MKTG 300 Exam 2

Which of the following statements accurately defines a product? -A product is the specific combination of goods, services, or ideas that a firm offers to its target market. -A product is a tangible good that is received in exchange for money, time, or effort. -A product is any intangible offering a firm makes to an individual consumer or a business. -A product is any good or service that is mass produced and sold in more than one market. -A product is a marketed item of value that fulfills a need of an individual consumer or business.

A product is the specific combination of goods, services, or ideas that a firm offers to its target market.

During which stage of the Product Development Life Cycle will competitors begin to enter the product market? -Introduction -Growth -Maturity -Decline -Product development

Growth

During which of the seven stages of the new product develop are marketers interested in evaluating if the product idea is real, can it win, and is it worth doing? -Idea generation -Idea screening -Business analysis -Product development -Test Marketing

Idea screening

Which of the following adopters would act as influencers? -Laggards -Late majority -Innovators -Early adopters -Early majority

Innovators

A brand development strategy that focuses on developing an existing product category using the existing brand name is referred to as -Brand extension -New brand -Line extension -Multi-brands -Co-branding

Line extension

A firm may choose this pricing objective because it encourages a greater volume of purchases and therefore maximum revenue. -profit maximization -Penetration pricing -Price skimming -Survival pricing -Price gouging

Penetration pricing

When Apple released its first iPhone in 2007, it charged customers $599. Shortly thereafter, it reduced the price to $399 for the exact same device. Apple's decision to set a relatively high price for a period of time after the product launched and then decrease the price to a level that would be more sustainable over time reflects which pricing strategy? -volume maximization -Survival pricing -Under pricing -Target pricing -Price Skimming

Price Skimming

If a firm sets prices high for a period of time after a product launches, and then decreases it over time for the purpose of increasing profits on each unit sold, it is focusing on a pricing objective known as -Price skimming -Volume maximization -Penetration pricing -Survival pricing -Price gouging

Price skimming

Price is the amount of money, time, or effort that -a buyer exchanges with a seller to obtain a product. -a seller promotes to encourage a buyer to obtain the product. -represents the expected profit a seller expects to make off a product. -represents the value earned after a buyer obtains a product. -a buyer receives in exchange for obtaining a product.

a buyer exchanges with a seller to obtain a product.

All of the following are categories of new products except -new-to-the-market products -brand extensions -new category entries -product line extensions -revamped products

brand extensions

In order to know why customers, purchase certain products, marketers need to understand which three product components? -core values, actual product, and augmented product -tangible, intangible product, and projected product -conceptual product, physical product, and service product -mass product, uncommon product, and niche product -central product, legitimate product, and online product

core values, actual product, and augmented product

A situation in which a specific change in price causes only a small change in the amount purchased is referred to as -inelastic demand -elastic demand -incremental demand -incremental elasticity -perfectly elastic demand

inelastic demand

Products are classified according to how a consumer -shops, pays for, or uses the product. -researches, decides upon, or purchases the product. -compares, pays, or purchases the product. -discovers, researches, or uses the product. -pays for, purchases, or reviews the product.

shops, pays for, or uses the product.

When marketers evaluate each market segment and determine which segment or segments present the most attractive opportunity to maximize sales, this process is known as -segmentation -targeting -positioning -market analysis -perceptual mapping

targeting

Firms that engage in a ______ strategy try to meet every need of every customer and typically end up serving no need of any customer particularly well. -differentiation -concentrated (Niche) -mass marketing -micro-marketing -positioning

mass marketing

Market segmentation involves dividing a larger market into smaller market segments based on -meaningful shared characteristics -shopping habits -potential interest in a product -geographical region -available sales force

meaningful shared characteristics

The activities a firm undertakes to create a certain perception of its product in the eyes of the target market is referred to as -segmentation -targeting -conceptualizing -positioning -categorizing

positioning

All of the following are specific drivers of product innovation except -product adoption -consumer expectations -globalization -technology -corietal change

product adoption

Brand equity is based on which of the following four dimensions? -image, loyalty, messaging, and recognition -differentiation, recognition, knowledge, and image -recognition, associations, perceived quality, and loyalty -relevance, recognition, image, and esteem -loyalty, esteem, image, and recognition

recognition, associations, perceived quality, and loyalty

Unlike the variable costs of a business, fixed costs -vary depending on the number of units produced or sold. -remain constant and do not vary based on the number of units produced or sold -include expenses that may or may not recur on a regular basis. -largely depend on competitive forces within the market. -are generally inconsistent due to customers' changing wants and needs.

remain constant and do not vary based on the number of units produced or sold

Tendency of members of a generation to be influenced and bound together by significant events in their formative year, ages 17 to 22 is referred to as the -Cohort effect -Ash principle -Maslow's theory -Psychographic segmentation -Demographic segmentation

Cohort effect

The first step in the analysis of competitors' position is -perceptual mapping -highlighting competitive advantages -evaluating consumer feedback -determining competitor total revenue -analysis of competitor's market positions

analysis of competitor's market positions