MKT test 2

Steps in the New product development process

1. Idea generation 2. screening 3. Business analysis 4. Development 5. test Marketing 6. Commercialization

When Nabisco began to offer its Ritz cracker brand in different sizes and in salt free, whole wheat, and low fat, it was engaging in ____

Line extension

A brand logo is the same as a brand ____

Mark

You turned on your tablet to read an online article about a Texas-based furniture retailer that reported its first gain in same-store sales in almost two years. The gains were realized in foldable tables and convertible sofas, areas specifically targeted for improvement and often preferred by apartment dwellers with limited space. The company attributes its success to having moved its stores from rural and suburban communities into Dallas-Ft. Worth, 1 of the 10 largest metropolitan areas in the United States. What significant geographic variable or combination of variables is likeliest to be responsible for the retailers success?

Market Density

The company might run an advertising campaign that encourages people who drink orange juice at breakfast to consume the beverage with other meals. This would an example of?

Market penetration

Market segmentation is used by marketers to develop the strategy they will use to present their product or service to the consumer. Select the statement below that best describes how market segmentation works?

Market segmentation groups consumers according to similarities and differences in reference to factors that influence purchase decisions.

As the marketer for a new electronics firm that produces a limited number of products, you recognize that consumers are not all cut from the same cloth, many variables exist in needs and preferences. But your company cannot change its products to suit each individual consumer preference. Select the statement that does not accurately tell how market segmentation can help your company sell its goods.

Market segmentation will help your company identify product changes that will meet all consumer preference and needs.

You have entered a stage in the organizational buying process. The scenarios below indicate which stage you have entered: At this stage in the buying process, you will consider how well a particular supplier has responded to your company's needs. Because your company is so large, it uses standardized methods to judge whether a vendor has met or exceeded the company's expectations. Which of the following is an added benefit of the stage in the organizational buying process identified above?

Measurement of whether or not a vendor has reduced your employees' workloads

Company C has branches all over the US but has decided to consolidate all its purchasing at company headquarters. This means its vendors must now consider

Organizational factors

Deciders

People who actually select a good or service

Users

People who actually used good or service

Influencers

People who affect the buying decision by supplying information to guide the evaluation of alternatives, or by establishing buying specifications

Gatekeepers

People who control the information that all buying center members ultimately review

Buyers

People who have the formal authority to select a supplier and begin securing the good or service

Business markets differ from consumer markets in several ways. Choose the correct examples of these differences.

Personal selling is usually emphasized more in business than consumer markets

Behavior segmentation

Groups of individuals who exhibit similar behaviors, such as benefits sought, usage rates, and level of brand loyalty

Apple products have had an exciting lifecycle, which indicates just how large and in demand the company's product lines are. While it took the iPod five years to break the 30 million units per year mark, the iPhone reached this mark in four. The iPad reached this mark in two years. Modifications of its popular products continue to sell briskly to new buyers as well as too early Apple customers, despite ever-increasing competitive pressure. Based on the details provided in the scenario above, in which of the following stages of a product lifecycle are Apple products?

Growth

Which of the following is not part of the international political legal environment that affects US firms operating abroad?

Cultural norms

Sources of Secondary data

- A newspaper - Magazine clippings of families enjoying preferred snacks - An infographic published on a television show

Sources of primary data

- A telephone survey - Questionnaires disseminated via mobile applications yield primary data - Observation notes from a panel discussion yield Primary data

People who drink iced tea in Georgia and Alabama are more likely to sweeten the beverage than iced tea drinkers in Vermont and New Hampshire. This is an example of a ____ difference that may be relevant to geographic segmentation based on ___

- Cultural - Region

You are about to engage in the marketing research process. It includes the following steps, listed in alphabetical order—not necessarily the order in which they should be carried out. -Collecting primary or secondary data -Conducting exploratory research -Creating a research design -Defining the problem -Formulating a hypothesis -Interpreting and presenting research information Indicate which two of these steps should come first and last.

- First: Defining the problem - Last: Interpreting and presenting research information

Companies that decided to pursue global marketing efforts have a choice of several ways to initiate building international business organizations. These alternatives give ample choices for the firm to match financial resources, envisioned outcomes, and comfortable risks. Which of the following descriptions of global marketing alternatives are accurate?

- In a joint venture, the company shares risks, costs, and management with partners. - An exporter markets domestically produced merchandise to customers in other countries.

Stages in the product lifecycle

- Introduction - Growth - Decline - Maturity

The type of product sold with the ___ branding effort is classified as ____

- Least - Generic

_____ is an example of a ____ that Selom may hire to compile and analyze external data

- Nielsen - Research firm

Though some people may not automatically identify a service as a product, marketers know that products comprise services as well as goods; sometimes a product may be a combination of the two. You work for a database company and want to ensure that your product listings are accurate, so you refresh your memory by checking how other firms identify their products. Which of the following should be identified as pure goods?

- Somaya just launched an online shoe company - A publishing company sells health based curricula

Marketing research activities yield different types of data for the marketer. The techniques used to obtain the data and the source of that data are the most significant factors that dictate what type of data are obtained in the marketing research process. From the following list, choose any examples of primary data.

- Surveys, poll - Focus Groups, Interviews - Experiments

The organizational buying process

1. Anticipate or recognize a problem, need, or opportunity 2. Define characteristics and the quantity of a needed good or service 3. Search for and qualify potential suppliers 4. Gather and analyze proposals 5. Evaluate proposals and select suppliers 6. Select an order routine 7. Obtain feedback and evaluate performance

Marketing research process

1. Define the problem 2. Conduct exploratory research 3. Formulate a hypothesis 4. Create a research design 5. Collect data 6. Interpret and present research data

Five new product adopter categories. In what order do these groups of consumers adopt new products. Category 1 - Laggards Category 2 - Late Majority Category 3 - Consumer innovators Category 4 - Early majority Category 5 Early adopters

3,5,4,2,1 Consumer innovators Early adopters Early Majority Late majority Laggards

You have been hired as the new head of development for a dessert company and have been asked to come up with strategies to expand one of your many product lines. Since the market share for cheesecake continues to increase, you are interested in enhancing the depth of this product's mix. You are aware of changing consumer demands and tastes and want to create an innovative variation that does not deviate too much from the cheesecake line. You and your staff conduct market research and collect feedback from customers. Survey responses indicate that though customers enjoy cheesecake treats, they are becoming more health conscious. You decide to come up with a sugar-free cheesecake. As an experienced marketer, you understand that though there are several general advantages to adding depth, some general drawbacks exist as well. Which of the following drawbacks is most likely to hinder sales of the new cheesecake?

After adding the cheesecake variation, your firm may be selling too many desserts overall

1.) You work in the stock market. Stock markets allow businesses to raise additional funds for new projects, business expansions, and capital investment plans. Moreover, they enable the public trading and selling of market shares of a company. Major purchases of stock typically require input from various parts of the organization, including senior management and accounting. One of your colleagues, Amos, works in the IT department of one of the U.S.-based tech firms for which you are trading. Amos is in charge of receiving information about new technologies from commercial sources, universities, and Web-based sources, to name a few, and then working with other IT professionals to find solutions. Which of the following statements is true about the buying center described above?

Amos has a dual role as a gatekeeper and influencer

As an experienced marketer, you understand the importance of thinking critically about any proposal to add breadth or depth to your product mix. Whenever a member of your team makes such a proposal, you ask all of the following questions except?

Are we matching the breadth and depth of our competitors product mixes?

You work for a popular restaurant chain. Now your firm wants to transition into selling prepared foods to supermarkets. Hoe is the company form of promotion most likely to change?

From an emphasis on advertising to an emphasis on personal selling

You work for a firm that franchises high-end spas. The company wishes to identify promising new locations. Your marketing research consultant believes you can forgo the costly collection of primary data, because secondary data will provide the key information you need. You were skeptical, but his or her presentation changed your mind. His or her presentation included all of the following points except:

Because of your up to date mailing list, you can readily implement cost effective mail surveys

While totaling your quarterly receipts for your business, The Breakfast Bar, you note that a sizable amount of your revenue comes from selling packaged coffee beans to regular customers who come in every day for an extra-large cup of coffee togo. Your plan for the next quarter is to promote your selection of fresh roasted beans with a buy one, get one half off incentive to encourage these customers to purchase more and/or try something new. Which segmentation approach are you employing to bolster sales for the next quarter?

Behavioral

Airbnb, the online home rental business, has partnered with the Hearst publishing company to create Airbnb magazine. This is primarily an example of:

Brand extension

However, you tell Sue that you're not interested in the new restaurant. Whenever you eat out, you'll only go to your favorite place: Cheesecake Factory. Your stage of brand loyalty is

Brand insistence

The mermaid on every Starbucks cup is part of its

Brand mark

You are preparing a seminar for your colleagues on the topic "How Marketers Protect Brand Equity." Which of the following pairs of terms and examples should you use when you explain the symbol that distinguishes a product?

Brand mark, Nike swoosh

It turns out that your neighbor, Sue, has eaten at the new restaurant and urges you to make a reservation soon. "I had a great experience!" she says Sues stage of brand loyalty is called

Brand preference

Your friend Fred mentions that he has seen a billboard with the eatery's name and may try it; from your marketing class you know this stage of brand loyalty is called?

Brand recognition

In many business buying situations, one person serves as both the decider and the ____. A buying center is an ____.

Buyer informal group

An organizations _____ consists of each individual who works in any capacity of its purchasing activities.

Buying center

Your large retail store sells power tools and construction supplies, and your customer base is made up primarily of home improvement contractors, subcontractors, and serious DIYers. but business has stagnated now that the housing market has seen a downturn. What can you do to boost your sales and keep your business solvent?

Consider marketing to a segment that meets the criteria for effective segmentation.

Your Decor is interested in population distribution across states. A major government source of such data is the

Census

Organizational factors

Clients organizational structures, policies, and purchasing processes

Sunscreen sells better in Florida than in North Dakota, primarily because of the southern state's ?

Climate

Estee Foods has succeeded in the highly competitive candy market by focusing on sugar free sweets that meet the needs of people on strict sugar free diets, like diabetics. Estee practices which of the following strategies for reaching its target market?

Concentrated marketing

Making soap has been your hobby for some time, but now you are contemplating turning your hobby into a small business. You use only hypoallergenic ingredients in your small batch soaps. Now sales come by word of mouth, but you plan to promote your handmade goods and sell them on one or more online outlets to people who are sensitive to the cleaning agents used in mass market soaps. Which marketing strategy will fit your newly established business? Select the best answer.

Concentrated marketing, because you will concentrate on meeting the needs of a single market segment.

You work for a beverage distribution company and have been asked to support the marketing research team in the preliminary phases of their process. You have been tasked with finding out which beverages are most popular at sporting events, so you visit local stadiums, talking with fans about their preferences and to concession owners about their beverage sales. You also gather samples of sports-oriented ads being run by your competitors. Your teammates ask you why you chose to employ this strategy. Which of the following explain your choice?

Conducting exploratory research may include talking to customers and retailers, and/or evaluation of available competitive data.

As consumers opt to watch their favorite television shows and movies online via Web-streaming platforms such as Netflix and Hulu, the appeal of cable television seems to have dwindled. Some cable companies have gone out of business, and others have merged to ensure stability during these challenging economic times. According to the scenario above, which of the following stages is cable tv?

Decline

Some people move away from urban areas because urban housing tends to be small and crowded. From a marketing perspective, this reflects the variable of?

Density

What stage of the new product development process should a firm typically expect the first substantial increase in its financial outlays on the process?

Development

Over the last few years, you have seen how important social media has become in shaping people's attitudes and their purchasing behavior. You want to make sure your company takes full advantage of this new avenue for building relationships with current and potential customers. You recognize that the power of social media marketing can be magnified if marketers target the right group of users. You want to target the most influential users of social media when you market new or existing products. Which of the following groups of consumers should you target on social media if you want to generate the highest number of word of mouth communications about your products?

Early adopters

Environmental factors

Economic, political, regulatory, competitive, and technological considerations

Your professional rival, Maureen works for one of your company competitors. You both work for companies that specialize in condiments and salad dressings. Maureen's company's major product is a seasonal salad dressing, which happens to be in the decline stage of product lifecycle. You do not want Maureen's company to outcompete your company in the market. Which of the following steps would you tell her to take?

Eliminate the product and introduce a completely new one

Company B recently experienced a delay in production due to political riots in the country where its factory is located. Its CEO recognizes that the delay was due to

Environmental factors

The organizational buying process is multifaceted and is demonstrated through a seven stage process. Which of the following descriptions pertains to an activity that the purchaser would be likeliest to undertake during the last stage?

Examine the frequency of on-time delivery

As a marketing strategist just hired by your company, you want to be respectful of your new colleagues. However, during a meeting to plan research into the firms global opportunities, a coworker clearly errs in one of his or hear comments. You feel obligated to point out his or her mistake. Which of the following statements do you point out?

Face to face interviewing is the least common method of conducting primary research outside the US

Two demographic variables used when segmenting consumer markets are segmenting by age and segmenting by stage in the life cycle. Which of the following situations does not illustrate segmenting by age?

Flat pack furniture is marketed as inexpensive and easily portable.

Your company manufactures a watch that doubles as a heart and caloric intake monitor. Company managers are excited about this innovation and have been pushing it along the product development stages quickly. You have identified the consumers that are most likely to try the new product and hopefully, ensure the product's success. You know that these early adopters will be opinion leaders for this product, and if they like the product, will tell others about the innovation. Because you understand that the rate of adoption for the product will be determined by a myriad of factors, you conduct a webinar for your marketing team on this topic. Your webinar makes all of the following points except?

If potential buyers believe the monitor watch will deliver an experience at odds with their prior experiences, their adoption rate will increase.

In your new marketing position with an international company making custom leather boots, you recognize the global environment offers a different set of challenges for you to navigate on behalf of your employer. You have been assigned to track product sales to Spain. Which of the following information should you thoroughly familiarize yourself with

Import tariffs on leather goods

Your Decors marketing analytics are an ____ source

Internal

Your Decors sales records are an ____ source

Internal

1.) You are browsing through job listings for global marketing-related jobs on Monster.com. One job catches your attention because it lists the following major responsibilities that closely match your experience: -The candidate will be involved in purchase decisions of robotic manufacturing firms in Asia. -The candidate will be involved in setting up an independent division with responsibility for robotic equipment production and marketing. -The candidate's major focus will be on evaluating the performance of robotic manufacturing activities and incorporating strategies for effectiveness and efficiency. -The candidate should have an international customer value orientation. Which of the following terms best describes the focus of this job?

International direct investment

Company A uses groups to make purchases and must have a majority vote to make a purchase decision. This means its decisions are subject to

Interpersonal factors

Youre the marketing director for a startup firm in the snack food industry. In the past, you've sold only to small specialty stores, but now you hope to crack a major supermarket chain. as you plan your approach to this prospective new buyer, which of the following likely influences on its decision should you consider?

Interpersonal influences and organizational factors

You are learning about strategies that can help a friends company extend her product's lifecycle. Your friend, Celeste, sells desserts locally and is known for her holiday cakes. Which of the following strategies is likely to be unsuccessful in extending the lifecycle

Introduce a line of pies

Your company is experiencing technical problems and financial losses with one of its products. Which stage of its lifecycle has the product most likely reached?

Introductory

Some manufacturers refuse to produce ____ brands.

Private

The company could offer new mixed fruit drinks to people who already enjoy a variety of juices. This is an example of?

Product development

The company could introduce a fruit flavored candy. This would be an example of?

Product diversification

For a marketer, it may be difficult to identify the most influential members of a buying center because often these members don't work in the ______ department

Purchasing

Five characteristics of product innovation

Relative advantage compatibility complexity possibility of trial use observability

Cassie is falling her "Marketing 101" course. She has to get at least a 97 percent on the next exam to ensure a passing grade this semester, but she is still confused about the difference between two key dimensions of brand personality: relevance and esteem. As her study partner, you want to help Cassie pass the exam. Select the description of this concept that you will urge Cassie to review.

Relevance reflects the brands pertinence to its target; esteem is a combination of quality perception and other opinions about the brand

Organizations want to have a reputation for producing quality products with strong brand identities to give them an advantage in the marketplace. Brand equity, the added value of a brand name, has four dimensions. Choose the example that is not identified with the appropriate brand equity dimension.

Ruben buys a Ferrari because he thinks it will set him apart from other drivers. This illustrates the dimension of esteem.

Promotion Adaption

Same Product Different promotion

Straight extension

Same product, Same promotion

Concentrated marketing

Selecting a single market segment and concentrating efforts on profitably satisfying that segment

You decide to start a dog walking service because you notice a number of trends that suggest a high demand for this type of service. You are trying to convince your brother to partner with you in this business, but one of his comments suggests that he doesn't understand the nature of a service

Standardized services are easier to provide than unstandardized services

Mercy Hospital needs to purchase a highly specialized drug that is patented and sold by only one pharmaceutical company. These constraints will primarily affect which step in the organizational buying processs

Step 3

The new-product development process is often costly, risky, and requires a significant amount of time on the part of the company developing the product. Your company is developing a new product. Hoping to be successful, your product development manager follows the six-step development process. The rate of new product failure averages 80 percent; however, he or she knows that a company can reduce the chances of a new product's failure by implementing and carefully proceeding through this process. Below is a description of what occurs during each of the six steps in the development process. In what order should these activities take place? Step 1: Your company runs through a checklist of standards to be met for its products. Step 2: The product is assessed to find out its likely growth and competitiveness. Step 3: The product is ready for full-scale marketing. Step 4: Your company has an idea for a new product. Step 5: Your company converts the new product idea into a visible prototype. Step 6: This step will help determine a consumer's reaction to the new product in a real-world environment.

Step 4 Step 1 Step 2 Step 5 Step 6 Step 3

You work for a digital timepiece company which started its entry into the global market a year ago. Your predecessor assumed that the company could use the same product and preexisting marketing campaign materials in nations that shared the same language. Sales never got off the ground. You were brought on board to make strategic changes and continue the fight for customers.

Straight extension

Alanis has to collect primary data for the floral company for which she works. The company, which is currently based in Miami is seeking to expand to other cities within the state. Alanis is interested in gauging what motivates people to buy flowers and customers' attitudes toward online flower delivery . Which of the following primary research methods would best capture the information Alanis wants to collect?

Surveys

Differentiated Marketing

Targeting several different market segments using a different marketing mix fo each segment

XYZ company defines its primary customer group based on demographic variables. To guide the development of its advertising, you were asked to write a description of the typical customer in that group. Just before submitting the assignment, you caught an error: one sentence is wrong because it references a variable that isn't demographic. Which is it?

The XYZ consumer doesn't want to look her age.

Market segmentation

The division of the total market into smaller, relatively homogeneous groups

The executives of Majority Productions, an entertainment and public relations agency with offices in five countries, are trying to figure out why their marketing strategies in four of the five countries appear to have failed. The company is thriving in the United States, where executives built the company's first office about a decade ago. At the time, they collected primary data that were extremely helpful, leading to a 20-percent growth for the company within the first two years. Because the company's marketing strategies worked so efficiently, the executives saw no need to conduct market research before they entered the other markets. You are diagnosing Majority productions inability to compete in international markets. Which of the following is likely to be a major factor in the company's failure in other countries.

The executives of Majority productions needed to bolster their knowledge about consumers in other countries

Interpersonal influences

The person in an organization who will influence buying decisions, each of those person's priorities, and the technical features of their products

You have been asked to supervise a new intern, who inquires about the benefits of having combined goods and services businesses. Rather than explicitly tell him or her the answer, you explain to him or her how these types of businesses operate, so he or she can make an inference about the benefits. To illustrate the purpose of combined goods and services businesses, you tell your intern that sometimes, the combination of a primary good with additional services defines the complete product to the customer and better satisfies their needs. To further illustrate your point, you explain that local coffee shops offer coffee and breakfast as primary goods. However, they also provide free Wi-Fi to make customers more comfortable, encouraging longer stays and extra beverage or food purchases. Based on the information provided, what can your intern infer about the benefits of combined goods and services businesses?

These businesses aim to better satisfy their customers by offering goods and services that complement each other.

The combination of visual cues that creates Starbucks' total image is its ____

Trade dress

The person would play a key role within the buying center. Which role would the IT expert be likeliest to play?

User

Undifferentiated Marketing (Mass)

When all customers are targeted using a single marketing mix

Last year, you left a job in consumer marketing to take one in business marketing. The shift required you to become accustomed to all of the following changes except:

You have more potential buyers than before

1.) You head a marketing team preparing to launch a revised global marketing campaign for a high-end jewelry and accessory company. You review the previous strategies your team has implemented: -You started with selling delicate, antique-looking jewelry across all international markets, with the same theme of "Looking Your Feminine Best." -Then your team experimented with some countries using the same jewelry, but with a theme of "Investing in Your Best Self." -For other countries, your team used the same theme of "Investing in Your Best Self" to sell jewelry-encrusted purses. -Buoyed by that success, your team plans a dramatic marketing change: An award-winning designer recrafted the profile of the jewelry to be chunky, rather than delicate. Your team came up with the slogan of "Be Visibly Lovely." Choose the international product and promotional strategy that does not illustrate a form of adaptation.

You started with selling delicate, antique looking jewelry across all international markets, with the same theme of "Looking Your Feminine best"