Chapter 1

Question 1

What makes a consumer choose one product over another?

Answer 1

Benefits, price, quality, communications, convenience, sponsorships, personal preference

Question 2

creating interest, attention or admiration in a powerfully, irresistible way

Answer 2

compelling

Question 3

Product, distribution, price, and promotion

Answer 3

the marketing mix

Question 4

impacts ability to attract and retain customers

Answer 4

customer service

Question 5

forecasts a customer’s ;lifetime economic contribution based on continued relationship marketing efforts

Answer 5

customer lifetime value

Question 6

a market you choose that has a desire to purchase your products

Answer 6

target market

Question 7

individuals, organizations, or groups that purchase a specific kind of product for resale

Answer 7

business market

Question 8

strategy used to select a target market is affected by

Answer 8

target market characteristics, product attributes, the organizations objectives and resources

Question 9

focuses on a certain market

Answer 9

concentrated strategy

Question 10

a strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product

Answer 10

undifferentiated strategy