Marketing
Which of the following BEST describes a new product?
A product perceived as new by potential customers
Advertisements are internal stimuli that influence consumer needs.
False
Industrial products are classified as convenience products, shopping products, specialty products, and unsought products.
False
Innovators are tradition-bound and adopt an innovation only when it has become something of a tradition itself
False
LaGrange, a floral boutique, segments its customers into three groups: those who frequently use their services, those who have never used their services, and potential users. This is an example of usage-rate segmentation.
False
Of the three levels of products and services, the most basic level is the "actual product."
False
Personal sources of information normally inform the buyer, but commercial sources legitimize or evaluate products for the buyer
False
When a consumer learns about a new product for the first time and makes a decision to try it, the consumer is engaged in the alternative evaluation process
False
Everyone has been talking about Mission Taco. Heath loves tacos, and after hearing the recent buzz, he has decided to find out more by asking his social media friends about Mission Taco. Heath is at which stage in the adoption process?
Interest
is the process of evaluating the attractiveness of different market segments and selecting one or more segments to enter.
Market targeting
Why is it difficult for marketers to take advantage of the factors that affect consumer-buying behavior?
Marketers have little or no control in factors that influence consumer buying behavior.
This department must partner with other company departments to produce superior value for customers
Marketing department
BerryBerry is a fruit juice company that has traditionally sold three varieties of mixed-fruit juices: DazzleBerry, AquaBerry, and GloBerry. The company wants to add more products to its product line. In this case, which of the following is an example of co-branding by BerryBerry?
BerryBerry teams up with SFX, a sporting goods company, to introduce a line of energy bars called BerryBerry SFX.
________ are people within a reference group who, because of special skills, knowledge, personality, or other characteristics, exert social influence on others.
Opinion leaders
________ refer to a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible.
Services
There are many ways to segment a market buy not all segmentations are effective. To be useful, market segments must be all of the following EXCEPT?
Situational
________ products are consumer products and services with unique characteristics or brand identifications for which a significant group of buyers is willing to make more effort than usual to purchase.
Specialty
Alice is shopping for a new car, and she has narrowed her decision to a Honda Accord and a Toyota Camry. Both sedans have similar features and prices, but Alice decides to purchase the Honda based on her intuition. Which of the following situations would most likely cause Alice to experience postpurchase dissonance?
The price of the Toyota Camry falls due to an increase in demand.
A brand extension gives a new product instant recognition and faster acceptance.
True
A business marketer normally deals with far fewer buyers than a consumer marketer does
True
A company that adapts a reactive marketing stance would most likely view the marketing environment as an uncontrollable element to which it must adapt
True
Furniture is an example of a shopping product.
True
Product line filling involves adding more items within the present range of the line.
True
Social class is not determined by a single factor, such as income, but is measured as a combination of occupation, income, education, wealth, and other variables
True
The business buying process tends to be longer and more formalized than the consumer buying process
True
Unsought products are consumer products that the consumer either does not know about or knows about but does not normally consider buying.
True
When consumers react more favorably to a brand than to a generic or unbranded version of the same product, the brand is said to have positive brand equity.
True
While designing a customer-driven marketing strategy, marketers are likely to divide the market into smaller segments.
True
________ refers to the practice of including ethnic themes within a company's mainstream marketing
Cross-cultural marketing
Which of the following characteristics of a product is defined as "freedom from defects"?
quality
A shoe company's ads feature the members of a popular country music band. Product sales increase significantly among the band's fans. From the fans' viewpoint, the band is a(n)
reference group
Service variability means that ________.
service quality depends on when, where, and how they are provided
The use of traditional business marketing concepts and tools to create behaviors that will create individual and societal well-being is called ________ marketing.
social
The more loyal a firm's customers
the higher its customer equity
Product mix length refers to the ________.
total number of items a company carries within its product lines
Which of the following would be considered part of an augmented product rather than that of an actual product or core customer value?
warranty
Compared with undifferentiated marketing, differentiated marketing is more likely to lead to ________.
weaker product position in each market segment
Which of the following terms is used to describe a specific mix of human traits that may be attributed to a particular brand?
brand personality
Argonaut Food Stores, a retail giant, hires better-skilled employees than its competitors by employing strategic recruitment practices. It also conducts highly specialized training programs for its employees. In this case, Argonaut has focused on gaining a strong competitive advantage through ________ differentiation.
channel
Which of the following sources of product information can marketers control completely?
commercial sources
Hammond Corp. operates in the highly aggressive electronics market. The firm aims to obtain early warnings of opportunities and threats caused by the actions of other firms that are doing well in the industry. Which of the following sources would best serve Hammond's purpose?
competitive marketing intelligence
A laundry detergent that consumers purchase frequently, with minimum comparisons, is an example of a(n) ________ product.
convenience
Which of the following types of products are generally priced the lowest?
convenience products
The total combined customer lifetime vales of all the companies current and future customers
customer equity
Firms that manufacture seasonal products target their consumers primarily through ________ segmentation.
demographic
Zista, a boutique that caters to the clothing needs of women, manufactures two different lines of fashion wear based on the purchasing power of its customers. One product line caters to the needs of affluent, middle-aged women, and the other line targets younger professionals and homemakers. Zista most likely segments the consumer market based on ________ variables.
demographic
Port Orleans Shipping markets different services to the tourism, defense, and trade segments. The firm designs separate offers for each segment based on their needs. This approach is called ________ marketing.
differentiated
Store brands are also known as ________ brands.
extended
Which of the following is a social factor that influences consumer buying behavior?
family
When marketers want to promote their products and services through word-of-mouth marketing programs, they typically begin by ________.
generating person-to-person brand conversations
A product line is most likely too long if managers can ________.
increase profits by dropping items
Which packaging component identifies the product or brand?
label
Which of the following is a personal factor that influences a consumer's buying behavior?
life-cycle stage
Which of the following is a psychographic characteristic of a consumer?
lifestyle
Sweet & Cream, a popular frozen yogurt chain, attracts new customers by adding new flavors to its famous frozen yogurt product line. In this case, the company has developed its brand with ________.
line extensions
Which of the following is the right order of the steps that companies generally follow in designing a customer-driven marketing strategy?
market segmentation, market targeting, differentiation, and positioning
The practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations is referred to as ________.
micromarketing
Which of the following strategies is most likely to be followed by firms that position themselves as caterers of the best products at economical prices?
more for less
Rad, a manufacturer of luxury watches, charges a higher price for its products than its competitors. Despite the high prices, the brand is popular among customers for its quality and service in comparison to cheaper alternatives available in the market. In this case, Rad offers a(n) ________ value proposition.
more-for-more
Xenon, a leading consumer-electronics manufacturing company, markets its products under the company's own brand name. In this case, Xenon has sponsored its products by promoting them as ________ brands.
national
Product mix width refers to the ________.
number of different product lines the company carries
The ultimate aim of customer relationship management
produce high customer equity
The marketing manager at Frizzles' Eateries targets customers who are working to lose weight but who still want to dine out. The restaurant chain offers a wide variety of low-fat, low-calorie meals that appeal to dieters. Frizzles' approach is best referred to as ________ segmentation.
benefit
Using a differentiated marketing strategy, a company is likely to design a product and a marketing program that will appeal to the largest number of buyers.
False
Takes into consideration the seller's view of the market
The Four Ps
A product is defined as anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
True
A small increase in consumer demand can cause a large increase in business demand
True
An effective MIS assesses information needs, develops needed information, and distributes the information to help managers with decision making.
True
Demographic factors are the most popular bases for segmenting customer groups.
True
Most major new innovations are unsought until consumers become aware of them through advertising.
True
New communications technologies are likely to eliminate the need for markets to be geographically segmented as clusters of countries.
True
Which of the following generally increases the total demand for business products?
an increase in consumer demand
Dividing buyers into groups based on their knowledge, attitudes, uses, or responses to a product is called ________ segmentation.
behavioral
A&B's Smarter Planet campaign markets A&B as a company that provides innovative solutions that improve the world's IQ. This activity of A&B is an example of ________ marketing
organization
The most effective sources of information about a product tend to be ________ sources.
paid
Through ________, brands can be differentiated on features, performance, or style and design.
product differentiation
At one time, Miller Beer was known as the "champagne of bottled beer." It was targeted at an elite class of customers. Later, to increase sales, Miller was repositioned to attract members of the working, middle-class. What is this segmentation method called?
psychographic
Service variability means that the quality of services does not depend on who provides them.
False
Which of the following statements is most likely true about unsought products?
Marketers use aggressive advertising to convince consumers to buy unsought products
Which of the following terms best describes the process of designing and producing a container or wrapper for a product?
packaging
Line extensions occur when a company extends existing brand names to new or modified products in a new category.
False
Marketing intermediaries supply resources needed by a company to produce its goods and services
False
With the adopter classification in mind, a cutting-edge firm should research the characteristics of which groups?
Innovator and early adopter
Which of the following is true of perceptual positioning maps?
They are used to analyze consumer perceptions of a brand versus competing products.
Why is marketing ROI so difficult to measure?
This is no consistent definition
A consumer's buying behavior is often influenced by reference groups to which the consumer does not belong
True
Unlike other car rental agencies that are based in airports to serve travelers, Wheelz-On-Rent has a network of neighborhood offices. The firm strives to serve people who need car rentals for reasons other than vacation, such as when their own cars are being repaired. Wheelz-On-Rent caters to a small share of the large car rental market. From this description, it can be concluded that Wheelz-On-Rent most likely practices ________.
concentrated marketing
Flores Fashions promotes its clothing by emphasizing the durability and quality of the fabrics it uses. The company has positioned its brand based on ________.
product attributes
Becca wants to buy a new coat. She asks her friends to recommend a store and/or a style of coat. She looks for sale advertisements for coats in newspapers and also visits nearby stores to check if she can find something in her budget. In this case, Becca is most likely in the ________ stage of the buyer decision process.
information search
Diane Chambers, the marketing manager of FarmFresh, collects data from her monthly records of sales, costs, and cash flow. In this case, Diane is making use of ________ databases.
internal
Orienting and motivating customer-contact employees and supporting service people to work as a team to provide customer satisfaction is known as ________ marketing.
internal
Which link in the service chain emphasizes superior employee selection and training?
internal service quality
The less-for-much-less positioning involves meeting consumers' requirements for ________.
lower quality for a lower price
Focus on customers wants instead of needs or on the product itself
marketing myopia
When a company interacts one-on-one with large numbers of customers to create customer-unique value by designing products and services tailor-made to individual needs, it is engaging in ________.
mass customization
Using a(n) ________ positioning strategy, companies can attack the more-for-more strategy of another firm by offering a brand of comparable quality at a lower price.
more-for-the-same
A marketing intermediary would most likely help a firm by ________.
moving the firm's goods from production points to distribution centers
Sportware, a leading shoe manufacturer, markets sneakers under the brand name "Athletix" and dress shoes under the brand name "Cameo" in order to target the two different market segments. What branding strategy is most likely being used by Sportware?
multibrands
Which of the following includes the target segment of a product, the category to which the product belongs, and the product's point of difference from other members in the category?
positioning statement
Bill thought he had received the best deal on his new car. Shortly after the purchase, Bill started to notice certain disadvantages of his new car as he learned more about other cars available in the same price range. Bill is in which of the following stages of the buyer decision process?
postpurchase behavior
Service inseparability means that ________.
services become a part of their providers, whether the providers are people or machines
Service perishability means that ________.
services cannot be stored for later sale or use
A refrigerator is an example of a(n) ________ product.
shopping
Shampoo marketers segment buyers as light, medium, or heavy product users. This is an example of ________ segmentation.
usage rate
Markets can be segmented into groups of nonusers, ex-users, potential users, first-time users, and regular users of a product. This method of segmentation is called ________.
user status segmentation