Marketing Exam 2

Lakukan tugas rumah & ujian kamu dengan baik sekarang menggunakan Quizwiz!

Charles Revson of Revlon once​ said, "In the factory we make​ cosmetics; in the store we sell​ hope." Which product level is Revson referring​ to?

Core customer value

​_____________________ is the value of customer relationships that a brand creates.

Customer equity

Which of the following are​ tradition-bound, suspicious of​ changes, and adopt the innovation only when it has become something of a tradition​ itself?

Lagging adopters

Which of the following needs in​ Maslow's hierarchy is generally satisfied​ first?

Physiological needs

What are the eight steps in the business buying decision​ process, in the correct​ sequence?

Problem​ recognition, general need​ description, product​ specification, supplier​ search, proposal​ solicitation, supplier​ selection, order-routine​ specification, and performance review

Marketers must consider potential product issues related to social responsibility. Of the​ following, which is NOT one of the product issues associated with social​ responsibility?

Product differentiation and positioning

What type of product do you think best represents jeans from The Gap?

Shopping product

In terms of revenue to the marketer, business buyer transactions are typically ____________, as compared to consumer transactions.

higher revenue

Crowdsourcing is used in the​ _______________________ step of the new product development process.

idea generation

The new product development process consists of sequential steps. The first step is​ _______ and the last step is​ ______________.

idea​ generation; commercialization

The product development process starts with​ ________. Next comes​ ________, which reduces the number of ideas based on the​ company's own criteria.

idea​ generation; idea screening

One concern about the expanding use of​ e-procurement for​ B-to-B purchasing is that​ ________.

it can erode​ decades-old customer-supplier relationships

Marketers of brands understand that they must figure out how to reach​ ___________________ that can exert social influence on others.

opinion leaders

Companies must manage the​ ________, which often includes many different buying decisions in various stages of the buying decision process.

overall customer relationship

The business buyer decision process itself can be quite​ involved, with several basic stages. The process begins with​ ______________ and concludes with​ _______________.

problem​ recognition; performance review

In the new product development​ process, ideas that pass the idea screening step continue through​ ________. Strong concepts proceed to​ ________.

product concept​ development; marketing strategy development

The totality of a​ company's product lines and items offered to customers is known as its​ _________________.

product mix

The stages of the product life cycle are​ ______________________________.

product​ development, introduction,​ growth, maturity, and decline

Marketers can apply the​ ________ as a useful framework for describing how products and markets work and help develop good marketing strategies for the different​ life-cycle stages.

product​ life-cycle concept

The distinction between a consumer product and an industrial product is based on the​ ________ for which the product is purchased.

purpose

Segmentation provides a powerful tool for marketers of all kinds. It can help companies identify and better understand key customer​ segments, ________________ to their specific needs.

reach them more​ efficiently, and tailor market offerings and messages

In which step of the buying decision process is the final order with the chosen supplier​ developed?

​Order-routine specification

Consumers go through a distinct process in making a purchase. Of the​ following, which is the final step in that​ process?

​Post-purchase behavior

Companies find and develop new product ideas from a variety of sources. Which of these is an internal source for new product​ ideas?

​R&D

Which type of consumer products are frequently purchased with little​ planning, little comparison or shopping​ effort, and low customer​ involvement?

Convenience products

​_________ refers to the set of​ values, perceptions,​ wants, and behaviors learned by a member of society from family and other important institutions.

Culture

Using the sales funnel framework, a rational, considered purchase of an expensive item typically follows what process?

Know > Feel > Do

When we see Hello Kitty on​ children's clothing, Disney characters on​ lunchboxes, and SpongeBob SquarePants on breakfast​ cereals, which form of brand sponsorship is being​ used?

Licensing

When Doritos comes out with new flavors of its tortilla​ chips, what brand development strategy does it​ employ?

Line extension

Ad agency Young​ & Rubicam's BrandAsset Valuator measures brand strength along four consumer perception dimensions. Brand​ ___________ is defined in terms of how highly consumers regard and respect the brand.

esteem

When a company lengthens a product line by adding more items within that​ line's current​ range, the company is​ ________.

filling the line

Which stage of the business buying decision process involves ranking the importance of​ reliability, durability, and​ price?

general need description

Compared to consumer buyers, business buyers are more geographically _____________.

concentrated

Firms with limited resources often target a market niche that is either ignored or unimportant to larger firms. This represents​ a(n) _______ strategy.

concentrated marketing

The advantages of standardizing products and services for international markets include​ _______________, lower manufacturing​ costs, and lower marketing costs.

consistent global​ image, lower product design costs

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.

crowdsourcing

Many companies are now developing​ ________ programs to generate new product ideas.

crowdsourcing or​ open-innovation

The most basic determinant of a person's wants and behavior are embedded in a consumers __________.

culture

Although business marketers use many of the same variables to segment their​ markets, they also use some additional​ variables, such as​ ________, ____________.​ _________, and personal characteristics.

customer operating​ characteristics, purchasing​ approaches, situational factors

Once market segments have been​ selected, the company then must decide on​ _____________________________.

differentiation and positioning strategy

Market segmentation is the act of dividing a market into distinct groups of buyers who have​ ________ and who might require separate marketing strategies or mixes.

different​ needs, characteristics, or behaviors

To be more socially​ responsible, some companies are appointing​ _____________. Their job is to protect consumers from harm and the company from liability by proactively ferreting out potential product problems.

product stewards

5) Life is Good utilizes a percentage of its profits to support its own charitable foundation, whose purpose is to provide support services for frontline childcare providers. Its notion of "Do well by doing good" is encapsulated by which of the following concepts?

social marketing

Which type of business buying situation offers marketers not only the greatest​ opportunity, but also the greatest​ challenge?

A new task situation

Which of the following is the correct definition of a​ product?

A product is anything that can be offered to a market for​ attention, acquisition,​ use, or consumption that might satisfy a want or need.

Consumers obtain information from numerous sources. Which of the following involves dealer and manufacturer​ websites, packaging, and​ displays?

Commercial sources

Which of the following refers to the degree to which an innovation fits the values and experiences of potential​ consumers?

Compatibility

A colleague's "motives" can have what type of influence on your firm's business buying behavior?

Individual

Which of the following correctly defines the consumer​ market?

Individuals and households that buy goods and services for personal consumption

IMG World provides college students with new, relevant media, making which stage of the consumer buyer behavior process easier for the consumer?

Information search

​Kroger, headquartered in​ Cincinnati, Ohio, is one of the​ nation's largest grocery chains. It owns several brands sold in its​ stores, including Private​ Selection, Heritage​ Farm, and Simple. These brands represent which type of brand​ sponsorship?

Private brands

The business buying process can be a complex and complicated process with eight basic stages. Which of the following is the first stage in this​ process?

Problem recognition

In what New Product Development stage does the R&D department typically develop a realistic, working prototype?

Product development

​______________________ is the step of the new product development process during which a physical product is first developed.

Product development

Marketers must make important decisions when developing individual products and services. Which of the following correctly identifies those important​ decisions?

Product​ attributes, branding,​ packaging, labeling, and product support services

For a soft drink company, dividing the market up based on fashion preferences is an example of which segmentation variable?

Psychographic

A new product may fail for many reasons. Which of the following is NOT one of​ them?

Rapid market acceptance

What are the five characteristics that are especially important in influencing an​ innovation's rate of​ adoption?

Relative​ advantage, complexity,​ compatibility, divisibility, and communicability

​__________________ determines whether the buyer is satisfied or dissatisfied with a purchase.

The relationship between the​ consumer's expectations and the​ product's perceived performance

​______________________ determines if a buyer is satisfied or dissatisfied with a purchase.

The relationship between the​ consumer's expectations and the​ product's perceived performance

Which of the following statements is true regarding product life cycle​ curves?

The sales of a typical product follow an​ S-shaped curve made up of five stages.

Service providers often face price competition. As a solution to​ this, service providers can further differentiate themselves based on which three​ characteristics?

The service​ offer, delivery, and image

Canada Goose makes iconic parkas. According to the article you read, which of the following best describes the company's product inventory strategy at its "The Journey" store in Toronto?

The store carries no product inventory.

Which of the following statements about the number of buyers in the market is TRUE?

There are more consumer buyers in the market than business buyers.

According to the model of buyer​ behavior, what is in a​ buyer's "black​ box"?

The​ buyer's characteristics and decision process

In the two political commercials you watched as part of this lecture, which advertisement did you think targeted motivations closer to the bottom of Maslow's Hierarchy of Needs pyramid?

Trump

Which type of targeting focuses on what several segments have in common?

Undifferentiated Marketing

Which of the following statements regarding managing service quality is​ correct?

Unlike product​ quality, service quality will always vary.

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

Based on the article you read, how does Ritz-Carlton measure the success of its relationships with employees?

Voluntary turnover

Which of the following is considered part of an augmented product rather than that of an actual product or core customer​ value?

Warranty

What is the most important component of a positioning statement?

Your brand's point of difference

We define the​ ________ process as the mental process through which an individual passes from first learning about an innovation to final adoption.

adoption

Buyers who face a new​ task-buying situation usually go through​ ________.

all of the eight​ stages, including performance review

All products have a life cycle. The sales of a typical product follow​ __________________, which is made up of five stages.

an​ S-shaped curve

​Generally, the​ consumer's purchase decision will be to buy the most preferred​ brand, but two factors can come between the purchase intention and the purchase decision. These two factors are​ ________.

attitudes of others and unexpected situational factors

The strongest brands are positioned on​ ______.

beliefs and values

3) The cartoon character "Jake" embodies the organizational values of Life is Good and is intended as a symbol of optimism and all that is right with the world. The "Jake" logo is an important symbol of the company's __________.

brand

A​ brand's positioning must be continuously communicated to consumers. Although advertising can​ help, brands are maintained not by​ advertising, but by​ customers' ________.

brand engagement and brand experiences

2) Jim Laughlin, the director of communications for Life is Good, emphasized the importance of spreading awareness of the organization's goal of helping children through the sale of products to both customers and employees. If consumers rate Life Is Good more favorably because of these efforts, the company has increased its ____.

brand equity

1) For many of Life is Good's customers, understanding of the company's positive message and social role makes a significant difference in terms of their response to the company's products and marketing. If this improves the company's financial position, it has increased its _____.

brand value

In building​ brands, companies need to make decisions about four key powerful​ areas: ________________________________.

brand​ positioning, brand name​ selection, brand​ sponsorship, and brand development

The​ ________ market comprises all organizations that buy goods and services for use in the production of other products and services or for the purpose of reselling or renting them to others at a profit.

business

After market strategy is​ developed, the next step of the new product development process is​ _______________.

business analysis

In the broadest​ sense, a new product marketer must research​ _____________________ when developing a new product and a marketing program.

characteristics influencing the rate of adoption

In the article you read, McDonald's is criticized for targeting its marketing to kids, particularly ______________.

children of color

Buyer discomfort caused by post-purchase conflict is known as ______________.

cognitive dissonance

Over time, a brand must be constantly repositioned to account for __________, _____________, and _____________.

competition, change, and crisis

Perceptual positioning maps are used to show a company the consumer perceptions of their brands vs. those of their ______________.

competitors

When deciding among possible value propositions, marketers consider their price and unique benefits relative to their ____________.

competitors

Business marketers are increasingly connecting with customers online and through​ digital, mobile, and social media to​ ________, __________,​ __________, ___________, and maintain ongoing customer relationships.

engage​ customers, share marketing​ information, sell products and​ services, provide customer support services

A service firm must orient and motivate its​ customer-contact employees and supporting service people to work as a team to provide customer satisfaction. This process is known as​ _________________________.

internal marketing

When marketers create services marketing​ strategy, they understand they must execute on external marketing but also develop​ _______________________________.

internal strategies to motivate employees and interactive marketing to create service delivery skills among service providers

The buying center and the buying decision process are influenced by​ ________, ​ __________, and​ __________ factors, as well as​ _____________ factors.

internal​ organizational, interpersonal, and individual​ factors, as well as external environmental factors

One important consideration in using a differentiated targeting strategy is that​ _______.

it can increase costs

The three functions of​ __________ include​ identifying, describing, and promoting the product.

labeling

I am skeptical, and tend to upgrade my phone to the newest model only after a majority of people have already adopted it. This makes me a/n ________.

late mainstream adopter

Increasing the number of products a company sells in a given category is called ____ its product line.

lengthening

Firms have four brand development choices. These are​ _____________.

line​ extensions, brand​ extensions, multibrands, and new brands

A convenience product involves frequent purchasing, little planning, little shopping effort and __________.

low customer involvement

"Line Stretching" means lengthening a product line by _________.

making new products for upper- or lower-class users

In perceptual positioning maps, what does the size of each circle represent?

market share

Business markets differ in many ways from consumer markets. The main differences are in​ ________, __________, and​ __________.

market structure and​ demand, the nature of the buying​ unit, and the types of decisions and the decision process

Companies need to consider many factors when choosing a​ market-targeting strategy.​ However, which targeting strategy is best depends on company​ resources, product​ variability, product​ life-cycle stage, as well as​ ________________________.

market variability and competitive marketing strategies

According to the article you read, in-store services such as interactive showrooms, directed navigation, and immersive visualization, are all enabled due to the popularity of what technology?

mobile devices and apps

When a product is in the maturity stage of the​ PLC, the company tries to increase consumption by finding new users and new market segments for its brands. This attempt to increase consumption is known as​ ______________________.

modifying the market

The business decision process typically takes ____________ time, as compared to the consumer decision process.

more

The best, but least sustainable, winning value proposition is _______.

more for less

When making a​ purchase, the buyer goes through a decision process consisting of all of the​ following: ________.

need​ recognition, information​ search, evaluation of​ alternatives, purchase​ decision, and​ post-purchase behavior

A popular football player at a college who is able to influence the buying decisions of fans would best be described as a(n) __________

opinion leader influence

​Occupation, age, and lifestyle are​ _________ factors that influence consumer buyer behavior.

personal

Once a company has decided which segments to​ enter, it must decide on its​ ________ strategy.

positioning and differentiation

4) The founders of Life is Good started their business by hawking T-shirts on the street and selling them door-to-door in college towns. As the organization grew, the number of different lines of products it offered grew, too. Collectively, these assorted product lines, in total, represent Life is Good's ________.

product mix

Companies must make important decisions about their individual products and services. Individual product decisions involve​ ________________, and product support services.

product​ attributes, branding,​ packaging, labeling

Companies can do​ e-procurement in several​ ways, including​ _______, ________,​ ________, and​ __________.

reverse​ auctions, trading​ exchanges, company buying​ sites, and extranet links

When Dr. Lawncare developed his revolutionary new weed​ killer, he expected​ that, during the introductory stage of the product life​ cycle, ___________.

sales would be slow and with negative or low profits

Good service companies understand the service profit​ chain, which links​ ________.

service firm profits with employee and customer satisfaction

Services are characterized by four key​ aspects: ______________________.

services are​ intangible, inseparable,​ variable, and perishable

According to the article you read, the sales funnel is an outdated model because _______.

shoppers expand and contract their set of choices throughout the process

To determine which market segments to target and​ serve, the company first evaluates each​ segment's ________.

size and growth​ characteristics, structural​ attractiveness, and compatibility with company objectives and resources

A/n ______ product is purchased based on a strong brand preference, loyalty, special effort, little comparison of brands, and low price sensitivity.

specialty

The first part of a marketing strategy statement describes the​ ________ of a new product.

target market

Once segments have been​ identified, market​ ________ evaluates each​ segment's attractiveness and selects one or more to serve.

targeting

A simple model of consumer behavior suggests that marketing stimuli and other major forces enter the​ consumer's "black​ box." This black box has two​ parts: ________ and​ ________.

the​ buyer's characteristics and the​ buyer's decision process

To create successful new​ products, a company must​ _______.

understand its​ consumers, markets, and competitors and develop products that deliver superior value to customers

The full positioning of a brand is called the​ brand's ________, which is the full mix of benefits on which a brand is differentiated and positioned.

value proposition

The​ ________________________ is a​ brand's full positioning or the full mix of benefits on which the brand is positioned.

value proposition

What are the five stages of the consumer adoption​ process, in the correct​ sequence?

​Awareness, interest,​ evaluation, trial, and adoption

In addition to segmentation and​ targeting, there are two other major steps in designing a customer​ value-driven market​ strategy: ________ seeks to create superior customer value in the mind of the​ consumer, and​ ________ seeks to firmly place the market offering in the minds of target customers.

​Differentiation; positioning

Major variables used to segment consumer markets include which of the​ following?

​Geographic, demographic,​ psychographic, and behavioral

Broadly​ defined, a product is anything that can be offered to a market for​ ___________, or consumption that might satisfy a want or need. Products include not only physical​ objects, but also​ services, events,​ persons, places,​ organizations, ideas, or mixtures of these entities.

​attention, acquisition, use

Consumers go through specific stages in the process of adopting a new product. Those five stages include​ ________, ________,​ _______, _________, and​ _______.

​awareness, interest,​ evaluation, trial, and adoption

External sources for new product ideas include​ _________.

​competitors, distributors and​ suppliers, and customers

Consumer products are products and services bought by final consumers for personal consumption. Consumer product classifications include​ _______________, and unsought products.

​convenience, shopping, specialty

​Ideally, a company must carry out strong new product planning and set up a systematic new product development process that is​ _________ to find and grow new products.

​customer-driven

Advances in information technology have dramatically affected the​ B-to-B buying process. Online​ purchasing, often called​ _______, has grown rapidly in recent years.

​e-procurement

Technology advances have made​ B-to-B online purchasing possible. This is called​ ________.

​e-procurement

Services marketing strategy calls not only for external​ marketing, but also for internal marketing to motivate​ ________ and interactive marketing to create service delivery skills among​ ________.

​employees; service providers

There are four major variables that might be used in segmenting consumer markets. Those major variables are​ ________ variables.

​geographic, demographic,​ psychographic, and behavioral

The second step in the buyer decision process might include seeking more information. Sources of information vary. Commercial sources normally​ ________ the​ buyer, but personal sources​ ________ products for the buyer.

​inform; legitimatize or evaluate

People can be classified into the adopter​ categories, with each category having different values and rates of adoption. The adopter categories include​ ________, ________,​ __________, _________, and​ __________.

​innovators, early​ adopters, early mainstream​ adopters, late mainstream​ adopters, and lagging adopters

Services are characterized by four key​ aspects, with each posing problems and marketing requirements. The four key aspects are​ ________________________.

​intangible, inseparable,​ variable, and perishable

The number of product lines a company manages is the product mix​ ______. The total number of items a company carries within its product line is the product mix​ _____.

​width; length

Based on the article you read, which step of "strategic intuition" is the hardest to achieve?

Achieving presence of mind

​___________________ are the two ways firms can obtain new products.

Acquisitions and new product development

Which product level relates to the physical attributes of the product itself?

Actual product

What is the name of the industry program (and icon) that shows when a digital ad has been targeted using prior web browsing behavior?

AdChoices

IMG World's products and services are geared toward colleges and students, the students of which may be considered young achievers. This designation can be best described as which influential factor of consumer buying behavior?

Age and life stages

According to the article you read, which of the following statements about B2B ecommerce is TRUE?

B2B ecommerce was already on the rise before the COVID pandemic.

Which of the following statements regarding the marketing of international products and services is​ correct?

Because markets and consumers around the world differ​ widely, companies must usually adapt their product offerings in different world markets.

Dividing the market up based on product usage level is an example of which segmentation variable?

Behavioral

I want to divide up the market based on the benefits different audiences get from using my product. This is an example of _______ segmentation.

Behavioral

Consider the KFC video I shared with you. Which Brand Development Strategy does KFC Nail Polish represent?

Brand Extension

The differential effect that knowing the brand name has on customer response to a product is called _______.

Brand equity

Which of the following terms correctly describes the positive differential effect that knowing the brand name has on customer response to the product or the​ service?

Brand equity

When a company builds a​ brand, it needs to make important decisions regarding the brand. Of the​ following, which is NOT one of those​ decisions?

Brand licensing opportunities

The "maturity" phase of a product's life cycle most closely aligns with which quadrant of the BCG Product/Market Matrix?

Cash cow

What is the audience segmentation database called that we looked at in the lecture?

Claritas PRIZM

Which of the following is NOT a social factor influencing consumer buying​ behavior?

Cognitive dissonance

Which of the following is NOT among the major factors influencing consumer buying​ behavior?

Commercial

Which of the following is NOT a product life cycle​ (PLC) stage?

Commercialization

Today, declining demand for the Barbie Doll has forced Mattel to lower its prices and phase out unprofitable items. This is indicative that it may be entering the ____ stage of its product life cycle.

Decline

During the "maturity" phase of the product's life cycle, what is typically a company's marketing objective?

Defend market share

What is the nature of demand in business​ markets?

Demand in business markets is derived demand.

Dividing the market up based on customers' gender is an example of which segmentation variable?

Demographic

"Competition" is considered what type of influence on business buying behavior?

Environmental

Market Offerings which have elements of both a product and service, and focus on how they make customers feel are called ____________.

Experiences

After the 1959 Toy Show, sales of the Barbie Doll took off, selling out the initial line of 500,000 and over a million outfits. Given this rate of unusually high sales and rapid popularity, many thought the product was a _______.

Fad

During which phase of the product's life cycle do we see rapid market acceptance, increasing profits, and a growing number of competitors?

Growth

In the early 1960s, the Barbie Doll had rapid market acceptance and could be found in a growing number of stores. This represents which phase of its product life cycle?

Growth

Students purchasing items with the college logo most likely represent consumers involved in which type of buying behavior?

Habitual

Intrapreneurial programs, like the Twitter Hackathon, are used in which stage of product development?

Idea generation

The R-W-W Framework is typically used in which stage of product development?

Idea screening

What are the four major steps in designing a customer​ value-driven marketing​ strategy, in the correct​ sequence?

Market​ segmentation, market​ targeting, differentiation, and positioning

According to the article you read about vehicle product life cycle, in which phase are companies most likely to engage in a competitive price and promotion war to gain sales?

Maturity

In 1992, Mattel's "Totally Hair Barbie" helped the company bounce back after a few years of slowly declining sales. By diversifying its product in order to maximize sales and profits, Mattel was hoping to keep the Barbie Doll in the _____ stage of its product life cycle a little longer.

Maturity

Market Segments which are _______ are large enough to build a marketing plan around.

Substantial

Which of the following is NOT a characteristic of service marketing?

Tangibility

What is the mistaken assumption that​ business-to-business companies often make about digital and social​ media?

That digital and social media are useful primarily to consumer products and services companies

​___________________ consists of many different people who play multiple roles in the buying process.

The buying center

Styles, fashions, and fads are defined as sales over _____.

Time

What are perceptual positioning maps used​ for?

To show consumer perceptions of different brands on important buying dimensions

Which of the following is a pure tangible​ good?

Toothpaste

According to the video you watched in this lesson, on average how many "nags" does it take for a typical parent to "cave in" and buy a product they know isn't good for their child?

9

According to the Forbes Brand Ranking, what is the world's #1 most valuable brand?

Apple

The delivery, installation, warranty, and tech support you receive from Best Buy after buying a TV relates to which product level?

Augmented product

In the traditional sales funnel framework, what does "AIDA" stand for?

Awareness, Interest, Desire, Action

At which step does a company perform a review of the​ sales, costs, and profit projections for a new product to determine whether the new product is likely to satisfy​ objectives?

Business analysis

Like consumer​ markets, business markets are segmented. Which of the following describes the variables that marketers use to segment business​ markets?

Business​ demographics, operating​ characteristics, purchasing​ approaches, situational​ factors, and personal characteristics

Based on the IDEO video in this Lesson, how did the company stay customer-centered during its product development process?

By observing and speaking with shoppers and workers at the grocery store

Which type of targeting focuses on going after several market segments, with a separate offering for each?

Differentiated Marketing

​______________________ is part of a​ company's decision on how it will create market offerings to deliver superior customer value.

Differentiation

What is market​ segmentation?

Dividing a market into distinct groups of buyers who have different​ needs, characteristics, or behaviors and who might require separate marketing strategies or mixes

​____________________ is a characteristic important in influencing an​ innovation's rate of adoption and described by the degree to which the innovation may be tried on a limited basis.

Divisibility

The New Product Development process takes a new product from ______ to _______.

Idea generation to commercialization

New product development consists of eight sequential steps. Which step reduces the number of ideas based on the​ company's criteria?

Idea screening

Which of the following is NOT one of the typical advantages of​ e-procurement systems?

Improving​ customer-supplier relationships

Which of the following statements regarding the business market is​ correct?

Many sets of business purchases are made for one set of consumer purchases.

Which of the following statements concerning new products is​ correct?

Modified and improved products are considered new.

Which of the following would be an appropriate strategy in the maturity stage of the product life​ cycle?

Modify the​ market, product​ offering, and marketing mix.

Kellogg's Frosted Flakes is an example of a ____________ Brand Sponsorship strategy.

National Brands

What is the first step of the buyer decision​ process?

Need recognition

When​ Coca-Cola saw the growth of the​ bottled-water category, it launched DASANI​Ò​, its brand of bottled water. Which brand development strategy did​ Coca-Cola use in launching​ DASANI?

New brand

Which type of targeting focuses on going after a large share of one (or a few) target segments?

Niche Marketing

Which of the following statements is true regarding standardizing products for international​ markets?

Standardization decreases product​ design, manufacturing, and marketing costs.

Nailit Cosmetics is advertising its newest line of nail​ polishes, made from a​ nontoxic, water-based nail polish with amazing summer colors. Nailit is selling the products in specially designed bottles that make application easier. Which of the following is a core customer value for​ Nailit's line of​ polishes?

The desire to have beautiful nails

What determines whether the buyer is satisfied or dissatisfied with a​ purchase?

The relationship between the​ consumer's expectations and the​ product's perceived performance

In the early​ 1970s, 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 fad

The differentiation and positioning task consists of three​ steps: identifying​ ________ that create competitive​ advantage, choosing​ ________ on which to build a​ position, and selecting an overall positioning strategy.

a set of possible​ differentiations; advantages

Social responsibility includes public policy issues and regulations involving​ _________________, and product warranties.

acquiring or dropping​ products, patent​ protection, product quality and safety

When effective programs can be designed for attracting and serving market​ segments, these segments are​ ________.

actionable

Because markets and consumers worldwide differ​ widely, companies usually respond to these differences by​ ________.

adapting their product offerings

Adding a new product line to an existing portfolio means that the line has​ __________________.

increased product mix width

Which of the following correctly identifies the levels for which marketers make product and service​ decisions?

individual​ product, product​ line, and product mix decisions

To target the best market​ segments, the company first evaluates various factors related to market attractiveness. Of the​ following, which is NOT one of those​ factors?

Compatibility with company mission and vision

Which of the five characteristics identified has an inverse relationship with an​ innovation's rate of​ adoption, meaning as this characteristic​ increases, the rate of adoption is​ slower?

Complexity

In which targeting strategy does a firm go after a large share of one or a few smaller​ segments?

Concentrated marketing

Which of the following correctly describes the classifications into which products and services​ fall?

Consumer products and industrial products

Which of the following statements about new product development strategy is​ correct?

Innovation can be very expensive and very risky.

A particular customer's "expertise" in the company is considered what type of influence on business buying behavior?

Interpersonal

​__________________ represent an internal source of new product ideas for a company.

Intrapreneurial programs

According to the article you read about vehicle product life cycle, in which phase are companies most likely to put customers on the waiting list to buy a car?

Introduction

Which phase of the product life cycle is marked by slow sales growth, heavy investment, no profits, and few competitors?

Introduction

Marketers need to understand and know the answers to several key questions when dealing with buying centers. Of the​ following, which is NOT one of those key​ questions?

Is price a major factor or is the buying center price​ sensitive?

Based on the IDEO video in this Lesson, how did the company stay team-based and systematic during the Idea Screening step of the product development process?

It had all members of the team vote for ideas with post-its

Which of the following is true of an undifferentiated (mass) market strategy?

It is less expensive than a differentiated strategy

The Gap offers higher-end professional clothing and prices at Banana Republic and lower-end casual, everyday clothing at lower prices at Old Navy. What type of product lengthening strategy does this represent?

Line stretching

Which stage of the PLC is characterized by peak​ sales, low costs per​ customer, high​ profits, mainstream​ adopters, and a stable number of competitors that are beginning to​ decline?

Maturity

Which stage of the product life cycle normally lasts longer than the previous stages and poses strong challenges to marketing​ management?

Maturity

Which of the following is a personal characteristic influencing a​ consumer's buying​ behavior?

Occupation


Set pelajaran terkait

Unit 1 - Aquinas, Aristotle, and Engels

View Set

Chapter 3 - The Cellular level of Organization

View Set

Life-Span Ch. 1 - Life Span Perspective

View Set

Chp. 4 Finance: The Time Value of Money

View Set

Ignite Seminar A 11th grade Semester 1 Unit 1

View Set

Islamic Art - Exam Pieces: Sultanate-Late Mughals

View Set

Chapter 1,2,3,5 test Marketing 3007

View Set