Marketing Exam 2

What determines whether the buyer is satisfied or dissatisfied with a​ purchase? A. The relationship between the​ consumer's expectations and the​ product's perceived performance .B. The relationship between the price of the product and the level of customer service provided C. The relationship between the price of the product and the​ product's perceived performance D. The relationship between the​ consumer's expectations and how others evaluate the product E. The relationship between the​ consumer's expectations and where the product was purchased

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

Which of the following statements is true regarding the marketing of​ services? A. For service​ providers, a solution to price competition is to develop a differentiated​ offer, delivery, and image. B. Service providers do need to use segmentation and target marketing. C. Service providers do not need to differentiate their offerings. D. ​Buyer-seller interaction during the service encounter has little impact on service quality. E. ​Customer-facing employees are not important in the marketing of services.

A. For service​ providers, a solution to price competition is to develop a differentiated​ offer, delivery, and image.

Once management has decided on its product concept and marketing​ strategy, it can evaluate the business attractiveness of the​ proposal, which involves​ ___________. A. conducting a business analysis B. building and testing a prototype C. conducting test marketing D. introducing the new product to the market E. conducting concept testing

A. conducting a business analysis

Which type of business buying situation offers marketers the greatest opportunity but also the greatest​ challenge? A. A new task situation .B. A modified rebuy C. A straight rebuy D. A buying center purchase E. A request for proposal

A. A new task situation

What are the two broad classifications of​ products? A. Consumer products and industrial products B. Grocery products and luxury products C. Consumer products and business products D. Consumer products and household products E. Necessity products and luxury products

A. Consumer products and industrial products

What is the first step in the new product development​ process? A. Generating new product ideas B. Consulting with​ R&D on the feasibility of the new product C. Screening new product ideas D. Building a prototype E. Setting the budget

A. Generating new product ideas

The major product line decision involves the​ line's ______, or the number of items in the product line. A. length B. portfolio C. mix D. depth E. scope

A. Length

hich stage of the product lifecycle normally lasts longer than the previous stages and poses strong challenges to marketing​ management? A. Maturity B. Introduction C. Decline D. Product development E. Growth

A. Maturity

Applicanes Galore is continually updating its line of refrigerators to reflect market trends and customer needs. Although the product class in the maturity stage of the product life cycle, they maintain healthy sales od their line of refrigerators by continually.. A. Modifying the Product B. Modifying the marketing mix C. Modifying the market D. Concept Testing E.Rebranding

A. Modifying the product

Which of the following statements regarding socially responsible product decisions is​ correct? A. The government may prevent companies from adding products through acquisitions if the effect threatens to lessen competition. B. When companies drop​ products, they do not have any legal obligations to​ suppliers, dealers, and customers. C. Manufacturers are generally not concerned with product liability. D. Consumers who have been injured by a product with a defective design cannot sue manufacturers or dealers. E. Manufacturers are not required to comply with laws regarding product quality and safety.

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

Which structural factor would make a market segment attractive to​ enter? A. Very few actual or potential substitute products B. Powerful suppliers C. Many strong and aggressive competitors D. New entrants can easily come into the segment E. Powerful buyers

A. Very few actual or potential substitute products

Service marketing requires​ ________. This means that the service firm must orient and motivate its​ customer-contact employees and supporting service people to work as a team to provide customer satisfaction. A. interactive marketing B. image differentiation C. internal marketing D. external marketing E. the service firm to focus only on the customer

c. internal marketing

​______ consists 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. Market segmentation B. Mass marketing C. Differentiation D. Market targeting E. Positioning

positioning

Kroger sponsors such brands as Private Selection, Heritage Farm, and Simple Truth. Kroger does not manufacture any of these products. Which type of brand sponsorship is Kroger using?

private brand

A detailed version of a product idea stated in meaningful consumer terms is a ________. product feature product concept product idea product framework product image

product concept

In the ________ stage of new product development, products undergo rigorous tests to make sure that they perform safely and effectively, or that consumers will find value in them. idea generation test marketing business analysis product development concept screening

product development

Clorox sells five major product lines including cleaning, household, lifestyle, professional, and international. Together the product lines make up Clorox's ________. product depth product assemblage product consistency product length product mix

product mix

A shoe company's ads feature the members of a popular country music band. Product sales increase significantly among the band's fans. From the fans' viewpoint, the band is a ________. subculture late-majority adopter reference group membership group laggard

reference group

business buyer behavior

refers to the buying behavior of the organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others.

word-of-mouth influence

refers to the impact of the personal words and recommendations of trusted friends, associates, and other consumers on buying behavior

social class

relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors

Targeting

select the segment or segments to enter

________ refer to a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible. Horizontal extensions Line extensions Co-brands Pure products Services

services

Micromarketing

tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; it includes local marketing and individual marketing

Which of the following is an example of a shopping product? candy laundry detergent toothpaste fast food television

television

business buying process

the decision process by which business buyers determine which products and services their organizations need to purchase and then find, evaluate, and choose among alternative suppliers and brands.

Word-of-mouth influence

the impact of the personal words and recommendations of trusted friends, associates, and other consumers on buying behavior

culture

the set of values, perceptions, wants, and behaviors learned by an individual from family and other important institutions

need recognition

triggered by internal or external stimuli.

Fads are characterized by their ________. enduring nature that spans several generations basic and distinctive modes of expression that seldom become unpopular low rates of adoption by consumers unusually high sales and rapid decline non-attainment of the last two stages of the product life cycle

unusually high sales and rapid decline

co-branding

use the established brand names of two different companies on the same product

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?

variability

demographic segment

Such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation

geographic segmentation

Such as nations, states, regions, counties, cities, or neighborhoods

licensing

Use names and symbols created by other companies or well-known movie characters or celebrities for a fee

A​ _______ defines how a company will create differentiated value for targeted segments and what positions it wants to occupy in those segments. A. positioning map B. unique proposition C. value proposition D. value statement E. mission statement

Value Proposition

In the early​ 1970's, 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 fad B. a style C. a normal product life cycle curve D. a failure E. a fashion

a fad

undifferentiated marketing

a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer

differentiated marketing

a market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each

​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. demographic B. psychographic C. universal D. geographic E. behavioral

a. demographic

Which of the following statements is true regarding product life cycle​ curves? A. Marketers do not know the exact shape and length of their​ product's life cycle in advance. B. Managing products through their life cycle is an easy task. C. Marketing strategies do not change for different life cycle stages. D. Once a product reaches the decline​ stage, it cannot be recycled back to growth. E. All products follow the traditional​ 5-stage PLC model.

a. marketers do not know the exact shape and length of their product`s life cycle in advance

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

a. product development

If a segment is large enough or profitable enough to​ serve, it is​ ________. A. substantial .B. measurable C. differentiable D. actionable E. accessible

a. substantial

Consumer Market

all the individuals and households that buy or acquire goods and services for personal consumption

service

an activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything

A(n) ________ describes a person's relatively consistent evaluations, feelings, and tendencies toward an object or idea. drive attitude role motive cue

attitude

Sales are rising​ rapidly, competitors are growing in number and the customers are early adopters. Which stage of the PLC does this​ describe? A. Maturity B. Growth C. Decline D. Introduction E. Product development

b. growth

Service​ _______ means that services cannot be​ seen, tasted,​ felt, heard, or smelled before they are bought. A. variability B. intangibility C. perishability D. packaging E. inseparability

b. intangibility

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

b. occasion

When Dr. Lawncare developed his revolutionary new solar powered​ lawnmower, he knew that during the introductory stage of the product lifecycle​ ___________. A. sales would be low but profits would be high B. sales would be slow and profits​ non-existent C. profits would rise quickly and there would be rapid market acceptance of his product. D. sales would fall and profits would drop E. sales would be slow and profits would level off or decline

b. sales would be low and profits non-existent

consumer products

bought by final consumers for personal consumption

Industrial Products

bought by individuals and organizations for further processing or for use in conducting a business

A ________ is defined as a name, term, sign, symbol, or design, or a combination of these, that identifies the maker or seller of a product or service. prototype brand paradigm patent framework

brand

Which of the following terms is used to describe a specific mix of human traits that may be attributed to a particular brand? brand perception brand personality brand architecture brand equity brand loyalty

brand personality

Which of the following costs is most likely associated with commercialization? building or renting a manufacturing facility using simulated tests to measure market capacity paying groups of consumers for participating in crowdsourcing activities developing a prototype of a product determining a product's planned price, distribution, and marketing budget

building or renting a manufacturing facility

new task

buyer purchases a product or service for the first time

straight rebuy

buyer routinely reorders something without any modifications

modified rebuy

buyer wants to modify product specifications, prices, terms, or suppliers

Consumer buyer behavior

buying behavior of final consumers

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. The business market has more businesses than the consumer market. E. Demand in the business market is more elastic than demand in the consumer market.

c

_______ involves dividing a market into smaller segments of buyers with distinct needs or behaviors that might require separate marketing strategies. A. Market targeting B. Differentiation C. Market segmenting D. Positioning E. Mass marketing

c. Market segmenting

Through​ _____ a company can obtain new products by buying a whole​ company, a​ patent, or a license to produce someone​ else's product. A. internal​ R&D B. idea generation C. acquisition D. new product development E. product life cycle strategies

c. acquisition

The value of customer relationships that a brand creates is called​ _______. A. brand differentiation B. brand value C. customer equity D. customer value E. brand equity

c. customer equity

Byron Tied 2 Bowties groups its customers by regions in the United​ States, such as​ Midwest, Northeast, and Southwest. For each​ region, Byron Tied 2 Bowties creates a different set of advertisements and promotions. On which of the following segmentation variables does the firm divide its​ market? A. Personality B. Demographics C. Geography .D. Behavior E. Benefits sought

c. geography

________ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. Mass marketing Market segmentation Differentiation Positioning Market targeting

positioning

Subculture

A group of people with shared value systems based on common life experiences and situations

concentrated marketing

A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches

In which of the following cases is little or no test marketing most likely recommend for a new product? A. When the costs of developing and introducing the product are low B. Risks are high C. management is unsure D. Major investment

A. When the costs of developing and introducing the product are low

Product

Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need

What are the four general characteristics that influence consumer​ purchases? A. Cultural​ characteristics, social​ characteristics, personal​ characteristics, and psychological characteristics B. Cultural​ characteristics, technological​ characteristics, social​ characteristics, and personal characteristics C. Economic​ characteristics, technological​ characteristics, demographic​ characteristics, and political characteristics D. Cultural​ characteristics, social​ characteristics, demographic​ characteristics, and brand loyalty E. Technological​ characteristics, social​ characteristics, personal​ characteristics, and the buyer decision process

B. Cultural​ characteristics, technological​ characteristics, social​ characteristics, and personal characteristics

Services are characterized by four key​ aspects: ______________________. A. services are​ inexpensive, easy to​ find, intangible, and variable. B. services are​ intangible, inseparable,​ variable, and perishable. C. services are​ intangible, variable,​ perishable, and inexpensive. D. services are​ intangible, perishable,​ consistent, and inseparable. E. services are​ intangible, inexpensive, easy to​ find, and automated.

B. services are​ intangible, inseparable,​ variable, and perishable.

What is market​ segmentation? A. Differentiating the​ firm's market offering to create superior customer value B. Dividing a market into distinct groups of buyers who have different​ needs, characteristics, or behaviors and who might require separate marketing strategies or mixes C. Marketing to a mass market of homogenous buyers D. Evaluating each market​ segment's attractiveness and selecting one or more market segments to enter E. Arranging for a market offering to occupy a​ clear, distinctive, and desirable place relative to competing products in the minds of target consumers

B. Dividing a market into distinct groups of buyers who have different​ needs, characteristics, or behaviors and who might require separate marketing strategies or mixes

Evaluating each market​ segment's attractiveness and selecting one or more market segments to enter is called​ _____. A. positioning B. market targeting .C. market segmentation D. mass marketing E. differentiation

B. Market targeting

The marketing manager at​ Arbor's Delicatessen targets customers who are working to lose weight but who still want to dine out. The restaurant chain offers a wide variety of​ low-fat, low-calorie meals that appeal to dieters.​ Arbors' approach is best referred to as​ ________ segmentation. A. user status B. psychographic C. age and life cycle D. geographic E. benefit

B. Psychographic

What is a​ product's position? A. Where a product is located on store shelves B. The way a product is defined by consumers on important attributes C. How much consumers are willing to pay for a product D. The market share of a product E. How the company advertises a product

B. The way a product is defined by consumers on important attributes

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. Capital products D. Shopping products E. Industrial products

B. convenience products

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. Modified and improved products are considered new. C. A modified product is not considered a new product. D. Most new products succeed within two years of their introduction. E. Products that are merely improved in some way are not considered new.

B. modified and improved

To create successful new​ products, a company must​ _______. A. cut costs to keep the price of new products low B. understand its​ consumers, markets, and​ competitors, and develop products that deliver superior value C. spend more on​ R&D than its competitors D. avoid innovation and only improve​ existing, successful products E. wait and see what new products its competitors offer

B. understand its​ consumers, markets, and​ competitors, and develop products that deliver superior value

Fads are characterized by their ________. A) enduring nature that spans several generations B) low rates of adoption by consumers C) unusually high sales and rapid decline D) basic and distinctive modes of expression that seldom become unpopular E) non-attainment of the last two stages of the product life cycle

C) unusually high sales and rapid decline

Which of the following is the correct definition of a​ product? A. A product is a tangible good or a service that can be offered to a market for​ attention, acquisition,​ use, or consumption that does not satisfy a want or need. B. A product is anything that can be offered to a market for consumption that does not satisfy a want or need. C. A product is anything that can be offered to a market for​ attention, acquisition,​ use, or consumption that might satisfy a want or need. D. A product is a tangible good that can be offered to a market for​ attention, acquisition,​ use, or consumption that might satisfy a want or need. E. A product is a tangible good or a service that can be offered to a market for consumption that might satisfy a want or need.

C. A product is anything that can be offered to a market for​ attention, acquisition,​ use, or consumption that might satisfy a want or need.

In which targeting strategy does a firm go after a large share of one or a few smaller​ segments? A. Differentiated marketing B. Undifferentiated marketing C. Concentrated marketing D. Mass marketing E. Micromarketing

C. Concentrated marketing

What are the four choices a company has for developing​ brands? A. Single​ brands, multibrands, line​ extensions, and licensing B. Line​ extensions, line​ supplements, new​ lines, and new brands C. Line​ extensions, brand​ extensions, multibrands, and new brands D. Line​ extensions, licensing, brand​ extensions, and new brands E. Line​ extensions, brand​ extensions, new​ brands, and brand phase out

C. Line​ extensions, brand​ extensions, multibrands, and new brands

What are the four major variables used to segment consumer​ markets? A. ​Income, gender,​ age, and ethnicity B. ​Ethnicity, region,​ gender, and income C. ​Geographic, demographic,​ psychographic, and behavioral D. ​Income, age,​ geography, and lifestyle E. ​Geographic, demographic,​ psychographic, and psychological

C. Geographic, demographic,​ psychographic, and behavioral

Which of the following are additional variables marketers use to segment business markets but not consumer​ markets? A. Operating​ characteristics, purchasing​ approaches, situational​ factors, and usage rate B. Operating​ characteristics, purchasing​ approaches, situational​ factors, and loyalty status C. Operating​ characteristics, purchasing​ approaches, situational​ factors, and personal characteristics D. Operating​ characteristics, purchasing​ approaches, situational​ factors, and benefits sought E. Operating​ characteristics, purchasing​ approaches, situational​ factors, and region

C. Operating​ characteristics, purchasing​ approaches, situational​ factors, and personal characteristics

What are the five characteristics that are especially important in influencing an​ innovation's rate of​ adoption? A. ​Price, features,​ complexity, relative​ advantage, and promotion B. ​Product, price,​ place, promotion, and relative advantage C. Relative​ advantage, complexity,​ compatibility, divisibility, and communicability .D. ​Product, price,​ place, promotion, and packaging E. Relative​ advantage, complexity,​ compatibility, availability, and promotion

C. Relative​ advantage, complexity,​ compatibility, divisibility, and communicability

Which of the following correctly defines the consumer​ market? A. Any business that sells goods and services to other businesses B. Individuals and households that buy goods and services for personal consumption C.Retailers who sell goods and services to consumers D. Individuals who spend more than​ $1,000 a year on purchases E. ​Manufacturers, retailers, and consumers

C.Retailers who sell goods and services to consumers

What are the eight steps in the business buying decision process in the correct​ sequence? A. Performance​ review, problem​ recognition, general need​ description, product​ specification, supplier​ search, proposal​ solicitation, supplier​ selection, and​ order-routine specification B. General need​ description, problem​ recognition, product​ specification, supplier​ search, proposal​ solicitation, supplier​ selection, order-routine​ specification, and performance review C. Problem​ recognition, general need​ description, product​ specification, supplier​ search, supplier​ selection, proposal​ solicitation, order-routine​ specification, and performance review D. Problem​ recognition, general need​ description, product​ specification, supplier​ search, proposal​ solicitation, supplier​ selection, order-routine​ specification, and performance review .E. Problem​ recognition, general need​ description, product​ specification, supplier​ selection, supplier​ search, proposal​ solicitation, order-routine​ specification, and performance review

D. Problem​ recognition, general need​ description, product​ specification, supplier​ search, proposal​ solicitation, supplier​ selection, order-routine​ specification, and performance review

Which of the following statements regarding the marketing of international products and services is​ correct? A. Markets and consumers all over the world are​ alike, so a company should always standardize international products. B. Advertising is one service industry that has not needed to globalize its operations. C. The trend toward growth of global service companies will not continue and will actually decline. D. Because markets and consumers around the world differ​ widely, companies must usually adapt their product offerings in different world markets. E. Markets and consumers around the world are now so similar that international product and services marketers no longer face special challenges when marketing in foreign countries.

D. Because markets and consumers around the world differ​ widely, companies must usually adapt their product offerings in different world markets.

Which of the following correctly identifies the five important decisions marketers must make when developing individual products and​ services? A. Quality​ level, pricing,​ advertising, distribution, and promotion B. ​Branding, pricing,​ advertising, distribution, and product support services .C. Product​ attributes, branding, quality​ level, pricing, and distribution D. Product​ attributes, branding,​ packaging, labeling, and product support services .E. Product​ attributes, pricing,​ advertising, distribution, and promotion

D. Product​ attributes, branding,​ packaging, labeling, and product support services

Colonial Furniture has been in existence since the 1600s and continues to adorn homes today. According to the product life cycle concept it would be described as A. trend B. Drift C. Fashion D. Style E. Fad

D. Style

A company`s external sources of new product ideas include its.. A. managers B. manufacturing staff C. salespeople D. suppliers E. Engineers

D. Suppliers

The buyer decision process starts with​ __________. A. evaluating purchase alternatives B. making a purchase C. satisfaction with past purchases D. getting information about a purchase E. recognizing a need

E. recognizing a need

During the introductory stage of the product​ lifecycle, ______________. A. profits rise quickly and there is rapid market acceptance of the product B. sales rise quickly and profits are high C. sales fall and profits decline D. sales rise​ quickly, but profits are nonexistent E. sales are slow and profits nonexistent

E. sales are slow and profits nonexistent

Information search

Personal sources Commercial sources Public sources Experiential sources

What are the two ways a firm can obtain new​ products? A. New product development and existing product modification B. Mergers and acquisitions C. New product development and external research and development D. Acquisitions and external research and development E. Acquisitions and new product development

E. Acquisitions and new product development

In which step of the buying decision process is the final order with the chosen supplier​ developed? A. Product specification B. Supplier selection C. General need description D. Proposal solicitation E. ​Order-routine specification

E. Order-routine specification

The four major brand strategy decisions involve brand​ ________. A. ​equity, name​ selection, sponsorship, and development B. ​equity, identity, name​ selection, and logo selection C. name​ selection, logo​ selection, sponsorship, and identity D. ​equity, value, name​ selection, and positioning E. ​positioning, name​ selection, sponsorship, and development

E. ​positioning, name​ selection, sponsorship, and development

Which of the following would be an appropriate strategy during the maturity stage of the product​ lifecycle? A. Shift some advertising from building product awareness to building product conviction and purchase. B. Produce basic versions of the product and focus on selling to those buyers who are the most ready to buy. C. Modify the​ market, product offering and marketing mix. D. Use promotional spending to inform consumers and get them to try the product. E. Select products to​ maintain, harvest or drop.

c. modify the market, product offering and marketing mix

Kroger sponsors such brands as Private​ Selection, Heritage​ Farm, and Simple Truth. Kroger does not manufacture any of these products. Which type of brand sponsorship is Kroger​ using? A. A national brand B. A​ manufacturer's brand C. A private brand D. A licensed brand E. A​ co-brand

c. private brand

Concept testing

calls for testing new product concepts with groups of target consumers

________ is the degree to which an innovation fits the values and experiences of potential consumers. Communicability Compatibility Complexity Divisibility Relative advantage

compatibility

Howard Schultz, the founder of Starbucks, positioned his bistros as "a third place" between work and home where patrons could share and enjoy a cup of coffee with friends. This illustrates ________. an augmented product a core customer value simple bundling complex bundling an actual product

core customer value

store brands

created and owned by a reseller of a product or service

Factors that influence consumer behavior

cultural, social, personal, psychological

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

d. concentrated marketing

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

d. licensing

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. Intangibility C. Inseparability D. Variability E. Tangibility

d. variability

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

d. warranty

Harry's caters to the clothing needs of men, manufacturing two different lines of fashion based on the purchasing power of its customers. One product line caters to the needs of affluent, middle-aged men, and the other line targets younger, up-and-coming professionals. Harry's most likely segments the consumer market based on ________ variables. universal demographic geographic behavioral psychographic

demographic

Differentiation

differentiate the market offering to create superior customer value

Segmentation

divide the total market into smaller segments

psychographic segmentation

dividing a market into different segments based on social class, lifestyle, or personality characteristics

behavioral segmentation

dividing a market into segments based on consumer knowledge, attitudes, uses of a product, or responses to a product

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

e.

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

e. level and consistency

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

e. age and life cycle

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

e. children

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. concept development B. business analysis C. test marketing D. marketing strategy development E. crowdsourcing

e. crowdsourcing

A marketing firm has been assigned the task of watching trends in spending, personal income, savings, and interest rates. The marketing firm is most likely gathering information about consumers' ________. brand affiliations social network usage rates occupational needs economic situations purchasing perceptions

economic situations

line extension

existing product, existing brand name

Compared with undifferentiated marketing, differentiated marketing is more likely to lead to ________. weaker product position in each market segment reduced sales in each market segment redundancy in product design across market segments higher costs of doing business smaller market share in the industry

higher cost of doing business

Service _______ means that services cannot be seen, tasted, felt, heard, or smelled before they are bought.

intangibility

Crowdsourcing

inviting broad communities of people into new product innovation process

opinion leader

is a person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others.

Stores offering low-quality alternatives to luxury products at low prices most likely follow a ________ positioning strategy. more-for-less more-for-more more-for-the-same less-for-much-less same-for-less

less-for- much- less

In determining product quality, what are the two dimensions of quality marketers must decide upon?

level and consistency

When we see Hello Kitty on children's clothing, Disney characters on lunchboxes, and Sponge Bob Squarepants on breakfast cereals, which form of brand sponsorship is being used?

licensing

national brands

marketed under the manufacturer's own name

When the size, purchasing power, and profiles of a market segment can be determined, the market segment is said to be ________. measurable accessible actionable observable substantial

measurable

business-to-business marketing

must do their best to understand business markets and business buyer behavior. Then, like businesses that sell to final buyers, they must engage business customers and build profitable relationships with them by creating superior customer value.

Multibrands

new brand name, existing product category

new brands

new brand name, new product

brand extension

new product, existing brand name

For which service characteristic do marketers need to pay close attention to fluctuations in​ demand? A. Intangibility B. Variability C. Inseparability D. Perishability E. Tangibility

perishability

positioning

position the market offering in the minds of target customers

In which of the following cases is little or no test marketing most likely recommended for a new product? when the risks associated with introducing the product are high when management is unsure of the projected demand for the product when management is unsure of the marketing program for the product when the costs of developing and introducing the product are low when the product requires a major investment

when the costs of developing and introducing the product are low

What are the five stages of the consumer adoption process in the correct​ sequence? A. ​Awareness, trial,​ evaluation, interest, and adoption B. ​Awareness, interest,​ trial, evaluation, and adoption .C. ​Awareness, interest,​ evaluation, trial, and adoption D. ​Awareness, trial,​ interest, evaluation, and adoption E. ​Awareness, evaluation,​ interest, trial, and adoption

​C. Awareness, interest,​ evaluation, trial, and adoption