Study Plan Questions - Marketing Test 2

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​_______ of the​ product's value set the ceiling on​ pricing, while​ _______ set the floor.

Customer​ perceptions; costs

Market segmentation is the act of dividing a market into distinct groups of buyers who have​ ________ and who might require separate marketing strategies or mixes.

different​ needs, characteristics, or behaviors

The seven price adjustment strategies are​ _____, ______,​ _____, promotional​ pricing, geographical​ pricing, dynamic​ pricing, and international pricing.

discount and allowance​ pricing, segmented​ pricing, psychological pricing

When a company lengthens a product line by adding more items within that​ line's current​ range, the company is​ ________.

filling the line

Which stage of the business buying decision process involves ranking the importance of​ reliability, durability, and​ price?

general need description

Which of the following correctly identifies the levels for which marketers make product and service​ decisions?

individual​ product, product​ line, and product mix decisions

The second step in the buyer decision process might include seeking more information. Sources of information vary. Commercial sources normally​ ________ the​ buyer, but personal sources​ ________ products for the buyer.

inform; legitimatize or evaluate

Pricing strategies usually change as a product passes through its life cycle but are especially challenging during the​ _______ stage.

introductory

Which of the following statements regarding the business market is​ correct?

Many sets of business purchases are made for one set of consumer purchases.

Which of the following would be an appropriate strategy in the maturity stage of the product life​ cycle?

Modify the​ market, product​ offering, and marketing mix.

Of the​ following, which is NOT one of the​ product-mix pricing​ situations?

Penetration pricing

Of the​ following, which is core element of our​ free-market economy?

Price competition

Marketers must make important decisions when developing individual products and services. Which of the following correctly identifies those important​ decisions?

Product​ attributes, branding,​ packaging, labeling, and product support services

A new product may fail for many reasons. Which of the following is NOT one of​ them?

Rapid market acceptance

What are the five characteristics that are especially important in influencing an​ innovation's rate of​ adoption?

Relative​ advantage, complexity,​ compatibility, divisibility, and communicability

What is the mistaken assumption that​ business-to-business companies often make about digital and social​ media?

That digital and social media are useful primarily to consumer products and services companies

Service providers often face price competition. As a solution to​ this, service providers can further differentiate themselves based on which three​ characteristics?

The service​ offer, delivery, and image

How do companies apply pricing strategies to accommodate differences in customer segments and​ situations?

They apply a variety of price adjustment strategies.

What are perceptual positioning maps used​ for?

To show consumer perceptions of different brands on important buying dimensions

Social responsibility includes public policy issues and regulations involving​ _________________, and product warranties.

acquiring or dropping​ products, patent​ protection, product quality and safety

We define the​ ________ process as the mental process through which an individual passes from first learning about an innovation to final adoption.

adoption

Buyers who face a new​ task-buying situation usually go through​ ________.

all of the eight stages, including performance review

All products have a life cycle. The sales of a typical product follow​ __________________, which is made up of five stages.

an​ S-shaped curve

What are the five stages of the consumer adoption​ process, in the correct​ sequence?

awareness, interest, evaluation, trial, and adoption

A​ brand's positioning must be continuously communicated to consumers. Although advertising can​ help, brands are maintained not by​ advertising, but by​ customers' ________.

brand engagement and brand experiences

In building​ brands, companies need to make decisions about four key powerful​ areas: ________________________________.

brand​ positioning, brand name​ selection, brand​ sponsorship, and brand development

Business marketers are increasingly connecting with customers online and through​ digital, mobile, and social media to​ ________, __________,​ __________, ___________, and maintain ongoing customer relationships.

engage​ customers, share marketing​ information, sell products and​ services, provide customer support services

Occupation, age, and lifestyle are ____ factors that influence consumer buyer behavior.

personal

Consumers go through a distinct process in making a purchase. Of the following, which is the final step in that process?

post-purchase behavior

The illegal practice of selling below cost to harm competitors is known as​ ______.

predatory pricing

Segmentation provides a powerful tool for marketers of all kinds. It can help companies identify and better understand key customer​ segments, ________________ to their specific needs.

reach them more​ efficiently, and tailor market offerings and messages

Laws prohibit​ ____________, which means a manufacturer cannot require dealers to charge a specified retail price for its product.

retail price maintenance

The first part of a marketing strategy statement describes the​ ________ of a new product.

target market

Once segments have been​ identified, market​ ________ evaluates each​ segment's attractiveness and selects one or more to serve.

targeting

____ determines whether the buyer is satisfied or dissatisfied with a purchase.

the relationship between the consumer's expectations and the product's perceived performance

The​ ________________________ is a​ brand's full positioning or the full mix of benefits on which the brand is positioned.

value proposition

Major variables used to segment consumer markets include which of the​ following?

​Geographic, demographic,​ psychographic, and behavioral

Which of the following pricing strategies would a company use to attract a large number of buyers quickly and win a large market​ share?

​Market-penetration pricing

A company sets a high price on a new product it introduces to maximize revenue from various market segments. Which new product pricing strategy is the company​ using?

​Market-skimming pricing

Companies find and develop new product ideas from a variety of sources. Which of these is an internal source for new product​ ideas?

​R&D

Firms have four brand development choices. These are​ _____________.

line​ extensions, brand​ extensions, multibrands, and new brands

In which step of the buying decision process is the final order with the chosen supplier​ developed?

order-routine specification

Another price adjustment strategy is​ ______________ pricing, where the company sells a product at two or more prices to accommodate different​ customers, product​ forms, locations, or times.

segmented

​Ideally, a company must carry out strong new product planning and set up a systematic new product development process that is​ _________ to find and grow new products.

​customer-driven

Which of the following is the correct definition of a​ product?

A product is anything that can be offered to a market for​ attention, acquisition,​ use, or consumption that might satisfy a want or need.

What is market​ segmentation?

Dividing a market into distinct groups of buyers who have different​ needs, characteristics, or behaviors and who might require separate marketing strategies or mixes

Marketers need to understand and know the answers to several key questions when dealing with buying centers. Of the​ following, which is NOT one of those key​ questions?

Is price a major factor or is the buying center price sensitive?

New product development consists of eight sequential steps. Which step reduces the number of ideas based on the​ company's criteria?

Idea screening

One form of​ ______ involves bogus reference or comparison​ prices, as when a retailer sets artificially high​ "regular" prices and then announces​ "sale" prices close to its previous everyday prices.

deceptive pricing

One concern about the expanding use of​ e-procurement for​ B-to-B purchasing is that​ __

it can erode​ decades-old customer-supplier relationships

One important consideration in using a differentiated targeting strategy is that​ _______.

it can increase costs

Business markets differ in many ways from consumer markets. The main differences are in​ ________, __________, and​ __________

market structure and​ demand, the nature of the buying​ unit, and the types of decisions and the decision process

When making a purchase, the buyer goes through a decision process consisting of all of the following:

need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior

When a company builds a​ brand, it needs to make important decisions regarding the brand. Of the​ following, which is NOT one of those​ decisions?

Brand licensing opportunities

At which step does a company perform a review of the​ sales, costs, and profit projections for a new product to determine whether the new product is likely to satisfy​ objectives?

Business analysis

Like consumer​ markets, business markets are segmented. Which of the following describes the variables that marketers use to segment business​ markets?

Business​ demographics, operating​ characteristics, purchasing​ approaches, situational​ factors, and personal characteristics

Companies have to think carefully when considering price changes. They must consider which of the​ following?

Buyer and competitor reactions

Which of the following correctly describes the classifications into which products and services​ fall?

Consumer products and industrial products

Charles Revson of Revlon once​ said, "In the factory we make​ cosmetics; in the store we sell​ hope." Which product level is Revson referring​ to?

Core customer value

Which stage of the product life cycle normally lasts longer than the previous stages and poses strong challenges to marketing​ management?

Maturity

What are the eight steps in the business buying decision​ process, in the correct​ sequence?

Problem​ recognition, general need​ description, product​ specification, supplier​ search, proposal​ solicitation, supplier​ selection, order-routine​ specification, and performance review

Marketers must consider external considerations in establishing pricing. Which of the following represents those external​ considerations?

The nature of the market and demand and other environmental factors

When marketers create services marketing​ strategy, they understand they must execute on external marketing but also develop​ _______________________________.

internal strategies to motivate employees and interactive marketing to create service delivery skills among service providers

Companies must manage the​ ________, which often includes many different buying decisions in various stages of the buying decision process.

overall customer relationship

A​ company's pricing strategy is affected by internal factors such as​ ___________________.

overall marketing​ strategy, objectives, marketing​ mix, and other organizational considerations

The strongest brands are positioned on​ ______.

beliefs and values

The totality of a​ company's product lines and items offered to customers is known as its​ _________________.

product mix

Many companies are now developing​ ________ programs to generate new product ideas.

crowdsourcing or​ open-innovation

Setting the base price for a product is only the start. The company must then adjust the price to account for​ ____________________________ differences.

customer and situational

Marketers use three major pricing​ strategies: ______________________.

customer​ value-based pricing,​ cost-based pricing, and​ competition-based pricing

Companies must make important decisions about their individual products and services. Individual product decisions involve​ ________________, and product support services.

product​ attributes, branding,​ packaging, labeling

The stages of the product life cycle are​ ______________________________.

product​ development, introduction,​ growth, maturity, and decline

Good service companies understand the service profit​ chain, which links​ ________.

service firm profits with employee and customer satisfaction

The number of product lines a company manages is the product mix​ ______. The total number of items a company carries within its product line is the product mix​ _____.

​width; length

When Microsoft or Apple sells software as a​ package, it is engaging in what type of​ pricing?

Product bundle pricing

Marketers must consider potential product issues related to social responsibility. Of the​ following, which is NOT one of the product issues associated with social​ responsibility?

Product differentiation and positioning

​___________________ are the two ways firms can obtain new products.

Acquisitions and new product development

Which of the following statements regarding the marketing of international products and services is​ correct?

Because markets and consumers around the world differ​ widely, companies must usually adapt their product offerings in different world markets.

To target the best market​ segments, the company first evaluates various factors related to market attractiveness. Of the​ following, which is NOT one of those​ factors?

Compatibility with company mission and vision

Which of the following is true regarding the​ price-demand relationship?

If demand is​ elastic, sellers will consider lowering their prices.

Which of the following correctly defines the consumer market?

Individuals and households that buy goods and services for personal consumption

What are the four major steps in designing a customer​ value-driven marketing​ strategy, in the correct​ sequence?

Market​ segmentation, market​ targeting, differentiation, and positioning

Which type of business buying situation offers marketers not only the greatest​ opportunity, but also the greatest​ challenge?

a new task situation

The differentiation and positioning task consists of three​ steps: identifying​ ________ that create competitive​ advantage, choosing​ ________ on which to build a​ position, and selecting an overall positioning strategy.

a set of possible​ differentiations; advantages

When effective programs can be designed for attracting and serving market​ segments, these segments are​ ________.

actionable

Because markets and consumers worldwide differ​ widely, companies usually respond to these differences by​ ________.

adapting their product offerings

Generally, the consumer's purchase decision will be to buy the most preferred brand, but two factors can come between the purchase intention and the purchase decision. These two facts are _____

attitudes of others and unexpected situational factors

When companies treat customers fairly and make certain they understand pricing and pricing​ terms, this leads to​ ________________.

building strong and lasting customer relationships

The​ ________ market comprises all organizations that buy goods and services for use in the production of other products and services or for the purpose of reselling or renting them to others at a profit.

business

In the broadest sense, a new product marketer must research ____ when developing a new product and a marketing program.

characteristics influencing the rate of adoption

Which of the following is NOT among the major factors influencing consumer buying behavior?

commercial

Firms with limited resources often target a market niche that is either ignored or unimportant to larger firms. This represents​ a(n) _______ strategy.

concentrated marketing

In which targeting strategy does a firm go after a large share of one or a few smaller​ segments?

concentrated marketing

The advantages of standardizing products and services for international markets include​ _______________, lower manufacturing​ costs, and lower marketing costs.

consistent global​ image, lower product design costs

​Value-based pricing begins with analyzing​ ___________.

consumer needs and value perceptions

Price ceilings are set by customer perception. Which of the following sets the floor for the price that a company​ charges?

costs

​______________________ is part of a​ company's decision on how it will create market offerings to deliver superior customer value.

differentiation

Once market segments have been​ selected, the company then must decide on​ _____________________________.

differentiation and positioning strategy

Technology advances have made​ B-to-B online purchasing possible. This is called​ ________.

e-procurement

The new product development process consists of sequential steps. The first step is​ _______ and the last step is​ ______________.

idea​ generation; commercialization

The product development process starts with​ ________. Next comes​ ________, which reduces the number of ideas based on the​ company's own criteria.

idea​ generation; idea screening

The buying center and the buying decision process are influenced by​ ________, ​ __________, and​ __________ factors, as well as​ _____________ factors

internal​ organizational, interpersonal, and individual​ factors, as well as external environmental factors

Companies need to consider many factors when choosing a​ market-targeting strategy.​ However, which targeting strategy is best depends on company​ resources, product​ variability, product​ life-cycle stage, as well as​ ________________________.

market variability and competitive marketing strategies

The business buyer decision process itself can be quite​ involved, with several basic stages. The process begins with​ ______________ and concludes with​ _______________

problem recognition; performance review

Combining products for one price can promote the sales of products consumers might not otherwise​ buy, but the combined price must be low enough to get them to buy the package. This is known as​ ______.

product bundle pricing

In the new product development​ process, ideas that pass the idea screening step continue through​ ________. Strong concepts proceed to​ ________.

product concept​ development; marketing strategy development

There are several types of product mix pricing​ situations, which include​ ______________, by-product​ pricing, and product bundle pricing.

product line​ pricing, optional-product​ pricing, captive-product pricing

​___________ are payments or price reductions that reward dealers for participating in advertising and​ sales-support programs.

promotional allowances

The distinction between a consumer product and an industrial product is based on the​ ________ for which the product is purchased.

purpose

Companies can do​ e-procurement in several​ ways, including​ _______, ________,​ ________, and​ __________.

reverse​ auctions, trading​ exchanges, company buying​ sites, and extranet links

When Dr. Lawncare developed his revolutionary new weed​ killer, he expected​ that, during the introductory stage of the product life​ cycle, ___________.

sales would be slow and with negative or low profits

Services are characterized by four key​ aspects: ______________________.

services are​ intangible, inseparable,​ variable, and perishable

To determine which market segments to target and​ serve, the company first evaluates each​ segment's ________.

size and growth​ characteristics, structural​ attractiveness, and compatibility with company objectives and resources

A simple model of consumer behavior suggests that marketing stimuli and other major forces enter the consumer's "black box." This black box has two parts: ____ and ____

the buyer's characteristics and the buyer's decision process

In addition to segmentation and​ targeting, there are two other major steps in designing a customer​ value-driven market​ strategy: ________ seeks to create superior customer value in the mind of the​ consumer, and​ ________ seeks to firmly place the market offering in the minds of target customers.

​Differentiation; positioning

Beyond the market and the​ economy, what other factors in its external environment must a company consider when setting​ prices?

​Resellers, the​ government, and social concerns

Broadly​ defined, a product is anything that can be offered to a market for​ ___________, or consumption that might satisfy a want or need. Products include not only physical​ objects, but also​ services, events,​ persons, places,​ organizations, ideas, or mixtures of these entities.

​attention, acquisition, use

Printer companies often charge a fairly low price for their inkjet printers​ (relative to​ costs) and a high price for replacement cartridges. These companies are using a strategy of​ ___________ pricing.

​captive-product

External sources for new product ideas include​ _________.

​competitors, distributors and​ suppliers, and customers

Consumer products are products and services bought by final consumers for personal consumption. Consumer product classifications include​ _______________, and unsought products.

​convenience, shopping, specialty

Services marketing strategy calls not only for external​ marketing, but also for internal marketing to motivate​ ________ and interactive marketing to create service delivery skills among​ ________.

​employees; service providers

People can be classified into the adopter​ categories, with each category having different values and rates of adoption. The adopter categories include​ ________, ________,​ __________, _________, and​ __________

​innovators, early​ adopters, early mainstream​ adopters, late mainstream​ adopters, and lagging adopters

A company can use​ _________ by setting a low initial price to penetrate the market deeply and win a large market share.

​market-penetrating pricing

In pricing innovative new​ products, a company can use​ ________ by initially setting high prices to maximize the amount of revenue from a sufficient number of buyers willing to pay the higher price.

​market-skimming pricing

Federal legislation on​ _________states that sellers must set prices without talking to competitors.

​price-fixing

For​ services, there is a form of​ captive-product pricing known as​ _____ pricing.

​two-part

Which of the following terms correctly describes the positive differential effect that knowing the brand name has on customer response to the product or the​ service?

Brand equity

To successfully implement a​ market-skimming strategy for a new​ product, which of the following conditions needs to be​ present?

Competitors are not able to enter the market quickly and undercut the high price.

____ refers to the set of values, perceptions, wants, behaviors learned by a member of society from family and other important institutions

culture

To be more socially​ responsible, some companies are appointing​ _____________. Their job is to protect consumers from harm and the company from liability by proactively ferreting out potential product problems.

product stewards

Marketers can apply the​ ________ as a useful framework for describing how products and markets work and help develop good marketing strategies for the different​ life-cycle stages.

product​ life-cycle concept


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