Marketing Exam #2

Match the type of new product innovation with its definition. Types of Product Innovation: -Continuous innovation -Dynamically continuous innovation -Discontinuous innovation Definitions: -Requires no new learning by customers -Disrupts consumer's normal routine but does not require totally new learning -Requires new learning and consumption patterns by consumers

*Continuous innovation-Requires no new learning by consumers *Dynamically continuous innovation-Disrupts consumer's normal routine but does not require totally new learning *Discontinuous innovation-Requires new learning and consumption patterns by consumers

Match the following types of consumer products with the correct examples. *Convenience product, shopping product, unsought product, specialty product *Funeral services, Chewing gum, rolex watch, airline tickets

*Convenience product-Chewing gum *Shopping product-Airline tickets *Unsought product-Funeral services *Specialty product-Rolex watch

Match each of the four types of consumer products with its definition. *Products: convenience, specialty, unsought, shopping *Definitions: -Unique items that the consumer makes significant effort to search out and buy -Items that consumers purchase frequently with a minimum of effort -Items for which the consumer compares several alternatives on several criteria -Items that the consumer does not know about or knows about but does not initially want

*Convenience products-Items that consumers purchase frequently with a minimum of effort *Shopping products-Items for which the consumer compares several alternatives on several criteria *Specialty products-Unique items that the consumer makes significant effort to search out and buy *Unsought products-Items that the consumer does not know about or knows about but does not initially want

What are the BCG names and their respective market share and growth rate?

*Dogs-low relative market share, low market growth rate *Cash Cow-high relative market share, low market growth rate *Question Mark-low relative market share, high market growth rate *Star-high relative market share, high market growth rate

Match each of the four I's of services with the correct definition of it. *Four I's: Intangibility,Inconsistency,Inseparability,Inventory *Definitions: -Because services depend on the people who provide them, their quality varies with each person's capability and day-to-day job performance. -A service cannot be held, touched, or seen before the purchase decision. -Services are often costly in that the firm must maintain the personnel and equipment necessary to provide the services at the time the consumer wants them. -In most cases, the consumer does not view the deliverer of the service as distinct from the service itself.

*Intangibility-A service cannot be held, touched, or seen before the purchase decision *Inconsistency-Because services depend on the people who provide them, their quality varies with each person's capability and day-to-day job performance. *Inseparability-In most cases, the consumer does not view the deliverer of the service as distinct from the service itself. *Inventory-Services are often costly in that the firm must maintain the personnel and equipment necessary to provide the services at the time the consumer wants them.

Match an attribute of services marketing with the correct example of associated problems. *Attributes: Intangible; Inseparable; Inconsistency; Inventory *Examples: -The consumer cannot evaluate the quality of an airline flight before getting onboard; -Students' evaluations of their education will be influenced primarily by their perceptions of instructors, counselors, librarians, and other people at the university; -An opera performer may have a bad cold and give a worse-than-typical performance when you see her; -There are high costs associated with paying a physician to see patients but no one schedules an appointment.

*Intangible- The consumer cannot evaluate the quality of an airline flight before getting onboard. *Inseparable-Students' evaluations of their education will be influenced primarily by their perceptions of instructors, counselors, librarians, and other people at the university *Inconsistency-An opera performer may have a bad cold and give a worse-than-typical performance when you see her. *Inventory-There are high costs associated with paying a physician to see patients but no one schedules an appointment.

Step 2: Develop the Research Plan

*Specify the constraints on the marketing research activity *Identify the data needed for marketing actions -(Qual v. Quant?, Primary v. Secondary? Internal v. External? Experimental?) *Determine how to collect the data -(Communication, Observation, Experiments, Purchased)

Primary Research Methods

*exploratory research *descriptive research *experimental research

Match the following market modification methods with the correct example. Market modification methods: -finding new customers' -increasing a product's use -creating a new use situation Examples: -The Florida Orange Growers Association advocates drinking orange juice throughout the day rather than for breakfast only. -Originally intended as a single pant for every activity, Dockers now promotes different looks for different occasions: work, weekend, dress, and golf. -LEGO is appealing to consumers outside its traditional market (boys) with a new product line for young girls called LEGO Friends.

*finding new customers-LEGO is appealing to consumers outside its traditional market (boys) with a new product line for young girls called LEGO Friends. *increasing a product's use-The Florida Orange Growers Association advocates drinking orange juice throughout the day rather than for breakfast only. *creating a new use situation-Originally intended as a single pant for every activity, Dockers now promotes different looks for different occasions: work, weekend, dress, and golf.

Match the following methods for managing a product through its life cycle with the correct description. Methods: -modifying the product -modifying the market -repositioning the product Descriptions: -altering one or more of a product's characteristics to increase its value to customers and increase sales -changing the place a product occupies in a consumer's mind relative to competitive products, sometimes by changing marketing mix elements to bolster sales -trying to find new customers, increase a product's use among existing customers, or crease new use situations

*modifying the product-altering one or more of a product's characteristics to increase its value to customers and increase sales *modifying the market-trying to find new customers, increase a product's use among existing customers, or crease new use situations *repositioning the product--changing the place a product occupies in a consumer's mind relative to competitive products, sometimes by changing marketing mix elements to bolster sales

Examples of internal secondary data

- Budgets and expenditures - Sales call reports - Accounting records (sales reports, shipments, etc...) - Normal interactions with customers (emails, call reports/logs, social media, etc...)

Reliability

- Does the assessment tool produce stable and consistent results? Is it repeatable? - If the question is asked again under different conditions would we get the same answer?

Validity

- Extent to which the research actually measures what it was intended to measure

External Secondary Data Sources are...

- Free/Inexpensive - Syndicated • Scanner data• Panel data

specialty products

- Goods and services the consumer makes a special effort to search out Goods and services the consumer makes a special effort to search out and buy -Those products for which the consumer has developed strong preferences.

descriptive research

- Probes systematically into the marketing problem and bases conclusions on large samples of participants -large samples -quantitative data -Normally involves survey data (of any type), panel data (either observational or survey based), and/or some observational techniques

Exploratory Research

- Technique marketers use to generate insights for future, more rigorous studies - Generally provides qualitative data

Coca Cola example of poor marketing.

-1985 original formula is abandoned for sweeter "New Coke" -brand loyalty went down -growth dropped from 13% to 2%

Good marketing information enables marketers to (many answers)

-Gain a competitive edge -Reduce financial and image risks -Determine consumer attitudes -Improve advertising credibility -Prepare SWOT, etc.

Disadvantages of Secondary Data

-May be obsolete -May lack suitability -Questionable methodologies -Undisclosed findings -Conflicting results -Reliability may not be proven -Non-credible sources

Coca Cola "New Coke": what went wrong?

-Testing was for an addition to the product line NOT elimination of an existing product -Depth of feelings and emotional ties were never considered

Sources of new ideas for product development

-customers -salespeople -service providers -anyone with direct customer contact -competitors -supply chain members -R&D division -consultants

unsought products

-items that the consumer does not know about or knows about but does not initially want -Require a good deal of advertising or personal selling to interest people

Without _____ and _____, you will not know if you can trust the summary of main results and conclusion

-research methods used -limitations

Step 1: Define the Problem

-specify the research objectives -identify the consumer population of interest -develop measures of success

Stages of Product Life Cycle

1. Introduction 2. Growth 3. Maturity 4. Decline

New Product Development Process

1. New-Product Strategy Development 2. Idea Generation 3. Screening and Evaluation 4. Business Analysis 5. Product Development 6. Market Testing 7. Commercialization

strategic marketing process

1. Situation (SWOT) Analysis 2. Market-Product Focus and Goal Setting 3. Marketing Program

Steps in the Research Process

1.Define the problem 2.Develop the research plan 3.Collect relevant information 4.Develop findings 5.Take marketing actions

augmented product

Consists of the actual product plus other supporting features such as warranty, credit, delivery, installation, and service after the sale

________ products are purchased by the ultimate consumer, whereas ________ products are purchased by organization to assist them in providing other products for sale.

Consumer; business

Pittsburgh Penguins Example: Core Product... Actual Product... Augmented Product...

Core Product:Entertainmen t Actual Product:Pens hockey game,Penguins brand, PPG Paints Arena Augmented Product:Payment plans, customer service,information

Four principles of strategic marketing process

Customers change. Customers are different. Organizational resources are limited. Competitors change and react.

Representativeness/Sampling Error

Error that occurs when the selected sample is drawn from a population different from the target population or does not represent the target population.

True or false: The purpose of a marketing strategy is to maximize short-term profits.

False Reason: A marketing strategy identifies the bases on which the firm plans to build a long-term competitive advantage.

Levels of organization

Functional, Strategic Unit Business Level, Functional Level

product line

Groups of associated items that consumers tend to use together or think of as part of a group of similar products or services

What three questions would a visionary organization seek to answer?

How will it do it? Why does it exist? What will it do?

Obtaining resources and defining tasks and deadlines are part of which phase in the strategic marketing process? Evaluation Planning Differentiation Implementation

Implementation

____ technology includes all of the computing resources that collect, store, and analyze data.

Information

Which of the following are true of a threat faced by an organization performing a SWOT analysis? It is an internal factor. It is an external factor. It is unfavorable. It is favorable.

It is an external factor. It is unfavorable.

An effective customer value proposition meets which three criteria? It is relevant. It details specific benefits in clear terms. It details points of difference. It lists strengths and weaknesses of the firm. It outlines the process of segmenting the market

It is relevant. It details specific benefits in clear terms. It details points of difference.

pseudo specialty products

Less expensive, readily available, particular preference on an individual basis.

Marketing Mix (4 P's)

Product, Price, Place, Promotion

heterogeneous shopping products

Products are harder to compare because their characteristics can be quite dissimilar from one another (universities, housing)

homogeneous shopping products

Products are more easily compared because they have similar characteristics (televisions, washing machines)

How many steps are in the new-product development process?

Seven

(T of F) The more novel the innovation, the slower the diffusion process

True

(T or F) A brand extension requires using the current brand to enter a different product class

True

product mix

a firm's entire range of product lines

________ is the extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions. a.Data mining b.Sensitivity analysis c.Data scaling d.Information scaling

a. data mining

Which of the following are desirable to have when delivering marketing research findings to a manager? (Check all that apply.) a.Condensed findings in about one page b.Multiple interpretations from which to choose c.Inclusion of all raw data as an appendix d.Clear and understandable results

a.Condensed findings in about one page d.Clear and understandable results

Which of the following are among the biggest challenges in conducting good marketing research? a.Consumers may not be willing to reveal personal information. b.Most consumers do not have adequate education to participate in marketing research. c.Consumers rarely have an opportunity to participate in marketing research. d.Consumers' stated intentions may not match their actual purchase behavior.

a.Consumers may not be willing to reveal personal information. d.Consumers' stated intentions may not match their actual purchase behavior.

Key characteristics of the maturity stage are which two of the following? a.Intense competition on price occurs. b.Many new competitors enter the market. c.Buyers enter the market at a rapid pace. d.Marketing costs are directed at holding market share. e.Revenues begin to increase rapidly.

a.Intense competition on price occurs. d.Marketing costs are directed at holding market share.

Which statements are true of portfolio analysis? a.It helps evaluate a firm's various products and businesses. b.It helps allocate resources to products based on growth opportunities. c.It is a technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products. d.It helps develop the marketing mix for each SBU. e.Its purpose is to determine which SBU or offering generates cash and which one requires cash to fund the organization's growth opportunities.

a.It helps evaluate a firm's various products and businesses. b.It helps allocate resources to products based on growth opportunities. e.Its purpose is to determine which SBU or offering generates cash and which one requires cash to fund the organization's growth opportunities.

Because services are intangible, they ______. a.are much more difficult for consumers to evaluate before the purchase b.cannot be standardized c.require the costly maintenance of production capacity d.require a high level of interaction between the provider and consumer

a.are much more difficult for consumers to evaluate before the purchase

Who is responsible for managing existing products through the stages of the life cycle? a.brand manager b.supply chain manager c.service manager d.marketing manager

a.brand manager

When an organization uses a name, phrase, design, symbols, or a combination of these to identify products and distinguish them from its competitors, it is engaged in ______. a.branding b.segmentation c.positioning d.perceptual mapping

a.branding

Services can be classified according to whether they are delivered by _____. (Select all that apply) a.business firms or nonprofits b.electronic or human means c.government agencies d.people or equipment

a.business firms or nonprofits c.government agencies d.people or equipment

The product ________ of prerecorded music includes product ________ like cassette tapes, CDs, and digital music. a.class; forms b.category; lines c.category; forms d.class; lines

a.class; forms

Select the steps in the marketing research approach. (Select all that apply) a.define the problem b.develop findings c.select target group d.take marketing actions e.obtain resources

a.define the problem b.develop findings d.take marketing actions

Which two items are part of the implementation phase of the strategic marketing process? a.designing the marketing organization b.developing a SWOT analysis c.obtaining resources d.comparing results with plans

a.designing the marketing organization c.obtaining resources

Which of the following can be sources of variability in service delivery? a.differences between service provided by the same stylist at various times of the day, week, or month b.differences in the prices charged for hair care products that can be purchased at the salon c.differences in appointment scheduling at two different branches of the same salon d.differences in the quality of the hair products (shampoo, conditioner) used at the salon e.differences between the service provided by two stylists working in the same salon

a.differences between service provided by the same stylist at various times of the day, week, or month c.differences in appointment scheduling at two different branches of the same salon e.differences between the service provided by two stylists working in the same salon

A desire to keep products seeming new encourages the proliferation of extra features in what is known as ______. a.feature bloat b.open innovation c.commercialization d.feature inflation

a.feature bloat

A company that continually adds more features to an existing product to try to appeal to more customers may end up overwhelming customers and create an unintended consequence known as ___ a.feature fatigue b.product scrutiny c.feature screening d.product screening

a.feature fatigue

The Upjohn Company first targeted men for its Rogaine topical solution, a drug to restore hair growth, but later marketed this product to women. In this example, the Upjohn Company is using which market modification strategy? a.finding new users b.creating new use situations c.reacting to competitors' positions d.increasing use by existing customers e.modifying the product

a.finding new users

Select three stages that are part of the new-product development process. a.idea generation b.assessment and review c.problem definition d.product analysis e.market testing f.commercialization

a.idea generation e.market testing f.commercialization

What are two key characteristics of the growth stage of the product life cycle? a.increasing competition b.marketers stimulating primary demand c.rapid increase in sales d.decrease in repeat buyers e.declining profits

a.increasing competition c.rapid increase in sales

Sahil is having trouble deciding on which college to attend. While there are buildings, classrooms, and libraries to evaluate, the most important part of the service, the actual teaching and learning, is ________, making his decision more complex. a.intangible b.indeterminant c.immeasurable d.inferior

a.intangible

The categories of continuous innovation, dynamically continuous innovation, and discontinuous innovation are based on levels of consumer ______. a.learning b.perceptions c.spending d.expectations

a.learning

For Nike, shoes and clothes are among its product a.lines. b.units. c.items. d.classes. e.mixes.

a.lines

What are the three primary ways to manage a product through its life cycle? a.modifying the product b.repositioning the product c.modify the competition d.decrease the brand's equity e.repositioning the market f.modifying the market

a.modifying the product b.repositioning the product f.modifying the market

When a firm uses a distinct name for each of its products, it is called a ________ strategy. a.multibranding b.private labeling c.mixed branding d.multiproduct

a.multibranding

A ________ extension is the practice of using a current brand name to enter a new market segment in its product class. a.product line b.labeling c.family d.brand

a.product line

When a firm uses branding to identify its products and distinguish them from its competitors, its uses what elements to do so? a.product names b.product price c.unique symbols d.packaging design e.production technology

a.product names c.unique symbols d.packaging design

A ______ is a pre-development statement that identifies a target market, customer needs, and what the product will be or do. a.protocol b.product mission c.market test d.business analysis

a.protocol

Research objectives should be Blank______. (Select two answers) a.specific b.timely c.measurable d.broad

a.specific c.measurable

Idle production capacity occurs when ______. a.the service provider is available but there is no demand for the service b.there are high costs associated with handling inventory for tangible goods c.tangible goods are perishable and require rapid turnover d.a manufacturing plant is put on hold due to labor disputes

a.the service provider is available but there is no demand for the service

Historically, the most common way of collecting questionnaire data was through ______.

an individual interview

A strategy can be defined as ______.

an organization's long-term course of action allowing it to achieve its goals

Which of these is considered a durable good? a.dryer sheets b.a toaster oven c.an Uber ride d.an espresso e.insurance

b. a toaster oven

What type of consumer product is characterized by relatively inexpensive items with widespread availability? a.shopping products b.convenience products c.specialty products d.personal products

b. convenience product

As consumer demand for Toyota cars increases, the company may increase its demand for paint spraying equipment, which is an example of a.primary demand. b.derived demand. c.sequential demand. d.secondary demand.

b. derived demand

Esperanza has realized that she does not enjoy taking a taxi to work because there is substantial Blank______ in the delivery of the service depending on who is driving her cab that day. a.price differential b.inconsistency c.interference d.intangibility

b. inconsistency

The growth stage of product life cycle is characterized by more competition and a ________. a.steady amount of sales b.rapid increase in sales c.slight decline in sales d.leveling off of sales

b. rapid increase in sales

Select the two items that are part of the definition of a product. a.A product can only be exchanged for money. b.A product's attributes satisfy consumer's needs. c.A product must be something tangible. d.A product may be a good, a service, or an idea.

b.A product's attributes satisfy consumer's needs. d.A product may be a good, a service, or an idea.

Successful and established brands often take on a(n) ________ because consumers choose brands that are consistent with their own or desired self-image. a.trademark b.brand personality c.unique image d.value set e.visible persona

b.brand personality

What are the two broad product categories, related to the type of user, that are widely used in marketing? a.personal products b.business products c.government products d.group products e.consumer products

b.business products e.consumer products

Which of the following is a job title for the head of marketing in a large organization? a.Chief executive officer b.Chief marketing officer c.Marketing manager d.Marketing director

b.chief marketing officer

The benefits packaging and labeling provide a product include which of the following? a.segmentation b.communication c.functional d.perceptual

b.communication c.functional d.perceptual

A combination of increasing competition and the inseparability of services lead service businesses to focus on ______. a.low price b.convenience c.publicity d.capacity management

b.convenience

Which two items are considered to be inventory costs of services? a.costs associated with repairs and refunds for tangible goods b.costs associated with equipment needed to provide a service c.paying a person to provide a service d.raw material costs for creating desirable products

b.costs associated with equipment needed to provide a service c.paying a person to provide a service

A curve representing groupings of customers who adopt new products over a period of time illustrates the ______. a.the product life cycle b.diffusion of innovation c.viral marketing d.distribution of product inventory

b.diffusion of innovation

What are the classifications of new products based upon the learning required of the consumer? (Select all that apply) a.stepped innovation b.discontinuous innovation c.continuous innovation d.dynamically continuous innovation

b.discontinuous innovation c.continuous innovation d.dynamically continuous innovation

Researchers have ridden alongside motorcycle enthusiasts to understand the relationship between riders and their beloved Harley-Davidsons. This is an example of ________ research. a.questionnaire b.ethnographic c.experiential d.neuromarketing e.secondary

b.ethnographic

Multiproduct branding is also called which two of the following? a.private labels b.family branding c.corporate branding d.brand extension

b.family branding c.corporate branding

One of the most effective methods to assess how well an organization is delivering service to its consumers is use a(n) ________ analysis, questioning them on their expectations and experiences. a.customer contact b.gap c.intangibility d.knowledge

b.gap

Based on the diffusion of innovation curve, which two traits would innovators most likely have? a.fear of debt b.highly educated c.risk averse d.venturesome

b.highly educated d.venturesome

The use of open innovation can be useful in the ________ stage of the new-product process because it helps organizations find and execute product concepts externally and overcome the associated not-invented-here barriers. a.business analysis b.idea generation c.screening and evaluation d.new-product strategy development

b.idea generation

As it pertains to the marketing research process, what are the two key elements of defining the problem? a.obtaining resources b.identifying possible marketing actions c.setting the research objectives d.specifying the constraints

b.identifying possible marketing actions c.setting the research objectives

When a service provider is available but there is no demand for the service, this is known as _______. a.gap analysis b.idle production capacity c.trading down d.the service continuum

b.idle production capacity

A product ________ is a specific product that has a unique brand, size, or price. a.mix b.line c.item d.class

b.line

Procter & Gamble (Pampers) and Kimberly-Clark (Huggies) cut their U.S. prices for disposable baby diapers to compete with one another amidst the continuing decline in the U.S. birthrate. Each company had a ________ objective. a.survival b.market share c.social responsibility d.profitability

b.market share (cut their U.S. prices for disposable baby diapers to maintain their respective U.S. market shares given the continuing decline in the U.S. birthrate.)

Select the three steps that make up the planning phase of the strategic marketing process. a.activity implementation b.market-product focus c.evaluation d.situation analysis e.the marketing program

b.market-product focus d.situation analysis e.the marketing program

Marriott International owns several brands of hotels at different price ranges, such as Marriott, Courtyard, and Fairfield Inn, in what is called a ________ strategy. a.private labeling b.multibranding c.multiproduct d.mixed branding

b.multibranding

In the ________ stage of the new-product process an organization defines the role of a new product in terms of the firm's overall objectives. a.screening and evaluation b.new-product strategy development c.idea generation d.business analysis

b.new-product strategy development

In addition to the traditional four Ps of the marketing mix, what three additional factors also require effective management within service organizations? a.perception b.physical environment c.people d.planning e.process

b.physical environment c.people e.process

When a company allows other organizations such as Walmart, Costco, or Target resell its product under their own names it is called a ______ strategy. a.multibrand b.private branding c.multiproduct branding d.cobranding

b.private branding

Marketing research includes which three tasks? a.creating data b.recommending action c.identifying the marketing mix d.analyzing data e.collecting data

b.recommending action d.analyzing data e.collecting data

Marketing research is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and a.choosing a market-entry strategy. b.recommending actions. c.assembling a tactical team. d.creating a new budget and financial plan. e.tracking the actions of competitors.

b.recommending actions

What are two key characteristics of the introduction stage of the product life cycle? a.fierce competition b.slow growing sales c.high profit d.high demand e.minimal profit

b.slow growing sales e.minimal profit

A product line extension benefits from ______. a.the appeal of trying to come up with a new product class b.the brand equity of the multiproduct brand c.a partner's ability to help introduce it into a new product class d.the reduced costs associated with having the product manufactured by someone else

b.the brand equity of the multiproduct brand

What should be included in a protocol for new product development? (Select all that apply) a.what competitors are planning to introduce b.what the product will be and do c.specific customer needs, wants, and preferences d.how much the product will cost e.a well-defined target market

b.what the product will be and do c.specific customer needs, wants, and preferences e.a well-defined target market

What is mixed branding? a.when two companies brand their products together to create a new brand b.when a company markets products under its own name and that of a reseller c.when a company utilizes subbranding within a multiproduct brand strategy d.when a company markets each of its products with a different brand name

b.when a company markets products under its own name and that of a reseller

A product manager is sometime called a(n) _______ manager.

brand

What are two key elements in deciding how to collect data for marketing research?

concepts & methods

The second step in a marketing research project involves developing a research plan. This includes specifying the ________ for the research activity and identifying the ________ needed for marketing decisions.

constraints;data

Gatorade would be considered which type of consumer product?

convenience product

An organization's ________ are the fundamental, passionate, and enduring principles that guide its conduct over time

core values

A cluster of benefits that an organization promises customers (or segments) to satisfy their needs is a ______.

customer value proposition

The way a product spreads through the population is known as ______. a.the product life cycle b.market modification c.the adoption sequence d.diffusion of innovation

d. diffusion of innovation

What is the main advantage of primary data compared to secondary? a.reduces cost of data collection b.offers a guarantee of reliability c.saves time in data collection d.specific to the problem being studied

d. specific to the problem being studied

Value takes into account both benefits and price. If price is decreased but benefits remain the same, then a.there will be pressure for further price cuts to maintain value. b.value remains the same. c.price will eventually go up to maintain value. d.value will increase. e.value will decrease.

d. value will increase

What is one of the significant challenges for marketing research? a.Marketing research requires very specialized skills in statistics and most businesses do not have qualified staff. b.Consumer purchasing patterns are relatively stagnant so most managers think marketing research is irrelevant. c.Most research is too expensive for the average firm to conduct. d.It can be difficult to research new product ideas when customers have never thought about them before.

d.It can be difficult to research new product ideas when customers have never thought about them before.

What is the primary reason there is greater inconsistency in services than in tangible goods? a.The cost differences among providers generates inconsistent service. b.Service providers do not get consistent feedback from customers. c.The increasing use of technology in delivering services breeds inconsistency. d.The people who provide services vary in capability or daily performance.

d.The people who provide services vary in capability or daily performance.

Marketers that are interested in identifying the characteristics and trends among ultimate consumers such as age or ethnic background are likely to start with which source of data? a.neuromarketing studies b.in-depth interviews c.questionnaire results d.U.S. Census Bureau reports

d.U.S. Census Bureau reports

For nonprofit organizations, the most common form of publicity is ______. a.a one-on-one meeting with a salesperson b.a press release c.newspaper advertising d.a public service announcement

d.a public service announcement

Product modification consists of altering the product's quality, performance, or ______. a.availability b.advertising c.price d.appearance

d.appearance

In setting research objectives, marketers have to ______. a.guarantee desirable results to decision makers b.identify all of the constraints c.identify the collection method for relevant information d.be clear on the purpose of the research

d.be clear on the purpose of the research

The integration of the marketing mix with efforts to influence consumer demand is known as ______. a.customer experience management b.interaction management c.internal marketing d.capacity management

d.capacity management

A gap analysis focuses service providers on the difference between ______. a.tangible and intangible attributes of services b.service satisfaction data from this year compared with past years c.motivations and behaviors of service employees d.consumer expectations and experiences of service quality dimensions

d.consumer expectations and experiences of service quality dimensions

In a ________ test market, a firm contracts with an outside service that pays retailers for shelf space and can therefore guarantee a specified percentage of the test product's potential distribution volume. a.simulated b.hyper c.standard d.controlled e.laboratory

d.controlled

When a firm sells all its products under one ______, such as Pepperidge Farm, the individual brands benefit from the overall brand awareness associated with it. a.exclusive co-brand b.premium brand c.individual brand d.family brand

d.family brand

Creation of an advertising campaign for Tony's Pizza that will appeal to 6- to 12-year-olds is best described as what part of the final step in the marketing research approach, to take marketing actions? a.forecast the results b.make action recommendations c.evaluate the decision d.implement the action recommendations

d.implement the action recommendations

For ordering and inventory purposes, each product ________ has a separate stock keeping unit (SKU). a.mix b.class c.line d.item

d.item

Modifying the product, modifying the market, and repositioning the product are three ways to manage a product through ______. a.private branding b.development of a branding strategy c.achieving brand equity d.its life cycle

d.its life cycle

The product life cycle is ___. a.the movement of a product from the point of manufacture to the point of purchase b.the financial commitment a firm makes in a product from development to its disposal c.the process by which a product is given new features and benefits to improve it d.made up of the stages a product goes through in the marketplace, from introduction to decline

d.made up of the stages a product goes through in the marketplace, from introduction to decline

What are two responsibilities of a product manager? a.assembling a research and development team to discover product defects b.managing the logistics of transporting goods through the supply chain c.overseeing the production process for a line of goods d.managing existing products through the stages of the life cycle e.developing and executing a marketing program for a product line

d.managing existing products through the stages of the life cycle e.developing and executing a marketing program for a product line

Unilever offers its Dove brand of body wash to several groups: one geared toward women, one for men, and one for babies. By taking the overall market and dividing it into smaller, similar groups, Unilever is engaged in ______. a.a SWOT analysis b.a business portfolio analysis c.a situation analysis d.market segmentation

d.market segmentation

When P&G added vitamins to its Pantene shampoo and conditioner formulas, it used _________ to revamp the brand. a.brand personality b.repositioning c.market modification d.product modification

d.product modification

A good is a product that is defined as having a physical aspect referred to as ________ attributes. a.durable b.differentiating c.identifiable d.tangible

d.tangible

Innovators on the diffusion of innovation curve are important to marketers because ______. a.they are fiercely loyal to products they already purchase b.they create their own adoption barriers c.they use friends and neighbors as information sources d.they are the first to adopt a new product

d.they are the first to adopt a new product

An advantage of primary data is its a.time savings. b.great level of detail. c.low cost. d.up-to-date information. e.publication in a variety of forms.

d.up to date information

secondary data

data previously collected for any purpose other than the one at hand

Once sales and profits decrease for a product, the product is in the ____ stage of the product life cycle.

decline

Products in the ________ of the product life cycle tend to consume a disproportionate share of management and financial resources relative to their future worth.

decline

Setting the research objectives and identifying possible marketing actions are things that would be completed in which step in the marketing research approach? -collect relevant information -define the problem -develop findings -develop the research plan

define the problem

The five-step marketing research approach begins with ______ and ends with ______.

defining the problem; taking marketing actions

A ____ interview, a special form of the individual interview, is a technique in which researcher ask lengthy, free-flowing questions to probe for underlying ideas and feelings.

depth

ethnography

direct observation in natural setting

A technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products is called ______.

diversification analysis

A market development strategy can be defined as selling ______.

existing products to new customers

In marketing research, a(n) ___ involves obtaining data by manipulating factors under tightly controlled conditions to test cause and effect.

experiment

Honda's established name for motor vehicles has allowed it to employ brand _____, using its brand to sell products in other categories like snowblowers and marine engines.

extensions/equity

What are four common ways service businesses refer to price?

fares charges fees rates

What are the three key elements of a visionary organization?

formulate strategies set a direction specify a foundation

The lowest of the three organizational levels is the _______ level.

functional

______ convert an organization's mission and business into long- and short-term performance targets.

goals

A(n) ________ is a type of product that has tangible attributes that a consumer's five senses can perceive.

good

focus group

group discussions/interview

During the introduction stage sales are ______ and profit is ______.

growing slowly; minimal

Diversification analysis and business portfolio analysis help managers develop ________ strategies and make resource allocation decisions.

growth

What are the three phases of the strategic marketing process?

implementation planning evaluation

Management of the physical environment for services is sometimes known as _____ management.

impression

Advantages of Secondary Data

inexpensive, available, speedy, (some) credible sources, aids exploratory research

primary data

information collected for the specific purpose at hand

Because a service, either completely or partially, has qualities that cannot be touched, held, seen, tasted, or otherwise evaluated prior to purchase, it is described as being ______.

intangible

With ________ branding, a company uses one name for all its products in a product class.

multiproduct

Research ________ are specific, measurable goals the decision maker seeks to achieve in conducting the marketing research.

objectives

individual interview

one-on-one in-depth interviews

What type of question allows respondents to express opinions, ideas, or behaviors in their own words?

open ended

A(n) ______ is a legal entity that consists of people who share a common mission.

organization

A controlled test market involves contracting the entire test program to a(an) ______ service. The service pays retailers for shelf space and can therefore guarantee a specified percentage of the test product's potential distribution volume.

outside

______ can create customer value by offering communication, functional, and perceptual benefits.

packaging

Step 1 of the planning phase in the strategic marketing process involves ______.

performing a situation analysis using SWOT

Brand ____, common among successful and established brands, is a set of human characteristics that are associated with the brand name.

personality

A marketing ________ is a road map for the marketing actions of an organization for a specific future time period.

plan

The characteristics of a product that make it superior to competitive substitutes are called ______. touchpoints comparative advantage points points of difference core values

points of difference

In a SWOT analysis, strengths and weaknesses are ________, and opportunities and threats are ________.

internal;external

Convection ovens for home use required consumers to learn a new way of cooking and alter familiar recipes used with conventional ovens. As a result, these ovens spent years in the ________ stage of the product life cycle. a.introduction b.commercialization c.growth d.awareness

introduction

In ______ analysis, management evaluates a firm's various products and businesses and then allocates resources according to the firm's best growth opportunities.

portfolio

Because services are intangible and there may be few other available cues for the customer to judge, they frequently use ________ as an important indicator of a service's quality.

price

The two main types of data are ______.

primary and secondary

When Rayovac manufactures batteries that are sold under the RadioShack brand, it is an example of ____ branding.

private

A(n) ____ is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value

product

The ______ strategy offers a new product or service to a firm's existing market.

product development

Product bundling is one approach that may be used in a ____ ____ strategy to increase a product's value to customers.

product modification

Business portfolio analysis is a technique used to ______.

quantify performance measures and growth targets to analyze SBUs

Individual interviews as well as online and mail surveys generate ______ data.

questionnaire

Private brands are also known as _______ brands.

reseller

derived demand

sales of business products frequently result (or are derived) from the sale of consumer products.

Step 3: Collect Relevant Information

secondary data and primary data

________ can be classified according to whether they are delivered by people or equipment, or by business firms or nonprofit organizations.

services

A new dishwasher would be considered which type of consumer product?

shopping product

Tonya needs to buy a new laptop. She compares models from Apple, Dell, and Hewlett-Packard on criteria such as processor speed, memory, screen size, and price. What type of consumer product does this represent?

shopping product

The purpose of a mission statement is to ______.

state an organization's function in society

What does SWOT stand for?

strengths, weaknesses, opportunities, threats

A product line extension benefits from ______.

the brand equity of the multiproduct brand

Inseparability in services refers to the fact that a.training and standardization of service delivery procedures cannot be accomplished. b.the quality of service provided by a firm is often inseparable from its image. c.the consumer cannot distinguish the service provider from the service itself. d.there is no regulation of service industries in terms of basic standards of quality. e.there is too much idle production capacity.

the consumer cannot distinguish the service provider from the service itself

What is the final step in the planning phase of the strategic marketing process?

the marketing program

The different stages a product goes through during its existence is known as ______.

the product life cycle

Projective techniques:

various techniques to assess things people are unable to express, often because these things are part of the person's subconscious processes.

experimental/causal research

• Attempts to understand cause-and-effect relationships • Experimental design allows researchers to control possible explanations for the effect -includes control group

Disadvantages of Primary Data

• High costs • Time consuming • Perspective may be limited • Corporate limitations

Examples of Exploratory Research

• Interviews • Focus Groups • Ethnographies • Projective Techniques • Observation

Examples of Experimental Research

• Laboratory Studies • Field Studies

Advantages of Primary Data

• Precise • Current • Known methodology • Secret • Reliability

Examples of Descriptive Research

• Surveys • Panels • Observation • Cross-sectional • Longitudinal

Step 5: Take Marketing Action

• Take Marketing Actions • Implement Recommendations • Evaluate the Results - Evaluate decision itself (actions) - Evaluate the decision process used • Was marketing research process effective? Flawed? • Was sufficient decision -making information included in the report? • What could have been done to make the report more useful to management?

Step 4: Develop Findings

• Turn data into information:insights - Enter, clean, and code data (if needed) - Choose appropriate techniques for analysis - Interpret analysis

Examples of companies that collect syndicated data

•Nielsen •Giant Eagle (data combines with other retailer data to produce syndicated data sold by research firms)

A high learning product for which significant education of the customer is required results in an extended ____ stage of the product life cycle

introductory

shopping products

items for which the consumer compares several alternatives on criteria such as price, quality, or style

A market-product strategy that requires no change in the basic product nor the markets served is known as ______.

market penetration

Aggregating prospective buyers into groups that have similar needs and will respond similarly to a marketing action is a process known as ______.

market segmentation

In a large organization, the CMO oversees the Blank______ department.

marketing

In searching for growth opportunities, organizations using diversification analysis consider both current and new options for which two items?

markets products

In the ________ stage of the product life cycle, most consumers who would buy the product are either repeat purchaser of the item or have tried and abandoned it, making it more challenging to acquire new customers.

maturity

Marketing attention in the ________ stage of the product life cycle is often directed toward holding market share through further product differentiation and finding new buyers and uses.

maturity

Criteria or standards used in evaluating proposed solution to the problem are known as ______.

measures of success

During the introduction stage, total industry profit is ______.

minimal

Organizational purpose serves as the basis for an organization's ______.

mission culture core values

When a firm markets products under its own name and that of a reseller because each attracts different segments, it is called a ________ strategy. a.mixed branding b.private labeling c.multibranding d.multiproduct

mixed branding

What four factors must be taken into consideration to determine the "right" price for a product?

1.Will the product provide a profit for the company? 2.Will enough money be made to pay for the development and production of the product? 3.Will it generate enough sales dollars to pay for the marketing of the product? 4.What are customers willing to pay for the product?

Place the steps of the marketing research approach in the correct order. -develop findings, define the problem, take marketing actions, collect relevant information, develop the research plan

1.define the problem 2.develop the research plan 3.collect relevant information 4.develop findings 5.take marketing actions

Though data collected at the checkout counter of a grocery store are primarily used for sales and inventory records, this data can also be used to study how consumers shop. This latter use is an example of ______ data. a.observational b.external syndicated c.internal secondary d.primary

c. internal secondary

When a marketing researcher uses information from the company's own sales call reports and customer communications to inform marketing decisions for that company, she is using a.sensitivity analysis. b.business data. c.internal secondary data. d.primary data. e.external secondary data.

c. internal secondary data

Developing the marketing mix and its budget are part of which step in the planning phase of the strategic marketing process? a.situational analysis b.goal setting c.the marketing program d.market-product focus

c. the marketing program

________ is the process of defining a marketing problem and opportunity, systematically collecting and analyzing data, and recommending actions. a.Strategic market analysis b.Marketing management c.Marketing research d.Marketing strategy

c.Marketing research

In which stage of the new-product process does an organization use a SWOT analysis and develop a product protocol? a.Idea generation b.Screening and evaluation c.New-product strategy development d.Business analysis

c.New-product strategy development

The planning gap is an example of ______. a.skipping the planning process and proceeding directly to implementation b.a resource that has not fully been exploited c.a comparison of projected sales for current plans and a new sales goal d.a reason that the planning process cannot be completed

c.a comparison of projected sales for current plans and a new sales goal

Research shows that ________ is the single most important factor for a new product to defeat competitive ones—having superior characteristics that deliver unique benefits to the user. a.good execution of the marketing mix b.economical access to buyers c.a distinctive point of difference d.a complete market and product protocol e.market attractiveness

c.a distinctive point of difference

A constraint in a decision is ______. a.a specific, measurable goal the decision maker seeks to b.achieve with the research c.a restriction placed on potential solutions to a problem d.data that is collected easily and is found to be relevant to the task e.a criterion or standard used in evaluating proposed solutions to the problem

c.a restriction placed on potential solutions to a problem

Data mining is the extraction of hidden information from large databases to find statistical links ______. a.guiding the collection and storage of all types of data b.to determine what data are relevant today and what should safely be destroyed c.between consumer purchasing patterns and marketing actions d.to reduce time required to implement a marketing mix

c.between consumer purchasing patterns and marketing actions

Product ______ refers to the entire product category or industry, often illustrated in a product life cycle curve. a.differentiation b.form c.class d.variety

c.class

Which two of the following criteria are often used in naming successful brands? a.cryptic names b.complex names c.emotional names d.names without legal restrictions e.controversial names

c.emotional names d.names without legal restrictions

Product repositioning means changing the product's position ______. a.regarding market share b.of where it is placed on store shelves c.in the minds of consumers d.in the competitive landscape

c.in the minds of consumers

The large difference in ______ costs between airlines and hair salons results from airlines having highly paid employees and expensive equipment to maintain. a.manufacturing b.brand equity c.inventory d.break-even

c.inventory

Which two factors are unique with respect to services, and are part of the four I's? a.inconvenience b.indispensability c.inventory d.inseparability

c.inventory d.inseparability

A benefit of performing a SWOT analysis and an environmental scan during the new-product strategy development process is that they a.allow a firm to expand its objectives to include new ways of thinking. b.help identify which organizational members have an interest or stake in the product's success. c.allow the firm to forecast potential sales and form their marketing budget based upon those projections. d.narrow the task to a single product rather than a number of product concepts. e.can help identify the strategic role the new product might serve in the firm's portfolio.

e.can help identify the strategic role the new product might serve in the firm's portfolio.

Jack always tries to sit in Becca's section at the grill because her prefers her service over any of the other current waitstaff, so he is considering the ________ aspect of services. a.intangibility b.inventory c.imperfection d.impressionability e.inconsistency

e.inconsistency

Marketers conduct marketing research primarily to a.create a new budget and financial plan.Incorrect b.choose a market-entry strategy. c.implement a marketing plan. d.track the actions of competitors. e.reduce risk and improve marketing decisions.

e.reduce risk and improve marketing decisions