Bus 360 Final SSU 2017 – Flashcards
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From a micro view, Marketing
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is a set of activities performed by an individual organization to satisfy its customers
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Which of the following is one of the three basic ideas in the "Marketing Concept?"
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Answer: Customer Satisfaction others: total company effort, profit/measure of long term success
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Trying to balance the interests of people who want to drink beer and dancer of drunk driving is an example of?
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The Macro-Micro Dilemma
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According to the text, Marketing means...
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much more than selling and advertising
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The "Universal Functions of Marketing" do NOT include
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producing
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The vertical marketing system that typically has the greatest amount of cooperation amount channel
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Corporate channel system
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A convenience product would probably be sold using
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intensive distribution
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Many firms prefer to distribute directly to the final customer because they
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control all marketing job, serve at lower cost, more effective, use internet Answer: all of the above
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Which of the following is NOT a place decision
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recruitment, selecting, and managing sales force
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"Logistics" is concerned with
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Reducing spatial separations between producers & consumers, Transporting, storing, and handling physical goods within individual firms & along channel systems, & Physical Distribution. Answer: All of the above
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Public warehouses
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provide flexibility because the user pays only for the space used
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The first retailers to really show the importance of the mass merchandising concept were the operators of
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supermarkets
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The main difference between agent wholesalers and merchant wholesalers is
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that agent wholesalers do not own the products they sell and merchant wholesalers do
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Speciality shops
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generally try to become well known for the distinctiveness of their line and the special services offered
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Scrambled Merchandising is carrying
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any product lines that a store thinks that they can sell profitably
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Retailing refers to
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the sale of products to final consumers
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The adoption curve concept is most closely related to which of the following?
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the product life cycle
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What is Advertising?
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any paid form on non personal presentation of ideas, goods, or services by an identified sponsor
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Personal selling
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involved direct spoken communication between sellers and potential buyers
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Identify the traditional communication process
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Source>Encoding>Message Channel>Decoding>Receiver>Feedback
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Which of the following shows the correct sequence of market acceptance of a new idea, as represented in the adoption curve?
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innovators, early adopters, early majority, late majority, laggards
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This promotional approach emphasizes the importance of securing the wholehearted cooperation members to promote the product in the channel and to the final use
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pushing
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The AIDA model consists of?
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Attention, Interest, Desire, and Action
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What does The Adoption Curve show?
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when different groups accept ideas
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What does promotion include?
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Personal selling, Mass Selling and sales promotion Answer: All of the above
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A retailers promotion objectives might be to _______ its target market about its marketing mix
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inform, persuade and remind Answer: All of the Above
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The most popular sale force payment method is
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a combination plan
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Marketing managers should make specific strategy decisions about
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what kind of salespeople, salespeople compensation, sale presentation used, salespeople selection and training Answer: All of the above
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Which of the following is NOT one of the sales presentation approaches discussed in the text?
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target market approach
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Order getters
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are concerned with establishing relationships with new customers and developing new business
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The _____ involved developing a good understanding of the individual customers needs before trying to close the sale
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Consultative selling approach
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The commission method of payment
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offers the most incentive for the salesperson
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A ____ is a written statement of what a salesperson is expected to do
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job description
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Which of the following is the BEST example of an advertising objective
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"We want 35% of our target customers to be aware of our new product within the next two months "
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Advertising objectives should be
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more specific than personal selling objectives
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"Copy Thrust" refers to
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what is to be communicated by the words and illustrations
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______ advertising tries to develop primary demand for a product category rather than demand for a specific brand
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pioneer
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Competitive advertising, which makes specific brand comparison using actual names, is ______ advertising
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comparative
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All of the following are product based advertising except...
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institutional advertising are(cooperative, pioneering, comparative, and competitive)
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Selecting the most effective advertising media depends on the
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Nature of media, target market, funds available, promotion objectives Answer: All of the above
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To guarantee good media selection, the advertiser FIRST must clearly specific its
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target market
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Advertising which tries to develop selective demand for a specific brand rather than a product category is called what advertising?
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competitive
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The ____ type of competitive advertising points out product advantages to affect future buying decisions
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indirect
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Which of the following is a SALES ORIENTED pricing objective?
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growth in the market share (NOT: target return, non price competition, satisfactory profits)
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Trying to get the "cream" of the market at a high price before aiming at the more price sensitive customers is consistent with a
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skimming pricing policy
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_____ is what a customer must give up to get the benefits offered by the res of a firms marketing mix
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price
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A marketing manager may choose a pricing objective that is
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sales oriented, profit oriented, status quo oriented Answer: any the above depending on the situation
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Offering a CUMULATIVE quantity discount seeks to
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encourage the buyer to make addition purchases
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Which of the following is a Status Quo pricing objective
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meeting competition
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Some retailers commonly use prices that end in certain numbers. They seem to assumer that their customers see prices with these numbers as substantial lower. What is this called?
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Odd even pricing
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According to the text, the two basic approaches to price setting are:
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cost oriented price setting and demand oriented price setting
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A retailer who advertises a low price on an item with no intent to sell that item but only to attract customers to try and sell more expensive products is using what?
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Bait pricing
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Setting relatively high prices to suggest high quality or high status is
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prestige pricing
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Average fixed costs
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decrease steadily as output increases
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The text says "markups"
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are a percentage of selling price unless otherwise stated
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The production cost of an automobile component is $45. the producer takes a 10% markup and sells the product to the wholesaler. What is the wholesaler's cost?
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$50
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Wilson sells a basketball to a wholesaler for $16 and the wholesaler applies a 20% markup. A retailer then applies a 33.3% markup. The final selling price is?
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$30
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Michael soles competitors have an average markup of 40%. His average markup is $15 on shoes that sell for $45. this means what?
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he is taking a smaller average markup than his competitors
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The 3 basic tasks of ALL managers, according to the text, are
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Planning, Implementation, and control
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A breakthrough opportunity
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is one that helps an innovator develop a hard to copy marketing strategy that will be very profitable for a long time
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The marketing mix
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helps to organize the marketing strategy decision areas
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A marketing strategy
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specifies a target market and a related marketing mix
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In which of the external environments do changes usually occur most slowly?
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Cultural and social environment
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Generic Electrics "strategic planning grid"
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requires subjective judgments about business strengths and industry attractiveness
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Using General Electric's "strategic planning grid" an oppunrity rated "medium" in terms of industry attractiveness and "medium" in terms of business strengths would be evaluated as
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yellow borderline
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When looking for attractive opportunities, a marketing manager should consider
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All of the above
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The total market value of goods and services provided in a country's economy per year by both residents and nonresidents of that country is
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GDP
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What is "positioning"?
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helps strategy planners understand how customers think about various brands or products in relation to each other
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Segmenting
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Tries to aggregate together individuals who have similar needs and characteristics
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The process of naming broad product markets and then segmenting them in order to select target markets and develop suitable marketing mixes is called
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market segmentation
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The text discusses a four level hierarchy of needs. Which of the following is NOT included in that model?
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Physiological needs
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The whole set of beliefs, attitudes, and ways of doing things of a reasonably homogeneous set of people is a
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culture
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Which of the following is NOT a psychological variable?
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Social class ARE(attitudes,motivation,learning,perception)
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Behavioral scientists recognize different levels of consumers problem solving. Which of the following is not one of those levels?
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Rational problem solving
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Discretionary income is defined as
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income available after taxes and necessities
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An economic buyer is a person who
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logically compares choices to get the greatest satisfaction from spending time and money
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Annual income = 75,000 Taxes = 25,000 Necessities = 15,000 Vacation = 5,000 Discretionary income = ???
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35,000
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Which of the following is not a selective process and used in gathering and interpreting information from the world around us?
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Selective attention
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Psychographics mat also be called
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lifestyle analysis
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Which of the following statements about social class is NOT true
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in the US the system for measuring social class is based mainly on a persons income
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A ____ refers to all of the people who participate in or influence a purchase
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Buying Center
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Regarding "marketing research" and "marketing information systems"
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Marketing information systems tend to increase the quantity of information available for decision making, but with some decrease in quality
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Quantitative Marketing research
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Uses large, representative sample, data can be collected mail email, makes it easier to summarize answers All of the Above
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Which of the following is the correct sequence of steps in the marketing research process?
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Defining the problem, analyzing the situation, getting problems specific data, interpreting the data, solving the problem
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The scientific method
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Is an orderly and objective approach to judging how good and idea really is
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_____ are educated guesses about the relationships between things or about what will happen in the future
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hypotheses
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Procedures that develop and analyze new information to help marketing managers make decisions are called
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marketing research
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The most difficult step of the marketing process is
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defining the problem
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According to the text, "product"
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means the need-satisfying offering of a firm
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A large US firm produces chips, dish detergent, laundry detergent, shampoo, diapers and tissues. These are the firms
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product assortment
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Packaging
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Enhances product, can increase cost to customer, promotes product, protects product All of the above
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Which of the following is NOT a level of brand familiarity?
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brand nonexistence
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Which of the following gives the correct order of the steps in the new product development process?
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idea generation, screening, idea evaluation, development, commercialization
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It is toward the end of the ____ stage of the product life cycle when industry profits begin to decline
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market growth
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The product life cycle has four stages. Which of the following is NOT one of these?
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Economic Competition
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Regarding product life cycles which of the following is NOT true?
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the level of promotion usually decreases in market maturity since there is less revenue to cover the cost
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A cookie manufacturer decided to expand into cake manufacturing, it begins the buying process for cake molds, toppings, and icing equipment by setting product specifications and evaluating sources of supply. This is an example of what?
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New task buy
