When sellers focus on existing needs and lose sight of underlying customer wants, they suffer from marketing myopia.
Question 1________ are human needs that are shaped by culture and individual personality.
Necessities
Wants
Demands
Values
Question 2When sellers focus on existing needs and lose sight of underlying customer wants, they suffer from marketing myopia.
True
False
Question 3Amazon.com and GEICO approach customers via Web sites or mobile apps. This is an example of ________ marketing.
mass
niche
individual
direct
Question 4Direct marketing is an expensive way of reaching target markets.
True
False
Question 5A company’s broad mission leads it to develop all of the following EXCEPT ________.
budget objectives
business objectives
sales objectives
marketing objectives
Question 6The major activity in strategic planning is business portfolio analysis, whereby management evaluates the products and businesses that make up the company.
True
False
Question 7The market researchers at HoneyCamp Foods gather daily sales data and sort it by product line and region. With the help of sophisticated tools and techniques, they develop the data needed by marketing managers to evaluate the market share of the company’s different products and also to gain valuable market insights. This mix of people and procedures at HoneyCamp Foods that generate actionable marketing insights represents a(n) ________.
enterprise planning system
product mix
strategic planning system
marketing information system
Question 8Competitor intelligence can be collected from people inside the company, such as executives, engineers, purchasing agents, and the sales force, as well as customers.
True
False
Question 9Green Bees, a popular American heavy-metal band, will perform in Berlin during Christmas. There is a high demand for concert tickets among fans worldwide who are looking forward to the much-awaited performance. In this instance, the high demand for tickets for the Green Bees concert is representative of ________ demand.
primary
negative
derived
elastic
Question 10The main differences between business and consumer markets are in market structure and demand, the nature of the buying unit, and the types of decisions and the decision process involved.
True
False
Question 11________ consists of evaluating each market segment’s attractiveness and selecting one or more segments to enter.
Positioning
Mass customization
Market targeting
Market segmentation
Question 12Demographic segmentation divides buyers into segments based on their knowledge, attitudes, uses, or responses concerning a product.
True
False
Question 13Electron Corp. purchased Proton Corp. by buying all of its assets and ownership equity. This is an example of a(n) ________.
new product development
acquisition
joint venture
licensing contract
Question 14The product life cycle presents challenges. Which of the following is LEAST likely to require a company to adapt its marketing strategies?
developments in technology
decreased manufacturing costs
competition
changing tastes of consumers
Question 15Companies seldom solicit ideas from customers during the idea generation stage of product development.
True
False
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