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Exam 13: Marketing: Helping Buyers Buy

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Question 71

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In order to be successful,marketers avoid small market segments in favor of larger targets. Marketers have discovered that small market segments can be very profitable.In fact,niche marketing,which finds small but profitable market segments and designs custom-made products for those groups,has become very popular.

A) True
B) False

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Question 72

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Subcultures are values,attitudes,and ways of doing things that individuals embrace as a way of rebelling against the accepted values,attitudes,and ways of doing things that are passed on in the individual's traditional culture. Subcultures are the set of values,attitudes,and ways of doing things that result from belonging to a certain ethnic group,racial group,or other group with which one closely identifies.

A) True
B) False

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Question 73

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A firm's copyright consists of the words or letters used to differentiate their goods and services from those of competitors.

Marketers are concerned with selling goods and services,and therefore are not involved in designing the products their firm will sell. One of the four elements of the marketing mix is the design of a want-satisfying product.

A widely used technique commonly used for collecting primary data is:

Helen,a manager for Marshall Manufacturing,spends much of her time reviewing the global,technological,socio-cultural,competitive,and economic factors that can influence the success of her firm's marketing efforts.Helen's efforts indicate that she is involved with environmental scanning. Environmental scanning is the process of identifying the factors than can affect marketing success.

The four elements of the marketing mix are product,production,price,and predictability.

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

A firm's marketing mix refers to the combination of:

The final step of the marketing research process involves selecting from several alternative strategies,and performing follow-up research to see if results were as expected.

After World War II,the tremendous demand for goods and services among the returning veterans allowed businesses to sell whatever they produced without having to worry about what the competition was doing. Competition for the consumer's dollar was fierce after World War II.This competition forced businesses to be more responsive to consumers,leading to the emergence of the marketing concept.

Promotion includes personal selling,publicity,and word-of-mouth efforts to persuade people to buy a firm's goods or services.

Mini-Case Callie is a successful executive who is also a fitness enthusiast.For years she worked out at Big Jim's Gym,the only gym in her small hometown.However,she felt that the environment at Big Jim's was too masculine,and discovered that her female friends agreed.They disliked the small,smelly locker room,and the limited selection of aerobics equipment.Most of them eventually quit going to Big Jim's.Callie talked to Jim Nasium,the owner of Big Jim's,about things he could do to attract more women,but Jim had little interest in making any changes."I've got all the business I can handle," he told Callie."Why should I spend a bunch of money to redecorate and add extra equipment? Besides,lots of the guys who work out here tell me they like the simple,no-frills atmosphere." Frustrated by Jim's indifference to her ideas,Callie began looking into the possibility of starting a health club to appeal to young,well-educated women.After visiting health clubs in other towns and talking to several friends to get ideas,she came up with a detailed plan for her club.She then described her ideas to women in the community to see how much interest there was in this type of facility.The extremely positive response encouraged her to go ahead with her plans.It took a while,but she ultimately obtained the financial backing to go into business. Callie calls her new health club Curves and Shapes.It offers a spacious and attractive locker room,better aerobics equipment,a child care area so young mothers can have someone watch their toddlers while they work out,and exercise classes designed to appeal to young women.When a woman joins her health club,Callie schedules a free session with a personal trainer who works with the new member to design a personalized workout program.Callie tries hard to keep close to her customers,sending them a monthly newsletter that includes a survey asking what they like and don't like about Curves and Shapes.She wants to please her existing customers and keep them coming back.In fact,now that Curves and Shapes have a strong membership base,Callie believes it is more important to keep existing customers loyal than to attract new customers.In addition to the comments from her own customers,Callie also spends a lot of time tracking economic,social,and competitive trends in the health club industry,trying to identify factors that can affect the marketing success of her health club.She subscribes to several journals that cover trends and report on research findings related to the health club business.She has found that these journals provide her with an inexpensive source of useful information. -When Callie attempts to identify economic,social,and competitive factors that could affect her success in the health club market,she is engaging in:

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

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

The two major types of markets are the:

A basic principle of relationship marketing is that firms should concentrate on producing and promoting products that appeal to large groups of people.

__________ marketing is the marketing of products to groups of customers a firm decides it can serve profitably.

Which of the following is the best example of a market?

____________ is the process of identifying factors that can affect marketing success.