Exam 13: Marketing: Helping Buyers Buy

Consumer databases, blogs, and social network sites are some of the technological factors that are used by marketers to develop goods and services.

B2B markets tend to be geographically concentrated.

The most important component of the marketing mix is the actual design and production of the product.

Because accurate and timely market information is vital to a firm's success, businesses should budget whatever it takes to get the best data available.

Secondary data consists of information that has already been compiled by others and is published in journals and books or made available online.

A reference group is society's accepted values, attitudes, and ways of doing things that consumers have to learn.

Brad is a real estate agent. He recently had an idea for a program to help perform appraisals more quickly and more accurately. He has a buddy who is a programmer that has helped him develop a detailed description of what the program will do and how it differs from existing apps. Now, Brad has taken this description and shown it to a number of fellow real estate agents to see if his idea appeals to them. What is Brad engaging in?

Marketers define a ________ as any physical good, service, or idea that satisfies a want or need.

A firm gathers ________ data by conducting surveys, interviewing customers, or mailing out questionnaires.

The most important technological change likely to affect the marketing success of many firms is the

One-to-one marketing refers to developing a unique mix of goods and services for each individual customer.

Effective marketing research involves listening to customers, employees, shareholders, and other stakeholders.

In the evolution of marketing, the marketing concept era emphasized selling and advertising in an effort to persuade consumers to buy existing products.

________ marketers include manufacturers, intermediaries, institutions, and the government.

In order to be successful, marketers avoid small market segments in favor of larger targets.

Worlds of Fun is preparing to open its newest theme park in Shanghai. Once open, the marketing department will be collecting lots of information on what customers want while they are at the park. The marketing research team for Worlds of Fun will create original surveys with targeted questions to help collect reliable information. This type of research is described by marketing professionals as the collection of

Providing people with a description of a potential new good or service and asking if the idea appeals to them are key parts of the marketing process.

Unlike advertising, which is part of the promotional component of the marketing mix, personal selling is considered to be part of the distribution function.

In the production era the greatest marketing need was for distribution and storage.

________ is a process used to test consumer reactions about a product among potential users.