Chapter 11 Vocab Quiz

What is the primary focus of marketing?

• Increasing production

• Customer satisfaction

• Reducing costs

• Expanding globally

What does CRM stand for?

• Customer Resource Management

• Consumer Relationship Management

• Customer Relationship Management

• Client Resource Management

What is the definition of utility in marketing?

• The ability to reduce costs

• The ability to increase sales

• The ability of goods and services to satisfy consumer wants

• The ability to expand market share

What is a marketing plan?

• A document that outlines financial goals

• A formal document that defines marketing objectives and strategies

• A plan to increase production

• A strategy for reducing costs

What is market segmentation?

• Dividing the market into smaller groups based on product type

• Dividing potential customers into groups of similar people

• Dividing the market based on company size

• Dividing the market based on geographic location only

The group of people who are most likely to buy a particular product are

• Customer Loyalty

• Target Market

• Consumer Marketers

• Business Marketers

What is the definition of customer loyalty?

• When customers switch brands frequently

• When customers buy from the same supplier repeatedly

• When customers are indifferent to brand choice

• When customers only buy the cheapest products

What is the focus of business marketers?

• Directing efforts toward personal consumption

• Directing efforts toward producing other products

• Directing efforts toward reducing costs

• Directing efforts toward increasing sales volume

What is demographic segmentation?

• Dividing the market based on consumer attitudes

• Dividing the market based on geographic location

• Dividing the market based on measurable characteristics like age and income

• Dividing the market based on product type

What is psychographic segmentation?

• Dividing the market based on consumer attitudes, interests, values, and lifestyles

• Dividing the market based on geographic location

• Dividing the market based on product type

• Dividing the market based on company size