EXAM 2

Whether to launch the new product

The major purpose of test marketing is to provide management with the information needed to make a final decision about ________________.

Place marketing

Tourism Australia's global marketing campaign, "There's nothing like Australia" is an example of ____________.

it shows how consumers view a product relative to competitive products.

What is true about a positioning map?

Retail

Which of the following exemplifies a service?

Fast food

Which of the following is an example of a convenience product?

A bag of potato chips

Which of the following is an example of a pure tangible good?

Suppliers

Which of the following is an external source for new product ideas?

Few customers will be satisfied

Which of the following is the most likely result of a marketing strategy that attempts to serve all customers?

Products include services, events, persons, places, organizations, ideas, or a mixture of these

Which of the following is true with regard to products?

User status

Which of the following refers to a behavioral segmentation variable that involves segmenting markets into nonusers, ex-users, potential users, first-time users, and regular users of a product?

Values and attitudes

Which of the following refers to a cultural factor in the context of segmenting international markets?

marketing myopia

Which of the following term represents the situation in which sellers being preoccupied with their own products and losing sight of underlying consumer needs

Market targeting

_____ consists of evaluating each market segment's attractiveness and selecting one or more market segments to enter.

Idea Generation

New product development starts with_______

Publicity

News release, featured article, captioned photograph ad press conference are the example of which public relations tool?

differentiated marketing.

Oscar Mayer, a marketer of a variety of meat products introduced Lunchables, a product specifically aimed at children. This is an example of which targeting strategy.

Commercialization

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 Mills was able to enter the ___________ stage of the new-product development process before P&G could.

Core customer value

Product planners need to consider products and services on three levels. Each level adds more customer value. The most basic level is the _______. Which addresses the question, "What is the buyer really buying?"

Social

Public health campaigns designed to reduce alcoholism, drug abuse, smoking, and obesity are all examples of ___________ marketing.

Corporate image

The advertising slogan, "We bring good things to life," used by General Electrics to market themselves, is an example of ___________ marketing.

Acquisition

The buying of a whole company, a patent, or a license to produce someone else's product.

Innovation

A company can install a(n)______ management system to collect, review, evaluate, and manage new product ideas.

When to introduce the product

A company getting ready to launch a new product must make several decisions. The company much first decide on __________

micromarketing

A firm that chooses to target potential customers by zip code, specific occupation, or even lifestyle is said to be practicing which targeting strategy

Segmentation by usage rate

A recent study conducted by Estelle Cosmetics Company showed that heavy users of Estelle's products comprise a small percentage of the market. The study indicated that less than 7 percent of all shoppers buy nearly 71 percent of Estelle's products in the United States. This is an example of ____________

Widened its product mix

A reputed cosmetic company in New York City added new product lines in order to increase its business. In other words, it ________.

Inelastic

A university enrolled 200 graduate students in the fall of 2011. However, the enrollment rate was only slightly affected following a 12 percent hike in tuition the following Fall. This illustrates a(n)____________demand.

Fails to guarantee product success in the market

All of the following are disadvantages of test marketing EXCEPT that test marketing_______________

Team-based new product development

At Fantastic Flavors, a large regional chain of candy stores, employees from marketing, design, production, and finance work in cross functional groups to save time and money in the new product development process. Fantastic Flavors uses a __________ approach.

Age and life-cycle

Bailey's Burgers promotes the Bailey's Jumbo Burger as a fun snack for teens and young adults. In this instance, Bailey's Burgers is practicing_________ segmentation.

Both involve people who assume buying roles and make purchase decisions to satisfy needs

Business markets are similar to consumer markets in that _______.

Demographic segmentation

Delta Motorworks markets its cars based on the age, gender, and income of its customers. Which of the following types of market segmentation is evident here?

Derived

Demand for outboard motors depends on consumers purchasing fishing boats. This is an example of ___________ demand.

Person

Elmo Inc, a Michigan-based manufacturer of athletic shoes, uses professional athletes in its ad campaigns to help sell its products. This is an example of _________ marketing.

Idea screening

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.

Income

Gilron Holidays runs a premium membership club which caters to customers whose annual salary exceeds $100,000. Members of this club are offered seasonal discounts on select luxury hotels in select cities worldwide. Gilron Holidays most likely follows a(n)___________ segmentation approach.

A straight rebuy situation

Gina Parker owns an ad agency in Baton Rouge. She regularly purchases cleaning supplies for her custodial staff, using the same vendor and ordering relatively consistent amounts of the same products on each purchase. This is an example of _________.

Modified rebuy

In a ____ situation, the "in" suppliers may become nervous and feel pressured to put their best foot forward to protect an account and the "out" suppliers may see the present situation as an opportunity to make a better offer and gain new business.

Undifferentiated marketing

Jean Malone, a market researcher, recently found that most people in Bradburg County purchase automobiles with predominantly functional designs and prefer darker colors. Which of the following marketing strategies should Jean most likely recommend to an automobile dealer interested in opening a dealership in Bradburg County?

Political factors

Marketers often segment international markets according to the type and stability of government. In such instances, they segment markets based on ________.

Psychographic segmentation

Marketers who use _____ often segment their marketers by consumer lifestyles and base their marketing strategies on lifestyle appeals.

Differentiation

______involves actually distinguishing the firm's market offering to create superior customer value

Specialty products

_____are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.

Supplier development

_____involves systematically developing networks of supplier partners to ensure a dependable supply of products and materials for use in making products or reselling them to others.

Systems selling

_____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.