Marketing Midterm 1

Read the following statements about products. Which is true?

Products include services, events, persons, places, organizations, ideas, or a mixture of these.

The more formal "business attire" look of corporate dress of the 1980s and 1990s gave way to the "business casual" look of the 2000s and 2010s. This is an example of a ________.

fashion

Which of the following is an example of a convenience product?

fast food

Which of the following product offerings is intangible?

financial consulting

Which of the following is NOT a category of consumer products?

luxury

A politician's campaign has decided to focus on younger voters, who are a large portion of the population but one that has a poor record of actually showing up to vote. The campaign thinks there is untapped potential there. They are engaging in ________.

market targeting

In terms of a company's marketing mix, ____________ relates to how a customer is able to acquire a given product.

position

IKEA is known for its flat-pack furniture that customers assemble at home. However, they introduced a line of custom kitchens that are designed with a consultant, and then installed by specialists. This is an example of ________.

product adaptation

Your boss is willing to pay more for an enterprise software suite from Microsoft than he will for a software suite by a new local start-up. This reflects Microsoft's greater brand ____________.

relevance

The ________ environment consists of institutions and other forces that affect a society's basic values, perceptions, preferences, and behaviors.

social

If you check Fandango on your mobile phone, it will use your phone's geolocation feature to give you movie listings for the closest theatres to your current location. This is a feature which businesses could not have offered fifteen years ago. This element of modern convenience exemplifies the changing ________ environment in business.

technological

Disney is considering releasing more video games related to their properties, and so product development is occuring. Once they have decided on their product concept and marketing strategy for the proposed games, they can evaluate the business attractiveness of each proposal in the ________ stage of the new product development process.

test marketing

New products can be acquired, developed, or some combination of the two. In this context, acquisition means:

the buying of a whole company, a patent, or a license to produce someone else's product

P&G introduced its Duncan Hines ready-to-spread frosting in a small geographic area. When General Mills became aware of the product, it rushed to market its own Betty Crocker ready-to-spread frosting, which eclipsed the Duncan Hines product introduction. General Foods was able to enter the ________ stage of the new product development process before P&G could.

commercialization

Which of the following is the first step in strategic planning?

defining the organizational mission

Which of the following variables are the most popular for marketers to use in segmenting customer groups?

demographic

As it makes forecasts for incoming freshman student populations, Whittier College considers factors like the shifting number of students in the 16-18 age range and national household income trends. Which of the following environments is being studied in this scenario?

economic environment

We talked about four major methods for segmenting a market. What was not one of those options?

ethical

Which of the following marketing strategies is most suitable for smaller firms with limited resources?

niche marketing

Which of the following is the most likely circumstance for a company to decide to do little or no test marketing?

when the costs of developing and introducing the product are low