Exam 1

A product line is defined as

A group of closely related products that are considered a unit because of marketing or end use considerations

High Gliding air academy is developing its marketing mix for the coming year. Its managers know that they must first select ____ which may be the most important decision they make in the planning process

A target market

A distributor of plumbing supplies purchases a desktop computer to aid in inventory computer is an example of which type of business product ?

Accessory equipment

The three major ways to modify a product include

Aesthetic, quality, and functional changes

_____ competitors are the most significant to marketers because buyers see the different products these firms as direct substitutes for each other

Brand

Products are classified as being business or consumer products according to the

Buyer's intended use of the product

When marketers define their target market, they simultaneously establish a set of

Competitors

The Home Depot differentiates its product offerings from its competition with stores like Sam's, by offering delivery and installation, financing arrangements, and repairs. The Home Depot is differentiating through

Customer Services

In general, differences between goods and services are determined by the

Degree of tangibility

Quality modifications are changes that relate to a product's

Dependability and durability

Which of the following services falls closest to the middle of the tangibility continuum?

Dinner at the Olive Garden

One way that Honda evaluates its product and service level is by how well it ranks on the J.D Power and associates sales satisfaction survey. In doing so, Honda is

Evaluating actual performance

When an individual considers whether a product will meet certain criteria that a ...his or her needs, in what stage of the products adoption process is this individual?

Evaluation

A product is defined as

Goods, services, or ideas

Saresh owned the change-ezz, a salon specializing in the unique hair needs of minority population. Recently, Saresh has been trying to improve the quality of service received by his customers. How Saresh's problem illustrates which of the following unique features of service?

Heterogeneity

Services have six basic characteristics, intangibility, interpRbility of production and .... perishability, client based relationships, customer contact and

Heterogeneity

Organization should define themselves not according to the products the produce but according to

How they satisfy customers

The amount of money received through wages, rents, investments, pensions, and subsidies is called

Income

The four major stages of a product life cycle include

Introduction, growth, maturity, and decline

A target market

Is a specific group of customers on whom an organization focuses its marketing efforts

coca cola has expanded to Coke zero, cherry coke, and caffeine free coke to name a few. These are examples of

Line extensions

A group that has the willingness, ability, and authority to buy a product is a

Market

The percentage of a market which actually buys a specific product from a specific company is referred to as that products

Market cut

When the right combination of circumstances occur at the right time to allow an organization to take action toward a target market, the firm is faced with a

Market opportunity

Rick is a new product manager for a large bio chemical firm. He is currently working on a proposal for a new chemical solvent and known that introducing the new product can be risky because it might fail. He also knows that ____ is risky as well.

Not introducing new products

The four major competitive structures are

Oligopolies, monopolies, monopolistic competition, and pure competition

For most firms the costs of marketing activities cons approximately what portion of the consumer's dollar

One half

The fact the services cannot be inventoried and then sold at a late date is called

Perishability

Marketers of a particular brand of ice cream have decided to delete their line of line cream bars. They will do so by letting the product decline and not change the current marketing strategy. This method of deletion is called

Phase out

The forces of the marketing environment include

Political, legal/regulatory, sociocultural, technological, economic, and competative

Pro competitive laws are those designed to

Preserve competition

Marketers who attempt to influence and change the various environmental forces have a(n)___ response to these forces.

Proactive

The element of the marketing mix used to increase awareness of a product or company is

Promotion

Assuming that inflation is low, high buying power characterizes the ___ stage of the business cycle

Prosperity

According to the marketing concept, and organization should try to

Provide products that satisfy customers' needs and allow the organization to achieve its goals

Convenience products are

Relatively inexpensive, frequently purchased items for which buyers exert only minimal purchasing effort

A group of managers has been assigned the task of developing a new product. They are now in the process of assessing several ideas to determine whether they are consistent with the firm's overall objectives and resources. The managers are at what stage of the new product development process?

Screening

When service companies change high contact services into low contact services the

Services becomes less personalized

Kraft purchased the Duracell battery company and now operated this division as a separate profit center within the firm. In this example. Duracell is a(n)______ unit of Kraft

Strategic business

Because of its highly efficient and low cost distribution system, Walmart has a _____ advantage over Kmart

Sustainable competitive

_____ is a customer's subjectives assessment of benefits relative to cost in determining the worth of product.

Value

Early in the commercialization phase, marketers must make decisions about

Warranties, repairs, and replacement parts

By offering both credit and financing through its GMAC division, General Motors is trying to help consumers

expand current buying power at the expense of future buying power

Depending on the length of time it takes them to adopt a new product ....major adopter categories:early adopters, early majority, late majority laggards `

innovators

Which of the following is essentially an uncontrollable factor in developing a marketing mix.

product safety regulations