Chapters 5,7,8&9 DSM

________ extends a current brand name to new or modified products in a new category.

A brand extension

Which of the following describes undifferentiated marketing?

A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer

What are attitudes?

A person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea

__________ is defined by consumers on important attributes — the place the product occupies in consumers' minds relative to competing products.

A product position

With regard to the PLC stages, which of the following describes the decline stage?

A product's sales fade away

________ is a brand created and owned by a reseller of a product or service.

A store brand

What is a positioning statement?

A summary of the company or brand positioning using this form: To (target segment and needs) our (brand) is (concept) that (point of difference)

What is the definition of a fad?

A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity

__________ refers to the full positioning of a brand— the full mix of benefits on which it is positioned.

A value proposition

What is a service?

An activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything

________ serves within a reference group to exert social influence on others.

An opinion leader

Which of the following is a consumer product that the consumer either does not know about or knows about but does not normally consider buying?

An unsought product

________ refers to the differential effect that knowing the brand name has on customer response to the product or its marketing.

Brand equity

__________ are part of the buyer's responses.

Buying attitudes and preferences

What is the name for the introduction of a new product into the market?

Commercialization

__________ is gained by offering greater customer value, either by having lower prices or by providing more benefits that justify higher prices.

Competitive advantage

__________ is a market-coverage strategy in which a firm goes after a large share of one or a few segments or niches.

Concentrated marketing

Which of the following describes complex buying behavior?

Consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands

Chapter 5

DSM

Chapter 7

DSM

Chapter 8

DSM

Chapter 9

DSM

What is product development?

Developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering

What does differentiation involve?

Distinguishing the market offering to create superior customer value

Which term refers to a currently accepted or popular mode of expression in a given field?

Fashion

Which of the following is part of brand name selection?

Finding the best name for a product

In which PLC stage does a product's sales start climbing quickly?

Growth stage

__________ is the systematic search for new product ideas.

Idea generation

__________ involves filtering new product ideas to spot good ideas and drop poor ones as soon as possible.

Idea screening

__________ refers to tailoring products and marketing programs to the needs and preferences of individual customers.

Individual marketing

__________ involves evaluating each market segment's attractiveness and selecting one or more segments to enter.

Market targeting

__________ involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.

Marketing segmentation

__________ are such things as product, price, place, and promotion, and are considered part of the environment that influences the buyer's black box.

Marketing stimuli

__________ refers to tailoring products and marketing programs to the needs and wants of specific individuals and customer segments.

Micromarketing

__________ is the first stage of the buyer decision process in which the consumer recognizes a problem or need.

Need recognition

What is team-based new product development?

New product development in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness

Which of the following describes customer-centered new product development?

New product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences

Which of the following divides a market into segments according to times when buyers get the idea to buy, actually make their purchase, or use the purchased item?

Occasion segmentation

__________ is a product strategy in the introduction stage of the PLC.

Offering a basic product

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

Perception

________ is an example of psychographic segmentation.

Personality

Which term refers to the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs?

Product quality

________ divides the market into different segments based on lifestyle or personality characteristics.

Psychographic segmentation

________ means that services are produced and consumed at the same time and cannot be separated from their providers.

Service inseparability

Which term means that services cannot be stored for later sale or use?

Service perishability

Which of the following links service firm profits with employee and customer satisfaction?

Service profit chain

_________ means that the quality of services may vary greatly depending on who provides them and when, where, and how they are provided.

Service variability

__________ is a basic and distinctive mode of expression.

Style

What is the definition of local marketing?

Tailoring brands and marketing to the needs and wants of local customer segments - cities, neighborhoods, and even specific stores

Which of the following describes the purchase decision stage?

The buyer makes a decision about which brand to purchase.

Diversifying the brand and models is a product strategy in which stage of the PLC?

The maturity stage

Which of the following is a descriptive thought that a person holds about something?

a belief

A product concept is __________.

a detailed version of the new product idea stated in meaningful consumer terms

A subculture is __________.

a group of people with shared value systems based on common life experiences and situations

A product line is best defined as ________.

a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges

A product is best defined as ________.

anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need

Positioning involves __________.

arranging a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

In the adoption process, __________ is when the consumer becomes aware of the new product, but lacks information about it.

awareness

Attributes and benefits are part of ________ which is one of the major brand strategy decisions.

brand positioning

The process of testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal is known as __________.

concept testing

Information search is the stage of the buyer decision process in which the __________.

consumer is motivated to search for more information

Alternative evaluation is the stage of the buyer decision process in which the __________.

consumer uses information to evaluate alternative brands in the choice set

__________ is the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions.

culture

Marketing strategy development primarily involves __________.

designing an initial marketing strategy for a new product based on the product concept

What is another name for segmented marketing?

differentiated marketing

In the __________ stage of the adoption process, the consumer considers whether trying the new product makes sense.

evaluation

The segmenting of consumers who have similar needs and buying behaviors even though they are located in different countries is known as __________ segmentation.

intermarket

The __________ is the PLC stage in which a new product is first distributed and made available for purchase.

introduction stage

__________ refers to changes in an individual's behavior arising from experience.

learning

________ is a person's pattern of living as expressed in his or her activities, interests, and opinions.

lifestyle

Geographic segmentation divides a market into __________.

nations, states, regions, counties, cities, or neighborhoods

In the maturity stage of the PLC, a __________.

product's sales growth slows or levels off

In the interest stage of the adoption process, the consumer __________.

seeks information about the new product

Behavioral segmentation divides a market into ________.

segments based on consumer knowledge, attitudes, uses, or responses to a product

A __________ is a relatively permanent and ordered division in a society whose members share similar values, interests, and behaviors.

social class

Most companies would like to __________ their offerings, thus developing a consistent worldwide image.

standardize

A convenience product is a consumer product ________.

that customers usually buy frequently, immediately, and with minimal comparison and buying effort

A shopping product is a consumer product _________.

that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style

A value proposition is __________.

the full positioning of a brand — the full mix of benefits on which it is positioned

Co-branding is ________.

the practice of using the established brand names of two different companies on the same product

A product mix is ________.

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

Test marketing is __________.

the stage of new product development in which the product and its proposed marketing are tested in realistic market settings

In the trial stage of the adoption process, the consumer __________.

tries the new product on a small scale to improve his or her estimate of its value

With regard to consumer products, a specialty product is one ________.

with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort