MKTG522 week 3 Quiz
Question 1.(TCO A) In marketing, the identification and profiling of distinct groups of buyers who might prefer or require varying product and service mixes is known as ________.
Question 2. (TCO A) The marketing concept holds that ________.
a firm should find the right products for its customers, and not the right customers for its products
customers who are coaxed into buying a product will most likely buy it again
a new product will not be successful unless it is priced, distributed, and sold properly
consumers and businesses, if left alone, won’t buy enough of the organization’s products
a better product will by itself lead people to buy it without much effort from the sellers
Question 3. (TCO A) For a company, A clear, thoughtful mission statement provides employees with a shared sense of purpose, direction, and ________.
target market feasibility
Question 4.(TCO C) Travelocity, unlike its competitors in the online air travel industry, provides its customers with a greater variety of services such as cruise reservations, package tours, hotel bookings, and car rentals. This is an example of a(n) ________ strategy.
overall cost leadership
Question 5.(TCO B) Betsy had always dreamed of opening her own flower shop. Before Betsy opened her florist shop she read all she could about the floral industry. She also consulted several published research reports to understand growth patterns in the local area with particular interest in the location of florists throughout the city. This ________ helped her to decide on the location of her store.
Question 6. (TCO B) ________ is the process of carefully managing detailed information about individual customers and all customer “touch points” to maximize loyalty.
Customer relationship management
Customer lifetime value
Customer profitability analysis
Customer satisfaction analysis
Question 7. (TCO C) ________ constitutes the relatively homogeneous and enduring divisions in a society, which are hierarchically ordered and whose members share similar values, interests, and behavior.
a social class
Question 8. (TCO C) With respect to consumer decision making, the ________ is the set of strong contenders from which one will be chosen as a supplier of a good or service.
Question 9. (TCO C) Which of the following statements about market segmentation is true?
It involves changing the identity of a product, relative to the identity of competing products, in the collective minds of the target market.
It is a process of evaluating each segment’s attractiveness and selecting one or more to enter.
It is a process of creating an image or identity of the product in the minds of the target market.
It is a process of identifying and profiling distinct groups of buyers who differ in their needs and wants.
It is the quality of how marketers go to market with the goal of optimizing their spending to achieve good results.
Question 10.(TCO C) The science of using psychology and demographics to better understand consumers is defined as____________.