Marketing Exam 2
__________ involves various company departments working closely together, overlapping the steps in the product development process to save time and increase effectiveness.
Team-based new product development
A store brand is __________.
a brand created and owned by a reseller of a product or service
A fashion can be defined as __________.
a currently accepted or popular style in a given field
A belief is __________.
a descriptive thought that a person holds about something
A product concept is __________.
a detailed version of a new product idea stated in meaningful consumer terms
The three functions of __________ include identifying, describing, and promoting the product.
labeling
A purse company's ads feature the members of a popular reality show about housewives. Product sales increase significantly among fans. From fans' viewpoint, the reality show is a ________.
reference group
Which value proposition offers not only higher quality, but also confers prestige upon the buyer?
More for more
___________ consists of many different people who play multiple roles in the buying process.
The buying center
Which of the following is the correct definition of a product?
A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
Which of the following statements regarding packaging is correct?
Innovative packaging can give a company an advantage over competitors and boost sales.
Which adopter group is first to adopt a new product?
Innovators
In managing new product ideas, which of the following allows for a holistic and systematic process?
Installing an innovation management system
Style is __________.
a basic and distinctive mode of expression
A fad is __________.
a temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity
A value proposition is __________.
the full mix of benefits on which a brand is positioned
Service variability means that __________.
the quality of services depends on who provides them and when, where, and how they are provided
In 2015 Target eliminated its "pink" and "blue" aisles, and it now sells lines such as a collection of back-to-school clothing, accessories, backpacks, and bedding that appeals to both boys and girls. This is an example of which type of marketing?
Gender-neutral
Consumers obtain information from numerous sources. Which of the following involves dealer and manufacturer websites, packaging, and displays?
Commercial sources
A purchase decision is the __________.
buyer's determination about which brand to select
Social class is a type of ________ characteristic that influences consumer buying behavior.
cultural
Phasing out weak items is a product strategy in the __________ stage.
decline
Product position is __________.
defined by consumers on important attributes
Segmenting a market based on gender is a type of __________ segmentation.
demographic
Lenovo's assumption that consumers want a higher-quality camera on their phone most likely came to light during the _______________ stage of the new product development process.
idea generation
Adding a new product line to an existing portfolio means that the line has _________.
increased product mix width
Groups of _________ products consist of materials and parts, capital items, and supplies and services.
industrial
When Dr. Lawncare developed his revolutionary new solar-powered lawnmower, he expected that during the growth stage of the product life cycle __________.
the company would see rising profits
Brand equity is __________.
the differential effect that knowing the brand name has on customer response to the product or its marketing
Need recognition is __________.
the first stage of the buyer decision process, in which the consumer notices a problem
Product mix width refers to ________.
the number of different product lines the company carries
A product mix is __________.
the set of all products and items that a particular seller offers for sale
Which of the following is NOT among the major factors influencing consumer buying behavior?
Commercial
__________ describes a person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea.
Attitude
What are the five stages of the consumer adoption process, in the correct sequence?
Awareness, interest, evaluation, trial, and adoption
________ is the differential effect that knowing the brand name has on customer response to the product and its marketing.
Brand equity
User status, usage rate, and loyalty status are examples of which type of segmentation variable?
Behavioral segmentation
__________ is dividing a market into segments based on consumer knowledge, attitudes, uses, or response to a product.
Behavioral segmentation
When a company builds a brand, it needs to make important strategic decisions regarding the brand. Of the following, which is NOT one of those decisions?
Brand licensing opportunities
__________ begins with a careful review of the product and its benefits, the target market, and proposed marketing strategies.
Brand name selection
__________ are a type of buyer response.
Buying attitudes and preferences
__________ is inviting broad communities of people—customers, employees, independent scientists and researchers, and even the public at large—into the new product innovation process.
Crowdsourcing
__________ is the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions.
Culture
__________ focuses on finding new ways to solve customer problems and create more customer-satisfying experiences.
Customer-centered new product development
________ demand is the term used for business demand that ultimately comes from the demand for consumer goods.
Derived
Which type of market-coverage strategy involves targeting several market segments and designing separate offers for each?
Differentiated marketing
__________ is distinguishing a market offering from other offerings in order to create superior customer value.
Differentiation
________ represent an external source of new product ideas for a company.
Distributors
What is market segmentation?
Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes
__________ 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.
Divisibility
Which stage of the business buying decision process involves ranking the importance of reliability, durability, and price?
General need description
__________ is tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments.
Micromarketing
Which of the following statements concerning new products is correct?
Modified and improved products are considered new.
__________ is dividing a market into segments according to the moments when buyers get the idea to buy, actually make their purchase, or use the purchased item.
Occasion segmentation
Which of the following is a product strategy in the growth stage?
Offering product extensions, service, and warranty
How does branding reduce perceived risk for consumers?
Once they have established trust in a brand, customers are likely to perceive less risk in continuing to buy it.
__________ is arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Positioning
________ involves differentiating a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Positioning
Amazon is now promising same-day pick-up of goods as well as local secure pick-up points. What point of differentiation is this?
Services differentiation
__________ is a group of people with shared value systems based on common life experiences and situations.
Subculture
________ segments are large or profitable enough to serve.
Substantial
Marketers need to understand and know four major influences on business buyer behavior. Which of the following is NOT one of those influences?
Supplier selection
_________ is one problem with business-to-business e-procurement.
Suppliers being pitted against one another
__________ is an approach in which all the company's people are involved in constantly improving the quality of products, services, and business processes.
TQM
__________ determines if a buyer is satisfied or dissatisfied with a purchase.
The relationship between the consumer's expectations and the product's perceived performance
Which of the following statements is true regarding product life cycle curves?
The sales of a typical product follow an S-shaped curve made up of five stages.
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 ___________.
modifying the market
Firms that manufacture seasonal products target their consumers primarily through ________ segmentation.
occasion
Marketers of brands understand that they must figure out how to reach ____________ that can exert social influence on others.
opinion leaders
In the __________ stage, the consumer seeks information about the new product.
interest
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 _________.
intermarket segmentation
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 ___________.
internal marketing
Product mix ________ refers to the number of different product lines the company carries, while product mix ________ refers to the total number of items a company carries within its product lines.
width; length
Which of the following correctly defines a product?
A product is anything offered to a market that might satisfy a need or want.
Which of the following statements regarding the marketing of international products and services is correct?
Because markets and consumers around the world differ widely, companies must usually adapt their product offerings in different world markets.
Socially responsible target marketing would classify which of the following as an especially vulnerable target market for harmful or controversial products?
Children
__________ is the practice of using the established brand names of two different companies on the same product.
Co-branding
Mavis loves her new iPhone but wonders if a Samsung Note would have offered more benefits. This is an example of which of the following?
Cognitive dissonance
Which of the following is the final major stage in new product development?
Commercialization
During which stage of the PLC do firms decide whether to maintain, harvest, or drop products?
Decline
Which is the final stage of the product life cycle?
Decline
Which stage of the product life cycle is characterized by negative profits and high costs per customer?
Introduction
__________ refers to purchasing through electronic connections between buyers and sellers—usually online.
E-procurement
Technological, political, and competitive influences are categorized as which type of major influence on business buyer behavior?
Environmental
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?
Geographic
__________ is dividing a market into different units such as nations, states, regions, counties, cities, or even neighborhoods.
Geographic segmentation
The integration of augmented reality in video games like Marvel's Dimension of Heroes dates back to the original Nintendo Wii. Into which stage of the product life cycle does this likely put this type of video game?
Growth
Through its mobile Whopper Detour promotion, Burger King offered discounted Whoppers to people close to a competing McDonald's restaurant. This is an example of which of the following?
Hyperlocal social marketing
In which stage of the new product development process would a company use a hackathon?
Idea generation
What is the first step in the new product development process?
Idea generation
If Impossible Foods is trying to grow as a supplier of plant-based meat products, why would it applaud the success of Beyond Meat and other competitors in this market?
Its corporate mission is to replace animal-based foods, and the more plant-based foods there are on the market, the more likely this goal becomes.
Why are some consumer groups and food health groups pushing back against Impossible Foods?
Its use of a genetically engineered substance
Which of the following are tradition-bound, suspicious of changes, and adopt the innovation only when it has become something of a tradition itself?
Lagging adopters
__________ describes the changes in an individual's behavior arising from experience.
Learning
__________ is defined by consumers on important attributes—the place the product occupies in consumers' minds relative to competing products.
Product position
__________ is the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.
Product quality
__________ protect consumers from harm and the company from liability by proactively ferreting out potential product problems.
Product stewards
Which of the following is NOT correct regarding the introductory stage of the product life cycle model?
Profits are high and grow rapidly.
__________ means that services are produced and consumed at the same time and cannot be separated from their providers.
Service inseparability
__________ means that the quality of services depends on who provides them and when, where, and how they are provided.
Service variability
Which of the following statements about service marketing is correct?
Training current employees better and hiring new ones with more skills can increase service productivity.
Which of the following is considered part of an augmented product rather than that of an actual product or core customer value?
Warranty
An attitude is __________.
a person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea
The maturity stage is part of the PLC in which __________.
a product's sales growth slows or levels off
A unique selling proposition is __________.
a specific attribute that a company chooses about a brand
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.
age and life-cycle
According to one of the women speaking in the video, today's consumers are very savvy and are more likely to respond to ________.
an authentic message
One factor influencing adoption is ________, which is the degree to which the new product fits the values and lifestyle of consumers.
compatibility
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.
demographic
Marketing strategy development is __________.
designing an initial marketing strategy for a new product based on the product concept
Product development is __________.
developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering
The __________ stage is the PLC stage in which a new product is first distributed and made available for purchase.
introduction
New product commercialization takes much thought and planning. The first critical step in the commercialization process is __________.
introduction timing
The information search is the stage of the buyer decision process in which the consumer __________.
is motivated to locate more information
A service profit chain __________.
links service firm profits with employee and customer satisfaction
Brand sponsorship includes __________.
manufacturer's brands, private branding, licensing, and co-branding
Dividing a market into smaller segments of buyers with distinct needs or behaviors that might require separate marketing strategies is known as __________.
market segmenting
Using intermarket segmentation, __________.
marketers form segments of consumers who have similar needs and buying behaviors even though they are located in different countries
When a company engages in ________marketing it ignores market segment differences and targets the whole market with one offer.
mass
Service perishability __________.
means that services cannot be stored for later sale or use
The type of segment characteristic in which the size, purchasing power, and profiles of the segments can be quantified is known as __________.
measurable
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 __________.
perceptual positioning map
Countries can be segmented by __________ such as the type and stability of government, receptivity to foreign companies, monetary regulations, and amount of bureaucracy.
political and legal factors
Arranging for a product to occupy a clear, distinctive, and desirable place in the minds of the target consumers is known as ________.
positioning
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.
psychographic
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.
psychographic
Ad agency Young & Rubicam's BrandAsset Valuator measures brand strength along four consumer perception dimensions. Brand ________ is defined in terms of how highly consumers feel the brand meets their needs.
relevance
Which of these qualities should NOT be part of a brand name?
reliable
Companies use ________ to put their B-to-B purchasing requests online and invite suppliers to bid for the business.
reverse auctions
Idea screening is __________.
scanning new product ideas to spot good ideas and drop poor ones as soon as possible
Behavioral segmentation divides a market into __________.
segments based on consumer knowledge, attitudes, uses, or response to a product
Services are characterized by four key aspects: ______________.
services are intangible, inseparable, variable, and perishable
A __________ is a consumer product with unique characteristics of brand identification for which a significant group of buyers is willing to make a special purchase effort.
specialty product
The buyer makes the fewest decisions in the ________ and the most in the ________ decision.
straight rebuy; new task
When a company lengthens a product line by adding more items beyond its current range, it is ________.
stretching the line
Installing an innovation management system to collect, review, evaluate, and manage new product ideas represents a(n) __________ approach to new product development.
systematic
Local marketing is __________.
tailoring brands and marketing to the needs and wants of local customer segments
Individual marketing is __________.
tailoring products and marketing programs to the needs and preferences of particular customers
Micromarketing is __________.
tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments
The customer journey concept ________.
takes a holistic view of all the experiences a consumer has with a brand
A shopping product is __________.
usually compared, by consumers, on such attributes as suitability, quality, price, and style
Marvel's Dimension of Heroes video game is betting on the star power of its superheroes combined with state-of-the-art hand controllers to appeal to gamers. These new features will only succeed if they deliver superior ______________ to customers.
value
A __________ is the full mix of benefits on which a brand is positioned.
value proposition
The _____________ is a brand's full positioning or the full mix of benefits on which the brand is positioned.
value proposition
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?
Co-branding
Which of the following correctly describes the classifications into which consumer products fall?
Convenience, shopping, specialty, unsought
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?
Customer-centered new product development
Technology advances have made B-to-B online purchasing possible. This is called ________.
e-procurement
The PLC concept also can be applied to what are known as styles, fashions, and fads. A ________ is a currently accepted or popular ________ in a given field.
fashion; style
What is a modified rebuy?
A business buying situation in which the buyer wants to change product specifications, prices, terms, or suppliers
In early 2017, fidget spinners, dubbed the "hula hoop of Gen Z," took the market by storm. However, it wasn't long before sales started to fizzle and teens moved onto the next sensation. Fidget spinners are an example of which of the following?
A fad
____________ are the two ways firms can obtain new products.
Acquisitions and new product development
Which of the following refers to the degree to which an innovation fits the values and experiences of potential consumers?
Compatibility
What is the first step of the new product development process?
Idea generation
__________ is the systematic search for new product ideas.
Idea generation
Which of the following is NOT one of the typical advantages of e-procurement systems?
Improving customer-supplier relationships
__________ is tailoring products and marketing programs to the needs and preferences of particular customers.
Individual marketing
Which of the following correctly defines the consumer market?
Individuals and households that buy goods and services for personal consumption
Which of the following statements about new product development strategy is correct?
Innovation can be very expensive and very risky.
________ marketing means that service quality depends heavily on the quality of the buyerseller interaction during the service encounter.
Interactive
Successful service marketing depends on external marketing using the four Ps. Service marketing today also requires which two nontraditional marketing approaches?
Internal and interactive
Which link in the service profit chain involves employee selection and training?
Internal service quality
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?
Licensing
When Doritos comes out with new flavors of its tortilla chips, what brand development strategy does it employ?
Line extension
What are the four strategies marketers can use to develop their brands?
Line extensions, brand extensions, multibrands, and new brands
Which stage of the product life cycle normally lasts longer than other stages and poses strong challenges to marketing management?
Maturity
Which of the following offers a way to establish different features that appeal to different customer segments, lock up more reseller shelf space, and capture a larger market share?
Multibranding
What is the first step of the buyer decision process?
Need recognition
What are the five steps in the buyer decision process, in order?
Need recognition, information search, evaluation of alternatives, the purchase decision, and postpurchase behavior
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?
Private brands
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?
Psychographic
A new product may fail for many reasons. Which of the following is NOT one of them?
Rapid market acceptance
________ is dividing markets into meaningful customer groups.
Segmentation
Impossible Foods products intended for sale in grocery stores are packaged in containers that clearly show the product. What advantage does this give the company in terms of consumer acceptance?
Shoppers can see that the Impossible Foods product looks like the animal-based meats they are already familiar with.
Which type of consumer products and services are purchased less frequently, with consumers carefully comparing competing products in terms of suitability, quality, price, and style?
Shopping products
Which of the following statements is true regarding standardizing products for international markets?
Standardization decreases product design, manufacturing, and marketing costs.
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?
The desire to have beautiful nails
Which of these is a way that owners groups and other brand communities help companies build and maintain brand loyalty?
The emotional benefit of social identification that people get from belonging to a group makes them tend to support and defend the group.
Which of the following is the best example of the product development stage?
The engineering of the quad-camera feature.
Which of the following statements regarding socially responsible product decisions is correct?
The government may prevent companies from adding products through acquisitions if the effect threatens to decrease competition.
Which of the following statements is correct concerning service marketers going global?
The trend toward growth of global service companies is expected to continue in the near future.
According to the model of buyer behavior, what is in a buyer's "black box"?
The buyer's characteristics and decision process
According to Maslow's hierarchy, which of the following needs would a person seek to satisfy first?
Thirst
Which of the following is a pure tangible good?
Toothpaste
A product line is __________.
a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges
Concentrated marketing is __________.
a market-coverage strategy in which a firm goes after a large share of one or a few segments or niches
A company can obtain new products by buying a whole company, a patent, or a license to produce someone else's product through _________.
acquisition
Fenty recognizes that the market for cosmetics needs to ________.
appeal to a wide range of consumers
In the adoption process, __________ is when the consumer becomes familiar with the new product but lacks information about it.
awareness
Through product differentiation, __________.
brands can be differentiated on features, performance, or style and design.
When bringing to market a new product like the MotorolaOne Zoom, the actual product launch takes place in the ___________________ stage of the new product development process.
commercialization
All the individuals and households that buy or acquire goods and services for personal consumption are known as the ________ market.
consumer
A(n) __________ is a consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort.
convenience product
When a company segments a market by common languages, religions, values and attitudes, customs, and/or behavioral patterns, it is segmenting by __________.
cultural factors
A brand extension is __________.
expanding an existing brand name to new product categories
Problem recognition is the __________ step of the business buying process.
first
A subculture is a __________.
group of people with shared value systems based on common life experiences and situations
If a brand has acquired such a strong association with quality in the minds of consumers that they automatically assume a new product from this company will also be of high quality, these people have used a(n) _______ to simplify their buying decisions.
heuristic
A(n) __________ is a product bought by individuals and organizations for further processing or for use in conducting a business.
industrial product
Buyers look for signals of service quality, drawing conclusions about quality from the place, people, price, equipment, and communications that they can see to address the issue of service ________.
intangibility
If competitors cannot easily copy the benefit a company chooses to promote, that benefit is said to be _________.
preemptive
Through __________ differentiation, brands can be differentiated on features, performance, or style and design.
product
When luxury audio brand Bose positions its products on the innovative, high-quality listening experiences it gives users this exemplifies ________ differentiation.
product
Marketing stimuli are such things as __________.
product, price, place, and promotion and are considered part of the environment that influences the buyer's black box
Fenty is one of the few cosmetics firms that is ________.
redefining beauty
An unsought product is a consumer product __________.
that the consumer either does not know about or knows about but does not normally consider buying
In the evaluation stage, __________.
the consumer considers whether trying the new product makes sense
When people continue to buy and use a product solely because they don't want to "throw away" the time and money they have already invested in it, the video describes this as ________ at work.
the sunk cost fallacy
Segmenting by political and legal factors involves segmenting by __________.
the type and stability of government, receptivity to foreign companies, monetary regulations, and amount of bureaucracy
To create successful new products, a company must _______.
understand its consumers, markets, and competitors and develop products that deliver superior value to customers
Alternative evaluation is the stage of the buyer decision process in which the consumer __________.
uses information to review different brands in the choice set
Major variables used to segment consumer markets include which of the following?
Geographic, demographic, psychographic, and behavioral
Which of the following is NOT a psychological factor influencing consumer buying behavior?
Self-concept
__________ is a relatively permanent and ordered division in a society whose members share similar values, interests, and behaviors.
A social class
__________ is tailoring brands and marketing to the needs and wants of cities, neighborhoods, and even specific stores.
Local marketing
Which of the following statements regarding the business market is correct?
Many sets of business purchases are made for one set of consumer purchases.
__________ is dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.
Market segmentation
Which of the following describes the process of evaluating each market segment's attractiveness and selecting one or more segments to serve?
Market targeting
Which of the following statements regarding the important decisions in the development and marketing of individual products is correct?
Product attributes that communicate and deliver benefits to the consumer include quality, features, and style and design.
Marketers must make important decisions when developing individual products and services. Which of the following correctly identifies those important decisions?
Product attributes, branding, packaging, labeling and logos, and product support services
__________ is the stage of the buyer decision process in which the consumer is motivated to locate more information.
The information search
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.
crowdsourcing
When marketers want to promote their products and services through word-of-mouth marketing programs, they typically begin by ________.
generating person-to-person brand conversations
Banking, airlines, telecommunications, and professional services are considered __________.
growing areas of global service
A typical __________ ends with the decline stage.
product life cycle
Concept testing is __________.
testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal
__________ can be done at three levels: product attributes, benefits, and beliefs and values.
Brand positioning
Marketers must consider potential product issues related to social responsibility. Of the following, which is NOT one of the product issues associated with social responsibility?
Building selective demand
________ is the step of the new product development process during which a review of the sales, costs, and profit projections for a new product is conducted to determine whether the new product is likely to satisfy the company's objectives.
Business analysis
To target the best market segments, the company first evaluates various factors related to market attractiveness. Of the following, which is NOT one of those factors?
Compatibility with company mission and vision
Which of the following is NOT one of the specific ways in which companies can differentiate their market offerings?
Competitor differentiation
In which targeting strategy does a firm go after a large share of one or a few smaller segments?
Concentrated marketing
__________ is a market-coverage strategy in which a firm goes after a large share of one or a few segments or niches.
Concentrated marketing
__________ is evaluating each market segment's attractiveness and selecting one or more segments to enter.
Market targeting
Which of the following would make a segment less attractive to enter?
New entrants finding it easy to enter the segment
__________ is the designing of original products, product improvements, product modifications, and new brands through the firm's own efforts.
New product development
Which of the following terms does NOT mean tailoring products and marketing programs to the needs and preferences of individual customers?
Niche marketing
Which of the following describes the variables that marketers use to segment business markets that differ from the variables used to segment consumer markets?
Operating characteristics, purchasing approaches, situational factors, and personal characteristics
How does the choice-supportive bias phenomenon mentioned in the video work in favor of companies and their branding efforts?
People tend to defend the choices they make, which makes them more likely to rebuy products they use.
__________ is the process by which people select, organize, and interpret information to form a meaningful picture of the world.
Perception
Services cannot be stored for future use. Which characteristic of services does this describe?
Perishability
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?
Problem recognition
Positioning is __________.
arranging for a market offering to occupy a clear, distinctive, and desirable place
What is a straight rebuy?
A business buying situation in which the buyer routinely reorders something without modifications
What are the eight steps in the business buying decision process, in the correct sequence?
Problem recognition, general need description, product specification, supplier search, proposal solicitation, supplier selection, order-routine specification, and performance review
Psychographic segmentation divides a market into __________.
different segments based on social class, lifestyle, or personality characteristics
Selecting an appropriate brand name for a new product is ________.
difficult yet very important to the product's success
Market segmentation is __________.
dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes
Consumers go through five stages in the process of adopting a new product. In the ________ stage, the consumer considers whether trying the new product makes sense.
evaluation
