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Exam 13: Marketing: Helping Buyers Buy

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Question 31

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The process of identifying the factors that can affect marketing success is called environmental scanning.

A) True
B) False

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Question 32

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Social media is having a minimal effect on the emerging era of mobile/on-demand marketing.

A) True
B) False

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Question 33

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Which of the following best represents an example of demographic segmentation?

Setting a price for the product or service is one element of the marketing mix.

The four eras of the evolution of marketing are (1) production, (2) selling, (3) advertising, and (4) stakeholder relationships.

Susan, a manager for Metallic Masters Manufacturing, spends much of her time reviewing the global, technological, sociocultural, competitive, and economic factors that can influence the success of her company's marketing efforts. Susan's efforts indicate that she is involved with environmental scanning.

After years of using a mass marketing strategy, Precision Print Shop has responded to new competition from larger companies by focusing on small market segments that have been ignored by these competitors. Precision believes that by offering these market segments personalized customer service it can attract a loyal group of customers willing to pay premium prices. What is Precision's strategy known as?

Mass marketing means developing products and promotions using little segmentation.

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

Marketing research helps determine what customers have purchased in the past, what situational changes have occurred to change consumer preferences, and what consumers are likely to want in the future.

Relationship marketing makes heavy use of media such as television, radio, and newspapers, to convince large groups of customers to buy a standardized product.

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

People with unsatisfied wants and needs who have both the ability and the willingness to buy are

The marketing team at Classic Creatives emphasizes marketing the goods that will earn the company a profit. This focus on profit orientation shows that Classic Creatives has not yet adopted the marketing concept that emphasizes a customer orientation rather than a profit orientation.

The idea behind customer relationship management is to enhance customer satisfaction and stimulate long-term customer loyalty.

It is the job of marketers today to persuade consumers to buy the goods and services those marketers have available to sell.

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

Green Goddess Lawncare, Inc., has enjoyed growing profits for 10 years. When new-product development made it feasible for underground sprinkling systems to be installed at a reasonable price, business soared. Recently, through ________ the owner of Green Goddess learned about a seed that only needs to be watered two times each year. This innovation could have serious consequences on healthy revenues and profits. The owner is analyzing the ________ environment in order to remain knowledgeable about new trends that may affect his business.

Keepsake Collectibles focuses its marketing efforts on high-income buyers of unique collectible items. The firm realizes that the number of buyers in this segment of the collectible market is small. However, they are confident that this approach will be profitable since these buyers will pay premium prices for their unique products and superior customer service. Keepsake's approach is an example of:

________ marketing involves developing a unique mix of goods and services for each individual customer.