D077 Concepts in Marketing, Sales, and Customer Contact - Set 1 - Part 1

Correct Answer: Tailoring a solution based on the customer’s problem

Solution selling involves diagnosing the customer's problem and offering a mix of products and services to solve it. The other options do not focus on the customer’s specific needs.

Correct Answer: Maximize short-term profits and reinvest in stars and question marks

Cash cows generate consistent profit in a low-growth market, and the best strategy is to "milk" these products and use the profits to invest in higher growth opportunities like stars and question marks.

Correct Answer: Closure

Closure is the final stage of negotiation, where both parties either reach an agreement or decide to walk away. The other options are earlier stages of the negotiation process.

Correct Answer: Niche marketing

Niche marketing, also known as concentrated marketing, targets a very specific and limited market segment. This is in contrast to mass or undifferentiated marketing, which targets broader audiences.

Correct Answer: The balance between empathy and assertiveness in conflict styles

The Dual Concern Model evaluates the degree of cooperation (concern for others' needs) and assertiveness (concern for one's own needs) in different conflict-handling styles.

Correct Answer: Carefully analyze if the product can become a star or should be divested

Question marks have the potential to become stars or dogs, so they must be analyzed thoroughly to determine whether further investment is worthwhile.

Correct Answer: Qualitative research

Qualitative research is used to understand ideas, perceptions, and behaviors, while quantitative research focuses on numerical and statistical data.

Correct Answer: Offering products below market price to draw customers to the store

Leader pricing involves offering a product below its usual price to attract customers, often in the hope that they will purchase additional items.

Correct Answer: Conversion

Conversion occurs when a prospect makes a purchase, turning them into a paying customer.

Correct Answer: Market development

Market development is a growth strategy where a company tries to sell existing products to new markets. This contrasts with product development, where new products are sold to existing markets.

Correct Answer: Competition

The competition style is characterized by a high concern for self-interest and a low concern for others' needs.

Correct Answer: Routine decision-making

Routine decision-making involves habitual purchases with little effort or research, typical of low-involvement products like toothpaste.

Correct Answer: High market share in a high-growth market

A star represents a product with a high market share in a rapidly growing market, requiring significant investment to maintain its position.

Correct Answer: Identifying and satisfying customer needs and wants

The marketing concept focuses on creating value by understanding and fulfilling customer needs and wants.

Correct Answer: Reordering a product with modifications to price, quantity, or specifications

In a modified rebuy, the organization makes adjustments to the original order, such as changes to the product specifications, price, or quantity.

Correct Answer: Corporate system

In a corporate vertical marketing system, one company controls multiple levels of the supply chain, from production to distribution.

Correct Answer: It directly addresses the research problem

Primary research is designed to directly address the specific research problem, unlike secondary data, which may not be as relevant.

Correct Answer: Price skimming

Price skimming involves setting a high price initially and then gradually lowering it over time as competition increases or demand decreases.

Correct Answer: B2B involves sales to organizations, while B2C involves sales to end consumers

B2B refers to business-to-business sales, where companies sell products or services to other organizations, whereas B2C refers to sales directly to individual consumers.

Correct Answer: Qualitative research

Qualitative research explores customer opinions and behaviors through methods like interviews and focus groups.