Chapter 9 SB

Which of the following statements about focus groups are correct? (Check all that apply.)

A focus group could also be gathering some friends over dinner and talking to them about the firm's product can be quite useful. They often have between 8 and 12 people. Participants are asked to discuss a series of questions about a particular product or service.

In marketing, identify list of things given below that are included in the total product.

All included services. The entire bundle of products. Extras, such as service, warranty, and delivery.

True or false: Unlike products, services do not go through the four stages of the life cycle—introduction, growth, maturity, and decline.

False

Which of the following are nonfinancial benefits that start-ups consider more important than obtaining revenue from consumers? (Check all that apply.)

Feedback Testimonials

Match the different nonfinancial benefits (in the left column) with their descriptions (in the right column).

Feedback-The process of communicating within or to an organization about how outputs work or are received Testimonial-A statement made that is allowed to be publicly repeated and attributed to the person that made it Sharing-A process in which customers post positive comments about a firm's product or service to their social media accounts

Which of the following is a challenge in secondary research?

Finding data that are unbiased, reported fairly, and reputable

______ is (are) a form of data gathering from a small group led by a moderator.

Focus groups

Which of the following statements about marketing research are correct? (Check all that apply.)

It can verify the size of the potential market. It can reveal a number of customer attributes, such as where they are likely to shop and what price points they think are fair. It can help show competitors' weaknesses.

Which of the following are true of secondary research? (Check all that apply.)

It is free and quick. It is readily available.

Which of the following are true statements in the context of the service life cycle? (Check all that apply.)

It is possible to completely eliminate the decline stage in the life cycle of a service. In comparison with products, services are much easier to modify "on the run."

The process of dividing a market into groups that have somewhat homogeneous needs for a product or service is called

Market segmentation

______ products are essentially similar to something already on the market.

Me-too

Which of the statements about outstanding customer service are correct? (Check all that apply.)

Owners and employees should go the extra mile for customers and other stakeholders. It includes showing interest and concern for all stakeholders, such as employees, the community, suppliers as well as customers. One measure of good customer service is how quickly a business fixes mistakes.

The 4Ps of marketing are: , , , and

Product, Price, Promotion, and Place

Which are the four components of the marketing mix?

Product, price, promotion, and placement

_____ is a data-collection method using a questionnaire-in person, on the phone, on paper, or on the Internet.

Survey

Which of the following statements about the business cycle's introduction stage are correct? (Check all that apply.)

There are high marketing cost to gain customer awareness in the introduction stage. Not all products survive the introduction phase, and many get revised due to customer reactions. The more innovative a product, the slower are sales because of customers' comfort level with a new product.

Which of the following statements about a good or service's value proposition are correct?

There is often more than one benefit that supports the value proposition. They are unique to a particular business. They are product or service benefits and not features.

The ______ profile is a detailed description of an archetypical or hypothetical potential consumer for a product or service.

customer

Market segmentation requires entrepreneurs to _____.

determine the best markets for their products or services

A(n) ______ is a customer role that describes the person who eventually makes actual use of a product or service in his or her personal or work life.

end user

Me-too products are

essentially similar to something already on the market.

Which of the following are examples of services? (Check all that apply.)

fixing a pipe house painting tailoring clothing

The idea of "going all out" for the customer or providing over-the-top service is called ______.

outstanding customer service

A ______ is a non physical product.

service

The unique selling points that customers can expect from purchasing goods or services from a specific company is called the ______.

value proposition

Which of the following statements about a customer profile are correct? (Check all that apply.)

It is also called a customer persona or user persona. Developing a customer profile is an important first step of doing research on customers and their needs. Get out of the building and talk to potential customers to help develop an accurate customer profile. Research should begin with face-to-face interviews with potential customers. Researchers should be cautious not to collect biased data to draw conclusions.

______ research is the systematic collection and interpretation of data to support future marketing decisions.

Marketing

Which of the following statements regarding survey data collection are correct? (Check all that apply.)

Online surveys are often inexpensive. Survey questions may be written, asked in person or on the phone, by mail or online. Mail surveys have a lower response rate.

An end user is a customer role that describes

the person who eventually makes actual use of a product or service in his or her personal or work life.

The ______ product is the entire bundle of products, services, and meanings of a firm's offering.

total

The first stage of the product life cycle is called the ______ stage, where sales are often low and profits not likely.

introduction