BCOR 350 (Bal) - Exam 2 possible questions

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which of the following is not considered one of the links in the service profit chain

buyer-seller interaction

the decision making unit of a purchasing organization is called its

buying center

institutional markets are

characterized by low budget, captive patrons

introducing a new product into the market is called

commercialization

with a _______ marketing strategy, a firm goes after a large share of one or a few smaller niches

concentrated

which of the following is true with regards to services. services:

consist of activities, benefits or satisfactions for sale

what are the two dimensions of product quality

consistency and level

the simplest pricing method is ______ pricing

cost-plus

through a company invites broad communities of people into the innovation process

crowdsourcing

what sets the ceiling for product prices

customer perceptions of the products value

_____ uses buyers' perceptions of value as the key to pricing

customer value-based pricing

service ______ means that services cannot be seen, tasted or felt before they are bough

intangibility

business markets have demand that

is inelastic

in the idea screening stage of new product development, marketers must ask

is the idea real, can we win with our idea, is it worth doing

product mix ____ refers to the total number of items a company carries within its product lines

length

which of the following is not a category of consumer products

luxury

reverses the usual process of first designing a new​ product, determining its​ cost, and then​ asking, "can we sell it for​ that?"

target costing

market ____ evaluates each market segment's attractiveness and selects one or more segments to serve

targeting

______ segmentation divides buyers into different segments based on lifestyle or personality characteristics

psychographic

different soft drinks target different personalities. this is an example of ______ segmentation

psychographic

under ______, the market consists of many buyers and sellers trading in a uniform commodity

pure competition

overhead costs _____ as the number of units produced increases

remain the same

to do e-procurement companies can conduct _____, in which they put their purchasing requests online and invite suppliers to bid for the business

reverse auctions

_______ is a measure of the brand's ability to capture consumer preference and loyalty

brand equity

_______ helps the seller to segment markets

branding

if demand hardly changes with a small change in price, the demand is

inelastic

______ are members of the buying center who help define specifications and provide information for evaluating alternatives

influencers

the step in the designing a customer value-driven marketing strategy in which a company divides a market into distinct groups of buyers known as market

segmentation

business purchase usually invovles all of the following EXCEPT

small buyers and lower purchase volume

a business buying situation in which the buyer reorders something without any modifications is known as a

straight rebuy

in which of the following would the buyer reorder a product without any modifications

straight rebuy

one of the disadvantages of product and service standardization for international market is

varying worldwide market

which of the following is an example of a shopping product

washing machine

which of the following forms of products are considered as services

airline travel

a segment is less attractive if it

already contains many strong and aggressive competitors

_______ segmentation divides buyers into segments based on their knowledge, attitudes, uses or responses to a product

behavioral

consumers show allegiance to brands, stores or companies help marketers to segment by

degree of loyalty

business demand that ultimately comes from the demand for consumer goods is known as

derived demand

the biggest disadvantage of e-procurement is

erodes the relationship between the buyer and seller

brand _____ refers to how highly consumers regard and respect the brand

esteem

which of the following is not one of the major variables used in segmenting consumer markets

ethical

the demand for business goods tends to change more and more quickly. This is known as

fluctuating demand

hospital purchasing agents should prefer

food vendors with low prices and quality products

market offering includes pure goods and services. which is not a product of service

free concert

a(n) _______ controls the flow of information to others in the buying center

gatekeeper

developing product specifications follows ______ in the business buyer decision process

general need description

_____ involves introducing less-expensive versions of established, brand name products

good-value pricing

a new task situation presents

greatest opportunity and greatest challenge to the marketer

rapid market acceptance and increasing profits is during which part of the product life cycle

growth

new product development starts with

idea generation

which stage in the PLC normally lasts longest and poses strong challenges to marketing managers

maturity

marketing objectives in the growth stage of the PLC are

maximize market share and build engagement

when size, purchasing power, and profile of a market segment can be calculated, the market is

measurable

which of the following is goods and services combination

milkshake at an ice cream store

product improvements, product modifications and origincal products can all be classified as

new products

goal of the competition based pricing is

not to match or beat competitors price

______ are industrial products

office supplies

the strongest brands are positioned

on strong beliefs and values

lubricants, coal, paper and pencils are examples of

operating supplies

_______ includes the final order with the chosen supplier or suppliers and lists other required items

order-routine specification

_____ refers to the amount of money charged for a product or service

price

the first step of the business buying process is

problem recognition

_____ is the first stage of the product life cycle

product development

_______ involves adding more items within the present range of the product line

product line filling

product attributes include all of the following except

product line placement

______ occurs when a company lengthens it product line beyond its current range

product line stretching

a _____ consists of all the product lines and items that a particular seller offers for sale

product mix

_____ is the way the product is defined by consumers on important attributes

product position

if the product passes both the concept test and the product test, the next step is

test marketing

the most important consideration when managing new product development is

that it be customer-centered

companies that enjoy lower production costs as a result of efficiencies earned over time enjoy

the experience curve

which of the following statements is not a difference between business markets and consumer markets

the market is very small and limited

when is test marketing more likely

uncertainty about the products success

using a(n) ____ marketing strategy, a firm might decide to ignore market segment differences

undifferentiated

what type of marketing approach seeks to target the entire market with one promotional offer

undifferentiated or mass marketing

blood donations to the red cross are considered _______ products

unsought


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