MC test #2

customer retention is perhaps the best measure of quality

True

Product line

a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges

consumer perceptions of the products value set the ____ for prices

ceiling

______ are products and services bought by final consumers for personal consumption

consumer products

What type of segmentations does Animals and Pet use?

demographic

walmart are famous for using what important type of value pricing

everyday low pricing

to differentiate themselves, many companies go beyond offering products and services, are also developing and delivering customer______

experiences

a product position is the way the product is defined by reatilers who sell it to target markets

false

modified rebuy presents the fewest decisions for a business buyer to make

false

the service profit chain is the set of all product lines and items that a particular seller offers for sale

false

value based pricing uses the company's perception of value

false

when a company decides to maintain a product in the decline stage, it will reduce costs and hope that sales hold up to increase the profits in the short run

false

What are two ways that a company can obtain new products

new-product development and acquisition

business buying behavior

The behavior a business has when buying a product or service from another business or from a consumer, so that they use it manufacture other products and sell them to the market.

Product Life Cycle

The stages through which goods and services move from the time they are introduced on the market until they are taken off the market. These are the introduction stage, growth phase, peak stage, and decline stage.

new-product development starts with

idea generation

This illustrates ____ demand

inelastic

when a business market segement is large or profitable enough to servce it is termed _____

substantial

This is an example of _____ management

supplier development

Market Targeting

the process of evaluating each market segment's attractiveness and selecting one or more segments to analyse and advertise as well as sell their products to satisfy their needs.

Service variability is that within a given marriot hotel, one registration desk employee may be cheerful and efficient, whereas another may be unpleasant and slow

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

profits rise during the growth stage of the PLC because promotion costs are spread over a large volume and unit manufacturing costs fall

true

the simplest pricing method is cost plus pricing

true