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Exam 13: Marketing: Helping Buyers Buy

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Question 51

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Test marketing involves developing an accurate description of the product and asking people if the proposed product appeals to them.

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Question 52

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Blogging has brought Southern Nights Nursery a step in the right direction toward building relationships with its customers. The owner blogs his weekly recommendations to loyal followers and provides supplier sources for all kinds of rare and hard to find plants and shrubs. Customers provide other customers with reviews and comments about various plants they purchased through Southern Nights. As an extension of customer relationship management, this company is practicing ____________.

A) production management (PM) .
B) processing customer relationships (PCR) .
C) customer-management relationship (CMR) .
D) psychological-managed relationship (PMR) .

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Question 53

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In the past, companies have designed intricate products that markets did not perceive any need for. They have aired promotional campaigns that have offended audiences. They have priced products out of reach of the target market. Marketing experts defend the importance of _________________ , the process of gathering all sorts of information about customers and products in order to make informed decisions about the product, price, place, and promotion.

Providing people with a description of a potential new good or service and asking if the idea appeals to them are key parts of the marketing process.

In the evolution of marketing, the production era assumed an unlimited market.

The marketing mix provides a detailed market analysis to determine opportunities and challenges as well as information needed to make good decisions.

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 cardio 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 club to appeal to young, well-educated women. After visiting gyms 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 ShapeUP. It offers a spacious and attractive locker room, better cardio 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 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 ShapeUP. She wants to please her existing customers and keep them coming back. In fact, now that ShapeUP has 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 gym industry, trying to identify factors that can affect the marketing success of her club. She subscribes to several journals that cover trends and report on research findings related to the business. She has found that these journals provide her with an inexpensive source of useful information. -When Callie wants to obtain information to research changes in her market or determine what her customers are likely to want in the future, she relies on the articles and data available in trade journals, feedback from surveys, and personal interviews of her customers. Which of the following statements about Callie's sources of information is most accurate?

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

Because accurate and timely market information is vital to a firm's success, businesses should budget whatever it takes to get the best data available.

Which of the following statements about marketing is the most accurate?

Jason bought an expensive new sports car last week. Immediately after the purchase, he worried that he paid too much, and that a less expensive model with better gas mileage would have been a wiser choice. Marketers refer to the doubts Jason is experiencing as post-purchase stress syndrome.

Jose has accepted a sales position at Business Solutions Corporation. Prior to this job, Jose worked in the electronics department of a retail store selling personal computers to consumers. In his new job at Business Solutions, Jose will sell personal computers to businesses. Despite the fact that the products sold to these two customer groups are quite similar, Jose is likely to find that purchasing decisions by buyers in the two markets will be influenced by different factors.

The marketing concept was used heavily by business when it was first suggested in the 1950s.

Roberto is a marketing manager for Friendly Financial Services. He has been looking at a variety of factors, such as technological, socio-cultural and economic trends as well as competitive conditions. Roberto is confident that these factors will impact Friendly's future marketing success. His efforts are an example of:

Describe the steps involved in the marketing process.

Mike's Auto Repair works hard to find out what customers want and how to best meet their needs. Based on feedback from customers, Mike now provides a written estimate before any work is done, offers a more comprehensive guarantee than competitors, and calls customers after servicing their cars to make sure they are satisfied. These efforts suggest Mike is applying the concepts of customer relationship management.

Cool People Publications focuses their marketing efforts on reaching African American teenage girls. The firm believes that they are positioned to profitably serve this group of consumers. Cool People utilizes the strategy of:

Travel agencies demonstrate a one-to-one marketing strategy when they develop unique vacation packages for individual customers.

Which of the following represents an example of demographic segmentation?

Marketing research usually begins with secondary data because it is more accurate and more relevant than primary data.