BUS 300 Ch. 11

Market behavior is a term used to describe the actions people take in buying and using goods and services.

False

Price skimming is a price strategy often used in the maturity stage of the product life cycle.

False

Pricing products below the normal markup or even below cost to attract customers is called bait pricing.

False

The two types of business products are classified as expense and non-expense items.

False

_____ pricing is the strategy of increasing the price of a product so that consumers will perceive it being of higher value.

Prestige

Ocean Spray first introduced cranberry juice drinks. Then it introduced Cranapple (a cranberry and apple juice mix) also sold under the Ocean Spray brand. This is an example of a:

line extension

The _____ is the belief that the firm should dedicate all of its planning, policies, operations, and efforts to the satisfaction of the customer.

marketing concept

Chewing gum, flashlight batteries, sewing needles, and adhesive tape are considered convenience products.

True

Marketing is the process of combining the conception, pricing, promotion, and distribution of goods or services to create exchanges that satisfy individual and organizational objectives.

True

The marketing concept emphasizes a consumer orientation.

True

Transmissions purchased by the Snapper Inc. to build riding lawn mowers are called component parts.

True

When Clorox targets heavy users of bleach, it is using volume segmentation.

True

When the manufacturer of Dove soap introduced Dove moisturizing body wash, it was an example of the use of a line extension strategy.

True

Which of the following is an example of an industrial service?

a management consulting company

Which of the following is an example of an individual factor that influences Bil Naggin's decision to buy a Sharps black powder cartridge rifle?

his desire to experience what it was like to be a Civil War soldier

Shenshen Zhongxing Telecom (ZTE) is a Chinese company that is the only telecommunications company in China that produces and markets an inexpensive camera phone to sell to middle class Chinese living in urban areas. Because ZTE targets a single segment within a limited geographical area, it can be said to have a(n):

niche competitive advantage

The Library is a new bar in town. Unlike the other bars in town, it charges no cover charge. The new bar has also priced its beer at $3 less per pitcher than its competition. Given what you know about pricing strategies, which pricing strategy is the owner of the new bar using?

penetration pricing

People with common Activities, interests, and opinions are grouped together into a given lifestyle. A company that segments its market according to these different lifestyles is using _____ segmentation.

psychographic

The unprocessed corn used as the primary ingredient in many brands of dog food is an example of:

raw material

Customer satisfaction:

refers to the customer's feeling that a product has met or exceeded expectations

Products that are bought after comparing price, suitability, quality, and style are called _____ products.

shopping

A _____ product is a product for which consumers may search long and hard and for which they refuse to accept substitutes.

specialty

The _____ is the person who develops and implements a complete strategy and marketing program for a specific product or brand.

product manager

When compared to the consumer market, the business-to-business market:

uses more direct channels of distribution

Which of the following is a consumer durable?

bedroom dresser

Which of the following is a consumer nondurable?

breakfast cereal

Which one of the following is NOT a commonly used method for segmenting markets?

consumer

There are numerous office supplies manufacturers. U.S.-based Esselte concentrates on selling filing products and desktop products such as staplers and pen sets. Because the Esselte brand is recognized as an innovative leader in the development of filing products and desktop items, the company can be said to have a(n):

differential competitive advantage

When the producers of Ocean Spray cranberry products decided to make Craisins (a dried cranberry snack food) available in convenience stores, supermarkets, and vending machines, it was involved with determining _____ strategy.

distribution

Which of the following is considered an expense item for a dentist's office?

peroxide for whitening teeth

The blend of the marketer's tools is called the five Ps. Which of the following is NOT one of the five Ps?

possession strategy

The two new-product pricing strategies most often used by marketers are:

price skimming and penetration pricing

A (n) _____ is any good or service that satisfies wants, along with its perceived attributes and benefits.

product

In general, when a business is engaged in environmental scanning, it looks at all of the following external forces that might affect it EXCEPT:

suppliers

Finding a place to live in Mumbai, India, has been getting harder these days for people who are not vegetarians. Vegetarianism is a centuries-old custom among the Indian population, but the requirement is becoming more obvious as non-vegs are being segregated from vegs. A real estate broker in Mumbai who will only rent or sell a home to a vegetarian as defined that group as its:

target market

The _____ is a specific group of consumers toward which a firm directs its marketing efforts.

target market