Chapter 9 Business
marketing research
It can help show competitors' weaknesses. 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.
The ______ market refers to all of the people or organizations in a region who might consider a product or service being offered.
total available
Me-too products are
essentially similar to something already on the market.
The first stage of the product life cycle is called the ______ stage, where sales are often low and profits not likely.
introduction
The process of dividing a market into groups that have somewhat homogeneous needs for a product or service is called
market segmentation
A(n) ______ is a customer role that describes a person or institution that pays for or obtains a product or service.
purchaser
Which of the following is an example of a product with tangibility?
bowl of chili perfume shampoo
The ______ market refers to the customers within the geographic reach of a firm.
serviceable available
Which of the following is true of commercialization?
Most businesses developing a new product do not face problems during commercialization.
Which of the following sentences about prototypes of products are correct?
They are often referred to as a minimum viable products. They are made to prove aspects of the inventor's idea for the product. They may be functioning or just models.
The ______ profile is a detailed description of an archetypical or hypothetical potential consumer for a product or service.
customer
A(n) ______ is a physical product.
good
Dichotomous questions
have only two possible choices.
A ______ item is capable of being touched, seen, tasted, or felt.
tangible
The total product includes of which of the following?
Extras, such as service, warranty, and delivery. The entire bundle of products. All included services.
Which of the following are examples of services?
fixing a pipe house painting tailoring clothing
Which of the following are more typical outcomes of a feasibility analysis in the process of idea evaluation?
An idea is unlikely to be economically converted into a product or service. An idea may result in a product but may not attract a large enough market to be profitable.
True or false: During the growth stage, product prices tend to rise steeply as production efficiency and competition increase.
False
_____ research is data gathered by simple observation--seeing what consumers do, rather than asking them.
Ethnographic
Feasibility analysis is a critical step in the process of new product development because _____.
it precedes a potentially large investment of an entrepreneur's time and money into the creation of a key service or product
A(n) ______ is a customer role that describes a person in an organization who is responsible for choosing which product or service will be obtained.
decision maker
______ is (are) a form of data gathering from a small group led by a moderator.
Focus groups
Which of the following are true of secondary research?
It is free and quick. It is readily available.
A ______ is a nonphysical product.
service
Sharing
A process in which customers post positive comments about a firm's product or service to their social media accounts
Testimonial
A statement made that is allowed to be publicly repeated and attributed to the person that made it
nonfinancial benefits that start-ups consider more important than obtaining revenue from consumers?
Feedback Testimonials
Which of the following is a challenge in secondary research?
Finding data that are unbiased, reported fairly, and reputable
Which of the following are true of secondary research?
It is readily available. It is free and quick.
______ research is the systematic collection and interpretation of data to support future marketing decisions.
Marketing
_____ is a data-collection method using a questionnaire-in person, on the phone, on paper, or on the Internet.
Survey
Feedback
The process of communicating within or to an organization about how outputs work or are received
Scalar questions
are answered by some sort of scale.
The serviceable obtainable market represents
customers that a firm expects to be interested in its particular product or service.
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.
Ethnographic research is based on
observations
______ products are essentially similar to something already on the market.
Me-too
true statements about segmented markets.
Members of these markets have some common characteristics. Firms consider these markets manageable pieces.
The process of selecting ideas that show the most potential in order to examine them further for feasibility is called idea _____.
screening
The process of dividing a market into smaller portions of people who have common characteristics is called _____.
segmentation
Which of the following are examples of goods?
Can of soup Car Fleece sweater
______ describes a service that if not used when offered cannot be saved for later use.
Perishability
The 4Ps of marketing are:
Product, Price, Promotion and placement
The ______ product is the entire bundle of products, services, and meanings of a firm's offering.
total
Which of the following are examples of service perishability?
Airline seats Car rental Cab
customer profile
It is also called a customer persona or user persona. Research should begin with face-to-face interviews with potential customers. Researchers should be cautious not to collect biased data to draw conclusions. Developing a customer profile is an important first step of doing research on customers and their needs. Get out of the building and talk to potential customers to help develop an accurate customer profile.
The idea of "going all out" for the customer or providing over-the-top service is called ______.
outstanding customer service
outstanding customer service
One measure of good customer service is how quickly a business fixes mistakes. Owners and employees should go the extra mile for customers and other stakeholders. It includes showing interest and concern for all stakeholders, such as employees, the community, suppliers as well as customers.
survey data collection
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.
The ______ market represents the customers that a firm expects to be interested in its particular product or service.
serviceable obtainable
The unique selling points that customers can expect from purchasing goods or services from a specific company is called the ______.
value proposition
Which of the following statements about a good or service's value proposition are correct?
They are unique to a particular business. There is often more than one feature or benefit that supports the value proposition. They are product or service benefits and not features.
focus groups
They often have between 8 and 12 people. Participants are asked to discuss a series of questions about a particular product or service. A focus group could also be gathering some friends over dinner and talking to them about the firm's product can be quite useful.
Market segmentation requires entrepreneurs to _____.
determine the best markets for their products or services