1. ?Terra Corp. produces a wide range of furniture, such as cabinets, book cases, and wardrobes. It divides its consumer market into several groups of people who have similar interests in wooden furniture. In this case, dividing its consumer market:
enables Terra Corp. to meet the markets’ need with a single marketing mix. ?
?enables Terra Corp. to define customer needs and wants precisely
eliminates the need for defining marketing objectives?
?eliminates the need for defining marketing objectives
2. The customer relationship management technique that focuses on thanking customers for their business to a company exemplifies the trend of _____.?
?time savings
?personalization
?technology
?loyalty
3. ?Which of the following is an advantage of a multisegment targeting strategy
?It significantly reduces the risk of product cannibalization
?It provides economies of scale in manufacturing and marketing
?It helps in satisfying the needs of a niche market
?It decreases the costs involved in product design, marketing research, and management
4. ?Which of the following is a similarity between a stock market and a labor market?
Both adopt a barter system to facilitate the exchange of products?
Both are composed of people who are unwilling to spend large sums of money for products or services.?
?Both are composed of people with specific wants that can be satisfied by particular product categories
?Both deal in selling high-end, expensive products
5. ?A concentrated targeting strategy differs from an undifferentiated targeting strategy in that a concentrated targeting strategy:
?results in cannibalization of products
?involves selecting a market niche for targeting its marketing efforts
?views the market as one big market with no individual segments
?uses a common marketing mix for the entire market
6. In the context of customer relationship management trends, which of the following statements is true of personalization??
?It uses mass-media approaches to meet the expectations of customers
?It increases the time taken by customers to make purchase decisions
?It involves rewarding customers for their business to a firm?
It treats customers as individuals who have their own unique sets of needs and wants?
7. ?Which of the following is a reason why consumer goods companies take a regional approach to marketing?
?Companies have the opportunity to take more time to react to competition
?Consumer markets lack intense competition
?Baby boomers and seniors can be easily attracted using this approach
?Baby boomers and seniors can be easily attracted using this approach