MKTG Ch.9 Quiz Questions

The fact that product life cycles exists suggests that organizations should be prepared to _______ .

- Continuously develop new products. - Continuously track rising and falling trends. - Develop ongoing insights about consumer preferences. - Constantly replace old products with new products. All of the above

Tangible product can be marketed and differentiated based on their ability to provide (deliver) intangible services. Which of the following answers illustrates this possibility?

- Providing ten-year, 100,000 mile warranties for autos. - Offering free lifetime inspection for autos. - Offering free rental car services for up to five days when you purchase an auto from a dealership All of the above

A mass-marketing (undifferentiated) targeting strategy will more likely work effectively when:

- The product being marketed is in the early stages of its product life cycle. - The product being sold is not easily differentiated from other brands of the same product. -Little competition exists from other brands. - Market segments exist but are too small to effectively target individually. All of the above are true.

Convenience goods are:

- Widely available in the marketplace. - Purchased without much consumer effort. C and d are each correct.

The features, design, quality level, brand and packaging of branded products as well as their shapes and colors describes:

Actual products.

The risks associated with engaging in innovation are high. But the long-term rewards associated with innovation usually outweigh the risk.

Both statements are true

Which statement best describes the true nature of "consumer goods"?

Consumer goods are purchased and used by end-use consumers in order to solve or satisfy their own problems-wants-needs; or to solve or satisfy some other consumers' needs-wants-problems.

The satisfaction of ________________ typically is emphasized during B2B marketing efforts. By contrast, the satisfaction of _________________ typically is emphasized during B2C marketing efforts.

Customer needs, customer wants

Each level of a product should contribute additional ______.

Customer value.

Given the advent of electric vehicles, in which stage of their product life cycle are internal combustion (automobile) engines?

Decline

How consumers feel, their sentiments, about their present and future welfare exercises huge macroeconomic effects. Why? The best answer is because:

Demand for business goods is derived from demand for consumer goods

The concept known as ______ implies that the market demand for industrial/business/governmental goods directly or indirectly flows from the demand for consumer goods.

Derived demand

_____________ is far more likely than _________ to contribute to the substance of a product.

Design, style

Great product style typically stands on the shoulders of effective product _________________

Design.

The demand for services typically varies across the time of day, month, or year. What can service marketers do to ensure that they satisfy demand during these peak demand periods?

Ensuring that sufficient numbers of service providers are available when demand peaks

Convenience goods are most closely associated with which type of distribution strategy?

Extensive

A good or a product is an entity or a thing that has intangible attributes that customers can perceive through their five senses.

FALSE

Even numbers are usually more powerful than odd numbers when presenting or designing a product or message. This statement is:

FALSE

The prospect of _____________ usually walks slightly ahead of the reality of success as marketers traverse any creative path.

Failure

Who suggested "existence can only be justified on aesthetic grounds"?

Frederic Nietzsche

Which trait is not a characteristic of a service?

Functionality

During the "Introduction Stage" of product life cycles promotional efforts should focus primarily on delivering ______.

Informative messaging.

When marketers seek to make service brands appear more realistic to consumers, they managing the service characteristic known as ____.

Intangibility

Which statement is least accurate? In contrast to products, services are:

Less variable in quality

If marketing strategists know the life cycle stage that their brand currently occupies, they will also better understand how to manage the brand's

Marketing mixes.

The highest level of competition prevails inside markets during the _________ stage of the product life cycle.

Maturity

Which product life cyle stage features the highest level of competition in the market?

Maturity

Why did attendance in movie theaters hit a twenty-five-year low in 2017?

Movie ticket prices went through the roof

Services must be consumed at the point when they are created. Which service trait best underscores the preceding point?

Perishability

The strategic marketing tactic wherein marketers make their own products appear outdated by introducing new and improved products before their competitors do something similar is called:

Planned Obsolescence.

User Answer Correct With most products, higher prices reduce demand. However, __________ products, services or experiences invert this economic law.

Positional

Which type of consumer goods inverts the economic law that higher product prices almost always reduce demand for those products?

Positional

Expensive brands of wine are an example of:

Positional goods

The recent rise in the popularity of alcoholic seltzer water provides illustrates a new __________ entering the restaurant and bar marketplace.

Product category

The best reason why marketing organizations that want to sustain their revenues should engage in new product development is because:

Products usually pass through a life cycle that culminates in the demise of the product.

Today the US is increasingly recognized as the world's largest producer manufacturer of:

Professional services

_______________ entails repeated exposures to the same controllable or uncontrollable marketing stimuli.

Repetition

Starbuck's addresses and solves the problem known as ____ by using the LATTE recovery approach to solve customers' problems.

Service failures

Intangible products are also called:

Services

The development and delivery of---------- involves applying specialized competencies and performing deeds and processes for purposes of benefiting others that also profit the marketer. Benefitting others generally means customers' problems are solved (i.e., their needs are satisfied). There is one absolutely best answer, because the initial statement always defines this specific word.

Services

For which classification of consumer goods would consumers expend the most effort as they attempt to make just the right choice?

Shopping

Candice insists on buying only Revlon cosmetics. Rather than purchasing other brands when Revlon is not available, Candice will postpone her purchase or drive substantial distances to find her preferred brand. To Candice, Revlon is what marketers refer to as a (select the best answer):

Specialty good.

___________________ describes the entire package of product characteristics or features that directly or indirectly communicate anything about a branded product.

Style

__________________ are those that have already been made and cannot be recovered.

Sunk costs

Which consumer cost is most closely associated with time-spent, inconveniences-incurred, new learning that may have been necessary, various psychological-challenges that are confronted, as well as monetary costs?

Switching

The marketing of positioning goods often inverts (turns upside down) traditional pricing laws; meaning that higher prices often actually increase demand for branded items.

TRUE

The classification scheme for consumer products divides consumer goods into three basic categories: convenience, shopping, or specialty, in part based upon:

The level of effort expended during the purchase process.

A major known and widely-recognized benefit that results from upwardly mobile consumers doing volunteer work and joining civic organizations follows from the opportunity:

To form relationships with socially prominent members of their local markets.

During the __________ stage of the product life cycle, a primary goal is to develop awareness among targeted audience that distribution in the market may be limited. Consequently, collaborative and cooperative supply chain relationships also should be developed and refined. Marketers might logically choose to pursue skim-the-cream pricing strategies.

introduction

Vermont, a northeastern U.S. state, currently offers $10,000 a year for people to move there even if they elect to work in another state. What is being marketing here? Be as specific as possible in your response.

A place