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A) customer acquisition process B) customer relationship management process C) customer prospecting process D) customer integrating management process E) customer equity process Page: 34, ________ allows the company to discover who its target markets are, how they behave, and what they need or want. Ricks company faces __________ demand. B2B partners often connect to each other on the Internet through special __________ designed to facilitate information exchanges and transactions. extend decision rules to the customer complaint desk. Ltd.: All rights reserved, Following are the steps of market segmentation process -. The best description of this form of alliance would be a(n) ________. Understanding customer needs and requirements. He can be described as a(n) ________ planner. Potential Answers: c. Using larger, bold fonts for headlines to ensure the story is easy to follow Anattractive report is an invitation for a reader to read it. Which of the following is an example of a primary data source: answer choices inventory reports survey sales reports expense reports Question 3 30 seconds Page: 54, Definitions of a firm's mission as well as its marketing and financial objectives are included in the marketing strategy section of the marketing plan. It is important especially for demographic and geographic variables. A. When a graph is used to convey the analysis, which of the following is generally needed? Gets all stakeholders onto the same path, with shared understanding and language A) strategic market definition B) target market definition C) cognitive definition D) product definition E) tactical definition Page: 39, What are hollow corporations? Kerrys purchase represents, Whenever Meredith buys toothpaste, she always automatically reaches for the same brand and puts it in her shopping cart with no thought or effort. Fell free get in touch with us via phone or send us a message. The student body president is the __________ in the buying center. Governments have the capacity to make broad changes to monetary and fiscal policy, including raising or lowering interest rates, which has a huge impact on business. Primary and Secondary, 1 out of 1 people found this document helpful. Rachael is likely to be involved in an impulse buying process. Practice stillness assist him in meeting his functional needs. Identify and evaluate opportunities 2. When John was considering buying a new car, he sought out unbiased information and ratings about different makes and models in Consumer Reports magazine as well as from Edmunds.com. The business press can thus prove to be a major force on the organization. Although she has looked at several brands, she refuses to buy a computer that weighs more than five pounds. John is involved in the buying center of a large organization. In both new buy and straight rebuy situations, all members of a buying center will be intensely involved in the purchasing decision. List the most common sections of a marketing research report and describe the primary function of each of them. A) defining the corporate mission B) establishing strategic business units C) assigning resources to each SBU D) assessing growth opportunities E) deciding sales channels Page: 37, Juan Garcia plans the daily promotional releases about his company's products and services. Once served to a customer, the service is totally consumed and could not be delivered to another consumer. Topline report Field disposition reports Russian consumers have little interest in online shopping. Laboratory experiments are likely to have higher external validity than field experiments. The marketing research process is a systematic way to find out what matters to your target audience. A) planning B) implementation C) controlling D) organizing E) analyzing Page: 37, The ________ in the value chain cover the sequence of bringing materials into the business (inbound logistics), converting them into final products (operations), shipping out final products (outbound logistics), marketing them (marketing and sales), and servicing them (service). creating strong brands and store loyalty. In this situation, Walmart buyers are engaged in a(n) __________ situation. Makes it easier to replicate the research when need be. The business press refers to social media's impact on the business. b. examining personal memories and knowledge. Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e.g., in search results, to enrich docs, and more. Page: 35, A firm's core competency has applications only in the specific market in which the firm operates. The global product strategy a firm chooses depends on, Although China represents one of the largest markets for soup in the world, Campbells Soup Company had to invest considerable time and effort in making changes to its existing products because Chinese people are accustomed to preparing their soup fresh. But one danger of running out of the "doorbuster" deals is that a shopper may become angry or discouraged at failing to get the special item, and decide not to do any more shopping. perceive it to be the better value for them. Appendix A - 12 cards. temporary promotional discounts). d. Organizing analysis into related units by storyboarding A) segmentation, developing, and delivering B) targeting, positioning, and communicating C) targeting, positioning, and delivering D) segmentation, targeting, and positioning E) researching, developing, and delivering Page: 34, Apex Corporation is one of the best in its industry in terms of costs and performance. A) procurement B) human resource management C) technology development D) inbound logistics E) firm infrastructure Page: 34, The fulfillment management process includes all the activities in ________. Brenda wants a new car that will be dependable transportation and look good. This preview shows page 1 - 3 out of 8 pages. The same marketing mix for all of the four Ps used in all countries. B2B marketing involves manufacturers, wholesalers, and service firms. __________ factors, such as the purchase situation, often override or influence psychological and social issues influencing consumers purchase decisions. In pricing products in parts of Europe, including Italy, Spain, Greece and France, U.S. companies need to be aware that sales (i.e. B) Xerox: We make copying equipment. A) overall cost leadership B) focus C) differentiation D) diversification E) promotional Page: 51, McDonald's has often teamed up with Disney to offer products related to current Disney films as part of its meals for children. Executive Summary a one or two page summary of key findings, conclusions and recommendations suitable to be circulated beyond the immediate client team. Jill brought her findings to the research department, and her company leveraged its engineering and design competencies to develop a new hand-held hot-pad that allows for significantly greater dexterity in handling hot cooking implements, while protecting the cook from burns. D) They take a short-term view. The vast majority of products and services are likely to satisfy, According to the consumer decision process, after consumers recognize the need for a product, they then engage in. Technology Oriented Segmentation is not a valid basis for segmentation. They have high response rates. to develop basic strategies for dealing with their behavior. When a business customer engages in a straight rebuy, the member of the buying center most likely to be involved in the purchase is the. Meredith is engaged in. Page: 51, A firm employing a focus strategy concentrates on achieving superior performance in an important customer benefit area valued by a large part of the market. Marketers often use principles and theories from sociology and psychology to better understand consumers actions and. d. Base or sample size When consumers are engaged in the consumer decision process, the specific brands or stores they can readily recall in a product category are referred to as their _____ set. A) Value claimshow does the company deal with value clutter? What is the final stage in the business-to-business buying process? g. c and d Brazil is characterized by strong upper and lower classes, but the middle class has declined in recent years. Make your point and stop. To meet the needs of this segment, Loan Bright simplified its sales contract, restructured its advertising efforts to focus on Google ads, and created a separate customer-service department. e. None of the above. The segments must be identifiable so that the marketer can know which customers belong to a segment and which do not. Like many consumers, Glen engages in considerable alternative evaluation when buying habitual products like his Coke. The business-to-business buying process is initiated by which of the following steps? Alex decides to make a donation to the Autism Research Institute. When Karen realized her dog had fleas, Karen had, Stuart wanted to impress Janet with the perfect engagement ring. Generally, people buy one product or service instead of another because they. government actions that reduce competition from international firms. Methods used to clean / weight the data Key PointsMarket segmentation -Organizing potential customers into groups or segments with comparable demands and responses to marketing actions is referred to as market segmentation in marketing. Andr was addressing his __________ risk. B. Once consumers have recognized a need, they begin to search for ways to satisfy that need. The fact that a family would spend a lot more time researching the market before making a home purchase than it would in the decision to purchase an inexpensive dollhouse for the youngest member of household can best be explained which of the following concepts? AUM MKTG 3310D - CH 1 - 48 cards. Most "big box" retailers regularly move products from one aisle to another. Requirement for effective market segmentation: necessary information on how to carry out their campaigns. Page: 50, In applying MBO (management by objectives) all objectives are treated as being equally important. Phil put down the phone and told Alice, "I just love that customer. From Frank, Kim learns which professors have left the university or are newly arrived. Based on the cost and anticipated sales revenue, calculating the break-even price and the sales volume. when consumers decide to make their purchases. Autocratic buying centers are characterized by. A) changing the company's mission B) adjusting its core values C) choosing integrative growth strategies D) redefining organizational culture E) increasing resource use Page: 42-43, Market-penetration, product-development, and market-development strategies would all be examples of ________ strategies. Page: 43, If a company sought to grow by starting new businesses that have no relation to its current technology, products, or markets, the company would be using a market penetration strategy. Which of the following sector encourage small scale entrepreneurship and has minimum hurdles to market entry? Segment "Acid Test". Page: 33-34, The traditional view of marketing works best in economies with many different types of people, each with individual wants, perceptions, preferences, and buying criteria. Customer service therefore, would be considered a _____ for her in evaluating sporting good stores. b) Why is an executive summary the most critical part of the report? Reginald hopes that this attention to his "regulars" will encourage them to. Market segmentation is a marketing, advertising, and sales approach in which companies divide their target market into smaller, more manageable groups based on common ground they share in order to optimise their marketing, advertising, and sales efforts. Avoid redundancies If some of the low-cost technology developed for this laptop found its way into laptops created for U.S. consumers, this would be an example of, Global marketers typically find distribution in developing countries is more complex because. g) c and d This is an example of the ________ element of the holistic marketing framework. Page: 34, The new-offering realization process involves all activities in defining target markets and prospecting for new customers. There are many possible cars to choose from, but she is focused on a few she would actually consider buying. The most important consideration, when a firm chooses a global product strategy, should be, When Ben evaluated the commercial infrastructure in Mauritius, he considered the islands. Domestic firms developing a global entry strategy might consider franchising; however, the disadvantages need to be considered. In a(n) _____ buying center, one person is authorized to make a decision, but input from others is gathered before doing so. An effective global pricing strategy can be easily established by setting the same prices in every market around the world. Cultural nuances, subcultures, and consumers different views of their roles in different countries can make __________ complicated. Page: 50, For an MBO (management by objectives) system to work, one of the four criteria that the unit's objectives must meet is that objectives must be stated quantitatively whenever possible. Although social media is used to build relationships, in the B2B context, the majority of B2B marketers use _____ for their marketing efforts. b. Based on population growth rates in different regions, he should consider that. focus on providing information to and making the sales approach to the one decision maker. Gerald is assessing global entry strategies for his gourmet sandwich business. //]]> _____ involves a binding contractual agreement between two businesses whereby the marketing operations are tightly controlled and often standardized. Chinese consumers are not interested in purchasing products from the U.S. a country that exports more goods than it imports. (1) Primary Industry: Arrange the following steps of marketing process in proper sequence, (A) Construct an integrated marketing programme that delivers superior value, (B) Capture value from customers to create profits and customer equity, (C) Understand the market place and customer needs and wants, (D) Engage customers. c. Use short sentences In choosing to focus on this market, Gerber is defining its competitive sphere on the basis of ________. Philip Kotler defines, "Market segmentation is a process of identifying groups of buyers with different desires or requirements.". The franchisor might end up training a future competitor. The buying decision is likely to be most complex and take longest to complete in a(n) __________ B2B buying situation. Russian consumer markets are saturated, offering few opportunities for goods from U.S. companies to sell well. He will be stopping at the grocery store on the way home. Apparel Merchandising - 65 cards. sample). consistent with underlying cultural values in a country. Producers do not know who needs, what, when, where, and at what price consumers dont know what is available from whom, where, when, and at what price. Resellers differ from producers in that resellers significantly alter the form of goods they sell. Recognizing this corporate culture, someone attempting to sell to Fordham Hardware should. This is an example of using a. Raycoms engineers have been asked to provide detailed specifications and recommendations for the equipment needed. Meet objectives 4. market intelligence B. Raw data Exam 2014, questions - Marketing research - UNIVERSITY OF . h. a, b and e. 15. reducing financial risk and increasing psychological payout. Nearly all small businesses have consensus buying centers. Government, consumer groups, business press and financial analysts are part of: Government, consumer groups, business press, and financial analysts are part ofinfluence markets. To make it more likely that his customers are satisfied, Darrell could do any of the following EXCEPT. A) concentric strategy B) conglomerate strategy C) horizontal strategy D) intensive growth strategy E) integrative strategy Page: 45, Which of the following terms can be defined as "the shared experiences, stories, beliefs, and norms that characterize an organization"? 1. Question 2 Exploratory research seeks to gather Answers: A. Page: 36, Mission statements that express unrealistic visions are usually unable to inspire employees to achieve their targets. A) choosing the value B) providing the value C) communicating the value D) considering the value E) acquiring the value Page: 34, The last step in the value creation and delivery sequence is ________ the value where the sales force, sales promotion, advertising, and other communication tools announce and promote the product. is only useful in companies with over $1 million in annual sales. Step 1:Understanding The Marketplace And Customer. Jennifers spending decisions are heavily influenced by her family, her peers, and her religious education. C) They define the major competitive spheres within which the company will operate. Speak clearly and accurately Avoiding 3-dimensional graphs to provide clearer spatial relationships Customer relationship managements ultimate aim is to produce high Customer equity total combined lifetime values of all of the companys current and potential customers. Most Indian citizens shop in large retail outlets. Which of the following is one of the global entry strategies? A) product-development B) market-penetration C) diversification D) market-development E) conglomerate Page: 43, Qantas, the Australian national carrier, introduces flights to the Middle East. Caroline had to adjust to __________ differences. Joanna lives according to her own rules, unconcerned about designer labels, brand names, and luxury items. Brad is trying to avoid __________ business blunders. It offers a deeper, more comprehensive study than any other kind of market research. The resulting segments must be substantial to generate required returns. The market segment should be large and profitable. Implement 3. Use images only if they reinforce the message What do the BRIC countries have in common? The B2B buying process tends to be more formal than B2C buying. This requirement is designed to. A __________ is a type of reseller, a business that buys from other businesses but does not significantly alter the form of the products it buys. This is an example of the impact of __________ on the consumer decision process. B) They provide direction and focus for a brand, product, or company. A) Missouri-Pacific Railroad: We run a railroad. The active voice should be used to make report findings clearer and more immediate. tell customers that he has the best quality cabinets available anywhere in the country. have very few words, simplified charts or infographics Paula is concerned with __________. Firms attempt to respond quickly to complaints, hoping to. where consumers decide to make their purchases. A __________ limits the quantity of imported merchandise, thus minimizing competition faced by domestic products. China is now the second-largest economy and the third-largest market for U.S. exports. This is a CLOSED book exam. Market segmentation refers to subdividing a larger market into smaller submarkets. f. All of the above. Pricing research 3. Americans often equate "bigger" with "better," and prefer larger cars, TV screens, homes even meals. Because they do so much driving while visiting doctors offices and hospitals, pharmaceutical sales representatives are often given company cars to drive. A group becomes a reference group when an individual recognizes with the group and takes on many of the values, attitudes, or personal standards of group members and use them as the basis of his/her day-to-day behavior. Distribution Research 4 Promotion Research C. 1. Although they do not directly invest in one another, independent firms entering into collaborative partnerships to expand globally are called. 13. A) entering a new market B) resource allocation for each product C) strategic plan for individual business units D) choosing specific suppliers for each business unit E) marketing plan for each product Page: 36, Most large companies consist of four organizational levels: the corporate level, the ________, the business unit level, and the product level. The individual who controls the flow of information or access to important decision makers serves as the _____ in the buying center. Forecasting sales, based on demand estimation and competitive analysis, 3. They can save companies money and reduce paperwork. This is an example of which global entry strategy? A universitys purchasing department is required to get at least three bids for any purchase greater than $3,000. Ms. Reynolds serves as a __________ in the buying center. Which of the following is not a valid basis for market segmentation? Short answer option: Why is it important that attention be paid to how a marketing report looks? b. Figure 10.6 Steps in the Marketing Research Process Step 1: Define the Problem (or Opportunity) There's a saying in marketing research that a problem half defined is a problem half solved. SECTION B: Answer ONE question from this section (Either Q2 or Q3 or Q4). Marketing to more rural populations is more costly than reaching urban areas. In a modified rebuy situation, __________ are likely to have an advantage in getting the order. Let us have a look at your work and suggest how to improve it! D) Value networkhow can a company effectively network? Jordana is buying a laptop computer to take on trips. According to the Elaboration Likelihood Model, which of the following variables determines whether limited or extended problem solving will operate in a particular purchase decision? They are experiencing significant levels of economic growth. Frazier will likely engage in limited problem solving. Segment Profitability and Segment Positioning------>A. The creation of different nature services, such as experiences, discussion, access, is the most significant feature of the tertiary sector. Answer: Any six of the following A) organizational dynamics B) a business mission C) an ethical/value statement D) customer relationships E) corporate culture Page: 45, When it was first launched, Google's paid search platform represented a new strategy for revenue generation on the Internet. In this approach, customers are divided into smaller segments based on type of customers. A) the situation analysis B) the marketing strategy C) the executive summary D) the financial projections E) the short-term targets Page: 54, The most frequently cited shortcomings of current marketing plans, according to marketing executives, are lack of realism, insufficient competitive analysis, and a ________ focus. Therefore,the most important and first step in the marketing process is understanding customer needs and requirements. Page: 33, Marketing goods that are currently in short supply would require significant marketing talent. Estimation of demand in the target market, of different price levels. UKPSC Combined Upper Subordinate Services, APSC Fishery Development Officer Viva Dates, Delhi Police Head Constable Tentative Answer Key, OSSC Combined Technical Services Official Syllabus, Social Media Marketing Course for Beginners, Introduction to Python Course for Beginners. Which of these is NOT a disadvantage of franchising? build profitable relationships. 7. All of these are disadvantages a firm must consider. Simplify charts as much as possible. It should: How would you best describe the demographic, You're scanning the morning news and realize that several factors in the external environment could positively impact the potential growth of the medical spa. Recognizing this corporate culture, someone attempting to sell to Markham Publishing should. They also put personal care products in the pharmacy area, many aisles away from the grocery products. 3. a) What are the key characteristics of a good executive summary? A) diversification growth B) intensive growth C) target growth D) integrative growth E) conglomerate growth Page: 43, Which of the following is an example of intensive growth? This is considered an external search for information. Multiple choice option: Which of the following are reasons why attention must be paid to how a marketing report looks? Get a Consultant Previous Flashcard Next Flashcard Share This Flashcard is not The greater the difference between a consumers unsatisfied need and the desired state, the greater the need recognition will be. Roberta works out at a health club, goes to yoga classes and reads magazines about womens health in order to satisfy her inner desires. Create a series of PowerPoint (or similar) slides that demonstrate the following principles of creating a visually more attractive report. All of these statements are true about web portals. C) Standard Oil: We sell gasoline. Helps the client do an important part of his or her job Producers and consumers are separated geographically. In _____ buying centers, all members of the team must reach a collective agreement that they can support a particular purchase. Generally, firms entering foreign markets begin with. Of the five types of risk associated with purchase decisions, which one involves the perceived danger inherent in a poorly performing product or service? Suppose your product is tutoring other students in a subject you're a whiz at. In terms of revenue generation, the tertiary sector is presently the largest sector of the world economy. The final step of the business-to-business buying process is a formal vendor analysis. This is the most important, riskiest and most expensive decision she has ever made. What are the two types of data that are most commonly used in market research? Governments can intervene when companies or entire segments of the economy are failing, or threatening to undermine the whole economic system, by providing bailouts. Ensures the findings are absorbed, integrated and acted on Then the marketer develops integrated marketing plans that will the intended value to target customers. 2. Step 1: Establish the need for marketing research Step 2: Define the problem Step 3: Articulate research questions Step 4: Determine research design Step 5: Identify information types and sources Step 6: Determine methods of accessing data Step 7: Design data collection forms Step 8: Determine the sample plan and size Step 9: Collect data - StuDocu. through community debating organizations. When she went to work in another part of the country, she was surprised by how few people had similar values and beliefs.

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