BUS 312 Exam 2

Which of the following statements about competitive marketing intelligence is correct?

The goal of competitive marketing intelligence is to improve strategic decision making.

Walmart created the Great Value brand for their food products and the Equate brand for their pharmacy, health, and beauty products. Walmart does not manufacture any types of these products. Which type of brand sponsorship is Walmart using?

A private brand

Which of the following defines a product?

A product is anything offered to a market that might satisfy a need or want.

A colleague needs to collect descriptive data about her customers attitudes. She has not done this type of research before. What research approach would you recommend to best suit this research project?

A survey

What is positioning?

Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

The SwissArmy Company markets multi-tools, clothing, watches, and travel accessories all under the SwissArmy brand name. This is an example of which brand development strategy?

Brand extension

During concept testing, who is the product concept actually tested on?

Groups of target customers

In determining product quality, what are the two dimensions of quality marketers must decide upon?

Level and consistency

When Doritos comes out with new flavors of its tortilla chips, what brand development strategy did it use?

Line extension

What are the three broad targeting strategies used by marketers?

Mass marketing, differentiated marketing, and micromarketing

Which of the following statements concerning new products is correct?

Modified and improved products are considered new.

What is the overall purpose of customer insight teams?

To develop customer insights from which the company can create more value for customers

If a company adds a new product line to its existing portfolio, it has increased its _______.

product mix width

Which of the following statements regarding concentration marketing is correct?

Concentrated marketing involves higher-than-normal risks.

Which of the following statements about big data is correct?

One result of big data is that marketing managers are often overloaded with information.

Which of the following statements regarding the growth stage of the product life cycle is correct?

Companies face a trade-off between high market share and high profits.

______________ is the first step in the marketing research process.

Defining the problem and research objectives

After defining the problem and objectives, what is the next step in the marketing research process?

Develop the research plan.

On the My M&Ms website buyers can place customer order for M&Ms. They can choose their own colors, put a personalized text message on the candies, and even upload a photo to be placed on each M&M. Which targeting strategy is M&M using for My M&Ms?

Individual marketing

Which of the following statements about information and customer insights is correct?

Information to gain customer insights comes from a wide variety of sources.

Which of the following statements about online research is correct?

Online surveys generally have higher response rates than those conducted by mail or phone.

Product planners think of products on three levels. Which of the following correctly identifies the three levels?

The core customer value, the actual product, and the augmented product.

What is the overall purpose of differentiation?

To create superior customer value

To create successful new products, a company must do which of the following?

Understand its consumers, markets, and competitors, and develop products that deliver superior value.

Fitbit makes health and fitness tracking devices. Some buyers want very basic fitness tracking such as steps taken and calories consumed. Others are focused on high performance and want heart rate and sleep monitoring, text notification, and wireless sync to their smartphone. In serving these two very different groups, Fitbit is using _________ segmentation.

benefits sought

During the idea generation stage of a new product development process, it is important that _____________.

companies create a large number of ideas

Charles Revson started Revlon. He once said "We sell hope." Revson was defining the _______ of Revlon cosmetics.

core customer value

One recent development in generating new product ideas for a company to invite broad communities of people - such as employees, customers, and even the public at large - into the innovation process. This is known as ____________.

crowdsourcing

When segmenting international markets, markets can be grouped according to language, religion, customers, and values. This type of segmentation is based on __________ factors.

cultural

Survey research is the approach best suited for gathering ______________.

descriptive research

The objective of ____________ research is to gather preliminary information that will help define the problem and suggest hypotheses.

exploratory

You and seven other people are talking with a trained moderator about your feelings and thoughts regarding a potential new product. For doing this, you receive a small payment. You are participating in a(n) ___________.

focus group interview

According to the text, two major public policy and ethical issues in marketing research are _________.

intrusions on consumer privacy and the misuse of research findings.

Psychographic segmentation divides buyers into different segments based on ____________

lifestyle and personality

Competitive marketing intelligence uses ______ data sources.

publicly available

When Dr. Footcare developed and launched a revolutionary new walking shoe, he knew that during the introductory stage of the product life cycle (PLC) _____________.

sales would be slow and profits nonexistent

The marketing research industry is considering several options for responding to intrusion and privacy issues, which includes all of the following except ___________.

sharing information widely

One advantage to using internal databases for information is that _________.

they can be accessed quickly and cheaply

The full mix of benefits on which a brand is differentiated and positioned is called a(n) _______

value proposition