Small Business Management Exam 3 Questions And Answers

Small Business Management Exam 3 Questions And Answers Which of the following is true of the marketing concept? - ANS Business owners must give serious considerations to the needs, desires, and wants of current and prospective customers Which of the following is a primary market research technique? - ANS Telephone Surveys Market segmentation refers to the: - ANS Process of identifying and evaluating various layers of a market Information related to age, income, education, race, and other characteristics of customers are the of __________________ and exert a potent force on a company's marketing plan. - ANS Demographics Market Research answers what important question for the small business owner? - ANS Who are my customers and what are their needs, wants, and desires? John wants to answer the question, "What drives my customers' buying behavior?" The best information to address this question comes from: - ANS Psychographics data The key to marketing success is: - ANS Understanding customers' unique needs, wants, and preferences. One "natural" advantage small businesses have over large businesses, which can be a significant competitive advantage, is: - ANS Relationship marketing __________ Puts the customer at the center of a company's thinking, planning, and action and shifts the focus from a product or service to customers and their needs and wants. - ANS Customer Relationship Management (CRM) Small companies with limited financial resources can often use________ as a way to differentiate themselves from larger competitors - ANS Customer Service ________ refers to developing, maintaining, and managing long-term relationship with customers so that they want to keep coming back - ANS Customer Relationship Management The cost of marketing a product is highest in the: - ANS Introduction Stage The time span between stages in the product life cycle: - ANS Depends entirely on the type of product involved The most common channel of distribution for consumer goods is: - ANS Manufacturer --> Wholesaler ---> Retailer ---> Consumer Low cost but highly effective marketing is also known as: - ANS Guerrilla Marketing One of the first steps in building a marketing plan is identifying a small company's __________, the group of customers at whom the company aims its products and services - ANS target market Surveys, questionnaires, and focus groups are considered to be: - ANS Primary Research The most meaningful unique selling proposition: - ANS Describes the primary benefit of the product