Marketing - What you know so far...and some general revision

What is marketing?

• Engaging customers and managing profitable customer relationship

• Understanding the marketplace and customer needs

• Fulfilling needs, wants and demands of customers

• All of the above

Market Segmentation is

• which segment to go after

• customer segmentation

• dividing the market into segments of customers

• all of the above

A small group of 8-15 people who share their opinions on products being researched by a company

• focus groups
• target market
• exchange
• market

What is a disadvantage of using a large sample size for a survey?

• privacy concerns
• tax liabilities
• increased expense
• less accuracy

Secondary data is often

• gathered before primary data.
• gathered after primary data.
• considered irrelevant.
• more time consuming to gather than primary data.

Primary data is generally

• less expensive than secondary data.
• less time consuming than secondary data.
• easier to gather than secondary data.
• more expensive than secondary data.

A question starting with "How many" is an example of what type of market research?

• quantitative
• qualitative
• secondary
• proprietary

A questions starting with "Why" is usually what type of research question?

• qualitative
• quantitative
• secondary
• proprietary

The process of gathering, recording, analyzing, and reporting information regarding customers.

• marketing
• market research
• focus groups
• marketing strategy

This orientation focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.

• Production Orientation

• Sales Orientation

• Market Orientation

• Societal Marketing Orientation