Marketing Exam 2
What determines whether the buyer is satisfied or dissatisfied with a purchase? A. The relationship between the consumer's expectations and the product's perceived performance .B. The relationship between the price of the product and the level of customer service provided C. The relationship between the price of the product and the product's perceived performance D. The relationship between the consumer's expectations and how others evaluate the product E. The relationship between the consumer's expectations and where the product was purchased
A. The relationship between the consumer's expectations and the product's perceived performance
Which of the following statements is true regarding the marketing of services? A. For service providers, a solution to price competition is to develop a differentiated offer, delivery, and image. B. Service providers do need to use segmentation and target marketing. C. Service providers do not need to differentiate their offerings. D. Buyer-seller interaction during the service encounter has little impact on service quality. E. Customer-facing employees are not important in the marketing of services.
A. For service providers, a solution to price competition is to develop a differentiated offer, delivery, and image.
Once management has decided on its product concept and marketing strategy, it can evaluate the business attractiveness of the proposal, which involves ___________. A. conducting a business analysis B. building and testing a prototype C. conducting test marketing D. introducing the new product to the market E. conducting concept testing
A. conducting a business analysis
Which type of business buying situation offers marketers the greatest opportunity but also the greatest challenge? A. A new task situation .B. A modified rebuy C. A straight rebuy D. A buying center purchase E. A request for proposal
A. A new task situation
What are the two broad classifications of products? A. Consumer products and industrial products B. Grocery products and luxury products C. Consumer products and business products D. Consumer products and household products E. Necessity products and luxury products
A. Consumer products and industrial products
What is the first step in the new product development process? A. Generating new product ideas B. Consulting with R&D on the feasibility of the new product C. Screening new product ideas D. Building a prototype E. Setting the budget
A. Generating new product ideas
The major product line decision involves the line's ______, or the number of items in the product line. A. length B. portfolio C. mix D. depth E. scope
A. Length
hich stage of the product lifecycle normally lasts longer than the previous stages and poses strong challenges to marketing management? A. Maturity B. Introduction C. Decline D. Product development E. Growth
A. Maturity
Applicanes Galore is continually updating its line of refrigerators to reflect market trends and customer needs. Although the product class in the maturity stage of the product life cycle, they maintain healthy sales od their line of refrigerators by continually.. A. Modifying the Product B. Modifying the marketing mix C. Modifying the market D. Concept Testing E.Rebranding
A. Modifying the product
Which of the following statements regarding socially responsible product decisions is correct? A. The government may prevent companies from adding products through acquisitions if the effect threatens to lessen competition. B. When companies drop products, they do not have any legal obligations to suppliers, dealers, and customers. C. Manufacturers are generally not concerned with product liability. D. Consumers who have been injured by a product with a defective design cannot sue manufacturers or dealers. E. Manufacturers are not required to comply with laws regarding product quality and safety.
A. The government may prevent companies from adding products through acquisitions if the effect threatens to lessen competition.
Which structural factor would make a market segment attractive to enter? A. Very few actual or potential substitute products B. Powerful suppliers C. Many strong and aggressive competitors D. New entrants can easily come into the segment E. Powerful buyers
A. Very few actual or potential substitute products
Service marketing requires ________. This means that the service firm must orient and motivate its customer-contact employees and supporting service people to work as a team to provide customer satisfaction. A. interactive marketing B. image differentiation C. internal marketing D. external marketing E. the service firm to focus only on the customer
c. internal marketing
______ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. A. Market segmentation B. Mass marketing C. Differentiation D. Market targeting E. Positioning
positioning
Kroger sponsors such brands as Private Selection, Heritage Farm, and Simple Truth. Kroger does not manufacture any of these products. Which type of brand sponsorship is Kroger using?
private brand
A detailed version of a product idea stated in meaningful consumer terms is a ________. product feature product concept product idea product framework product image
product concept
In the ________ stage of new product development, products undergo rigorous tests to make sure that they perform safely and effectively, or that consumers will find value in them. idea generation test marketing business analysis product development concept screening
product development
Clorox sells five major product lines including cleaning, household, lifestyle, professional, and international. Together the product lines make up Clorox's ________. product depth product assemblage product consistency product length product mix
product mix
A shoe company's ads feature the members of a popular country music band. Product sales increase significantly among the band's fans. From the fans' viewpoint, the band is a ________. subculture late-majority adopter reference group membership group laggard
reference group
business buyer behavior
refers to the buying behavior of the organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others.
word-of-mouth influence
refers to the impact of the personal words and recommendations of trusted friends, associates, and other consumers on buying behavior
social class
relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors
Targeting
select the segment or segments to enter
________ refer to a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible. Horizontal extensions Line extensions Co-brands Pure products Services
services
Micromarketing
tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; it includes local marketing and individual marketing
Which of the following is an example of a shopping product? candy laundry detergent toothpaste fast food television
television
business buying process
the decision process by which business buyers determine which products and services their organizations need to purchase and then find, evaluate, and choose among alternative suppliers and brands.
Word-of-mouth influence
the impact of the personal words and recommendations of trusted friends, associates, and other consumers on buying behavior
culture
the set of values, perceptions, wants, and behaviors learned by an individual from family and other important institutions
need recognition
triggered by internal or external stimuli.
Fads are characterized by their ________. enduring nature that spans several generations basic and distinctive modes of expression that seldom become unpopular low rates of adoption by consumers unusually high sales and rapid decline non-attainment of the last two stages of the product life cycle
unusually high sales and rapid decline
co-branding
use the established brand names of two different companies on the same product
The quality of services depends on who provides them as well as when, where, and how they are provided. Which characteristic of services does this describe?
variability
demographic segment
Such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation
geographic segmentation
Such as nations, states, regions, counties, cities, or neighborhoods
licensing
Use names and symbols created by other companies or well-known movie characters or celebrities for a fee
A _______ defines how a company will create differentiated value for targeted segments and what positions it wants to occupy in those segments. A. positioning map B. unique proposition C. value proposition D. value statement E. mission statement
Value Proposition
In the early 1970's, Gary Dahl sold pet rocks. The product had a short, temporary period of unusually high sales driven by consumer enthusiasm and immediate product popularity, but then sales declined very quickly. The PLC sales pattern for pet rocks is known as ______. A. a fad B. a style C. a normal product life cycle curve D. a failure E. a fashion
a fad
undifferentiated marketing
a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer
differentiated marketing
a market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each
Heeltoe, a boutique that caters to the footwear needs of women, manufactures two different lines of footwear based on the purchasing power of its customers. One product line caters to the needs of affluent, middle-aged women, and the other line targets younger professionals and homemakers. Heeltoe most likely segments the consumer market based on ________ variables. A. demographic B. psychographic C. universal D. geographic E. behavioral
a. demographic
Which of the following statements is true regarding product life cycle curves? A. Marketers do not know the exact shape and length of their product's life cycle in advance. B. Managing products through their life cycle is an easy task. C. Marketing strategies do not change for different life cycle stages. D. Once a product reaches the decline stage, it cannot be recycled back to growth. E. All products follow the traditional 5-stage PLC model.
a. marketers do not know the exact shape and length of their product`s life cycle in advance
At which stage of the new product development process is a physical product first developed? A. Product development B. Idea generation C. Marketing strategy development D. Test marketing E. Concept development and testing
a. product development
If a segment is large enough or profitable enough to serve, it is ________. A. substantial .B. measurable C. differentiable D. actionable E. accessible
a. substantial
Consumer Market
all the individuals and households that buy or acquire goods and services for personal consumption
service
an activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything
A(n) ________ describes a person's relatively consistent evaluations, feelings, and tendencies toward an object or idea. drive attitude role motive cue
attitude
Sales are rising rapidly, competitors are growing in number and the customers are early adopters. Which stage of the PLC does this describe? A. Maturity B. Growth C. Decline D. Introduction E. Product development
b. growth
Service _______ means that services cannot be seen, tasted, felt, heard, or smelled before they are bought. A. variability B. intangibility C. perishability D. packaging E. inseparability
b. intangibility
Firms that manufacture seasonal products target their consumers primarily through ________ segmentation. A. psychographic B. occasion C. income D. demographic E. age and life cycle
b. occasion
When Dr. Lawncare developed his revolutionary new solar powered lawnmower, he knew that during the introductory stage of the product lifecycle ___________. A. sales would be low but profits would be high B. sales would be slow and profits non-existent C. profits would rise quickly and there would be rapid market acceptance of his product. D. sales would fall and profits would drop E. sales would be slow and profits would level off or decline
b. sales would be low and profits non-existent
consumer products
bought by final consumers for personal consumption
Industrial Products
bought by individuals and organizations for further processing or for use in conducting a business
A ________ is defined as a name, term, sign, symbol, or design, or a combination of these, that identifies the maker or seller of a product or service. prototype brand paradigm patent framework
brand
Which of the following terms is used to describe a specific mix of human traits that may be attributed to a particular brand? brand perception brand personality brand architecture brand equity brand loyalty
brand personality
Which of the following costs is most likely associated with commercialization? building or renting a manufacturing facility using simulated tests to measure market capacity paying groups of consumers for participating in crowdsourcing activities developing a prototype of a product determining a product's planned price, distribution, and marketing budget
building or renting a manufacturing facility
new task
buyer purchases a product or service for the first time
straight rebuy
buyer routinely reorders something without any modifications
modified rebuy
buyer wants to modify product specifications, prices, terms, or suppliers
Consumer buyer behavior
buying behavior of final consumers
Which of the following statements regarding the business market is correct? A. The business market is not as large as the consumer market in terms of dollars spent and items purchased. B. Business buying decisions are less complex than consumer buying decisions. C. Many sets of business purchases are made for one set of consumer purchases. .D. The business market has more businesses than the consumer market. E. Demand in the business market is more elastic than demand in the consumer market.
c
_______ involves dividing a market into smaller segments of buyers with distinct needs or behaviors that might require separate marketing strategies. A. Market targeting B. Differentiation C. Market segmenting D. Positioning E. Mass marketing
c. Market segmenting
Through _____ a company can obtain new products by buying a whole company, a patent, or a license to produce someone else's product. A. internal R&D B. idea generation C. acquisition D. new product development E. product life cycle strategies
c. acquisition
The value of customer relationships that a brand creates is called _______. A. brand differentiation B. brand value C. customer equity D. customer value E. brand equity
c. customer equity
Byron Tied 2 Bowties groups its customers by regions in the United States, such as Midwest, Northeast, and Southwest. For each region, Byron Tied 2 Bowties creates a different set of advertisements and promotions. On which of the following segmentation variables does the firm divide its market? A. Personality B. Demographics C. Geography .D. Behavior E. Benefits sought
c. geography
________ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. Mass marketing Market segmentation Differentiation Positioning Market targeting
positioning
Subculture
A group of people with shared value systems based on common life experiences and situations
concentrated marketing
A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches
In which of the following cases is little or no test marketing most likely recommend for a new product? A. When the costs of developing and introducing the product are low B. Risks are high C. management is unsure D. Major investment
A. When the costs of developing and introducing the product are low
Product
Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need
What are the four general characteristics that influence consumer purchases? A. Cultural characteristics, social characteristics, personal characteristics, and psychological characteristics B. Cultural characteristics, technological characteristics, social characteristics, and personal characteristics C. Economic characteristics, technological characteristics, demographic characteristics, and political characteristics D. Cultural characteristics, social characteristics, demographic characteristics, and brand loyalty E. Technological characteristics, social characteristics, personal characteristics, and the buyer decision process
B. Cultural characteristics, technological characteristics, social characteristics, and personal characteristics
Services are characterized by four key aspects: ______________________. A. services are inexpensive, easy to find, intangible, and variable. B. services are intangible, inseparable, variable, and perishable. C. services are intangible, variable, perishable, and inexpensive. D. services are intangible, perishable, consistent, and inseparable. E. services are intangible, inexpensive, easy to find, and automated.
B. services are intangible, inseparable, variable, and perishable.
What is market segmentation? A. Differentiating the firm's market offering to create superior customer value B. Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes C. Marketing to a mass market of homogenous buyers D. Evaluating each market segment's attractiveness and selecting one or more market segments to enter E. Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
B. Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes
Evaluating each market segment's attractiveness and selecting one or more market segments to enter is called _____. A. positioning B. market targeting .C. market segmentation D. mass marketing E. differentiation
B. Market targeting
The marketing manager at Arbor's Delicatessen targets customers who are working to lose weight but who still want to dine out. The restaurant chain offers a wide variety of low-fat, low-calorie meals that appeal to dieters. Arbors' approach is best referred to as ________ segmentation. A. user status B. psychographic C. age and life cycle D. geographic E. benefit
B. Psychographic
What is a product's position? A. Where a product is located on store shelves B. The way a product is defined by consumers on important attributes C. How much consumers are willing to pay for a product D. The market share of a product E. How the company advertises a product
B. The way a product is defined by consumers on important attributes
Which type of consumer products are frequently purchased with little planning, little comparison or shopping effort, and low customer involvement? A. Specialty products B. Convenience products C. Capital products D. Shopping products E. Industrial products
B. convenience products
Which of the following statements concerning new products is correct? A. To be considered new, the product must be something consumers have not seen before. B. Modified and improved products are considered new. C. A modified product is not considered a new product. D. Most new products succeed within two years of their introduction. E. Products that are merely improved in some way are not considered new.
B. modified and improved
To create successful new products, a company must _______. A. cut costs to keep the price of new products low B. understand its consumers, markets, and competitors, and develop products that deliver superior value C. spend more on R&D than its competitors D. avoid innovation and only improve existing, successful products E. wait and see what new products its competitors offer
B. understand its consumers, markets, and competitors, and develop products that deliver superior value
Fads are characterized by their ________. A) enduring nature that spans several generations B) low rates of adoption by consumers C) unusually high sales and rapid decline D) basic and distinctive modes of expression that seldom become unpopular E) non-attainment of the last two stages of the product life cycle
C) unusually high sales and rapid decline
Which of the following is the correct definition of a product? A. A product is a tangible good or a service that can be offered to a market for attention, acquisition, use, or consumption that does not satisfy a want or need. B. A product is anything that can be offered to a market for consumption that does not satisfy a want or need. C. A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. D. A product is a tangible good that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. E. A product is a tangible good or a service that can be offered to a market for consumption that might satisfy a want or need.
C. A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
In which targeting strategy does a firm go after a large share of one or a few smaller segments? A. Differentiated marketing B. Undifferentiated marketing C. Concentrated marketing D. Mass marketing E. Micromarketing
C. Concentrated marketing
What are the four choices a company has for developing brands? A. Single brands, multibrands, line extensions, and licensing B. Line extensions, line supplements, new lines, and new brands C. Line extensions, brand extensions, multibrands, and new brands D. Line extensions, licensing, brand extensions, and new brands E. Line extensions, brand extensions, new brands, and brand phase out
C. Line extensions, brand extensions, multibrands, and new brands
What are the four major variables used to segment consumer markets? A. Income, gender, age, and ethnicity B. Ethnicity, region, gender, and income C. Geographic, demographic, psychographic, and behavioral D. Income, age, geography, and lifestyle E. Geographic, demographic, psychographic, and psychological
C. Geographic, demographic, psychographic, and behavioral
Which of the following are additional variables marketers use to segment business markets but not consumer markets? A. Operating characteristics, purchasing approaches, situational factors, and usage rate B. Operating characteristics, purchasing approaches, situational factors, and loyalty status C. Operating characteristics, purchasing approaches, situational factors, and personal characteristics D. Operating characteristics, purchasing approaches, situational factors, and benefits sought E. Operating characteristics, purchasing approaches, situational factors, and region
C. Operating characteristics, purchasing approaches, situational factors, and personal characteristics
What are the five characteristics that are especially important in influencing an innovation's rate of adoption? A. Price, features, complexity, relative advantage, and promotion B. Product, price, place, promotion, and relative advantage C. Relative advantage, complexity, compatibility, divisibility, and communicability .D. Product, price, place, promotion, and packaging E. Relative advantage, complexity, compatibility, availability, and promotion
C. Relative advantage, complexity, compatibility, divisibility, and communicability
Which of the following correctly defines the consumer market? A. Any business that sells goods and services to other businesses B. Individuals and households that buy goods and services for personal consumption C.Retailers who sell goods and services to consumers D. Individuals who spend more than $1,000 a year on purchases E. Manufacturers, retailers, and consumers
C.Retailers who sell goods and services to consumers
What are the eight steps in the business buying decision process in the correct sequence? A. Performance review, problem recognition, general need description, product specification, supplier search, proposal solicitation, supplier selection, and order-routine specification B. General need description, problem recognition, product specification, supplier search, proposal solicitation, supplier selection, order-routine specification, and performance review C. Problem recognition, general need description, product specification, supplier search, supplier selection, proposal solicitation, order-routine specification, and performance review D. Problem recognition, general need description, product specification, supplier search, proposal solicitation, supplier selection, order-routine specification, and performance review .E. Problem recognition, general need description, product specification, supplier selection, supplier search, proposal solicitation, order-routine specification, and performance review
D. Problem recognition, general need description, product specification, supplier search, proposal solicitation, supplier selection, order-routine specification, and performance review
Which of the following statements regarding the marketing of international products and services is correct? A. Markets and consumers all over the world are alike, so a company should always standardize international products. B. Advertising is one service industry that has not needed to globalize its operations. C. The trend toward growth of global service companies will not continue and will actually decline. D. Because markets and consumers around the world differ widely, companies must usually adapt their product offerings in different world markets. E. Markets and consumers around the world are now so similar that international product and services marketers no longer face special challenges when marketing in foreign countries.
D. Because markets and consumers around the world differ widely, companies must usually adapt their product offerings in different world markets.
Which of the following correctly identifies the five important decisions marketers must make when developing individual products and services? A. Quality level, pricing, advertising, distribution, and promotion B. Branding, pricing, advertising, distribution, and product support services .C. Product attributes, branding, quality level, pricing, and distribution D. Product attributes, branding, packaging, labeling, and product support services .E. Product attributes, pricing, advertising, distribution, and promotion
D. Product attributes, branding, packaging, labeling, and product support services
Colonial Furniture has been in existence since the 1600s and continues to adorn homes today. According to the product life cycle concept it would be described as A. trend B. Drift C. Fashion D. Style E. Fad
D. Style
A company`s external sources of new product ideas include its.. A. managers B. manufacturing staff C. salespeople D. suppliers E. Engineers
D. Suppliers
The buyer decision process starts with __________. A. evaluating purchase alternatives B. making a purchase C. satisfaction with past purchases D. getting information about a purchase E. recognizing a need
E. recognizing a need
During the introductory stage of the product lifecycle, ______________. A. profits rise quickly and there is rapid market acceptance of the product B. sales rise quickly and profits are high C. sales fall and profits decline D. sales rise quickly, but profits are nonexistent E. sales are slow and profits nonexistent
E. sales are slow and profits nonexistent
Information search
Personal sources Commercial sources Public sources Experiential sources
What are the two ways a firm can obtain new products? A. New product development and existing product modification B. Mergers and acquisitions C. New product development and external research and development D. Acquisitions and external research and development E. Acquisitions and new product development
E. Acquisitions and new product development
In which step of the buying decision process is the final order with the chosen supplier developed? A. Product specification B. Supplier selection C. General need description D. Proposal solicitation E. Order-routine specification
E. Order-routine specification
The four major brand strategy decisions involve brand ________. A. equity, name selection, sponsorship, and development B. equity, identity, name selection, and logo selection C. name selection, logo selection, sponsorship, and identity D. equity, value, name selection, and positioning E. positioning, name selection, sponsorship, and development
E. positioning, name selection, sponsorship, and development
Which of the following would be an appropriate strategy during the maturity stage of the product lifecycle? A. Shift some advertising from building product awareness to building product conviction and purchase. B. Produce basic versions of the product and focus on selling to those buyers who are the most ready to buy. C. Modify the market, product offering and marketing mix. D. Use promotional spending to inform consumers and get them to try the product. E. Select products to maintain, harvest or drop.
c. modify the market, product offering and marketing mix
Kroger sponsors such brands as Private Selection, Heritage Farm, and Simple Truth. Kroger does not manufacture any of these products. Which type of brand sponsorship is Kroger using? A. A national brand B. A manufacturer's brand C. A private brand D. A licensed brand E. A co-brand
c. private brand
Concept testing
calls for testing new product concepts with groups of target consumers
________ is the degree to which an innovation fits the values and experiences of potential consumers. Communicability Compatibility Complexity Divisibility Relative advantage
compatibility
Howard Schultz, the founder of Starbucks, positioned his bistros as "a third place" between work and home where patrons could share and enjoy a cup of coffee with friends. This illustrates ________. an augmented product a core customer value simple bundling complex bundling an actual product
core customer value
store brands
created and owned by a reseller of a product or service
Factors that influence consumer behavior
cultural, social, personal, psychological
The website leftyslefthand.com markets products to left-handed consumers only. Which targeting strategy does this represent? A. Differentiated marketing B. Segmented marketing C. Micromarketing D. Concentrated marketing E. Undifferentiated marketing
d. concentrated marketing
When we see Hello Kitty on children's clothing, Disney characters on lunchboxes, and Sponge Bob Squarepants on breakfast cereals, which form of brand sponsorship is being used? A. Co-branding B. National branding C. Store branding D. Licensing E. Private branding
d. licensing
The quality of services depends on who provides them as well as when, where, and how they are provided. Which characteristic of services does this describe? A. Perishability B. Intangibility C. Inseparability D. Variability E. Tangibility
d. variability
Which of the following is considered part of an augmented product rather than that of an actual product or core customer value? A. Packaging B. Product features C. Brand name D. Warranty E. Design
d. warranty
Harry's caters to the clothing needs of men, manufacturing two different lines of fashion based on the purchasing power of its customers. One product line caters to the needs of affluent, middle-aged men, and the other line targets younger, up-and-coming professionals. Harry's most likely segments the consumer market based on ________ variables. universal demographic geographic behavioral psychographic
demographic
Differentiation
differentiate the market offering to create superior customer value
Segmentation
divide the total market into smaller segments
psychographic segmentation
dividing a market into different segments based on social class, lifestyle, or personality characteristics
behavioral segmentation
dividing a market into segments based on consumer knowledge, attitudes, uses of a product, or responses to a product
To create successful new products, a company must _______. A. spend more on R&D that its competitors B. obtain successful products through acquisitions instead of doing internal development C. cut costs to keep the price of new products low D. focus their new product development efforts only on consumers E. understand its consumers, markets, and competitors and develop products that deliver superior value
e.
In determining product quality, what are the two dimensions of quality marketers must decide upon? A. Level and price B. Consistency and packaging. C. Consistency and conformance. D. Level and conformance. E. Level and consistency
e. level and consistency
Kidcomp, an American computer-manufacturing firm, targets children below the age of ten by providing free games and applications. The firm's marketing approach is reflective of ________ segmentation. A. occasion B. geographic C. income D. gender E. age and life cycle
e. age and life cycle
Socially responsible target marketing would classify which of the following as an especially vulnerable target market for harmful or controversial products? A. Females B. Single households C. Baby Boomers D. Wealthy consumers E. Children
e. children
Goldtone is a multinational communications and information technology corporation. Its principal products are mobile telephones and tablets. It recently announced on its website that customers can suggest ideas for its upcoming product model. Contributors of short-listed ideas will be adequately rewarded. In this case, Goldtone is using ________ to generate new product ideas. A. concept development B. business analysis C. test marketing D. marketing strategy development E. crowdsourcing
e. crowdsourcing
A marketing firm has been assigned the task of watching trends in spending, personal income, savings, and interest rates. The marketing firm is most likely gathering information about consumers' ________. brand affiliations social network usage rates occupational needs economic situations purchasing perceptions
economic situations
line extension
existing product, existing brand name
Compared with undifferentiated marketing, differentiated marketing is more likely to lead to ________. weaker product position in each market segment reduced sales in each market segment redundancy in product design across market segments higher costs of doing business smaller market share in the industry
higher cost of doing business
Service _______ means that services cannot be seen, tasted, felt, heard, or smelled before they are bought.
intangibility
Crowdsourcing
inviting broad communities of people into new product innovation process
opinion leader
is a person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others.
Stores offering low-quality alternatives to luxury products at low prices most likely follow a ________ positioning strategy. more-for-less more-for-more more-for-the-same less-for-much-less same-for-less
less-for- much- less
In determining product quality, what are the two dimensions of quality marketers must decide upon?
level and consistency
When we see Hello Kitty on children's clothing, Disney characters on lunchboxes, and Sponge Bob Squarepants on breakfast cereals, which form of brand sponsorship is being used?
licensing
national brands
marketed under the manufacturer's own name
When the size, purchasing power, and profiles of a market segment can be determined, the market segment is said to be ________. measurable accessible actionable observable substantial
measurable
business-to-business marketing
must do their best to understand business markets and business buyer behavior. Then, like businesses that sell to final buyers, they must engage business customers and build profitable relationships with them by creating superior customer value.
Multibrands
new brand name, existing product category
new brands
new brand name, new product
brand extension
new product, existing brand name
For which service characteristic do marketers need to pay close attention to fluctuations in demand? A. Intangibility B. Variability C. Inseparability D. Perishability E. Tangibility
perishability
positioning
position the market offering in the minds of target customers
In which of the following cases is little or no test marketing most likely recommended for a new product? when the risks associated with introducing the product are high when management is unsure of the projected demand for the product when management is unsure of the marketing program for the product when the costs of developing and introducing the product are low when the product requires a major investment
when the costs of developing and introducing the product are low
What are the five stages of the consumer adoption process in the correct sequence? A. Awareness, trial, evaluation, interest, and adoption B. Awareness, interest, trial, evaluation, and adoption .C. Awareness, interest, evaluation, trial, and adoption D. Awareness, trial, interest, evaluation, and adoption E. Awareness, evaluation, interest, trial, and adoption
C. Awareness, interest, evaluation, trial, and adoption