Question 1

What does the term "purple cow" refer to? Provide an example.

Accepted Answer

A "purple cow" is something that makes y

Question 2

There are many more consumer markets than business-to-business (B2B)markets.

Accepted Answer

A) True 
 B)False

Question 3

The fact that modern, sophisticated manufacturing innovations have enabled many firms to more easily customize their products and to offer them at dramatically reduced prices to satisfy the varying tastes of targeted customers represents the impact of the ________ on the marketing of products.

Accepted Answer

A) economic environment 
B) competitive environment 
C) technological environment 
D) 4 Ps 
A) economic environment 
B) competitive environment 
C) technological environment 
D) 4 Ps

Question 4

What are the four steps involved in conducting market research?

Accepted Answer

1. Define the marketing need o

Question 5

Which of the following is NOT one of the factors in the economic environment that will affect customers' willingness and ability to spend their money on a firm's product?

Accepted Answer

A) changes in government fiscal and monetary policies 
B) changes in the interest rates on credit cards 
C) changes in the amount of bonuses paid to bank executives 
D) changes in the unemployment rates 
A) changes in government fiscal and monetary policies 
B) changes in the interest rates on credit cards 
C) changes in the amount of bonuses paid to bank executives 
D) changes in the unemployment rates

Question 6

What factors do B2B purchasers typically take into consideration when making a purchasing decision?

Accepted Answer

B2B purchases are generally objective de

Question 7

Name at least four of the environment influences outside a firm's control that constrain an organization's ability to manipulate its marketing mix.

Accepted Answer

Environment influences include

Question 8

The era when companies believed that a good quality product would simply sell itself ran ________.

Accepted Answer

A) from the 1950s until the early 1980s 
B) from the Industrial Revolution until the 1920s 
C) from the mid-1920s until the 1950s 
D) from the mid-1980s until the late-1990s 
A) from the 1950s until the early 1980s 
B) from the Industrial Revolution until the 1920s 
C) from the mid-1920s until the 1950s 
D) from the mid-1980s until the late-1990s

Question 9

What is the central purpose of marketing research?

Accepted Answer

The central purpose

Question 10

What is a market segment and what do marketers look for when defining a market segment?

Accepted Answer

A market segment is a subgroup of potent

Question 11

The first step in the marketing process is to ________.

Accepted Answer

A) conduct market research 
B) identify an unfilled market need 
C) determine costs in relation to potential benefits of the product 
D) establish brand recognition 
A) conduct market research 
B) identify an unfilled market need 
C) determine costs in relation to potential benefits of the product 
D) establish brand recognition

Question 12

What are the four elements of a good marketing plan?

Accepted Answer

1. A clearly written marketing

Question 13

Which of the following is the BEST example of ownership utility?

Accepted Answer

A) A law firm believes that it will be more profitable it if owns rather than leases its office space. 
B) A collectible item decreases in value over time. 
C) A store sells a swimsuit to a customer. 
D) A customer benefits from purchasing ski equipment near the beginning of the winter season. 
A) A law firm believes that it will be more profitable it if owns rather than leases its office space. 
B) A collectible item decreases in value over time. 
C) A store sells a swimsuit to a customer. 
D) A customer benefits from purchasing ski equipment near the beginning of the winter season.

Question 14

Why is it important for a business to analyze the competition?

Accepted Answer

Analyzing the degree of competition faci

Question 15

Marketing creates value for the customer by ________.

Accepted Answer

A) identifying and meeting human needs and wants 
B) offering customers surveys and other feedback tools 
C) creating advertisements in major newspaper chains 
D) using television spots to get the product message across 
A) identifying and meeting human needs and wants 
B) offering customers surveys and other feedback tools 
C) creating advertisements in major newspaper chains 
D) using television spots to get the product message across

Question 16

CRM is part of why airlines offer frequent flyer programs to all customers and why credit card companies offer low-interest balance transfers only to certain targeted customers

Accepted Answer

A) True 
 B)False

Question 17

What is the type of market segmentation based on lifestyles called? Provide an example of a retailer who would segment the market based on lifestyles.

Accepted Answer

Market segmentation based on lifestyles,

Question 18

Which of the following is a typical characteristic of a business-to-business market?

Accepted Answer

A) many customers who purchase in small quantities 
B) geographically dispersed buyers 
C) complex buying decisions 
D) an individual makes the purchasing decision 
A) many customers who purchase in small quantities 
B) geographically dispersed buyers 
C) complex buying decisions 
D) an individual makes the purchasing decision

Question 19

When a company performs an audit of current managerial expertise, manufacturing and financing capabilities, and the organization's execution of the 4 Ps in the marketing mix, it is primarily interested in assessing its ________.

Accepted Answer

A) reputation 
B) internal strengths and weaknesses 
C) profit and losses 
D) external environment 
A) reputation 
B) internal strengths and weaknesses 
C) profit and losses 
D) external environment

Question 20

The most visible part of the marketing mix, which is also often the most expensive, is ________.

Accepted Answer

A) promotion 
B) market research 
C) market plan development 
D) target market selection 
A) promotion 
B) market research 
C) market plan development 
D) target market selection

Exam 12: Marketing and Consumer Behavior

What does the term "purple cow" refer to? Provide an example.

There are many more consumer markets than business-to-business (B2B)markets.

The fact that modern, sophisticated manufacturing innovations have enabled many firms to more easily customize their products and to offer them at dramatically reduced prices to satisfy the varying tastes of targeted customers represents the impact of the ________ on the marketing of products.

What are the four steps involved in conducting market research?

Which of the following is NOT one of the factors in the economic environment that will affect customers' willingness and ability to spend their money on a firm's product?

What factors do B2B purchasers typically take into consideration when making a purchasing decision?

Name at least four of the environment influences outside a firm's control that constrain an organization's ability to manipulate its marketing mix.

The era when companies believed that a good quality product would simply sell itself ran ________.

What is the central purpose of marketing research?

What is a market segment and what do marketers look for when defining a market segment?

The first step in the marketing process is to ________.

What are the four elements of a good marketing plan?

Which of the following is the BEST example of ownership utility?

Why is it important for a business to analyze the competition?

Marketing creates value for the customer by ________.

CRM is part of why airlines offer frequent flyer programs to all customers and why credit card companies offer low-interest balance transfers only to certain targeted customers

What is the type of market segmentation based on lifestyles called? Provide an example of a retailer who would segment the market based on lifestyles.

Which of the following is a typical characteristic of a business-to-business market?

When a company performs an audit of current managerial expertise, manufacturing and financing capabilities, and the organization's execution of the 4 Ps in the marketing mix, it is primarily interested in assessing its ________.

The most visible part of the marketing mix, which is also often the most expensive, is ________.

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