MKT 300 Exam 2 HW Questions

Emergency Product

A product purchased due to an unexpected event and for which the consumer has an urgent need.

Malcolm Baldrige National Quality Awareness

A program designed to raise quality awareness and practice among U.S. businesses.

Attitude

A state of readiness with cognitive, emotional, and behavioral components, which reflects the beliefs of the consumer with regard to messages, brands, products, product characteristics, and so forth.

Undifferentiated Marketing

A strategy that views all potential customers as though they are the same

Subculture

A subset of people with shared values within a culture.

Classical Conditioning

After two stimuli are presented together repeatedly, people learn to respond to one in the same way as the other.

Product Mix

All the product lines a company offers.

______ is based on decision rules about which product or service is most likely to satisfy goals.

Alternatives Evaluation

Objective Assessment of Quality

An evaluation of the degree to which a product does what it is supposed to do.

Unsought Product

An item that consumers don't think about frequently and for which they don't perceive much need.

Supplies

Consumable items used for business operations.

Segmentation

Division of a market into homogeneous groups with similar needs, wants, values and buying behavior.

ZIP code Segmentation

Division of a market into specific geographic locations based on the demographic makeup of the ZIP code area.

Demographic Segmentation

Division of the market according to such characteristics as gender, family life cycle, household type and income.

Although most goods can be stored until needed, services can be extremely _______ — their value exists for a short time.

Perishable

__________ makes a product appear unique relative to others, whether produced by the same company or the competition.

Product Differentiation

Executives are emphasizing the firm's _____ — all of the product lines a company offers.

Product Mix

Augmented Product

Product with characteristics that enhance its value beyond that of the core and branded product.

Political Marketing

Promoting an individual or idea motivated by the desire to influence public policy and voters.

Person Marketing

Promoting an individual's personality, character, and appeal, which in turn may assist in the promotion of a product.

Which of the following is NOT a segmentation variable? Select one: a. zip code b. NAFTA c. age d. income e. lifestyle

b. NAFTA

A customer's positive, neutral or negative feeling about the value received from an organization's product in specific use situations is called Select one: a. customer loyalty b. customer satisfaction c. customer lifetime value (CLV) d. customer expectations e. a customer satisfaction measurement program

b. customer satisfaction

Which type of product has characteristics that enhance value beyond that of the core and branded products? Select one: a. extended b. post branded c. augmented d. unsought e. generic

c. augmented

Customer Satisfaction

A customer's positive, neutral or negative feeling about the value received from an organization's product in specific use situations.

Positioning Map

A diagram of how consumers in a segment perceive brands based on specific elements they consider important.

Brand Loyalty

A dimension of brand equity that causes consumers to choose one brand over others available.

Brand

A distinguishing name or symbol to identify and differentiate products from those of competitors.

Dynamically Continuous Innovation

A familiar product with additional features and benefits that require or permit consumers to alter some aspect of their behavior.

Associative Reference Groups

A group with which people want to identify.

Marker Segment

A homogeneous group with similar needs, wants, values and buying behavior.

Product Differentiation

A marketing strategy with which companies attempt to make their products appear unique relative to the competition.

Customer Loyalty

A measure of how often, when selecting from a product class, a customer purchases a particular brand.

Continuous Innovation

A minor alteration in an existing product, such as a new style or model, that can be easily adopted without significant changes in consumer behavior.

Line Extension

A new product closely related to others in the line.

Product Concept

A product idea that has been refined into written descriptions, pictures and specifications.

Convenience Product

A relatively inexpensive item that consumers purchase frequently and with minimum effort.

Test Market

A small geographic area, with characteristics similar to the total market, in which a product is introduced with a complete marketing program.

Niche

A very small market segment that most companies ignore because they fail to see any opportunity.

_________ helps identify the facilitators and inhibitors to a product's success.

Concept Testing

Alternatives Evaluation

Use of decision rules that attempt to determine which product would be most likely to satisfy goals.

Functional Element

What a service is supposed to accomplish.

When a company continually improves its product quality, it is affecting its Select one: a. static quality. b. objective assessment of quality. c. dynamic quality. d. subjective assessment of quality. e. service quality.

a. static quality.

Which of the following is a social factor that influences consumer behavior? Select one: a. subculture b. motivation c. perception d. evaluation e. attitudes

a. subculture

Which of the following is NOT one of the three dimensions marketers use to describe products? Select one: a. unsought b. core c. branded d. augmented e. none of the above

a. unsought

Which of the following would likely be included in a market segment profile? Select one: a. the expected growth rate b. the number of current and potential buyers c. the amount of fixed overhead the segment may provide d. a and b e. a and c

d. a and b

Satisfaction ratings allow a customer to Select one: a. compare brands b. enable testing agencies to determine how well products perform c. share satisfaction levels about goods and services with companies that sell them d. all of the above e. none of the above

d. all of the above

The increase of demand for services such as grocery delivery to individual households is an example of: Select one: a. decreased disposable income. b. increased disposable income c. technological advances. d. changing quality of life values. e. Competition in professional services.

d. changing quality of life values.

The basic and essential function a customer receives in the form of a physical item or intangible service is called a(n): Select one: a. emergency product. b. convenience product. c. capital product. d. core product. e. branded product.

d. core product.

The amount of profit an organization expects to obtain over the course of a customer relationship is which of the following? Select one: a. customer satisfaction b. customer loyalty c. customer profit margin d. customer lifetime value (CLV) e. customer profit/loss estimate

d. customer lifetime value (CLV)

When one part of an organization markets its capabilities to others within the same firm, this is called: Select one: a. external marketing. b. nonprofit marketing. c. event marketing. d. internal marketing. e. providing positive social benefits.

d. internal marketing.

Which of the following is the correct sequence of stages in a product life cycle? Select one: a. growth, introduction, maturity, decline b. introduction, maturity, growth, decline c. maturity, growth, decline, introduction d. introduction, growth, maturity, decline e. planning, introduction, growth, decline

d. introduction, growth, maturity, decline

Creating an image or perception in the minds of consumers about an organization or its products relative to the competition is called: Select one: a. market sampling. b. focusing. c. demand forecasting. d. positioning. e. targeting.

d. positioning.

Which would be the most logical market planning option to adopt for introducing a new product to existing market segments? Select one: a. core product focus b. market development c. diversification d. product development e. market segmentation

d. product development

Which of the following correctly identifies the four types of product planning? Select one: a. diversification, market development, core product focus, product enhancement b. core product focus, diversification, product development, market segmentation c. market development, diversification, product development, augmented product focus d. product development, diversification, market development, core product focus e. diversification, target marketing, core product focus, product development

d. product development, diversification, market development, core product focus

Customer Expectations

Consumer beliefs about the performance of a product based on prior experience and communications

Controlled Test Market

Consumer panels or other techniques to gain similar information obtained from real test markets.

Laggards

Consumers who resist new products the longest.

_________ is a minor change to a familiar product, such as anew style or model that can be easily adopted without significant alterations in consumer behavior.

Continuous Innovation

Joint Marketing

Cooperation between two companies to sell their products, which tend to be complementary.

In addition to generating sales, loyal customers affect the __________, which is the amount of resources required to produce a specific amount of sales.

Cost Structure

Positioning

Creating an image or perception in the minds of consumers about the organization or its products relative to the competition.

__________ are consumer beliefs about the performance of a product based on prior experience and communications.

Customer Expectations

Some companies calculate the _________ , which is the amount of profit an organization expects to obtain over the course of a customer relationship.

Customer Lifetime Value (CLV)

___________ refers to how often, when selecting from a product class, a customer purchases a particular brand.

Customer Loyalty

__________ is a customer's positive, neutral or negative feeling about the value received from an organization's product in specific use situations.

Customer Satisfaction

The ________ consists of thinking through the situation, recalling previous experiences stored in memory (internal search), and probably seeking information from friends, salespeople, advertisements, online services, publications such as Consumers Reports, and other sources (external search).

Information Search

Market Segment Profile

Information about a market segment and the amount of opportunity it represents

_________ occurs when one part of an organization markets its capabilities to others within the same firm.

Internal Marketing

The ________ involves the personal behaviors and physical atmosphere of the service environment.

Internative Element

Differentiated Marketing

Marketing to each of several segments with a marketing mix strategy matched specifically to its desires and expectations.

Take-down Segmentation Method

Method that starts with a set of variables and assigns all consumers to one of them.

Build-up Segmentation Method

Method that starts with a single potential customer's characteristics and adds a segment for each new characteristic found in other customers.

_________ involves the promotion of an individual or idea with the aim of influencing public policy and voters.

Political Marketing

________ is the creation of an image, reputation or perception in the minds of consumers about the organization or its products relative to competition.

Positioning

_______ occurs when a consumer becomes aware of an unfulfilled desire, or need.

Problem Recognition

Business analysis starts with the _________ , which refines the idea into written descriptions, pictures and specifications.

Product Concept

Place Marketing

Promoting a geographical location in order to appeal to businesses, investors and tourists.

Event Marketing

Promoting an event in order to generate revenues and enhance the reputation of an organization.

Core Service

The basic benefit delivered.

Memory

The brain function that stores and recalls encoded information; includes sensory, short-term, and long-term capacities.

Product Position

The characteristics consumers associate with a brand based on important attributes.

Branded Product

The core product plus the characteristics that allow the consumer to differentiate it from similar products.

Quality

The degree of excellence in a company's products or services.

Perceived Brand Quality

The degree to which a brand consistently produces satisfaction by meeting customer expectations.

Subjective Assessment of Quality

The degree to which a product does what consumers expect it to do.

Divergence

The degree to which a service involves customization beyond routine or standardized procedures.

A descriptive characteristic that helps separate potential purchasers into groups is called a: Select one: a. product differentiating variable b. de-ethnicization c. psychographic ethno variable d. segmentation variable e. product purchaser variable

d. segmentation variable

Asian-American consumers, Hispanic consumers, and African-American consumers are all considered to be which of the following? Select one: a. reference groups b. social classes c. cultures d. subcultures e. all of the above

d. subcultures

Which of the following is a method of business market segmentation? Select one: a. product/technology b. geographic scope c. buying approach d. company demographics e. all of the other answers are correct

e. all of the other answers are correct

Marketers know that a family's needs and purchase decisions vary at each stage of the family life cycle. Which of the following is NOT a stage in the family life cycle? Select one: a. sole survivors b. young singles c. new couples d. full nesters e. birth

e. birth

Goods and services differ in that Select one: a. goods are intangible. b. services are tangible. c. goods are tangible. d. services usually involve suppliers connecting directly with consumers for performance of the service. e. c and d

e. c and d

The idea that people can learn to respond to one stimulus in the same way they respond to another stimulus if the two are presented together is called: Select one: a. operant conditioning b. generalization c. discrimination d. perceptual learning e. classical conditioning

e. classical conditioning

Which of the following is NOT a factor that influences consumer acceptance of new products? Select one: a. complexity b. observability c. compatibility d. relative advantage e. diffusion process ratings

e. diffusion process ratings

All of the following are psychological factors that influence consumer behavior EXCEPT: Select one: a. attitudes b. perception c. motivation d. learning e. geography

e. geography

Capital Product

A costly item that lasts a long time but does not become part of any finished product.

Hybrid Brand Strategy

A combination of two or more brand strategies.

Franchise

A contractual agreement whereby an entrepreneur pays a fee for the franchise name and agrees to meet operating requirements and use the organization's marketing plan.

Belief

A conviction that something is true or that descriptive statements are factual.

Service

An idea, task, experience or activity that can be exchanged for value to satisfy the needs and wants of consumers and businesses.

Customer Satisfaction Measurement Program

An ongoing survey of customers (and competitors' customers) for the purpose of obtaining continuous estimates of satisfaction.

Learning

Any change in consumer behavior caused by experience.

Segmentation Variable

Any distinguishing market factor that can vary, such as gender, age or income

Business Analysis

Assessment of the attractiveness of the product from a sales, cost, profit and cash flow standpoint.

_________ involves gaining public support and financing for a cause in order to bring about a change or a remedy.

Cause Marketing

Problem Recognition

Becoming aware of an unfulfilled need or desire.

__________ is the systematic evaluation of the practices of excellent organizations to learn new and better ways of serving customers.

Benchmarking

Manufacturer's Brand (National Brand)

Brand named after the manufacturer.

A _________ assesses the attractiveness of a product from a sales, cost, profit and cash flow standpoint.

Business Analysis

Heterogeneous Group

Buyers with diverse characteristics.

Homogeneous Group

Buyers with similar characteristics.

A ___________ is an entirely new product with new functions.

Discontinuous Innovation

__________ is the amount of routine procedure involved.

Divergence

_________ results when a major change makes the existing standard obsolete.

Dynamic Quality

________ is the promotion of an event in order to generate revenues and enhance the reputation of an organization.

Event Marketing

Simulated Product Test

Experimentation with the marketing strategy in artificial conditions.

Target Marketing

The selection of specific homogeneous groups (segment) of potential customers for emphasis.

Commercialization

Final stage in the new-product development process, when the product is introduced into the market.

Concentrated Marketing

Focusing the organization's marketing mix strategy on one or only a few of many possible segments.

Cause Marketing

Gaining public support and financing in order to change or remedy a situation.

________ is the use of a range of formal and informal methods to stimulate new product concepts from a number of sources.

Idea Generation

A good system will provide hundreds of new-product ideas each year. The _________ process identifies those with the strongest potential for success.

Idea Screening

Idea Screening

Identifying the new-product ideas that have the most potential to succeed.

Warranties

Implied or written expectations about product performance.

Centralized Decision Making

Management process in which a small group of executives makes all the major decisions for the whole company.

Decentralized Decision Making

Management process in which numerous groups, each dedicated to a specific segment, make decisions about their segment.

_______ occurs when existing products are offered to new segments.

Market Development

A ________ is a homogeneous group of customers with similar needs, wants, values and buying behavior.

Market Segment

Psychographics

Marketing approaches and tools used to identify lifestyles based on measures of consumers' values, activities, interests, opinions, demographics and other factors.

Approach-approach Conflict

Motivational conflict that occurs when a consumer desires two objectives but cannot have both.

________ is performed by an organization that is not motivated by profit and is exempt from paying taxes on any excess revenues over costs.

Nonprofit Marketing

Market Development

Offering existing products to new market segments.

Product Development

Offering new products to existing market segments.

________ involves promoting an individual's character, personality and appeal, which in turn may be used to promote a service or product.

Person Marketing

The ______ emerges from the evaluation of alternatives.

Purchase Decision

The _______ stage results in satisfaction or dissatisfaction.

Purchase Evaluation

______ describes the degree of excellence in a company's products and services.

Quality

Dynamic Quality

Quality that results from a change that makes an existing standard obsolete.

Static Quality

Quality that results when individuals or organizations perfect an accepted practice.

Satisfaction Ratings

Ratings provided by testing agencies that compare purchase and/or performance satisfaction of specific products or market segments.

A ________ is any descriptive characteristic that helps separate potential purchasers into groups.

Segmentation Variable

__________ is the number and intricacy of steps involved in producing a service.

Service Complexity

_________ results when an accepted practice is perfected. Many companies have processes designed to produce items to given quality standards that approach perfection.

Static Quality

In the 1950s, Dr. Edward Deming took a new approach to the issue. He applied the idea of ________, a concept he learned while a statistician at AT&T's Bell Laboratories, to manufacturing.

Statistical Quality Control

Because it would be difficult to appeal successfully to each segment, companies select certain ones that they think will be most profitable for their marketing efforts. This is called ________.

Target Marketing

A __________ is a small geographical area, with characteristics similar to the total market, where the product is introduced with a complete marketing program.

Test Market

Concept Testing

Testing the new-product concept to evaluate the likelihood of its success.

Customer Behavior

The actions and decision processes of individuals and households in discovering, evaluating, acquiring, consuming, and disposing of products.

Nonprofit Marketing

The activities performed by an organization not motivated by profit to influence consumers to support it with a contribution.

Cost Structure

The amount of money required to produce a specific amount of sales.

Customer Lifetime Value (CLV)

The amount of profit a company expects to obtain over the course of a customer relationship.

Innovators

The first group of consumers to purchase a new product.

Product Planning

The focus given to core businesses, market development, product development and diversification.

Product Life Cycle

The four stages a product goes through

Idea Generation

The gathering of suggestions for new products from a number of sources using a range of formal and informal methods.

Service Encounter

The interaction between the consumer and the seller.

Internal Marketing

The marketing of a business unit's capabilities to others within the same firm.

Later Majority

The more skeptical consumers who purchase products after the early majority.

Service Complexity

The number and intricacy of steps involved in producing a service.

Breadth

The number of different lines a company markets.

Depth

The number of items in a product line.

Targeting Strategy

The number of market segments and the relative amount of resources targeted at each.

Customer Defections

The percentage of customers who switch to another brand or supplier.

Interactive Element

The personal behaviors and atmosphere of the service environment.

Encoding

The process of converting information to knowledge.

Purchase Evaluation

The process of determining satisfaction or dissatisfaction with a buying choice.

Product Liability

The responsibility of marketers and manufacturers for injuries and damages caused by a faulty product.

De-ethnicization

The result of targeting a product heavily associated with one ethnic group to other segments.

Early Adopters

The second group of consumers to purchase new products.

Values

The shared norms about what is right to think and do; what a culture considers to be worthy and desirable.

Diffusion Process

The spread of innovations from one group of consumers to another over time.

Adoption Process

The steps an individual consumer goes through in making a product choice.

Benchmarking

The systematic evaluation of practices of excellent organizations to learn new and better ways to serve customers.

Perishable

The temporal nature of services, whose value exists for only a short time.

Selective Attention

The tendency to heed information that supports current views and behaviors.

Selective Retention

The tendency to remember some and forget other information.

Selective Exposure

The tendency to seek out or avoid information sources.

Early Majority

The third group of adopters, who are more risk averse in purchase decisions than innovators and early adopters.

Statistical Quality Control

The use of statistics to isolate and quantify production line problems that may cause product defects.

Product Recall

The withdrawal from the market, by either a manufacturer or the federal government, and the repair, replacement or discontinuation of a potentially harmful product.

Information Search

Thinking through a situation by recalling information from stored memory or obtaining it from external sources.

Making a product appear unique relative to others, whether produced by the same company or the competition, is called: Select one: a. product differentiation. b. concentrated marketing. c. market segmentation. d. mass customization. e. market aggregation.

a. product differentiation.

When a camera company adds a new zoom feature to one of its popular models, and the feature is easily adopted without significant changes in consumer behavior, what type of innovation is the company introducing? Select one: a. continuous innovation b. dynamically continuous innovation c. discontinuous innovation d. relative advantage e. compatibility

a. continuous innovation

The measurement of how often a customer purchases a particular brand when selecting from a product class is known as Select one: a. customer loyalty b. customer satisfaction c. customer lifetime value (CLV) d. customer purchase behavior e. customer expectations

a. customer loyalty

Augmented service and branded products serve what purpose? Select one: a. differentiation b. increased revenue c. decreased costs d. external adoption of corporate strategy e. government deregulation

a. differentiation

The largest percent of all trade among nations is created by Select one: a. global services. b. global goods. c. international hedge funds. d. automobile sales. e. the hospitality industry.

a. global services.

Subjective assessment of quality indicates to what degree the product does what Select one: a. product engineers designed the product to do. b. customers want the product to do. c. suppliers promoted the product would do on a consistent basis. d. promoters promised the product would do on a consistent basis. e. quality control managers designed it to do.

b. customers want the product to do.

Which of the following best explains market segmentation? Select one: a. differentiating an organization or its products relative to the competition b. dividing a market into several smaller groups of buyers with similar characteristics c. selecting certain market segments for marketing emphasis d. attempting to reach most or nearly all consumers with the same marketing approach e. creating a marketing strategy with the same message to all segments

b. dividing a market into several smaller groups of buyers with similar characteristics

According to the text, which two groups create the largest proportion of consumers in the diffusion process of innovation? Select one: a. late majority and laggards b. early majority and late majority c. innovators and laggards d. early adopters and early majority e. innovators and early adopters

b. early majority and late majority

According to the text, how many steps are involved in the consumer decision making process? Select one: a. six b. five c. seven d. four e. three

b. five

When a company markets a product with no brand name, it is using which of the following strategies? Select one: a. family brand b. generic brand c. hybrid brand d. individual brand e. manufacturer's brand

b. generic brand

Choosing a candy bar to buy at the grocery store is considered to be what type of a purchase? Select one: a. high involvement b. low involvement c. medium involvement d. low to medium involvement e. medium to high involvement

b. low involvement

In comparison to specialty products, convenience products are purchased: Select one: a. less frequently. b. more frequently. c. twice as often. d. with more effort. e. only after considerable pre-purchase planning.

b. more frequently.

The activities performed by an organization not motivated by profit to influence consumers to support it with a contribution are considered: Select one: a. internal marketing. b. nonprofit marketing. c. event marketing. d. person marketing. e. political marketing.

b. nonprofit marketing.

All of the product lines a company offers are collectively called the: Select one: a. product menu. b. product mix. c. marketing mix. d. line extension. e. adoption mix.

b. product mix.

Written or implied expectations about product performance are considered to be which of the following? Select one: a. product recalls b. product warranties c. product liabilities d. product essentials e. product trademarks

b. product warranties

The tendency for a person to heed information that supports his/her current views, behaviors or beliefs is called: Select one: a. selective exposure b. selective attention c. selective comprehension d. selective retention e. selective learning

b. selective attention

Person marketing, event marketing, place marketing, political marketing, cause marketing and internal marketing are all examples of: Select one: a. goods marketing. b. service marketing. c. nonprofit marketing. d. a and b e. a and c

b. service marketing.

Which of the following is considered an important catalyst for transforming U.S. businesses because it promotes quality excellence, recognizes achievements by companies that effectively improve quality, and supplies guidelines that businesses can use to evaluate their quality improvement efforts? Select one: a. the Deming Prize b. the Malcolm Baldrige National Quality Award c. the Ritz-Carlton Gold Standard Award d. the Kellogg Green Standard Award e. the Spartan All-Access Award

b. the Malcolm Baldrige National Quality Award

Which of the following is NOT a step for positioning? Select one: a. Diagram the most important dimensions on a grid. b. Locate the brand relative to others based on how it is perceived by buyers. c. Identify the attributes or characteristics used by sellers in a segment to understand brands. d. Identify the ideal position for buyers in the segment. e. Develop the marketing mix that supports the positioning strategy selected.

c. Identify the attributes or characteristics used by sellers in a segment to understand brands.

A contractual agreement in which an entrepreneur pays a fee and agrees to meet operating requirements in exchange for a known business name and marketing plan is called a: Select one: a. subcontract. b. license. c. franchise. d. simultaneous production. e. product recall.

c. franchise.

On the continuum of goods and services, restaurants, bookstores and movie theaters are considered which of the following? Select one: a. almost pure goods b. goods with services c. half goods, half services d. services with goods e. almost pure services

c. half goods, half services

A company with shallow product line depth and broad product line breadth would have which of the following? Select one: a. few product lines with many items in each b. many different product lines with many items in each c. many different product lines with a few items in each d. few product lines with a few items in each e. none of the above

c. many different product lines with a few items in each

When existing products are offered to new market segments, which of the following occurs? Select one: a. product development b. diversification c. market development d. core product focus e. integrated product lines

c. market development

In what stage of the new product development process is a product introduced to a small, geographical area with characteristics similar to the total market? Select one: a. prototype product development b. commercialization c. market testing d. idea screening e. idea generation

c. market testing

Which of the following is not one of the three stages marketers use to connect with customers: Select one: a. targeting b. positioning c. sampling d. segmentation e. all of the other answers are correct

c. sampling

Which of the following is not a global force creating growth in services? Select one: a. need for specialization b. government deregulation c. selective retention d. changes in quality of life e. technology

c. selective retention

Why do marketers use Maslow's Hierarchy of Needs? Select one: a. to determine approach-avoidance strategies b. to forecast sales of high involvement purchases c. to help categorize consumer desires d. to estimate revenue of basic consumer products e. to create purchase evaluations

c. to help categorize consumer desires

The breadth of product lines refers to: Select one: a. the number of items in each product line. b. the number of products a company markets. c. the number of distributors that carry the product line. d. the number of different lines a company markets. e. a measurement of depth and shallowness.

d. the number of different lines a company markets.

Which of the following is a reason why customers may defect from (leave) a company? Select one: a. They don't like the way they were treated. b. They are dissatisfied with a particular product or service. c. They leave for reasons unrelated to the product or service (such as relocation). d. They prefer another product or service. e. All of the above

e. All of the above

The Fair Packaging and Labeling Act of 1966 requires which of the following on consumer products? Select one: a. adequate information when value comparisons are made with competitive products b. recommended uses c. brand name and symbol d. manufacturer's name and address e. all of the above

e. all of the above

Which of the following is true of a high involvement purchase? Select one: a. It requires a complex buying decision. b. Brand evaluation occurs before purchase. c. It has a higher risk of visibility. d. The purchase requires active decision making. e. all of the above

e. all of the above

Subgroups of a market are homogeneous. This statement means that subgroups are: Select one: a. made up of heterogeneous buyers. b. made up of many types of buyers. c. made up of buyers who are opposed to a new product. d. made up of sellers who market different products. e. made up of buyers who have similar characteristics.

e. made up of buyers who have similar characteristics.

In which stage of the product life cycle is the marketing objective to hold market share profitability? Select one: a. decline b. growth c. introduction d. performance e. maturity

e. maturity

The responsibility of marketers and manufacturers for injuries and damages caused by a faulty product is referred to as which of the following? Select one: a. joint marketing b. warranties c. brand awareness d. product recall e. product liability

e. product liability

The degree of excellence of a company's products or services is referred to as Select one: a. subjective assessment of quality. b. statistical quality control. c. static quality. d. dynamic quality. e. quality.

e. quality.

Which of the following is not a basis for customer expectations? Select one: a. personal experience b. advertising and promotion c. company actions d. observation of others e. warranty extension

e. warranty extension