Chapter 7 - Marketing

Select the business product an automobile tire would be.

A component part.

What is positioning?

A process that influences potential consumers' perception of a product.

Evaluate the type of business product corn is.

A raw material.

Which of the following is the best definition for a market segment ?

A subgroup of people or organizations that have similar characteristics.

Your company wants to ask questions in order to gain some specific answers about the product, such as: 'On a scale of 1 to 10, how would you rate this product?' In order to do so, your company has asked 100 people 20 questions and is assessing the data. Which of the following is this an example of?

A survey.

If a company decides to pursue a senior citizen segment of the market and has difficulty creating a marketing mix that will reach this type of segment, this is an example of what type of criteria?

Accessibility

Which of the following criteria can be used to segment a market?

All of these are correct

Which strategy would a marketer use to effectively sell unsought products?

An aggressive direct sales force

Which of the following demographic groups was born between 1946-1964?

Baby Boomers

Analyze the reason why a company charges additional money above what the company's machines and buildings cost.

Because of their brand equity

Which of the following segmentation methods could involve a marketing team for an amusement park using an ad that showcases wild thrill rides for an exciting day out with friends?

Benefits sought

Which of the following is a commercial value that can be put on a brand?

Brand equity

A _____ provides the words or terms that help customers understand why they should use the product and the company values.

Brand message

James segments his business customers by how much money they spend on his products and services. Which type of segmentation is this?

Buying Processes

How would a company begin to change consumer perceptions about its products ?

By identifying key characteristics that are important to the target market.

How do companies perform competitor product analysis?

By taking a competitor's product, and directly comparing to it their product.

Age, gender, income, race, and family life cycle all are found in _____ segmentation?

Demographic

What are four ways to segment a market?

Demographics, psychographics, behavior, and geography

A company wants to find customers who would be interested in a drug and alcohol prevention residential program. They are having difficulty finding segments to target. What type of criteria issue would they be facing?

Identifiability

Which of the following is an example of product development?

Increasing the quality of the camera on the phone your company sells.

Which of the following will most likely result in the growth of your company?

Increasing your market share from 50% to 60%.

A union would be a(n) _____ business customer category.

Institution

Robert's company produces gloves. They primarily sell these gloves to prisons and schools. What segment of the market is Robert's company targeting?

Institutions

What is business marketing?

It is when a business markets products or services to companies.

Which of the following statements is MOSTLY TRUE of a specialty product?

Its price is relatively high

You want to find an efficient way to segment the business market. Which of the following is NOT an example of how you should segment a market according to company characteristics?

Length of time the company has been in business.

What is a graphical way of representing two or more dimensions or variables that are represented in consumers' minds?

Perceptual Mapping

What are the four types of business customer categories?

Producer, reseller, institution, government

What are the four broad segments of a business market?

Producers, resellers, government markets and institutions

When a company uses a strategy to showcase why their product characteristics are superior to the competition, it is called:

Product Differentiation

Which of the following segmentation methods is a marketing team using if they segment the market based on examining potential customers' personalities, motives and lifestyles ?

Psychographic

What is the name of a segmentation criteria where a segment must be large enough to support developing a specific marketing mix?

Substantiality

Explain what differentiates a business product from a consumer product.

The end user.

What is a brand?

The name, term or image that consumers can use to identify your products from others.

How do focus groups help companies in developing new products?

They provide relevant and new feedback about their products.

Which of the following does a company need to help develop their brand?

Where they stand in comparison to competitors

Based on the target end user, a computer is _____ product.

a consumer or business

Which of the following would be classified as a convenience product?

a hairbrush

A consumer making a purchasing decision between two heterogeneous shopping products will most likely buy the one with _____.

both a low price and favorable brand image

A car company has forever been known as offering cheap, reliable cars. The new management group would like the marketing team to change consumer perception of the cars from cheap and reliable to high tech and cool. The marketing team's challenge is called _____.

repositioning