BUSAD 250

Which of the following is a part of new-product development effort?

A company making improvements on a product developed by its in-house R&D team.

From a customer's perspective, which of the following primarily corresponds to the place, or distribution, component in the marketing mix?

A customer expecting a product to be made available as conveniently as possible.

Which of the following influences does not affect decision making by​ individuals?

A formal buying process

In the context of the four Ps of the marketing mix, which of the following best illustrates a decision regarding the place, or distribution, component?

A manager's decision to deliver purchased products directly to customers.

Which of the following illustrates a sale to the organizational market?

A manufacturer of electronics buys components from a supplier.

Mario is wealthy and lives in a large home on the East Coast. A hurricane is coming, so Mario decides to purchase a generator in case he runs out of power. He has never owned a generator before. Which of the following is driving Mario's purchase?

A situational factor

In context of the four Ps of the marketing mix, which of the following best illustrates a decision regarding the element of promotion (communication)?

An organization's decision to replace personal selling with the distribution of product catalogs because catalogs are preferred by customers.

What is a touchpoint?

Any point of interaction—online, on the phone, or in person—between a company and its current and potential customers.

Which of the following is part of reviewing performance for strategic marketing​ planning?

Assessing reasons for a drop in sales during recessions.

What changes a​ user's experience by adding visual or textual information to an existing​ picture?

Augmented reality

__________ segmentation groups customers according to their relationship with products or response to product characteristics.

Behavioral

________ involves classifying consumers with regard to their connection with certain goods or reaction to certain features of those goods.

Behavioral segmentation

Which of the following best illustrates a decision regarding the price component of the marketing mix?

Book Bug Inc., a retail book store, has decided to offer a five percent discount on three books

__________ refers to the value that a company has built up in a brand.

Brand equity

When a company applies a successful brand name to a new product​ category, what is the company​ practicing?

Brand extension

__________ is using a brand name of existing products for a new product category

Brand extension

Which of the following signifies the level of dedication a consumer has for a particular​ product?

Brand loyalty

The identity of a product is typically encompassed in which of the​ following?

Branding

A snack bar offers a soup, sandwich, and a muffin for a combo price of $10. The snack bar has a large number of takers for this combo because the items are more expensive when bought individually. What pricing strategy is the snack bar using?

Bundling

Which of the following describes an individual or a group that purchases products and services for personal​ consumption?

Consumer market

Which of the following best describes diversification?

Creating new products for new markets

Which system​ captures, organizes, and capitalizes on interactions between a company and its​ customers?

Customer relationship management

______ is a structure that​ attains, arranges, and takes advantage of the connections that a business has with its consumers.

Customer relationship management

________ capture, organize, and capitalize on all the interactions that a company has with its customers.

Customer relationship management (CRM) systems

Which strategy for penetrating target markets involves retailing an assortment of goods and services to numerous groups of​ consumers?

Differentiated marketing

Which aspect of the marketing mix consists of a systematized collection of companies that exchange products and services from retailers to​ consumers?

Distribution

__________ involves creating new products for new markets

Diversification

​________ is the creation of new products for new markets.

Diversification

Which of the following terms describes when businesses regularly change prices for goods in order to account for the various fluctuations in supply and​ demand, allowing them to sell goods at a faster​ rate?

Dynamic pricing

Which pricing strategy involves continually adjusting the price of a product depending upon the supply and demand for it?

Dynamic pricing

When developing a marketing​ plan, evaluating​ competition, internal​ strengths, and the external environment are all part of what​ process?

Examining the current marketing situation

Bryan's Café has branches in several cities across the United States. It wants to observe the effect of changes in pricing on its sales volume before introducing new varieties of coffee. It selects two cities with similar characteristics and introduces the new variants in its menu. The information collected from these trials will be used to determine the factors affecting sales volumes. Which type or market research is Bryan's Café trying to collect?

Experimental research

Which of the following terms describes when a new but similar product is introduced into the market in order to enlarge a current product​ collection?

Family branding

Which of the following is formed when companies convert raw materials into completed​ products?

Form utility

Which stage in the product life cycle represents the level in which both sales and competition​ increase?

Growth stage

Miguel owns an economy car, but he wants to trade it in for a big four-wheel drive truck because he thinks it will make him feel better about himself and attract more women than the economy car does. Which factor appears to be driving Miguel's desire to purchase the truck?

His self-image

Which of the following activities is typically performed by companies during the commercialization step of the new-product development process?

Introducing a new product into the market

Which of the following best describes the introduction stage of the product lifecycle?

It extends from the research-and-development (R&D) phase through the product's first commercial availability.

Which of the following best describes bundling?

It is a strategy in which several products are combined and offered at a lower price than consumers would have to pay if they were purchased separately.

Which of the following best describes a brand extension?

It is using a brand name of existing products for a new product category.

Fast Fashion, a retail chain in the United States, is considering expanding into Canada. By which method is Fast Fashion attempting to increase its sales?

Market development

Which of the following terms is concerned with offering more of a​ business's current goods within its existing​ markets?

Market penetration

​_______ represents the separation of various markets into​ lesser, more standardized clusters with comparable​ requirements, desires, and buying activities.

Market segmentation

Which of the following defines a​ firm's slice of the overall sales within a​ market?

Market share

Which of the following statements describes what is involved in analyzing the external​ environment?

Marketers must analyze trends and conditions in the business environment when planning their marketing strategies.

What refers to a range of tools and techniques that help marketers plan and evaluate marketing activities?

Marketing analytics

Which of the following refers to a range of tools and techniques that help marketers plan and evaluate marketing​ activities?

Marketing analytics

Which of the following contains elements that work together to create a marketing strategy including various​ goods, costs,​ deliveries, and consumer​ messages?

Marketing mix

​_______ are central to marketing and inspire consumers to purchase products.

Needs

A successful clothing store found that its sales had been gradually falling for the last 18 months. In order to find the reasons for the gradual decline, it kept track of how many customers entered the store and how many actually made a purchase. It also noted the time of the year and the time of day when the largest number of customers approached the store. On the basis of this information, the store was able to devise a marketing plan in order to attract more customers. Which of the following research approaches did the clothing store use?

Observational research

​______ involves attempts to draw consumers and establishments to a certain physical region.

Place marketing

__________ is managing a business in a way that is designed to occupy a particular place in the minds of target customers.

Positioning

​________ is created when consumers gain satisfaction from acquiring and owning a product.

Possession utility

__________ refers to how responsive demand will be to a change in price.

Price elasticity

Which of the following views the primary purpose of a company to be making​ things, not satisfying​ customers?

Product concept

Which of the following indicates the relative amounts of tangible and intangible components in a​ product?

Product continuum

The process of​ generating, selecting,​ developing, and commercializing product ideas is known as​ what?

Product development process

​Informing, persuading, and reminding are all aspects of which component of the marketing​ mix?

Promotion

Which stage of the​ new-product development process involves creating usable products out of concepts in order to experiment with samples to determine proper​ wrapping, functionality, and consumer​ appeal?

Prototype development

Consumers use which of the following as role models for​ style, speech,​ opinions, and various other​ behaviors?

Reference groups

Which of the following scenarios is an example of increasing the width of a firm's product mix?

Reintron Inc., a consumer electronics manufacturer, is planning to add two new product lines, laptops and headphones, to its product mix to increase its sales.

​________ concentrates on establishing and preserving lasting connections with​ consumers, vendors, and supply associates for shared advantages.

Relationship marketing

​______ represent significant goods and services that consumers purchase occasionally and that often require more intricate evaluations and comparisons in order to make a final decision.

Shopping products

Which of the following represents very specific product brands that a consumer expressly desires and will pursue no matter the price or​ distance?

Specialty products

​_______ involves evaluating a​ business's existing​ marketing, assessing​ prospects, forming​ goals, and establishing an approach to achieve those goals.

Strategic marketing planning

​_________ fit a preset​ pattern, such as all the entry fields in a customer address form on a website.

Structured data

Which group is made up of people who buy goods and services for their personal or household use?

The consumer market

__________ extends from the research-and-development (R&D) phase through the product's first commercial availability.

The introduction stage

__________ is the stage in the lifecycle in which sales begin to level off.

The maturity stage

Which of the following best describes marketing?

The process by which companies create value for customers and build strong relationships with them in order to capture value from customers in return.

Which of the following statements is true of variable costs?

They depend on production levels

Which of the following is the primary purpose of test marketing when it comes to new products?

To introduce the product in selected markets and monitor consumer reactions

Which of the following is a risk associated with a product-line extension?

Too many categories or types of products can dilute the brand's meaning in the minds of target customers.

________ is a​ price-setting technique that is based on a​ consumer's assessment of a​ product's worth which involves setting a certain​ price, then working back to determine a proper price that will allow for reasonable profit margins.

Value-based pricing

_______________ create a simulation in which the person experiences the sensation of being in an environment, even though that environment is entirely computer generated.

Virtual reality (VR) systems

Which of the following refers to the number of different product lines that a company offers?

Width

When an​ individual's views and actions do not match each​ other, it creates a state of tension referred to as​ _____.

cognitive dissonance

The idea generation step in the new-product development process primarily involves __________.

coming up with ideas for products that will satisfy unmet needs

In the new-product development process, test marketing occurs before __________.

commercialization

The last stage in the new-product development process is __________.

commercialization

Ordinary products and services which are purchased repeatedly and on a regular​ basis, such as milk or​ bread, are known as​ ________.

convenience products

The study of the statistical characteristics of a population is known as​ ______.

demographics

Fixed costs are costs that __________.

do not change when production levels rise or fall

Use of​ "marketing analytics" for marketing identifies the contemporary marketing trend focusing on​ ________.

making​ data-driven marketing decisions

The sale of an established product line within a brand new market is called​ ________.

market development

Misleading advertising material created to look like regular news stories or social media is known as​ ________.

native advertising

The marketing method in which marketers invite potential or current customers to receive information in areas that genuinely interest them is known as​ ________.

permission-based marketing

When managers create a method of engaging a certain area in the thoughts of target​ consumers, it is called​ _______.

positioning

Among the four Ps of the marketing mix, coupons and discounts are marketing tools related to the element of __________.

price

The categorization of consumers based on their​ attitudes, interests,​ opinions, and lifestyles is called​ _______.

psychographics

Variable costs include​ ________.

sales commissions

The formation and distribution of information among existing consumers and possible consumers relating to products is known as​ ________.

social commerce

When a company engages in the process of analyzing its existing​ marketing, evaluating​ prospects, establishing​ goals, and creating a marketing approach to achieve those​ goals, it is called​ ________.

strategic marketing planning

From a customer's perspective, the element of promotion in the four Ps of the marketing mix corresponds to __________.

the customer's expectation of two-way communication with the seller

Consumer desires and​ requirements, pursuing​ long-term success, and assimilating marketing with other components within a business are all key aspects of​ ______.

the marketing concept

Marketing analytics strives to establish​ (a)_____________, so that all data is kept in a centralized place.

unified data layer

One application of virtual reality is for all clients to experience living and working in buildings before they are decorated. This is called​ _________.

virtual​ walk-throughs

Which of the following represents the formula for determining the​ break-even point?

​Break-even point​ = fixed costs​ / selling price - variable costs per unit

Which of the following involves endorsing a social issue while also endorsing a business and its​ goods?

​Cause-related marketing

A marketing technique consisting of businesses seeking authorization to convey promotional messages and limiting the messages to only those interest areas is called​ _________.

​permission-based marketing