BCOR 350 (Bal) - Exam 2 possible questions
which of the following is not considered one of the links in the service profit chain
buyer-seller interaction
the decision making unit of a purchasing organization is called its
buying center
institutional markets are
characterized by low budget, captive patrons
introducing a new product into the market is called
commercialization
with a _______ marketing strategy, a firm goes after a large share of one or a few smaller niches
concentrated
which of the following is true with regards to services. services:
consist of activities, benefits or satisfactions for sale
what are the two dimensions of product quality
consistency and level
the simplest pricing method is ______ pricing
cost-plus
through a company invites broad communities of people into the innovation process
crowdsourcing
what sets the ceiling for product prices
customer perceptions of the products value
_____ uses buyers' perceptions of value as the key to pricing
customer value-based pricing
service ______ means that services cannot be seen, tasted or felt before they are bough
intangibility
business markets have demand that
is inelastic
in the idea screening stage of new product development, marketers must ask
is the idea real, can we win with our idea, is it worth doing
product mix ____ refers to the total number of items a company carries within its product lines
length
which of the following is not a category of consumer products
luxury
reverses the usual process of first designing a new product, determining its cost, and then asking, "can we sell it for that?"
target costing
market ____ evaluates each market segment's attractiveness and selects one or more segments to serve
targeting
______ segmentation divides buyers into different segments based on lifestyle or personality characteristics
psychographic
different soft drinks target different personalities. this is an example of ______ segmentation
psychographic
under ______, the market consists of many buyers and sellers trading in a uniform commodity
pure competition
overhead costs _____ as the number of units produced increases
remain the same
to do e-procurement companies can conduct _____, in which they put their purchasing requests online and invite suppliers to bid for the business
reverse auctions
_______ is a measure of the brand's ability to capture consumer preference and loyalty
brand equity
_______ helps the seller to segment markets
branding
if demand hardly changes with a small change in price, the demand is
inelastic
______ are members of the buying center who help define specifications and provide information for evaluating alternatives
influencers
the step in the designing a customer value-driven marketing strategy in which a company divides a market into distinct groups of buyers known as market
segmentation
business purchase usually invovles all of the following EXCEPT
small buyers and lower purchase volume
a business buying situation in which the buyer reorders something without any modifications is known as a
straight rebuy
in which of the following would the buyer reorder a product without any modifications
straight rebuy
one of the disadvantages of product and service standardization for international market is
varying worldwide market
which of the following is an example of a shopping product
washing machine
which of the following forms of products are considered as services
airline travel
a segment is less attractive if it
already contains many strong and aggressive competitors
_______ segmentation divides buyers into segments based on their knowledge, attitudes, uses or responses to a product
behavioral
consumers show allegiance to brands, stores or companies help marketers to segment by
degree of loyalty
business demand that ultimately comes from the demand for consumer goods is known as
derived demand
the biggest disadvantage of e-procurement is
erodes the relationship between the buyer and seller
brand _____ refers to how highly consumers regard and respect the brand
esteem
which of the following is not one of the major variables used in segmenting consumer markets
ethical
the demand for business goods tends to change more and more quickly. This is known as
fluctuating demand
hospital purchasing agents should prefer
food vendors with low prices and quality products
market offering includes pure goods and services. which is not a product of service
free concert
a(n) _______ controls the flow of information to others in the buying center
gatekeeper
developing product specifications follows ______ in the business buyer decision process
general need description
_____ involves introducing less-expensive versions of established, brand name products
good-value pricing
a new task situation presents
greatest opportunity and greatest challenge to the marketer
rapid market acceptance and increasing profits is during which part of the product life cycle
growth
new product development starts with
idea generation
which stage in the PLC normally lasts longest and poses strong challenges to marketing managers
maturity
marketing objectives in the growth stage of the PLC are
maximize market share and build engagement
when size, purchasing power, and profile of a market segment can be calculated, the market is
measurable
which of the following is goods and services combination
milkshake at an ice cream store
product improvements, product modifications and origincal products can all be classified as
new products
goal of the competition based pricing is
not to match or beat competitors price
______ are industrial products
office supplies
the strongest brands are positioned
on strong beliefs and values
lubricants, coal, paper and pencils are examples of
operating supplies
_______ includes the final order with the chosen supplier or suppliers and lists other required items
order-routine specification
_____ refers to the amount of money charged for a product or service
price
the first step of the business buying process is
problem recognition
_____ is the first stage of the product life cycle
product development
_______ involves adding more items within the present range of the product line
product line filling
product attributes include all of the following except
product line placement
______ occurs when a company lengthens it product line beyond its current range
product line stretching
a _____ consists of all the product lines and items that a particular seller offers for sale
product mix
_____ is the way the product is defined by consumers on important attributes
product position
if the product passes both the concept test and the product test, the next step is
test marketing
the most important consideration when managing new product development is
that it be customer-centered
companies that enjoy lower production costs as a result of efficiencies earned over time enjoy
the experience curve
which of the following statements is not a difference between business markets and consumer markets
the market is very small and limited
when is test marketing more likely
uncertainty about the products success
using a(n) ____ marketing strategy, a firm might decide to ignore market segment differences
undifferentiated
what type of marketing approach seeks to target the entire market with one promotional offer
undifferentiated or mass marketing
blood donations to the red cross are considered _______ products
unsought
