Exam 12: Understanding Marketing Principles and Developing Products

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

A detailed and focused strategy for gearing marketing activities to meet consumer needs and wants is called a promotion plan. product positioning. sales plan. marketing plan. marketing mix.

________ must support the firm's operating costs, administrative costs, research costs, and marketing costs such as advertising and sales salaries. Product differentiation Price Product Place Promotion

You are asked to come up with a new widget. What would your first step be? Idea screening Idea generation Commercialization Business analysis Test marketing

Unlike most consumers, organizational buyers are professional, specialized, and expert.

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. post-purchase evaluation purchase decision evaluation of alternatives information seeking problem recognition

Why are businesses interested in the development of new products? The federal government encourages every product manufacturer to spend 1% of revenue on new product development. New products are necessary to stay in business. New products keep the warranty and service departments busy. New products provide the fun that marketing managers need. Product development provides an opportunity for large tax write-offs.

Describe the four types of brand names and give an example of each.

In which stage of product development does market research have a major role? Prototype development Commercialization Business analysis Product testing Concept testing

________ is the process of planning and executing the development, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. Promotion Relationship marketing Marketing Market strategy Market segmentation

While Sylvia has not asked teenage consumers any questions, she has noted that they purchase green nail polish, as opposed to purple. Which research method has Sylvia used? Nominal scaling Focus groups Observation Survey Experimentation

When UPS asked customers how the company could improve its service, UPS was using video mining. observation. experimentation. focus groups. surveys.

The information that Statistics Canada provides on the Canadian economy is an example of secondary data. statistical variance analysis. primary data. a demographic variable. product research.

Coca-Cola, Pepsi-Cola, Kleenex, and Chevrolet are examples of private label. brand names. product names. product line names. public label.

What is the first step in the consumer buying process?

No business can undertake marketing activities without a product, i.e., a good, a service, or idea that attempts to fulfill consumers' needs.

What is brand equity?

When Reader's Digest identified and classified its readers into young adults, computer owners, and professionals/managers, it was using prospect identification. potential customer categorizing. customer identification. product differentiation. market segmentation.

Psychographic variables are more difficult to change than demographic variables.

Craftsman tools (Sears), Life products (Shoppers Drug Mart), and President's Choice (Loblaws) are all examples of ______ brands. national licensed generic private value-added