B2B transactions have been growing at a phenomenal rate. Online B2B sales worldwide
is now in excess of ______________.
A.10 trillion dollars
B.5 trillion dollars
C.3 trillion dollars
D.1 trillion dollars
E.None of the above
B2B transactions have been growing at a phenomenal rate with online B2B commerce
worldwide in excess of $1 trillion, a much larger amount than that generated by B2C
online sales.
Which of the following would require the use of exploratory research?
A.Identify the characteristics of our target market.
B.Assess competitor actions in the marketplace.
C.Clarify the research problem.
D.Determine how customers use our product.
E.Discover differences across demographic characteristics.
Exploratory research is about discovery. To clarify the research problem, exploratory
research should be used. Descriptive research should be used for all other issues
mentioned in the question.
Target marketing is the process by which __________.
A.The market is divided up into cohesive groups
B.The company evaluates segments and decides which ones have the most potential for
development
C.The company decides on which message can be used to attack each segment
D.Companies decide the unique combination of the marketing mix variables.
E.None of the above
Selecting target markets is truly an investment decision, i.e. a company must decide
where to best invest its limited resources in developing markets for future growth.
The purpose of marketing metrics is to ____________ key benchmarks for
improvement just as financial metrics guide the financial management of the firm.
A.Identify
B.Track
C.Evaluate
D.Provide
E.All of the above
Appropriate and effective marketing metrics help identify, track, evaluate, and provide
key benchmarks for improvement just as various financial metrics guide the financial
management of the firm.
____, ______, and _______ are all marketing activities that affect the consumer
decision process.
A.Value proposition, technology, culture
B.Culture, society, technology
C.Value proposition, distribution, marketing communications
D.Distribution, technology, culture
E.Marketing Communications, technology, culture
Value proposition, distribution, and marketing communications are all marketing
activities that affect the consumer decision process. Factors such as technology, culture,
and society are either external or environmental factors.
Value may be defined as the ratio of bundled benefits received to the cost incurred by
the customer to receive those benefits. ____________ is NOT thought of as one of the
costs.
A.Monetary cost
B.Time to shop
C.Skill or expertise
D.Poor service quality
E.Customer satisfaction
Customer satisfaction is considered a benefit of the value bundle (and not a cost).
The measure of customers’ price sensitivity, estimated by dividing relative changes in
quantity sold by relative changes in price is known as __________________.
A.Price elasticity of demand
B.Stability pricing
C.Pricing tactics
D.Auction pricing
E.Reverse auction
Price elasticity of demand is the measure of customers’ price sensitivity. It is determined
by dividing relative changes in quantity sold by relative changes in price.
Products that are new-to-the-world create a product situation which can be described as
______________.
A.Supply chain shifting
B.Innovation by intimidation
C.Diluted innovation
D.Disruptive innovation
E.Destructive innovation
New-to-the-world products, if successful, will create basic changes in the way the
world views the product category and thus are disruptive.
Customers may visit the Land’s End clothing Web site and order a pair of jeans that will
be made especially for them. Land’s End has adopted a ___________ approach.
A.Market orientation
B.Mass customization orientation
C.Differentiation orientation
D.Product orientation
E.Relationship orientation
Some firms come close to one-to-one marketing by employing mass customization, in
which they combine flexible manufacturing with flexible marketing to greatly enhance
customer choices.
Firms practicing internal service quality are _____, that is, they place the customer at
the center of everything that takes place both inside and outside the firm.
A.Operations focused
B.Market oriented
C.Customer-centric
D.Concerned with the product experience
E.Internally focused
Firms practicing internal service quality are customer-centric – they place the customer
at the center of everything that takes place both inside and outside the firm. Firms that
are customer-centric exhibit a high degree of customer orientation.
Mark is seeking out ______ because he is unfamiliar with the new computer he wants
to buy and needs reassurance from someone he can talk to about a product selection
before purchasing it.
A.A laggard
B.Consumer reports
C.Market research
D.Information on the Internet
E.An opinion leader
In the purchase selection process, buyers often seek out the input from opinion leaders
who have knowledge in the category being purchased.
______________ reinforce the benefits of purchasing at the retailer and reward
consumers for being loyal.
A.Market makers
B.Customer communities
C.Loyalty programs
D.A & B
E.A & C
Retailers use loyalty programs that reinforce benefits of purchasing at the retailer and
reward consumers for being loyal. Loyalty programs offer discounts and other benefits
to customers that strengthen the relationship.
The Country Store, a small general retailer, is trying to determine the best mix of
national and private-label brands it should carry. What are the differences between the
two brands?
Jamie needs to find a way to save profit margins without increasing price. Recently the
price of chocolate has gone up, so his gourmet organic candy bars are losing a good
portion of the profit margin. What non-price strategies can Jamie begin to employ so he
can recover his profit margin? Which strategies does Jamie need to be cautious of?
What promotion mix elements should be the focus of a pull strategy?
Identify and define the categories of online research tool. What are the advantages and
disadvantages of each? Give an example of when a firm would want to employ each.
Angus Promotions, Inc. is just launching its screen-printing business. Which is the best
promotional goal for their promotion campaign and why?
How does the American Marketing Association define a brand and why is a strong
brand important?
Define brand equity. List and explain the 5 dimensions of brand equity as described by
David Aaker. Give examples of each dimension.