Marketing Exam 2 quiz questions

A value-based pricing strategy most likely begins with ________.

assessing customer needs

Dollar General profitably appeals to families with more modest means. The retailer's approach is most likely referred to as ________.

target marketing

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

television

Vac "N" Sew, a consumer electronics outlet, offers a price reduction of $100 when customers bring in a used vacuum cleaner and exchange it for a new vacuum cleaner or sewing machine. This is an example of a ________.

trade in allowance

A brand is a name, term, sign, symbol, or design, or a combination of these, that identifies the maker or seller of a product or service.

true

A brand's value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs.

true

Niche marketing offers smaller companies an opportunity to compete by focusing their limited resources on serving niches that may be unimportant to or overlooked by larger companies.

true

The Amazon Prime program strives to convert casual shoppers into loyal customers. An Amazon Prime customer can be classified as a ________.

true believer

Unlike other car rental agencies that are based in airports to serve travelers, Wheelz-On-Rent has a network of neighborhood offices. The firm strives to serve people who need car rentals for reasons other than vacation, such as when their own cars are being repaired. Wheelz-On-Rent caters to a small share of the large car rental market. From this description, it can be concluded that Wheelz-On-Rent most likely practices ________.

concentrated marketing

A laundry detergent that consumers purchase frequently, with minimum comparisons, is an example of a(n) ________ product.

convenience

A company designs what it considers to be a good product, calculates the expenses of making the product, and sets a price that adds a standard markup to the cost of the product. This approach to pricing is called ________ pricing.

cost plus

Ritz-Carlton is fervently dedicated to anticipating customers' slightest needs. Without ever asking, they seem to know when customers want a king-size bed, non-allergenic pillow, extra body gel or the blinds open upon arrival. An amazing 95 percent of departing guests report that their stay has been a truly memorable experience. This is an example of ________.

customer delight

Senz, an automobile manufacturer, produces low-end vehicles that are targeted toward lower-income consumer groups. Senz most likely segments the consumer market based on ________ variables.

demographic

Branding and advertising tend to be more important marketing factors than price and service for industrial products categorized under materials and parts.

false

Customer equity is a measure of the past value of a company's customer base.

false

Market offerings are limited to physical products.

false

Product development usually costs the least among all the steps of the new product development process.

false

Expanding a product line by adding more items within the present range of the line is known as product line ________.

filling

The "Stop the Texts. Stop the Wrecks." campaign co-sponsored by the Ad Council and the National Highway Traffic Safety Administration is an example of a marketing offering for a(n) ________.

idea

Iron ore is an example of an industrial product that is categorized under ________.

materials and parts

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

micromarketing

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

occasion

Marque, a high-end maker of designer watches, has started making inexpensive watches to take advantage of enormous growth rates in low-end market segments. Marque is most likely engaging in ________.

downward stretching

Customer evangelists are those who ________.

spread the word about their good experiences with a brand or product

When an effective program can be designed for attracting and serving a chosen segment, the segment is best described as ________.

actionable

Port Orleans Shipping markets different services to the tourism, defense, and trade segments. The firm designs separate offers for each segment based on their needs. This approach is called ________ marketing.

differentiated

Customer relationship management focuses on retaining existing customers but not on acquiring new customers.

false

During concept testing, a product is evaluated by management without any input from external sources.

false

Life insurance is an example of a convenience product.

false

Service variability means that the quality of services does not depend on who provides them.

false

The amount of test marketing needed is the same for each new product.

false

Consumers rely less on price to judge the quality of a product when they ________.

have prior experience with the product

A firm uses ________ when it charges a high, premium price for a new product with the intention of reducing the price in the future.

market skimming pricing

Marketing the same product to a huge customer base without any customization is referred to as ________.

mass marketing

A company or brand image should convey a product's distinctive benefits and positioning.

true

An advantage of direct mail marketing over digital forms is that it provides something tangible for people to hold and keep and it can be used to send samples.

true

In the new product development process, the purpose of idea generation is to create a large number of ideas and the purpose of the next set of stages in the process is to reduce that number.

true

When a company decides to go international with a product, it must first figure out what products and services to introduce and in which countries.

true

When consumers react more favorably to a brand than to a generic or unbranded version of the same product, the brand is said to have positive brand equity.

true

Shampoo marketers segment buyers as light, medium, or heavy product users. This is an example of ________ segmentation.

usage rate