Marketing quizes midterm 1
In marketing terms, what is a market? A. A retail establishment B. The products that are sold to customers C. A company's current customers D. The set of actual and potential buyers of a product or service E. All sellers of a product or service
All sellers of a product or service
In the process of analyzing competitors, what should a company do next after identifying competitors? A. Avoid them B. Assess them C. React to them D. Ignore them E. Attack them
Assess them
Which of the following is an accurate statement about building customer relationships in the modern marketing era? A. Digital technologies and social media have caused a decline in customer-engagement marketing. B. New digital and social media relationship tools are a fad which marketers can safely ignore. C. Building relationships through consumer-generated content is expensive and takes time. D. Customers have no role in managing relationships and creating personal brand experiences. E. Digital technologies and social media have had little impact on relationship building.
Building relationships through consumer-generated content is expensive and takes time.
Which of the following statements regarding the growth stage of the product life cycle is correct? A. Sales will be slow and profits will level off or decline. B. The company will still be free of competition. C. Sales begin to climb slowly. D. Early adopters are not yet buying the product. E. Companies face a trade-off between high market share and high profits.
Companies face a trade-off between high market share and high profits.
Which of the following is true regarding the technological environment? A. As products and technology become more complex, safety becomes less of a concern. B. Companies must keep up with changes in technology or risk being left behind. .C. The pace of technological change is slowing down. D. Changes in technology are always beneficial to consumers and society. E. Government regulation has no impact on applying new technologies to products.
Companies must keep up with changes in technology or risk being left behind.
Which of the five characteristics identified in the text has an inverse relationship with an innovation's rate of adoption? As this characteristic increases, the rate of adoption is slower. A. Compatibility B. Complexity C. Divisibility D. Communicability E. Relative advantage
Complexity
Which of the following statements is correct regarding consumer buying decisions? A. A buyer's characteristics such as age and income have little influence on buying decisions. B. Marketers are interested in what and where consumers buy, but not how much they buy. C. Consumers are often unaware of what influences their purchases .D. The consumer buying decision process is of little interest to marketers. E. The easiest part of studying buying decisions is determining the whys behind consumer buying behavior.
Consumers are often unaware of what influences their purchases
How has the Great Recession of 2008dash2009 affected marketers in terms of consumer attitudes? A. Consumers are less concerned with value for the dollar. B. Consumers are less willing to save their money. C. Consumers are moving from mindful to mindless spending. D. Consumers' attitudes have not been affected by the recession. E. Consumers are showing an enthusiasm for frugality.
Consumers are showing an enthusiasm for frugality.
Which of the following statements regarding the buyer decision process is correct? A. The buyer decision process consists of four stages. B. Consumers tend to take the same amount of time going through the stages of the buyer decision process. C. Consumers may, in some situations, skip steps in the buyer decision process. .D. Consumers go through all stages of the buyer decision process for every purchase situation. E. The nature of the product has no effect on the buyer decision process.
Consumers may, in some situations, skip steps in the buyer decision process
What are the three cultural factors that influence consumer buyer behavior? A. Culture, social class, and lifestyle B. Culture, family, and lifestyle C. Culture, subculture, and social class D. Culture, subculture, and lifestyle E. Culture, subculture, and family
Culture, subculture, and social class
Which of the following is not one of the five marketing management functions? A. Planning B. Implementation C. Analysis D. Customer service .E. Control
Customer service
__________ is the customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers. A. Satisfaction B. Exchange C. Objective value D. Demand E. Customer-perceived value
Customer-perceived value
Which of the following statements about segmentation is true? A. Market segmentation is part of a company's value proposition. B. Segmentation identifies individual buyers that can be targeted with a market offering. C. Most companies today mass market and do not segment their markets. D. Different segments might require different marketing strategies or mixes. E. Buyers within a market segment have different needs, characteristics, and behaviors.
Different segments might require different marketing strategies or mixes.
A firm improves product quality and adds new product features and models. It also shifts some advertising from building product awareness to building product conviction and purchase. At which stage of the product life cycle would this be a recommended strategy? A. Growth B. Maturity C. Decline D. Product development E. Introduction
Growth
What is the first step of the new product development process? A. Idea screening B. Marketing strategy development C. Business analysis D. Idea generation E. Concept development and testing
Idea generation
What is the first thing a company does when analyzing competitors? A. Assess the competitor's objectives and strategies. B. Assess competitor's strengths and weaknesses. C. Select which competitors to attack. D. Identify the company's competitors. E. Select which competitors to avoid.
Identify the company's competitors.
People can be classified into adopter categories. Which two categories are the first to adopt a new product idea? A. Early adopters and lagging adopters B. Early mainstream and the late mainstream C. Early adopters and the early mainstream D. Innovators and early adopters .E. Innovators and the early mainstream
Innovators and early adopters
Which of the following statements regarding the institutional market is correct? A. Institutional markets are characterized by large budgets. B. Institutional buyers have the same characteristics and needs as business buyers. C. Institutional markets have captive patrons. D. Institutional buyers always seek to minimize costs. E. Institutional markets are relatively small.
Institutional markets have captive patrons.
Which of the following statements about the use of digital and social media for B-to-B marketing is correct? A. It reduces customer engagement and interaction. B. It is a very important medium but its use is currently limited to a small number of industries. C. It is growing rapidly but offers limited ways to engage customers compared to face-to-face selling. D. It allows businesses to target individuals within a business who affect buying decisions. .E. It is growing slowly because business buyers are only occasionally connected to digital devices.
It allows businesses to target individuals within a business who affect buying decisions.
In determining product quality, what are the two dimensions of quality marketers must decide upon? A. Level and consistency B. Consistency and design C. Consistency and packaging D. Level and features E. Level and price
Level and consistency
When Under Armour expanded its current products into global markets, it was pursuing which growth strategy? A. Diversification B. Product development C. Divesting D. Market penetration E. Market development
Market development
To grow sales, Under Armour increased its spending on advertising by 35 percent to increase sales in its current markets. Which growth strategy does this represent? A. Market development B. Market penetration C. Product development D. Diversification E. Divesting
Market penetration
Which of the following statements regarding generational marketing is correct? A. Marketers see Gen Z as one homogenous group. B. The most effective way to segment by age is to use birth date as the basis. C. Marketers see baby boomers as one homogenous group. .D. Each generation is typically at the same socioeconomic level. E. Marketers need to form more precise age-specific segments within each generational group.
Marketers need to form more precise age-specific segments within each generational group.
Which of the following descriptions best represents targeting a demographic segment? A. Marketing prepackaged lunches for children B. Marketing athletic clothing for sports enthusiasts C. Rewarding heavy users of a product D. Promoting cranberry sauce for the Thanksgiving holiday E. Promoting a smartphone with longer battery life
Marketing prepackaged lunches for children
if a company finds that a new product concept is acceptable and should be moved forward, what is the next step in the new product development process? A. Marketing strategy development B. Commercialization C. Business analysis D. Product development E. Test marketing
Marketing strategy development
Which targeting strategy focuses on common consumer needs, as opposed to different needs? A. Individual marketing B. Local marketing C. Mass marketing D. Concentrated marketing E. Differentiated marketing
Mass marketing
Which of the following statements concerning new products is correct? A. Modified and improved products are considered new. B. Products that are merely improved in some way are not considered new. C. Most new products succeed within two years of their introduction. D. A modified product is not considered a new product. E. To be considered new, the product must be something consumers have not seen before.
Modified and improved products are considered new.
What is the correct order of the five stages in the buyer decision process? A. Need recognition, information search, evaluation of alternatives, the purchase decision, and postpurchase behavior B. Evaluation of alternatives, information search, need recognition, the purchase decision, and postpurchase behavior C. Information search, need recognition, evaluation of alternatives, the purchase decision, and postpurchase behavior D. Information search, evaluation of alternatives, need recognition, the purchase decision, and postpurchase behavior E. Need recognition, the purchase decision, information search, evaluation of alternatives, and postpurchase behavior
Need recognition, information search, evaluation of alternatives, the purchase decision, and postpurchase behavior
What are the three winning competitive positioning strategies proposed by Michael Porter? A. Operational excellence, customer intimacy, and product leadership B. Overall cost leadership, middle-of-the-road, and focus C. Overall cost leadership, differentiation, and middle-of-the-road D. Entrepreneurial marketing, formulated marketing, and intrapreneurial marketing E. Overall cost leadership, differentiation, and focus
Overall cost leadership, differentiation, and focus
In the United States, patriotism has been increasing for the past 20 years. Marketers have responded with increased use of the "Made in America" appeal and patriotic themes. This reflects which aspect of culture? A. People's views of others B. People's views of themselves C. People's views of nature D. People's views toward society .E. People's views of organizations
People's views toward society
What tends to be the most effective source of information when consumers make a buying decision? A. Salespeople B. Advertisements C. Personal sources D. The Internet E. Mass media
Personal sources
Which of the following statements regarding positioning is correct? A. Positions must adapt over time to meet changing consumer needs. B. Establishing a position usually takes a very short amount of time. C. Once established, a strong position is never lost. D. Abruptly changing a position is an effective strategy when consumer needs change. E. Once a positioning strategy is identified, it is typically very easy to implement.
Positions must adapt over time to meet changing consumer needs.
BMW says their cars are "The Ultimate Driving Machine". Ford trucks are "Built Ford Tough". Which type of differentiation do these examples represent? A. Channel differentiation B. Product differentiation .C. Image differentiation D. Services differentiation E. People differentiation
Product differentiation
Which of the following is an important trend in the natural environment that marketers should be aware of? A. Cost decreases for nonrenewable resources B. Lack of consumer concern for the environment C. Products that require scarce resources will face large cost increases D. The increase in availability of raw materials E. Decreased pollution
Products that require scarce resources will face large cost increases
Which stage of the business buying decision process occurs between supplier search and supplier selection? A. Product specification B. Performance review C. General need description D. Order-routine specification E. Proposal solicitation
Proposal solicitation
One characteristic of services is their variability. What is the main reason for services being variable? A. Services cannot be seen, tasted, or felt before they are bought. B. Services cannot be stored for later use. C. Service quality depends on who provides them, as well as when, where, and how they are provided. .D. Services are tangible, and defects are impossible to prevent. E. Services cannot be separated from their providers.
Service quality depends on who provides them, as well as when, where, and how they are provided.
Which of the following correctly identifies the social factors that influence consumer buyer behavior? A. Small groups, social networks, family, and social class B. Family, social networks, social class, and subculture C. Small groups, social networks, family, and social roles and status .D. Small groups, family, social class, and lifestyle E. Small groups, social networks, social class, and subculture
Small groups, social networks, family, and social roles and status
Which of the following statements is true regarding standardizing products for international markets? A. Standardization ensures that products will succeed in foreign markets. B. Standardization helps a company develop a different image in different countries. C. Standardization means that marketers do not have to adapt their product offerings for different international markets. D. Markets and consumers all over the world are alike, so a company should always standardize international products. E. Standardization decreases product design, manufacturing, and marketing costs.
Standardization decreases product design, manufacturing, and marketing costs.
for truly sustainable marketing to occur, what is required of the marketing system? A. That is saves the company money B. That it is smooth functioning C. That the goal is short-term profits D. That it is a global initiative E. That the focus is on current consumer needs
That it is smooth functioning
What are the two major components of a B-to-B marketer's buying activity? A. The buying decision process and systems selling B. The buying center and the buying decision process C. Pricing and promotion D. The buying center and organizational members who will use the product or service E. The buying center and consumer demand
The buying center and the buying decision process
According to the text, what is the single most important demographic trend in the United States today? A. Increasing diversity B. Geographic population shifts C. Changes in the structure of the American family D. The changing age structure of the population E. A better educated population
The changing age structure of the population
Which of the following statements regarding socially responsible product decisions is correct? A. Safety legislation has not yet been passed to regulate toys, automobiles, and fabrics. B. When companies drop products, they do not have any obligations to suppliers, dealers, and customers. C. The government may prevent companies from adding products through acquisitions if the effect threatens to lessen competition. D. Manufacturers are generally not concerned with product liability. E. Companies can safely ignore patent laws.
The government may prevent companies from adding products through acquisitions if the effect threatens to lessen competition.
Which of the following uses a sense-and-respond philosophy to promote a customer-centered marketing orientation? A. The product concept B. The marketing concept C. The production concept D. The societal marketing concept E. The selling concept
The marketing concept
Which marketing orientation states that consumers will favor products that offer the most in quality, performance, and innovative features? A. The production concept B. The selling concept C. The marketing concept D. The societal marketing concept E. The product concept
The product concept
Which of the following statements regarding identifying competitors is correct? A. There is no one correct way to identify competitors. B. Competitors are only those companies that offer similar products and services to the same customers at similar prices. C. Companies should take a myopic view of competitors. D. Competitive analysis is only useful when competitors are identified at the industry level. E. Identifying competitors is a simple task.
There is no one correct way to identify competitors
According to the text, the most successful new products satisfy three criteria. What are these criteria? A. They appeal to a wide variety of consumers, are priced low, and can be mass marketed. B. They are differentiated, copy successful competitor products, and are priced low. C. They solve a major customer problem, are differentiated, and offer a compelling value proposition. D. They are something that has never been seen before, are priced low, and are offered on a limited basis. E. They solve a major customer problem, are differentiated, and are priced low.
They solve a major customer problem, are differentiated, and offer a compelling value proposition.
According to the text, what is the best way a market leader can protect its market share position? A. Through differentiation B. Through continuous innovation C. Through fixing weaknesses D. Through operational excellence E. Through specialization
Through continuous innovation
How do sustainable companies create value for customers? A. Through efficient supply chain management B. By offering low prices C. By creating superior products D. Through superior customer service E. Through socially, environmentally, and ethically responsible actions
Through socially, environmentally, and ethically responsible actions
What is the overall goal of marketing strategy? A. To create customer value and build profitable relationships B. To position and differentiate the product C. To segment the market and target specific segments D. To identify competitors, suppliers, and publics E. To develop the marketing mix
To create customer value and build profitable relationships
What is the goal of a blue-ocean strategy? A. To attack competitors B. To avoid strong competitors C. To compete only with weak competitors D. To make competition irrelevant by finding uncontested market spaces E. To drive competitors out of business
To make competition irrelevant by finding uncontested market spaces
What is the purpose of high-pressure selling? A. To persuade people to buy goods they had no thought of buying B. To convince customers to buy goods that are not on sale C. To ensure the customer gets good value from their purchase D. To sell goods which are overstocked in inventory E. To sell customers goods that precisely fit their needs
To persuade people to buy goods they had no thought of buying
For which customer relationship group should a company make continuous relationship investments to delight, engage, retain, and grow them? A. Butterflies B. True believers C. True friends D. Strangers E. Barnacles
True friends
Fitbit makes health and fitness tracking devices. Some buyers want very basic fitness tracking such as steps taken and calories consumed. Others are focused on high performance and want heart rate and sleep monitoring, text notification, and wireless sync to their smart phone. In serving these two very different groups, Fitbit is using __________ segmentation. A. personality B. life-cycle stage C. demographic D. benefits sought E. usage rate
benefits sought
The __________ consists of all the people who are involved in an organizational buying decision. A. purchasing department B. purchasing unit C. buying center .D. buying network E. purchasing network
buying network
When consumers engage in __________ buying behavior they go through a learning process, so it is most important that marketers understand information gathering and evaluation behavior. A. variety-seeking B. low involvement C. habitual D. dissonance-reducing E. complex
complex
According to the text, the move from irresponsible consumption to sustainable consumption is ultimately the responsibility of __________. A. consumers B. consumer protection agencies C. the government D. businesses E. marketers
consumers
Typically, consumers put in minimum time and effort when buying products such as laundry detergent, candy, and fast food. These types of goods are classified as __________ products. A. specialty B. augmented C. convenience .D. shopping E. unsought
convenience
Charles Revson, who started Revlon, once said "We sell hope." Revson was defining the __________ of Revlon cosmetics. A. augmented product B. branding C. design D. core customer value .E. quality level
core customer value
Unlike marketers in the consumer market, business-to-business marketers __________. A. respond to elastic demand for their goods B. use a less formalized buying process C. can ignore customer needs D. deal with far fewer but far larger buyers E. are not concerned with creating customer value
deal with far fewer but far larger buyers
Business-to-business marketers will sometimes promote their goods directly to consumers. This is because business demand is __________. A. the same as consumer demand B. elastic C. derived D. constant E. unrelated to demand for consumer goods
derived
Strategically, a company may phase out or sell an SBU. This is known as __________. A. holding B. divesting C. building D. harvesting E. milking
divesting
Age, personality, buying style, and job position are __________ factors that can influence the business buying decision process. A. interpersonal B. organizational C. cultural D. individual E. economic
economic
When a company lengthens a product line by adding more items within that lines current range, they are __________. A. decreasing the depth of the line B. filling the line .C. stretching the line upward D. increasing the width of their product mix E. stretching the line downward
filling the line
Ritz-Carlton focuses on the top 5 percent of corporate and leisure travelers. This represents a(n) __________ strategy. A. challenger B. overall cost leadership C. focus D. differentiation E. middle-of-the-road
focus
Materials and parts, capital items, and supplies and services are groups of __________products. A. specialty B. industrial C. convenience D. shopping E. unsought
industrial
Service quality greatly depends on the quality of the buyerdashseller interaction during the service encounter. This is known as __________. A. image differentiation B. internal marketing C. the service profit chain D. interactive marketing .E. external marketing
interactive marketing
When segmenting international markets, marketers often can form segments of consumers who have similar needs and buying behaviors even though they are located in different countries. This is called __________. A. cultural segmentation B. intermarket segmentation .C. intra-market segmentation D. geographic segmentation E. global segmentation
intermarket segmentation
Choosing a differentiated targeting strategy has many benefits, but a potential downside is that __________. A. the demand for customized products is decreasing B. focusing on what is common in consumers can potentially appeal to the largest number of buyers C. serving one or a few smaller segments can limit sales D. it can increase costs E. offering one marketing mix can limit sales
it can increase costs
Psychographic segmentation divides buyers into different segments based on __________. A. personality and income B. lifestyle and geography C. age and life-cycle stage D. lifestyle and personality .E. lifestyle and income
lifestyle and personality
The __________ consists of larger societal forces that affect how a company engages and serves its customers. A. customer environment B. competitive environment C. business environment D. microenvironment E. macroenvironment
macroenvironment
Mission statements should be defined in terms of satisfying basic customer needs. In other words, they should be __________. A. product oriented B. media oriented C. market oriented .D. relationship oriented E. price oriented
market oriented
The process of evaluating each market segment's attractiveness and selecting one or more market segments to enter is called __________. A. market segmentation B. differentiation C. positioning D. market targeting E. a customer-driven marketing strategy
market targeting
Engaging customers and managing profitable customer relationships is the simplest definition of ________. A. a market B. advertising C. satisfaction D. value E. marketing
marketing
Geographically, many Americans have been moving to small cities located beyond congested metropolitan areas, such as Minot, North Dakota; Boone, North Carolina; Traverse City, Michigan; and Concord, New Hampshire. These small cities are called __________. A. urban areas B. rural areas C. outlying areas D. micropolitan areas .E. suburbs
micropolitan areas
According to the text, the issue of ethics presents special challenges for __________. A. domestic marketers B. service providers C. international marketers .D. not-for-profit organizations E. small businesses
not-for-profit organizations
Marketing critics accuse some producers of using materials and components that will break, wear, rust, or rot sooner than they should. This practice is known as __________. A. deceptive packaging B. redlining C. planned obsolescence .D. offering unsafe products E. deceptive promotion
planned obsolescence
If a company adds a new product line to its existing portfolio, it has increased its __________. A. product support services B. product mix depth C. product mix consistency D. product line length E. product mix width
product mix width
One important reason that business legislation is enacted is to __________. A. remove legal regulations from a free market economy B. ensure that competition is unregulated C. protect consumers from unfair business practices D. provide legal guidelines for businesses and marketers without actually enforcing them E. ensure that companies make profits
protect consumers from unfair business practices
One key role marketing plays in a company's strategic planning is to __________. A. work to add customer value so other departments do not have to B. allow other departments to not be concerned with marketing C. eliminate the need to coordinate marketing with other departments D. focus on the customer while other departments formulate strategies E. provide a guiding philosophy
provide a guiding philosophy
A purse company's ads feature the cast of a popular reality show. Product sales increase significantly among the fans. From the fans' viewpoint, the cast is a(n) __________. A. subculture B. opinion leader C. membership group D. reference group E. social network
reference group
One form of e-procurement is __________ in which companies put their purchasing requests online and invite bids. A. trading exchanges B. reverse auctions .C. extranet links D. company buying sites E. systems selling
reverse auctions
According to societal marketing principles, bicycle helmets would be classified as a __________ product. A. deficient B. pleasing C. profitable D. salutary E. desirable
salutary
After defining its mission, the next step in strategic planning is to __________. A. allocate resources to each product that is being marketed B. plan marketing strategies C. set company objectives and goals .D. design the business portfolio E. identify key strategic business units
set company objectives and goals
Sense-of-mission marketing means that the company should define its mission in broad __________ terms rather than narrow product terms. A. environmental B. customer C. consumer D. social .E. profitability
social
In portfolio analysis, a company must identify __________, which are key businesses that make up the company. A. competitors B. marketing intermediaries C. functional departments D. strategic business units .E. potential future businesses
strategic business units
Socially and environmentally responsible actions that meet both the immediate and future needs of customers and the company is the central principle of __________. A. societal marketing B. the marketing concept C. profitability D. strategic planning E. sustainable marketing
sustainable marketing
Installing an innovation management system to collect, review, evaluate, and manage new product ideas represents a(n) __________ approach to new product development. A. team-based B. customer-centered C. haphazard D. systematic E. sequential
systematic
In the B-to-B market, one strategy is to offer a complete solution to a buyer's problems. This is called __________. A. a modified rebuy B. a multi-seller approach C. a straight rebuy D. supplier development E. systems selling
systems selling
What is benchmarking used for? A. To identify a company's competitors B. To identify competitor's reaction patterns C. To assess competitor's profitability D. To assess competitor's objectives and strategies E. To assess competitor's strengths and weaknesses
to assess competitor's strengths and weaknesses
To create and capture customer value, companies must engage the first step of the marketing process, which is __________. A. design a customer value-driven marketing strategy B. create customer delight C. build profitable customer relationships D. understand the marketplace and customer needs and wants E. construct an integrated marketing program
understand the marketplace and customer needs and wants
Companies who passively accept the marketing environment __________. A. use lobbying to influence legislation B. view it as uncontrollable and do not attempt to change it C. form contractual agreements to control their distribution channels D. assume that their strategic options are not bound by the current environment E. develop strategies to change the environment
view it as uncontrollable and do not attempt to change it
Which orientation could result in a firm simply matching or extending industry practices rather than seeking innovative new ways to create more value for customers? A. Competitor-centered B. Profit-centered C. Customer-centered D. Market-centered E. Product-centered
Competitor-centered
Which of the following statements regarding managing brands is correct? A. Customers' engagement with brands and customers' brand experiences are the key elements in maintaining a brand's position. B. Once a brand's position is firmly established, further communicating that position to consumers is a waste of resources. C. Brand audits are only necessary when launching a new brand. D. Successful branding is unrelated to managing customer touchpoints. E. The only company departments that must truly embrace a brand are sales and marketing.
Customers' engagement with brands and customers' brand experiences are the key elements in maintaining a brand's position.
Which of the following correctly lists marketing intermediaries? A. Resellers, physical distribution firms, customer markets, and competitors B. Resellers, physical distribution firms, marketing services agencies, and financial intermediaries C. Resellers, physical distribution firms, marketing services agencies, and customer markets D. The company itself, competitors, suppliers, and customer markets E. Suppliers, competitors, resellers, and publics
Resellers, physical distribution firms, marketing services agencies, and financial intermediaries
Designing products that are easier to recover, reuse, recycle, or safely return to nature after usage is known as a(n) __________ practice. A. consumerism B. beyond greening C. pollution prevention D. cradle-to-cradle E. visionary
cradle-to-cradle
You are thirsty and decide to have an iced tea. Your thirst is a ________ and your choice of iced tea is a ________. A. demand; want B. need; demand C. want; need D. need; want E. want; demand
need; want
Which of the following statements regarding a customer intimacy strategy is correct? A. A customer intimacy strategy does not require market segmentation. B. A customer intimacy strategy attempts to create a lean value delivery system. C. A customer intimacy strategy offers generic products to the target market. D. A customer intimacy strategy requires quickly responding to customer needs. E. A customer intimacy strategy serves customers who demand a lower price.
A customer intimacy strategy requires quickly responding to customer needs.
What is a product concept? A. A new product which is ready to be test marketed B. A working model of a new product C. An idea for a new product D. The image of a new product in consumer's minds E. A detailed version of a new product idea stated in meaningful consumer terms
A detailed version of a new product idea stated in meaningful consumer terms
What does a market segment consist of? A. The 4 Ps B. A mental image of a product C. A group of competitors D. A group of similar products E. A group of consumers who respond to the marketing effort in the same way
A group of consumers who respond to the marketing effort in the same way
Walmart created the Great Value brand for their food products and the Equate brand for their pharmacy, health, and beauty products. Walmart does not manufacture any of these products. Which type of brand sponsorship is Walmart using? A. A private brand B. A national brand C. A licensed brand D. A manufacturer's brand E. A co-brand
A private brand