Name: ID:...Group:... Lecturer: Understanding Business (MN 109) HOMEWORK 10

Transcription

1 Name: ID:...Group:... Lecturer: Answer Sheet Understanding Business (MN 109) HOMEWORK I. Key Terms Definition 1. Brand Name: 2. Business-to-Business(B2B) Market 3. Environmental Scanning: 4. Marketing: 5. Marketing Mix: 1

2 II. 6. Marketing Research: 7. Mass Marketing: 8. One-to-One Marketing 9. Promotion 10. Stakeholder Marketing: Multiple Choice 1. Owner/operator of E-Tape, Inc., Bogdan Kozinski enjoyed $25,000 profit and 150% return on investment last year, selling packaging tape on E-Bay to other E-Bay sellers. Bogdan is a/n marketer. A. astute B. virtual C. niche D. psychosocial 2. A word, letter, or group of words or letters that differentiate the goods and services of a seller from those of competitors is identified in marketing as a(n): A. brand name. B. product designation. C. product marker D. trade name 3. Which of the following decisions would be considered part of a firm's marketing mix? A. finding the most appropriate sources of funds to finance a firm's marketing activities. B. determining the best method for distributing a product. 2

3 C. designing the appropriate production facility to efficiently produce the good. D. deciding which new employee would make the best sales representative for a firm. 4. The Full Wok Restaurants, Inc., has restaurants featuring authentic Chinese cuisine in seven states. The company is looking to open restaurants in additional states and also wants to expand and improve its menu. Which of the following is an example of secondary data the marketers at the Full Wok might find useful? A. Information published by the U.S. Bureau of the Census that identifies which regions of the United States are experiencing the most rapid growth in Chinese-American population. B. A telephone survey by the marketing department of the Full Wok asking for opinions about the quality of the food at the restaurants. C. A focus group of young adults who like Chinese food who are asked about their reactions to new food dishes the restaurant may offer. D. responses the chain receives to a series of customer satisfaction questions posted on its Web site. 5. Market is the process of dividing the total market into several groups that have similar characteristics. A. partitioning B. segmentation C. differentiation D. structuring 6. Nutriquest has developed several lines of food products. For example, it offers one line designed to appeal to consumers who want meals that are quick to prepare. It has developed another line for people looking for low in fat but high in vitamins and essential minerals. Nutriquest is trying to divide up its market using: A. benefit segmentation. B. demographic segmentation. C. volume segmentation. D. multi-tiered segmentation. 7. Jolie Joy is a salesperson at Camera First, a retail store that sells top quality, expensive cameras and accessories. She knows that customers often begin to worry that they spent too much or made a poor choice after they purchase an expensive camera, so she always calls customers a day or two after making a big sale to thank and reassure them that they made a wise decision. Jolie's efforts can help to deal with her customers': A. reverse satisfaction. B. cognitive dissonance. C. negative utility. D. compatible assimilation. 8. All of the following are generally considered characteristics of a business-to-business (B2B) market v. a consumer market except: A. larger purchases B. better trained buyers C. more formal purchasing procedures D. less emphasis on personal selling 9. A research assistant for a boutique advertising agency in Midtown Manhattan, Clarissa Clearview reads newspapers, magazines, and Web sites to gather demographic data for her agency's clients. Clarissa is doing research and collecting data. A. secondary, secondary B. primary, primary C. secondary, primary D. primary, secondary 10. Andi Lowder is a marketing manager who believes that her firm should try to balance the needs of its customers with those of the firms employees, stockholders, suppliers, dealers, and members of the community. Andi's views are: 3

4 III. IV. A. inconsistent with current marketing views which emphasize that the customer's needs always come first. B. an example of Theory Q management. C. based on the tenets of scientific marketing. D. consistent with the concept of stakeholder marketing. True or False 11. Motoriffic Auto Service Centers works hard to keep in touch with its customers. It has responded to customer suggestions by making its waiting room more comfortable and pleasant. It also provides customers with complementary coffee, tea, and snacks. Motoriffic also provides customers with a written estimate before doing any work and offers a longer, more comprehensive guarantee than its competitors. These actions suggest that Motoriffic is applying the concept of customer relationship management. 12. Determining the best way to distribute a product is a function of the production manager and is not directly related to the job of the marketer. 13. Top management at Kitchen Koncepts has decided to replace their firm's traditional marketing approach with an approach that emphasizes relationship marketing. Under this new approach, Kitchen Koncepts' salespeople will be expected to devote a much larger share of their time to the search for new customers. 14. Because the goal is to "find a need and fill it" in both consumer and B2B markets, the strategies used by marketers in these two types of markets tend to be quite similar. 15. Marketers know that about 80 percent of a company's sales are likely to come from only 20 percent of its customers. Comprehension Questions 1. Define marketing and explain how the marketing concept applies in both for-profit and nonprofit organizations List and describe the four Ps of marketing? 4

5 3. Describe the marketing research process, and explain how marketers use environmental scanning to learn about the changing marketing environment. V. Critical Thinking Exercise Please answer the following Questions 1. How has technology enabled companies to go from mass marketing to a modern version of the marketing concept? 2. We read in earlier chapter about the revolutionary concepts of organizational design such as crossfunctional, self managed teams, and such concepts as continuous improvement. What do these have to do with marketing? Don t Cheat in any form, or your marks will be Zero. 5