QUESTION In step three of marketing research (analyze the data: use statistical tools to determine the facts), what might a company have to do with the data it has collected? What will be an ideal response? ANSWER Answer: A company may need to edit data, or check it over to eliminate mistakes. The company […]
Date: September 3rd, 2020
QUESTION Jamal is having trouble figuring out his taxes on paper. Walk through Jamal’s experience with the five steps in the consumer buying process for what Jamal needs to think through as far as getting help on his taxes. What will be an ideal response? ANSWER Answer: Sample answer: (1) Jamal first recognizes his […]
Date: September 3rd, 2020
QUESTION Which of the following relationships between an organization and its customers is most similar to the relationship described above between Apple and Apple’s “true believers?” A) Walmart customers who shop for jewelry appreciate Walmart’s low prices but do not often reveal that they purchase jewelry there. B) Northern Bear Pet Supplies differentiates itself from […]
Date: September 3rd, 2020
QUESTION Explain product, product line, and product mix. What will be an ideal response? ANSWER Answer: A product is a good (which is tangible) or a service (which is intangible) that can satisfy customer needs. A product line is a collection of products designed for a similar market or that are physically similar. A […]
Date: September 3rd, 2020
QUESTION Apple benefits from the beliefs of its “true believers” in all of the following ways EXCEPT: A) They are likely to resist the marketing efforts of Apple’s competitors. B) They have lower expectations than other customers, which makes them easier to satisfy. C) They are likely to continue to buy products from existing Apple […]
Date: September 3rd, 2020
QUESTION What was the marketing concept era (1950s to 1990s) about? What will be an ideal response? ANSWER Answer: The marketing concept era focused on a three-part marketing concept: (1) Customer satisfaction: “We need to give buyers what they expect from us.” (2) Focus on service: “Everyone, from CEO to stock clerk, should focus […]
Date: September 3rd, 2020
QUESTION For the purposes of marketing categories, consumers fall into five segments, or groups. Name them and give a brief description of each. What will be an ideal response? ANSWER Answer: (1) geographic segmentation: dividing the market by location; (2) demographic segmentation: dividing the market by age, gender, income, and so on; (3) psychographic […]
Date: September 3rd, 2020
QUESTION Name and describe the three categories into which business markets can be classified. What will be an ideal response? ANSWER Answer: (1) geographic segmentation: dividing the market by location; (2) customer-based segmentation: dividing the market by customer characteristics; and (3) product-use-based segmentation: dividing the market by customer use of the product Explanation: (1) […]
Date: September 3rd, 2020
QUESTION Define one-to-one marketing. Give a scenario as an example. What will be an ideal response? ANSWER Answer: One-to-one marketing consists of reducing market segmentation to the smallest part—individual customers. Sample scenario: A mail-order company keeps track of the products every customer looks at on its Web site and every product each customer purchases. […]
Date: September 3rd, 2020
QUESTION A company that makes baked goods created a new peppermint-chip cookie. Before the firm launched the product nationally, with its other products, it first sold the cookies at five select supermarkets in each of five major cities. What was the company doing? What will be an ideal response? ANSWER Answer: The company was […]
Date: September 3rd, 2020
