Exam 2 Marketing – Flashcards

Unlock all answers in this set

Unlock answers
question
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?
answer
Business Marketing
question
Organizational buyers are those manufacturers, wholesalers, retailers, and government agencies
answer
that buy goods and services for their own use or for resale.
question
Which of the following statements represents an organizational buying decision?
answer
The owner of a fried chicken restaurant hires a snow removal service to keep the parking lot clear.
question
Organizational buyers can be divided into three different markets. They are
answer
industrial, reseller, and government markets.
question
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.
answer
transportation
question
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.
answer
industrial
question
Wholesalers and retailers that buy physical product and resell them without any reprocessing are:
answer
reseller firms
question
The reseller market includes
answer
retailers and wholesalers
question
In terms of organizational buyers, Amazon.com, Lands' End, and JCPenney would all be classified as __________.
answer
resellers.
question
When Louisiana State University buys new laptops for its faculty it is operating as a(n)
answer
government unit
question
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:
answer
the North American Industry Classification System (NAICS)
question
the North American Industry Classification System (NAICS).
answer
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)
question
Derived demand refers to
answer
the demand for industrial products and services that is driven by demand for consumer products and services.
question
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
answer
derived demand, which is tied to the sales of pallets, which in turn, is tied to the sales of appliances
question
Purchases of sodium fluoride by Procter & Gamble for use in the manufacture of Crest toothpaste would be an example of __________ demand.
answer
derived
question
Which of the following statements about organizational buying compared to consumer buying is most accurate?
answer
Brand loyalty exists in both organizational and consumer buying.
question
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
answer
a heavy emphasis placed on delivery time, technical assistance, and postsal service.
question
Which of the following statements accurately characterizes buying behavior in organizational markets?
answer
Fewer customers typically exist in organizational markets than in consumer markets.
question
The primary organization buying objective is to
answer
help the firm achieve its objectives.
question
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.
answer
price
question
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.
answer
ability to meet the quality specifications required for the item
question
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) __________.:
answer
production facilities and capacity
question
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)
answer
organizational buying criterion.
question
Supplier development refers to
answer
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
question
Harley-Davidson is admired by its suppliers for involving suppliers in future products, referring to suppliers as stakeholders, using quality benchmarks, and
answer
building long-term relationships.
question
Reciprocity refers to
answer
an industrial buying practice in which two organizations agree to purchase each other's products and services
question
Supply partnership refers to:
answer
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.
question
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:
answer
community involvement.
question
Organizational buying behavior refers
answer
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.
question
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:
answer
buying center
question
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
answer
buying center.
question
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?
answer
problem recognition.
question
At which stage in the buying decision process would design and production engineers draft specifications?
answer
information search
question
Duringthethirdstageoftheorganizational purchase decision process, the organization engages in:
answer
alternative evaluation
question
At which stage in the buying decision process would a firm visit a potential supplier to assess their financial status?
answer
alternative evaluation
question
Duringthenext-to-the-laststageofthe organizational purchase decision process, the organization:
answer
makes the purchase decision
question
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
answer
postpurchase behavior
question
Thepeopleintheorganizationwhoactuallyusethe product or service are referred to as __________.
answer
users
question
Within the buying center, influencers are people who:
answer
affect the buying decision, usually by helping define the specifications for what is bought
question
Inabuyingcenter,__________havetheformalor informal power to select or approve the supplier that receives the contract.
answer
deciders
question
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?
answer
influencer, gatekeeper, and decider
question
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
answer
gatekeeper
question
The three types of organizational buy classes are:
answer
straight rebuy, new buy, and modified rebuy
question
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
answer
straight rebuy.
question
In the __________, users, influencers, or deciders in the buying center want to change product specifications, price, delivery schedule, or suppliers.
answer
modified rebuy
question
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
answer
modified rebuy
question
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
answer
new buy.
question
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:
answer
to act as a consultant to the buyer.
question
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
answer
new buy
question
A straight rebuy is a(n) __________ while a modified rebuy is a(n) __________.
answer
reorder; changed order
question
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.
answer
competitive price
question
In terms of the buying center, Lands' End quality assurance personnel would assume the role of __________.
answer
influencers
question
Online buying in organizational markets is prominent because Internet/Web technology
answer
substantially reduces buyer order processing costs
question
E-Marketplaces refer to
answer
online trading communities that bring together buyers and supplier organizations to make possible the real time exchange of information, money, products, and services
question
eBay is the predominant person-to-person trading community in the world. The eBay Business Web site is an example of a(n):
answer
e-marketplace.
question
E-marketplacecantaketwodifferentformats
answer
independent trading communities and private exchanges.
question
PlasticsNet,HospitalNetwork.com,TextileWeb, and eBay Business are all examples of
answer
independent e- marketplaces
question
Large companies tend to favor __________ that link them with their network of qualified suppliers and customers.
answer
private exchanges
question
When prospective buyers observe the bids of others and decide whether or not to increase the bid price, it is called a(n)
answer
traditional auction
question
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)
answer
traditional auction
question
Reverse auction refers to fada
answer
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.
question
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
answer
reverse auction.
question
Reverse auctions:
answer
are buyer-initiate
question
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
answer
a gradual decline in economic protectionism by individual countries
question
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
answer
emergence of networked global marketspace.
question
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:
answer
protectionism.
question
Those in favor of protectionism advocate that protectionism
answer
safeguards a nation's economy from foreign competition
question
Tariffs refer to
answer
government taxes on goods or services entering a country that primarily serve to raise prices on imports tariffs.
question
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) __________.
answer
tariff
question
A restriction placed on the amount of a product allowed to enter or leave a country is referred to as a
answer
quota
question
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.
answer
quota
question
World Trade Organization (WTO) refers to:
answer
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.
question
Which of the following statements about the World Trade Organization (WTO) is most accurate?
answer
The WTO uses panels of trade experts who can issue binding decisions.
question
Which of the following statements about the World Trade Organization (WTO) is most accurate?
answer
...
question
Which of the following statements about the World Trade Organization (WTO) is most accurate?
answer
The 153 member countries of the WTO account for more than 97 percent of world trade
question
Which of the following statements about the World Trade Organization (WTO) is most accurate?:
answer
The WTO sets rules governing trade among its members.
question
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
answer
firms do not need to market their products and services on a nation-by-nation basis.
question
The North American Free Trade Agreement was designed to encourage free trade between
answer
the United States, Canada, and Mexico
question
CAFTA-DR,acomprehensivefreetradeagreement between Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and _____________.:
answer
the United States
question
Global competition refers to
answer
when firms originate, produce, and market their products and services worldwide.
question
Intermsoftheglobalmarketplacetherearethree primary types of companies: international firms, multinational firms, and __________ firms.
answer
transnational
question
In terms of the global marketplace there are three primary types of companies: __________, multinational firms, and transnational firms.
answer
international
question
Intermsoftheglobalmarketplacetherearethree primary types of companies: international firms, __________ firms, and transnational firms.
answer
multinational
question
Three types of companies populate and compete in the global marketplace: international firms, multinational firms, and __________ firms.
answer
transnational
question
Intermsoftheglobalmarketplacetherearethree primary types of companies: international firms, multinational firms, and transnational firms. The key factor that distinguishes one from another is
answer
orientation toward and strategy for global markets and marketing
question
Generally speaking, a(n) __________ firm markets their existing products and services in other countries the same way they do in their home country.
answer
international
question
A firm that views the world as consisting of unique parts and markets to each part differently is referred to as a(n)
answer
multinational firm
question
Multidomestic marketing strategy refers to
answer
the strategy used by firms that have as many different product variations, brand names, and advertising programs as countries in which they do business
question
Thestrategyoftransnationalfirmsthatemploythe practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ are referred to as a(n)
answer
global marketing strategy
question
Cross-cultural analysis refers to
answer
the study of similarities and differences among consumers in two or more nations or societies.
question
Values refer to
answer
personally or socially preferable modes of conduct or states of existence that tend to persist over time
question
A German company allows customers to make large purchase using lay-away (paying small amounts until the item is paid for and delivered.
answer
Calvin Klein reduced the number of outdoor advertising placements showing scantily clad models in countries with predominantly Muslim populations
question
Customs refer to
answer
that is considered normal and expected about the way people do things in a specific country.
question
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.
answer
customs
question
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:
answer
Foreign Corrupt Practices Act
question
Which of the following statements about bribery is most accurate?:
answer
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
question
The representations of ideas and concepts to which different cultures often attach different meanings are referred to as
answer
cultural symbols.
question
Eventhoughthereareapproximatelyonehundred different languages and dialects in the world, the three major languages used in global diplomacy and commerce are:
answer
English, French, and Spanish
question
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
answer
protectionism
question
A country's communication, transportation, financial, and distribution systems are considered to be its
answer
economic infrastructure
question
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
answer
income distribution
question
Currency exchange rate refers to
answer
the price of one country's currency expressed in terms of another country's currency.
question
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
answer
Middle East, Africa
question
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.
answer
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.
question
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.
answer
exporting
question
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.
answer
joint venture
question
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) ________.
answer
direct investment
question
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
answer
financial commitment and risk.
question
Indirect exporting refers to:
answer
when a firm sells its domestically-produced goods in a foreign country through an intermediary.
question
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?
answer
indirect exporting
question
Direct exporting refers to
answer
when a firm sells its domestically-produced goods in a foreign country without intermediaries
question
Theprominentglobalmarket-entrystrategyamong small-and medium-sized companies is
answer
exporting
question
fferingtherighttoatrademark,patent,trade secret, or similarly valued items of intellectual property in return for a royalty or fee is referred to as
answer
licensing.
question
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
answer
licensing
question
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
answer
joint venture
question
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.
answer
joint venture
question
A global market-entry strategy that entails a domestic firm actually investing in and owning a foreign subsidiary or division, is referred to as
answer
direct investment
question
Theproductstrategyofsellingvirtuallythesame product in other countries is referred to as
answer
product extension
question
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?
answer
product extension
question
Changingaproductinsomewaytomakeitmore appropriate for a country's climate or preferences is an example of which type of product strategy?
answer
product adaptation
question
Frito-Lay produces and markets potato chips in Russia that have seafood-flavor. This is an example of:
answer
product adaptation
question
Designing a product to serve the unmet needs of a foreign nation is which type of product strategy?
answer
product invention
question
When a firm sells a product in a foreign country below its domestic price or below its actual cost it is referred to as
answer
dumping
question
Gray market refers to:
answer
a situation where products are sold through unauthorized channels of distribution.
question
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 __________.:
answer
a gray market
question
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
answer
having a local partner that is entrepreneurial with an ability to distribute and sell
question
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:
answer
an expansion of the pharmacist role from that of medical professional to selling and marketing OTC products.
question
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)
answer
manage the product
question
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
answer
concise
question
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
answer
reduce uncertainty and to improve marketing decisions.
question
The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions is referred to as __________.
answer
marketing research
question
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 __________.:
answer
marketing research
question
Decision making is the act of
answer
consciously choosing from alternatives.
question
Setting research objectives and identifying possible marketing actions would take place during which stage in the five-step marketing research approach?:
answer
define the problem
question
Research objectives are __________.:
answer
specific measureable goals
question
Effective decision makers rely on criteria or standards used in evaluating proposed solutions to a problem, which is known as:
answer
measures of success
question
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):
answer
Measure of success
question
The second step of the marketing research approach is __________.:
answer
develop the research plan
question
The third step of the marketing research approach is __________.:
answer
collect relevant information
question
The fourth step of the marketing research approach is __________.:
answer
develop findings
question
The fifth step of the marketing research approach is __________.
answer
take marketing actions
question
Constraints refer to
answer
in a decision, the restrictions placed on potential solutions to a problem.
question
What are two common constraints in marketing problem solving?:
answer
limitations on the time and money available
question
After defining the problem and developing the research plan, the next step in the marketing research process is to:
answer
collect relevant information
question
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.":
answer
Collect relevant information.
question
Data refers to:
answer
the facts and figures related to the problem that is divided into two main parts: secondary data and primary data.
question
Secondary data are the:
answer
facts and figures that have already been recorded before the project at hand.
question
Secondary data can be divided into two parts- ________ and ________.
answer
internal data; external secondary data
question
Primary data refer to:
answer
facts and figures that are newly collected for a project at hand.
question
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
answer
external secondary data
question
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.:
answer
Economic Census
question
Ageneralruleofthumbamongmarketing researchers is to obtain __________ first and then collect __________.:
answer
secondary data; primary data
question
Two Important advantages of secondary data are:
answer
they are usually inexpensive and save time
question
STAT-USA provides:
answer
information on U.S. business, economic and trade activity collected by the federal government
question
Google:
answer
is the most popular portal to the entire Internet accessed by entering key words or topics for specific searches
question
Facts and figures obtained by watching, either mechanically or in person, how people actually behave are referred to as __________ data.:
answer
observational
question
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.
answer
observational
question
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 ____________.:
answer
observational data
question
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 __________.:
answer
mystery shoppers
question
Which of the following statements concerning ethnographic research is most accurate?:
answer
Ethnographic research uses anthropologists and other trained researchers to observe consumers in their natural use environment
question
A new field of marketing that studies the brain and its response to marketing stimuli is referred to as:
answer
Neuromarketing
question
Questionnaire data refers to:
answer
the facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors.
question
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.
answer
Questionnaire
question
Themostcommonwayofcollectingquestionnaire data to generate ideas, involving a single researcher asking:
answer
questions of one respondent, is referred to as a(n) individual interview
question
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.
Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds
New