisms in response to the latest trends. She even supports the same social causes her favorite stars support. Mallory's behavior suggests that people in show business are an important reference group for her.

The last step in the marketing process often includes building a continuing relationship with customers.

Rick, a marketing manager for Fix-It Tools, is discouraged with the way his organization markets its products. Currently Fix-It-Tools utilizes a strategy aimed toward the largest possible number of people. The company also relies heavily on television and online advertising. Rick protests to management that the company is not listening to its customers and is in danger of losing many of them to firms that create a personal dialogue with their buyers. What does Fix-It currently practice?

Which of the following best represents an example of demographic segmentation?

Customer relationship management (CRM) is the process of learning as much as possible about customers and doing everything you can to satisfy them.

Which of the following statements about the B2B market is true?

The marketing manager's job is to design a program that effectively combines the ingredients of the marketing mix.

One factor that influences the consumer decision-making process is ________, referring to the set of values, attitudes, and ways of doing things passed from one generation to another in a given society.

Mini-Case Briana, a successful executive, is also a cardio queen. For years she worked out at Forever Fitness Gym, the only gym in her small hometown. However, she felt that the environment at Forever Fitness was too masculine, and discovered that her female friends agreed. They disliked the small, smelly locker room, and the limited selection of cardio equipment. Most of them eventually quit going to Forever Fitness. Briana talked to Jim Nasium, the owner of Forever Fitness, about things he could do to attract more women, but he had little interest in making any changes. "I've got all the business I can handle," he told Briana. "Why should I spend a bunch of money to redecorate and add extra equipment? Besides, lots of the guys who work out here tell me they like the simple, no-frills atmosphere." Frustrated by Jim's indifference, Briana began looking into the possibility of starting a gym to appeal to young, well-educated women. After visiting gyms in other towns and talking to several friends to get ideas, she came up with a detailed plan for her gym. She then described her ideas to women in the community to see how much interest there was in this type of facility. The extremely positive response encouraged her to go ahead with her plans. It took a while, but she ultimately obtained the financial backing to go into business. Briana calls her new health club ShapeUP. It offers a spacious and attractive locker room, better cardio equipment, a child care area so young mothers can have someone watch their toddlers while they work out, and exercise classes designed to appeal to young women. When a woman joins her club, Briana schedules a free session with a personal trainer who works with the new member to design a personalized workout program. Briana tries hard to keep close to her customers by maintaining a social media presence, sending them a monthly e-mail newsletter, and routinely sending surveys asking what they like and don't like about ShapeUP. She wants to please her existing customers and keep them coming back. In fact, now that ShapeUP has a strong membership base, Briana believes it is more important to keep existing customers loyal than to attract new customers. In addition to the comments from her own customers, Briana also spends a lot of time tracking economic, social, and competitive trends in the fitness industry, trying to identify factors that can affect the marketing success of her club. She subscribes to several journals and magazines that cover trends and report on research findings related to the business. She has found that these publications provide her with an inexpensive source of useful information. -When Briana attempts to identify economic, social, and competitive factors that could affect her success in the fitness market, she is engaging in

Learning involves changes in an individual's behavior resulting from previous experiences and information.

Promotion includes personal selling, publicity, and word-of-mouth efforts to persuade people to buy a firm's goods or services.

The four eras of the evolution of marketing are (1) production, (2) selling, (3) advertising, and (4) stakeholder relationships.

While the four Ps help us remember the basics components of the ________, they don't have significant relevance in the marketing process.