Marketing Principles Midterm

Change the packaging of the toy

Gershwin,a musical toy for toddlers, is in the maturity stage of the product life cycle and Gershwin managers have decided to modify the product. What will Gershwin managers most likely do to achieve this goal

Competitive marketing intelligence

Hammond Corp. operates in the highly aggressive electronics market. The firm aims to obtain early warnings of opportunities and threats caused by the actions of other firms that are doing well in the industry. Which of the following sources best serve Hammond's purpose

Which of the following is a pure tangible good?

Shampoo

What is most true statement about shopping products?

Shopping products are purchased less frequently than convenience products

Internal

Susan Hart, the manager of a children's boutique, collects data from her monthly records of sales costs, and cash flow. In this case Susan is making use of ___ databases

During the decline stage of the product life cycle, product sales may plunge to zero, or they may drop to a low level where they continue for many years

True

a business marketer normally deals with far fewer buyers than a consumer marketer

True

Point of difference

Zeal is a popular automobile brand, and its positioning statement is: "for upscale American families who require large vehicles, Zeal is the automobile of choice: "which of the following mandatory elements is missing the positioning statements

Brands vary in the amount of power and value they hold in marketplace. Iconic brands like Apple, Google and Harley Davison have achieved substantial brand _____

equity

People use the same products and services as they progress through each life cycle stage

false

More-for-less

firms that position themselves as caterers of the best products as economical prices

Commercialization

introducing a new product into the market

Defining the problem and research objectives

is often the most difficult but most critical step in the research process

Product life cycle

it is generally difficult to forecast the sales level at each PLC stage

Which of the following is an example of an unsought product?

life insurance

_____ refer to a form of product that consists of activities, benefits or satisfaction offered for sale that are essentially intangible.

services

Casual research is used to ___

test hypotheses about cause-and-effect relationships

Branding has become so strong today that hardly anything goes unbranded

true

Business and consumer marketers use many of the same variables to segment their markets

true

Distinction between consumer product and an industrial product is based on the purpose for which the product is purchased

true

Even if a segment has the right size and growth and is structurally attractive, a company must consider its own objectives and resources before targeting that segment

true

Th moral of the product life cycle is that companies must continually innovate; otherwise they risk extinction

true

When consumers react more favorably to brand than to a generic or unbranded version of the same product, the brand is said to have positive brand equity

true

Consumers are not always honest and open about their opinions

true of focus group discussions

Language translations in international marketing research typically increases costs and raises the risk of errors

true statement about international marketing research

Perceptual positioning maps

used to analyze consumer perceptions of a brand relative to competing products

Generating person-to-person brand conversations

when marketers want to promote their product and services through word-of-mouth marketing programs, they typically begin by ___

not-for-profit organizations

would most likely use informal research methods to obtain marketing insights

Undifferentiated marketing

an approach where firms target a whole based on common consumer needs

Attitude

An _____ describes a person's relatively consistent evaluations, feelings, and tendencies toward an object or idea

Psychographic

Bass Pro Shops recognizes that outdoors enthusiasts are a diverse group. Likely segments include hunters, campers, and boaters. What is the segmentation method called?

Descriptive research

Coolers Inc. has decided to launch a new energy drink that will have the fewest calories among its competitors. To understand the market potential for the new drink and the demographics and attitudes of consumers who are likely to buy the product, Coolers should most likely use _____

Maturity

Craft Inc.'s Krayons is a multi-coor chalk material that was released in the market over a century ago. Since the release, the company has had remarkable sales and Krayon has remained unchanged. However, over the last few years, sales of Krayons have been stagnant. Competitors have begun marking process down, and increasing their advertising and sales promotions. Crafts Krayons is most likely in the ____ stage of the product life cycle

a company creates a forum where anyone can contribute new product ideas

Crowdsourcing is used for a new product development when ____

Demographic

Harry;s casters to the clothing needs of men, manufacturing two different lines of fashion based on the purchasing power if its customers. One product line caters to the needs of affluent, middle-aged, and other line targets younger, and up-coming professionals. Harry's most likely segments the consumer market based on _____ variables

Business analysis

Hollingsworth is a retail company that is planning to release a new line of luxury personal care products. Its managers are now reviewing the sales history of similar products and conducting marketing surveys to estimate minimum and maximum sales for the product. In which of the following stages of the new product development process is the product?

A doctor performing hip surgery on a patient illustrates how a service can be produced and consumed simultaneously. This is an example of which service characteristic?

Inseparability

Gender

P&G was among the first to use ___ segmentation when it introduced Secret a deodorant brand specially formulated for women's chemistry

Idea screening

Safari Unlimited recently conducted national research to generate ideas for a new line of fatigues geared to women. The company uncovered a number of ideas about clothing and accessory preferences as well as important benefits such as built-in sunblock and durability. The Safari Unlimited product development team will most likely use ____ next to arrive at a realistic number of products for the new fatigues line

Market research

The systematic design, collection analysis, and reporting of data relevant to a specific situation facing an organization

Motive

a baby boomer decides to purchase a BMW to impress others with her success. This illustrates the importance of understanding the role of ____ in the marketing process

Culture

a child in the US is exposed to many values including achievement and success, freedom, individualism, hard work, ad material comfort. These are symbolic of American ___

Cognitive dissonance

a discomfort caused by post purchase conflict

It balances the information that a firm would to have against what they really need

a good marketing information system

Organizational factors

a major influence on business buyer behavior

Mareting surveys

a quantitative approach to research

Family

a social factor that influences consumer buying behavior

Commercial

a source of product information that marketers can control completely

Social classes show distinct product preferences in areas such as clothing

a true statement of social class

Higher costs of doing business

compared with undifferentiated marketing, differentiated marketing is more likely to lead to ___

They are more relevant than secondary data

an advantage of primary data

A _____ is defined as a name, term, sign, symbol or design or combination of these that identifies the maker or seller of a product or service

brand

___ occurs when two established brand names of different companies are used on the same product

co-branding

Positioning

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

Laundry Detergent, candy, magazines, and fast food are examples of

convenience

A company adding new features to a product will most likely assess each features value to customers relative to it's

cost to the company

New product development process

customers, competitors, distributors, and suppliers are major sources of new product ideas

The quality of customer insights provides

demonstrates the real value of a company's marketing research and information system

Growth stage

during this stage a firm most likely faces a trade-off between high market share and high current profit

Product life cycle

growth is a period of rapid market acceptance and increasing profits

Introduction

in which stage stage of the product life cycle will promotional expenditures be significantly high in an attempt to create consumer awareness of a product and its features

Clorox sells five major product lines including cleaning, household, lifestyle, professional, and international. Together the product lines make up clorox's _______

product mix

Supplier performance review

the final stage of the business buying decision process

Need recognition

the first stage of the buyer decision process

Benefit

the marketing manager at Frizzles' Eateries 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. Frizzles' approach is best referred to as _____ segmentation

Personal

the most effective some of information about a product tend to be ____

Idea generation

the new product development process usually starts with ___

Exploratory

the objective of ___ research is to gather preliminary that will help define the problem and suggest hypotheses

Perception

the process by which people select, organize, and interpret information to form a meaningful picture of the world

Market segmentation

the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behavior

Product positioning

to simplify the buying process, consumers are likely to position products in their minds