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chapter 11 business

A key to successful customer relationship management is to:
collect, manage, and apply the right data at the right time to the right customer.
Utility is the ability of goods and services to satisfy consumer “wants.”
Business marketers only direct their efforts to people who purchase their products for personal use.
When data is gathered using _____, the researcher does not directly interact with the research subject
observation research
Consumer behavior specifically refers to how people act when they buy products for personal consumption.
Cognitive dissonance is the part of post purchase behavior that occurs when buyers have second thoughts after purchasing a product and begin to worry that they made a bad decision.
_____ is the customer’s perception that a product has a better relationship between the cost and the benefits of that particular product than the products of the competitors.
Stray Rescue is a nonprofit organization. Since the organization is not profit driven, it has no need to focus on marketing.
Strategies about product, price, promotion, and distribution are all included in a firm’s marketing mix.
_____ utility satisfies wants by converting inputs into a finished product.
In customer relationship management, firms selling big-ticket items with small customer bases often find it advantageous to:
develop full partnership relationships with their major customers.
Many firms develop a formal _____ to answer the question, “Who is your target market and how do you plan to reach them?”
marketing plan
When B2B marketers divide the market based on the concentration of customers, they are using _____ segmentation.
Jim works in the marketing department of a large firm. He recently spent much of his time working on new packaging ideas for one of his company’s products. His work would contribute to the _____ strategy of the company’s marketing mix.
Marketing in foreign countries requires altering the goods or services offered to meet the taste of local customers. Therefore, business leaders must develop a _____ to meet customer needs in each key market.
global marketing mix
A company could obtain primary data through:
focus groups, interviews, and online surveys.
Decisions about advertising, publicity, and product placement are all part of a firm’s:
promotion strategy in its marketing mix.
The external marketing environment is influenced by all of the following EXCEPT the _____ environment.
Analysis of market share is a key to understanding the firm’s:
competitive environment.
Demographic segmentation divides the market by:
measurable characteristics.
A well-chosen target market embodies the following characteristics:
size, profitability, accessibility, and limited competition.
Marketing research is used to monitor and predict customer behavior.
Value is based on a customer’s perception that a product has a better relationship between the cost and the benefits than its competitors.
Successful companies strive for customer satisfaction and develop marketing programs to encourage repeat business with existing customers
Observation research and survey research are the two broad categories of primary research.
The successful marketing campaign “What happens in Vegas stays in Vegas” is an example of _____ marketing.
Henry Ford’s famous quote that customers could have any color of the Model T as long as it was black best reflects marketing attitudes during the _____ era.
When a business provides _____, they satisfy customers’ wants and needs by providing goods and services at a convenient moment for customers.
place utility
The key advantage of survey research is that the researcher can secure information about what people are thinking and feeling, beyond what he or she can observe.
The process of dividing an overall market into groups of customers who are similar to each other but different from everyone else is known as market aggregation.

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