Module 9 Quiz
product mix
A product mix is the combination of the product lines that a firm offers.
legal and regulatory
Legal and regulatory forces consist of laws and government regulations designed to protect consumers and restrain anti-competitive business behavior. Companies must also stay aware to stay in compliance with laws.
evaluating alternatives
The evaluating options step of the buying process occurs after gaining information on competing products. You then consider the benefits and drawbacks of each.
taking advantage of an opportunity
There may be an opening in the market and companies may want to capitalize on a trend.
social class
a group of people with similar backgrounds, incomes, and ways of living // During the late 20th century, production of goods has declined due to global outsourcing. Most new jobs can be attributed to growth in services—entertainment, personal care, repair, financial, and more.
geographic segmentation
dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods
Carrie and Russell just purchased a new home and have decided to replace the current siding. They spend a day visiting a few home improvement stores to research samples. At night they sit down to dinner to discuss cost, colors, warranty and other details about each option. Carrie and Russell are most likely in which of following stages of the consumer buying process?
evaluating alternatives
WePayU is led by CEO, Homiah Losyl. He believes that everyone from his senior leadership team down to the most entry-level employee is responsible for helping customers. He expects everyone to step in and help if it impacts WePayU customers. This best demonstrates the marketing concept of
focus on helping customers
Fish and Fun sells fishing bait and supplies. They tend to open their stores on the outskirts of small lake towns and communities. Fish and Fun is most likely using ________ market segmentation.
geographic
Craftland artisans relies heavily on temporary workers to keep their factory operating at peak efficiency. The U.S. government has enacted a new law that increases compliance requirements for hiring temporary workers. Craftland decides to hire a compliance officer to ensure they do not violate the new law. Which force from the marketing environment is most likely at work in this situation?
legal and regulatory
Soapy Soap has created two new bleach alternatives for clothing. They send out free samples to potential customers with a short questionnaire asking for feedback. Soapy Soap is most likely in the ________ step of the marketing process.
product
Sports Emporium sells Nike, Adidas, and Under Armour shoes and apparel. These items are best described as being part of Sports Emporium's
product mix
Bali Balloons is conducting a series of focus groups to determine whether to develop a few new products. Bali is most likely in which of the following steps of the marketing process?
researching
Ramesh works for a marketing firm and is responsible for researching and analyzing information found in online forums, blogs, and other websites. This information can best be described as which of the following?
secondary data
Nkoumbuah and Alise are preparing to buy a new car together. Both are recent college graduates making good money working in a public accounting firm, so they decide to target luxury cars. Which element of consumer buying behavior is most likely influencing their car-buying decision?
social class
Plant-based meat substitutes have become incredibly popular in the past year. As such, many popular fast food companies have added meatless versions of popular menu items to their menus. Which reason for developing a new product does this best represent?
taking advantage of an opportunity
product strategy
Test Marketing is part of the Product Strategy step of the marketing process. It is the process of testing products among potential users. That is, you try out a sample of the potential product among the target population to see what they think of it.
secondary data
information that already exists somewhere, having been collected for another purpose
