BUSAD 250
Which of the following is a part of new-product development effort?
A company making improvements on a product developed by its in-house R&D team.
From a customer's perspective, which of the following primarily corresponds to the place, or distribution, component in the marketing mix?
A customer expecting a product to be made available as conveniently as possible.
Which of the following influences does not affect decision making by individuals?
A formal buying process
In the context of the four Ps of the marketing mix, which of the following best illustrates a decision regarding the place, or distribution, component?
A manager's decision to deliver purchased products directly to customers.
Which of the following illustrates a sale to the organizational market?
A manufacturer of electronics buys components from a supplier.
Mario is wealthy and lives in a large home on the East Coast. A hurricane is coming, so Mario decides to purchase a generator in case he runs out of power. He has never owned a generator before. Which of the following is driving Mario's purchase?
A situational factor
In context of the four Ps of the marketing mix, which of the following best illustrates a decision regarding the element of promotion (communication)?
An organization's decision to replace personal selling with the distribution of product catalogs because catalogs are preferred by customers.
What is a touchpoint?
Any point of interaction—online, on the phone, or in person—between a company and its current and potential customers.
Which of the following is part of reviewing performance for strategic marketing planning?
Assessing reasons for a drop in sales during recessions.
What changes a user's experience by adding visual or textual information to an existing picture?
Augmented reality
__________ segmentation groups customers according to their relationship with products or response to product characteristics.
Behavioral
________ involves classifying consumers with regard to their connection with certain goods or reaction to certain features of those goods.
Behavioral segmentation
Which of the following best illustrates a decision regarding the price component of the marketing mix?
Book Bug Inc., a retail book store, has decided to offer a five percent discount on three books
__________ refers to the value that a company has built up in a brand.
Brand equity
When a company applies a successful brand name to a new product category, what is the company practicing?
Brand extension
__________ is using a brand name of existing products for a new product category
Brand extension
Which of the following signifies the level of dedication a consumer has for a particular product?
Brand loyalty
The identity of a product is typically encompassed in which of the following?
Branding
A snack bar offers a soup, sandwich, and a muffin for a combo price of $10. The snack bar has a large number of takers for this combo because the items are more expensive when bought individually. What pricing strategy is the snack bar using?
Bundling
Which of the following describes an individual or a group that purchases products and services for personal consumption?
Consumer market
Which of the following best describes diversification?
Creating new products for new markets
Which system captures, organizes, and capitalizes on interactions between a company and its customers?
Customer relationship management
______ is a structure that attains, arranges, and takes advantage of the connections that a business has with its consumers.
Customer relationship management
________ capture, organize, and capitalize on all the interactions that a company has with its customers.
Customer relationship management (CRM) systems
Which strategy for penetrating target markets involves retailing an assortment of goods and services to numerous groups of consumers?
Differentiated marketing
Which aspect of the marketing mix consists of a systematized collection of companies that exchange products and services from retailers to consumers?
Distribution
__________ involves creating new products for new markets
Diversification
________ is the creation of new products for new markets.
Diversification
Which of the following terms describes when businesses regularly change prices for goods in order to account for the various fluctuations in supply and demand, allowing them to sell goods at a faster rate?
Dynamic pricing
Which pricing strategy involves continually adjusting the price of a product depending upon the supply and demand for it?
Dynamic pricing
When developing a marketing plan, evaluating competition, internal strengths, and the external environment are all part of what process?
Examining the current marketing situation
Bryan's Café has branches in several cities across the United States. It wants to observe the effect of changes in pricing on its sales volume before introducing new varieties of coffee. It selects two cities with similar characteristics and introduces the new variants in its menu. The information collected from these trials will be used to determine the factors affecting sales volumes. Which type or market research is Bryan's Café trying to collect?
Experimental research
Which of the following terms describes when a new but similar product is introduced into the market in order to enlarge a current product collection?
Family branding
Which of the following is formed when companies convert raw materials into completed products?
Form utility
Which stage in the product life cycle represents the level in which both sales and competition increase?
Growth stage
Miguel owns an economy car, but he wants to trade it in for a big four-wheel drive truck because he thinks it will make him feel better about himself and attract more women than the economy car does. Which factor appears to be driving Miguel's desire to purchase the truck?
His self-image
Which of the following activities is typically performed by companies during the commercialization step of the new-product development process?
Introducing a new product into the market
Which of the following best describes the introduction stage of the product lifecycle?
It extends from the research-and-development (R&D) phase through the product's first commercial availability.
Which of the following best describes bundling?
It is a strategy in which several products are combined and offered at a lower price than consumers would have to pay if they were purchased separately.
Which of the following best describes a brand extension?
It is using a brand name of existing products for a new product category.
Fast Fashion, a retail chain in the United States, is considering expanding into Canada. By which method is Fast Fashion attempting to increase its sales?
Market development
Which of the following terms is concerned with offering more of a business's current goods within its existing markets?
Market penetration
_______ represents the separation of various markets into lesser, more standardized clusters with comparable requirements, desires, and buying activities.
Market segmentation
Which of the following defines a firm's slice of the overall sales within a market?
Market share
Which of the following statements describes what is involved in analyzing the external environment?
Marketers must analyze trends and conditions in the business environment when planning their marketing strategies.
What refers to a range of tools and techniques that help marketers plan and evaluate marketing activities?
Marketing analytics
Which of the following refers to a range of tools and techniques that help marketers plan and evaluate marketing activities?
Marketing analytics
Which of the following contains elements that work together to create a marketing strategy including various goods, costs, deliveries, and consumer messages?
Marketing mix
_______ are central to marketing and inspire consumers to purchase products.
Needs
A successful clothing store found that its sales had been gradually falling for the last 18 months. In order to find the reasons for the gradual decline, it kept track of how many customers entered the store and how many actually made a purchase. It also noted the time of the year and the time of day when the largest number of customers approached the store. On the basis of this information, the store was able to devise a marketing plan in order to attract more customers. Which of the following research approaches did the clothing store use?
Observational research
______ involves attempts to draw consumers and establishments to a certain physical region.
Place marketing
__________ is managing a business in a way that is designed to occupy a particular place in the minds of target customers.
Positioning
________ is created when consumers gain satisfaction from acquiring and owning a product.
Possession utility
__________ refers to how responsive demand will be to a change in price.
Price elasticity
Which of the following views the primary purpose of a company to be making things, not satisfying customers?
Product concept
Which of the following indicates the relative amounts of tangible and intangible components in a product?
Product continuum
The process of generating, selecting, developing, and commercializing product ideas is known as what?
Product development process
Informing, persuading, and reminding are all aspects of which component of the marketing mix?
Promotion
Which stage of the new-product development process involves creating usable products out of concepts in order to experiment with samples to determine proper wrapping, functionality, and consumer appeal?
Prototype development
Consumers use which of the following as role models for style, speech, opinions, and various other behaviors?
Reference groups
Which of the following scenarios is an example of increasing the width of a firm's product mix?
Reintron Inc., a consumer electronics manufacturer, is planning to add two new product lines, laptops and headphones, to its product mix to increase its sales.
________ concentrates on establishing and preserving lasting connections with consumers, vendors, and supply associates for shared advantages.
Relationship marketing
______ represent significant goods and services that consumers purchase occasionally and that often require more intricate evaluations and comparisons in order to make a final decision.
Shopping products
Which of the following represents very specific product brands that a consumer expressly desires and will pursue no matter the price or distance?
Specialty products
_______ involves evaluating a business's existing marketing, assessing prospects, forming goals, and establishing an approach to achieve those goals.
Strategic marketing planning
_________ fit a preset pattern, such as all the entry fields in a customer address form on a website.
Structured data
Which group is made up of people who buy goods and services for their personal or household use?
The consumer market
__________ extends from the research-and-development (R&D) phase through the product's first commercial availability.
The introduction stage
__________ is the stage in the lifecycle in which sales begin to level off.
The maturity stage
Which of the following best describes marketing?
The process by which companies create value for customers and build strong relationships with them in order to capture value from customers in return.
Which of the following statements is true of variable costs?
They depend on production levels
Which of the following is the primary purpose of test marketing when it comes to new products?
To introduce the product in selected markets and monitor consumer reactions
Which of the following is a risk associated with a product-line extension?
Too many categories or types of products can dilute the brand's meaning in the minds of target customers.
________ is a price-setting technique that is based on a consumer's assessment of a product's worth which involves setting a certain price, then working back to determine a proper price that will allow for reasonable profit margins.
Value-based pricing
_______________ create a simulation in which the person experiences the sensation of being in an environment, even though that environment is entirely computer generated.
Virtual reality (VR) systems
Which of the following refers to the number of different product lines that a company offers?
Width
When an individual's views and actions do not match each other, it creates a state of tension referred to as _____.
cognitive dissonance
The idea generation step in the new-product development process primarily involves __________.
coming up with ideas for products that will satisfy unmet needs
In the new-product development process, test marketing occurs before __________.
commercialization
The last stage in the new-product development process is __________.
commercialization
Ordinary products and services which are purchased repeatedly and on a regular basis, such as milk or bread, are known as ________.
convenience products
The study of the statistical characteristics of a population is known as ______.
demographics
Fixed costs are costs that __________.
do not change when production levels rise or fall
Use of "marketing analytics" for marketing identifies the contemporary marketing trend focusing on ________.
making data-driven marketing decisions
The sale of an established product line within a brand new market is called ________.
market development
Misleading advertising material created to look like regular news stories or social media is known as ________.
native advertising
The marketing method in which marketers invite potential or current customers to receive information in areas that genuinely interest them is known as ________.
permission-based marketing
When managers create a method of engaging a certain area in the thoughts of target consumers, it is called _______.
positioning
Among the four Ps of the marketing mix, coupons and discounts are marketing tools related to the element of __________.
price
The categorization of consumers based on their attitudes, interests, opinions, and lifestyles is called _______.
psychographics
Variable costs include ________.
sales commissions
The formation and distribution of information among existing consumers and possible consumers relating to products is known as ________.
social commerce
When a company engages in the process of analyzing its existing marketing, evaluating prospects, establishing goals, and creating a marketing approach to achieve those goals, it is called ________.
strategic marketing planning
From a customer's perspective, the element of promotion in the four Ps of the marketing mix corresponds to __________.
the customer's expectation of two-way communication with the seller
Consumer desires and requirements, pursuing long-term success, and assimilating marketing with other components within a business are all key aspects of ______.
the marketing concept
Marketing analytics strives to establish (a)_____________, so that all data is kept in a centralized place.
unified data layer
One application of virtual reality is for all clients to experience living and working in buildings before they are decorated. This is called _________.
virtual walk-throughs
Which of the following represents the formula for determining the break-even point?
Break-even point = fixed costs / selling price - variable costs per unit
Which of the following involves endorsing a social issue while also endorsing a business and its goods?
Cause-related marketing
A marketing technique consisting of businesses seeking authorization to convey promotional messages and limiting the messages to only those interest areas is called _________.
permission-based marketing
