Marketing Principles and Customer Relationships Quiz

What is the focus of Relationship Era marketing?

Maximizing profit in the short term

Expanding market reach quickly

Building long-term customer relationships (correct)

Increasing short-term sales

How does the consumer market differ from the business market?

Consumer markets involve one-time transactions, while business markets involve long-term contracts.

Consumer markets include people who intend to use or benefit from the products, while business markets include people who buy products to make other products or for day-to-day operations. (correct)

Consumer markets target large corporations, while business markets target individual consumers.

Consumer markets focus on profit-making, while business markets focus on consumer satisfaction.

What are the four eras in the evolution of marketing in chronological order?

Industrial Era, Promotional Era, Service Era, Information Era

Production Era, Sales Era, Consumer Era, Digital Era

Selling Era, Marketing Era, Digital Era, Relationship Era

Production Era, Selling Era, Marketing Era, Relationship Era (correct)

How does consumer buying behavior vary based on cost?

High-cost items are usually purchased after thorough consideration, while low-cost items are more impulsive purchases. Signup and view all the answers

What does CRM stand for?

Customer Relationship Management Signup and view all the answers

What is market segmentation?

Dividing a market into groups of customers with similar characteristics Signup and view all the answers

What is possession economic utility?

Puts products where consumers will find them convenient to purchase Signup and view all the answers

What is the purpose of promotion in the marketing mix?

To provide information or persuasive communication to the customers Signup and view all the answers

What is the main focus of a marketing plan?

To focus marketing efforts on meeting customers' needs and wants Signup and view all the answers

What are the factors important in consumer market segmentation?

Demographics, geographic, psychographic, behavioral Signup and view all the answers

What is the purpose of market segmentation?

To identify and target specific customer groups Signup and view all the answers

What is the role of geographic segmentation in business markets?

Dividing the market based on where customers are concentrated Signup and view all the answers

What is the significance of the 'Four Ps' in the marketing mix?

They encompass key elements of a marketing strategy Signup and view all the answers

What are the positive impacts of marketing?

Ability to comparison shop, employment in marketing Signup and view all the answers

What are the negative impacts of marketing?

Junk mail, shock value or inappropriate advertising, invasion of privacy Signup and view all the answers

What is the primary purpose of economic utilities?

To transform raw materials and component parts into products with use and value for customers Signup and view all the answers