Final Exam Set # 1
There is no single generic marketing plan that can apply to all organizations or all institutions. Rather, the specific format for a marketing plan for an organization depends on the following: the industry, the kind and complexity of the organization, and
A. the competition
B. available resources
C. the industry
D. the financial investment needed
E. the time frame
Customer value refers to:
A. the need of a customer to receive the highest quality product at the lowest possible price.
B. the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.
C. a statement that, before product development begins, identifies (1) a well-defined target market; (2) specific customers’ needs, wants, and preferences; and (3) what the product will be and do to satisfy consumers.
D. the least expensive product that will provide it with most of the basic benefits.
E. the cluster of benefits that an organization promises customers to satisfy their needs.
Neuromarketing is becoming more important in marketing as experts realize that traditional research methods such as focus groups and surveys may not be enough to understand what drives consumer purchase behavior due to:
A. Consumers cannot verbalize their emotional responses
B. It is not possible to formulate questions without bias
C. The sample size is too small
D. The data obtained is not quantifiable