TapMind #7-#9

A product has more competition during the __________ stage than in any other stage in its life cycle. a.market maturity b.market growth c.market introduction d.market decline

a

A survey asks the following two questions: Q1) $25.00 definitely would not buy 1 2 3 4 5 6 7 definitely would buy Q2) $35.00 definitely would not buy 1 2 3 4 5 6 7 definitely would buy There is a segment of people who are not really interested in the product regardless of the price. What are their answers most likely to be? a. Q1=2 or 3, and Q2=1 or 2 b. Q1=6 or 7, and Q2=5 or 6 c. Q1=4 or 5, and Q2=3 or 4 d. Q1=1 or 2, and Q2= 2 or 3

a

A test market that uses a virtual shopping experience to give customers a chance to buy the product (or not) is called a ________ test market. a.simulated b.area c.electronic d.computerized

a

Amos does not want to find new customers or create new products. Instead, he is opening more stores and improving the marketing mix—more intriguing advertising, better pricing, better reward program, better in-store service, better store ambience, etc. What strategy is he using? a.market penetration b.product development c.market development d.diversification

a

An estimated _______ of typical firm's value is determined by intangible assets, including its brand names. a.50% b.33% c.25% d.75%

a

Branding cities and countries is becoming increasingly popular, as destinations seek more tourism and/or ________. a.business investment b.recognition c.taxes d.population

a

Companies build associations to their brands through _____. a.classical conditioning b.operant conditioning c.learning d.behavioral studies

a

Company ABC is about to launch a fuller product line in an effort to satisfy more customer segments in the market. Given these activities, Company ABC's current product(s) is most likely in which stage of the Product Life Cycle? a.maturity b.market introduction c.decline d.market growth

a

Generally, it is better to use the same ______ worldwide if possible. a.brand name b.logo c.trademark d.colors

a

Hannah and Ellen rely on consistent messages received via word of mouth, and are older and more conservative than other customers of Product X. Hannah and Ellen most likely fall into which of the following categories? a.late majority b.early majority c.laggards d.innovators

a

How many new brands are issued annually by the U.S. Patent and Trademark office? a.100,000 b.200,000 c.400,000 d.500,000

a

If demand bounces around when prices change, it's _______. a. elastic b. stable c. absolute d. unreliable

a

Mac user groups are an example of _____. a.a brand community b.an emotional connection c.free advertising d.personal benefits

a

Nancy is considering whether her toy manufacturing business should develop its own brand. Which is a company reward Nancy can expect from branding? a.Brands enhance loyalty. b.Brands confer status. c.Brands signal consistent quality. d.Brands convey information.

a

Regarding fast-growing economies, what does "BRIC" stand for? a.Brazil, Russia, India, China b.Britain, Russia, Italy, Canada c.Brazil, Romania, India, Canada d.Britain, Romania, Italy, China

a

Saying, "Okay, maybe some ideas are in fact bad ideas" corresponds to which step in the process of creating new products? a.in-house winnowing and refinement b.brainstorming meetings c.concept testing d.design development

a

Scott, a young professional, buys a new BMW. Scott's new BMW is an example of ______. a.a status symbol b.a market segment c.paying a premium price d.predictability in quality

a

The most stunning demographic trend in America and Western Europe is that the population is _____________. a.aging b.getting less and less education c.becoming more and more religious d.getting younger

a

Top down is also called ________ because the idea comes from within the company, and then feedback from the outside is sought later in the process. a.inside out b.outside in c.long term d.short term

a

What does it mean for demand to be "unitary?" a. prices go up or down but revenues remain about the same b. prices remain the same but revenue goes up and down c. prices and revenue change unpredictably d. there is never a change in price or revenue

a

What is the marketing manager's favorite tool to study pricing? a. conjoint b. surveys c. scanner data d. meta-analysis

a

What term refers to the likelihood that the target segment will buy the product? a.sales intention b.market potential c.purchase intention d.sales potential

a

What term refers to using customer data to try to predict the product's likely success? a.forecasting b.foreshadowing c.test marketing d.profit prediction

a

Which branding approach provides stronger financial outcomes to the company?a.umbrella approach b.house of brands c.community branding d.marketing approach

a

Which of the following formulas defines profit? a. (price x demand) - (fixed costs) - (variable costs x demand) b. price - demand - (fixed costs x variable costs) c. price + (demand - fixed costs) x variable costs d. price x (demand - fixed costs) + variable costs

a

Which of the following is a branding question a company needs to consider as part of their overall marketing strategy? a.Should we offer multiple products under the same brand name, or roll them out with distinct brand names? b.How can we build our brand community? c.Should we change our current brand name? d.Should we form a brand conglomerate?

a

Which of the following is the Interbrand formula to asses the value of a brand? a.value of firm minus physical and financial assets b.price of brand minus packaging cost c.tangible value minus intangible value d.value of firm minus administrative costs

a

Which of the following is the formula for cost-plus pricing? a. (unit cost) / (1-X%) b. (unit cost) x (1-X%) c. (unit cost) + (1-X%) d. (unit cost) - (1-X%)

a

Which of the following steps comes immediately after idea creation in the new product development process? a.in-house winnowing and refinement b.concept testing c.product testing d.test marketing

a

_______ branding is the primary form of co-branding in which one of the companies and its product is the primary host and the other company and its product add value to the host product. a.Ingredient b.Associated c.Global d.Enhanced

a

________ is greater when the item is a luxury good rather than a necessity, when many substitutes are available, or when the purchase is a relatively big one. a. Price sensitivity b. Product sensitivity c. Place sensitivity d. Promotion sensitivity

a

_________ is the path we take when we're settled on our product mix and we think there are more segment opportunities to target. a.Product development b.Market penetration c.Market development d.Diversification

a

_________ tends to be higher when the product has a clear relative advantage over existing products, is compatible with the customer's lifestyle, and is not overly complex (or the complexity is masked by a user-friendly interface), and is easily tried or sampled, to facilitate initial assessment. a.Consumer acceptance b.Risk c.Cost d.Efficiency

a

(Price - variable costs) is also called ________. a. profit b. contribution per unit to fixed costs c. maximum sales volume d. fixed price units per contribution

b

A ______ is a group of customers who love their brand so much that they like to connect with other customers who think like themselves. a.brand group b.brand community c.brand ambassador group d.brand conglomerate

b

A _________ approach is found frequently among companies with strong engineering orientations, pharmaceutical and biomedical firms, financial services, and many high-technology companies. a.bottom-up b.top-down c.upward d.downward

b

A true global brand carries ______ brand name(s) and logo(s) anywhere it is offered, and it is available in most markets in the world. a.less than ten b.one c.more than 10 d.unlimited

b

Anne and Joseph lead the product development team for a national GPS system manufacturer. In reviewing customer satisfaction survey results, they find that product reliability is one of their customers' biggest complaints. From a marketing perspective, reliability in a product means ______. a.it is expensive to own one b.the product will perform to quality standards c.the prestige of the product bolsters the consumers self-image d.maintenance and repair costs are high

b

At which stage in the new product development process does the company have a number of ideas that it thinks might work, and gets customers' feedback as to which ideas sound most promising? a.test marketing b.concept testing c.product development d.product testing

b

Brand 123 has customers in many countries purchasing its bicycles, but its managers are unsure if the brand is truly a "global brand." What percent of a global brand's revenue should come from other countries? a.70% b.30% c.40% d.50%

b

During ____________, a new product (good or service) is brought into the marketplace with heavy marketing spending. a.market growth b.market introduction c.maturity d.decline

b

If a change in price barely effects demand, that means the demand is _______. a. supplied b. inelastic c. unstable d. relative

b

If a company wants to be innovative, which strategy are they most likely to use? a.market penetration b.product development c.market development d.diversification

b

Lee is the product manager for a software program sold by Company ABC. In evaluating the product, Lee determines that something just isn't right with how the software program is marketed to potential customers, and he feels a change is necessary. Which of the following marketing mix variables is easiest for Lee to change? a. promotion b. price c. place d. product

b

Procter & Gamble determined that its Thermacare Heat Wrap was underperforming and lacked a desired level of growth potential, so it decided to sell the brand. In what phase of the product life cycle was Thermacare Heat Wrap? a.growth b.decline c.maturity d.failure

b

Research has suggested ratcheting down the purchase intention estimate by a factor of ___________. a.1/4 b.3/4 c.1/2 d.1/8

b

Strong brands _____. a.are a liability b.deliver greater returns with less risk c.guarantee success for a company d.are the most significant barrier to entry in the market

b

The _________ are 3-5% of consumers who like to try new ideas and are willing to take risks. They tend to be relatively educated, and capable and confident in assessing information about a product on their own. a.early adopters b.innovators c.early majority d.laggards

b

Traditionally, 40-50 small metropolitan areas throughout the U.S. are known to marketing research firms as having characteristics representative of the country as a whole. These are called __________. a.simulated test markets. b.area test markets. c.electronic test markets. d.country test markets.

b

What sub-population is growing faster than any other in the U.S.? a.African American b.Hispanic c.Asian d.Caucasian

b

What term refers to the "wiggle room" in the supply and demand curve? a. price insensitivity b. elasticity c. variance d. error

b

Which is not a quality associated with the brand name under the company's control? a. product shape b. customer feedback c. packaging d. logo

b

Which is not an example of a company using an umbrella branding approach? a.Honda's cars, motorcycles and lawn mowers b.Masterfoods has many major brands including Mars and Pedigree Chum c.Canon's cameras and copiers d.Nike makes shoes, clothes and gym bags

b

Which is not an example of brand extensions? a.Pepsi offers new flavors b.Titleist outerwear advertises that it uses Goretex in its jackets c.QuickBooks has its basic software, a version for Macs, another for small business needs, and premier packets for professionals, nonprofits, retailers d.L'Occitane offers bubble bath and moisturizer lotions

b

A brand name whose image is waning is less of a liability in which approach? a.umbrella approach b.community approach c.house of brands d.marketing approach

c

A connection of nodes that deal with brand name, attributes, and abstract benefits is considered a(n) ______. a.brand community b.emotional connection c.brand association network d.brand mapping

c

Adam and Jose are attempting to identify the bundle of product features most likely to attract customers. Jose argues that they should conduct a(n) _________, which involves comparing different combinations of attributes, and the customer simply determines which product combination sounds best, next best, and so on. a.focus group b.interview c.conjoint study d.web survey

c

All of the following are indicators of scanner data EXCEPT: a. which brands are bought b. the quantities bought c. product advertising d. the paid price

c

Companies who survive for decades need to _____ their logos. a.colorize b.keep c.adapt d.simplify

c

Customers are more price sensitive if all of the following apply EXCEPT: a. they don't care much about the purchase b. they don't care much about the purchase category c. they don't care much about the product d. they don't care much about the brand

c

Focus groups and web surveys are used mostly during which phase of product development? a.brainstorming b.beta testing c.concept testing d.launch

c

Frank and Joe are researching the value of top brands for their marketing class, and they find out that, according to BusinessWeek, the top U.S. brand in terms of brand worth is: a.McDonald's b.Microsoft c.Coca Cola d.Disney

c

Free-spirits like skateboarders and Burning Man attendees eschew big national brands due to the _______ they represent. a.value b.image c.commercialism d.country of origin

c

If E = 1, demand is said to be ________. a. elastic b. inelastic c. unitary d. invalid

c

If your fixed costs (including marketing, advertising, R&D, depreciation, etc.) are high relative to variable costs (which include labor or unit components), the strategic objective is to: a. maximize per unit margins b. eliminate advertising c. maximize sales volume d. raise the price as much as possible

c

In which phase of the Product Life Cycle is customer awareness getting stronger, and there may be some buzz in the marketplace? a.market introduction b.decline c.market growth d.maturity

c

One way marketers get customers to relate to brands is by creating a brand _______, such as Apple's classification as "exciting" or how Gillette is action oriented. a.spokesperson b.image c.personality d.awareness

c

Scott, a young professional, buys a new BMW, even though a Mercede's would have cost him less. Scott values the BMW brand. This is an example of _____ a.a status symbol b.a market segment c.paying a premium price d.predictability in quality

c

The goal of forecasting is to estimate the "$SP." What does "$SP" stand for? a.systematic process b.simulated price c.sales potential d.sustained profitability

c

The opposite of a top-down approach is usually called ___________. a.outside-in b.inside-out c.co-creation d.bottom-up

c

The stage of the Product Life Cycle where sales and profits drop and new products replace older generations is called ___________. a.market growth. b.market introduction. c.decline. d.maturity.

c

There is less risk with ________ new products than with ________ new products. a.inexpensive, expensive b.expensive, inexpensive c.incrementally, really d.really, incrementally

c

What is the key brand association? a.attributes such as appealing color and a creative name b.personal benefits of the product c.the extent to which the consumer feels a personal connection to the brand d.emotional benefits

c

Which is not true about firms and brands named after the founder? a.They tend to have no inherent meaning. b.They show little creativity in marketing. c.Customers can easily identify the name and products. d.They serve primarily as an ego trip for the founders.

c

Which of the following brand names lacks an inherent meaning? a.Coca-Cola b.Nike c.Trump Towers d.Geek Squad

c

Which of the following is not a source to use to value a brand? a.annual reports b.customer surveys c.focus groups d.Interbrand calculations

c

Why can a store brand offer decent quality for lower prices? a.inexpensive products compared to national brands b.inexpensive packaging compared to national brands c.lower advertising costs because they can advertise for free in the store d.lower taxes than national brands

c

ABC Company is entering a new international market and has decided to enter the market under a different brand name. The selected brand name should not ______. a.engage the customer verbally b.bring certain connotations to mind c.engage the customer sensually d.disregard cultural meanings

d

All of the following are stages in the product life cycle EXCEPT: a.growth b.maturity c.introduction d.concept testing

d

Forecasting is represented by which of the following equations? a.$SP = (MP x PI) + Pr b.$SP = (MP + PI) x Pr c.$SP = MP + PI + Pr d.$SP = MP x PI x Pr

d

In order to best value a brand, how should it be measured? a.according to popularity b.by using focus groups c.by using a market survey d.by using means that best translates into a financial vocabulary

d

In order to calculate sales potential, we need to know what three things? a.market price, purchase potential, target market b.test market size, purchase intention, target market c.market intention, purchase potential, price d.market potential, purchase intention, price

d

It is at a medium level, somewhere in between extremes, using competitors' prices as a starting point, and adjusting from there Which of the following is true about competitive pricing? a. It is set by covering costs and then adding some margin. b. It is set by covering costs only. c. It is set by figuring out just how much a customer is willing to pay, and pricing near that mark. d. It is at a medium level, somewhere in between extremes, using competitors' prices as a starting point, and adjusting from there.

d

Marketing management is involved throughout the new product development process, and especially in the __________ stage. a.test marketing b.concept testing c.product development d.idea-generation

d

Most co-branding examples lean more toward being ______. a.brand personalities b.umbrella branding c.luxury branding d.ingredient branding

d

National Product Company is indecisive about what prices it should charge for items in its new product line. The company wants the most accurate data on customers' willingness-to-pay for its products. By using ________, which can yield very precise estimates of demand and price sensitivities at numerous price points, National Product Company can gather the data it needs to set prices. a. survey data b. conjoint analysis c. online data d. scanner data

d

The _________ are more risk averse and waiting to hear that earlier adopters have had favorable experiences with the new product. a.early adopters b.late majority c.innovators d.early majority

d

The __________ are a group of approximately 10-15% of the population who is so influential that the loss of one of these customers costs the firm more than the loss of later adopters. a.innovators b.late majority c.early majority d.early adopters

d

The process of developing new products depends first on a company's __________. a.bottom line b.size c.location d.culture

d

What growth strategy combines new markets and new products? a.market penetration b.product development c.market development d.diversification

d

What is a new research topic related to brand associations? a.status symbols b.tourism marketing c.brand similarities d.brand communities

d

What term refers to the group of people who are the most risk averse, skeptical of new products, and stereotypically lower in income? a.early adopters b.early majority c.innovators d.laggards

d

When we draw a graph of price and demand, elasticity is defined by which of the following? a. the y-intercept of the line b. the x-intercept of the line c. the number of points we plot to create the line d. the slope of the line

d

Which growth strategy is the toughest? a.market penetration b.product development c.market development d.diversification

d

Which is an example of co-branding? a.Krispy Kreme gets a new donut flavor b.Nike offers golf balls as part of its golf line c.QuickBooks has its basic software, a version for Macs, another for small business needs, and premier packets for professionals, nonprofits, retailers d.Brembo brakes are in Aston Martins

d

Which is not an example of a store brand? a.Sam's Choice b.Kirkland Signature c.Eating Right d.Macy's

d

Which of the following is NOT one of the three ways for companies to set prices? a. medium prices b. high prices c. low prices d. discretionary prices

d

Which of the following is NOT true about the price-sensitive segment? a. They are deal-prone. b. They will run to competitor if we raise prices. c. If prices get too high, they may completely drop out of the category. d. They'll buy our brand no matter what.

d

Which of the following is not a physical quality of branding? a.name and logo b.cost c.packaging d.cognitive association

d

______ is the strategic use of a brand's equity where the firm uses the brand's name to get customers to buy something new. a.House of brands b.Umbrella branding c.Co-branding d.Brand extension

d