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Exam 13: Marketing: Helping Buyers Buy

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Question 1

Multiple Choice

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Roosevelt Community College has experienced declining enrollment for the past three years. In the past the college has relied strictly on enrollment from newly graduated high school students. In order to identify other potential markets, Roosevelt Community College would benefit from:

A) test marketing.
B) sales promotions.
C) marketing research.
D) a stakeholder audit.

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

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Question 2

Multiple Choice

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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:

A) target marketing.
B) a reference group strategy.
C) benefit segmentation.
D) B2B marketing.

E) A) and D)
F) A) and C)

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Question 3

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Buyers in the B2B market tend to make more rational decisions than buyers in the consumer market.

As noted in the Reaching Beyond Our Borders box, as China reforms its one-child policy, the new policy will have a minuscule impact on businesses in the Chinese market.

All-Star 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. All-Star's approach is an example of:

The factor that determines whether a product is classified as a consumer product or an industrial product is:

The set of values, attitudes, and ways of doing things that result from belonging to a certain ethnic, religious, or racial group is called that group's cognitive dissonance.

During the ________ era, the prevalent business philosophy turned from an emphasis on production to an emphasis on advertising and selling.

The __________ market consists of individuals and organizations that want goods and services in order to produce goods and services or to sell, rent, or supply those goods to others.

Firms adopting a relationship marketing strategy view technology as a(n) :

In business-to-business markets, sellers rely on wholesalers and retailers to efficiently distribute their products.

Designing a want-satisfying product is part of the marketing mix.

Separating a market by the amount of the product consumed is known as volume segmentation.

Hideki has just been transferred from a position in his firm where he dealt with the consumer market to a new job dealing with buyers in the B2B market. Which of the following correctly identifies a key difference Hideki is likely to observe between consumer markets and business-to-business markets?

Consumer databases, blogs, and social networking are some of the technological factors that are used by marketers to develop goods and services.

Because the marketing concept emphasizes a profit orientation, marketing has not been used successfully by nonprofit organizations.

A ________ marketing strategy develops products and promotions designed to please large groups of people.

Firms adopting a relationship marketing strategy often establish a database of information about each customer.

A firm that uses __________ segmentation divides a market into groups based on values, attitudes, or interests.

The B2B market involves fewer trades and fewer dollars spent than the consumer market because there are so many more consumers than there are businesses.