Exam 2 Marketing - Flashcards

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The marketing of goods and services to companies, governments, or not-for-profit organizations for use in the creation of goods and services that they can produce and market to others is referred to as?

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Business Marketing

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Organizational buyers are those manufacturers, wholesalers, retailers, and government agencies

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that buy goods and services for their own use or for resale.

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Which of the following statements represents an organizational buying decision?

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The owner of a fried chicken restaurant hires a snow removal service to keep the parking lot clear.

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Organizational buyers can be divided into three different markets. They are

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industrial, reseller, and government markets.

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The services market sells diverse services such as legal advice, auto repair, and dry cleaning. Along with finance, insurance, real estate businesses, and __________, communication and public utility firms, as well as not-for-profit organizations, these firms represent about 75 percent of all industrial firms.

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transportation

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Archer Daniels Midland (ADM) Co. is the world's largest cocoa-bean processor. It buys cocoa beans and converts the beans into cocoa powder and cocoa butter, which it sells to companies that manufacture consumer products that contain chocolate. The cocoa-bean processor is operating in a(n) __________ market.

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industrial

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Wholesalers and retailers that buy physical product and resell them without any reprocessing are:

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reseller firms

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The reseller market includes

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retailers and wholesalers

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In terms of organizational buyers, Amazon.com, Lands' End, and JCPenney would all be classified as __________.

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resellers.

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When Louisiana State University buys new laptops for its faculty it is operating as a(n)

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government unit

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The system that provides common industry definitions for Canada, Mexico, and the United States, which make easier the measurement of economic activity in the three member countries of the North American Free Trade Agreement (NAFTA) is called:

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the North American Industry Classification System (NAICS)

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the North American Industry Classification System (NAICS).

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The system that provides common industry definitions between Canada the United States, which makes it easier to measure economic activity and releases barriers of trade for manufacturing and distribution for cross-border firms. The system that provides common industry definitions for Canada, Mexico, and the United States, which makes it easier to measure economic activity in the three member countries of the North American Free Trade Agreement (NAFTA)

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Derived demand refers to

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the demand for industrial products and services that is driven by demand for consumer products and services.

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Spruceland Millworks in Canada makes wooden pallets for transporting and storing new appliances such as stoves, freezers, and refrigerators. The demand for Spruceland pallets would be classified as

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derived demand, which is tied to the sales of pallets, which in turn, is tied to the sales of appliances

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Purchases of sodium fluoride by Procter & Gamble for use in the manufacture of Crest toothpaste would be an example of __________ demand.

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derived

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Which of the following statements about organizational buying compared to consumer buying is most accurate?

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Brand loyalty exists in both organizational and consumer buying.

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Important product or service characteristics in organizational buying behavior include: products or services of a technical nature, purchased on the basis of specifications; a large portion of goods are purchased in a raw or semi-finished state, and

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a heavy emphasis placed on delivery time, technical assistance, and postsal service.

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Which of the following statements accurately characterizes buying behavior in organizational markets?

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Fewer customers typically exist in organizational markets than in consumer markets.

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The primary organization buying objective is to

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help the firm achieve its objectives.

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Seven of the most commonly used organizational buying criteria are (1) __________, (2) ability to meet the quality specifications required for the item, (3) ability to meet required delivery schedules, (4) technical capability, (5) warranties and claim policies in the event of poor performance, (6) past performance on previous contracts, and (7) production facilities and capacity.

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price

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Seven of the most commonly used organizational buying criteria are (1) price, (2) __________, (3) ability to meet required delivery schedules, (4) technical capability, (5) warranties and claim policies in the event of poor performance, (6) past performance on previous contracts, and (7) production facilities and capacity.

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ability to meet the quality specifications required for the item

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Seven of the most commonly used organizational buying criteria are (1) price, (2) ability to meet the quality specifications required for the item, (3) ability to meet required delivery schedules, (4) technical capability, (5) warranties and claim policies in the event of poor performance, (6) past performance on previous contracts, and (7) __________.:

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production facilities and capacity

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To be a Wal-Mart supplier, a firm must be able to deliver its products to Wal-Mart distribution centers within a 15-minute window. If the driver arrives before or after the scheduled window they will be turned away and fined. Wal-Mart's insistence of choosing a supplier based upon their ability to provide on-time delivery is an example of a(n)

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organizational buying criterion.

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Supplier development refers to

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the deliberate effort by organizational buyers to build relationships that shape suppliers' products, services, and capabilities to fit a buyer's needs and those of its customers

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Harley-Davidson is admired by its suppliers for involving suppliers in future products, referring to suppliers as stakeholders, using quality benchmarks, and

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building long-term relationships.

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Reciprocity refers to

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an industrial buying practice in which two organizations agree to purchase each other's products and services

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Supply partnership refers to:

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a relationship that exists when a buyer and its supplier adopt mutually beneficial objectives, policies, and procedures for the purpose of lowering the cost of and/or increasing the value of goods and services delivered to the ultimate customer.

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Starbucks purchases from coffee growers located in more than 20 countries. Starbucks pays the coffee farmers a fair price for the beans; the coffee is grown in an ecologically sound manner; and Starbucks invests in the farming communities where the coffees are produced. This is an example of:

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community involvement.

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Organizational buying behavior refers

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the decision- making process organizations use to establish the need for products and services and to identify, evaluate, and choose among alternative brands and suppliers.

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The group of people within an organization who participate in the buying process and share common goals, risks, and knowledge important to a purchase decision are referred to as the:

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buying center

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In an effort to make better and more efficient purchase decisions, the Ford Motor Company forms loosely organized groups of people who work together on purchase decisions. The people included in these groups change depending on the purchase situation and may include key personnel from various departments, including research and development, finance, marketing, shipping, and sales. Such a loosely organized group of people within an organization who are involved in the purchase decision is correctly called an organizational

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buying center.

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Sales engineers from Siemens, a German manufacturer, have won a contract for a new space telescope. They must now evaluate whether components and assemblies will be purchased from outside suppliers or be built by Siemens itself. At what stage of the buying decision process is this determined?

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problem recognition.

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At which stage in the buying decision process would design and production engineers draft specifications?

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information search

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Duringthethirdstageoftheorganizational purchase decision process, the organization engages in:

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alternative evaluation

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At which stage in the buying decision process would a firm visit a potential supplier to assess their financial status?

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alternative evaluation

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Duringthenext-to-the-laststageofthe organizational purchase decision process, the organization:

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makes the purchase decision

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As in the consumer decision process, evaluation occurs in the industrial decision process, but it is more formalized and often more sophisticated. All items purchased are examined in a formal product acceptance process. The performance of the vendor is also monitored and recorded. This evaluation is described as

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postpurchase behavior

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Thepeopleintheorganizationwhoactuallyusethe product or service are referred to as __________.

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users

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Within the buying center, influencers are people who:

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affect the buying decision, usually by helping define the specifications for what is bought

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Inabuyingcenter,__________havetheformalor informal power to select or approve the supplier that receives the contract.

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deciders

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Mark manages a small family-owned amusement park. He believes the park can increase its profits if its owners will buy three food concession trailers. He has contacted three dealers of such trailers, which come fully customized to user specifications, and has determined Century Industries has the best price. He will present only the Century Industries information to the family tomorrow. In which buying center roles is Mark acting?

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influencer, gatekeeper, and decider

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June Golden is part of the buying center for a large manufacturer. Her field of expertise is logistics and she is responsible for choosing transportation providers for the company. A sales representative for Yellow Roadway (a very large trucking firm) regularly buys June's secretary lunch. The representative does this because he views the secretary as a(n) __________ and he wants to be sure that information about his company reaches June

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gatekeeper

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The three types of organizational buy classes are:

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straight rebuy, new buy, and modified rebuy

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The assistant heard her supervisor in the supply room yell, "Call Crate & Barrel—we need another case of their coffee mugs for the conference next week." The supervisor was asking her assistant to make a

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straight rebuy.

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In the __________, users, influencers, or deciders in the buying center want to change product specifications, price, delivery schedule, or suppliers.

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modified rebuy

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The office of SFX Entertainment, a talent promoter, needs a new fax machine that will print at three seconds a page (instead of five seconds per page like the one it is using now) and that has both local and network printing capabilities. Its purchase of a replacement fax machine would be an example of a

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modified rebuy

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At the weekly meeting for Choice Hotels (the company that owns Clarion Hotel, Quality Inn, Comfort Inn, Comfort Suites, Sleep Inn, and Mainstay Inn), the marketing manager said, "We need an inexpensive creative way to increase awareness of our hotels among people who travel by automobile. To do that I want to find some new media that the other hotel chains are not using." The purchase of this new media for the hotel chains' advertising would be an example of a

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new buy.

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If a purchase is a new buy for a manufacturer, the seller should expect a long time for a buying decision to be reached, work with technical personnel and:

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to act as a consultant to the buyer.

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A buy class situation affects buying center tendencies in different ways. If there are many people involved, the problem definition is uncertain, and the buying influence comes from technical/operating personnel, the buy class situation most likely is a

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new buy

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A straight rebuy is a(n) __________ while a modified rebuy is a(n) __________.

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reorder; changed order

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If a purchase is a straight or modified rebuy for a manufacturer, the seller should emphasize a reliable supply and __________ in meetings with the purchasing agent.

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competitive price

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In terms of the buying center, Lands' End quality assurance personnel would assume the role of __________.

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influencers

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Online buying in organizational markets is prominent because Internet/Web technology

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substantially reduces buyer order processing costs

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E-Marketplaces refer to

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online trading communities that bring together buyers and supplier organizations to make possible the real time exchange of information, money, products, and services

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eBay is the predominant person-to-person trading community in the world. The eBay Business Web site is an example of a(n):

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e-marketplace.

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E-marketplacecantaketwodifferentformats

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independent trading communities and private exchanges.

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PlasticsNet,HospitalNetwork.com,TextileWeb, and eBay Business are all examples of

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independent e- marketplaces

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Large companies tend to favor __________ that link them with their network of qualified suppliers and customers.

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private exchanges

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When prospective buyers observe the bids of others and decide whether or not to increase the bid price, it is called a(n)

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traditional auction

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Dell, Inc. sells surplus, refurbished, or closeout computer merchandise at its dellauction.com website to many buyers who bid sequentially. This is an example of a(n)

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traditional auction

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Reverse auction refers to fada

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an online auction in which a buyer communicates a need for a product or service and would-be suppliers are invited to bid in competition with each other.

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In an e-marketplace, an online auction in which a buyer communicates a need for a product or service and would-be suppliers are invited to bid in competition with each other is referred to as a

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reverse auction.

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Reverse auctions:

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are buyer-initiate

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Four major trends affecting world trade in the past decade are formal economic integration and free trade Four major trends affecting world trade in the past decade are formal economic integration and free trade among nations, global competition among global companies for global customers, the emergence of networked global marketspace, and

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a gradual decline in economic protectionism by individual countries

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Four major trends affecting world trade in the past decade are a gradual decline in economic protectionism exercised by individual countries, formal integration and free trade among nations, global competition among global companies for global customers, and

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emergence of networked global marketspace.

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The practice of shielding one or more sectors of a country's economy from foreign competition through the use of tariffs or quotas is referred to as:

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protectionism.

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Those in favor of protectionism advocate that protectionism

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safeguards a nation's economy from foreign competition

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Tariffs refer to

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government taxes on goods or services entering a country that primarily serve to raise prices on imports tariffs.

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President Bill Clinton attempted to protect American firms from foreign competition by placing a government tax on Japanese automobiles imported to the United States. President Clinton's goal was to raise the price on Japanese imports, thereby encouraging American consumers to purchase American-made automobiles. The tax the President threatened to impose is an example of a(n) __________.

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tariff

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A restriction placed on the amount of a product allowed to enter or leave a country is referred to as a

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quota

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The world's largest manufacturer of peppermint candy canes was in Albany, Georgia, until it could no longer afford to buy the sugar needed for its operation. It moved its manufacturing business to Mexico where there are no restrictions (as existed in the U.S.) on the amount of sugar that can be brought into the nation. The movement of this U.S. business to Mexico was caused by a(n) ___________ established by the U.S. government.

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quota

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World Trade Organization (WTO) refers to:

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a permanent institution that sets rules governing trade between its members through panels of trade experts who decide on trade disputes between members and issue binding decisions.

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Which of the following statements about the World Trade Organization (WTO) is most accurate?

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The WTO uses panels of trade experts who can issue binding decisions.

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Which of the following statements about the World Trade Organization (WTO) is most accurate?

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...

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Which of the following statements about the World Trade Organization (WTO) is most accurate?

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The 153 member countries of the WTO account for more than 97 percent of world trade

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Which of the following statements about the World Trade Organization (WTO) is most accurate?:

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The WTO sets rules governing trade among its members.

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The EU has benefited its member nations because most tariffs that affect pricing practices have been removed, fewer regulatory restrictions on transportation, advertising, and promotion imposed by countries; and

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firms do not need to market their products and services on a nation-by-nation basis.

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The North American Free Trade Agreement was designed to encourage free trade between

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the United States, Canada, and Mexico

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CAFTA-DR,acomprehensivefreetradeagreement between Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and _____________.:

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the United States

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Global competition refers to

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when firms originate, produce, and market their products and services worldwide.

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Intermsoftheglobalmarketplacetherearethree primary types of companies: international firms, multinational firms, and __________ firms.

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transnational

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In terms of the global marketplace there are three primary types of companies: __________, multinational firms, and transnational firms.

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international

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Intermsoftheglobalmarketplacetherearethree primary types of companies: international firms, __________ firms, and transnational firms.

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multinational

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Three types of companies populate and compete in the global marketplace: international firms, multinational firms, and __________ firms.

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transnational

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Intermsoftheglobalmarketplacetherearethree primary types of companies: international firms, multinational firms, and transnational firms. The key factor that distinguishes one from another is

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orientation toward and strategy for global markets and marketing

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Generally speaking, a(n) __________ firm markets their existing products and services in other countries the same way they do in their home country.

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international

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A firm that views the world as consisting of unique parts and markets to each part differently is referred to as a(n)

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multinational firm

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Multidomestic marketing strategy refers to

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the strategy used by firms that have as many different product variations, brand names, and advertising programs as countries in which they do business

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Thestrategyoftransnationalfirmsthatemploythe practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ are referred to as a(n)

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global marketing strategy

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Cross-cultural analysis refers to

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the study of similarities and differences among consumers in two or more nations or societies.

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Values refer to

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personally or socially preferable modes of conduct or states of existence that tend to persist over time

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A German company allows customers to make large purchase using lay-away (paying small amounts until the item is paid for and delivered.

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Calvin Klein reduced the number of outdoor advertising placements showing scantily clad models in countries with predominantly Muslim populations

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Customs refer to

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that is considered normal and expected about the way people do things in a specific country.

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KFC in Japan sells tempura crispy strips. In northern England, it stresses gravy and potatoes, while in Thailand it offers fresh rice. In Holland instead of potatoes, KFC offers customers a potato and onion croquette. In France, KFC sells pastries alongside its chicken. These examples illustrate that KFC exhibits an understanding of and appreciation for the __________ of other societies.

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customs

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A law, amended by the International Anti-Dumping and Fair Competition Act (1998), that makes it a crime for U.S. corporations to bribe an official of a foreign government or political party to obtain or retain business in a foreign country is referred to as the:

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Foreign Corrupt Practices Act

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Which of the following statements about bribery is most accurate?:

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It is illegal for a U.S. corporation to bribe an official of a foreign government or political party to obtain or retain business in a foreign country

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The representations of ideas and concepts to which different cultures often attach different meanings are referred to as

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cultural symbols.

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Eventhoughthereareapproximatelyonehundred different languages and dialects in the world, the three major languages used in global diplomacy and commerce are:

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English, French, and Spanish

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The practice of shielding one or more sectors of a country's economy from foreign competition through the use of tariffs or quotas is referred to as

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protectionism

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A country's communication, transportation, financial, and distribution systems are considered to be its

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economic infrastructure

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Foreign countries with very low per capita incomes may, nonetheless, be attractive markets for expensive goods. To get a more accurate picture of a country's purchasing power, a country's __________ must also be considered

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income distribution

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Currency exchange rate refers to

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the price of one country's currency expressed in terms of another country's currency.

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Trade among nations or regions depends on political stability. In recent times, billions of dollars have been lost in the __________ and __________ as a result of internal political strife, terrorism, and war

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Middle East, Africa

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Once a company has decided to enter the global marketplace, it must select a means of market entry. Four general options exist: (1) exporting, (2) __________, (3) joint venture, and (4) direct investment.

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Once a company has decided to enter the global marketplace, it must select a means of market entry. Four general options exist: (1) exporting, (2) __________, (3) joint venture, and (4) direct investment.

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Once a company has decided to enter the global marketplace, it must select a means of market entry. Four general options exist: (1) exporting, (2) __________, (3) joint venture, and (4) direct investment.

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exporting

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Once a company has decided to enter the global marketplace, it must select a means of market entry. Four general options exist: (1) exporting, (2) licensing, (3) _________, and (4) direct investment.

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joint venture

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Once a company has decided to enter the global marketplace, it must select a means of market entry. Four general options exist: (1) exporting, (2) licensing, (3) joint venture, and (4) ________.

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direct investment

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A firm's profit potential and control over marketing activities increases as it moves from exporting to direct investment as a globe market-entry strategy. But so does the firm's

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financial commitment and risk.

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Indirect exporting refers to:

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when a firm sells its domestically-produced goods in a foreign country through an intermediary.

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A small Canadian winery located in British Columbia has developed a superior tasting wine. They have no overseas contacts but want to get their wine on the shelves in selected Asian and European markets where growth has been substantial in the last two years. What type of exporting option would best suit this company?

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indirect exporting

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Direct exporting refers to

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when a firm sells its domestically-produced goods in a foreign country without intermediaries

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Theprominentglobalmarket-entrystrategyamong small-and medium-sized companies is

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exporting

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fferingtherighttoatrademark,patent,trade secret, or similarly valued items of intellectual property in return for a royalty or fee is referred to as

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licensing.

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Tricon was the restaurant division of PepsiCo until it was spun off in 1997. Since then Tricon has opened 6,000 KFC restaurants abroad. It has 158 in Indonesia and more than 500 restaurants in China. All are locally owned, and the owner pays a fee to Tricon. Tricon is engaged in

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licensing

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A global market-entry strategy in which a foreign company and a local firm invest together to create a local business in order to share ownership, control, and profits of the new company foreign company and a local firm invest together to create a local business, it is referred to as

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joint venture

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The __________ arrangement between Ericsson, a Swedish telecommunications firm, and CGCT, a French switch maker, enabled them together to beat out AT&T for a $100 million French contract.

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joint venture

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A global market-entry strategy that entails a domestic firm actually investing in and owning a foreign subsidiary or division, is referred to as

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direct investment

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Theproductstrategyofsellingvirtuallythesame product in other countries is referred to as

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product extension

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The company that makes Breathe-Right nasal strips sells the same product in other countries. This is an example of which type of international product strategy?

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product extension

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Changingaproductinsomewaytomakeitmore appropriate for a country's climate or preferences is an example of which type of product strategy?

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product adaptation

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Frito-Lay produces and markets potato chips in Russia that have seafood-flavor. This is an example of:

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product adaptation

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Designing a product to serve the unmet needs of a foreign nation is which type of product strategy?

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product invention

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When a firm sells a product in a foreign country below its domestic price or below its actual cost it is referred to as

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dumping

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Gray market refers to:

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a situation where products are sold through unauthorized channels of distribution.

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A situation where products are bought in a lower- priced country from a manufacturer's authorized reseller, shipped to higher-priced countries, and sold through unauthorized retailers below the manufacturer's suggested retail price, is referred to as __________.:

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a gray market

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When Breath Right decided to enter the global market there were many contributing factors such as countries having a large over-the-counter (OTC) market, high per-capita sending in the OTC market, and future prospects for growth. However, according to Kevin McKenna, vice president for international at CNS, the real key to success is

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having a local partner that is entrepreneurial with an ability to distribute and sell

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Many changes influenced the opportunities for global sales of Breathe Right strips. These include increased availability of OTC products formerly available only by prescription, a global push toward self- care, spurred by increasing cost of medical care, extension of OTC products beyond the pharmacy and into grocery and other channels, and even:

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an expansion of the pharmacist role from that of medical professional to selling and marketing OTC products.

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To ensure the Breathe Right brand continues to meet growth expectations, CNS uses a three-stage approach to penetrate and develop new markets : (1) explore/test the concept, (2) establish the product, and (3)

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manage the product

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Filmmakers want movie titles that use basically the same factors that make a good brand name; they must be __________, grab attention, have no legal restriction, and capture the essence of the film

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concise

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Concept tests of plots using surveys, testing of marketing campaigns, sneak previews, and tracking studies are all examples of market research techniques. Collectively, they are used in the movie industry to

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reduce uncertainty and to improve marketing decisions.

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The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions is referred to as __________.

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marketing research

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Members of the Book Promoters Association of Canada recently questioned what could be done to rejuvenate the Canadian book publishing industry. Some members claimed the problem was Canadian retailers had been replaced by Wal-Marts. Others said the problem was with stodgy promotions. Still others said the problem was caused by too little money being budgeted to fund marketing programs. The best way to identify the true problem would be to use __________.:

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marketing research

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Decision making is the act of

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consciously choosing from alternatives.

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Setting research objectives and identifying possible marketing actions would take place during which stage in the five-step marketing research approach?:

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define the problem

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Research objectives are __________.:

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specific measureable goals

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Effective decision makers rely on criteria or standards used in evaluating proposed solutions to a problem, which is known as:

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measures of success

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When Home Depot entered the Quebec market, two percent of the population was aware of the retail chain. To determine how effective its advertising was in the first 18 months of its presence in the Canadian province, it conducted awareness research for a second time. Prior to conducting the research, it was decided that if at least 50 percent of the population were aware of the Home Depot brand that it would continue its present advertising program. This is an example of a(n):

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Measure of success

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The second step of the marketing research approach is __________.:

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develop the research plan

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The third step of the marketing research approach is __________.:

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collect relevant information

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The fourth step of the marketing research approach is __________.:

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develop findings

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The fifth step of the marketing research approach is __________.

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take marketing actions

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Constraints refer to

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in a decision, the restrictions placed on potential solutions to a problem.

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What are two common constraints in marketing problem solving?:

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limitations on the time and money available

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After defining the problem and developing the research plan, the next step in the marketing research process is to:

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collect relevant information

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Penningtons Superstore, which specializes in plus- size fashions for women, wanted to see if it should add a line of plus-size junior wear. The following statement reflects which step in the marketing research process? "To see which is more effective, offering products for this market in our current stores or opening separate stores targeted directly to the teenage market, let's distribute questionnaires to current shoppers and solicit their opinions, set up some focus groups with plus-size teens, and locate any relevant secondary research.":

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Collect relevant information.

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Data refers to:

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the facts and figures related to the problem that is divided into two main parts: secondary data and primary data.

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Secondary data are the:

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facts and figures that have already been recorded before the project at hand.

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Secondary data can be divided into two parts- ________ and ________.

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internal data; external secondary data

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Primary data refer to:

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facts and figures that are newly collected for a project at hand.

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A survey by Economic Research Service of the U.S. Department of Agriculture, government statistics from the Department of Commerce, stock market information from the Wall Street Journal would all be examples of

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external secondary data

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The 2007 __________ contains data on the number and sales of establishments in the United States that produce a good or service based on its geography, industry sector, and North American Industry Classification code.:

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Economic Census

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Ageneralruleofthumbamongmarketing researchers is to obtain __________ first and then collect __________.:

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secondary data; primary data

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Two Important advantages of secondary data are:

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they are usually inexpensive and save time

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STAT-USA provides:

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information on U.S. business, economic and trade activity collected by the federal government

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Google:

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is the most popular portal to the entire Internet accessed by entering key words or topics for specific searches

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Facts and figures obtained by watching, either mechanically or in person, how people actually behave are referred to as __________ data.:

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observational

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Shelly, the manager of a large grocery store, was concerned. She had received complaints from several customers who said they had been treated rudely by clerks at the store. In order to determine whether or not her clerks were indeed rude, Shelly hired a team of marketing researchers. The researchers posed as customers shopping in the store, but were actually taking notes and recording the actions of the store clerks. Later, Shelly reviewed those notes. The research notes Shelly reviewed were a form of __________ data.

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observational

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Nielson Media Research collects national TV ratings by using a "people meter." This box is attached to TV sets, VCRs, cable boxes, and satellite dishes in over 9,000 homes across the country. It has a remote that operates the meter when a viewer begins and finishes watching a TV program and transmit the viewing information to Nielson Media Research. Nielson Media Research is collecting ____________.:

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observational data

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People posing as customers, who are paid to check on the quality and pricing of a company's products and services and write a detailed report on the experience, are referred to as __________.:

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mystery shoppers

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Which of the following statements concerning ethnographic research is most accurate?:

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Ethnographic research uses anthropologists and other trained researchers to observe consumers in their natural use environment

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A new field of marketing that studies the brain and its response to marketing stimuli is referred to as:

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Neuromarketing

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Questionnaire data refers to:

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the facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors.

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Research and media firm Youth Culture published Watch magazine, a teen publication given out free to high school students, but the publication was unable to deliver response rates to coupons or sample offers that its advertisers expected. Youth Culture handed out surveys to learn how students felt about the publication. Feedback indicated teen boys and girls were demanding verydifferentthingsfromthepublication.This feedback was gleaned from __________ data.

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Questionnaire

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Themostcommonwayofcollectingquestionnaire data to generate ideas, involving a single researcher asking:

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questions of one respondent, is referred to as a(n) individual interview

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When Marine Midland Bank sent market researchers door-to-door in the neighborhoods of their branch banks to talk to people with saving accounts and discuss with them why they did not also have checking accounts and credit cards Marine Midland researchers were using ___________ to collect data.:

answer

individual interviews

question

A special kind of individual interview in which researchers ask lengthy, free-flowing kinds of questions to probe for underlying ideas and feelings is called a:

answer

depth interview.

question

A marketing research approach that uses a discussion leader to interview 6 to 10 past, present, or prospective customers is referred to as

answer

a focus group.

question

Thepracticeofidentifying"emergingshiftsin social behavior," which are driven by changes in pop culture that can lead to new products is called __________ hunting:

answer

trend

question

Surveys that enable the interviewer to be flexible in asking probing questions or getting reactions to visual materials would be best conducted using:

answer

personal interviews.

question

Marketers are increasingly using online surveys to collect primary data. The reason::

answer

most consumers have an Internet connection and an e-mail account.

question

Marketers are increasingly using online surveys to collect primary data. Marketers can ask consumers to complete a "__________" survey. These small Web pages containing an advertisement that appears on your screen outside the current Web site loaded into your browser.:

answer

pop-over

question

Theadvantageof____________arethatthecostis relatively minimal and the turnaround time for data collection to report presentation is much quicker than the traditional methods of data collection.:

answer

on-line surveys

question

A(n) __________ question allows respondents to express opinions, ideas, or behaviors in their own words without being forced to choose among alternatives that have been predetermined by a marketing researcher.

answer

open-ended

question

"Why do you smoke?" is an example of which type of question?:

answer

open-ended

question

A(n) __________ question requires respondents to select one or more response options from a set of predetermined choices.:

answer

closed-end

question

"Have you been to a dentist within the past 6 months? ___ Yes ___ No?" is an example of which type of: .

answer

question dichotomous

question

A __________ provides an online meeting place where people with similar interests can communicate and find useful information.: s

answer

social network

question

Data obtained by manipulating factors under tightly controlled conditions to test cause and effect is an example of

answer

an experiment.

question

Simplyput,inmarketingexperiments,the independent variable is the __________ and the dependent variable is/are the __________.:

answer

cause of an action; effect of an action

question

When Procter & Gamble Co. acquired the Old Spice brand it decided to reposition the brand by using different advertising to see whether sales would then increase. The possible sales increase is the __________ in this experiment.

answer

dependent variable

question

Drivers are used with which of the four P's?:

answer

product, price, promotion, and place inclusively

question

In marketing experiments, the independent variables of interest - sometimes called the marketing __________-are often one or more of the marketing mix elements, such as product features, price, or promotion:

answer

drivers

question

Offering a product for sale in a small geographic area to help evaluate potential market actions is called __________.

answer

Test markets

question

What type of market would a food company use to offer a product for sale in a small geographic area to help them evaluate potential marketing actions?

answer

test market

question

Involving operating computer networks that can store and process data is referred to as

answer

information technology.

question

A collection of databases that store, organize, and manage data sources is called a _________:

answer

data warehouse

question

When a marketing manager begins asking "what if" questions to determine how changes in a factor like price or advertising affect marketing results like sales or profits, she is performing a(n) ___________ analysis.

answer

sensitivity

question

The extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions is referred to as:

answer

data mining.

question

Data Mining refers to

answer

The extraction of hidden predictive information from large databases.

question

Analyzing data and presenting findings would take place during which stage of the five-step marketing research approach?

answer

develop findings

question

Once a market researcher has defined the problem, developed the research plan, and collected the relevant information, what is the next thing he or she needs to do?:

answer

analyze data and present findings

question

Makingactionrecommendations,implementing action recommendations, and evaluating results would take place during which stage of the five-step marketing research approach?:

answer

Take marketing actions

question

Thefinalstageinthefive-stepmarketingresearch approach includes making action recommendations, implementing action recommendations, and

answer

monitor how the decisions work turn out

question

Evaluating the results of a marketing decision involves:

answer

monitoring the marketplace to determine if action is necessary in the future.

question

Marketing teams must be vigilant for ways to improve the analysis and results - to learn lessons that might apply to future marketing research efforts. Evaluating the effectiveness of a marketing decision involves

answer

determining if the marketing research and analysis used to develop the recommendations was effective.

question

The total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts is referred to as:

answer

sales forecasting.

question

Sales forecast refers to

answer

the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts.

question

A(n) __________ forecast involves starting with the last known value of the item being forecast, listing the factors that could affect the forecast, assessing whether they have a positive or negative impact, and making the final forecast.:

answer

lost-horse

question

The place a product occupies in consumers' minds on important attributes relative to competitive products is referred to as:

answer

product positioning.

question

The purpose of market segmentation is to respond more effectively to the wants of groups of potential buyers in order to:

answer

increase sales and profits.

question

A basic test of the usefulness of the market segmentation process is whether it leads to tangible marketing actions that can:

answer

increase sales and profitability.

question

Market segmentation refers to

answer

aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action

question

To be identified as a market segment, its members must:

answer

have common needs and respond similarly to market actions.

question

The phrase "relatively homogeneous collections of prospective buyers" is most descriptive of:

answer

market segments.

question

A marketing strategy that involves a firm using different marketing mix activities to help consumers perceive the product as being different and better than competing products is referred to as __________.

answer

product differentiation

question

When Procter & Gamble introduced Crest toothpaste, the first fluoride toothpaste, it was intended for use by children and was therefore given a child-appealing bubblegum flavor. Sometime later the same basic formula was given a fresh, minty flavor to appeal to adults. What is this marketing strategy called?:

answer

product differentiation

question

Alka-Seltzer was made originally as a hangover remedy that cured the headache and settled the stomach. Today you can buy Original Alka-Seltzer, Extra Strength Alka-Seltzer, Alka-Seltzer Morning Relief (for morning headaches and fatigue), and Alka-Seltzer Heartburn Relief. Each Alka-Seltzer product is targeted to a slightly different market segment. The maker of Alka-Seltzer is using:

answer

product differentiation.

question

The process of segmenting a market and selecting specific segments as targets is the link between __________ and the organization's marketing program.:

answer

market needs

question

The process of segmenting a market and selecting specific segments as targets is the link between the various buyers' needs and

answer

the organization's marketing program.

question

Small athletic shoe manufacturers such as Vans have targeted niche markets and made shoes designed to satisfy the needs of different specific groups of customers. This strategy is an example of:

answer

market segmentation

question

Which of the following statements regarding market segmentation is most accurate?:

answer

If a business firm goes to the trouble and expense of segmenting its markets, it expects to reveal a way to increase sales, profits, and return investment.

question

Time magazine publishes 200 different U.S. editions each targeted at unique geographic and demographic segments using a special mix of advertisements. Time is using which of the following segmentation strategies?:

answer

one product with multiple market segments

question

When compared to a multiple-products-multiple- market segments strategy, a one-product-and-multiple- market-segments strategy:

answer

creates greater cost savings in manufacturing costs.

question

Which of the following is an example of a multiple products and multiple markets strategy?:

answer

Ford manufactures SUVs for those who wish to carry lots of people and pickup trucks for those who wish to carry lots of products.

question

Kellogg's different types of cereals, each targeted at a different type of user, are an example of multiple products aimed at multiple markets. Manufacturing these different cereals is clearly more expensive than producing one but seems worthwhile if it adds to the manufacturer's sales revenues and profits, doesn't reduce quality or increase price, and

answer

better serves the customers' needs.

question

Arm and Hammer Baking Soda can be used for baking and to remove odors from refrigerators and litter boxes.

answer

Betty Crocker carries one line of cake mixes for people with conventional ovens, and another line of cake mixes for people with microwave ovens.

question

Which of the following is an example of a "Tiffany/Wal-Mart" strategy?

answer

Gap's Banana Republic chain sells blue jeans for $58, whereas its Old Navy stores sell a slightly different version for $22.

question

You can go to your nearest Hallmark card store and buy a birthday greeting card for a friend and pay $4.50, or you can buy a card that's not quite as nice but just as sentimental from the store's new $.99 line of greeting cards. This is an example of:

answer

a "Tiffany/Wal-mart" strategy

question

Tailoring goods or services to the tastes of individual customers on a high-volume scale is referred to as:

answer

mass customization.

question

Custom Foot runs six retail locations. At first glance none looks any different from your basic old-fashioned shoe store, but the only boots on hand are display models. There's no inventory for sale, and customers go home empty-handed—at least initially. Customers browse the store, mixing and matching design components such as style, color, and leather type. About 100 display boots provide style guidelines. Once you choose a boot style, you select materials, colors, and textures. Custom Foot guarantees your boots will be ready within three weeks. This is an example of:

answer

mass customization.

question

To create a __________ strategy, nikeid.com allows customers to visit its Web site and design a sneaker to their own personal specifications.:

answer

mass customization

question

Manufacturing a product only when there is an order from a customer is referred to as:

answer

build-to-order (BTO).

question

The increased customer value achieved through performing organizational functions like marketing or manufacturing more efficiently is referred to as __________.:

answer

organizational synergy

question

When new products or a new chain steals customers and sales from older existing ones it is referred to as:

answer

cannibalization

question

Thepurposeofthefivekeystepsinsegmentingand targeting markets is to:

answer

link market needs of customers to the organization's marketing program.

question

The second step in segmenting and targeting markets is to:

answer

group products to be sold into categories.

question

The third step in segmenting and targeting markets is to:

answer

develop a market-product grid and estimate size of the overall market

question

Criteria for forming segments involve both similarities and differences. Which of the following statements is most accurate?:

answer

Within a segment the needs of potential buyers should be similar; among segments, the needs of buyers should be different

question

Neilsen Claritas' PRIZM is used to classify every household into one of 66 demographical and __________ distinct neighborhood segments to identify lifestyles and purchase behavior within a defined geographic market area, such as zip code.:

answer

behaviorally

question

Four general categories used to segment consumer markets are geographic segmentation, demographic segmentation, __________, and behavioral segmentation.:

answer

psychographic segmentation

question

Which of the following statements demonstrates the formation of a segment based on region?

answer

In China KFC sells a much spicier chicken the farther away its restaurants are from the coastal areas.

question

Universal Concerts is planning on bringing a series of concerts to Canada next year. In general, Western Canadians much prefer country music, yet in Eastern Canada a country music event is very likely to have lots of empty seats. If they can have only one venue, Universal Concerts should segment its Canadian market according to __________, if it hopes to have a sold-out concert.

answer

geographic characteristics

question

Which of the following is a consumer demographic variable?:

answer

gender

question

Procter & Gamble Co. (P & G) decided to skip a generation of consumers when it began to market Old Spice deodorant. The target market is men aged 18 to 34, who don't remember the Old Spice brand sold to their grandfathers many years ago. P & G is using which type of segmentation variable?:

answer

demographic

question

Which of the following statements demonstrates the formation of a segment based on household size?:

answer

GE built a downsized microwave oven to hang under kitchen cabinets.

question

Which of the following statements regarding segmentation bases is most accurate?:

answer

The identification of demographic variables is more objective than the identification of psychographic variables which is more subjective.

question

Magazines like Fitness, Field & Stream, Golf Digest, and Health all use a __________ segmentation strategy.

answer

psychographic

question

Peoplewhomightbecomeusersofthetypeofgood or service your firm sells are referred to as

answer

prospects.

question

A framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization is referred to as __________.:

answer

market-product grid

question

Market-product grid refers to:

answer

a framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization.

question

A market-product grid is a framework to relate the market segments of potential buyers to:

answer

products offered or potential marketing actions by an organization.

question

After establishing the markets and product groupings on a market-product grid the next step is to:

answer

make intelligent "guesstimates" of market size, for example, using a simple scale from zero to three (no market, a small market, a medium market, and large market).

question

One advantage of a market-product grid is that it can be used to:

answer

determine which target market segments to select and which product groupings to offer.

question

Which of the following statements regarding market segmentation is most accurate?:

answer

The bases for segmenting markets and the bases of selecting the segments are considerably different from one another.

question

Which of the following is a criterion for selecting a target market?

answer

expected growth of segment

question

Which of the following is a criterion used for selecting a target segment?

answer

competitive position

question

Which of the following is a criterion used for selecting a target segment?:

answer

compatibility with the organization's objectives and resources

question

Five general criteria are often used to pick target segments. They include the size of the market, expected growth of the market, competitive position of the firm with respect to the market, and cost of reaching the segment. What is the fifth criterion?

answer

Compatibility with the organization's objectives and resources

question

In developing a marketing strategy for the recently released Nike Air Jordan XVII with a price tag of $200, Nike decided to concentrate on affluent teens rather than members of high school basketball teams. This is an example of:

answer

selecting target market segments to reach.

question

Doris Lewis owns Lewis Edibles, Inc., a company that makes Tongue Tinglin' B.B.Q. Sauce. She wants to target local people who like the special blend of flavors found only in North Carolina barbecue sauce. In developing a marketing strategy to sell the sauce, Lewis decided to join Goodness Grows in North Carolina, a specialty food association that advertises local products and distributes them to local supermarkets and gourmet shops. Lewis has just:

answer

taken marketing actions to reach target markets.

question

If a firm cannot afford to do both, it will often favor _________ over __________ because a single customer segment will likely require a variety of products, each of which will have to be designed and manufactured.:

answer

market synergies; product synergies

question

The place a product occupies in consumers' minds on important attributes relative to competitive products is referred to as

answer

product positioning.

question

Product positioning refers to:

answer

the place a product offering occupies in consumers' minds on important attributes.

question

Product repositioning refers to

answer

changing the place an offering occupies in consumers' minds relative to competitive products.

question

Motts Applesauce used an advertising campaign to change the way consumers thought about applesauce from a dinnertime side dish to a replacement for cooking oil in baking. The advertising message was that using applesauce in baking cuts calories and also makes the resulting baked good healthier. Motts was using a __________ strategy.

answer

repositioning

question

Positioningthatinvolvescompetingdirectlywith competitors on similar product attributes in the same target market is referred to as __________.:

answer

head-to- head positioning

question

In the sneaker market, Reebok and Nike practice __________ positioning since both manufacturers compete in the same target market with similar product attributes.

answer

head-to-head

question

Positioning that involves seeking a less competitive, smaller market niche in which to locate a brand is referred to as __________.:

answer

differentiation positioning

question

Some Timex wristwatches can be purchased for less than $30; some Rolex wristwatches carry a price tag of several thousand dollars. In general, consumers view Timex watches as being dependable, relatively accurate, and inexpensive. The Rolex brand tends to be perceived as an expensive status symbol. Timex watches can be purchased in drug stores, discount stores, and department stores in all sizes of communities. Rolex watches are distributed more selectively, and are often available only in fine jewelry stores or specialty shops. By using distinctly different pricing and distribution strategies, the marketers of Timex and Rolex watches have attempted to:

answer

use a product differentiation strategy.

question

To avoid cannibalization within company product lines, firms often use:

answer

differentiation positioning.

question

A perceptual map can be used to identify a firm's product in terms of how closely it fits the "ideal" and where it fits in relationship to competitors. The map is based on perceptions of:

answer

consumers

question

A key to positioning a product or brand effectively is discovering the perceptions of its potential customers. In determining its positioning in the minds of customers, companies take four steps: (1) __________, (2) discover how target customers rate competing products or brands with respect to these attributes, (3) discover where the company's product or brand is on these attributes in the minds of potential customers, and (4) act to reposition the company's product or brand in the minds of potential customers:

answer

identify the important attributes for the product or brand class

question

A means of displaying or graphing in two dimensions, the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands, as well as its own product or brand, is referred to as __________.:

answer

perceptual map

question

A graph displaying consumers' perceptions of product attributes in two dimensions is referred to as a?:

answer

Perceptual map

question

Marketers use perceptual maps as a means to display or graph in two dimensions the location of products or brands:

answer

in the minds of consumers.

question

The axes on a perceptual map are:

answer

two product attributes each listed in terms of their opposites.

question

Neilsen Claritas' PRIZM is used to classify every household into one of 66 demographical and __________ distinct neighborhood segments to identify lifestyles and purchase behavior within a defined geographic market area, such as zip code.:

answer

Behaviorally

question

TheAppleII,Macintosh,MacBookAir,iPhone3GS, iPod, and the iPad are all examples of a company's commitment to __________.

answer

continuous innovation

question

Product refers to:

answer

good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value.

question

A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value is referred to as __________.

answer

a product

question

Consumer product classifications are based upon three variables: 1) effort the consumer spends on the decision, 2) frequency of purchase, and 3):

answer

attributes used in making the purchase decision

question

A product is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is

answer

received in exchange for money or something else of value.

question

Goods can be divided into __________ goods and __________ goods.

answer

durable; nondurable

question

A nondurable good is defined as a(n)

answer

item consumed in one or a few uses.

question

Which of the following is the best example of a nondurable good?:

answer

gasoline

question

which of he following is the example of a nondurable good?

answer

LAUNDRY DETERGENT

question

Products that usually last over many uses, such as cars and appliances are referred to as

answer

DURABLE GOODS

question

Which of the following is considered a durable good?:

answer

silverware

question

The division of products into durable and nondurable goods is to __________.:

answer

provide direction for marketing actions

question

Advertising is important for products such as Butterfinger candy bars and Dasani bottled water that is purchased frequently and at relatively low cost. Wide distribution in retail outlets is essential. Why?

answer

They are nondurable goods and easily substitutable so consumers need to be reminded of their existence.

question

Which of the following would most likely be considered a consumer product?

answer

suitcase

question

Business products are also referred to as __________ products

answer

industrial

question

Business products are also referred to as __________.:

answer

B2B products

question

Business products refer to:

answer

products that organizations buy that assist in providing other products for resale.

question

Marissa, a college student and her father, a wealthy businessman, were each considering the purchase of a new automobile. As a college student with limited financial resources, Marissa went from car dealer to car dealer in several different cities searching for the lowest price on a new economy car. She devoted a great deal of time and energy to getting the best value for her money. Marissa's father, however, knew that he would buy another new car next year. Because it was convenient, he simply went to the local auto dealer and, with little thought or effort regarding the buying decision, bought the first luxury car that he saw. For Marissa, an automobile was a __________ good; for her father, a car was a __________.:

answer

shopping product; a convenience product

question

With respect to distribution, convenience products are available:

answer

on a widespread basis at many outlets.

question

Shopping products refer to:

answer

items for which the consumer compares several alternatives on several criteria such as price, quality, or style.

question

You decide to buy a new car. You talk to friends about it, research mechanical specifications in Consumer Reports, test drive different makes and models, and compare prices at several dealerships. Into which classification of consumer products would your new car purchase fall?:

answer

Shopping product

question

Which type of consumer product is purchased infrequently and takes an extensive amount of time to make the purchase decision and obtain the item?:

answer

specialty products

question

Distribution is very limited with which of the following types of consumer products?:

answer

specialty products

question

Which of the following is most likely to be an example of an unsought product?:

answer

cancer insurance

question

With respect to promotion, which of the following strategies would most likely be used for unsought products?:

answer

generating awareness

question

The elements that distinguish services from goods are the four I's, which are:

answer

intangibility, inconsistency, inseparability, and inventory.

question

Intangibility of services means

answer

the services can't be seen or touched before the purchase decision

question

Before moving out of their apartment, Brad and Kim Westgate decided to have their carpets cleaned by Service Master, a company specializing in professional carpet cleaning. The carpet cleaners arrived at Brad and Kim's apartment, unpacked their equipment, cleaned the carpets, packed up their tools, and drove away in their bright yellow van. The service provided by Service Master, could not be held, touched, or seen before the purchase decision. This scenario illustrates the __________ of services.

answer

Intangibility

question

Developing, pricing, promoting, and delivering services are challenging. Organizations attempts to reduce inconsistency through

answer

providing standardization and training

question

Andrea Arena is the owner of 2 Places at 1 Time, a concierge company. She and her staff of 60 perform everyday services such as walking the dog, picking up cleaning, waiting for the repairman, and going to the post office for people who are too busy to perform these simple acts themselves. One way she tries to ensure ___________ of services for her regular customers is to make sure that the same well-trained person is always assigned to work for them.

answer

Consistency

question

Idle production capacity is

answer

a situation where a service provider is available but there is no demand.

question

The inventory costs of services include::

answer

salary of service provider and equipment costs.

question

A range of offerings from the tangible to the intangible or goods-dominant to the services-dominant is called the

answer

goods-services continuum.

question

The Vermont Teddy Bear Company sells handmade Teddy bears designed to be given as gifts for almost every occasion imaginable. The Love Bandit Bear is one bear designed for people to give to each other on Valentine's Day. The Love Bandit Bear is an example of a:

answer

product item.

question

A group of products that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same types of outlets, or fall within a given price range is referred to as a __________.

answer

product line

question

A product line is a group of products that are closely related because they satisfy a class of needs, are used together, __________, are distributed through the same type of outlets, or fall within a given price range.

answer

are sold to the same customer group

question

Which of the following statements about product lines is most accurate?

answer

A benefit of having a narrow product line is that it enables both consumers and retailers to simplify their buying decisions.

question

If I correctly understand the definitions of "broad" and "narrow" the correct answer does not seem to agree with the explanation:

answer

An important benefit of having a broad product line is that it enables both consumers and retailers to simplify their buying decisions.

question

The proliferation of extra features that overwhelms many consumers with mind-boggling complexity is referred to as:

answer

feature bloat

question

Prego recently introduced a Pasta Bake Sauce, which was made so that it was not necessary to precook the pasta before blending pasta, sauce, meat, and cheese in a casserole. Legally, this product would only be considered new:

answer

for the first six months that it was regularly available.

question

Although there are three levels of newness from the organization's perspective, there is a fourth way of viewing new products, and that is from the perspective of __________ which involves __________.

answer

consumption; consumers

question

A product that requires no new behaviors be learned by consumers is a:

answer

continuous innovation.

question

At the time of its introduction, which of the following products was the best example of a continuous innovation?:

answer

Breathe Right nasal strips, a sticky strip that is worn across the nose at night to help people breathe

question

The emphasis of a marketing strategy for a continuous innovation concentrates on:

answer

advertising to generate awareness.

question

LG Electronics Inc. has entered into an agreement with Google to offer phones with Google software installed on them. This is an example of which type of innovation?:

answer

dynamically continuous innovation

question

The emphasis of a marketing strategy for a dynamically continuous innovation would include:

answer

advertising to explain product benefits and proper use

question

A product that establishes new consumption patterns among consumers is a

answer

discontinuous innovation.

question

Napster was the first software that allowed an individual to easily search and swap MP3 musical files with other individuals. When it was introduced, it would have been an example of a

answer

discontinuous innovation.

question

The emphasis of a marketing strategy for a discontinuous innovation would most likely be to:

answer

educate consumers about entirely new consumption patterns through product trial and personal selling.

question

Ideally, before a new product is developed, a firm should have a precise protocol, a statement that identifies: (1) a well-defined target market; ( 2) specific customers' needs, wants, and preferences; and (3):

answer

what the product will be and do.

question

There are eight main reasons a new product can fail: (1) insignificant point of difference; (2) incomplete market and product protocol; (3) not satisfying customers on critical factors; (4) bad timing; (5) too little market attractiveness (6) poor product quality; and (7) poor execution of the marketing mix, and (8 ) __________.:

answer

no economical access to buyers

question

There are eight main reasons a new product can fail: (1) no economical access to buyers; (2); insignificant point of difference (3) incomplete market and product protocol; (4) not satisfying customers on critical factors; (5) too little market attractiveness (6) poor product quality; and (7) poor execution of the marketing mix, and (8 ) __________.:

answer

bad timing

question

Which of the following is an example of an organizational problem that can cause a new product failure?

answer

Not really listening to the voice of the consumer.

question

The seven stages an organization goes through to identify business opportunities and convert them to a salable product or service is referred to as the __________.:

answer

new-product process

question

The new-product process an organization goes through to identify business opportunities and convert them to a salable good or service contains:

answer

seven stages from new product strategy development to commercialization.

question

Duringthefirststageofthenew-productprocess, two important activities take place.They are:

answer

SWOT analysis and environment scanning

question

The stage of the new-product process that involves developing a pool of concepts to serve as candidates for new-products is referred to as __________.:

answer

idea generation

question

Manyforward-lookingcompanieshavediscovered that their own organization is not generating enough useful new-product ideas. This has led to finding and executing creative new product ideas by developing strategic relationships with outside individuals and organizations referred to as __________.

answer

open innovation

question

For six months, the Marriott Corporation sent a six- person intelligence team to travel and stay at economy hotels around the country. The purpose of this was

answer

to collect ideas from competitors' strengths and weaknesses that could be used in their own new-product development process

question

The stage of the new-product process that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort is referred to as __________.:

answer

screening and evaluation

question

An external evaluation that consists of preliminary testing of a new-product idea (rather than the actual product) with consumers is referred to as:

answer

a concept test.

question

Concept tests are part of which stage in the new product process?:

answer

screening and evaluation

question

The stage of the new product process that specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections is referred to as

answer

business analysis.

question

In the new-product process, product ideas that survive the business analysis proceed to actual __________.:

answer

development

question

The stage of the new-product process that involves exposing actual products to prospective consumers under realistic purchase conditions to see if they will buy is referred to as

answer

market testing

question

Test marketing involves offering a product for sale

answer

on a limited basis in a defined area.

question

The stage of the new-product process that positions and launches a new product in full-scale product and sales refers to __________.

answer

commercialization

question

The most expensive stage for most new products is

answer

commercialization

question

The first stage in the new-product process is

answer

new- product strategy development.

question

IDEO is a company that:

answer

develops and designs new products for other organizations.

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