Quizes 1 2 and 3

As discussed in class, a market is best defined as
None of the above
Even though it is often more difficult to do so, which of the following types of segmentation most often leads to better results?
State-of-mind segmentation
Succesful segmentation includes all but which of the following
There must be diversity among the consumers in each segment
Market segmentation involves partitioning a market in to distinct subsets (market segments) of individuals or organizations such that
Both A and C. A, each subset reacts differently to various marketing efforts and C. The members in each subset respond similarly to various marketing efforts
In class, we discussed the following three major ways to segment a market
By state-of-being, state-of-mind, and product-or-transaction characteristics
Dividing a market into segments on the basis of consumer interests, values, opinions, personality characteristics, and attitudes is known as
Psychographic segmentation
Pertinent and perceived benefits divided by pertinent and perceived costs
is a way to measure value
In the pricing model discussed in class, a person’s perception of the price
directly determines their perception of product quality
Penetration pricing
is usually used to increase market share
In the pricing model discussed in class, buyers’ perceptions of their own wealth or income
moderate the relationship between perceived price and perceived buyer sacrifice
If we lower the price of Duncan Hines cake mix
the sales volume of Betty Crocker cake mix will go down
If we raise the price of Betty Crocker cake mix
the sales volume of Duncan Hines frosting will go up
In the pricing model discussed in class, if the price of our product was significantly greater than the price of our leading competitor’s product, we should
try to get our customers to focus on the upper paths of the pricing model
In the pricing model discussed in class, if the price of our product was significantly lower than the price of our leading competitor’s product we should
try to get our customers to focus on perceived buyer sacrifice
What is the meaning of life?
It depends or “Depende” if you’re latinooo
The main steps of the Buying Decision Process (as discussed in class) are
Need recognition, need formulation, need fulfillment
When moving through the information search portion of the Buying Decision Process
Information can be obtained from internal and/or external sources
All of the following are steps in the Buying Decision Process (as discussed in class) except
Communicating to prospective buyers
After “making the exchange” (or purchasing the product)
The buyer may conduct a post-exchange evaluation
100% customer satisfaction
is not likely to lead to optimal profits due to the cost of reaching that goal
Increasing customer satisfaction
has been shown to lead to an increase in customer retention
Using a 5-point satisfaction scale, the most difficult (and expensive) increase in customer satisfaction scores
is from 4 to 5
Customer satisfaction
Can be assessed by comparing customer expectations with customer evaluations
Which of the following is a potential problem of relying mainly on mean (average) customer satisfaction scores?
The mean may not reflect the nature of the satisfaction scores if there is a bimodal distribution
Which of the following is another problem with relying mainly on the mean (Average) customer satisfaction scores?
The marketer may make changes to satisfy dissatisfied customers and end up disappointing satisfied customers
With respect to customer expectations
too high of an expectation will likely result in lower customer satisfaction
The fact that retention is rarely 100% suggests that
customers likely are seeking variety
The fact that retention is rarely 0% suggests that
some customers feel that they have no other choices
The perspective of an economic psychologist (or psychological economist) would be that I would not make a trade unless…..
The utility of getting a product is more than the sum of its price and my cost of making the trade
The goal of marketing is to
Facilitate perceived mutually beneficial exchange relationships
Which of the following is NOT an example of a marketing exchange?
All of the above are examples of marketing exchanges
Which of the following is NOT one of McCarthy’s four P’s of the marketing mix?
Productivity
Which of the following is NOT one of Korler’s 4 C’s of the marketing mix?
Commercialization
One potential problem with Kotler’s two additional P’s (politics and public opinion) is that they
are not under as much control by the marketer as the original P’s
According to our class discussion, planning marketing strategy can consist of a simple set of 5 questions. The first four are:
Who are we? Where are we now? Where do we want to go? How do we get there?
In comparison to the 4 P’s, Kotler’s 4 C’s are considered to be
more from the view of the customer than from the marketer
The main focus of the Distribution Model of Marketing Exchange is the flow between seller and buyer of
Information, Innovation, and Compensation
The Distribution Model of Marketing Exchange includes a discussion of
transaction costs
In the Distribution Model of Marketing Exchange, the time it takes for me to travel to the Sawgrass Mall
Would be considered a transaction cost
In the Distribution Model of Marketing Exchange
Information flows from buyer to seller, and from seller to buyer
According to our class discussion, the key measure of productivity
is profit
Which of the following is NOT a measure of productivity
All of the above are measures of productivity
According to our class discussion, which of the following is NOT true about contribution margin?
All of the above are true statements regarding contribution margin
The key concept behind the “productivity perspective”
is that whatever is spent on marketing efforts should be justified by anticipated return
Productivity
is essentially a measure of performance efficiency
If graphing the sales revenue, the fixed costs, and the total costs (fixed plus variable), the break-even point is
where the revenue line crosses the total cost line
If you divide the total fixed costs by the contribution margin percentage (with the contribution margin percentage being the contribution margin per unit divided by the selling price per unit)
The result is the break-even point in dollars