Marketing EXAM 2 (warm up)

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.

____________ are the two ways firms can obtain new products.

Acquisitions and new product development

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.

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

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 NOT among the major factors influencing consumer buying​ behavior?

Commercial

Which of the following is NOT one of the specific ways in which companies can differentiate their market​ offerings?

Competitor differentiation

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

One factor influencing adoption is​ ________, which is the degree to which the new product fits the values and lifestyle of consumers.

compatibility

Companies use​ ________ to put their​ B-to-B purchasing requests online and invite suppliers to bid for the business.

reverse auctions

Services are characterized by four key​ aspects: ______________

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

What is the first step in the new product development​ process?

Idea generation

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

In which targeting strategy does a firm go after a large share of one or a few smaller​ segments?

Concentrated marketing

Which of the following correctly describes the classifications into which consumer products​ fall?

Convenience, shopping,​ specialty, unsought

What are the five steps in the buyer decision​ process, in​ order?

Need​ Recognition Information​ Search Evaluation of​ Alternatives The Purchase​ Decision Post Purchase Behavior

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

​________ involves differentiating a market offering to occupy a​ clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

Positioning

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 Performance Review

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

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

Major variables used to segment consumer markets include which of the​ following?

Geographic, demographic,​ psychographic, and behavioral

Which of the following correctly defines the consumer​ market?

Individuals and households that buy goods and services for personal consumption

In managing new product​ ideas, which of the following allows for a holistic and systematic​ process?

Installing an innovation management system

What are the four strategies marketers can use to develop their​ brands?

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

Which of the following statements regarding the business market is​ correct?

Many sets of business purchases are made for one set of consumer purchases.

Which stage of the product life cycle normally lasts longer than other stages and poses strong challenges to marketing​ management?

Maturity

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

Which of the following is NOT correct regarding the introductory stage of the product life cycle​ model?

Profits are high and grow rapidly.

A new product may fail for many reasons. Which of the following is NOT one of​ them?

Rapid market acceptance

Technology advances have made​ B-to-B online purchasing possible. This is called​ ________.

e-procurement

The​ _____________ is a​ brand's full positioning or the full mix of benefits on which the brand is positioned.

value proposition

What are the five stages of the consumer adoption​ process, in the correct​ sequence?

​Awareness Interest ​Evaluation Trial Adoption

Which stage of the business buying decision process involves ranking the importance of​ reliability, durability, and​ price?

General need description

Successful service marketing depends on external marketing using the four Ps. Service marketing today also requires which two nontraditional marketing​ approaches?

Internal and interactive

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