Chapter 17 and 18 Review

The process of dividing a market of potential customers into groups based on different characteristics is called

• Market Segmentation

• Market Analysis

• Demographics

• Consumer identification

Which of the following is a marketing activity:

• Balancing customer needs with wants

• Leading a project team

• Communicating with customers

• Lowering operational expenses

Marketing is described as creating

• exchanges

• needs

• advertisements

• gaps

Which of the following influences the process of determining price:

• Customers’ perception of value

• Publicity

• Purchase location

• Sales promotion

Which of the following is NOT one of the four philosophies of marketing?

• Production orientation

• Societal marketing orientation

• Sales orientation

• Promotion orientation

Which of the following is NOT consistent with a manager having a marketing orientation?

• Inventory levels are set with customer requirements and costs in mind

• Customer relationship focuses on customer satisfaction before and after sale, leading to a profitable long-run relationship

• Focus of advertising is on product features and how products are made

• Packaging is designed for customer convenience and as a selling tool

In a ___________________orientation, the role of marketing research is to determine customer needs and how well the company is satisfying them.

• Marketing

• Production

• Production

• Selling

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

What is a niche market?

• A market in which businesses sell to a large customer group with similar needs.

• A market in which businesses sell to a variety of customers.

• A market in which businesses sell to a small customer group with specific needs.

• A market in which businesses sell one product to many consumers.

What is a mass market?

• When a business sells different products to all consumers and markets them in the same way.

• When a business sells the same products to all consumers and markets them in a different way.

• When a business sells different products to all consumers and markets them in a different way.

• When a business sells the same products to all consumers and markets them in the same way.