Exam 13: Marketing: Helping Buyers Buy

Elise has completed a review of data her department has collected. The team contacted potential customers through phone interviews, online surveys, and focus groups. Elise is disappointed because the results strongly indicate the product idea she helped develop is unlikely to be popular. What should Elise do?

The purpose of market segmentation is to identify the features of a product that will appeal to as many customers as possible.

Why is market segmentation important? Describe three ways firms can segment consumer markets.

Which of the following represents a technique used to obtain primary data?

The secondary data collected in the research process does not need to be carefully evaluated since it's always collected from reliable secondary sources.

The sales team at the Good Life Appliances works hard to develop a close relationship with their customers and to provide satisfaction even after the sale. These efforts by Good Life's sales employees are part of the marketing process.

Relationship marketing is rather easy to implement in the B2B market but almost impossible to use in the consumer market due to the sheer size of the consumer market.

Overheard Communications just wrapped up a phone survey of several of their current customers. In addition, they also plan to hold detailed personal interviews with about 15 additional customers. Both the phone survey and the interviews are sources of primary data for Overheard.

The marketing concept was used heavily by business when it was first suggested in the 1950s.

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

Placing a product in a location where people will buy it is part of the marketing mix.

Successful marketers adjust their product offerings as the level of economic activity changes.

Consumer behavior is influenced by the attitudes, values, and ways of doing things that are passed from one generation to the next.

In the marketing research process, marketers should examine alternative solutions before making a recommendation.

Which of the following describes the marketing era immediately after the development of mass-production assembly lines?

When classifying a product as a consumer product or a B2B product, the primary factor to consider is the financial status of the buyer.

________ consists of all the techniques sellers use to persuade consumers to buy their goods and services.

Understanding consumers in marketing is considered so important that a whole area of marketing called ________ emerged.

________ consists of information that has already been researched by others and is published in journals or books, or has been made available online.

Marco is a marketing manager for Securities Services. He has been looking at a variety of factors, such as technological, sociocultural, and economic trends as well as competitive conditions. Marco is confident that these factors will impact Securities' future marketing success. What are his efforts an example of?