Mrkt 444 Chapter 7, Chapter 6, Mrkt 444 chapter 5, Mrkt 444

Which of the following helps clarify the basic operationalization of a product such as the physical characteristics and features?

Alpha Testing

Among the generations used for segmentation, one stands out as the largest and most affluent of all the generations. This generation is known as _____.

Baby boomer generation

_____ segmentation focuses on why people buy what they buy.

Benefits sought

Which of the following is an overall evaluation of a product and usually assesses the product's probability of success?

Business case analysis

Which of the following statements is true about the purchase decision process?

Businesses buy not just a product; they also make a supplier choice.

Johnson & Marshall, a growing producer of organic tea, decides to create a group that is made up of people from the purchasing department, senior management with financial knowledge, and engineers with design expertise. This group best represents a(n) _____.

Buying Center

When a supermarket chain sells winter coats, it sends them to stores at different times of the year. Which of the following approaches to geographic segmentation in the United States does this scenario exemplifies?

By climate

American credit card companies would like to offer their services to people in a country in East Africa. However, they are finding it difficult to do so due to language barriers and infrastructure challenges. These issues are related to which of the following questions about market segmentation?

Can the segment be reached in order to deliver the value of the product, and subsequently can it be effectively and efficiently managed?

In the context of product characteristics, companies translate the essential benefit into physical, tangible elements known as the _____.

Core product

Which of the following phases of the process cycle for customer relationship management represents the actual implementation of the customer strategies and programs?

Customer interaction

When Anne, an architect, specifies which products, like plumbing fixtures, will be used in the building she has designed, she is playing the role of a(n) _____.

Decider

Coca-Cola's customers are its bottling plants. However, it sponsors many television ads to entice the end user to purchase the product. This is an example of stimulating _____.

Derived Demand

Products that are new-to-the-world create a fundamental change in the marketplace and are known as _____.

Disruptive innovations

What refers to the fundamental need met by a product?

Essential benefit

_____ are a set of analyses and metricsgrouped together to assess the cost of ownership.

Financial Criteria

Katherine was born in 1970. Her parents met at the famous Woodstock music festival. She is most likely to be a member of which of the following generational group?

Generation X

A marketing manager using the database called PRIZM is interested in _____ segmentation.A marketing manager using the database called PRIZM is interested in _____ segmentation.

Geodemographic

Which of the following statements is true of geographic segmentation?

In most instances, it is an insufficient criterion in and of itself.

As a segmentation variable, occupation is very closely related to _____, although the two are not perfectly correlated.

Income

Maryanne has noticed that one of the manufacturing teams has lost productivity over a six-month period. She puts together a document that describes the productivity loss and does a study to determine the cause. She finds that one of the key machines in the process breaks down often. Maryanne asks several machine manufacturers to come in to make proposals for new machines. Maryanne is playing the role of a(n)_____. influencer

Initiator

Mike is the production manager in a company that makes components for the automobile industry. He has been concerned about the age of the equipment and decides to do a study to evaluate the time and money lost due to equipment failure. He decides to bring his research to the monthly board meeting. In this scenario, Mike is playing the role of a(n) _____ in the buying process.

Intiator

The product life cycle (PLC) defines the life of a product in four basic stages, which includes_____.

Introduction, growth, maturity, and decline

Which of the following questions about market segmentation relates to creation and execution of different marketing strategies to the different submarkets identified?

Is the segment clearly differentiated on one or more important dimensions when communicating the value of the product?Is the segment clearly differentiated on one or more important dimensions when communicating the value of the product?

The concept of being able to get either secondary and/or primary data on a market being considered for segmentation relates to which of the following questions about marketing?

Is the segment readily identifiable and can it be measured?

Which of the following statements is true of repositioning?

It involves understanding the marketing mix approach necessary to change present consumer perceptions of the product.

Which of the following statements is true of income segmentation?

It is usually analyzed in incremental ranges.

In the _____ phase of the product life cycle (PLC), sales continue to increase but at a decreasing rate.

Maturity

_____ recognizes that there may be a number of consistent needs and wants demonstrated by consumers based on what type of job they have.

Occupational Segmentation

The data generated from positioning analysis can be used to develop a useful visual tool called a _____, which displays paired attributes to compare consumer perceptions of each competitor's delivery against those attributes.

Perceptual map

In the context of product classifications, tangibility refers to the _____.

Physical aspect of a product

A _____ is a group of products linked through usage, customer profile, price points, and distribution channels.

Product line

_____ is the percentage of time the product works without failure or stoppage.

Reliability

_____ is the vendor's ability to meet contractual obligations including delivery times and service schedules.

Reliability

Clothes, furniture, and major appliances such as refrigerators and dishwashers are examples of _____.

Shopping goods

Which of the following characterizes the decline stage of the product life cycle?

Significant price pressures come from both competitors and more price-sensitive consumers.

_____ are unique purchases made based on a defining characteristic for the consumer, which might be a real or perceived product feature such as Apple iPhone's easy user interface.

Specialty goods

Which of the following statements is true about business-to-business markets?

The demand for products is more inelastic and fluctuates with changes in consumer demand.

Which of the following is one of the basic principles behind segmentation?

The subgroups will be smaller and more homogeneous than the overall market.

Paul is the groundskeeper for a golf course. He not only mows the greens and fairways but is also an expert on the grass that is used and how to care for it. The golf pro and club manager consult with him about what new equipment the club needs to maintain the greens. Paul plays the role of a(n)_____ in the buying process.

User

_____ represents the relationship between price and quality and it is a significant facet of the purchase decision.

Value Criteria

Target marketing is the process by which _____.

a company evaluates market segments and decides which ones have the most potential for development

The nature of business-to-business markets requires _____.

a more personal relationship between the buyer and seller

Generation X is often referred to as the _____.

baby bust generation

_____ divides customers into groups according to similarities in benefits sought or product usage patterns.

behavioral segmentation

The objective in the introduction phase of the product life cycle (PLC) is to _____.

build market awareness for the product leading to trial purchase

Business-to-business demand is said to be relatively inelastic. This means that _____.

changes in demand are not significantly affected by the price

In marketing, differentiation is a concept that means _____.

communicating and delivering value in different ways to different customer groups

A characteristic of B2B companies is that they often make products that end up as _____ in a finished product.

components

In the 1970s, Michelob beer changed its advertising messages frequently and saw sales plummet. Slogans like "Weekends were made for Michelob," "Put a little weekend into your weekday," and "Special times deserve a special beer" had consumers checking their calendars to find the right time to drink a Michelob. Michelob was suffering from the positioning error of _____.

confused positioning

Gatekeepers are important to the buying process because they _____.

control access to key participants in the buying center

When a company tries to make the product or service significantly easier to obtain than the competition, it is trying to achieve_____.

convenience leadership

One of the benefits of EDI is that _____.

customer grievances regarding late deliveries and defective products can be readdressed in atimelymanner

Which of the following major objectives of customer relationship management relates to increased individual customer margins, while offering the right products at the right time?

customer profitability

Positioning relies on the communication of one or more sources of value to customers in a way that the customer can easily make the connection between the _____.

customer's needs and wants and what the product has to offer

Differentiated target marketing means _____.

developing different value offerings for different targeted markets

The essential marketing objective in the growth phase of the product life cycle (PLC) is to _____.

differentiate the product from those of new competitors

Boris Jankowski is a salesperson for a manufacturer of equipment used in beer-making. He discovers that a regional microbrewery is going to expand into another state. It has created a buying center to purchase the needed equipment. Boris's first job is to _____.

discover who is part of the buying center

Segmenting means _____.

dividing the market into meaningful smaller markets based upon common characteristics

When a company can show that its product's projected lifetime is high under certain operating conditions, it is using _____ as a product discriminator.

durability

Everything else being equal, _____ might lead a firm to offer its products based on some anticipated future payoff from the consumer.

educational segmentation

Once a sale is made and the product delivered in the B2B market, the buyer _____.

evaluates the product and supplier in a post-purchase process

Primary target markets differ from secondary and tertiary target markets by the _____.

expected level of ROI derived from the market

Business-to-business markets are characterized by having _____.

fewer but larger customers

When a company solicits RFPs from suppliers with an open vendor search, the goal is to _____.

get several proposals to help with negotiations

The most dramatic increase in revenue is most likely to occur in the _____ phase of the product life cycle.

growth

An advergame is a video game that _____.

has been specifically designed to promote a brand

Demographic segmentation is best described as using characteristics of _____ to segment the market.

human populations

Once the company's needs have been identified and product specifications havebeen outlined, the next step would involve _____.

identifying and determining potential suppliers

In the introduction phase of the product life cycle (PLC), it is important to _____.

inform and educate the target audience about the product's features and benefits

When a company tries to constantly develop the "next new thing", it is trying to establish _____.

innovative leadership

A request for proposal (RFP) _____.

is the starting point from which vendors put together their product solution

In the growth phase of the product life cycle, marketing communications _____.

link the brand with key product features and highlight differentiation between competitors

Age is a commonly used method of segmentation. Age alone, however, may be dangerous because _____.

lumping older customers into one group is an approach that fails to consider the vast differences in other important variables

In the maturity phase of the product life cycle, the targeted consumers are _____.

majority adopters

When companies provide too few products in a product line, they run the risk of _____.

missing important market opportunities

Firms that develop such close relationships with customers that they seem to deliver customized goods and services are engaged in _____ marketing.

one-to-one marketing

NovoTech Inc. is a popular manufacturer of PCs, and most of its revenue is generated by selling PCs to the consumers. However, the company is struggling to extend the brand into other lucrative product lines such as tablets and smartphones. In this scenario, NovoTech is suffering from the error of:

over positioning

Once market segments have been defined and analyzed and target markets have been selected for development, the firm must turn its attention to creating, communicating, delivering, and exchanging offerings that have value to the target markets. This process is known as _____.

positioning

Organizations communicate one or more sources of value to customers in a way that the customer can easily make the connection between his or her needs and wants and what the product has to offer. Execution of this approach is referred to as a firm's _____.

positioning strategy

Combining all the products offered by a company is called the _____.

product mix

During the maturity phase of the product life cycle,_____.

product reaches its maximum distribution

A marketing manager using VALS is interested in _____.

psychographic segmentation

_____ is sometimes also referred to as segmentation by lifestyle or values.

psychographic segmentation

Social class has declined as a method of segmentation as a result of _____.

readily available credit flattening the classes

During the maturity phase of the product life cycle, _____

sales grow, but at a rate lower than the growth stage

In the B2B market, market testing is _____.

smaller in scope and involves fewer individuals and companies

Sociologists look for defining events such as major economic upheaval, wars, and _____as triggers for generational change.

sociocultural revolution

Concentrated target marketing is often used by _____.

start-up firms to enter a market as a focus player

In the buying process the "user" is characterized as _____.

the actual consumer of the product

Customer loyalty is defined as _____.

the degree to which an individual will resist switching from one offering to another

Customer satisfaction is defined as _____.

the level of liking an individual harbors for an offering

At one time, specialized companies catered to markets segmented by race. Today _____.

the segments have become targets of mainstream businesses that offer specialized products

Marketers use geographic segmentation when _____.

there is evidence that consumers respond differently to marketing strategies and programs based on where they live

Gatekeepers are important in the B2B buying process because _____.

they limit the number of vendors in a given buying process

Deciders are an important group for the salesperson to be able to identify because _____.

they make the ultimate purchase decision

A big industrial firm is interested in evaluating the potential purchase of a machine. In order to do this, managers should look at _____.

total costs over the life of the machine

HerboCare, a company that sells herbal soaps, has failed to increase its sales, as the consumers could not understand how soaps made by HerboCare were different or better than other herbal soaps available in the market. In this scenario, HerboCare is suffering from the positioning error of _____.

under positioning

In the context of positioning errors, when consumers have only a vague idea about the company and its products, and do not perceive any real differentiation, it is called _____.

under positioning

Companies sometimes pick a one-market strategy. This marketing approach is called _____.

undifferentiated target marketing

Advertisements with messages like "Orange juice—It's not just for breakfast anymore!" or "Soup can be a delicious way to start a cold winter's day" are using _____ segmentation.

usage