Bus 100 Ch 11

The purchasing of products by producers, resellers, governmental units, and institutions

The decisions and actions of people involved in buying and using products

The purchasing of products for personal or household use, not for business purposes

A combination of purchase frequency, average value of purchases, and brand-switching patterns over the entire span of a customer’s relationship with a company

Using information about customers to create marketing strategies that develop and sustain desirable customer relationships

Disposable income less savings and expenditures on food, clothing, and housing

Personal income less all additional personal taxes

Utility created by converting production inputs into finished products

A group of individuals or organizations, or both, that need products in a given category and that have the ability, willingness, and authority to purchase such products

A group of individuals or organizations within a market that shares one or more common characteristics

The process of dividing a market into segments and directing a marketing mix at a particular segment or segments rather than at the total market

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

A business philosophy that a firm should provide goods and services that satisfy customers’ needs through a coordinated set of activities that allows the firm to achieve its objectives

A system for managing marketing information that is gathered continually from internal and external sources

A combination of product, price, distribution, and promotion developed to satisfy a particular target market

A written document that specifies an organization’s resources, objectives, strategy, and implementation and control efforts to be used in marketing a specific product or product group

The process of systematically gathering, recording, and analyzing data concerning a particular marketing problem

A plan that will enable an organization to make the best use of its resources and advantages to meet its objectives

The income an individual receives from all sources less the Social Security taxes the individual must pay

Utility created by making a product available at a location where customers wish to purchase it

Utility created by transferring title (or ownership) of a product to a buyer

Establishing long-term, mutually satisfying buyer-seller relationships

An estimate of the amount of a product that an organization expects to sell during a certain period of time based on a specified level of marketing effort

A group of individuals or organizations, or both, for which a firm develops and maintains a marketing mix suitable for the specific needs and preferences of that group

Utility created by making a product available when customers wish to purchase it

Directing a single marketing mix at the entire market for a particular product

The ability of a good or service to satisfy a human need

Customer lifetime value is a combination of purchase frequency, average value of purchases, and brand-switching patterns over the span of the customer's relationship with the company.

True OR False
True False

Relationship marketing refers to "marketing decisions and activities focused on achieving short-term satisfaction at the check-out register."

True OR False
True False

When marketing is limited to taking orders and distributing finished goods, it has a strong production orientation.

True OR False
True False

In implementing the marketing concept, the first step is to provide a product or service that will satisfy customers.

True OR False
True False

A single market mix is the focus of differentiated market segmentation.

True OR False
True False

Internal data sources include economic conditions.

True OR False
True False

Income, gender, and ethnic origin are ways to segment markets.

True OR False
True False

The product ingredient of the marketing mix is concerned with both base prices and discounts.

True OR False
True False

Economic forces have little affect on customer's willingness to buy.

True OR False
True False

Marketing plans are affected by competitive forces in the external environment.

True OR False
True False

Technology, particularly the Internet, has had little effect on how a firm markets its products.

True OR False
True False

Changes in the environment can have a major impact on new marketing strategies but usually not on existing ones.

True OR False
True False

"Our plant has excess capacity. Let's make more blue buggy whips. We can sell them to people with cars if we use enough advertising and high-pressure personal selling." This is an example of:

A. sales orientation.
B. marketing orientation.
C. research orientation.
D. production orientation.
E. industrial orientation.

Consumer markets consist of:

A. purchasers and household members who intend to consume or benefit from the purchased products but do not intend to make a profit on the products.
B. churches, private schools and hospitals, civic clubs, charitable organizations, and foundations.
C. intermediaries such as wholesalers and retailers who buy finished products and sell them at a profit.
D. individuals and business organizations that intend to make a profit by buying certain products to use for manufacturing other products.
E. governmental units that buy goods and services to maintain internal operations and to provide their consumers with certain services.

When a company designs a single marketing mix and directs it at an entire market for a particular product:

A. it is using an undifferentiated approach.
B. it is using the market segmentation approach.
C. it is assuming that customers' needs vary greatly.
D. we would expect the product to be available in a wide range of colors and styles, with many optional accessories, leading to a number of prices.
E. we can assume that the product is needed by many different people for many different reasons and many different uses.

A marketing mix is a particular combination of:

A. advertising, pricing, and product considerations.
B. target markets that together form the firm's marketing mix.
C. product attributes that are useful to the target market.
D. product, pricing, and distribution solutions that are designed to meet the needs of the target market.
E. product, pricing, distribution, and promotion that is created to reach a particular target market.

The pricing ingredient of the marketing mix is concerned with:

A. the number and location of middlemen necessary to speed the product to the consumer.
B. how widely the product is available around the selling area.
C. where the consumer can buy the product.
D. discounts and rebates.
E. the number of places the product can be purchased by the consumer.

The most unlikely thing for distribution decision makers to be concerned with is:

A. product shipping.
B. product storage.
C. product transportation.
D. how widely the product is to be made available.
E. product discounts.

Influences in a society and its culture that result in changes in attitudes, beliefs, norms, customs, and lifestyles are called:

A. technological forces.
B. sociocultural forces.
C. economic forces.
D. legal forces.
E. competitive forces.

A consumer engages in routine response behavior for:

A. purchases made occasionally.
B. unfamiliar, expensive items.
C. a new family car to replace the currently owned eight-year-old station wagon.
D. frequently purchased, low-cost items.
E. a situation in which more information is needed about an unknown product in a well-known product category.

Defining the problem is the first step in the marketing research process.

True OR False
True False

When Ford Motor Company focuses its advertising for Mustang cars on a specific age group, it is targeting a market.

True OR False
True False

The marketing mix is comprised of product, price, distribution, and promotion.

True OR False
True False

The promotional ingredient is developed to make potential customers aware of product information.

True OR False
True False

Sales receipt transferring ownership of a pair of shoes creates possession utility.

True OR False
True False

Intranets are a powerful communication medium that links customers and companies around the world.

True OR False
True False

Managing customer relationships require companies to be sensitive to customer's requirements and desires.

True OR False
True False

When Dr. Pepper ships its soft drinks from bottlers to the local convenience store, it is giving the drinks place utility.

True OR False
True False

Standardizing and risk taking are marketing functions.

True OR False
True False

The goals of institutional markets are to make a profit, to gain market share, and to give investors a return on investment.

True OR False
True False

Discretionary income is personal income less disposable income.

True OR False
True False

A marketing plan specifies an organization's resources, objectives, strategy, and implementation and control efforts to be used in marketing a specified product or product group.

True OR False
True False

Typically, marketing plans cover a time span of two to five years.

True OR False
True False

Consumers routinely follow a pattern of behavior for all types of purchases.

True OR False
True False

In the consumer's buying decision process, the consumer first acknowledges that a product is needed.

True OR False
True False

Purchasing power is determined by government regulations.

True OR False
True False

The three kinds of utility directly created by marketing are:

A. place, time, and possession utility.
B. place, form, and possession utility.
C. form, time, and marketing utility.
D. manufacturing, time, and form utility.
E. form, time, and possession utility.

The marketing concept:

A. satisfies customer's needs while allowing the firm to achieve its objectives.
B. communicates with potential customers to assess their product needs.
C. develops goods or services to satisfy customers' needs.
D. continues to seek ways to provide satisfaction.
E. All of the above are activities of the marketing concept

A group of individuals or organizations for whom a firm develops and maintains a marketing mix suitable for the specific needs and preferences of that group is:

A. the total market approach.
B. the undifferentiated approach.
C. a target market.
D. a market segmentation approach.
E. the marketing mix.

The market segmentation approach might lead sellers of baby food, dog food, and cat food to aim their ads at:

A. men and women over thirty.
B. parents with babies or pet owners .
C. infants, dogs, and cats.
D. people who read The Wall Street Journal.
E. Baptists under twenty-five.