MKTG MidTerm2

targets seceral different market segments and designs seperate offers for each

differentiated marketing

c (problem recognition)

The first step of the business buying process is ________. A) general needs description B) product specification C) problem recognition D) order-routine specification E) performance review

e (place marketing)

Tourism Australia's global marketing campaign, "There's nothing like Australia" is an example of ________. A) corporate image marketing B) person marketing C) organization marketing D) internal marketing E) place marketing

c (retail)

Which of the following exemplifies a service? A) candy B) laptop C) retail D) car E) laundry detergent

e (suppliers)

Which of the following is an external source for new-product ideas? A) project managers B) engineers C) salespeople D) manufacturing staff E) suppliers

c (market segmentation)

________ involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes. A) Mass customization B) Market targeting C) Market segmentation D) Differentiation E) Positioning

targets a small share of a large market. more effective and efficient

concentrated marketing

customer operating characteristics, purchasing approaches, situational factors, personal characteristics

segmentation variables

c (consider the sales history of similar products)

Neutron Inc. is conducting a business analysis to determine which of the many newly developed apps should be released. To estimate sales, the company must ________. A) conduct surveys of competitors B) exclusively consider the government's opinions C) consider the sales history of similar products D) apply the PLC concept to industry sales E) opt for business process reengineering

a (idea generation)

New-product development starts with ________. A) idea generation B) idea screening C) concept development D) concept testing E) test marketing

divides buyers into different groups based on social class, lifestyle, or personality traits

Psychographic segmentation

b (social)

Public health campaigns designed to reduce alcoholism, drug abuse, smoking, and obesity are all examples of ________ marketing. A) internal B) social C) organization D) person E) place

b (devlop a planned market rollout over time)

Skyrim Corp. lacks the capital and capacity to launch its new helicopter for full national and international distribution. If the test market results look promising, what should be management's next step? A) retest the product in additional markets B) develop a planned market rollout over time C) liquidate its assets to gain capital and capacity D) seek the help of a nationally known consultant E) develop a prototype

b (corporate image)

The advertising slogan, "We bring good things to life," used by General Electrics to market themselves, is an example of ________ marketing. A) person B) corporate image C) internal D) place E) niche

requires dividing a market into smaller segments with distinct needs, characteristics, or behavior that might require seperate marketing, strategies or mixes.

market segmentation

1. Suggest benefits and qualities 2. Easy to pronounce, recognize, and remember 3. Distinctive 4. Extendable 5. Translatable for the global economy 6. Capable of registration and legal protection

6 Desirable qualities for a brand name

a (positioning statement)

"To busy multitaskers who need help remembering things, Evernote is a digital content management application that makes it easy to capture and remember moments and ideas from your everyday life using your computer, phone, tablet, and the Web." This is an example of a(n) ________. A) positioning statement B) statement of purpose C) order-routine specification D) vision statement E) product specification

c (specialty product)

A hickory rocking chair, handmade by an Amish woodcarver in Lancaster, Pennsylvania from locally grown wood, is an example of a(n) ________. A) convenience product B) capital item C) specialty product D) service E) product attribute

b (product concept)

An attractive product idea must be developed into a ________. A) concept alternative B) product concept C) brand personality D) brand placement E) product strategy

b ( age and life-cycle)

Bailey's Burgers promotes the Bailey's Jumbo Burger as a fun snack for teens and young adults. In this instance, Bailey's Burgers is practicing ________ segmentation. A) benefit B) age and life-cycle C) psychographic D) geographic E) gender

-the nature of the buying unit -market structure and demand -types of decisions -decision process

Business markets vs. Consumer markets

b (degree of loyalty)

Consumers who show their allegiance to brands, stores, or companies help marketers to segment consumers by their ________. A) user status B) degree of loyalty C) income D) geographic location E) benefit-seeking attitudes

b (acquisition)

Electron Corp. purchased Proton Corp. by buying all of its assets and ownership equity. This is an example of a(n) ________. A) new-product development B) acquisition C) joint venture D) greenfield investment E) divestment

-Test marketing is the stage at which the product and marketing program are introduced into more realistic marketing settings. -Provides the marketer with experience in testing the product and entire marketing program before full introduction .

Explain test marketing and why marketers use it

d (deciders)

In routine buying situations, which of the following members of the buying center has formal or informal power to select or approve the final suppliers? A) users B) influencers C) gatekeepers D) deciders E) buyers

Geographic (nations, regions, states) Demographic (age, gender, family size, family life cycle, income occupation, education, religion, race, generation, and nationality.) psychographic (social classes, lifestyle) behavioral(knowledge, attitudes, uses)

Market Segmentation

d (psychographic segmentation)

Marketers who use ________ often segment their markets by consumer lifestyles and base their marketing strategies on lifestyle appeals. A) demographic segmentation B) geographic segmentation C) benefit segmentation D) psychographic segmentation E) occasion segmentation

c (mass customization)

________ is the process by which firms interact one-to-one with masses of customers to design products and services tailor-made to individual needs. A) Product diversification B) Undifferentiated marketing C) Mass customization D) Differentiated marketing E) Trigger-based marketing

c (users)

________ refer to members of the buying organization who will actually use the purchased product or service. A) Gatekeepers B) Deciders C) Users D) Influencers E) Buyers

-company may overestimate market size -the product may be poorly designed -wrong time -price too high

give and explain 2-3 reasons why new products fail

differentiated and concentrated

stratgies for reaching target market

consists of a set of buyers who share common needs or characteristics that the company decides to serve

target market

Companies watch competitors' ads to get clues about their new products. They buy competing new products, take them apart to see how they work, analyze their sales, and decide whether they should bring out a new product of their own.

why are competitors considered a good external idea source