Question 1

List the five common methods of segmenting consumer markets.

Accepted Answer

Geographic,demograph

Question 2

What is marketing?

Accepted Answer

Marketing is the process of planning and

Question 3

When is market research used most frequently?

Accepted Answer

A) When a new or altered product is being considered 
B) When a product is out of stock 
C) When the promotional campaign is first under way 
D) When the product is fully stocked in each of the distribution centres 
E) When determining the reason for a product's failure 
A) When a new or altered product is being considered 
B) When a product is out of stock 
C) When the promotional campaign is first under way 
D) When the product is fully stocked in each of the distribution centres 
E) When determining the reason for a product's failure

Question 4

Which brands are often widely recognized by consumers because of campaigns for products produced and distributed by the manufacturer?

Accepted Answer

A) Private brands 
B) National brands 
C) Licensed brands 
D) Launched brands 
E) Generic brands 
A) Private brands 
B) National brands 
C) Licensed brands 
D) Launched brands 
E) Generic brands

Question 5

Diamond rings,Rolex watches,Godiva chocolates,and Rolls Royces are examples of

Accepted Answer

A) a product mix. 
B) convenience goods. 
C) shopping goods. 
D) a product line. 
E) specialty goods. 
A) a product mix. 
B) convenience goods. 
C) shopping goods. 
D) a product line. 
E) specialty goods.

Question 6

To help you decide which new suit to purchase for your job interview,you ask a trusted friend to give you her opinion on each of the suits you're looking at.You are in the ________ stage of the consumer buying process.

Accepted Answer

A) post-purchase evaluation 
B) purchase decision 
C) evaluation of alternatives 
D) information seeking 
E) problem recognition 
A) post-purchase evaluation 
B) purchase decision 
C) evaluation of alternatives 
D) information seeking 
E) problem recognition

Question 7

The marketing concept means that the marketing function in a business is more important than either production or finance.

Accepted Answer

A) True 
 B)False

Question 8

You and your spouse notice that the sports car you currently own is not going to be suitable for travelling when the new baby comes along.You are in the problem recognition stage of the consumer buying process.

Accepted Answer

A) True 
 B)False

Question 9

The best way to segment the market for umbrellas is probably by

Accepted Answer

A) geographic variables. 
B) behavioural segmentation. 
C) psychographic variables. 
D) geo-demographic variables. 
E) demographic variables. 
A) geographic variables. 
B) behavioural segmentation. 
C) psychographic variables. 
D) geo-demographic variables. 
E) demographic variables.

Question 10

Snazzy Sodas is known for its variety of all-natural sodas as well as its efforts toward social responsibility.The company has decided to produce a new line of energy drinks,and while it does not have the resources to promote its product widely,it can make a sizeable impact with a carefully chosen market segment.The CEO favours marketing the product primarily to young males,but the VP of operations recommends targeting female professionals. Which of the following,if true,would weaken the VP of operation's position?

Accepted Answer

A) Success in the energy drink market was an important goal mentioned in the company's annual report. 
B) Young males have demonstrated low awareness of many soda brands. 
C) Professionals tend to have more disposable income than nonprofessionals. 
D) Concern over social responsibility is rising across a wide variety of market segments. 
E) Professionals are more likely than nonprofessionals to be concerned about the long-term health effects of energy drinks. 
A) Success in the energy drink market was an important goal mentioned in the company's annual report. 
B) Young males have demonstrated low awareness of many soda brands. 
C) Professionals tend to have more disposable income than nonprofessionals. 
D) Concern over social responsibility is rising across a wide variety of market segments. 
E) Professionals are more likely than nonprofessionals to be concerned about the long-term health effects of energy drinks.

Question 11

With respect to the 4 P's,"price" refers only to the actual amount of money that consumers must pay for a product or service.

Accepted Answer

A) True 
 B)False

Question 12

A company that sells environmentally-friendly,zero-impact products would likely use ________ segmentation to reach out to people that match their lifestyle approach and attitudes towards nature.

Accepted Answer

A) intrinsic 
B) psychographic 
C) demographic 
D) geographic 
E) product-use variables 
A) intrinsic 
B) psychographic 
C) demographic 
D) geographic 
E) product-use variables

Question 13

The marketing concept says that profitability is more important than any other criterion.

Accepted Answer

A) True 
 B)False

Question 14

What is product positioning? Give examples.

Accepted Answer

Product positioning involves identifying

Question 15

Market research is the study of what buyers need and how best to meet those needs.

Accepted Answer

A) True 
 B)False

Question 16

Leif designs and sells surfboards.Although his sales are declining,he decides to keep his prices constant.Which of the following statements,if true,would support Leif's decision?

Accepted Answer

A) Surfboards at other shops in the region are priced lower. 
B) Customers rate Leif's surfboards as being of about average quality. 
C) Demand for surfboards has been declining for several years. 
D) Leif offers a much wider variety of surfboards than his competitors do. 
E) Leif has calculated that lowering prices would reduce profits. 
A) Surfboards at other shops in the region are priced lower. 
B) Customers rate Leif's surfboards as being of about average quality. 
C) Demand for surfboards has been declining for several years. 
D) Leif offers a much wider variety of surfboards than his competitors do. 
E) Leif has calculated that lowering prices would reduce profits.

Question 17

Briefly describe the characteristics of each of the four stages in the product life cycle.

Accepted Answer

The product life cycle is a series of st

Question 18

What is a target market? Briefly explain how a well-defined target market is important to a company.

Accepted Answer

A target market is any group of people w

Question 19

Bread is an example of a(n)________,while the catering for a wedding reception is an example of a(n)________.

Accepted Answer

A) shopping good;shopping service 
B) convenience good;specialty good 
C) specialty good;specialty service 
D) convenience good;specialty service 
E) shopping good;shopping good 
A) shopping good;shopping service 
B) convenience good;specialty good 
C) specialty good;specialty service 
D) convenience good;specialty service 
E) shopping good;shopping good

Question 20

The heart of any survey is the ________ which must be carefully designed to give the company honest answers about specific research issues.

Accepted Answer

A) observation 
B) questionnaire 
C) experimentation 
D) secondary data 
E) consumer scan 
A) observation 
B) questionnaire 
C) experimentation 
D) secondary data 
E) consumer scan

List the five common methods of segmenting consumer markets.

What is marketing?

When is market research used most frequently?

Which brands are often widely recognized by consumers because of campaigns for products produced and distributed by the manufacturer?

Diamond rings,Rolex watches,Godiva chocolates,and Rolls Royces are examples of

To help you decide which new suit to purchase for your job interview,you ask a trusted friend to give you her opinion on each of the suits you're looking at.You are in the ________ stage of the consumer buying process.

The marketing concept means that the marketing function in a business is more important than either production or finance.

You and your spouse notice that the sports car you currently own is not going to be suitable for travelling when the new baby comes along.You are in the problem recognition stage of the consumer buying process.

The best way to segment the market for umbrellas is probably by

With respect to the 4 P's,"price" refers only to the actual amount of money that consumers must pay for a product or service.

A company that sells environmentally-friendly,zero-impact products would likely use ________ segmentation to reach out to people that match their lifestyle approach and attitudes towards nature.

The marketing concept says that profitability is more important than any other criterion.

What is product positioning? Give examples.

Market research is the study of what buyers need and how best to meet those needs.

Leif designs and sells surfboards.Although his sales are declining,he decides to keep his prices constant.Which of the following statements,if true,would support Leif's decision?

Briefly describe the characteristics of each of the four stages in the product life cycle.

What is a target market? Briefly explain how a well-defined target market is important to a company.

Bread is an example of a(n),while the catering for a wedding reception is an example of a(n).

The heart of any survey is the ________ which must be carefully designed to give the company honest answers about specific research issues.

Understanding the Canadian Business System

The Environment of Business

Conducting Business Ethically and Responsibly

Entrepreneurship,small Business,and New Venture Creation

The Global Context of Business

Managing the Business Enterprise

Organizing the Business Enterprise

Managing Human Resources and Labour Relations

Motivating,satisfying,and Leading Employees

Operations Management,productivity,and Quality

Understanding Accounting

Pricing,promoting,and Distributing Products

Money and Banking

Financial Decisions and Risk Management

Filters

Exam 12: Understanding Marketing Principles and Developing Products

List the five common methods of segmenting consumer markets.

What is marketing?

When is market research used most frequently?

Which brands are often widely recognized by consumers because of campaigns for products produced and distributed by the manufacturer?

Diamond rings,Rolex watches,Godiva chocolates,and Rolls Royces are examples of

To help you decide which new suit to purchase for your job interview,you ask a trusted friend to give you her opinion on each of the suits you're looking at.You are in the ________ stage of the consumer buying process.

The marketing concept means that the marketing function in a business is more important than either production or finance.

You and your spouse notice that the sports car you currently own is not going to be suitable for travelling when the new baby comes along.You are in the problem recognition stage of the consumer buying process.

The best way to segment the market for umbrellas is probably by

With respect to the 4 P's,"price" refers only to the actual amount of money that consumers must pay for a product or service.

A company that sells environmentally-friendly,zero-impact products would likely use ________ segmentation to reach out to people that match their lifestyle approach and attitudes towards nature.

The marketing concept says that profitability is more important than any other criterion.

What is product positioning? Give examples.

Market research is the study of what buyers need and how best to meet those needs.

Leif designs and sells surfboards.Although his sales are declining,he decides to keep his prices constant.Which of the following statements,if true,would support Leif's decision?

Briefly describe the characteristics of each of the four stages in the product life cycle.

What is a target market? Briefly explain how a well-defined target market is important to a company.

Bread is an example of a(n)________,while the catering for a wedding reception is an example of a(n)________.

The heart of any survey is the ________ which must be carefully designed to give the company honest answers about specific research issues.

Understanding the Canadian Business System

The Environment of Business

Conducting Business Ethically and Responsibly

Entrepreneurship,small Business,and New Venture Creation

The Global Context of Business

Managing the Business Enterprise

Organizing the Business Enterprise

Managing Human Resources and Labour Relations

Motivating,satisfying,and Leading Employees

Operations Management,productivity,and Quality

Understanding Accounting

Pricing,promoting,and Distributing Products

Money and Banking

Financial Decisions and Risk Management

Filters

Bread is an example of a(n),while the catering for a wedding reception is an example of a(n).