marketing exam 3 multiple choice – Flashcards
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The purpose of market segmentation is to respond more effectively to the wants of groups of potential buyers in order to A) maintain market share. B) increase sales and profits. C) be more socially responsibility. D) use the firm's resources more efficiently. E) provide the best quality products on the market.
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b
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Which of the following is an example of a single product with multiple market segments? A) Reebok makes tennis shoes, running shoes, walking shoes, and Weeboks. B) Reach Toothbrush available in a soft, medium, and hard bristle for adults and kids. C) Johnson's Baby Oil is advertised as a skin softener for babies and as a makeup remover for women. D) Kellogg's and Post both make bran cereals with raisins to reach health-conscious consumers. E) Quaker Oats oatmeal sells both its hot cereals and cold cereals to people of all ages.
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c
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For Apple, Inc., the life this organization depends on how it conceives, produces, and markets __________. A) new products. B) intangible ideas. C) products with high prices. D) services that remain true to a firm's sustainable values. E) products or services that consumers do not even know they need
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a
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Which of the following is the best example of a specialty product? A) a DVD player B) a Lexus LS 460 luxury automobile C) cash from an ATM D) a Merriam-Webster dictionary E) Dial hand soap
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a
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A product line is a group of products that are closely related because they __________, are used together, are sold to the same customer group, are distributed through the same type of outlets, or fall within a given price range. A) satisfy a class of needs B) developed by the same product manager C) are sold to all types of consumers, business firms, and governmental units D) all require high levels of R&D E) all have the same brand equity
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a
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Which of the following products at the time of their introduction was the best example of a dynamically continuous innovation? A) DVD player B) disposable lighter C) personal computer D) automatic dishwasher E) pocket calculator
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a
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Research shows that __________ is the single most important factor for a new product to defeat competitive ones—having superior characteristics that deliver unique benefits to the user. A) market attractiveness B) a distinctive point of difference C) good execution of the marketing mix D) a complete market and product protocol E) economical access to buyers
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b
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The stage of the product life cycle when a product is first commercialized to its intended target market is called the __________ stage. A) growth B) commercialization C) launch D) introduction E) awareness
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d
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*During the introduction stage of the product life cycle, the place element of the marketing mix is highly involved with A) convincing channel intermediaries to carry the product. B) eliminating some distribution outlets to reduce costs. C) guaranteeing there is adequate demand if a skimming pricing strategy is used. D) building storage warehouses and distribution centers. E) using an intermodal logistics system.
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a
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The growth stage of the product life cycle is characterized by A) rapid increases in sales and the appearance of competitors. B) a gradual increase in sales even though only a few competitors appear. C) a gradual leveling off of sales and the appearance of a many strong competitors. D) a rapid decline in profits and product units as competition becomes more fierce. E) a leveling off of sales and a gradual loss of competitors as products get positioned in consumers' minds.
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a
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Which of the following statements about price elasticity of demand is most accurate? A) Price elasticity with inelastic demand must always be greater than one. B) The more substitutes a product has, the less likely it is to be price elastic. C) Seasonal demand for a product like snowblowers does not affect its price elasticity. D) Items requiring large cash outlays relative to a consumer's disposable income are price elastic. E) With inelastic demand, reducing price will result in an increase in total revenue, though not necessarily an increase in profit.
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d
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In applying the marketing concept an organization must meet these basic needs a. Customer's importance b. Integrated marketing efforts c. Customers satisfaction d. Target market
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d
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Markers divide _____ into goods , services and ideas a. Product b. Value c. Money d. None of the above
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a
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A ____ is a frequently purchased, inexpensive item that buyers spend little effort to find and purchase. a. Convenience products b. Shopping products c. Specialty products d. Unsought products
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a
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Appliance, furniture, clothing bicycle or a stereo are examples of _________ a. Convenience products b. Shopping products c. Specialty products d. Unsought products
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b
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A _____ is a product with one or more unique characteristics that a group of buyers is willing to spend considerable time and effort to purchase. a. Convenience products b. Shopping products c. Specialty products d. Unsought products
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c
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______ is purchased as a result of the sudden occurrence of a problem or in response ;to aggressive selling tactics that result in a sale that otherwise would not take place. a. Convenience products b. Shopping products c. Specialty products d. Unsought products
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d
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Which is the next stage in Product Life Cycle after maturity Stage? a. Introduction stage b. Growth stage c. Decline stage d. None
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c
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In this stage, the company must communicate the products features, uses, and advantages to potential buyers, often through advertisements. a. Introduction stage b. Growth stage c. Maturity stage d. Decline stage
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a
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Sales rise rapidly during this stage, while profits peak and then start to decline. a. Introduction stage b. Growth stage c. Maturity stage d. Decline stage
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b
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The sales curve peaks and begins to decline during the maturity stage, and profits continue to decline. a. Introduction stage b. Growth stage c. Maturity stage d. Decline stage
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c
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____ occurs when in the eyes of customers one firm distinguishes its product from competitive brands offered to the same aggregate market. a. Product Differentiation b. Branding c. Labeling d. Packaging
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a
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_____ refers to decisions about names, including brands, brand name, brand marks and trade marks a. Product Differentiation b. Branding c. Labeling d. Packaging
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b
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Which is NOT a reason for branding? a. It helps consumers to evaluate the quality of products b. It benefits sellers because brands identify their products, which encourages repeat purchases by consumers c. It can facilitate the introduction of a new product that carries the name of an organizations existing products because buyers are already familiar with a similar brand name. d. It expedites emotional efforts because the emotion of each branded product indirectly promotes all other products with a similar brand name.
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d
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When a company feels that there is no segmentation necessary it is a. undifferentiated marketing strategy b. differentiated strategy c. niche d. none
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a
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In terms of product life cycles, to be considered a "new product" that will go through the introductory stage, a product must be completely different and come from a fresh idea. A) True B) False
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b
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During the sales decline stage of the life cycle it is best to get out of the market as quickly as possible, without considering other market-oriented strategies. A) True B) False
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b
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According to the Federal Trade Commission, a product can be considered "new" for ___________. A) One year B) Two years C) Six months D) One month
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c
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Which of the following is NOT one of the four criteria identified in the text for successful market segmentation? a. sustainability b. identifiability and measurability c. responsiveness d. accessibility e. targetability
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e
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If an increase or decrease in the price of a product does not significantly affect demand for the product, the demand is called price A. elastic B. Inelastic
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b
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New products are a necessity for survival in today's very competitive environment. Unfortunately, many new products fail. Which of the following would not be a reason for this phenomenon? A.The market size may have been overestimated B.The actual product was not designed as well as it should have been C.The product was incorrectly placed in the market D.The product was priced too high E.The product was over advertised
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e
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A new product may have many roles in a company. Among them are: A.To help the company remain an innovator B.To defend the company's market share C.To cannibalize the competition D.Only 1 and 2 E. All of the above
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d
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in the product life cycle, the stage which is characterized as a period of rapid market acceptance and increasing profits is the ____________ stage. A.Product development B.Introduction C.Growth D.Maturity E.Decline
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c
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Because the market is not ready for product refinements at the __________ stage, the company and its few competitors produce basic versions of the product. A.Introduction B.Product development C.Maturity D.Decline E.Growth
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a
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At the __________ stage in the product life cycle, educating the market remains a goal, but now the company also needs to meet the competition. A.Introduction B.Product development C.Maturity D.Decline E.Growth
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e
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At the maturity stage of the life cycle, the company has an opportunity to prolong the life of its products in many ways. When a company tries to __________ the company is trying to increase the consumption of the current product. A.Modify the product B.Modify the product mix C.Modify the line extensions D.Modify the market E.Modify the target market
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d
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The stage in the product life cycle characterized by intensive distribution and improved products at lower prices is: A.Product development B.Introduction C.Growth D.Maturity E.Decline
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c
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During the maturity stage of the life cycle, profits are _______________ while sales are __________________ . A.Growing, growing B.Declining, holding steady C.Growing, slowing D.Holding steady, growing E.Declining, slowing
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e
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The competition is tougher and firms fight for market share in the ________ stage. a. Market growth b. Market decline c. Market introduction d. Market maturity
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d
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Promotions with the goal of developing Primary Demand would be in ________ stage. a. Market growth b. Market decline c. Market introduction d. Market maturity
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c
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What is the purpose of segmentation? A) To identify differences in behaviour that have implications for marketing decisions B) To identify the most profitable consumer segments C) To target segments that are not targeted by competitors D) To target segments which match our product/service attributes E) To target and identify segments which are not catered for at all
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a
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A company who develops a single marketing mix for the whole market and doesn't segment the market uses which of the following marketing strategies? A) Niche Marketing B) Differentiated Marketing C) Undifferentiated Marketing D) Customised Marketing E) Focused Marketing
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c
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A differentiated target marketing strategy exploits which of the following? A) Exploits the differences between marketing segments B) Exploits the differences between competitors prices C) Exploits the apathy of consumers D) Exploits the new trends, fads and fashion E) Exploits consumer's value consciousness
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a
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undifferentiated strategy is effective in a __________ market A. Heterogenous market B. Homogenous market
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b
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concentrated targeting strategy or differentiated targeting strategy is more appropriate for a A. Heterogenous market B. Homogenous market
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a
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When a consumer says that she will only buy Anne Klein blouses and will not even consider purchasing a different brand, then for this consumer these blouses are an example of a(n): a. convenience product. b. specialty product. c. unsought product. d. staple. e. shopping product.
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b
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"7Up" is an example of a(n): a. logo. b. brand mark. c. MRO. d. brand preference. e. brand name.
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e
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A _______ is the full and legal name of an organization. a. brand b. brand mark c. trademark d. trade name e. brand name
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d
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When a buyer knows about a particular brand and considers it a viable purchase, this is an example of: a. brand licensing. b. brand franchising. c. co-branding. d. brand insistence. e. brand recognition.
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e
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If a consumer goes to the supermarket to purchase toothpaste and says to herself: "If they have Crest, I will buy it, but if they do not, I will buy Colgate instead," this consumer is experiencing: a. brand insistence. b. brand preference. c. brand recognition. d. brand marking. e. MRO.
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b
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If a consumer says to herself, "I will only buy Calvin Klein jeans," this consumer is experiencing: a. brand preference. b. MRO. c. brand insistence. d. trademarking. e. brand recognition.
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c
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When PepsiCo introduced flavored water to its Aquafina line, this was an example of a: a. line extension. b. product deletion. c. quality modification. d. concept test. e. functional modification.
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a
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When Volkswagen introduced "the new Beetle convertible" into the marketplace, this was an example of: a. idea generation. b. screening. c. business analysis. d. commercialization. e. concept testing.
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d
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When Lee designs its jeans so that they fit women in a way that makes them more attractive (e.g. no back pockets), this is an example of: a. consistency of quality. b. product deletion. c. customer contact. d. brand management. e. styling.
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e
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Kraft Foods changed the image of Cheez Whiz into a microwavable cheese sauce. This was an example of: a. repositioning. b. product deletion. c. line extension. d. business analysis. e. customer contact.
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a
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The process of eliminating a product from the product mix is called: a. line extension. b. product deletion. c. test marketing. d. customer contact. e. inseparability.
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b
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An intangible product that includes a deed, a performance, or something that cannot be possessed physically is called a(n): a. good. b. line extension. c. idea. d. product deletion. e. service.
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e
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A situation involving the simultaneous production and consumption of high quality customer service at a hotel shows the ________ of services. a. intangibility b. perishability c. inseparability d. heterogeneity e. homogeneity
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c
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When a Marriot Hotel cannot sell a hotel room for yesterday's date, this is an example of the service's: a. heterogeneity. b. homogeneity. c. perishability. d. inseparability. e. intangibility.
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c
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Your hair stylist gives you a bad haircut because she is distracted with some personal issues in her life. This is an example of the service's: a. homogeneity. b. intangibility. c. inseparability. d. heterogeneity. e. perishability.
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d
