Chapter 9: Small Business Marketing: Customers and Products

True or false: During the growth stage, product prices tend to rise steeply as production efficiency and competition increase.

False

Which of the following is a challenge in secondary research?

Finding data that are unbiased, reported fairly, and reputable

Identify true statements about segmented markets. (Check all that apply.)

Firms consider these markets manageable pieces. Members of these markets have some common characteristics.

Which of the following are examples of goods? (Check all that apply.)

Fleece sweater Car Can of soup

Feedback

The process of communicating within or to an organization about how outputs work or are received

The total available market refers to

all of the people or organizations in a region who might consider a product or service being offered.

The ______ profile is a detailed description of an archetypical or hypothetical potential consumer for a product or service.

customer

Me-too products are

essentially similar to something already on the market.

Which of the following are examples of services? (Check all that apply.)

fixing a pipe tailoring clothing house painting

A(n) ______ is a physical product.

good

The ______ product is the entire bundle of products, services, and meanings of a firm's offering.

total

The ______ market refers to all of the people or organizations in a region who might consider a product or service being offered.

total available

Ethnographic research is based on

observations

The idea of "going all out" for the customer or providing over-the-top service is called ______.

outstanding customer service

The 4Ps of marketing are:

pruduct, price, palcement, promotion

A ______ is a nonphysical product.

service

The ______ market refers to the customers within the geographic reach of a firm.

serviceable available

A purchaser is a customer role that describes

an individual or institution that pays for or obtains a product or service.

Which of the following is an example of a product with tangibility? (Check all that apply.)

shampoo perfume bowl of chili

The first stage of the product life cycle is called the ______ stage, where sales are often low and profits not likely.

introduction

Which of the following statements about focus groups are correct? (Check all that apply.)

Participants are asked to discuss a series of questions about a particular product or service. A focus group could also be gathering some friends over dinner and talking to them about the firm's product can be quite useful. They often have between 8 and 12 people.

_____ research is data gathered by simple observation--seeing what consumers do, rather than asking them.

Ethnographic

Sharing

A process in which customers post positive comments about a firm's product or service to their social media accounts

Testimonial

A statement made that is allowed to be publicly repeated and attributed to the person that made it

Which of the following are more typical outcomes of a feasibility analysis in the process of idea evaluation? (Check all that apply.)

An idea may result in a product but may not attract a large enough market to be profitable. An idea is unlikely to be economically converted into a product or service.

Which of the following are examples of service perishability? (Check all that apply.)

Car rental Cab Airline seats

Which of the following statements about a customer profile are correct? (Check all that apply.)

Get out of the building and talk to potential customers to help develop an accurate customer profile. Research should begin with face-to-face interviews with potential customers. Researchers should be cautious not to collect biased data to draw conclusions. It is also called a customer persona or user persona. Developing a customer profile is an important first step of doing research on customers and their needs.

Which of the following are true statements in the context of the service life cycle? (Check all that apply.)

It is possible to completely eliminate the decline stage in the life cycle of a service. In comparison with products, services are much easier to modify "on the run."

______ research is the systematic collection and interpretation of data to support future marketing decisions.

Marketing

Which are the four components of the marketing mix?

Product, price, promotion, and placement

_____ is a data-collection method using a questionnaire-in person, on the phone, on paper, or on the Internet.

Survey

Which of the following statements regarding survey data collection are correct? (Check all that apply.)

Survey questions may be written, asked in person or on the phone, by mail or online. Online surveys are often inexpensive. Mail surveys have a lower response rate.

Which of the following sentences about prototypes of products are correct? (Check all that apply.)

They are made to prove aspects of the inventor's idea for the product. They may be functioning or just models. They are often referred to as a minimum viable products.

Perishability

______ describes a service that if not used when offered cannot be saved for later use.

Feasibility analysis is a critical step in the process of new product development because _____.

it precedes a potentially large investment of an entrepreneur's time and money into the creation of a key service or product

The process of dividing a market into groups that have somewhat homogeneous needs for a product or service is called

market segmentation

The serviceable available market refers to the

customers within the geographic reach of a firm.

Which of the following statements about marketing research are correct? (Check all that apply.)

It can verify the size of the potential market. It can help show competitors' weaknesses. It can reveal a number of customer attributes, such as where they are likely to shop and what price points they think are fair.

Which of the following is a goal of the growth stage of the product life cycle?

Maximizing market shares

Which of the following is true of commercialization?

Most businesses developing a new product do not face problems during commercialization.

A ___ item is capable of being touched, seen, tasted, or felt.

tangible

An end user is a customer role that describes

the person who eventually makes actual use of a product or service in his or her personal or work life.

In marketing, identify list of things given below that are included in the total product.

All included services. The entire bundle of products. Extras, such as service, warranty, and delivery.

Which of the following are true of secondary research? (Check all that apply.)

It is free and quick. It is readily available.

Which of the following are nonfinancial benefits that start-ups consider more important than obtaining revenue from consumers? (Check all that apply.)

Testimonials Feedback

The process of selecting ideas that show the most potential in order to examine them further for feasibility is called idea _____.

screening

The process of dividing a market into smaller portions of people who have common characteristics is called _____.

segmentation

The unique selling points that customers can expect from purchasing goods or services from a specific company is called the ______.

value proposition

______ is (are) a form of data gathering from a small group led by a moderator.

Focus groups

Dichotomous

______ questions have only two possible choices.

Which of the following statements about the business cycle's introduction stage are correct? (Check all that apply.)

Not all products survive the introduction phase, and many get revised due to customer reactions. The more innovative a product, the slower are sales because of customers' comfort level with a new product. There are high marketing cost to gain customer awareness in the introduction stage.

The ______ market represents the customers that a firm expects to be interested in its particular product or service.

serviceable obtainable

Scalar questions

are answered by some sort of scale.

Which of the statements about outstanding customer service are correct? (Check all that apply.)

Owners and employees should go the extra mile for customers and other stakeholders. It includes showing interest and concern for all stakeholders, such as employees, the community, suppliers as well as customers. One measure of good customer service is how quickly a business fixes mistakes.

A decision maker is a customer role that describes

a person in an organization who is responsible for choosing which product or service will be obtained.

Which of the following statements about a good or service's value proposition are correct?

They are unique to a particular business. They are product or service benefits and not features. There is often more than one benefit that supports the value proposition.

The serviceable obtainable market represents

customers that a firm expects to be interested in its particular product or service.