Marketing Principles and Customer Relationships Quiz
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Questions and Answers

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?

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

    What does CRM stand for?

    <p>Customer Relationship Management</p> Signup and view all the answers

    What is market segmentation?

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

    What is possession economic utility?

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

    What is the purpose of promotion in the marketing mix?

    <p>To provide information or persuasive communication to the customers</p> Signup and view all the answers

    What is the main focus of a marketing plan?

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

    What are the factors important in consumer market segmentation?

    <p>Demographics, geographic, psychographic, behavioral</p> Signup and view all the answers

    What is the purpose of market segmentation?

    <p>To identify and target specific customer groups</p> Signup and view all the answers

    What is the role of geographic segmentation in business markets?

    <p>Dividing the market based on where customers are concentrated</p> Signup and view all the answers

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

    <p>They encompass key elements of a marketing strategy</p> Signup and view all the answers

    What are the positive impacts of marketing?

    <p>Ability to comparison shop, employment in marketing</p> Signup and view all the answers

    What are the negative impacts of marketing?

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

    What is the primary purpose of economic utilities?

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

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