Exam 12: Understanding Marketing Principles and Developing Products

Market segmentation and product differentiation are almost identical concepts, except that market segmentation puts more emphasis on "price" while product differentiation puts more emphasis on "place."

Market research can be used at almost any point in a product's existence, but it is most commonly used when a new or altered product is being considered.

Diana is going to be married soon, and she is shopping around for a wedding gown. For Diana, a wedding gown is a shopping good.

Ford offers four different models of the Escort which run the gamut from the three-door sport model to the five-door sedan. This represents a product offering. multiple product lines. a product line. a product blend. a product mix.

How does an understanding of consumer behaviour help marketing managers? Include the meaning of the major factors influencing consumer behaviour.

Melissa was visiting San Francisco. When she arrived at Fisherman's Wharf, she decided to purchase a souvenir T-shirt for her boyfriend back home. Since there are about 40 T-shirt retailers in that area, Melissa spent the rest of the day searching for the shirt that would convey just the right meaning to her boyfriend. For Melissa, the shirt was a(n) ________ good. specialty convenience shopping accessory industrial

Suppose that you have just obtained your first job after graduation, and you conclude that your new income will allow you to purchase items that were once too expensive for you. You are in the information seeking stage of the consumer buying process.

Macmoo Real Estate is beginning to use data-driven processes to determine the value that it gets from different marketing activities. Macmoo's website lists available properties and allows customers to request information. Macmoo tends to advertise in local newspapers and specialized real estate periodicals. The marketing director believes that Macmoo's traditional spring advertising campaign, which runs during the month of March, is an effective use of advertising resources. When pressed for evidence, the marketing director points out that revenues in March have consistently been higher than revenues in February. During 2013, Macmoo completed fewer real estate transactions than it did during any similar time period during the last five years. Still, the marketing director claims that its marketing efforts led to very positive financial results for Macmoo. Which of the following, if true, would resolve this seeming discrepancy? In 2013, Macmoo spent more on advertising than it did in 2012. In 2013, Macmoo diverted marketing efforts to support several corporate social responsibility initiatives. Sales projections completed in 2010 predicted even lower sales volume in 2011. In 2013, marketing efforts focused on sales of very expensive properties. In 2013, Macmoo's principal competitors cut back on their marketing expenditures.

Lextel Ltd. is involved in a market research study. They have already studied the current situation to determine which needs exist. Their next step is to begin collecting data.

Private brands are products promoted by and carrying a name associated with the retailer or wholesaler, not the manufacturer.

Macmoo Real Estate is beginning to use data-driven processes to determine the value that it gets from different marketing activities. Macmoo's website lists available properties and allows customers to request information. Macmoo tends to advertise in local newspapers and specialized real estate periodicals. The marketing director believes that Macmoo's traditional spring advertising campaign, which runs during the month of March, is an effective use of advertising resources. When pressed for evidence, the marketing director points out that revenues in March have consistently been higher than revenues in February. Which of the following, if true about the real estate industry in general, would weaken the marketing director's argument? The demand for houses is higher than it was last year. The supply of houses for sale is lower than it was last year. Sales are generally higher in March than in February. Sales are generally higher in April than in March. In February, home loan interest rates dropped.

What is the fundamental goal of product differentiation? To increase profit margins To set the company's products apart from competitive products in the market To maximize market share To more effectively market to industrial consumers To more effectively market to certain demographic segments of the market

Sales of janitorial services, mainframe computers, and office supplies to other manufacturers are examples of industrial marketing. service marketing. relationship marketing. consumer marketing. idea marketing.

Experimentation is the most widely used method of conducting market research.

A consumer who recognizes that he or she is thirsty during a shopping trip is in the problem recognition stage of the buying process model.

Mel is shopping around for a high-definition TV. For Mel, the high-definition TV is a shopping good.

Rondell Corp. is involved in a market research program. They have already studied the current situation to discover customer needs and what is being done to meet those needs. What should they do next? Collect data Select a research method Analyze the data Conduct a focus group Prepare a report

It is the middle of August, and Bob has been driving for the last three hours without air conditioning. He is hot and thirsty and would like to find something cold to drink. Bob would consider ________ the most important element in the marketing mix for a soft drink marketer. promotion profit place price product

Burberry, whose plaid-lined gabardine raincoats have been a symbol of British tradition since 1856, is repositioning itself as a global luxury brand like Gucci and Louis Vuitton. This is an example of behavioural segmentation.

Sherrie wants to save money and time on her research project. You recommend she use observation. focus groups. primary data she collects herself. secondary data. experiments.