Exam 2

BritWay Ventures, a leading producer of soft drinks, is considering a differentiated marketing strategy. It is most likely important that the company weighs increased sales against________ before selecting this strategy.

Increased costs

Firms that manufacture seasonal products target their consumers primarily through ________ segmentation.

Occasion

________ is the stage where a product and its proposed marketing program are introduced into realistic market settings.

Test Marketing

Experimental research is best suited for gathering ________ information.

Causal

The objective of ________ research is to gather preliminary information that will help define the problem and suggest hypotheses.

exploratory

Vernon Inc. would like to set the best price for a new product. The firm conducts an experimental study by selling the new product at two different prices in two different locations keeping other factors constant to see if a lower price results in better sales. This is most likely an example of ________ research.

causal

When a company interacts one-on- one with large numbers of customers to create customer-unique value by designing products and services tailor-made to individual needs, it is engaging in ________.

mass customization

When a product hits the ________ stage, profits level off or decline because of increased marketing outlays to defend the product against competition.

maturity

The practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations is referred to as ________.

micromarketing

Using a(n) ________ positioning strategy, companies can attack the more-for- more strategy of another firm by offering a brand of comparable quality at a lower price.

more for the same

Which of the following methods should a marketing researcher use to obtain information that people are unwilling or unable to provide?

observational research

Which of the following is a structured method of online research where marketers require direct responses from customers?

online surverys

A(n)------------is best suited for exploratory research

online survey

Which of the following includes the target segment of a product, the category to which the product belongs, and the product's point of difference from other members in the category?

positioning statement

Through ________, brands can be differentiated on features, performance, or style and design.

product differentiation

Which positioning strategy offers value for consumers by providing the same brands as competitors at a lower price?

same for the less

Companies are likely to gain ________ through speedy, convenient, or careful delivery of products.

service differentiation

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 developement

At one time, Miller Beer was known as the champagne of bottled beer It was targeted at an elite class of customers. Later, to increase sales, Miller was repositioned to attract members of the working, middle-class. What is this segmentation method called?

Psychographic

By offering product and marketing variations to segments and developing a stronger position within several segments, companies hope to create more total sales through segmented marketing than ________ marketing across all segments.

Undifferentiated

Which of the following types of differentiation is used to gain competitive advantage through the way a firm designs its distribution coverage, expertise, and performance?

channel differentiation

Using ________, researchers measure consumer responses to new products and marketing tactics in laboratory stores or virtual online shopping environments.

stimulated test marketing

Dividing buyers into groups based on their knowledge, attitudes, uses, or responses to a product is called ________ segmentation.

Behavorial

Which of the following is true about customer relationship management (CRM)?

It consists of sophisiticated software and analytical tools.

________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Marketing research

Gold Class Electricals, a consumer-electronics firm, targets market segments based on factors such as country, age, social class, usage rate, and benefits sought. The company divides its markets based on ________.

Multiple segmentation bases

Ethnographic research essentially involves ________.

Observation and Interaction

Brooke's Boutique plans to launch a new clothing line. For this purpose, the firm first conducts a survey to understand its target audience and identify the demographics of potential buyers. It then conducts experimental research to test whether customers associate discounted prices with lower product quality. Which types of research has the boutique employed in this case?

descriptive followed by causal

Coolers Inc. has decided to launch a new energy drink that will have the fewest calories among its competitors. To understand the market potential for the new drink and the demographics and attitudes of consumers who are likely to buy the product, Coolers should most likely use ________.

descriptive research