Marketing EXAM 2 (quiz)

New product commercialization takes much thought and planning. The first critical step in the commercialization process is​ __________.

introduction timing

Ad agency Young​ & Rubicam's BrandAsset Valuator measures brand strength along four consumer perception dimensions. Brand​ ________ is defined in terms of how highly consumers feel the brand meets their needs.

relevance

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

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

Which of the following describes the process of evaluating each market​ segment's attractiveness and selecting one or more segments to​ serve?

Market targeting

The type of segmentation that forms segments of consumers who have similar needs and buying behaviors even though they are located in different countries is known as​ _________.

intermarket segmentation

If competitors cannot easily copy the benefit a company chooses to​ promote, that benefit is said to be​ _________.

preemptive

The marketing manager at Only Organic Delicatessen targets customers who are focused on​ organic, healthy food choices but who still want to dine out. The restaurant chain offers a wide variety of​ organic, low-fat, locally raised produce and foods. Only​ Organic's approach is best referred to as​ ________ segmentation.

psychographic

Which value proposition offers not only higher​ quality, but also confers prestige upon the​ buyer?

More for more

The PLC concept also can be applied to what are known as​ styles, fashions, and fads. A​ ________ is a currently accepted or popular​ ________ in a given field.

​fashion; style

In early​ 2017, fidget​ spinners, dubbed the​ "hula hoop of Gen​ Z," took the market by storm.​ However, it​ wasn't long before sales started to fizzle and teens moved onto the next sensation. Fidget spinners are an example of which of the​ following?

A fad

Which of the following correctly defines a​ product?

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

User​ status, usage​ rate, and loyalty status are examples of which type of segmentation​ variable?

Behavioral segmentation

________ is the differential effect that knowing the brand name has on customer response to the product and its marketing.

Brand equity

​________ is the step of the new product development process during which a review of the​ sales, costs, and profit projections for a new product is conducted to determine whether the new product is likely to satisfy the​ company's objectives.

Business analysis

Socially responsible target marketing would classify which of the following as an especially vulnerable target market for harmful or controversial​ products?

Children

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

During which stage of the PLC do firms decide whether to​ maintain, harvest, or drop​ products?

Decline

Which is the final stage of the product life​ cycle?

Decline

​________ demand is the term used for business demand that ultimately comes from the demand for consumer goods.

Derived

Which type of​ market-coverage strategy involves targeting several market segments and designing separate offers for​ each?

Differentiated marketing

​________ represent an external source of new product ideas for a company.

Distributors

​__________ 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

Technological, political, and competitive influences are categorized as which type of major influence on business buyer​ behavior?

Environmental

Munoz Specialty Foods groups its customers by regions in the United​ States, such as​ Midwest, Northeast, and Southwest. For each​ region, Munoz creates a different set of advertisements and promotions. On which of the following segmentation variables does the firm divide its​ market?

Geographic

Through its mobile Whopper Detour​ promotion, Burger King offered discounted Whoppers to people close to a competing​ McDonald's restaurant. This is an example of which of the​ following?

Hyperlocal social marketing

In which stage of the new product development process would a company use a​ hackathon?

Idea generation

What is the first step of the new product development​ process?

Idea generation

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

Improving​ customer-supplier relationships

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

Innovation can be very expensive and very risky.

Which of the following statements regarding packaging is​ correct?

Innovative packaging can give a company an advantage over competitors and boost sales. Your answer is correct.

Which adopter group is first to adopt a new​ product?

Innovators

​________ marketing means that service quality depends heavily on the quality of the buyer-seller interaction during the service encounter.

Interactive

Which link in the service profit chain involves employee selection and​ training?

Internal service quality

Which stage of the product life cycle is characterized by negative profits and high costs per​ customer?

Introduction

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

Need recognition

Which of the following would make a segment less attractive to​ enter?

New entrants finding it easy to enter the segment

Services cannot be stored for future use. Which characteristic of services does this​ describe?

Perishability

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

__________ protect consumers from harm and the company from liability by proactively ferreting out potential product problems.

Product stewards

Amazon is now promising​ same-day pick-up of goods as well as local secure​ pick-up points. What point of differentiation is​ this?

Services differentiation

Which of the following statements regarding socially responsible product decisions is​ correct?

The government may prevent companies from adding products through acquisitions if the effect threatens to decrease competition.

​__________ 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.

Which of the following statements is correct concerning service marketers going​ global?

The trend toward growth of global service companies is expected to continue in the near future.

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

The​ buyer's characteristics and decision process

According to​ Maslow's hierarchy, which of the following needs would a person seek to satisfy​ first?

Thirst

Which of the following is a pure tangible​ good?

Toothpaste

Which of the following statements about service marketing is​ correct?

Training current employees better and hiring new ones with more skills can increase service productivity.

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

Warranty

A company can obtain new products by buying a whole​ company, a​ patent, or a license to produce someone​ else's product through​ _________.

acquisition

Kidcomp, an American​ computer-manufacturing firm, targets children younger than age 10 by providing free games and applications. The​ firm's marketing approach is reflective of​ ________ segmentation.

age and​ life-cycle

All the individuals and households that buy or acquire goods and services for personal consumption are known as the​ ________ market.

consumer

Social class is a type of​ ________ characteristic that influences consumer buying behavior.

cultural

Consumers go through five stages in the process of adopting a new product. In the​ ________ stage, the consumer considers whether trying the new product makes sense.

evaluation

When marketers want to promote their products and services through​ word-of-mouth marketing​ programs, they typically begin by​ ________.

generating​ person-to-person brand conversations

When luxury audio brand Bose positions its products on the​ innovative, high-quality listening experiences it gives users this exemplifies​ ________ differentiation.

image

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

increased product mix width

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

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

labeling

Dividing a market into smaller segments of buyers with distinct needs or behaviors that might require separate marketing strategies is known as​ __________.

market segmenting

When a company engages in​ ________marketing it ignores market segment differences and targets the whole market with one offer.

mass

The type of segment characteristic in which the​ size, purchasing​ power, and profiles of the segments can be quantified is known as​ __________.

measurable

Firms that manufacture seasonal products target their consumers primarily through​ ________ segmentation.

occasion

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

opinion leaders

A manufacturer of​ half-ton pickup trucks creates a positioning map for the U.S.​ half-ton pickup market. The position of each circle on the map indicates the​ brand's perceived positioning on two​ dimensions: price and orientation​ (economy versus​ performance). The size of each circle indicates the​ brand's relative market share. This is an example of a​ __________.

perceptual positioning map

​H2Coast, an automobile​ manufacturer, produces​ fuel-efficient hybrid vehicles that are targeted toward​ high-end exotic-vehicle collectors with ample leisure time. H2Coast most likely segments the consumer market based on​ ________ variables.

psychographic

A purse​ company's ads feature the members of a popular reality show about housewives. Product sales increase significantly among fans. From​ fans' viewpoint, the reality show is a​ ________.

reference group

The buyer makes the fewest decisions in the​ ________ and the most in the​ ________ decision.

straight​ rebuy; new task

When a company lengthens a product line by adding more items beyond its current​ range, it is​ ________.

stretching the line

Installing an innovation management system to​ collect, review,​ evaluate, and manage new product ideas represents​ a(n) __________ approach to new product development.

systematic

The customer journey concept​ ________.

takes a holistic view of all the experiences a consumer has with a brand

When Dr. Lawncare developed his revolutionary new​ solar-powered lawnmower, he expected that during the growth stage of the product life cycle​ __________.

the company would see rising profits

Product mix width refers to​ ________.

the number of different product lines the company carries

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

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

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

Modified and improved products are considered new.

Which of the following offers a way to establish different features that appeal to different customer​ segments, lock up more reseller shelf​ space, and capture a larger market​ share?

Multibranding

Which of the following terms does NOT mean tailoring products and marketing programs to the needs and preferences of individual​ customers?

Niche marketing

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

Self-concept

Which type of consumer products and services are purchased less​ frequently, with consumers carefully comparing competing products in terms of​ suitability, quality,​ price, and​ style?

Shopping products

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

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

​________ segments are large or profitable enough to serve.

Substantial

_________ is one problem with​ business-to-business e-procurement.

Suppliers being pitted against one another

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

The buying center

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

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

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.

demographic

Groups of​ _________ products consist of materials and​ parts, capital​ items, and supplies and services.

industrial

Buyers look for signals of service​ quality, drawing conclusions about quality from the​ place, people,​ price, equipment, and communications that they can see to address the issue of service​ ________.

intangibility

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

Which of the following incorporates the advantage of brands operating in different categories with the combined brands creating broader consumer appeal and greater brand​ equity?

​Co-branding

Intuit​ Labs, a division of​ Intuit, the accounting and payroll software​ developer, follows a​ "Design for Delight​ (D4D)" development​ philosophy, which states that products should delight customers by providing experiences that exceed expectations. Which new product development approach is Intuit​ using?

​Customer-centered new product development

In 2015 Target eliminated its​ "pink" and​ "blue" aisles, and it now sells lines such as a collection of​ back-to-school clothing,​ accessories, backpacks, and bedding that appeals to both boys and girls. This is an example of which type of​ marketing?

​Gender-neutral

​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

Which of the following statements regarding the important decisions in the development and marketing of individual products is​ correct?

Product attributes that communicate and deliver benefits to the consumer include​ quality, features, and style and design.

At one​ time, Miller Beer was known as the​ "champagne of bottled​ beer." It was targeted at an elite class of customers.​ Later, to increase​ sales, Miller was repositioned to attract members of the working middle class. What is this segmentation method​ called?

Psychographic