Business Questions

An element in a marketing strategy that involves making a product available in places where its target customers can purchase it is known asdistribution.pricing.communication.advertising.

Any and all signals that a company provides about itself and its products through advertising, packaging, or public relations are referred to asmarketing communications.social marketing.product analysis.market segmentation.

When conducting market analysis, which of the following must a company do?Multiple choice question.It must devise an innovative marketing plan.It must understand its own ability to meet customer needs.It must create a solution to a problem that does not yet exist.It must diversify and venture into unchartered territory.

Select all that applyWhich of the following are approaches to identify need sets of groups in the process of market segmentation?identifying needs first followed by consumer characteristics associated with those needsidentifying a market segment first followed by its definition, then its characteristics, and lastly, its needsidentifying a target market first followed by characteristics and needs of the market segmentidentifying ethnic groups first followed by consumption-related needs across the groups

Marketing decisions are likely to be successful if they are based onthe same strategies used by a firm's competitors.hunches and wild ideas, rather than on research.the intuition and gut reaction of marketers.explicit consumer behavior theory, assumptions, and research.

The difference between all the benefits derived from a total product and all the costs of obtaining those benefits is known asmarket analysis.consumer cost.product price.customer value.

Along with obtaining a profit for the firm, a marketing strategy also seeks tomaximize customer value.maximize competition.minimize competition.minimize customer value.

Which of the following is true about the meaning of consumption?Consumption frequently has deep meaning for the consumer.It is mechanical and linear and can be quantified.Buying decisions are a result of good marketing strategies and financial standing.A solid marketing strategy can accurately assess the meaning of consumption for most consumers.

The application of marketing strategies and practices not for profit but rather to change or create behaviors that have a beneficial impact on targeted individuals or society as a whole is known asonline marketing.social marketing.commercial marketing.product marketing.

Which is the most effective way to discover customers' needs?regulatory oversightmarketing researchusing social mediaselecting a target market

Which of the following is most likely a social marketing campaign?a health food store distributing leaflets that illustrate harmful effects of drug usean advertisement promoting a furniture company's carpetsa clothing store selling many different styles of clothing to attract a larger market segmenta company that manufactures office supplies distributing promotional samples of printer paper

Match the components of a market analysis (in the left column) to what the components entail (in the right column).The consumer - The company- The competitors- The conditions- The economic, physical, and technological context of the componentsThe capabilities of present and future rivalsThe organization's own capabilitiesThe consumption process of potential customers

True or false: Purchases can increase a consumer's need rather than reduce it when he or she has a negative level of satisfaction.

Which of the following are true of consumer decisions? (Select all that apply.)Multiple select question.They can be a result of powerful and nuanced motivations.They are based solely on need and function.They are predictable and linear.They are the result of a complex set of forces.

For an individual, the most obvious outcome of the consumption process istaking consumption decisions that negatively affect his or her well-being.achieving some level of satisfaction of the need that initiated the process.attaining complete satisfaction of all possible needs.making a purchase regardless of how well it fulfills a need.

What is the likely outcome for a firm that bases its marketing decisions on explicit consumer behavior theory, assumptions, and research?It does not provide a clear focus for the firm in its decision making.It can put the firm at a competitive disadvantage.It can create a competitive advantage for the firm.It can lead to poor decisions based on narrow-minded thinking.

In the process of market segmentation, marketers need to identify product-related need sets because

During market analysis, which of the following questions should a company ask regarding competition?Multiple select question.How are competitors likely to respond if we are successful?Which political candidates should we support?What is the state of the economy?If we are successful, which firms will be hurt?

Select the ways by which a company can understand its own ability to meet customer needs. (Check all that apply.)It should poll its employees to see what they want the company to produce.It should consider the trade-off between wages and fringe benefits.It should consider its production capabilities.It should evaluate its own financial condition.It should understand the skills of its marketing department.

Which of the following are the most likely responses from competing companies if your company is successful?Competitors will begin a crowdfunding campaign.Competitors will reduce prices on their products.Competitors will increase their advertising.Competitors will wage an aggressive smear campaign on social media.