CH13 test prep

Test prep
What does it mean to “help the buyer buy?”
In the past marketing focused entirely on helping the seller sell the product. Today marketing
has changed from selling to instead helping the buyer buy. It is critical today that organizations
do everything to help buyers make decisions.

What are the three parts of the marketing concept?

The three parts of the marketing concept are: (1) customer orientation, (2) service orientation,
and (3) a profit orientation.

What are the Four Ps of the marketing mix?

The Four P’s of the marketing mix are: (1) Product, (2) Price, (3) Place, and (4) Promotion.

Test prep2

What are the four steps in the marketing research process?

The steps in the marketing research process are as follows: (1) Define the problem and
determine the present situation, (2) Collect the research data, (3) Analyze the research data,
and (4) Choose the best solution and then implement it.

What’s environmental scanning?

Environmental scanning is the process of identifying factors that can affect marketing success.

What factors are included in environmental scanning?

The factors in environmental scanning include: global, technological, sociocultural, competitive,
and economic influences.

Test prep3
Define the terms consumer market and business-to-business market.
The consumer market consists of all the individuals or households that want goods and services
for personal consumption or use and have the resources to buy them. Business-to-business
markets consist of all the individual and organizations that want goods and services to use in
producing other goods and services or to sell, rent, or supply goods to others.

Name and describe five ways to segment the consumer market.

Geographic segmentation is the process of dividing the market by cities, counties, states, or
regions. Demographic segmentation involves dividing the market by age, income, education
level, religion, race, and occupation. Psychographic segmentation is the process of dividing the
market by values, attitudes, and interests. Benefit segmentation involves determining which
benefits to promote. Volume or usage segmentation is the process of determining how your
customers purchase and use the product.
What is niche marketing and how does it differ from one-to-one marketing?
Niche marketing is identifying small but profitable market segments and designing or finding
products for them. One-to-one marketing means developing a unique mix of goods and service
for each individual customer.

What are four key factors that make B2B markets different from consumer markets?
The four key factors that make B2B markets different from consumer markets are: (1)
Customers in B2B markets are relatively few as compared to households in the consumer
market, (2) B2B customers tend to be geographically centered, (3) B2B sales tend to be direct,
and (4) In the B2B marketplace sales are based on personal selling.