Possible MKTG 320 final exam review (quizzes)

Justin is looking to expand his pet grooming business and wants to evaluate the profitability of a potential new market. The area he is looking at has 2,000 homes and Justin estimates that 20 percent of them would be likely to use his service. He charges $45 per grooming and on average customers groom their pets six times a year. Justin estimates his variable costs to expand his business will be $10 per grooming and his fixed costs are $10,000. How much profit would Justin make on this new segment? 1. $128,000 2. $72,240 3. $108,000 4. $410,000 5. $98,000

$72,240

If a wireless company had 100 million subscribers at the end of the year, and 2 million of its subscribers left its service, it would have a churn rate of 1. 20 percent 2. 1 percent 3. 5 percent 4. 10 percent 5. 2 percent

2 percent

By providing good customer service, firms ________ their products. 1. reduce the assurance for 2. add value to 3. reduce the empowerment cost associated with 4. increase the perishability of 5. eliminate the communication gap for

add value to

The National Institutes of Health (NIH) sponsors medical foundations to conduct research to treat rare diseases. The research is then disseminated to the medical community, thus encouraging the development of drugs and therapies more quickly and at a lower cost than would be possible if the research were privately funded. This is an example of 1. market testers 2. early adopters 3. an R&D consortia 4. reverse engineers 5. concept testers

an R&D consortia

Companies are legally required to disclose their privacy practices to customers on a(n) ______ basis. 1. weekly 2. monthly 3. biannual 4. annual 5. quarterly

annual

Segmentation, targeting, and positioning 1. are terms that can be used interchangeably in developing marketing plans 2. are part of a firm's marketing strategy 3. are optional elements of a marketing plan 4. should be done simultaneously so synergies can help streamline the effort 5. are part of the marketing plan but bear little direct relationship to the marketing mix

are part of a firm's marketing strategy

Thomas wants to position his firm against his competitors. In doing so he should 1. avoid discussing the weaknesses of his competitors, so they won't retaliate 2. avoid looking too much like the competitor so as not to confuse the target segment 3. never select a competitor in the same neighborhood 4. avoid making the competitor's product look undesirable 5. avoid discussing the strengths of his product so that competitors won't be aware of his product quality

avoid looking too much like the competitor so as to not confuse the target segment

If many consumers in the marketplace are familiar with a brand and what it stands for and have an opinion about the brand, the brand has considerable 1. integration 2. awareness 3. depth 4. equity 5. extension

awareness

Ilana and Gabi are working on a research project to anticipate customer attitudes toward a proposed new product line for their company. They have worked with the marketing manager to determine the answers that are needed and have created a detailed design of the project. Their next logical step will be to 1. summarize their preliminary conclusions to present to managers 2. begin to collect data 3. begin recommending changes to the new product line 4. develop a budget 5. analyze the data

begin to collect data

Social networking sites that compete directly with Facebook have a difficult time surviving; however, LinkedIn has survived by focusing on the needs of business professionals, who seek to network with colleagues, share their expertise, post online résumés, and look for new jobs. What segmentation method is LinkedIn using? 1. geodemographic segmentation 2. psychographic segmentation 3. benefit segmentation 4. demographic segmentation 5. loyalty segmentation

benefit segmentation

YouEye is developing eye tracking technology that works with an individual's webcam. Instead of needing to spend thousands of dollars on eye tracking equipment and having customers come into labs, firms will be able to utilize everyday webcams to track not only what a person attends to on a computer screen but also his or her emotional reactions to these products. Firms such as YouEye are automating the 1. concept testing process 2. premarket testing process 3. beta testing process 4. alpha testing process 5. evaluation process

beta testing process

The term ________ refers to the enormous amount of information that firms now have access to but cannot handle using conventional data management and data mining software. 1. big data 2. information overload 3. data mining 4. churn 5. data dump

big data

For a company like Pepsi-Cola, ________ occurs when it sells more product than the competition. 1. brand association 2. brand dilution 3. brand licensing 4. corporate branding 5. brand extension

brand dilution

Wang tried a new fruit-flavored beverage and thought it was awful. He was especially disappointed because he had liked the dried fruit snacks marketed under the same brand name. Now he wasn't sure he even wanted to buy the snacks he had liked before. This highlights a problem in branding known as 1. unlicensed brands 2. undifferentiated brands 3. approximated brands 4. brand dilution 5. comingled brands

brand dilution

Which of the following statements regarding brand loyalty is true? 1. Brand-loyal customers need persuasion to buy the firm's brands 2. Brand-loyal customers do not usually generate positive word-of-mouth 3. Firms tend to reward new customers with extra benefits 4. Brand-loyal customers are unlikely to switch to competitor's brands 5. The marketing costs of reaching loyal customers are typically very high

brand-loyal customers are unlikely to switch to competitor's brands

The owner of Gilmo BMW Dealership wanted to know why consumers chose his company to purchase a car. He was fairly sure that most customers had one of three reasons—service, reputation, or location—but wanted to know which was revealed as the most frequent reason for purchasing. Gilmo will probably use a survey with ________ questions to address his research problem. 1. observation-based 2. experimental 3. open-ended 4. unstructured 5. closed-ended

closed-ended

Laptop computers, personal digital assistants, and cellular phones were all readily accepted and diffused in U.S. markets where business and personal lifestyles tend to be faster-paced, compared to many other areas in the world. These products offered ________ with consumers' needs and priorities. 1. complexity 2. compatibility 3. relative positioning 4. observability 5. trialability

compatibility

A company that sells only herbal iced tea should use a(n) ________ targeting strategy. 1. undifferentiated 2. micromarketing 3. differentiated 4. mass 5. concentrated

concentrated

When Curt's Catering first opened, the owner decided to target only events at resorts in its geographic region. Curt's Catering was using a(n) ________ targeting strategy. 1. benefit-driven 2. differentiated 3. micromarketing 4. concentrated 5. undifferentiated

concentrated

The Service Gaps Model is designed to highlight those areas where 1. customers believe they are getting less or poorer service than they should 2. service providers know more than their customers 3. delivered service exceeds expected service 4. service providers provide the best possible service 5. manufacturers are cutting corners on product quality

customers believe they are getting less or poorer service than they should

Supermarkets collect information about individual customers through their use of loyalty cards, and then analyze the data to look for patterns in purchases. This is an example of 1. data mining 2. data entry 3. data analysis 4. data modeling 5. data recovery

data mining

Through analysis of sales data, Lots of Lots retail store found that customers who bought peanut butter also tended to buy bananas. Lots of Lots was engaged in 1. syndicated surveying 2. structured sampling 3. behavioral analysis 4. data mining 5. focus group analysis

data mining

During the ________ stage of the product life cycle, firms either position themselves for a niche segment of diehard consumers or they completely exit the market. 1. leveling 2. introduction 3. growth 4. maturity 5. decline

decline

The first step of the marketing research process is 1. defining the objectives and needs 2. designing the research 3. developing an action plan 4. developing insights 5. analyzing the data

defining the objectives and needs

A ________ gap always results in a service failure. 1. delivery 2. standards 3. recovery 4. communication 5. knowledge

delivery

The ________ diffusion of innovation group is crucial because few new products can be profitable until this large group buys them. 1. early adopter 2. late majority 3. innovator 4. laggard 5. early majority

early majority

Successful first movers create a market or a product category. They often benefit from being readily recognizable to consumers and 1. not having to pay advertising expenses 2. using prototypes to dominate the market 3. motivating laggards to buy their products 4. establishing an early market share lead 5. not needing to do test marketing

establishing an early market share lead

Chen has hired a marketing research company to bring together a small group of soft drink consumers and get feedback on the three new advertising slogans his firm is considering. The marketing research firm might conduct a(n) ________ to provide the information Chen has requested. 1. focus group 2. industry survey 3. experiment 4. observational study 5. primary data mining analysis

focus group

What type of interview contains a small group of participants and a trained moderator that guides the conversation? 1. syndicated 2. panel 3. sentiment 4. observational 5. focus group

focus group

Marketers often create a special marketing mix for loyalty segments because these segments are 1. too large to service with ordinary targeting 2. difficult to identify 3. costly to acquire 4. constantly changing 5. generally profitable

generally profitable

Today, almost every sales representative can immediately check the company's inventory and production schedule electronically. This allows sales reps to sell what is available and make promises to customers that they can keep. This technology has improved service delivery through 1. access to a wide variety of services 2. greater control by customers over service delivery 3. greater ability to obtain information 4. saving customers time 5. increased zone of tolerance

greater ability to obtain information

Darius is deciding whether to purchase brand-name sneakers or a less expensive store brand. He has purchased other shoes with the same brand name in the past but was only marginally satisfied. In this situation, Darius is likely to purchase the store-brand sneakers because they offer 1. greater perceived value 2. higher degrees of brand loyalty 3. a better brand image 4. more brand awareness 5. more product line depth

greater perceived value

During the ________ stage of the product life cycle, there are few but an increasing number of competitors. 1. innovation 2. introduction 3. growth 4. decline 5. maturity

growth

When Toyota introduced hybrid cars, there were waiting lists to buy them. Then Honda and a few other manufacturers entered the market, shifting the product life cycle for hybrid cars into the ________ stage of the product life cycle. 1. growth 2. maturity 3. decline 4. leveling 5. introduction

growth

The decision to delete a product is never taken lightly because, generally, manufacturers 1. have made substantial investments in product development and manufacturing 2. must meet federal standards when taking products off the market 3. have offered the product line to other firms for purchase 4. have used brand repositioning to improve results 5. have promised consumers they will maintain the product

have made substantial investments in product development and manufacturing

One approach marketers are using to reduce service ________ is to replace people with machines whenever appropriate. 1. perishability 2. intangibility 3. inseparability 4. heterogeneity 5. spendability

heterogeneity

If values provide an end goal, and self-concept is the way one sees oneself in the context of that goal, lifestyles are 1. motivations turned into perceptual maps 2. visual images of how we should live our lives 3. determined by demographics 4. our underlying motivations 5. how we live our lives to achieve our goals

how we live our lives to achieve our goals

Sanjay is in the new marketing department of a midsized accessories company. He is working on the first marketing plan the firm has ever used. He has defined the mission and objectives, and he just finished a situation analysis for the firm. The next step is to 1. identify and evaluate opportunities by conducting segmentation, targeting, and positioning analysis 2. develop an advertising plan to promote the upcoming sales 3. find marketing interns or hire new staff to help with implementation 4. create pro forma financial statements to complete the package 5. use the Internet, catalogs, and vendor information to draw up a list of new products

identify and evaluate opportunities by conducting segmentation, targeting, and positioning analysis

In a competitive market, perceived value is determined by consumers mostly 1. by trying out different products 2. in relation to the value of its close competitors 3. through brand association and brand licensing 4. by weighing primary versus secondary benefits 5. by quantitative analysis of brand personalities

in relation to the value of its close competitors

When marketers state that services are ________, they are referring to the fact that services are produced and consumed at the same time. 1. intangible 2. peripheral 3. perishable 4. inseparable 5. heterogeneous

inseparable

When marketers say that services are ________, they are referring to the fact that services cannot be touched, tasted, or seen, like a pure product can. 1. inseparable 2. intangible 3. heterogeneous 4. replenishable 5. perishable

intangible

Which of the following statements regarding secondary packaging is true? 1. It can duplicate the information to consumers found on the primary packaging 2. It does not help to convey the brand image 3. It results in cost inefficiencies 4. It is important to the retailer in terms of convenience in handling 5. It is of little value to the average consumer

it is important to the retailer in terms of convenience in handling

A major advantage of primary data collection is 1. it takes less time to collect than secondary data 2. it is less expensive to collect than secondary data 3. it is general enough to meet many different researchers' needs 4. it offers behavioral insights generally not available from secondary research 5. it can be easily accessed through syndicated databases

it offers behavioral insights generally not available from secondary research

Computer game companies constantly monitor computer game-related blogs keeping track of the latest hot products, because they know that their customers crave the "latest and greatest" games. They use this information to create new products that primarily provide the benefit of 1. avoiding market penetration from products that have been on the market for a long time 2. taking advantage of a long product cycle 3. keeping up in a market where sales come mostly from new products 4. satisfying the changing needs of former customers 5. creating diversification and reducing risk

keeping up in a market where sales come mostly from new products

For years, the Mogul Sheraton, a four-star hotel overlooking the Taj Mahal in India, offered free elephant and camel rides to hotel visitors. Few customers took advantage of this service. This is an example of a ________ gap in services marketing. 1. communication 2. standards 3. seniority 4. knowledge 5. delivery

knowledge

Rafael and Luisa live in the United States. Rafael recently asked for Luisa's cell phone number, but Luisa said she didn't own a cell phone. Luisa would probably be considered a(n) ________ in the diffusion of innovation process. 1. early majority adopter 2. early adopter 3. innovator 4. laggard 5. late majority adopter

laggard

What is a particularly important feature of sustainable packaging? 1. only using recyclable materials 2. increases the ability to see the product in multiple retail outlets 3. less of a negative impact on the environment 4. better protection against damage to the product 5. lowers the product cost

less of a negative impact on the environment

A long-standing staple of ______ has been major league sports teams that play in the MLB, NBA, NFL, or NHL as well as various collegiate sports teams. rights. 1. repositioning 2. branding 3. licensing 4. product line 5. rebranding

licensing

Service employees at the airlines' flight cancelation desks frequently encounter travelers who get emotional about canceled or delayed flights. The first thing these employees should do is to 1. provide a fair solution 2. resolve the problem quickly 3. listen to the customer 4. estimate the damage 5. contact a supervisor

listen to the customer

Which of the following is a characteristic of products in the maturity stage of the product life cycle? 1. Marketing costs increase as firms defend their market share 2. Manufacturing costs decrease because of streamlining production 3. Price competition is minimal 4. The market may become saturated because of developing competition 5. Laggards are a major focus of marketing efforts

marketing costs increase as firms defend their market share

A product in the ________ stage of the product life cycle has a high number of competitors and competitive products. 1. decline 2. development 3. introduction 4. maturity 5. growth

maturity

Many companies use the Internet to allow consumers to design customized products; for example, Nike allows customers to order shoes with custom color combinations. This is a form of 1. differentiated targeting 2. micromarketing 3. concentrated targeting 4. undifferentiated targeting 5. psychographic segmentation

micromarketing

Talia subscribes to an Internet service that alerts her whenever other firms in her industry are quoted in the media. Talia is using this type of marketing research primarily to 1. monitor her competitors 2. help her understand the needs of her customers 3. decide how to price her new products 4. provide a link between her and her production center 5. increase profits through the sale of syndicated data

monitor her competitors

Del Monte, Nike, Pepsi, KitchenAid, and Sony are considered famous ________ brands because they are owned and managed by the manufacturer. 1. family 2. international 3. retailer 4. national 5. premium

national

________ products that create new markets can add tremendous value to firms. 1. Prototype 2. Mature 3. New-to-the-world 4. Copycat 5. Reverse engineered

new-to-the-world

One of the key characteristics of brainstorming sessions is 1. the first idea is almost always the best idea 2. only the marketing team is included in these sessions 3. no idea is immediately accepted or rejected 4. the manager should always make the final decision 5. everyone must come up with ideas

no idea is immediately accepted or rejected

Fisher-Price wanted to determine if a new toy would appeal to preschoolers, so it put six 4-year-olds in a room with several toys and waited to see which ones they played with. What form of research is this? 1. neuromarketing 2. experiment 3. panel 4. observation 5. focus group

observation

Which of the following is a key component of a value proposition? 1. offering name or brand 2. intersection of psychology and demographics 3. geographic location 4. loyalty references 5. purchase behavior

offering name or brand

Firms that use the same brand name for new products can spend relatively less on marketing costs for the new product because 1. brand equity can be obtained only by means of product line depth 2. people already know what the brand means 3. well-known brands are less likely to introduce brand extensions 4. brands protect corporate copyrights 5. consumer loyalty can be bought for less now compared to the past

people already know what the brand means

What is one of the main criteria used for determining how "good" a brand is, or how much equity it has? 1. predictive analytics 2. brand conceptualization 3. sustainable packaging 4. brand dilution 5. perceived value

perceived value

A ________ is often used to illustrate the position of a firm's products or brands in consumers' minds. 1. mass marketing analysis 2. perceptual map 3. psychographic profile 4. loyalty timeline 5. Tapestry analysis

perceptual map

The Apple iPod is a ______ product. 1. pioneer 2. concept tester 3. early adopter 4. market tester 5. blockbuster

pioneer

Sarita belongs to a national consumer panel created by a market research company. She regularly receives samples of new products from a variety of firms and fills out questionnaires about the products. The national consumer panel Sarita is part of is engaged in 1. test marketing 2. product launch 3. premarket testing 4. concept testing 5. product development

premarketing testing

What is the difference between predictive analytics tools and actions analytics tools? 1. Prescriptive analytics focus on organizing, tabulating and depicting available data, while action analytics focuses on artificial intelligence algorithms used to analyze input gathered from various data bases 2. Prescriptive analytics tools use simulations, which ask a series of what if-type questions, while action analytics tools use artificial intelligence to analyze input gathered 3. Prescriptive analytics organize, while action analytics use simulations for analyses 4. Prescriptive analytics uses artificial intelligence to analyze input, while action analytics organize and tabulate data 5. Prescriptive analytics tools use simulations, which ask a series of what if- type questions, while action analytics tools use optimization techniques

prescriptive analytics tools use simulations, which ask a series of what if-type questions, while action analytics tools use artificial intelligence to analyze input gathered

Suppose that CVS (a major drug store chain) wants to introduce its own brand of cough medicine that is similar in contents and packaging to a national brand, but at a lower cost. What kind of brand would CVS be introducing? 1. national brand 2. counterfeit brand 3. manufacturer's brand 4. private-label brand 5. premium brand

private-label brand

One afternoon, the clerk at the customer service desk of a large retail store got bored and started stating different return policies to each customer. Customers waiting in line and overhearing the different policies would probably feel that the store's handling of returns lacked 1. intangibility 2. procedural fairness 3. explanatory fairness 4. organizational fairness 5. variability

procedural fairness

If a new product concept gets positive evaluations from potential customers during concept testing, the next step for a firm is 1. launching of the product 2. reverse engineering 3. product development 4. brainstorming 5. market testing

product development

The complete set of all products offered by a firm is called its 1. product categories 2. product breadth 3. product line 4. product line depth 5. product mix

product mix

Marketers have found that ________ segmentation is often more useful for predicting consumer behavior than ________ segmentation. 1. geographic; geodemographic 2. demographic; benefit 3. demographic; behavioral 4. psychographic; demographic 5. demographic; psychographic

psychographic; demographic

In the infamous Coke-New Coke taste test, 54 percent of consumers, using a blind taste test, preferred the New Coke formula to the existing formulation. This is an example of a(n) ________ marketing research method. 1. quantitative 2. qualitative 3. observational 4. syndicated 5. invalid

quantitative

Sarita is opening an upscale women's clothing store in a growing suburban residential area. Sarita knows her target market is upper-income women living within 20 miles of her store. She can't afford to purchase Tapestry analysis, so she will most likely use ________ as a basis for targeting her market. 1. real estate values by subdivision 2. the city phone book 3. new construction data 4. public school enrollment data 5. voter registration lists

real estate values by subdivision

Greta had been using an imported brand of shampoo for several years, but she could no longer find it anywhere. As she was considering what kind of shampoo to try, she was surprised to see ads for Procter & Gamble's Head and Shoulders being promoted as a glamorous health-oriented product. She had always thought of Head & Shoulders as an antidandruff shampoo. The new ads suggest that Head & Shoulders has most likely been 1. licensed to a premium shampoo manufacturer 2. rebranded 3. extended as a brand 4. reformulated 5. cobranded

rebranded

Celeste will let only Martiné cut her hair. She has tried other stylists, but she knows from experience that Martiné cuts her hair well every time. For Celeste, ________ is the most important of the five service quality dimensions. 1. responsiveness 2. reliability 3. assurance 4. tangibles 5. empathy

reliability

Which of the following are recommended strategies for service recovery? 1. silencing an irate customer before the individual makes any angry outbursts 2. resolving problems quickly 3. providing alternate scenarios for why this is not the company's problem 4. attending mediation 5. finding a solution beneficial to the company at any cost

resolving problems quickly

For a segmentation strategy to be successful, the customers in the segment must react similarly and positively to the firm's offering. In other words, the market segment must be 1. responsive 2. substantial 3. perceptive 4. identifiable 5. reachable

responsive

The building blocks of service quality are reliability, assurance, tangibles, empathy, and 1. empowerment 2. communication 3. support 4. customer service 5. responsiveness

responsiveness

Private-label brands are developed and managed by 1. manufacturer's representatives 2. wholesalers 3. supply chain specialists 4. manufacturers 5. retailers

retailers

When Dr. Sharpie invented his Get-It-There (GIT) golf putting device, he knew during the introductory stage 1. sales would be low and profits nonexistent, but he would attract golf equipment innovators 2. sales would level off, profits would decline, and mature golfers would be attracted to his product 3. sales would slow down, profits would peak, and early adopters of golf equipment would be his major customers 4. sales would rise quickly, profits would jump, and even laggards would buy his product 5. sales would be low, profits would be high, and all potential golfers would jump at the opportunity to buy his product

sales would be low and profits nonexistent, but he would attract golf equipment innovators

Which of the following are benefits of new product development to a firm? 1. reducing the costs of production 2. increased market exposure to competitive products 3. increasing risk of R&D cost overages 4. ensuring market saturation from products that have been on the market for a long time 5. satisfying the changing needs of current and new customers

satisfying the changing needs of current and new customers

Both major political parties have developed proprietary databases that contain vast information about voters, broken down by demographic and geographic information. This kind of information is 1. qualitative research 2. primary data 3. secondary data 4. syndicated data 5. neuromarketing

secondary data

Which of the following would be used in calculating the profitability of a segment? 1. segment perceptions 2. geographic segmentation 3. product positioning 4. demographics 5. segment size

segment size

Which of the following are guidelines provided by the American Marketing Association for conducting marketing research? 1. The research company should be allowed to modify the final presentation to better support the client's perspective 2. Personal information about research participants should not be shared, except with a designated member of senior management 3. Researchers may misrepresent data to get the results they need 4. Researchers should omit data that do not support their objective 5. Selling or fund-raising should not be conducted under the guise of conducting research

selling or fund-raising should not be conducted under the guise of conducting research

McDonald's introduced a Favorites Under 400 Calorie Menu as part of an attempt to reverse the perception that McDonald's sells only unhealthy food. Suppose that McDonald's, as a follow-up, collects and analyzes social media posts from Facebook, Twitter, and similar sites, hoping to understand whether or not consumer perceptions are improving. This would be an example of 1. neuromarketing 2. an online focus group 3. quantitative research 4. sentiment mining 5. an experiment

sentiment mining

When the delivery of a service fails to meet customers' expectations, a ________ gap exists. 1. production 2. standards 3. knowledge 4. procedural 5. service

service

The old cliché "Service with a smile" recognizes the fact that 1. service providers should smile and not think 2. smiling is contagious 3. services are perishable, but a smile is forever 4. service providers need to be pleasant even if the customer is not 5. life is too short to be ugly

service providers need to be pleasant even if the customer is not

Zappos, an online shoe company, knows shoes are typically a(n) ________ good, with consumers often spending time comparing alternatives. It overcomes that aspect of consumers' search process by offering a free, no-questions-asked return policy. 1. impulse 2. specialty 3. shopping 4. convenience 5. ritual

shopping

Firms that are engaged in sentiment mining are analyzing data collected from 1. in-depth interviews 2. social media sites 3. experiments 4. focus groups 5. observations

social media sites

Training service providers to know exactly what a "good job" entails is setting service 1. quality 2. knowledge 3. standards 4. empowerment 5. delivery

standards

It is almost impossible to watch a sporting event on television without seeing Nike's "swoosh" check mark, which is Nike's 1. name 2. theme 3. symbol 4. design 5. term

symbol

A new form of self-reporting, used by Crest and other manufacturers to identify how consumers use their products, involves 1. completing a daily online survey about their routine tasks 2. taking selfies while performing normal routine tasks 3. writing down the times during which they perform routine tasks 4. performing routine tasks during a Zoom interview 5. recording the steps they take while performing a routine task

taking selfies while performing normal routine tasks

To define the zone of tolerance, firms ask a series of questions about each service quality dimension that relate to 1. the importance of communication 2. customers' perceptions of how established the company is 3. the desired and expected level of service for each dimension, from high to low 4. the perishability of the service 5. the level of empowerment customers get

the desired and expected level of service for each dimension, from high to low

What is the best situation in the Circles for a Successful Value Proposition framework? 1. Customer needs/wants overlap with both the firm's benefits and competitors' benefits 2. The firm's offering overlaps with customer needs/wants but not with competitors' offerings 3. The firm's offering overlaps with competitors' benefits but not with customer needs/wants 4. The firm's benefits overlap with both customer needs/wants and competitors' benefits 5. None of the three circles overlaps

the firm's offering overlaps with consumer needs/wants but not with competitors' offerings

After assessing the market growth potential in Brazil for his company's baby products, Jaime wanted to evaluate market competitiveness. To do this, Jaime would consider 1. ease of pricing control and number of promotional outlets 2. the current size of the market and the expected growth rate 3. mass marketing of distribution potential and logistical support 4. the number of competitors, entry barriers, and product substitutes 5. profitability and customer buying behavior

the number of competitors, entry barriers, and product substitutes

When corporate headquarters announced new service quality standards for pizza franchise owners, Donald knew he would have trouble gaining employees' support because 1. they were not allowed to diverge from existing standards 2. customers were required to create service quality standards 3. the process involved both part-time and full-time employees 4. perishable services were being replaced with tangible services 5. they were not involved in setting the goals

they were not involved in setting the goals

Many product-dominant firms use quality service 1. as a way to increase the perishability of their products 2. to support a standards gap 3. as a way to minimize the cost of production 4. to install a voice of the customer program 5. to maintain a sustainable competitive advantage

to maintain a sustainable competitive advantage

A systematic ________ program collects customer inputs and integrates them into managerial decisions. 1. zone of tolerance 2. quality gap analysis 3. standards analysis 4. voice-of-customer 5. empowerment

voice-of-customer

When Nestlé manufactures toffee, fruit snack and jellybeans, or when Schwinn designs bicycles, each company's core question is 1. What makes a brand? 2. How do we know how good a brand is or how much equity it has? 3. What are the different branding strategies firms use? 4. How do we produce this product in the least expensive manner? 5. What are customers looking for?

what are customers looking for?

Frederico was assigned to help create a positioning strategy for his employer's products based on product attributes. He should consider 1. the characteristics that helped his firm win a statewide award for excellence in manufacturing 2. what the target market would consider the most important features 3. the ways the sales representatives have been positioning the firm's products 4. the safety record of the firm and its products 5. the features the engineers feel are most important

what the target market would consider the most important features

While demographic and geographic segmentation of retail customers are relatively easy, these characteristics do not help marketers determine 1. where their customers live 2. what income brackets their customers are in 3. what their customers need 4. how old their customers are 5. which customers have young children

what their costumers need

Crystal created a virtual prototype of her new line of athletic wear on a website to show to consumers. Crystal will ask consumers what they think of the clothing. Which is the most important question that Crystal should ask? 1. In which season should we introduce the product? 2. What retailers should be used to sell the swimwear? 3. What promotional plan will work best? 4. What wholesale price should be charged? 5. Will retailers purchase the swimwear if it becomes available?

will retailers purchase the swimwear if it becomes available?