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FINAL EXAM MKT431 (10 points) – Fill in the Blank
Student’s Name _ ____________
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- Unlike traditional research, the entrepreneurial approach recognizes that customers are emotional, not just rational, and their feelings and instincts influence their __.
- Word of mouth (WOM) is essentially a _ with information passing from one individual to another, then to another—the oldest method of marketing in a snail-mail world.
- The “Red Queen” runs and runs and runs—relentlessly. Chances are you can identify with this feeling. Like the Red Queen, we live in a world of breathtaking change as a result of ever faster cycles of innovation and ____.
- Education is one of the most rapidly growing sectors of developed work economies, and the ____ in good education have never been greater. For every year of education, wages increase by a worldwide average of 10%.
- Traditional marketing logic was simple: the marketer acts as agent of the company by managing the 4 P’s as variables with which to attract customers and build loyalties—the customer is viewed as a fish to be caught, a pawn in the ongoing struggle between competing firms in search of superior profits for their ___.
- Consumer psychologists have spent many years studying customer purchasing behavior. Much of this research has been grounded in __, stimulus-response models and views the consumer as a more or less passive recipient of, and responder to, marketing stimuli.
- The marketing concept has its genesis in this _ on the customer—finding out what the customer needs, wants, and values and then delivering this as expeditiously and economically as possible.
- In simple markets of old, producers of goods or services dealt directly with the consumers of those offerings. In some modern business-to-business (B2B) markets, suppliers also interact on a face-to-face basis with their customers. In most contemporary markets, however, mass production and consumption have lured intermediaries into the junction between _ and .
- To establish and maintain strong customer relationships, especially when selling in business-to-business markets, salespeople must also deal with a greater number and variety of individuals within __ __.
- The effect of the flock-of-birds phenomenon is that access is equalized, unlike what occurs in _ ____. In a very real sense, no one has a “better right of access,” and no one, not even the largest corporation, can shout louder.
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