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Marketing Final Exam

Services that help them sell their finished products

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Unformatted text preview: nd the company: The salesperson should be reputable, and the company should be financially responsible. SERVICE. Buyers want satisfactory service as well as satisfactory products. Services may include a survey of the buyer’s needs, installation of equipment, training, maintenance, and repairs. Service also entails delivering what was ordered when it is scheduled to be delivered. Buyers also welcome services that help them sell their finished products. PRICE. Business buyers usually want to buy at the lowest prices without compromise of quality. PTS: 1 Communication REF: 116-117 OBJ: 07-8 TOP: AACSB KEY: CB&E Model Customer MSC: BLOOMS Synthesis 17. Cascade Landscaping Service (CLS) has decided to purchase computer-aided design (CAD) software for landscape design. Describe the conditions under which each of the three business buying situations would take place. ANS: NEW BUY. A new buy is a situation requiring the purchase of a product or service for the first time. In this case, CLS either has no experience buying such software or has not established any relationship with a vendor of the CAD software. CLS may be a new or small company that currently does not have any type of CAD software. Alternatively, CLS may be value engineering and finding a less expensive alternative than drawing the designs by hand or simply attempting to work them out as the project progresses. MODIFIED REBUY. In this case, CLS would have experience with CAD software in general and an established relationship with software vendors. The focus would be on the new need of more structured plans to show customers. STRAIGHT REBUY. In this case, the purchase of CAD software would be a routine purchase decision or a reorder of previously ordered software from the same vendor. Perhaps, CLS is a reseller of supplies for landscaping including software. PTS: 1 REF: 117 Communication KEY: CB&E Model Customer OBJ: 07-8 TOP: AACSB MSC: BLOOMS Synthesis Chapter 8—Segmenting and Targeting Markets TRUE/FALSE 1. Fisher-Price developed a line of toys for infants in China. Babies make up the market for these products. ANS: F Infants do not have an ability to buy and, therefore, cannot be called a market. Their parents would constitute a market. PTS: 1 REF: 121 Thinking KEY: CB&E Model Customer OBJ: 08-1 TOP: AACSB Reflective MSC: BLOOMS Application 2. Fisher-Price is identifying Asian markets that are interested in their line of talking toys. FisherPrice is engaged in the process of market segmentation. ANS: T PTS: 1 TOP: AACSB Reflective Thinking MSC: BLOOMS Application REF: 122 OBJ: 08-1 KEY: CB&E Model Strategy 3. Until the 1990s, few firms practiced market segmentation. ANS: F Until the 1960s, few firms practiced market segmentation. PTS: 1 REF: 122 Thinking KEY: CB&E Model Strategy OBJ: 08-2 TOP: AACSB Reflective MSC: BLOOMS Comprehension 4. A market segment is deemed to have substantiality if it contains a large number of potential customers. ANS: F Substantiality of a...
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