BUSN Final Exam part 1

Which of the following is a step in the new-product development process?

all of the above

_____ segmentation is based on what the product will do rather than on consumer characteristics.

benefit

Business products are classified into two categories. Large, expensive items with long life spans are called______products, and; smaller, less expensive items with short lifespans are called_______products.

capital; expense

compressor pumps installed in general electric refrigerators would be considered:

component parts

A company in Maine builds portable drilling platforms used to locate new oil fields underwater. To build a platform, the company had to construct a specially designed dock with a large permanently-placed crane able to lift a 20 ton structure on to it's floating base. This expensive dock in Crane samples of:

installations

to the following is NOT example of a convenience product?

lawn furniture

_____ is the process of separating, identifying, and evaluating the layers of a market to design a marketing mix.

market segmentation

______is the division of markets into different groups

market segmentation

_____ is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.

marketing

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

product manager

Mike and Ike, their fruit flavored chewy candies, needed a major facelift. The brain had a small but loyal core of "munchers. "A relatively small brand, it needs the visibility is is he going to share leaders like starburst and skittles. The company changed its packaging and develop contests all geared to 12 to 17-year-olds. The makers of my can I can modify its _______ strategies.

production and promotion.

expense items that have undergone little or no processing and are used in the manufacture of end products are called:

raw materials

customer satisfaction:

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

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 because non-vegs are being segregated from vegs. A Real estate broker in Mumbai who only rent or sell a home to a vegetarian as defined that group as its:

Target market

Wultec international Inc., A Canada base manufacturer. Produces end of line packaging equipment, such as wrapping machinery, which is used in warehouses to cover pallets and protect their contents. Wultec end of line packaging equipment, when purchased for a warehouse use, is an example of which type of business product?

accessory

The 7-member Dover family recently purchased a minivan because the ads for a Plymouth Horizon showed that it could haul 8 or more people and still have room for books, bags, and sports equipment. Plymouth Horizon was using what form of segmentation with its advertising?

benefit

____ has a group think of as many ways as possible to generate new-production ideas, vary a product, or solve a problem.

brainstorming

Radial tires installed on four-wheel drive vehicles are examples of:

component parts

____ is the set of values, ideas, attitudes, and symbols created to shape human behavior.

culture

____ is the ratio of benefits to that sacrifice necessary to obtain those benefits.

customer value

A basic form of market segmentation that uses such variables as age, education, and income is called:

demographic

in selling telephone service, AT&T tries to gather as much information as possible about the consumer's income, buying habits, service preferences, and occupation. AT&T is utilizing:

marketing research

in which stage of the product life cycle are you most likely to find the manufacturer using a line extension strategy?

maturity

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 her pitcher than it's competition. Given what you know about pricing strategies, which pricing strategy is the owner of the new bar using?

penetration pricing

which of the following is considered an expensive item for a dentists office?

peroxide for whitening teeth

Jay Pontiac, an auto dealer, wanted to develop a service reminder program in the form of brochures that could be sent to individual customers. On the cover of each individualized brochure was an image of the customers vehicle, the customers name, and vehicle model name. Inside was the vehicles estimated current mileage at the time of the mailing. Recommended services for that vehicle based on the estimated mileage were also included. Detailed service information was provided in the service history section of the brochure. On the back of the brochure or four coupons directly related to the service recommendations. Jay Pontiac used:

One to one marketing

A relatively inexpensive item that requires very little shopping effort is called a ____ product.

convenience

The accent modification center helps upwardly mobile international professionals smooth accents that may be holding them back from getting that next promotion. The business is target market is from the growing Asian population in Virginia. The center has developed a(n):

niche competitive advantage

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

niche competitive advantage

which of the following is an example of an individual factor that influences the consumer decision making process?

personality

when Top-Flite introduced its Strata golf balls with a new design for better flight with hit by metal clubs, it charged three times the price of golf balls currently on the market. This high introductory pricing is an example of:

price skimming

Aldi is a no-frills grocery chain. It sells grocery staples right out of crates and boxes. By controlling expenses, Aldi customers can expect to save 30 to 50 percent compared to Kroger customers. The supermarkets chain's emphasis on maintaining its cost competitive advantage means the company's top management is often concentrating on its _____ strategy.

pricing

pharmaceutical company with headquarters in India's sells flucanazole, the generic version of Pfizer's anti-fungal drug Diflucan internationally for significantly less money than many US generic drug manufacturers. The generic drugs industry in this country needs to we think it______strategy to stay competitive.

pricing

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

product

One never knows the connections that can be made when singles get together to do the laundry. As such, whirlpool is taking its laundry appliances to the social scene by hosting spin cycle events that will give singles a chance to meet, mingle and have some good clean fun while playing laundry themed games that can earn them whirlpool prizes. whirlpool is using these events as a part of it is____strategy.

promotion

____ is a strategy that focuses on forging long-term partnerships with customers.

relationship marketing

In new-product development, ______ is the stage at which products that do not meet new-product goals are rejected.

screening

the first step in the new products planning process is:

setting a new-product goals

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

shopping

A strategy of charging a high introductory price for a new product that invites eventual competition is called price:

skimming