Marketing Principles Midterm
Change the packaging of the toy
Gershwin,a musical toy for toddlers, is in the maturity stage of the product life cycle and Gershwin managers have decided to modify the product. What will Gershwin managers most likely do to achieve this goal
Competitive marketing intelligence
Hammond Corp. operates in the highly aggressive electronics market. The firm aims to obtain early warnings of opportunities and threats caused by the actions of other firms that are doing well in the industry. Which of the following sources best serve Hammond's purpose
Which of the following is a pure tangible good?
Shampoo
What is most true statement about shopping products?
Shopping products are purchased less frequently than convenience products
Internal
Susan Hart, the manager of a children's boutique, collects data from her monthly records of sales costs, and cash flow. In this case Susan is making use of ___ databases
During the decline stage of the product life cycle, product sales may plunge to zero, or they may drop to a low level where they continue for many years
True
a business marketer normally deals with far fewer buyers than a consumer marketer
True
Point of difference
Zeal is a popular automobile brand, and its positioning statement is: "for upscale American families who require large vehicles, Zeal is the automobile of choice: "which of the following mandatory elements is missing the positioning statements
Brands vary in the amount of power and value they hold in marketplace. Iconic brands like Apple, Google and Harley Davison have achieved substantial brand _____
equity
People use the same products and services as they progress through each life cycle stage
false
More-for-less
firms that position themselves as caterers of the best products as economical prices
Commercialization
introducing a new product into the market
Defining the problem and research objectives
is often the most difficult but most critical step in the research process
Product life cycle
it is generally difficult to forecast the sales level at each PLC stage
Which of the following is an example of an unsought product?
life insurance
_____ refer to a form of product that consists of activities, benefits or satisfaction offered for sale that are essentially intangible.
services
Casual research is used to ___
test hypotheses about cause-and-effect relationships
Branding has become so strong today that hardly anything goes unbranded
true
Business and consumer marketers use many of the same variables to segment their markets
true
Distinction between consumer product and an industrial product is based on the purpose for which the product is purchased
true
Even if a segment has the right size and growth and is structurally attractive, a company must consider its own objectives and resources before targeting that segment
true
Th moral of the product life cycle is that companies must continually innovate; otherwise they risk extinction
true
When consumers react more favorably to brand than to a generic or unbranded version of the same product, the brand is said to have positive brand equity
true
Consumers are not always honest and open about their opinions
true of focus group discussions
Language translations in international marketing research typically increases costs and raises the risk of errors
true statement about international marketing research
Perceptual positioning maps
used to analyze consumer perceptions of a brand relative to competing products
Generating person-to-person brand conversations
when marketers want to promote their product and services through word-of-mouth marketing programs, they typically begin by ___
not-for-profit organizations
would most likely use informal research methods to obtain marketing insights
Undifferentiated marketing
an approach where firms target a whole based on common consumer needs
Attitude
An _____ describes a person's relatively consistent evaluations, feelings, and tendencies toward an object or idea
Psychographic
Bass Pro Shops recognizes that outdoors enthusiasts are a diverse group. Likely segments include hunters, campers, and boaters. What is the segmentation method called?
Descriptive research
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 _____
Maturity
Craft Inc.'s Krayons is a multi-coor chalk material that was released in the market over a century ago. Since the release, the company has had remarkable sales and Krayon has remained unchanged. However, over the last few years, sales of Krayons have been stagnant. Competitors have begun marking process down, and increasing their advertising and sales promotions. Crafts Krayons is most likely in the ____ stage of the product life cycle
a company creates a forum where anyone can contribute new product ideas
Crowdsourcing is used for a new product development when ____
Demographic
Harry;s casters to the clothing needs of men, manufacturing two different lines of fashion based on the purchasing power if its customers. One product line caters to the needs of affluent, middle-aged, and other line targets younger, and up-coming professionals. Harry's most likely segments the consumer market based on _____ variables
Business analysis
Hollingsworth is a retail company that is planning to release a new line of luxury personal care products. Its managers are now reviewing the sales history of similar products and conducting marketing surveys to estimate minimum and maximum sales for the product. In which of the following stages of the new product development process is the product?
A doctor performing hip surgery on a patient illustrates how a service can be produced and consumed simultaneously. This is an example of which service characteristic?
Inseparability
Gender
P&G was among the first to use ___ segmentation when it introduced Secret a deodorant brand specially formulated for women's chemistry
Idea screening
Safari Unlimited recently conducted national research to generate ideas for a new line of fatigues geared to women. The company uncovered a number of ideas about clothing and accessory preferences as well as important benefits such as built-in sunblock and durability. The Safari Unlimited product development team will most likely use ____ next to arrive at a realistic number of products for the new fatigues line
Market research
The systematic design, collection analysis, and reporting of data relevant to a specific situation facing an organization
Motive
a baby boomer decides to purchase a BMW to impress others with her success. This illustrates the importance of understanding the role of ____ in the marketing process
Culture
a child in the US is exposed to many values including achievement and success, freedom, individualism, hard work, ad material comfort. These are symbolic of American ___
Cognitive dissonance
a discomfort caused by post purchase conflict
It balances the information that a firm would to have against what they really need
a good marketing information system
Organizational factors
a major influence on business buyer behavior
Mareting surveys
a quantitative approach to research
Family
a social factor that influences consumer buying behavior
Commercial
a source of product information that marketers can control completely
Social classes show distinct product preferences in areas such as clothing
a true statement of social class
Higher costs of doing business
compared with undifferentiated marketing, differentiated marketing is more likely to lead to ___
They are more relevant than secondary data
an advantage of primary data
A _____ is defined as a name, term, sign, symbol or design or combination of these that identifies the maker or seller of a product or service
brand
___ occurs when two established brand names of different companies are used on the same product
co-branding
Positioning
consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
Laundry Detergent, candy, magazines, and fast food are examples of
convenience
A company adding new features to a product will most likely assess each features value to customers relative to it's
cost to the company
New product development process
customers, competitors, distributors, and suppliers are major sources of new product ideas
The quality of customer insights provides
demonstrates the real value of a company's marketing research and information system
Growth stage
during this stage a firm most likely faces a trade-off between high market share and high current profit
Product life cycle
growth is a period of rapid market acceptance and increasing profits
Introduction
in which stage stage of the product life cycle will promotional expenditures be significantly high in an attempt to create consumer awareness of a product and its features
Clorox sells five major product lines including cleaning, household, lifestyle, professional, and international. Together the product lines make up clorox's _______
product mix
Supplier performance review
the final stage of the business buying decision process
Need recognition
the first stage of the buyer decision process
Benefit
the marketing manager at Frizzles' Eateries targets customers who are working to lose weight but who still want to dine out. The restaurant chain offers a wide variety of low-fat, low-calorie meals, that appeal to dieters. Frizzles' approach is best referred to as _____ segmentation
Personal
the most effective some of information about a product tend to be ____
Idea generation
the new product development process usually starts with ___
Exploratory
the objective of ___ research is to gather preliminary that will help define the problem and suggest hypotheses
Perception
the process by which people select, organize, and interpret information to form a meaningful picture of the world
Market segmentation
the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behavior
Product positioning
to simplify the buying process, consumers are likely to position products in their minds