Marketing Exam #3 Quiz Questions
Completely new-to-the-market products represent fewer than ___ percent of all new product introductions each year. 10 46 15 20
10
What are the last 3 steps in the Product Development Process? Market Testing, Concept Testing, Evaluation Results Idea Generation, Product Development, Evaluation of Results Product Launch, Market Testing, Concept Testing Market Testing, Product Launch, Evaluation Results
Market Testing, Product Launch, Evaluation Results
The product ___ reflects the breadth and depth of the company's product lines. a. Mix b. Fix c. Brix d. Line
Mix
What is Brand Equity? a. Perceived Value b. Purposed Value c. Value of Brand d. Brand Equity
Perceived Value
Brand repositioning refers to ____? a. A brand changing its focus to target a new market. b. A brand merging with another brand. c. A brand creating new products. d. brand combining with another brand on the same package.
a brand changing its focus to target a new market
Brand loyalty occurs when ___? a. A customers switches between brands consistently. b. A customer sticks with one brand over a long period of time. c. A brand is loyal to a customer. d. A brand is loyal to another brand.
a customer sticks with one brand over a long period of time
When choosing retail partners what should be considered? a. Channel structure b. Customer expectations c. Distribution intensity d. Channel member characteristics e. All of the above
all of the above
Which of the following is one of the four factors manufacturers should consider as they develop their strategies for working with retailers? a. Choosing retailing partners b. Managing an omnichannel strategy c. Identifying types of retailers All of the above
all of the above
In the case of Band-Aid adhesive bandages, the brand name has? A. Become synonymous with the product itself. B. Grown through private-label branding. C. Avoided brand extension D. Successfully employed private-label branding
become synonymous with the product itself
Pricing Strategies are most often based on cost, value or _____ a. Seniority b. Location c. Inventory Space d. Competition
competition
The Pricing Method that companies use to set prices in relation to their competitors offer is the _______ . a. The 4 p's b. Competition-based pricing method c. Clarity d. Cost-based pricing method
competition-based pricing method
One of the categories of products for which brand extension is especially logical is_____. A. Generic services B. Complementary goods C. Commodities D. Licensed goods
complementary goods
Actual product, Core customer value, and Associated services make up the product... a. Complexity b. Make-up c. Design d. Competitor
complexity
Which of the following refers to the process an idea or statement is presented to potential buyers or users to obtain their reactions? Concept Testing Product Development Alpha Testing Beta Testing
concept testing
Brand Loyalty includes all of the following except? a. An important source of value for firms. b. Consumers are less sensitive to price. c. Marketing costs are much lower. d. Consumers are more sensitive to price
consumers are more sensitive to price
A ____________ is a large, self-service retail food store offering groceries, meat, and produce, as well as some nonfood items such as health and beauty aids and general merchandise. a. Supercenters b. Warehouse clubs c. Conventional supermarket d. Convenience stores
conventional supermarket
The practice of pricing all of a companies products at twice what it cost to produce them is called the ______-based pricing method. a. Cost b. Value c. Customer d. Competition
cost
___________offer a discount on specific items when they are purchased a. Strategies b. Coupons C. peak prices d. Pricers
coupons
Which stage best fits this statement: Firms with products in the ________ stage either position themselves for a niche segment of die-hard consumers or those with special needs or they completely exit the market. Introduction Growth Maturity Decline
decline
For many years, General Electric had a corporate strategy of being among the top three firms in any market in which it operated; if it could not achieve a top-three position, it would exit the market. This strategy often resulted in the company ______ when certain product lines failed to meet this expectation. A. Increasing product line depth B. Decreasing product mix breadth C. Increasing product mix breadth D. Introducing brand extensions
decreasing product mix breadth
Which of the following is a type of General Merchandise Retailer? a. Supermarket b. Vision center c. Convenience d. Department
department
____________ is the 3rd factor for establishing a relationship with retailers. a. Choosing retailing partners b. Managing an omnichannel c. Developing a retail strategy d. Identifying types of retailers
developing a retail strategy
When a company adds new products this helps the company to _______ it's risk. Lower Reduce Improve trendiness Diversify
diversify
What is a limitation of the product life cycle? Each product or service has its own shape Delay in sales data Effect on other elements Varying market conditions
each product or service has its own shape
For a brand name to be effective, it needs to be? A. Generic, so it can be applied to as many products as possible. B. A catchy, tongue twisting phrase. C. A visual image containing human characters. D. Easy for consumers to recognize and remember
easy for consumers to recognize and remember
When consumers associate a brand with a certain level of quality and familiar attributes, allowing consumers to make quick decisions, the brand ______. A. Establish novelty B. Reduces delivery costs C. Facilitates purchasing D. Creates brand dilution
facilitates purchasing
Actual Product includes all of the following except a. Brand Name b. Packaging c. Financing d. Quality level
financing
How many types of consumer products are there? a. Two b. Three c. Four d. Five
four
Which of the following is not apart of the Sources of Ideas? R&D consortia Google Licensing Customer input
__________________ uses irregular but not necessarily illegal pricing methods. a. Gray market pricing b. Leader Pricing c. Artificial pricing d. Horizontal price fixing
gray market pricing
Which stage in the product life cycle has growing numbers of product adopters, rapid growth in industry sales, and an increase in both the number of competitors and the number of available product versions. Maturity stage Introduction stage Decline stage Growth stage
growth stage
Which of the following is a specialty product? a. House b. Clothes c. Food d. Toiletries
house
In the Concept Testing stage of the product development process, you are testing the ____ of the product. a. Prototype b. Idea c. Market d. Launch
idea
Firms often create a broader portfolio of products, which help them diversify their risk and enhance firm value better than a single product can, through Prototypes Innovation Marketing Market saturation
innovation
If you were to purchase an iPhone 11 on release date, you would be considered a(n) __________. If you purchased the iPhone 11 in June of the year after release, you would be considered a(n) __________. a. Early adopter; Late majority b. Innovator; Early majority c. Innovator; Laggard d. Early majority; Late majority
innovator; laggard
_________ is a system with a centralized customer data warehouse that houses a complete history of each customer's interaction with the retailer, regardless of whether the sale occurred in a store, on the internet, or on the telephone. a. Integrated CRM b. Brand image c. Supply chain d. Big data
integrated CRM
An _________ strategy is designed to place products in as many outlets as possible a. Distribution intensity b. Intensive distribution c. Exclusive distribution d. Selective distribution
intensive distribution
_______________ is the level of distribution intensity designed to get products into as many outlets as possible. a. Exclusive distribution b. Intensive distribution c. Selective distribution Market distribution
intensive distribution
A benefit of adding the ____________ is the ability to personalize promotions and services economically, including heightened service or individualized offering. a. Internet channel b. Wireless channel c. Dot.com channel d. Market Channel
internet channel
Generally, the _________ and more sophisticated the channel member, the _________ likely that it will use supply chain intermediaries a. Larger / less b. Larger / more c. Smaller / less d. Smaller / more
larger/less
Tactic that attempts to build store traffic by aggressively pricing and advertising a regularly purchased item a. Aggressive price b. Value price c. Market pricing d.Leader pricing
leader pricing
What is it called when a consumer agrees to pay a fee to purchase the right to use a product for a specific amount of time? a. Lease/Rental b. Discount c. Coupon d. Rebate
lease/rental
What pricing tactic is used for the reduction of the initial selling price of a product or service? a. Markdowns b. Seasonal Discount c. Rebate d. Coupon
markdowns
Which of the following is not one of the three considerations for setting prices? a. Competitor-based b. Value-based c. Market-based d. Cost-based
market-based
Which of these in the Product Life Cycle is the start of the decline? Introduction Growth Maturity Decline
maturity
Premarket tests include all of the following except a. Customers exposed to product b. Customers surveyed c. Firm makes decision d. Mini product launch
mini product launch
In the introduction stage of the product life cycle, profits are a. Negative or low b. Rapidly rising c. Peak to declining d. Declining
negative or low
What is depth a. Number of total products. b. How many total categories. c. Number of product lines in a product mix. d. Number of categories within a product line.
number of categories within a product line
____________are retailers that use some combination of stores, catalogs, and the Internet to sell merchandise. a. Intensive distribution b. Omnichannel retailers c. Off- price channels d. Selective distribution
omnichannel retailers
Many retailers and some manufacturers us a(n)__________ and __________, which involves selling in more than one channel. a. Monochannel / monocultural strategy b. Omnichannel / multichannel strategy c. Hallmark / marketing channel d. Relationship / order
omnichannel/multichannel strategy
Where on a product's packaging would one most likely find nutrient content and country of origin? A. On the Label B. On the store shelf display C. Inside the primary package D. Inside the secondary package
on the label
Which of the following is a practice in which a firm will contact an outside firm to help generate ideas and develop new products and services? Brainstorming Licensing Outsourcing Customer Input
outsourcing
In the maturity stage of the product life cycle, sales are a. Low b. Rising c. Peak d. Declining
peak
Strategy that sets the initial pricing low for the introduction of a new product or service. a. Penetration pricing strategy b. Selling price strategy c. Value Strategy d.Cheap Strategy
penetration pricing strategy
A strategy of setting prices low to drive out competitors is called ______ a. Price fixing b. Gray market pricing c. Predatory pricing d. Bait-and-switch
predatory pricing
The 6 P's are Product, Price, Promotion, Place, ________, and __________. a. Presentation, Personnel b. Personnel, Package c. Presentation, Pitch d. Privacy, Plan
presentation, personnel
The practice of selling more than a single product for a single, lower price is called _____ a. Price Lining b. Rebates c. Leader pricing d. Price bundling
price building
______ is the practice of colluding with other firms to control prices. a. Price Skimming b. Price Pushing c. Gray Market Pricing d.Price Fixing
price fixing
What strategy involves innovators and early adopters paying more for a product or service because they want to be the first to get it. a. Penetration Pricing b. Price Skimming c. Early Access Strategy d. High/Low Pricing
price skimming
A long term approach to setting prices broadly in an integrative effort based on the 5 C's _________ a. Pricing strategy b. Value strategy c. Product strategy d. Marketing strategy
pricing strategy
Which step in the product development process requires financial resources and extensive coordination of all aspects of the marketing mix. Customer input Market testing Product launch Outsourcing
product launch
The _____ defines the steps that products move through as they enter, get established in, and ultimately leave the marketplace. Innovation Product life cycle Reverse engineering Licensing
product life cycle
What are the steps of the product development process or product design process in order? a. Prototype, Alpha testing, Beta testing b. Alpha testing, Prototype, Beta testing c. Beta testing, Alpha testing, Prototype d. Alpha testing, Beta testing, Prototype
prototype, alpha testing, beta testing
A ______ provides a reduced price according to the amount purchased a. Value discount b. Quantity discount c. Coupon d.Rebate
quantity discount
Providing a reduced price according to the amount purchased is known as a(n) ______ . a. Allowance b. Zone price c. Quantity Discount d. Seasonal Discount
quantity discount
A form of refund provided by the manufacturer off the final selling price is called a _____ a. Coupon b. Rebate c. Price bundling d. Cash discount
rebate
_________ refers to a set of business activities that add value to products and services sold to consumers for personal of family use. a. Value marketing b. Retailing c. Distribution Promotion
retailing
What is one way competitors create new product ideas? Copying the product Internal research Developmental activities Reverse engineering
reverse engineering
All of the following are considered deceptive or illegal price advertising, except _____________. a. Bait and switch b. Deceptive reference prices c. Rewards programs d.Loss-leader pricing
rewards programs
What kind of discounts are offered to consumers to stimulate demand during off-peak seasons a. Seasonal discounts b. Marketing discounts c. Value discounts d.Off-peak price
seasonal discounts
________ relies on a few selected retail customers in a territory to sell products. a. Intensive distribution b. Exclusive distribution c. Selective distribution d. Distribution intensity
selective distribution
____________ are firms that primarily sell services rather than merchandise. a. Service providers b. Service retailers c. Assist retailers d. Customer assistance providers
service retailers
Which of the following is NOT a major type of retailer? a. Food b. Service c. General merchandise Specialty
specialty
All of the following are examples of service retailers EXCEPT ____________. a. Auto rental b. Bank c. Supermarket d. Vision center
supermarket
The role of the retailer is to help ________. a. The competitors in the industry b. The manufacturer only c. The consumer and the manufacturer d. The consumer only
the consumer and the manufacturer
Which of the following is true about limited-assortment supermarkets? a. They carry about 30,000 assorted products and goods b. They aim to be more efficient to lower costs c. They offer prices that are similar to conventional supermarkets d. They have a high cost of operations
they aim to be more efficient to lower costs
What is Co-branding? a. Two or more brands combine on the same package. b. When one brand combines two different products. c. Two different products create a single product. d. Multiple brands combine to become a single brand.
two or more brands combine on the same package
What is brand extension? a. Creating a different brand for a new product entering the market. b. Using the same brand for a new product entering the market. c. Targeting a new market for a product entering the market d. Two brands extend to the same focus market.
using the same brand for a new product entering the market
What is brand licensing? a. When a firm legal sells the rights to its brand in exchange for a fee. b. When a firm steals the rights to a brand. c. When a brand is temporarily suspended. d. When a firm legal switches brands with another firm.
when a firm sells the legal rights to its brand in exchange for a fee