Quiz 6-10

Andrew Levitt runs a retail store in Norristown. Andrew's store stocks cold weather products as Norristown mostly has sub-zero temperatures. Which of the following is evident here?

Local marketing

Which of the following is true about business-to-business e-procurement?

Many buyers now use the power of the Internet to pit suppliers against one another and search out better deals, products, and turnaround times on a purchase-by-purchase basis.

When marketers at Fair & Leigh Inc. selected the Millennial's, a demographic group that includes many college students, as an untapped group of potential customers for their new line of products, they were engaging in ____________.

Market targeting

Buyers who face a ________ usually go through all stages of the buying process.

New task buying situation

"To busy multitaskers who need help remembering things, Evernote is a digital content management application that makes it easy to capture and remember moments and ideas from your everyday life using your computer, phone, tablet, and the Web." This is an example of a(n) _______________.

Positioning statement

Which of the following refers to the course that a product's sales and profits take over its lifetime?

Product life cycle

A _________ consists of all the product lines and items that a particular seller offers for sale

Product mix

________ segmentation divides buyers into different segments based on social class, lifestyle, or personality characteristics.

Psycho-graphic

In Vina del Mar, Chile, a large number of shops specialize in selling the same quality of seafood products along the beach frequented by tourists. No individual shop dares charge more than the going price without fearing loss of business to other shops. This exemplifies __________.

Pure competition

Gainville Inc. manufactures android phones. Each new Gainville phone launch advances the cause of democratizing technology. Gainville, an expert in fostering customer community, engages customers at a deep, emotional level, and has been ranked one of the Breakaway Brands by the brand consultancy Kendell Associates. Gainville is most likely positioned on ________.

Strong beliefs and values

______ involves the use of a successful brand name for new or modified products in a new category.

A brand extension

The decision process by which business buyers determine which products and services their organizations need to purchase and then find, evaluate, and choose among alternative suppliers and brands is known as _______.

Business buying process

P&G introduced its Duncan Hines ready-to-spread frosting in a small geographic area. When General Mills became aware of the product, it rushed to market its own Betty Crocker ready-to-spread frosting, which eclipsed the Duncan Hines product introduction. General Foods was able to enter the ________ stage of the new-product development process before P&G could.

Commercialization

Industrial products and services include raw materials, buildings, fixed equipment, supplies, services, and __________.

Computers and desks

______ occurs when a company introduces additional items in a given product category under the same brand name, such as new flavors, forms, colors, ingredients, or package sizes.

Line extension

A manager in a garment manufacturing company decided to replace the plastic shopping bags currently used in his company with bags made of recyclable material. Consequently, he asked the operations office to gather relevant information and send a list of alternatives to him. In the business buying process, the manager is preparing a(n) ______.

General needs description

Azure Air, an airline company, offers attractive prices to customers with tighter budgets. A no-frills airline, it charges for all other additional services, such as baggage handling and in-flight refreshments. Which of the following best describes Azure Air's pricing method?

Good-value pricing

Executives at an automobile manufacturing company conducted a brainstorming session for selected employees. This session resulted in a large number of ideas for developing new cars after extensive R&D. The executives then planned to filter out the best ideas during the ________ stage.

Idea screening

Dips in the economy and the instant price comparisons made possible by the Internet have contributed to ________.

Increased consumer price sensitivity

________ refers to buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation.

System selling

John assured his venture capitalists an earning of 25-percent return on equity when he began his IT startup. In order to achieve this result, he will most likely use which of the following pricing approaches?

Target return pricing

At Fantastic Flavors, a large regional chain of candy stores, employees from marketing, design, production, and finance departments work in cross-functional groups to save time and money in the new product development process. From this description, it can be inferred that Fantastic Flavors uses a(n) ________ approach.

Team-based new product development

Once the prototype of Wainwright Industries' new riding lawnmower, made especially for women, passes product tests, the next step is ________.

Test marketing

The full mix of benefits on which a brand is differentiated and positioned is known as the brand's ________.

Value proposition

In an effort to differentiate its offerings from its competitors, Pegasus Computers decided to add an extra USB port in all its laptops besides providing a free pair of Delphi power bass headphones with every Pegasus laptop. Although the additional features increased the price of the laptops by $500, Pegasus was confident that the strategy would help boost demand for its laptops substantially. This is an example of ________.

Value-added pricing