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Exam 13: Marketing: Helping Buyers Buy

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Question 21

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The strategy of focusing on small but profitable market segments is called micro marketing.

A) True
B) False

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Question 22

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

A) goods the firm offers to different market segments.
B) advertising media the firm utilizes to promote its products.
C) strategies regarding product, price, place, and promotion.
D) people directly involved in making marketing decisions.

E) A) and C)
F) All of the above

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Question 23

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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:

Firms that have adopted seek to do more than simply sell a product; they seek to learn as much as possible about their customers in order to satisfy them with goods and services over time.

Identifying a target market is one of the key steps of the marketing process.

A key element of customer relationship management is to:

In an effort to increase profits, Yen Ching Chinese restaurant is attempting to appeal to a specific segment of the market by offering an all-you-can-eat buffet. These efforts, designed to identify specific groups that can be profitably served, represent an example of:

Mucho Tacos Restaurants, Inc. is a chain of restaurants featuring authentic Mexican cuisine in seven states. The company is looking into opening restaurants in additional markets and also wants to expand and to improve its menu. Which of the following is an example of secondary data the owners of Mucho Tacos might find useful?

Which of the following is considered a step in the marketing research process?

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

Intermediaries are firms in the middle of a series of organizations that distribute goods from producers to consumers.

Unlike advertising, which is part of the promotional component of the marketing mix, personal selling is considered to be part of the distribution function.

Melanie is a sales representative for a college textbook publisher. She spends a great deal of time visiting college professors who have already adopted one of her books for use in her classes. She makes sure they have all the supplements to the book they need and are informed about when new editions will be available. Melanie's emphasis on keeping her existing customers satisfied is consistent with the philosophy of relationship marketing.

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, welleducated 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 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?

consists of information that has already been researched by others and is published in journals or books, or has been made available online.

The most dramatic global change likely to affect the marketing success of most firms is the:

Culture is difficult for marketers to integrate into their analysis of consumer wants because cultural values tend to change radically from one generation to the next.

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

The tremendous demand for consumer goods and services after World War II helped launch the production era of marketing.