Business and Management
Submitted By ironmasker
Open Questions and Answer Keys of Previous Midterm Exams: 1. Briefly describe single-segment concentration with an example in Vietnamese market. Suggested Answer: Single-segment concentration is concentrated marketing. With single-segment
concentration, the firm markets to only one particular segment. - Through concentrated marketing, the firm gains deep knowledge of the segment's needs and achieves a strong market presence. It also enjoys operating economies by specializing its production, distribution, and promotion. If it captures segment leadership, the firm can earn a high return on its investment. - An example of concentrated segmentation in Vietnamese market
2. Explain how marketers may be able to reduce postpurchase cognitive dissonance. Give an example for this type of buying behavior. Suggested Answer: Marketers must make every effort to enhance after-sale communications, providing evidence and support to help consumers feel good about their purchases.
3. How have relationships between customers and suppliers in business market changed in recent years Suggested Answer: Business buyers and suppliers have had adversarial relationships in the past, but because they are dependent on each other, they have begun to act more as partners; many customer companies now practice supplier development, systematically developing networks of supplier-partners to ensure an appropriate and dependable supply of products and materials.
4. Cultural factors exert a broad and deep influence on consumer behavior. The marketer needs to understand the role played by the buyer's culture, subculture, and social class. Compare the roles of culture, subculture, and social class Suggested Answer: Culture is the most basic cause of a person's wants and behavior. Each culture contains smaller subcultures, or groups of people with shared value systems based on common life…...