QUESTION Customer relationship management emphasizes finding out everything possible about customers and then using that information to satisfy and even exceed their expectations in order to build customer loyalty over the long term. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Customer relationship management was popularized during the customer relationship […]
QUESTION Which of the following is a not-for-profit organization? A) Johnson & Johnson B) Hertz C) Random House D) Duke University E) Oakhurst Dairy ANSWER Answer: D Explanation: D) Duke University is a private-sector not-for-profit organization.
QUESTION Consumer buying behavior is influenced mainly by a product’s price and whether it was effectively advertised. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: Those are two situational matter factors, but consumer buying behavior has many more influences.
QUESTION Demographic segmentation consists of categorizing people according to lifestyle, values, and psychological characteristics. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: This describes psychographic segmentation; demographic segmentation characteristics include gender, age, income, and the like.
QUESTION Market segmentation consists of dividing the business world into for-profit and not-for-profit markets. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: Market segmentation divides a market into groups whose members have similar characteristics or wants and needs.
QUESTION “Buyer’s remorse” is a type of postpurchase evaluation in the consumer buying process. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: You might suffer “buyer’s remorse” if you bought something that you perceive later to be too expensive, too shoddy, lacking other products’ features, not delivering on its promises, […]
QUESTION A company that sells sleeping bags logically targets customers who like camping. If the company wants to sell bags that keep campers warm to 30 degrees below 0, the company needs to target people who camp in the winter and people who live or camp in very cold climates, such as North Dakota and […]
QUESTION A new product is defined as a product that either (1) is a significant improvement over existing products or (2) performs a new function for the consumer. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: A new product is defined as a product that either (1) is a significant […]
QUESTION The marketing process starts with conducting research and determining a target market. Then it follows the four Ps of the marketing mix, in this order: product strategy > place strategy > promotion strategy > pricing strategy. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: The four Ps are pursued […]
QUESTION A company has an idea for a product. The first thing the company should do is establish whether there is a market for the product. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: The first thing the company should do is conduct research to determine whether there is a […]
