Exam 2 Review MKT 310
_______ are consumer products and services with unique characteristics or brand.
Specialty Products
In which of the following would the buyer reorder a product without any modifications?
Straight Rebuy
Which of the following is an external source for ideas?
Supplies
The owners of a manufacturing firm in Ohio have developed a core network of suppliers to ensure an uninterrupted supply of products. This is an example of ________.
Supplier Development
________ involves systematically developing networks of supplier-partners to ensure a dependable supply of products and materials for use in making products or reselling them to others.
Supplier Development
Business Buying Process
The decision process by which business buyers determine which products and services their organizations need to purchase, and then find, evaluate, and choose among alternative suppliers and brands
Which of the following is most likely to be included in an executive's write up of a new-product idea to be presented to a new-product committee?
The proposed customer value proposition
______ are consumer products that the consumer either does not know about or knows about but does not normally think about buying.
Unsought Items
_____ uses buyers' perceptions of what a product is worth, not the seller's cost, as the key to pricing.
Value Based Pricing
Less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price and style
Shopping Products
3rd level of a product - must build an _______ product around the core benefit and actual product by offering additional consumer services and benefits
Augmented Product
Divides buyers into groups based on their knowledge, attitudes, uses, or responses to a product.
Behavioral Segmentation
Business markets are similar to consumer markets in that ________.
Both involve people who assume buying roles and make purchase decisions to satisfy needs
Business buyer behavior refers to the _______.
Buying behavior of the organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others
The perceived value of different product offers can be reasonably assessed by ________.
Conducting surveys and experiments
________ products are consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort.
Convenience Products
Which of the following does value based pricing reverse?
Cost Base Pricing
Which of the following is the practice of inviting broad communities of customers, employees, independent researchers, and members of the public into the new-product innovation process?
Crowd-sourcing
What sets the ceiling for product prices?
Customer perceptions of the product's value
Effective ________ pricing involves understanding how much value consumers place on the benefits they receive from the product and setting a price that captures that value.
Customer-oriented
Dividing the market into segments based on variables such as age, gender, family size, family life cycle, income occupation, education, religion, race, generation, and nationality
Demographic Segmentation
Business demand that ultimately comes from the demand for consumer goods is known as ________ demand
Derived
Jeremy's, a handbag manufacturer in Lower Manhattan, procures a large stock of leather in anticipation of brisk sales of handbags during December. This is an example of a(n) ________ demand
Derived
________ involves actually distinguishing the firm's market offering to create superior customer value
Differentiation
Has long been used in clothing, cosmetics, toiletries, and magazines.
Gender Segmentation
Dividing a market into different geographical units such as nations, states, region, counties, cities, or neighborhoods
Geographic Segmentation
____ pricing refers to offering just the right combination of quality and good service at a fair price
Good value
Which of the following involves less-expensive versions of established brand-name products?
Good value pricing
______ are industrial products.
Office Supplies
Product improvements, product modifications, and original products can all be classified as _____.
New Products
A product idea is _______.
Possible product that company managers might offer to the market.
Dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes
Market Segmentation
_____ involves evaluating each market segment's attractiveness and selecting one or more segments to enter.
Market Targeting
________ pricing involves charging higher prices on an everyday basis but running frequent promotions to lower prices temporarily on selected items
High-low
New product development starts with a systematic search for new products called ______.
Idea Generation
During new product development the first idea reducing stage is called _______.
Idea Screening
Many companies have developed ________ programs that encourage employees to develop new-product ideas.
Intrepreneurial
A business buying situation in which the buyer purchases a product or service for the first time.
New Task
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
Positioning
______ is the only element in a marketing mix that produces revenue.
Price
______ refers to the amount charged for a product.
Price
What sets the floor for product prices?
Product Cost
Consumer products refer to _______.
Products and services bought for personal consumption
Divides buyers into different groups based on social class, lifestyle, or personality characteristics.
Psychographic Segmentation
_____ are a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything.
Services