Sm Bus. Chapter 9

Scalar questions

are answered by some sort of scale.

A purchaser is a customer role that describes

an individual or institution that pays for or obtains a product or service.

Market segmentation requires entrepreneurs to Blank______.

determine the best markets for their products or services

A(n) Blank______ is a customer role that describes the person who eventually makes actual use of a product or service in his or her personal or work life.

end user

Ethnographic research is based on

observations.

The total available market refers to

all of the people or organizations in a region who might consider a product or service being offered.

______ research is data gathered by simple observation--seeing what consumers do, rather than asking them.

Ethnographic

______ questions are answered by some sort of scale.

Scalar

______ is the process of making a new product ready for use by consumers.

Commercialization

A(n) Blank______ is a physical product.

good

The 4Ps of marketing are:

Blank 1: product Blank 2: price Blank 3: promotion Blank 4: place or placement

The process of dividing a market into groups that have somewhat homogeneous needs for a product or service is called

Blank 1: market Blank 2: segmentation

In marketing, identify list of things given below that are included in the total product.

Extras, such as service, warranty, and delivery. The entire bundle of products. All included services.

True or false: Unlike products, services do not go through the four stages of the life cycle—introduction, growth, maturity, and decline.

False

Match the different nonfinancial benefits (in the left column) with their descriptions (in the right column).

Feedback: The process of communicating within or to an organization about how outputs work or are received Testimonial: A statement made that is allowed to be publicly repeated and attributed to the person that made it Sharing: A process in which customers post positive comments about a firm's product or service to their social media accounts

Which of the following is a challenge in secondary research?

Finding data that are unbiased, reported fairly, and reputable

______ is (are) a form of data gathering from a small group led by a moderator.

Focus groups

______ research is the systematic collection and interpretation of data to support future marketing decisions.

Marketing

Which of the following are true statements in the context of the service life cycle? (Check all that apply.)

In comparison with products, services are much easier to modify "on the run." It is possible to completely eliminate the decline stage in the life cycle of a service.

Which of the following statements about marketing research are correct? (Check all that apply.

It can verify the size of the potential market. It can reveal a number of customer attributes, such as where they are likely to shop and what price points they think are fair. It can help show competitors' weaknesses.

______ products are essentially similar to something already on the market.

Me-too

Which of the following is true of commercialization?

Most businesses developing a new product do not face problems during commercialization.

Which of the following statements regarding survey data collection are correct? (Check all that apply.)

Online surveys are often inexpensive. Mail surveys have a lower response rate. Survey questions may be written, asked in person or on the phone, by mail or online.

Which of the statements about outstanding customer service are correct? (Check all that apply.)

Owners and employees should go the extra mile for customers and other stakeholders. One measure of good customer service is how quickly a business fixes mistakes. It includes showing interest and concern for all stakeholders, such as employees, the community, suppliers as well as customers.

Which are the four components of the marketing mix?

Product, price, promotion, and placement

______ is a data-collection method using a questionnaire-in person, on the phone, on paper, or on the Internet.

Survey

Which of the following are nonfinancial benefits that start-ups consider more important than obtaining revenue from consumers? (Check all that apply.)

Testimonials Feedback

Which of the following statements about the business cycle's introduction stage are correct? (Check all that apply.)

The more innovative a product, the slower are sales because of customers' comfort level with a new product. There are high marketing cost to gain customer awareness in the introduction stage. Not all products survive the introduction phase, and many get revised due to customer reactions.

Which of the following statements about a good or service's value proposition are correct?

There is often more than one benefit that supports the value proposition. They are unique to a particular business. They are product or service benefits and not features.

Which of the following sentences about prototypes of products are correct? (Check all that apply.)

They may be functioning or just models. They are often referred to as a minimum viable products. They are made to prove aspects of the inventor's idea for the product.

The Blank______ profile is a detailed description of an archetypical or hypothetical potential consumer for a product or service.

customer

Me-too products are

essentially similar to something already on the market.

Which of the following are examples of services? (Check all that apply.)

house painting tailoring clothing fixing a pipe

The first stage of the product life cycle is called the Blank______ stage, where sales are often low and profits not likely.

introduction

The idea of "going all out" for the customer or providing over-the-top service is called Blank______.

outstanding customer service

The first model of a product or service is called a(n) Blank______.

prototype

A(n) Blank______ is a customer role that describes a person or institution that pays for or obtains a product or service.

purchaser

The process of selecting ideas that show the most potential in order to examine them further for feasibility is called idea Blank______.

screening

A Blank______ is a nonphysical product.

service

The Blank______ market refers to the customers within the geographic reach of a firm.

serviceable available

An end user is a customer role that describes

the person who eventually makes actual use of a product or service in his or her personal or work life.

The Blank______ product is the entire bundle of products, services, and meanings of a firm's offering.

total

The Blank______ market refers to all of the people or organizations in a region who might consider a product or service being offered.

total available

The unique selling points that customers can expect from purchasing goods or services from a specific company is called the Blank______.

value proposition

Which of the following statements about focus groups are correct? (Check all that apply.)

A focus group could also be gathering some friends over dinner and talking to them about the firm's product can be quite useful. Participants are asked to discuss a series of questions about a particular product or service. They often have between 8 and 12 people.

Which of the following are true of secondary research? (Check all that apply.)

It is readily available. It is free and quick.

Rank the steps involved in the process of idea screening. (Place the first step at the top.)

1. Ideas are listed across the top of a comparison grid. 2. Important factors that help decide the feasibility of ideas are listed vertically in a comparison grid. 3. each idea is given a numerical score for each factor. 4. The total score for each idea is determined by summing up the scores for each factor.

Which of the following are examples of goods? (Check all that apply.)

Can of soup Fleece sweater Car

Which of the following statements about a customer profile are correct? (Check all that apply.)

It is also called a customer persona or user persona. Developing a customer profile is an important first step of doing research on customers and their needs. Researchers should be cautious not to collect biased data to draw conclusions. Get out of the building and talk to potential customers to help develop an accurate customer profile. Research should begin with face-to-face interviews with potential customers.