30 Questions
What type of data is collected by someone other than the researcher?
Secondary Data
What type of data is more important to the marketing researcher today due to its availability and usefulness?
Secondary Data
What term refers to the use of internal databases to target programs directly to consumers?
Database Marketing
What is a collection of data and information describing items of interest?
Database
What is the definition of Market Research?
The systematic and objective process of generating information to aid in making marketing decisions
What type of data is obtained outside the firm?
External Secondary Data
What type of marketing relies heavily on interpersonal communication and interaction between buyers and sellers?
Personal selling
What is the term for the series of conversations between buyers and sellers that take place over time in an attempt to build relationships?
Sales conversation
What is the relationship between salespeople and revenue in most business firms?
Direct
Which role played by salespeople in consultative selling is most dependent on the salesperson's business, industry, and customer knowledge?
Business consultant
Which of the following is not a typical skill required for trust-based relationship selling?
Financial planning
What is a key difference between traditional sales tactics and trust-based relationship selling methods today?
Trust-based relationship selling focuses on building long-term relationships
What is the testing of new product concepts in a targeted segment of the market called?
Concept testing
What should a product manager focus on the most when building a new product?
A balance between selling and product development
Is it useful to add features to a product if the customer does not use them?
False
When did modern product management start to take shape?
With the explosive growth of the software market
What is the term for all activities and processes that provide value to customers?
Value delivery system
What is the bundle of benefits offered to consumers through a channel of distribution called?
A value delivery system
What is a key characteristic of the value chain concept?
Interdependence among channel members
What is the minimum level of service that a customer expects from a retailer?
Expected retail strategy
What is a unique strategy that no competing retailer has perfected?
Potential retail strategy
What is the term for the measurement of customer satisfaction and loyalty?
American Consumer Satisfaction Index (ACSI)
What is true about a retailer's core customers?
They deserve special treatment
What is a component of relationship retailing?
All of the above
Which type of service gives retailers a competitive advantage?
Customer loyalty program
What type of account bills customers monthly based on their outstanding cumulative balance?
Revolving credit account
In which type of account must customers pay their full bill when it is due?
Open credit account
Which strategy allows retailers to reward their best customers?
Customer loyalty programs
What is a critical component of a customer loyalty program?
A database to track consumer purchases
What is the term for an ongoing relationship between parties involved in producing and selling goods and services?
Value delivery system
Test your knowledge of marketing and sales concepts, including personal selling, sales promotion, and consumer behavior. Identify the correct terms and definitions related to buyer-seller interactions and relationships.
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