Marketing Exam 2
Charles Revson of Revlon once said, "In the factory we make cosmetics; in the store we sell hope." Which product level is Revson referring to?
Core customer value
_____________________ is the value of customer relationships that a brand creates.
Customer equity
Which of the following are tradition-bound, suspicious of changes, and adopt the innovation only when it has become something of a tradition itself?
Lagging adopters
Which of the following needs in Maslow's hierarchy is generally satisfied first?
Physiological needs
What are the eight steps in the business buying decision process, in the correct sequence?
Problem recognition, general need description, product specification, supplier search, proposal solicitation, supplier selection, order-routine specification, and performance review
Marketers must consider potential product issues related to social responsibility. Of the following, which is NOT one of the product issues associated with social responsibility?
Product differentiation and positioning
What type of product do you think best represents jeans from The Gap?
Shopping product
In terms of revenue to the marketer, business buyer transactions are typically ____________, as compared to consumer transactions.
higher revenue
Crowdsourcing is used in the _______________________ step of the new product development process.
idea generation
The new product development process consists of sequential steps. The first step is _______ and the last step is ______________.
idea generation; commercialization
The product development process starts with ________. Next comes ________, which reduces the number of ideas based on the company's own criteria.
idea generation; idea screening
One concern about the expanding use of e-procurement for B-to-B purchasing is that ________.
it can erode decades-old customer-supplier relationships
Marketers of brands understand that they must figure out how to reach ___________________ that can exert social influence on others.
opinion leaders
Companies must manage the ________, which often includes many different buying decisions in various stages of the buying decision process.
overall customer relationship
The business buyer decision process itself can be quite involved, with several basic stages. The process begins with ______________ and concludes with _______________.
problem recognition; performance review
In the new product development process, ideas that pass the idea screening step continue through ________. Strong concepts proceed to ________.
product concept development; marketing strategy development
The totality of a company's product lines and items offered to customers is known as its _________________.
product mix
The stages of the product life cycle are ______________________________.
product development, introduction, growth, maturity, and decline
Marketers can apply the ________ as a useful framework for describing how products and markets work and help develop good marketing strategies for the different life-cycle stages.
product life-cycle concept
The distinction between a consumer product and an industrial product is based on the ________ for which the product is purchased.
purpose
Segmentation provides a powerful tool for marketers of all kinds. It can help companies identify and better understand key customer segments, ________________ to their specific needs.
reach them more efficiently, and tailor market offerings and messages
In which step of the buying decision process is the final order with the chosen supplier developed?
Order-routine specification
Consumers go through a distinct process in making a purchase. Of the following, which is the final step in that process?
Post-purchase behavior
Companies find and develop new product ideas from a variety of sources. Which of these is an internal source for new product ideas?
R&D
Which type of consumer products are frequently purchased with little planning, little comparison or shopping effort, and low customer involvement?
Convenience products
_________ refers to the set of values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions.
Culture
Using the sales funnel framework, a rational, considered purchase of an expensive item typically follows what process?
Know > Feel > Do
When we see Hello Kitty on children's clothing, Disney characters on lunchboxes, and SpongeBob SquarePants on breakfast cereals, which form of brand sponsorship is being used?
Licensing
When Doritos comes out with new flavors of its tortilla chips, what brand development strategy does it employ?
Line extension
Ad agency Young & Rubicam's BrandAsset Valuator measures brand strength along four consumer perception dimensions. Brand ___________ is defined in terms of how highly consumers regard and respect the brand.
esteem
When a company lengthens a product line by adding more items within that line's current range, the company is ________.
filling the line
Which stage of the business buying decision process involves ranking the importance of reliability, durability, and price?
general need description
Compared to consumer buyers, business buyers are more geographically _____________.
concentrated
Firms with limited resources often target a market niche that is either ignored or unimportant to larger firms. This represents a(n) _______ strategy.
concentrated marketing
The advantages of standardizing products and services for international markets include _______________, lower manufacturing costs, and lower marketing costs.
consistent global image, lower product design costs
Goldtone is a multinational communications and information technology corporation. Its principal products are mobile telephones and tablets. It recently announced on its website that customers can suggest ideas for its upcoming product model. Contributors of short-listed ideas will be adequately rewarded. In this case, Goldtone is using ________ to generate new product ideas.
crowdsourcing
Many companies are now developing ________ programs to generate new product ideas.
crowdsourcing or open-innovation
The most basic determinant of a person's wants and behavior are embedded in a consumers __________.
culture
Although business marketers use many of the same variables to segment their markets, they also use some additional variables, such as ________, ____________. _________, and personal characteristics.
customer operating characteristics, purchasing approaches, situational factors
Once market segments have been selected, the company then must decide on _____________________________.
differentiation and positioning strategy
Market segmentation is the act of dividing a market into distinct groups of buyers who have ________ and who might require separate marketing strategies or mixes.
different needs, characteristics, or behaviors
To be more socially responsible, some companies are appointing _____________. Their job is to protect consumers from harm and the company from liability by proactively ferreting out potential product problems.
product stewards
5) Life is Good utilizes a percentage of its profits to support its own charitable foundation, whose purpose is to provide support services for frontline childcare providers. Its notion of "Do well by doing good" is encapsulated by which of the following concepts?
social marketing
Which type of business buying situation offers marketers not only the greatest opportunity, but also the greatest challenge?
A new task situation
Which of the following is the correct definition of a product?
A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
Consumers obtain information from numerous sources. Which of the following involves dealer and manufacturer websites, packaging, and displays?
Commercial sources
Which of the following refers to the degree to which an innovation fits the values and experiences of potential consumers?
Compatibility
A colleague's "motives" can have what type of influence on your firm's business buying behavior?
Individual
Which of the following correctly defines the consumer market?
Individuals and households that buy goods and services for personal consumption
IMG World provides college students with new, relevant media, making which stage of the consumer buyer behavior process easier for the consumer?
Information search
Kroger, headquartered in Cincinnati, Ohio, is one of the nation's largest grocery chains. It owns several brands sold in its stores, including Private Selection, Heritage Farm, and Simple. These brands represent which type of brand sponsorship?
Private brands
The business buying process can be a complex and complicated process with eight basic stages. Which of the following is the first stage in this process?
Problem recognition
In what New Product Development stage does the R&D department typically develop a realistic, working prototype?
Product development
______________________ is the step of the new product development process during which a physical product is first developed.
Product development
Marketers must make important decisions when developing individual products and services. Which of the following correctly identifies those important decisions?
Product attributes, branding, packaging, labeling, and product support services
For a soft drink company, dividing the market up based on fashion preferences is an example of which segmentation variable?
Psychographic
A new product may fail for many reasons. Which of the following is NOT one of them?
Rapid market acceptance
What are the five characteristics that are especially important in influencing an innovation's rate of adoption?
Relative advantage, complexity, compatibility, divisibility, and communicability
__________________ determines whether the buyer is satisfied or dissatisfied with a purchase.
The relationship between the consumer's expectations and the product's perceived performance
______________________ determines if a buyer is satisfied or dissatisfied with a purchase.
The relationship between the consumer's expectations and the product's perceived performance
Which of the following statements is true regarding product life cycle curves?
The sales of a typical product follow an S-shaped curve made up of five stages.
Service providers often face price competition. As a solution to this, service providers can further differentiate themselves based on which three characteristics?
The service offer, delivery, and image
Canada Goose makes iconic parkas. According to the article you read, which of the following best describes the company's product inventory strategy at its "The Journey" store in Toronto?
The store carries no product inventory.
Which of the following statements about the number of buyers in the market is TRUE?
There are more consumer buyers in the market than business buyers.
According to the model of buyer behavior, what is in a buyer's "black box"?
The buyer's characteristics and decision process
In the two political commercials you watched as part of this lecture, which advertisement did you think targeted motivations closer to the bottom of Maslow's Hierarchy of Needs pyramid?
Trump
Which type of targeting focuses on what several segments have in common?
Undifferentiated Marketing
Which of the following statements regarding managing service quality is correct?
Unlike product quality, service quality will always vary.
The quality of services depends on who provides them as well as when, where, and how they are provided. Which characteristic of services does this describe?
Variability
Based on the article you read, how does Ritz-Carlton measure the success of its relationships with employees?
Voluntary turnover
Which of the following is considered part of an augmented product rather than that of an actual product or core customer value?
Warranty
What is the most important component of a positioning statement?
Your brand's point of difference
We define the ________ process as the mental process through which an individual passes from first learning about an innovation to final adoption.
adoption
Buyers who face a new task-buying situation usually go through ________.
all of the eight stages, including performance review
All products have a life cycle. The sales of a typical product follow __________________, which is made up of five stages.
an S-shaped curve
Generally, the consumer's purchase decision will be to buy the most preferred brand, but two factors can come between the purchase intention and the purchase decision. These two factors are ________.
attitudes of others and unexpected situational factors
The strongest brands are positioned on ______.
beliefs and values
3) The cartoon character "Jake" embodies the organizational values of Life is Good and is intended as a symbol of optimism and all that is right with the world. The "Jake" logo is an important symbol of the company's __________.
brand
A brand's positioning must be continuously communicated to consumers. Although advertising can help, brands are maintained not by advertising, but by customers' ________.
brand engagement and brand experiences
2) Jim Laughlin, the director of communications for Life is Good, emphasized the importance of spreading awareness of the organization's goal of helping children through the sale of products to both customers and employees. If consumers rate Life Is Good more favorably because of these efforts, the company has increased its ____.
brand equity
1) For many of Life is Good's customers, understanding of the company's positive message and social role makes a significant difference in terms of their response to the company's products and marketing. If this improves the company's financial position, it has increased its _____.
brand value
In building brands, companies need to make decisions about four key powerful areas: ________________________________.
brand positioning, brand name selection, brand sponsorship, and brand development
The ________ market comprises all organizations that buy goods and services for use in the production of other products and services or for the purpose of reselling or renting them to others at a profit.
business
After market strategy is developed, the next step of the new product development process is _______________.
business analysis
In the broadest sense, a new product marketer must research _____________________ when developing a new product and a marketing program.
characteristics influencing the rate of adoption
In the article you read, McDonald's is criticized for targeting its marketing to kids, particularly ______________.
children of color
Buyer discomfort caused by post-purchase conflict is known as ______________.
cognitive dissonance
Over time, a brand must be constantly repositioned to account for __________, _____________, and _____________.
competition, change, and crisis
Perceptual positioning maps are used to show a company the consumer perceptions of their brands vs. those of their ______________.
competitors
When deciding among possible value propositions, marketers consider their price and unique benefits relative to their ____________.
competitors
Business marketers are increasingly connecting with customers online and through digital, mobile, and social media to ________, __________, __________, ___________, and maintain ongoing customer relationships.
engage customers, share marketing information, sell products and services, provide customer support services
A service firm must orient and motivate its customer-contact employees and supporting service people to work as a team to provide customer satisfaction. This process is known as _________________________.
internal marketing
When marketers create services marketing strategy, they understand they must execute on external marketing but also develop _______________________________.
internal strategies to motivate employees and interactive marketing to create service delivery skills among service providers
The buying center and the buying decision process are influenced by ________, __________, and __________ factors, as well as _____________ factors.
internal organizational, interpersonal, and individual factors, as well as external environmental factors
One important consideration in using a differentiated targeting strategy is that _______.
it can increase costs
The three functions of __________ include identifying, describing, and promoting the product.
labeling
I am skeptical, and tend to upgrade my phone to the newest model only after a majority of people have already adopted it. This makes me a/n ________.
late mainstream adopter
Increasing the number of products a company sells in a given category is called ____ its product line.
lengthening
Firms have four brand development choices. These are _____________.
line extensions, brand extensions, multibrands, and new brands
A convenience product involves frequent purchasing, little planning, little shopping effort and __________.
low customer involvement
"Line Stretching" means lengthening a product line by _________.
making new products for upper- or lower-class users
In perceptual positioning maps, what does the size of each circle represent?
market share
Business markets differ in many ways from consumer markets. The main differences are in ________, __________, and __________.
market structure and demand, the nature of the buying unit, and the types of decisions and the decision process
Companies need to consider many factors when choosing a market-targeting strategy. However, which targeting strategy is best depends on company resources, product variability, product life-cycle stage, as well as ________________________.
market variability and competitive marketing strategies
According to the article you read, in-store services such as interactive showrooms, directed navigation, and immersive visualization, are all enabled due to the popularity of what technology?
mobile devices and apps
When a product is in the maturity stage of the PLC, the company tries to increase consumption by finding new users and new market segments for its brands. This attempt to increase consumption is known as ______________________.
modifying the market
The business decision process typically takes ____________ time, as compared to the consumer decision process.
more
The best, but least sustainable, winning value proposition is _______.
more for less
When making a purchase, the buyer goes through a decision process consisting of all of the following: ________.
need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior
A popular football player at a college who is able to influence the buying decisions of fans would best be described as a(n) __________
opinion leader influence
Occupation, age, and lifestyle are _________ factors that influence consumer buyer behavior.
personal
Once a company has decided which segments to enter, it must decide on its ________ strategy.
positioning and differentiation
4) The founders of Life is Good started their business by hawking T-shirts on the street and selling them door-to-door in college towns. As the organization grew, the number of different lines of products it offered grew, too. Collectively, these assorted product lines, in total, represent Life is Good's ________.
product mix
Companies must make important decisions about their individual products and services. Individual product decisions involve ________________, and product support services.
product attributes, branding, packaging, labeling
Companies can do e-procurement in several ways, including _______, ________, ________, and __________.
reverse auctions, trading exchanges, company buying sites, and extranet links
When Dr. Lawncare developed his revolutionary new weed killer, he expected that, during the introductory stage of the product life cycle, ___________.
sales would be slow and with negative or low profits
Good service companies understand the service profit chain, which links ________.
service firm profits with employee and customer satisfaction
Services are characterized by four key aspects: ______________________.
services are intangible, inseparable, variable, and perishable
According to the article you read, the sales funnel is an outdated model because _______.
shoppers expand and contract their set of choices throughout the process
To determine which market segments to target and serve, the company first evaluates each segment's ________.
size and growth characteristics, structural attractiveness, and compatibility with company objectives and resources
A/n ______ product is purchased based on a strong brand preference, loyalty, special effort, little comparison of brands, and low price sensitivity.
specialty
The first part of a marketing strategy statement describes the ________ of a new product.
target market
Once segments have been identified, market ________ evaluates each segment's attractiveness and selects one or more to serve.
targeting
A simple model of consumer behavior suggests that marketing stimuli and other major forces enter the consumer's "black box." This black box has two parts: ________ and ________.
the buyer's characteristics and the buyer's decision process
To create successful new products, a company must _______.
understand its consumers, markets, and competitors and develop products that deliver superior value to customers
The full positioning of a brand is called the brand's ________, which is the full mix of benefits on which a brand is differentiated and positioned.
value proposition
The ________________________ is a brand's full positioning or the full mix of benefits on which the brand is positioned.
value proposition
What are the five stages of the consumer adoption process, in the correct sequence?
Awareness, interest, evaluation, trial, and adoption
In addition to segmentation and targeting, there are two other major steps in designing a customer value-driven market strategy: ________ seeks to create superior customer value in the mind of the consumer, and ________ seeks to firmly place the market offering in the minds of target customers.
Differentiation; positioning
Major variables used to segment consumer markets include which of the following?
Geographic, demographic, psychographic, and behavioral
Broadly defined, a product is anything that can be offered to a market for ___________, or consumption that might satisfy a want or need. Products include not only physical objects, but also services, events, persons, places, organizations, ideas, or mixtures of these entities.
attention, acquisition, use
Consumers go through specific stages in the process of adopting a new product. Those five stages include ________, ________, _______, _________, and _______.
awareness, interest, evaluation, trial, and adoption
External sources for new product ideas include _________.
competitors, distributors and suppliers, and customers
Consumer products are products and services bought by final consumers for personal consumption. Consumer product classifications include _______________, and unsought products.
convenience, shopping, specialty
Ideally, a company must carry out strong new product planning and set up a systematic new product development process that is _________ to find and grow new products.
customer-driven
Advances in information technology have dramatically affected the B-to-B buying process. Online purchasing, often called _______, has grown rapidly in recent years.
e-procurement
Technology advances have made B-to-B online purchasing possible. This is called ________.
e-procurement
Services marketing strategy calls not only for external marketing, but also for internal marketing to motivate ________ and interactive marketing to create service delivery skills among ________.
employees; service providers
There are four major variables that might be used in segmenting consumer markets. Those major variables are ________ variables.
geographic, demographic, psychographic, and behavioral
The second step in the buyer decision process might include seeking more information. Sources of information vary. Commercial sources normally ________ the buyer, but personal sources ________ products for the buyer.
inform; legitimatize or evaluate
People can be classified into the adopter categories, with each category having different values and rates of adoption. The adopter categories include ________, ________, __________, _________, and __________.
innovators, early adopters, early mainstream adopters, late mainstream adopters, and lagging adopters
Services are characterized by four key aspects, with each posing problems and marketing requirements. The four key aspects are ________________________.
intangible, inseparable, variable, and perishable
The number of product lines a company manages is the product mix ______. The total number of items a company carries within its product line is the product mix _____.
width; length
Based on the article you read, which step of "strategic intuition" is the hardest to achieve?
Achieving presence of mind
___________________ are the two ways firms can obtain new products.
Acquisitions and new product development
Which product level relates to the physical attributes of the product itself?
Actual product
What is the name of the industry program (and icon) that shows when a digital ad has been targeted using prior web browsing behavior?
AdChoices
IMG World's products and services are geared toward colleges and students, the students of which may be considered young achievers. This designation can be best described as which influential factor of consumer buying behavior?
Age and life stages
According to the article you read, which of the following statements about B2B ecommerce is TRUE?
B2B ecommerce was already on the rise before the COVID pandemic.
Which of the following statements regarding the marketing of international products and services is correct?
Because markets and consumers around the world differ widely, companies must usually adapt their product offerings in different world markets.
Dividing the market up based on product usage level is an example of which segmentation variable?
Behavioral
I want to divide up the market based on the benefits different audiences get from using my product. This is an example of _______ segmentation.
Behavioral
Consider the KFC video I shared with you. Which Brand Development Strategy does KFC Nail Polish represent?
Brand Extension
The differential effect that knowing the brand name has on customer response to a product is called _______.
Brand equity
Which of the following terms correctly describes the positive differential effect that knowing the brand name has on customer response to the product or the service?
Brand equity
When a company builds a brand, it needs to make important decisions regarding the brand. Of the following, which is NOT one of those decisions?
Brand licensing opportunities
The "maturity" phase of a product's life cycle most closely aligns with which quadrant of the BCG Product/Market Matrix?
Cash cow
What is the audience segmentation database called that we looked at in the lecture?
Claritas PRIZM
Which of the following is NOT a social factor influencing consumer buying behavior?
Cognitive dissonance
Which of the following is NOT among the major factors influencing consumer buying behavior?
Commercial
Which of the following is NOT a product life cycle (PLC) stage?
Commercialization
Today, declining demand for the Barbie Doll has forced Mattel to lower its prices and phase out unprofitable items. This is indicative that it may be entering the ____ stage of its product life cycle.
Decline
During the "maturity" phase of the product's life cycle, what is typically a company's marketing objective?
Defend market share
What is the nature of demand in business markets?
Demand in business markets is derived demand.
Dividing the market up based on customers' gender is an example of which segmentation variable?
Demographic
"Competition" is considered what type of influence on business buying behavior?
Environmental
Market Offerings which have elements of both a product and service, and focus on how they make customers feel are called ____________.
Experiences
After the 1959 Toy Show, sales of the Barbie Doll took off, selling out the initial line of 500,000 and over a million outfits. Given this rate of unusually high sales and rapid popularity, many thought the product was a _______.
Fad
During which phase of the product's life cycle do we see rapid market acceptance, increasing profits, and a growing number of competitors?
Growth
In the early 1960s, the Barbie Doll had rapid market acceptance and could be found in a growing number of stores. This represents which phase of its product life cycle?
Growth
Students purchasing items with the college logo most likely represent consumers involved in which type of buying behavior?
Habitual
Intrapreneurial programs, like the Twitter Hackathon, are used in which stage of product development?
Idea generation
The R-W-W Framework is typically used in which stage of product development?
Idea screening
What are the four major steps in designing a customer value-driven marketing strategy, in the correct sequence?
Market segmentation, market targeting, differentiation, and positioning
According to the article you read about vehicle product life cycle, in which phase are companies most likely to engage in a competitive price and promotion war to gain sales?
Maturity
In 1992, Mattel's "Totally Hair Barbie" helped the company bounce back after a few years of slowly declining sales. By diversifying its product in order to maximize sales and profits, Mattel was hoping to keep the Barbie Doll in the _____ stage of its product life cycle a little longer.
Maturity
Market Segments which are _______ are large enough to build a marketing plan around.
Substantial
Which of the following is NOT a characteristic of service marketing?
Tangibility
What is the mistaken assumption that business-to-business companies often make about digital and social media?
That digital and social media are useful primarily to consumer products and services companies
___________________ consists of many different people who play multiple roles in the buying process.
The buying center
Styles, fashions, and fads are defined as sales over _____.
Time
What are perceptual positioning maps used for?
To show consumer perceptions of different brands on important buying dimensions
Which of the following is a pure tangible good?
Toothpaste
According to the video you watched in this lesson, on average how many "nags" does it take for a typical parent to "cave in" and buy a product they know isn't good for their child?
9
According to the Forbes Brand Ranking, what is the world's #1 most valuable brand?
Apple
The delivery, installation, warranty, and tech support you receive from Best Buy after buying a TV relates to which product level?
Augmented product
In the traditional sales funnel framework, what does "AIDA" stand for?
Awareness, Interest, Desire, Action
At which step does a company perform a review of the sales, costs, and profit projections for a new product to determine whether the new product is likely to satisfy objectives?
Business analysis
Like consumer markets, business markets are segmented. Which of the following describes the variables that marketers use to segment business markets?
Business demographics, operating characteristics, purchasing approaches, situational factors, and personal characteristics
Based on the IDEO video in this Lesson, how did the company stay customer-centered during its product development process?
By observing and speaking with shoppers and workers at the grocery store
Which type of targeting focuses on going after several market segments, with a separate offering for each?
Differentiated Marketing
______________________ is part of a company's decision on how it will create market offerings to deliver superior customer value.
Differentiation
What is market segmentation?
Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes
____________________ is a characteristic important in influencing an innovation's rate of adoption and described by the degree to which the innovation may be tried on a limited basis.
Divisibility
The New Product Development process takes a new product from ______ to _______.
Idea generation to commercialization
New product development consists of eight sequential steps. Which step reduces the number of ideas based on the company's criteria?
Idea screening
Which of the following is NOT one of the typical advantages of e-procurement systems?
Improving customer-supplier relationships
Which of the following statements regarding the business market is correct?
Many sets of business purchases are made for one set of consumer purchases.
Which of the following statements concerning new products is correct?
Modified and improved products are considered new.
Which of the following would be an appropriate strategy in the maturity stage of the product life cycle?
Modify the market, product offering, and marketing mix.
Kellogg's Frosted Flakes is an example of a ____________ Brand Sponsorship strategy.
National Brands
What is the first step of the buyer decision process?
Need recognition
When Coca-Cola saw the growth of the bottled-water category, it launched DASANIÒ, its brand of bottled water. Which brand development strategy did Coca-Cola use in launching DASANI?
New brand
Which type of targeting focuses on going after a large share of one (or a few) target segments?
Niche Marketing
Which of the following statements is true regarding standardizing products for international markets?
Standardization decreases product design, manufacturing, and marketing costs.
Nailit Cosmetics is advertising its newest line of nail polishes, made from a nontoxic, water-based nail polish with amazing summer colors. Nailit is selling the products in specially designed bottles that make application easier. Which of the following is a core customer value for Nailit's line of polishes?
The desire to have beautiful nails
What determines whether the buyer is satisfied or dissatisfied with a purchase?
The relationship between the consumer's expectations and the product's perceived performance
In the early 1970s, Gary Dahl sold Pet Rocks. The product had a short, temporary period of unusually high sales driven by consumer enthusiasm and immediate product popularity, but then sales declined very quickly. The PLC sales pattern for Pet Rocks is known as ________________.
a fad
The differentiation and positioning task consists of three steps: identifying ________ that create competitive advantage, choosing ________ on which to build a position, and selecting an overall positioning strategy.
a set of possible differentiations; advantages
Social responsibility includes public policy issues and regulations involving _________________, and product warranties.
acquiring or dropping products, patent protection, product quality and safety
When effective programs can be designed for attracting and serving market segments, these segments are ________.
actionable
Because markets and consumers worldwide differ widely, companies usually respond to these differences by ________.
adapting their product offerings
Adding a new product line to an existing portfolio means that the line has __________________.
increased product mix width
Which of the following correctly identifies the levels for which marketers make product and service decisions?
individual product, product line, and product mix decisions
To target the best market segments, the company first evaluates various factors related to market attractiveness. Of the following, which is NOT one of those factors?
Compatibility with company mission and vision
Which of the five characteristics identified has an inverse relationship with an innovation's rate of adoption, meaning as this characteristic increases, the rate of adoption is slower?
Complexity
In which targeting strategy does a firm go after a large share of one or a few smaller segments?
Concentrated marketing
Which of the following correctly describes the classifications into which products and services fall?
Consumer products and industrial products
Which of the following statements about new product development strategy is correct?
Innovation can be very expensive and very risky.
A particular customer's "expertise" in the company is considered what type of influence on business buying behavior?
Interpersonal
__________________ represent an internal source of new product ideas for a company.
Intrapreneurial programs
According to the article you read about vehicle product life cycle, in which phase are companies most likely to put customers on the waiting list to buy a car?
Introduction
Which phase of the product life cycle is marked by slow sales growth, heavy investment, no profits, and few competitors?
Introduction
Marketers need to understand and know the answers to several key questions when dealing with buying centers. Of the following, which is NOT one of those key questions?
Is price a major factor or is the buying center price sensitive?
Based on the IDEO video in this Lesson, how did the company stay team-based and systematic during the Idea Screening step of the product development process?
It had all members of the team vote for ideas with post-its
Which of the following is true of an undifferentiated (mass) market strategy?
It is less expensive than a differentiated strategy
The Gap offers higher-end professional clothing and prices at Banana Republic and lower-end casual, everyday clothing at lower prices at Old Navy. What type of product lengthening strategy does this represent?
Line stretching
Which stage of the PLC is characterized by peak sales, low costs per customer, high profits, mainstream adopters, and a stable number of competitors that are beginning to decline?
Maturity
Which stage of the product life cycle normally lasts longer than the previous stages and poses strong challenges to marketing management?
Maturity
Which of the following is a personal characteristic influencing a consumer's buying behavior?
Occupation