Marketing EXAM 2 (warm up)
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.
____________ are the two ways firms can obtain new products.
Acquisitions and new product development
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.
When a company builds a brand, it needs to make important strategic decisions regarding the brand. Of the following, which is NOT one of those decisions?
Brand licensing opportunities
Mavis loves her new iPhone but wonders if a Samsung Note would have offered more benefits. This is an example of which of the following?
Cognitive dissonance
Which of the following is NOT among the major factors influencing consumer buying behavior?
Commercial
Which of the following is NOT one of the specific ways in which companies can differentiate their market offerings?
Competitor 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
One factor influencing adoption is ________, which is the degree to which the new product fits the values and lifestyle of consumers.
compatibility
Companies use ________ to put their B-to-B purchasing requests online and invite suppliers to bid for the business.
reverse auctions
Services are characterized by four key aspects: ______________
services are intangible, inseparable, variable, and perishable
What is the first step in the new product development process?
Idea generation
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?
Building selective demand
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 consumer products fall?
Convenience, shopping, specialty, unsought
What are the five steps in the buyer decision process, in order?
Need Recognition Information Search Evaluation of Alternatives The Purchase Decision Post Purchase Behavior
Which of the following describes the variables that marketers use to segment business markets that differ from the variables used to segment consumer markets?
Operating characteristics, purchasing approaches, situational factors, and personal characteristics
________ involves differentiating a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Positioning
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 Performance Review
Marketers need to understand and know four major influences on business buyer behavior. Which of the following is NOT one of those influences?
Supplier selection
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
Major variables used to segment consumer markets include which of the following?
Geographic, demographic, psychographic, and behavioral
Which of the following correctly defines the consumer market?
Individuals and households that buy goods and services for personal consumption
In managing new product ideas, which of the following allows for a holistic and systematic process?
Installing an innovation management system
What are the four strategies marketers can use to develop their brands?
Line extensions, brand extensions, multibrands, and new brands
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 stage of the product life cycle normally lasts longer than other stages and poses strong challenges to marketing management?
Maturity
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 logos, and product support services
Which of the following is NOT correct regarding the introductory stage of the product life cycle model?
Profits are high and grow rapidly.
A new product may fail for many reasons. Which of the following is NOT one of them?
Rapid market acceptance
Technology advances have made B-to-B online purchasing possible. This is called ________.
e-procurement
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 Adoption
Which stage of the business buying decision process involves ranking the importance of reliability, durability, and price?
General need description
Successful service marketing depends on external marketing using the four Ps. Service marketing today also requires which two nontraditional marketing approaches?
Internal and interactive
Product mix ________ refers to the number of different product lines the company carries, while product mix ________ refers to the total number of items a company carries within its product lines
width; length