Old Quiz 3, Exam 2 practice – Flashcards
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______ is the process of evaluating the attractiveness of different market segments & selecting one or more segments to enter. a. differentiation b. mass marketing c. market targeting d. market segmentation e. positioning
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c. market targeting
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_____ consists of arranging for a market offering to occupy a clear, distinctive, & desirable place relative to competing products in the minds of target consumers. a. differentiation b. positioning c. market targeting d. market segmentation e. mass marketing
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b. positioning
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Which of the following is the right order of the steps that companies generally follow in designing a customer-driven marketing strategy? a. market segmentation, differentiation, positioning, & market targeting b. positioning, market segmentation, mass marketing, & market targeting c. market segmentation, market targeting, differentiation, & positioning d. market alignment, market segmentation, differentiation, & market positioning e. market recognition, market preference, market targeting, & market insistence
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c. market segmentation, market targeting, differentiation, & positioning
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Markets can be segmented into groups of nonusers, ex-users, potential users, first-time users, & regular users of a product. This method of segmentation is called ______. a. user status segmentation b. usage rate segmentation c. benefit segmentation d. behavioral segmentation e. loyalty status segmentation
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a. user status segementation
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Market segments that can be effectively reached & served are said to be _____. a. measurable b. accessible c. substantial d. actionable e. differentiable
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b. accessible
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When a market segment is large or profitable enough to serve, it is termed ____. a. measurable b. accessible c. substantial d. actionable e. differentiable
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c. substantial
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When an effective program can be designed for attracting & serving a chosen segment, the segment is best described as ____. a. accessible b. measurable c. reachable d. actionable e. differentiable
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d. actionable
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Marketing the same product to a huge customer base without any customization is referred to as ___. a. mass marketing b. differentiated marketing c. niche marketing d. local marketing e. individual marketing
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a. mass marketing
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POS markets different services to the tourism, defense, & trade segments. The firm designs separate offers for each segment based on their needs. This approach is called _____ marketing. a. concentrated b. differentiated c. individual d. mass e. local
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b. differentiated
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_____ marketing tailors brands & promotions to the needs & wants of specific cities, neighborhoods, & even stores. a. differentiated b. mass c. niche d. local e. individual
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d. local
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Which of the following is true of perceptual positioning maps? a. they are used by marketers to divide a market into smaller groups w distinct characteristics b. they are used by marketers to identify supplier & retailer perceptions of a product c. they are used to analyze consumer perceptions of a brand versus competing products d. they are used to divide buyers into groups based on their perceived income & age e. they are used to plot the geographic segments that a company needs to target
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c. they are used to analyze consumer perceptions of a brand versus competing products
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Company & brand positioning should be summed up in a _____. a. mission statement b. vision statement c. profit statement d. positioning statement e. corporate statement
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d. positioning statement
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Which of the following types of products are generally priced the lowest? a. shopping products b. convenience products c. specialty products d. industrial products e. capital products
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b. convenience products
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Which of the following is an example of an unsought product? a. furniture b. laundry detergent c. refrigerator d. toothpaste e. life insurance
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e. life insurance
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Which of the following is an example of an industrial product grouped under capital items? a. factory b. cement c. crude petroleum d. coal e. paint
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a. factory
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A ____ is defined as a name, term, sign, symbol, or design, or a combination of these, that identifies the maker or seller of a product or service. a. prototype b. paradigm c. framework d. patent e. brand
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e. brand
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Expanding a product line by adding more items within the present range of the line is known as product line ____. a. stretching b. widening c. strengthening d. mixing e. filing
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e. filing
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Marque, high end watch maker, has started making inexpensive watches to take advantage of enormous growth rates in low-end market segments. Marque is most likely engaging in ____. a. franchising b. line filing c. two-way stretching d. upward stretching e. downward stretching
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e. downward stretching
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Product mix width refers to the __. a. number of versions offered for each product in the line b. ways in which the various product lines are related c. number of different product lines the company carries d. total number of items a company carries within its product lines e. total market share captured by the entire product line
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c. number of different product lines the company carries
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Which of the following is most likely a true statement about services? a. services can be stored for later sale or use b. service quality is not dependent on the provider c. services can be easily separated from their providers d. a service is intangible before it is purchased e. demand fluctuation has little to not impact on service providers
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d. a service is intangible before it is purchased
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The dependence of service quality on the quality of buyer-seller communication during the service encounter is referred to as ____ marketing. a. horizontal b. interactive c. advocacy d. social e. internal
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b. interactive
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FF promotes its clothing by emphasizing the durability & quality of the fabrics it uses. The company has positioned its brand based on ____. a. product benefits b. product attributes c. beliefs and values d. market share e. brand loyalty
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b. product attributes
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X, a leading consumer-electronics manufacturing company, markets its products under the company's own brand name. In this case, X has sponsored its products by promoting them as ___ brands. a. licensed b. private c. store d. national e. distributor
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d. national
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S&C, a popular frozen yogurt chain, attracts new customers by adding new flavors to its famous froyo product line. In this case, the company has developed its brand w ____. a. brand extensions b. line extensions c. multibranding d. new product lines e. co-branding
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b. line extensions
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Which of the following statements is most likely true about the new product development process? a. the first step in developing a new product involved determining any budgetary or distribution limitations b. most firms discourage employees from contributing new product ideas bc of legal concerns c. in most cases, concept testing is followed by concept development d. a product concept should be developed for each idea before it goes through idea screening e. customers, competitors, & suppliers are major sources of new product ideas
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e. customers, competitors, & suppliers are major sources of new product ideas
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Internal sources of new product ideas for a company include its __. a. customers b. distributors c. suppliers d. employees e. competitors
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d. employees
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In which of the following cases is crowdsourcing used for new product development? a. a company creates a forum where anyone can contribute new product ideas b. a company hires a marketing agency to generate new product ideas c. a company reviews the sales, costs, & profit projections of an existing product d. a company depends on its R&D department to come up w new ideas e. a company partners w a design agency to create a few prototypes
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a. a company creates a forum where anyone can contribute new product ideas
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The stage in which a product concept is presented to groups of target consumers physically or symbolically is referred to as ____. a. concept testing b. concept development c. test marketing d. market strategy development e. crowdsourcing
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a. concept testing
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____ involved a review of the sales, costs, & profit projections for a new product to find out whether they satisfy a company's objectives. a. vendor analysis b. portfolio analysis c. business analysis d. SWOT analysis e. concept analysis
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c. business analysis
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In which of the following cases is little or not test marketing most likely recommended for a new product? a. when the product requires a major investment b. when management is unsure of the projected demand for the product c. when the risks associated w introducing the product are high d. when management is unsure of the marketing program for the product e. when the costs of developing & introducing the product are low
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e. when the costs of developing & introducing the product are low
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___ is the stage where a product & its proposed marketing program are introduced into realistic market settings. a. market strategy development b. concept testing c. test marketing d. concept development e. business analysis
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c. test marketing
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Which of the following is a disadvantage of a team-based approach to new product development? a. it lengthens the time required to get the right products to market b. it involves the use of a rigid, sequential product development approach c. a bottleneck at one place can seriously hinder the entire project d. organizational confusing & tension are likely to affect the process e. the process is highly ineffective for products with short life cycles
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d. organizational confusion and tension are likely to affect the process
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Which of the following statements is most likely true about the product life cycle? a. throughout the product introduction stage, sales are zero b. the growth stage is the longest stage of the product life cycle c. profits are nonexistent in the growth stage d. growth is a period of rapid market acceptance & increasing profits e. maturity is the period when sales fall off but profits continue to rise
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d. growth is a period of rapid market acceptance & increasing profits
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A product life cycle has 5 distinct stages: product development, introduction, growth, maturity, and _____. a. stabilization b. rebranding c. decline d. progression e. segementation
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c. decline
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Which of the following would most likely have the longest duration in a market & be characterized by several periods of renewed interest? a. a style b. a fashion c. a fad d. a trend e. a drift
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a. a style
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Which of the following is true about the introduction stage of a new product? a. profits are typically high b. promotion spending is relatively low c. less money is needed to attract distributors d. companies tend to avoid basic versions of the product e. sales growth tends to be slow
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e. sales growth tends to be slow
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As a result of ____, a company cannot make its product illegally similar to a competitor's already established product. a. anti-monopoly laws b. patent laws c. antitrust laws d. product warranties e. product liability
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b. patent laws
