marketing exam 2 quiz answers

A product idea is an idea for a possible product that a company can offer the market.

True

Which of the following statements is true of the idea generation stage in the new product development process?

Truly innovative companies develop extensive innovation networks that capture ideas and inspiration from every possible source.

________ can be a poor predictor of a person's health, work or family status, needs, or buying power.

age

Which of the following is LEAST likely a characteristic of business-to-business e-procurement?

an increase in the derived demand

A ________ is a name, term, sign, symbol, design, or a combination of these, that identifies the maker or seller of a product or service.

brand

Introducing a new product into the market is called ________.

commercialization

What causes a specific brand's life cycle to change quickly?

competitive attacks and responses

If a consumer purchases a new flat-screen "smart" television which can connect to services like Netflix and Pandora, what is the core customer value involved?

connection to entertainment and information

Unsought products are products that the customer usually buys frequently, immediately, and with a minimum of comparison and buying effort.

false

At which stage in the PLC do profits increase as promotion costs are spread over a large volume, and as the firm enters new market segments?

growth

Which of the following stages of the new product development process occurs immediately after the completion of the business analysis for the product or service?

product development

Johann Herr's company has standardized the size of its paper bags so that each bag can be used in five to seven different store departments. In the business buying process, this approach to cost reduction most likely took place in the ________ stage.

product specification

Marketers who use ________ often segment their markets by consumer lifestyles and base their marketing strategies on lifestyle appeals.

psychographic segmentation

Business information services such as Personicx Lifestage and Nielsen help marketers to ________.

segment people and locations into marketable groups of like-minded consumers

Which of the following would most likely be included in an executive's write up of a new product idea to be presented to a new product committee?

the proposed customer value proposition

Through ________ differentiation, brands can be differentiated on features, performance, or style and design.

product

Developing a product or service involves defining the benefits that it will offer. These benefits are communicated and delivered by ________.

product attributes

Which of the following is true about behavioral segmentation on the basis of the loyalty variable?

By looking at customers who are shifting away from its brand, a company can learn about its marketing weaknesses and take actions to correct them.

________ are industrial products that aid in the buyer's production or operations, including installations and accessory equipment.

Capital items

Which of the following is true about the concentrated marketing strategy?

Companies that rely on a few segments for all of their business will suffer if a segment turns sour

Which of the following is a potential drawback of multibranding?

Each brand might obtain only a small market share, and none may be very profitable.

he ________ Web site provides a single point of entry through which commercial vendors and government buyers can post, search, monitor, and retrieve opportunities solicited by the entire federal contracting community.

Federal Business Opportunities

________ refers to a business buying situation in which the buyer purchases a product or service for the first time.

New task

Which of the following is true with regard to services?

Services are a form of product that consists of activities, benefits, or satisfactions offered for sale.

________ are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style.

Shopping products

Jeremy's, a handbag manufacturer in Lower Manhattan, procures a large stock of leather in anticipation of brisk sales of handbags during December. This is an example of a(n) ________ demand.

derived

A good brand name should most likely be ________.

distinctive

Which of the following is NOT one of the major variables used in segmenting consumer markets?

ethical

Market targeting is ________.

evaluating segment attractiveness and deciding how many and which segment(s) to serve

New product development starts with ________.

idea generation

Teen Mania Inc., a company marketing adventure sports merchandise for teenagers, targets the world's teenagers, who have similar needs and buying behavior even though they are located in different countries. Which market segmentation is evident here?

intermarket segmentation

solutions selling _______

is often a key business marketing strategy for winning and holding accounts

In a ________ situation, the "in" suppliers may become nervous and feel pressured to put their best foot forward to protect an account and the "out" suppliers may see the present situation as an opportunity to make a better offer and gain new business.

modified rebuy

Factors such as a firm's objectives, procedures, and systems are examples of ________ influences on the business buyer behavior.

organizational

CellTones, a new company selling several types of cellular phones, has closely modeled its products after successful products that are already in the marketplace. As it prepares to enter the market with its new products and services, which of the following should concern CellTones the most?

patent laws

Differences between business markets and consumer markets include all of the following EXCEPT ________.

people who make purchase decisions to satisfy needs

Luke Price, a manager in an automobile factory, wanted his subordinates to rate their satisfaction about the new pistons that arrived last month. He asked them to rate the product based on strength and ease of handling. Which of the following is evident here?

performance review

Tourism Australia's global marketing campaign, "There's nothing like Australia" is an example of ________ marketing.

place

Which of the following is included in the second part of the marketing strategy statement

planned price

Jean Malone, a market researcher, recently found that most people in Bradburg County purchase automobiles with predominantly functional designs and prefer darker colors. Which of the following marketing strategies should Jean most likely recommend to an automobile dealer interested in opening a dealership in Bradburg County?

undifferentiated marketing