Exam 1
A product line is defined as
A group of closely related products that are considered a unit because of marketing or end use considerations
High Gliding air academy is developing its marketing mix for the coming year. Its managers know that they must first select ____ which may be the most important decision they make in the planning process
A target market
A distributor of plumbing supplies purchases a desktop computer to aid in inventory computer is an example of which type of business product ?
Accessory equipment
The three major ways to modify a product include
Aesthetic, quality, and functional changes
_____ competitors are the most significant to marketers because buyers see the different products these firms as direct substitutes for each other
Brand
Products are classified as being business or consumer products according to the
Buyer's intended use of the product
When marketers define their target market, they simultaneously establish a set of
Competitors
The Home Depot differentiates its product offerings from its competition with stores like Sam's, by offering delivery and installation, financing arrangements, and repairs. The Home Depot is differentiating through
Customer Services
In general, differences between goods and services are determined by the
Degree of tangibility
Quality modifications are changes that relate to a product's
Dependability and durability
Which of the following services falls closest to the middle of the tangibility continuum?
Dinner at the Olive Garden
One way that Honda evaluates its product and service level is by how well it ranks on the J.D Power and associates sales satisfaction survey. In doing so, Honda is
Evaluating actual performance
When an individual considers whether a product will meet certain criteria that a ...his or her needs, in what stage of the products adoption process is this individual?
Evaluation
A product is defined as
Goods, services, or ideas
Saresh owned the change-ezz, a salon specializing in the unique hair needs of minority population. Recently, Saresh has been trying to improve the quality of service received by his customers. How Saresh's problem illustrates which of the following unique features of service?
Heterogeneity
Services have six basic characteristics, intangibility, interpRbility of production and .... perishability, client based relationships, customer contact and
Heterogeneity
Organization should define themselves not according to the products the produce but according to
How they satisfy customers
The amount of money received through wages, rents, investments, pensions, and subsidies is called
Income
The four major stages of a product life cycle include
Introduction, growth, maturity, and decline
A target market
Is a specific group of customers on whom an organization focuses its marketing efforts
coca cola has expanded to Coke zero, cherry coke, and caffeine free coke to name a few. These are examples of
Line extensions
A group that has the willingness, ability, and authority to buy a product is a
Market
The percentage of a market which actually buys a specific product from a specific company is referred to as that products
Market cut
When the right combination of circumstances occur at the right time to allow an organization to take action toward a target market, the firm is faced with a
Market opportunity
Rick is a new product manager for a large bio chemical firm. He is currently working on a proposal for a new chemical solvent and known that introducing the new product can be risky because it might fail. He also knows that ____ is risky as well.
Not introducing new products
The four major competitive structures are
Oligopolies, monopolies, monopolistic competition, and pure competition
For most firms the costs of marketing activities cons approximately what portion of the consumer's dollar
One half
The fact the services cannot be inventoried and then sold at a late date is called
Perishability
Marketers of a particular brand of ice cream have decided to delete their line of line cream bars. They will do so by letting the product decline and not change the current marketing strategy. This method of deletion is called
Phase out
The forces of the marketing environment include
Political, legal/regulatory, sociocultural, technological, economic, and competative
Pro competitive laws are those designed to
Preserve competition
Marketers who attempt to influence and change the various environmental forces have a(n)___ response to these forces.
Proactive
The element of the marketing mix used to increase awareness of a product or company is
Promotion
Assuming that inflation is low, high buying power characterizes the ___ stage of the business cycle
Prosperity
According to the marketing concept, and organization should try to
Provide products that satisfy customers' needs and allow the organization to achieve its goals
Convenience products are
Relatively inexpensive, frequently purchased items for which buyers exert only minimal purchasing effort
A group of managers has been assigned the task of developing a new product. They are now in the process of assessing several ideas to determine whether they are consistent with the firm's overall objectives and resources. The managers are at what stage of the new product development process?
Screening
When service companies change high contact services into low contact services the
Services becomes less personalized
Kraft purchased the Duracell battery company and now operated this division as a separate profit center within the firm. In this example. Duracell is a(n)______ unit of Kraft
Strategic business
Because of its highly efficient and low cost distribution system, Walmart has a _____ advantage over Kmart
Sustainable competitive
_____ is a customer's subjectives assessment of benefits relative to cost in determining the worth of product.
Value
Early in the commercialization phase, marketers must make decisions about
Warranties, repairs, and replacement parts
By offering both credit and financing through its GMAC division, General Motors is trying to help consumers
expand current buying power at the expense of future buying power
Depending on the length of time it takes them to adopt a new product ....major adopter categories:early adopters, early majority, late majority laggards `
innovators
Which of the following is essentially an uncontrollable factor in developing a marketing mix.
product safety regulations