Marketing and Sales Concepts
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Questions and Answers

What type of data is collected by someone other than the researcher?

  • Internal Data
  • Secondary Data (correct)
  • Primary Data
  • External Data
  • What type of data is more important to the marketing researcher today due to its availability and usefulness?

  • Internal Data
  • External Data
  • Primary Data
  • Secondary Data (correct)
  • What term refers to the use of internal databases to target programs directly to consumers?

  • Primary Data
  • Internal Data
  • Database Marketing (correct)
  • External Data
  • What is a collection of data and information describing items of interest?

    <p>Database</p> Signup and view all the answers

    What is the definition of Market Research?

    <p>The systematic and objective process of generating information to aid in making marketing decisions</p> Signup and view all the answers

    What type of data is obtained outside the firm?

    <p>External Secondary Data</p> Signup and view all the answers

    What type of marketing relies heavily on interpersonal communication and interaction between buyers and sellers?

    <p>Personal selling</p> Signup and view all the answers

    What is the term for the series of conversations between buyers and sellers that take place over time in an attempt to build relationships?

    <p>Sales conversation</p> Signup and view all the answers

    What is the relationship between salespeople and revenue in most business firms?

    <p>Direct</p> Signup and view all the answers

    Which role played by salespeople in consultative selling is most dependent on the salesperson's business, industry, and customer knowledge?

    <p>Business consultant</p> Signup and view all the answers

    Which of the following is not a typical skill required for trust-based relationship selling?

    <p>Financial planning</p> Signup and view all the answers

    What is a key difference between traditional sales tactics and trust-based relationship selling methods today?

    <p>Trust-based relationship selling focuses on building long-term relationships</p> Signup and view all the answers

    What is the testing of new product concepts in a targeted segment of the market called?

    <p>Concept testing</p> Signup and view all the answers

    What should a product manager focus on the most when building a new product?

    <p>A balance between selling and product development</p> Signup and view all the answers

    Is it useful to add features to a product if the customer does not use them?

    <p>False</p> Signup and view all the answers

    When did modern product management start to take shape?

    <p>With the explosive growth of the software market</p> Signup and view all the answers

    What is the term for all activities and processes that provide value to customers?

    <p>Value delivery system</p> Signup and view all the answers

    What is the bundle of benefits offered to consumers through a channel of distribution called?

    <p>A value delivery system</p> Signup and view all the answers

    What is a key characteristic of the value chain concept?

    <p>Interdependence among channel members</p> Signup and view all the answers

    What is the minimum level of service that a customer expects from a retailer?

    <p>Expected retail strategy</p> Signup and view all the answers

    What is a unique strategy that no competing retailer has perfected?

    <p>Potential retail strategy</p> Signup and view all the answers

    What is the term for the measurement of customer satisfaction and loyalty?

    <p>American Consumer Satisfaction Index (ACSI)</p> Signup and view all the answers

    What is true about a retailer's core customers?

    <p>They deserve special treatment</p> Signup and view all the answers

    What is a component of relationship retailing?

    <p>All of the above</p> Signup and view all the answers

    Which type of service gives retailers a competitive advantage?

    <p>Customer loyalty program</p> Signup and view all the answers

    What type of account bills customers monthly based on their outstanding cumulative balance?

    <p>Revolving credit account</p> Signup and view all the answers

    In which type of account must customers pay their full bill when it is due?

    <p>Open credit account</p> Signup and view all the answers

    Which strategy allows retailers to reward their best customers?

    <p>Customer loyalty programs</p> Signup and view all the answers

    What is a critical component of a customer loyalty program?

    <p>A database to track consumer purchases</p> Signup and view all the answers

    What is the term for an ongoing relationship between parties involved in producing and selling goods and services?

    <p>Value delivery system</p> Signup and view all the answers

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