Chapter idk

True or false: During the growth stage, product prices tend to rise steeply as production efficiency and competition increase.

False

Which of the following are nonfinancial benefits that start-ups consider more important than obtaining revenue from consumers?

Feedback Testimonials

Which of the following are examples of goods?

Fleece sweater Car Can of soup

Feedback

The process of communicating within or to an organization about how outputs work or are received

A purchaser is a customer role that describes

an individual or institution that pays for or obtains a product or service for themselves or others to use.

Scaler questions are also known as

closed-ended questions

Market segmentation requires entrepreneurs to ______.

determine the best markets for their products or services

Which of the following are examples of services?

fixing a pipe tailoring clothing house painting

True or False: The serviceable available market (SAM) could be as large as your total available market (TAM) if your business is strictly an online business.

True

Testimonial

A statement made that is allowed to be publicly repeated and attributed to the person that made it

A ______ is a nonphysical product.

Service

The purchaser in an organization is the one who is told by the ______ - _____ to place an order for the items chosen

decision, maker

______ is (are) a form of data gathering from a small group led by a moderator.

Focus groups

The ______ market refers to all of the people or organizations in a region who might consider a product or service being offered.

total available

The serviceable obtainable market is often recognized by

pains potential customers are experiencing. gains potential customers wish to obtain.

Which of the following is a challenge in secondary research?

Finding data that are unbiased, reported fairly, and reputable

The ______ market represents the customers that a firm expects to be interested in its particular product or service.

Serviceable Obtainable

The ______ market refers to the customers within the geographic reach of a firm.

Serviceable available

End User

a customer role that describes the person who eventually makes actual use of a product or service in his or her personal or work life.

The unique selling points that customers can expect from purchasing goods or services from a specific company is called the ______.

Value Proposition

True or false: Unlike products, services do not go through the four stages of the life cycle—introduction, growth, maturity, and decline.

False

Identify true statements about segmented markets.

Firms consider these markets manageable pieces. Members of these markets have some common characteristics.

Product

This refers to the tangible or intangible goods and services that a company offers to its customers. It involves decisions related to product design, features, quality, branding, and packaging.

______ research is data gathered by simple observation--seeing what consumers do, rather than asking them.

Ethnographic

Which of the following are more typical outcomes of a feasibility analysis in the process of idea evaluation?

An idea may result in a product but may not attract a large enough market to be profitable. An idea is unlikely to be economically converted into a product or service.

______ is the process of making a new product ready for use by consumers.

Commercialization

The ______ profile is a detailed description of an archetypical or hypothetical potential consumer for a product or service.

Customer

A(n) ______ is a physical product.

Good

The first stage of the product life cycle is called the ______ stage, where sales are often low and profits not likely.

Introduction

Which of the following statements about marketing research are correct?

It can help show competitors' weaknesses. It can reveal a number of customer attributes, such as where they are likely to shop and what price points they think are fair. It can verify the size of the potential market.

Which of the following are true statements in the context of the service life cycle?

It is possible to completely eliminate the decline stage in the life cycle of a service. In comparison with products, services are much easier to modify "on the run."

______ research is the systematic collection and interpretation of data to support future marketing decisions.

Marketing

Which of the statements about outstanding customer service are correct?

One measure of good customer service is how quickly a business fixes mistakes. Owners and employees should go the extra mile for customers and other stakeholders. It includes showing interest and concern for all stakeholders, such as employees, the community, suppliers as well as customers.

The idea of "going all out" for the customer or providing over-the-top service is called ______.

Outstanding Customer Service

The 4Ps of marketing are

Product Price Place (Distribution) Promotion

The first model of a product or service is called a(n) ______.

Prototype

A(n) ______ is a customer role that describes a person or institution that pays for or obtains a product or service.

Purchaser

______ questions are answered by some sort of scale.

Scalar

Which of the following statements about the business cycle's introduction stage are correct?

There are high marketing cost to gain customer awareness in the introduction stage. Not all products survive the introduction phase, and many get revised due to customer reactions. The more innovative a product, the slower are sales because of customers' comfort level with a new product.

Which of the following statements about a good or service's value proposition are correct?

They are product or service benefits and not features. There is often more than one benefit that supports the value proposition. They are unique to a particular business.

Feasibility analysis is a critical step in the process of new product development because ______.

it precedes a potentially large investment of an entrepreneur's time and money into the creation of a key service or productv

A tweak to your business marketing plan is beneficial in helping the business person to

launch new products/services from reviewing new research. enter a new market. increase sales.

Examples of me-too products are

mobile phones generic drugs paper towels

Which of the following are true of secondary research?

It is free and quick. It is readily available.

Ethnographic research is based on

Observations

Sharing

A process in which customers post positive comments about a firm's product or service to their social media accounts

A dichotomous question example is

Are you employed?

How often should a business adjust their marketing plan to plan for new research results, changes in competition and the environment, target markets, and new opportunities?

At least once per year

Which of the following is a goal of the growth stage of the product life cycle?

Maximizing market shares

______ products are essentially similar to something already on the market.

Me-too

Which of the following is true of commercialization?

Most businesses developing a new product do not face problems during commercialization.

______ is a data-collection method using a questionnaire-in person, on the phone, on paper, or on the Internet.

Survey

Which of the following statements regarding survey data collection are correct?

Survey questions may be written, asked in person or on the phone, by mail or online. Online surveys are often inexpensive. Mail surveys have a lower response rate.

A ______ item is capable of being touched, seen, tasted, or felt.

Tangible

In marketing, identify list of things given below that are included in the total product.

The entire bundle of products. Extras, such as service, warranty, and delivery. All included services.

Market Segmentation

The process of dividing a market into groups that have somewhat homogeneous needs for a product or service

Which of the following sentences about prototypes of products are correct?

They may be functioning or just models. They are made to prove aspects of the inventor's idea for the product. They are often referred to as a minimum viable products.

Which of the following statements about focus groups are correct?

They often have between 8 and 12 people. A focus group could also be gathering some friends over dinner and talking to them about the firm's product can be quite useful. Participants are asked to discuss a series of questions about a particular product or service.

Price

This represents the amount of money customers are willing to pay for a product or service. Pricing strategies include considerations of cost, competitors' prices, perceived value, and overall market conditions.

The ______ product is the entire bundle of products, services, and meanings of a firm's offering.

Total

A(n) ______ is a customer role that describes a person in an organization who is responsible for choosing which product or service will be obtained.

Decision maker

______ questions have only two possible choices.

Dichotomous

Which are the four components of the marketing mix?

Product, price, promotion, and placement

Which of the following statements about a customer profile are correct?

Researchers should be cautious not to collect biased data to draw conclusions. It is also called a customer persona or user persona. Research should begin with face-to-face interviews with potential customers. Get out of the building and talk to potential customers to help develop an accurate customer profile. Developing a customer profile is an important first step of doing research on customers and their needs.

The process of selecting ideas that show the most potential in order to examine them further for feasibility is called idea ______.

Screening

The process of dividing a market into smaller portions of people who have common characteristics is called ______.

Segmentation

The serviceable obtainable market represents

customers that a firm expects to be interested in its particular product or service.

An end user is a customer role that describes

the person who eventually makes actual use of a product or service in his or her personal or work life.

Promotion

This includes all the activities a company undertakes to make its product or service known to the target audience. Promotion involves advertising, public relations, sales promotions, and other communication strategies to create awareness and stimulate demand.

Place (Distribution)

This involves decisions about how the product will be made available to the customer. It includes distribution channels, logistics, inventory management, and the location of sales outlets.

Which of the following is an example of a product with tangibility?

perfume shampoo bowl of chili