Unit 2 Exam Study Notes

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Which of the following describes the process of arranging for a market offering to occupy a​ clear, distinctive, and desirable place relative to competing products in the minds of target​ consumers? A. Positioning B. Market targeting C. Market segmentation D. Mass marketing E. Differentiation

A. Positioning

The​ Robinson-Patman Act seeks to ensure that sellers offer the same price terms to customers at a given level of trade to prevent​ ______________________. A. price discrimination B. retail price maintenance C. ​price-fixing D. predatory pricing E. deceptive pricing

A. price discrimination

When a college or university charges more for​ out-of-state students than​ in-state students, it is practicing​ ______________________. A. ​location-based pricing B. product form pricing C. promotional pricing D. ​time-based pricing E. ​customer-segment pricing

A. ​location-based pricing

Which of the following statements regarding the important decisions in the development and marketing of individual products is​ correct? A. Packaging decisions are not an important part of developing individual products. B. Product attributes that communicate and deliver benefits to the consumer include​ quality, features, and style and design. C. How a product is branded is separate from the development and marketing of individual products. D. Determining product support services is not part of the development of individual products. E. Product labeling is no longer subject to legal regulation.

B. Product attributes that communicate and deliver benefits to the consumer include​ quality, features, and style and design.

Amazon is now promising​ same-day pick-up of goods as well as local secure​ pick-up points. What point of differentiation is​ this? A. Channel differentiation B. Services differentiation C. People differentiation D. Image differentiation E. Product differentiation

B. Services differentiation

Groups of​ __________________ products consist of materials and​ parts, capital​ items, and supplies and services. A. unsought B. industrial C. shopping D. convenience E. specialty

B. industrial

Firms that manufacture seasonal products target their consumers primarily through​ ________ segmentation. A. income B. occasion C. psychographic D. demographic E. age and​ life-cycle

B. occasion

Marketers of brands understand that they must figure out how to reach​ ___________________ that can exert social influence on others. A. millennials B. opinion leaders C. baby boomers D. cultural segments E. social groups

B. opinion leaders

When Apple introduced its iPhone​ X, it priced the new product at nearly​ $1,000, considerably higher than competing smart phones. Apple was pursuing a​ ___________________ new product pricing​ strategy. A. ​captive-product B. premium pricing C. ​market-penetration D. ​optional-product E. ​by-product

B. premium pricing

When a company lengthens a product line by adding more items beyond its current​ range, it is​ ________. A. decreasing the depth of the line B. stretching the line C. increasing the width of its product mix D. filling the line E. decreasing the width of its product mix

B. stretching the line

When Dr. Lawncare developed his revolutionary new​ solar-powered lawnmower, he expected that during the growth stage of the product life cycle​ ___________. A. there would be high costs per customer B. the company would see rising profits C. there would few competitors D. the company could anticipate customers as innovators E. there would be lagging adopters

B. the company would see rising profits

​__________________ represent an internal source of new product ideas for a company. A. Distributors B. Customers C. Intrapreneurial programs D. Competitors E. Suppliers

C. Intrapreneurial programs

Which of the following statements regarding packaging is​ correct? A. Packaging should change every few months. B. Companies can say anything they want on product packaging. C. Product safety is not impacted by packaging. D. Innovative packaging can give a company an advantage over competitors and boost sales. E. Product strategy does not include packaging as an important consideration.

D. Innovative packaging can give a company an advantage over competitors and boost sales.

When​ Coca-Cola saw the growth of the​ bottled-water category, it launched DASANI​Ò​, its brand of bottled water. Which brand development strategy did​ Coca-Cola use in launching​ DASANI? A. Multibranding B. Licensing C. Line extension D. New brand E. Brand extension

D. New brand

At one​ time, Miller Beer was known as the​ "champagne of bottled​ beer." It was targeted at an elite class of customers.​ Later, to increase​ sales, Miller was repositioned to attract members of the working middle class. What is this segmentation method​ called? A. Benefit B. Behavioral C. User status D. Psychographic E. Usage rate

D. Psychographic

Mi Rancho Supermarkets is a chain grocer that locates stores in neighborhoods with large Hispanic populations. Their stores carry a greater selection of Hispanic and Latin foods. The type of marketing that Mi Rancho uses is an example of​ ________. A. concentrated marketing B. target marketing C. differentiated marketing D. undifferentiated marketing E. micromarketing

E. micromarketing

When a retailer temporarily prices a few select items below cost to create excitement and pull consumers into the​ store, it is practicing​ ___________________ pricing. A. geographical B. promotional C. psychological D. segmented E. ​optional-product

B. promotional

Which of the following incorporates the advantage of brands operating in different categories with the combined brands creating broader consumer appeal and greater brand​ equity? A. National branding B. ​Co-branding C. Distributor branding D. Store branding E. Private branding

B. ​Co-branding

​______________________ determines if a buyer is satisfied or dissatisfied with a purchase. A. The number of alternatives considered in the purchase decision B. The relationship between the​ consumer's expectations and the​ product's perceived performance C. How others feel about the purchase D. The amount of information gathered in the​ decision-making process E. Whether or not the buyer experiences cognitive dissonance

B. The relationship between the​ consumer's expectations and the​ product's perceived performance

Which of the following is often considered a key business marketing strategy for winning and holding​ accounts? A. straight rebuy B. systems selling C. modified rebuy D. buying decision E. new task

B. systems selling

Which of the following statements is true regarding standardizing products for international​ markets? A. Markets and consumers all over the world are​ alike, so a company should always standardize international products. B. Standardization increases product​ design, manufacturing, and marketing costs. C. Standardization helps a company develop a different image in different countries. D. Standardization decreases product​ design, manufacturing, and marketing costs. E. Standardization ensures that products will succeed in foreign markets.

D. Standardization decreases product​ design, manufacturing, and marketing costs.

Which of the following statements concerning new products is​ correct? A. To be considered​ new, the product must be something consumers have not seen before. B. Most new products succeed within two years of their introduction. C. A modified product is not considered a new product. D. Modified and improved products are considered new. E. Products that are merely improved in some way are not considered new.

D. Modified and improved products are considered new.

​When, if​ ever, is price discrimination​ allowed? A. If the seller is selling via the Internet as its main​ channel, then it is legal. B. If the seller can prove that its revenue is affected when selling to similar​ retailers, then it is legal. C. If the seller can prove that it is allowable in certain states and local retailing​ areas, then it is legal. D. If the seller can substantiate that it is distributing​ internationally, then it is legal. E. If the seller can prove that its costs are different when selling to different​ retailers, then it is legal.

E. If the seller can prove that its costs are different when selling to different​ retailers, then it is legal.

​______________________ is the step of the new product development process during which a physical product is first developed. A. Test marketing B. Idea generation C. Concept development and testing D. Marketing strategy development E. Product development

E. Product development

In the early​ 1970s, Gary Dahl sold Pet Rocks. The product had a​ short, temporary period of unusually high sales driven by consumer enthusiasm and immediate product​ popularity, but then sales declined very quickly. The PLC sales pattern for Pet Rocks is known as​ ________________. A. a style B. a fad C. a normal product life cycle curve D. a failure E. a fashion

E. a fashion

A company can obtain new products by buying a whole​ company, a​ patent, or a license to produce someone​ else's product through​ _______________________. A. new product development B. product improvements C. new product brands D. product enhancements E. acquisition

E. acquisition

Continually adjusting prices to meet the characteristics and needs of individual customers and situations is known as​ _______________________. A. segmented pricing B. promotional pricing C. cash rebates D. psychological pricing E. dynamic pricing

E. dynamic pricing

Ad agency Young​ & Rubicam's BrandAsset Valuator measures brand strength along four consumer perception dimensions. Brand​ ___________ is defined in terms of how highly consumers regard and respect the brand. A. equity B. relevance C. knowledge D. differentiation E. esteem

E. esteem

When marketers want to promote their products and services through​ word-of-mouth marketing​ programs, they typically begin by​ ________. A. developing print and radio advertisements B. withdrawing from online social networks C. identifying and targeting late adopters D. pushing​ one-way commercials at customers E. generating​ person-to-person brand conversations

E. generating​ person-to-person brand conversations

If competitors cannot easily copy the benefit a company chooses to​ promote, that benefit is said to be​ _________. A. distinctive B. superior C. profitable D. affordable E. preemptive

E. preemptive

Dividing buyers into groups based on social​ class, lifestyle, or personality characteristics is called​ ________ segmentation. A. behavioral B. user status C. geographic D. age and​ life-cycle E. psychographic

E. psychographic

Installing an innovation management system to​ collect, review,​ evaluate, and manage new product ideas represents​ a(n) ______________ approach to new product development. A. crowdsourced B. sequential C. ​customer-centered D. intrapreneurial E. systematic

E. systematic

Kroger, headquartered in​ Cincinnati, Ohio, is one of the​ nation's largest grocery chains. It owns several brands sold in its​ stores, including Private​ Selection, Heritage​ Farm, and Simple. These brands represent which type of brand​ sponsorship? A. Private brands B. ​Manufacturer's brand C. Generic brands D. Private labels E. ​Co-brands

A. Private brands

Which of the following statements regarding managing service quality is​ correct? A. Unlike product​ quality, service quality will always vary. B. Customer retention is not related to service quality. C. Setting standards is not important in delivering service quality. D. Service recovery is unimportant in managing service quality. E. Service quality is easier to define and judge than product quality.

A. Unlike product​ quality, service quality will always vary.

​________________________ is one major objective associated with a​ market-penetration pricing strategy. A. Winning large market share B. Preventing customer dissatisfaction C. Skimming off small but profitable market segments D. Avoiding everyday low pricing E. Attracting buyers willing to pay a higher price

A. Winning large market share

Kidcomp, an American​ computer-manufacturing firm, targets children younger than age 10 by providing free games and applications. The​ firm's marketing approach is reflective of​ ________ segmentation. A. age and​ life-cycle B. income C. lifestyle D. geographic E. gender

A. age and​ life-cycle

Which stage of the product life cycle normally lasts longer than the others and poses great challenges to marketing​ management? A. Introduction B. Maturity C. Growth D. Product development E. Decline

B. Maturity

Of the​ following, which is true about​ pricing? A. Companies usually are free to charge whatever prices they wish. B. Price competition is a core element of our​ free-market economy. C. Federal law is the overriding authority on pricing. D. Companies have no obligation to consider broader societal pricing concerns. E. Companies do not need to communicate reasons for price increases to customers.

B. Price competition is a core element of our​ free-market economy.

A purse​ company's ads feature the members of a popular housewives reality show. Product sales increase significantly among fans. From​ fans' viewpoint, the housewives reality show is a​ ______________. A. ​late-majority adopter B. reference group C. membership group D. family group E. lagging adopter

B. reference group

Service​ _______ means that the quality of services depends on who provides them as well as​ when, where, and how they are provided. A. perishability B. variability C. inseparability D. packaging E. intangibility

B. variability

Which of the following correctly defines a​ product? A. Products include tangible objects and services but not events or people. B. Products are only tangible objects offered to a market to satisfy a want or need. C. A product is anything offered to a market that might satisfy a need or want. D. A product is not a part of the overall market offering. E. Products have two​ levels: the actual product and the augmented product.

C. A product is anything offered to a market that might satisfy a need or want.

If the company has selected its target market and positioning​ carefully, then its marketing mix​ strategy, including​ price, will be fairly straightforward. Of the​ following, which is NOT one of the common pricing​ objectives? A. Preventing competition B. Customer retention and building profitable customer relationships C. Grabbing international market share D. Avoiding government intervention E. Supporting resellers and gaining their support

C. Grabbing international market share

Which of the following is true regarding the​ price-demand relationship? A. If demand is​ inelastic, a small change in price will result in a large change in demand. B. A demand curve shows the number of units a company will produce in a given time period at different prices that might be charged. C. If demand is​ elastic, sellers will consider lowering their prices. D. Price elasticity measures how responsive price will be to a change in demand. E. Demand and price are directly related—the higher the​ price, the greater the demand.

C. If demand is​ elastic, sellers will consider lowering their prices.

Dividing a market into smaller segments of buyers with distinct needs or behaviors that might require separate marketing strategies is known as​ ______________________. A. mass marketing B. differentiation C. market segmenting D. positioning E. market targeting

C. market segmenting

Bath​ & Body Works uses​ _____________ pricing when the company offers​ "three-fer" deals on its products​ (such as​ soaps, lotions, and​ moisturizers). A. ​two-part B. ​by-product C. product bundle D. product line E. ​captive-product

C. product bundle

The marketing manager at Only Organic Delicatessen targets customers who are focused on​ organic, healthy food choices but who still want to dine out. The restaurant chain offers a wide variety of​ organic, low-fat, locally raised produce and foods. Only​ Organic's approach is best referred to as​ ________ segmentation. A. user status B. benefit C. psychographic D. age and​ life-cycle E. geographic

C. psychographic

To create successful new​ products, a company must​ _______. A. focus its new product development efforts only on consumers and deliver value B. obtain successful products through acquisitions instead of doing internal development C. understand its​ consumers, markets, and competitors and develop products that deliver superior value to customers D. cut costs to keep the price of new products low while delivering acceptable quality E. spend more on research and development​ (R&D) than its competitors and understand its consumers

C. understand its​ consumers, markets, and competitors and develop products that deliver superior value to customers

UPS uses​ _________________, which charges different prices for shipping depending on an​ item's destination. The more distant the city where the package is being​ shipped, the higher the price UPS charges. A. ​freight-absorption pricing B. ​uniform-delivered pricing C. zone pricing D. free on board​ (FOB) origin E. ​base-point pricing

C. zone pricing

Which of the following refers to the degree to which an innovation fits the values and experiences of potential​ consumers? A. Divisibility B. Complexity C. Compatibility D. Communicability E. Relative advantage

C. Compatibility

Which of the following statements regarding the business market is​ correct? A. The business market is not as large as the consumer market in terms of dollars spent and items purchased. B. Business buying decisions are less complex than consumer buying decisions. C. Many sets of business purchases are made for one set of consumer purchases. D. In the business market buying​ process, buyers and sellers are less dependent on each other than in the consumer market. E. The business market has more buyers than the consumer market.

C. Many sets of business purchases are made for one set of consumer purchases.

Which of the following refers to setting prices based on​ buyers' perception of value rather than on the​ seller's cost? A. ​Cost-based pricing B. ​Cost-plus pricing C. ​Value-added pricing D. Customer​ value-based pricing E. ​Good-value pricing

D. Customer​ value-based pricing

The​ Ritz-Carlton has carefully created a strong and distinctive differentiation​ strategy, which is supported by everything the company​ says, is, and does. Which type of differentiation is​ this? A. People differentiation B. Channel differentiation C. Services differentiation D. Image differentiation E. Product differentiation

D. Image differentiation

Which of the following statements is true regarding product life cycle​ curves? A. Marketing strategies do not change for different life cycle stages. B. All products follow the traditional​ five-stage PLC model. C. Managing products through their life cycle is an easy task. D. The sales of a typical product follow an​ S-shaped curve made up of five stages. E. Once a product reaches the decline​ stage, it cannot be recycled back to growth.

D. The sales of a typical product follow an​ S-shaped curve made up of five stages.

Internal factors that affect pricing include​ _________________. A. The​ company's overall marketing​ strategy, objectives, and the nature of the market B. The​ company's overall marketing​ strategy, objectives, and demand C. The nature of the​ market, demand, and the economy D. The​ company's overall marketing​ strategy, objectives, and marketing mix E. The​ company's overall marketing​ strategy, the nature of the​ market, and demand

D. The​ company's overall marketing​ strategy, objectives, and marketing mix

​Heeltoe, a boutique that caters to the footwear needs of​ women, manufactures two different lines of footwear based on the purchasing power of its customers. One product line caters to the needs of​ affluent, middle-aged​ women, and the other line targets younger professionals and homemakers. Heeltoe most likely segments the consumer market based on​ ________ variables. A. geographic B. behavioral C. psychographic D. demographic E. universal

D. demographic

A service firm must orient and motivate its​ customer-contact employees and supporting service people to work as a team to provide customer satisfaction. This process is known as​ _________________________. A. service differentiation B. external marketing C. interactive marketing D. internal marketing E. supplier and vendor marketing

D. internal marketing

The type of segment characteristic in which the​ size, purchasing​ power, and profiles of the segments can be quantified is known as​ _______________________ A. substantial B. differentiable C. accessible D. measurable E. actionable

D. measurable

When a product is in the maturity stage of the​ PLC, the company tries to increase consumption by finding new users and new market segments for its brands. This attempt to increase consumption is known as​ ______________________. A. harvesting the market B. market stimulation C. milking the market D. modifying the market E. market maintenance

D. modifying the market

A manufacturer of​ half-ton pickup trucks creates a positioning map for the U.S.​ half-ton pickup market. The position of each circle on the map indicates the​ brand's perceived positioning on two​ dimensions: price and orientation​ (economy versus​ performance). The size of each circle indicates the​ brand's relative market share. This is an example of a​ ________________. A. competitively positioned map B. competitive map C. target segment map D. perceptual positioning map E. psychographic map

D. perceptual positioning map

​H2Coast, an automobile​ manufacturer, produces​ fuel-efficient hybrid vehicles that are targeted toward​ high-end exotic-vehicle collectors with ample leisure time. H2Coast most likely segments the consumer market based on​ ________ variables. A. universal B. geographic C. behavioral D. psychographic E. demographic

D. psychographic

Which of the following reverses the usual process of first designing a new​ product, determining its​ cost, and then​ asking, "Can we sell it for​ that?" A. ​cost-plus pricing B. target return pricing C. EDLP D. target costing E. ​value-added pricing

D. target costing

When marketers aggressively promote only one benefit to the target​ market, the benefit promoted is known as the product or​ service's _____________________. A. unique difference proposition B. unique product proposition C. unique position proposition D. unique selling proposition E. unique benefit proposition

D. unique selling proposition

A company has set a low price on a new product it introduced. It wants to maximize its market share and attract a large number of buyers quickly. Which new product pricing strategy should the company​ use? A. ​market-skimming pricing B. product bundle pricing C. psychological pricing D. ​market-penetration pricing E. ​captive-product pricing

D. ​market-penetration pricing

​____________________ is a characteristic important in influencing an​ innovation's rate of adoption and described by the degree to which the innovation may be tried on a limited basis. A. Motivation B. Complexity C. Relative advantage D. Divisibility E. Communicability

D. Divisibility

The business buying process can be a complex and complicated process with eight basic stages. Which of the following is the first stage in this​ process? A. Supplier selection B. Supplier search C. Proposal solicitation D. Problem recognition E. General need description

D. Problem recognition

A car buyer can choose a base model at one​ price, or one with a premium sound and navigation system at a higher price. This is an example of​ _______ pricing. A. ​optional-product B. product bundle C. product line D. ​by-product E. ​captive-product

A. ​optional-product

The illegal practice of​ ______________________ is selling below cost with the intention of punishing a competitor or gaining higher​ long-run profits by putting competitors out of business. A. predatory pricing B. deceptive pricing C. price maintenance D. price discrimination E. ​price-fixing

A. predatory pricing

The Ford Mustang is offered in several different models. Ford uses​ __________ pricing to determine the price steps between the different models. A. product line B. ​optional-product C. product bundle D. ​two-part E. ​captive-product

A. product line

Which of the following describes the process of dividing markets into groups based on​ consumers' knowledge,​ attitudes, uses, or​ responses? A. Psychographic segmentation B. Economic segmentation C. Geographic segmentation D. Behavioral segmentation E. Demographic segmentation

D. Behavioral segmentation

Which of the following is NOT one of the typical advantages of​ e-procurement systems? A. Improving​ customer-supplier relationships B. Eliminating paperwork C. Finding better supplier resources D. Reducing time between order and delivery E. Allowing buyers to focus on more strategic issues

A. Improving​ customer-supplier relationships

Which of the following are​ tradition-bound, suspicious of​ changes, and adopt the innovation only when it has become something of a tradition​ itself? A. Lagging adopters B. Innovators C. Early mainstream D. Early adopters E. Late mainstream

A. Lagging adopters

Which type of consumer products are frequently purchased with little​ planning, little comparison or shopping​ effort, and low customer​ involvement? A. Specialty products B. Convenience products C. Industrial products D. Capital products E. Shopping products

B. Convenience products

In determining product​ quality, what are the two dimensions of quality marketers must decide​ upon? A. Level and conformance B. Level and consistency C. Level and price D. Consistency and conformance E. Consistency and packaging

B. Level and consistency

According to the model of buyer​ behavior, what is in a​ buyer's "black​ box"? A. The​ buyer's wants,​ needs, and preferences B. The​ buyer's characteristics and decision process C. The​ buyer's economic and social preferences D. The​ buyer's purchase and​ post-purchase behavior E. The​ buyer's attitudes and preferences

B. The​ buyer's characteristics and decision process

Which of the following lists the five steps of the buyer decision process in the correct​ order? A. Need​ recognition, purchase​ decision, information​ search, evaluation of​ alternatives, and​ post-purchase behavior B. Need​ recognition, information​ search, evaluation of​ alternatives, purchase​ decision, and​ post-purchase behavior C. Need​ recognition, evaluation of​ alternatives, information​ search, purchase​ decision, and​ post-purchase behavior D. Need​ recognition, information​ search, purchase​ decision, evaluation of​ alternatives, and​ post-purchase behavior E. Purchase​ decision, need​ recognition, information​ search, evaluation of​ alternatives, and​ post-purchase behavior

B. Need​ recognition, information​ search, evaluation of​ alternatives, purchase​ decision, and​ post-purchase behavior

​________________ is one problem with​ business-to-business e-procurement. A. Reduced purchasing efficiency B. Suppliers being pitted against one another C. Increased transaction costs D. Increased paperwork requirements E. Increased time between order and delivery

B. Suppliers being pitted against one another

Which of the following is NOT a product life cycle​ (PLC) stage? A. Decline B. Maturity C. Commercialization D. Growth E. Introduction

C. Commercialization

Intuit​ Labs, a division of​ Intuit, the accounting and payroll software​ developer, follows a​ "Design for Delight​ (D4D)" development​ philosophy, which states that products should delight customers by providing experiences that exceed expectations. Which new product development approach is Intuit​ using? A. Crowdsourcing B. Marketing strategy development C. ​Customer-centered new product development D. ​Team-based new product development E. Systematic new product development

C. ​Customer-centered new product development

Consumers obtain information from numerous sources. Which of the following involves dealer and manufacturer​ websites, packaging, and​ displays? A. Personal sources B. Public sources C. Commercial sources D. The internet E. Media sources

C. Commercial sources

​Sadie's Restaurant has listened to its customers over the years and is now able to offer the right combination of quality and good service at a fair price. Which pricing strategy is​ Sadie's using? A. ​High-low pricing B. ​Break-even pricing C. ​Cost-based pricing D. ​Good-value pricing E. ​Value-added pricing

D. ​Good-value pricing

​New, premium movie theaters offer features such as online reserved​ seating, high-backed leather executive chairs with armrests and​ footrests, the latest in digital​ sound, super-wide​ screens, and other amenities for which they charge a higher price. This is an example of which type of​ pricing? A. ​Cost-plus pricing B. ​High-low pricing C. Breakeven pricing D. ​Value-added pricing E. EDLP

D. ​Value-added pricing

Gillette charges a fairly low price for its razors​ (relative to​ costs) and a high price for razor blades. It is using a strategy of​ ___________ pricing. A. ​two-part B. ​by-product C. product bundle D. ​captive-product E. product line

D. ​captive-product

Which of the following is likely to slow the adoption of a new​ technology? A. Divisibility B. Relative advantage C. Communicability D. Conceptual complexity E. Compatibility

D. Conceptual complexity

​_____________________ is the value of customer relationships that a brand creates. A. Brand differentiation B. Customer value C. Brand equity D. Brand value E. Customer equity

E. Customer equity

Which stage of the PLC is characterized by peak​ sales, low costs per​ customer, high​ profits, mainstream​ adopters, and a stable number of competitors that are beginning to​ decline? A. Product development B. Decline C. Growth D. Introduction E. Maturity

E. Maturity

What is the nature of demand in business​ markets? A. Demand in business markets does not fluctuate. B. Demand in business markets is elastic. C. Demand in business markets fluctuates less than in consumer markets. D. Business market demand is independent of consumer market demand. E. Demand in business markets is derived demand.

E. Demand in business markets is derived demand.

_________ refers to the practice of integrating ethnic themes and​ cross-cultural practices within a​ company's mainstream marketing. A. Viral marketing B. Guerilla marketing C. Total market strategy D. Cause marketing E. Buzz marketing

Total market strategy

Socially responsible target marketing would classify which of the following as an especially vulnerable target market for harmful or controversial​ products? A. Children B. Single households C. Baby boomers D. Wealthy consumers E. Females

A. Children

The website leftyslefthand.com markets products to​ left-handed consumers only. Which targeting strategy does this​ represent? A. Concentrated marketing B. Undifferentiated marketing C. Differentiated marketing D. Micromarketing E. Segmented marketing

A. Concentrated marketing

​__________________ segments are those segments that are conceptually distinguishable and respond differently to different marketing mix elements and programs. A. Differentiable B. Measurable C. Actionable D. Accessible E. Substantial

A. Differentiable

Which of the following is a personal characteristic influencing a​ consumer's buying​ behavior? A. Occupation B. Social networks C. Status D. Family E. Motivation

A. Occupation

Goldtone is a multinational communications and information technology corporation. Its principal products are mobile telephones and tablets. It recently announced on its website that customers can suggest ideas for its upcoming product model. Contributors of​ short-listed ideas will be adequately rewarded. In this​ case, Goldtone is using​ ________ to generate new product ideas. A. crowdsourcing B. marketing strategy development C. business analysis D. test marketing E. concept development

A. crowdsourcing

The type of segmentation that forms segments of consumers who have similar needs and buying behaviors even though they are located in different countries is known as​ _________. A. intermarket segmentation B. lifestyle segmentation C. geographic segmentation D. behavioral segmentation E. demographic segmentation

A. intermarket segmentation

New product commercialization takes much thought and planning. The first critical step in the commercialization process is​ ____________________. A. introduction timing B. market share goals C. revenue goals D. the value proposition E. the target market

A. introduction timing

When Doritos comes out with new flavors of its tortilla​ chips, what brand development strategy does it​ employ? A. New brand B. Line extension C. Multibrand D. Brand extension E. Store brand

B. Line extension

​______________________ protect consumers from harm and the company from liability by proactively ferreting out potential product problems. A. Product managers B. Product stewards C. Ombudsmen D. Attorneys E. Brand managers

B. Product stewards

Which of the following would make a segment less attractive to​ enter? A. Very few substitute products B. A lack of aggressive competitors C. New entrants finding it easy to enter the segment D. Buyers with weak bargaining power E. Suppliers with weak bargaining power

C. New entrants finding it easy to enter the segment

Which of the following is NOT a social factor influencing consumer buying​ behavior? A. Online social networks B. Word of mouth C. Opinion leaders D. Cognitive dissonance E. Reference groups

Cognitive dissonance

What is the first step of the buyer decision​ process? A. Alternative evaluation B. Purchase decision C. Information search D. Need recognition E. ​Post-purchase behavior

D. Need recognition

​___________________ consists of many different people who play multiple roles in the buying process. A. Buying agents B. The buying center C. The purchasing team D. The buying nucleus E. Buying actors

B. The buying center

The quality of services depends on who provides them as well as​ when, where, and how they are provided. Which characteristic of services does this​ describe? A. Perishability B. Tangibility C. Inseparability D. Intangibility E. Variability

E. Variability

The three functions of​ __________ include​ identifying, describing, and promoting the product. A. product lines B. innovation C. product design D. packaging E. labeling

E. labeling

Which of the following statements about new product development strategy is​ correct? A. Innovation can be very expensive and very risky. B. A new product will succeed as long as it is priced correctly. C. New products are not a major source of growth for companies. D. Good advertising creates successful new products. E. New products are usually successful because consumers like new things.

A. Innovation can be very expensive and very risky.

Which of the following needs in​ Maslow's hierarchy is generally satisfied​ first? A. Physiological needs B. Social needs C. Esteem needs D. Safety needs E. ​Self-actualization needs

A. Physiological needs

When we see Hello Kitty on​ children's clothing, Disney characters on​ lunchboxes, and SpongeBob SquarePants on breakfast​ cereals, which form of brand sponsorship is being​ used? A. Store branding B. Licensing C. ​Co-branding D. Private branding E. National branding

B. Licensing

Nailit Cosmetics is advertising its newest line of nail​ polishes, made from a​ nontoxic, water-based nail polish with amazing summer colors. Nailit is selling the products in specially designed bottles that make application easier. Which of the following is a core customer value for​ Nailit's line of​ polishes? A. The​ products' revolutionary packaging B. The desire to have beautiful nails C. The nontoxic properties of the products D. The natural ingredients E. The Nailit brand

B. The desire to have beautiful nails

Which of the following statements regarding socially responsible product decisions is​ correct? A. Manufacturers are generally not concerned with product liability. B. The government may prevent companies from adding products through acquisitions if the effect threatens to decrease competition. C. Companies can safely ignore patent laws. D. Safety legislation has been passed to regulate chemical​ substances, drugs, and​ poisons, but not​ toys, automobiles, or fabrics. E. When companies drop​ products, they do not have any obligations to​ suppliers, dealers, and customers.

B. The government may prevent companies from adding products through acquisitions if the effect threatens to decrease competition.

Which of the following is considered part of an augmented product rather than that of an actual product or core customer​ value? A. Product features B. Warranty C. Brand name D. Design E. Packaging

B. Warranty

Roshika has been invited to a fancy dinner party and wants to bring a good bottle of wine as a gift for the host. Since she does not know much about​ wine, she will likely use the price of the wines as​ ________. A. a​ limited-time offer B. an indicator of quality C. an indicator of geographic pricing D. a type of segmented pricing E. an indicator of the cost of production

B. an indicator of quality

After market strategy is​ developed, the next step of the new product development process is​ _______________. A. commercialization B. business analysis C. concept development D. prototyping E. idea generation

B. business analysis

A variation of​ break-even pricing is​ ____________________, which uses the concept of a​ break-even chart that shows the total cost and total revenue expected at different sales volume levels. A. ​High-low pricing B. Everyday low pricing​ (EDLP) C. Target return pricing D. ​Value-added pricing E. ​Competition-based pricing

C. Target return pricing

Crowdsourcing is used in the​ _______________________ step of the new product development process. A. product development B. commercialization C. idea generation D. idea screening E. marketing strategy development

C. idea generation

Adding a new product line to an existing portfolio means that the line has​ __________________. A. increased product support services B. extended product line length C. increased product mix width D. altered its product mix consistency E. differentiated its product mix depth

C. increased product mix width

Which of the following is a pure tangible​ good? A. A meal at a restaurant B. Financial advice C. A medical checkup D. Toothpaste E. A spa treatment

D. Toothpaste

Munoz Specialty Foods groups its customers by regions in the United​ States, such as​ Midwest, Northeast, and Southwest. For each​ region, Munoz creates a different set of advertisements and promotions. On which of the following segmentation variables does the firm divide its​ market? A. Benefits sought B. Personality C. Behavioral D. Demographic E. Geographic

E. Geographic

​________________ is the service characteristic to which marketers need to pay close attention when there are fluctuations in demand. A. Variability B. Inseparability C. Tangibility D. Intangibility E. Perishability

E. Perishability

When sellers set prices in conjunction or collaboration with one​ another, this illegal practice is known as​ _______________. A. ​price-fixing B. price discrimination C. predatory pricing D. retail price maintenance E. deceptive pricing

A. ​price-fixing

When Subaru of America allows Outback buyers to customize cars to meet their exact needs and​ preferences, it is practicing which type of​ marketing? A. Segmented marketing B. Differentiated marketing C. Micromarketing D. Undifferentiated marketing E. Concentrated marketing

C. Micromarketing

Which of the following is a variable used to segment business buyers that is not used to segment consumer​ buyers? A. Psychographics B. Purchasing approaches C. Operating characteristics D. Personal characteristics E. Situational factors

C. Operating characteristics

Which of the following would be an appropriate strategy during the growth stage of the product life​ cycle? A. Use promotional spending to inform consumers and get them to try the product. B. Modify the​ market, product​ offer, and marketing mix. C. Spend a lot of money on product​ improvement, promotion, and distribution. D. Produce basic versions of the product and focus on selling to those buyers who are the most ready to buy. E. Shift some advertising from building product awareness to building product conviction and purchase.

C. Spend a lot of money on product​ improvement, promotion, and distribution.

Which of the five characteristics identified has an inverse relationship with an​ innovation's rate of​ adoption, meaning as this characteristic​ increases, the rate of adoption is​ slower? A. Divisibility B. Compatibility C. Communicability D. Complexity E. Relative advantage

D. Complexity

Which of the following statements is correct concerning service marketers going​ global? A. One industry that still has not globalized is retailing. B. Due to the nature of their​ business, professional service firms cannot expand their business to foreign markets. C. Compared with product​ marketers, service marketers do not face any additional challenges when going global. D. The growth of global service companies is expected to decline in the near future. E. The trend toward growth of global service companies is expected to continue in the near future.

E. The trend toward growth of global service companies is expected to continue in the near future.

Which of the following statements about service marketing is​ correct? A. Companies should strive to streamline services to increase efficiency. B. It is easier to define service quality than product quality. C. Service marketers do not need to differentiate their offerings. D. Due to the variability of​ services, top service companies set modest​ service-quality standards. E. Training current employees better and hiring new ones with more skills can increase service productivity.

E. Training current employees better and hiring new ones with more skills can increase service productivity.


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