Question 42

Terra Corp. produces a wide range of furniture, such as cabinets, book cases, and wardrobes. It divides its consumer market into several groups of people who have similar interests in wooden furniture. In this case, dividing its consumer market:

Question 42 options:

enables Terra Corp. to meet the markets need with a single marketing mix.

enables Terra Corp. to define customer needs and wants precisely

eliminates the need for defining marketing objectives

eliminates the need for defining marketing objectives

Question 43

The customer relationship management technique that focuses on thanking customers for their business to a company exemplifies the trend of _____.

Question 43 options:

time savings

personalization

technology

loyalty

Question 45

Which of the following is an advantage of a multisegment targeting strategy

Question 45 options:

It significantly reduces the risk of product cannibalization

It provides economies of scale in manufacturing and marketing

It helps in satisfying the needs of a niche market

It decreases the costs involved in product design, marketing research, and management

Question 46

Which of the following is a similarity between a stock market and a labor market?

Question 46 options:

Both adopt a barter system to facilitate the exchange of products

Both are composed of people who are unwilling to spend large sums of money for products or services.

Both are composed of people with specific wants that can be satisfied by particular product categories

Both deal in selling high-end, expensive products

Question 48

A concentrated targeting strategy differs from an undifferentiated targeting strategy in that a concentrated targeting strategy:

Question 48 options:

results in cannibalization of products

involves selecting a market niche for targeting its marketing efforts

views the market as one big market with no individual segments

uses a common marketing mix for the entire market

Question 49

In the context of customer relationship management trends, which of the following statements is true of personalization?

Question 49 options:

It uses mass-media approaches to meet the expectations of customers

It increases the time taken by customers to make purchase decisions

It involves rewarding customers for their business to a firm

It treats customers as individuals who have their own unique sets of needs and wants

Question 50

Which of the following is a reason why consumer goods companies take a regional approach to marketing?

Question 50 options:

Companies have the opportunity to take more time to react to competition

Consumer markets lack intense competition

Baby boomers and seniors can be easily attracted using this approach

Baby boomers and seniors can be easily attracted using this approach