Exam 12: Understanding Marketing Principles and Developing Products

One disadvantage of the experimentation method of conducting marketing research is its cost.

What is branding? Why do companies engage in branding?

It takes _______ new product ideas to generate just 1 new product that reaches the market, and then only _____ out of 10 new products on the market succeeds. 100; 1 200; 3 50; 1 30; 4 20; 6

The blue jean market is quite varied, and people wear them for different reasons and for different purposes. There are fashion jeans, work jeans, truck-driving jeans, cowboy jeans, etc. To serve this market better, many firms practice mass marketing strategy. regional marketing. market segmentation. diversified marketing. multi-marketing.

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 is assumed by the marketing director's argument? Real estate transactions can usually be completed in one month. The rates for advertising during the spring are lower than the rates during other times of the year. Other real estate companies increase the amount they spend on advertising during March. The spring advertising campaign is better at promoting general awareness of the Macmoo brand than it is at generating sales leads. The spring advertising campaign is equally effective for commercial real estate and private real estate.

Suppose you work for a firm that manufactures and sells pet accessories. As part of your job, you frequently visit city parks and observe how people interact with their pets. You also talk to the staff members of veterinary clinics to discover how people relate to their pets. This activity is consistent with the ________ phase of new product development. idea generation business analysis prototype development screening product testing

The four P's of the marketing mix are product, pricing, promotion, and place.

Westminster Office Products buys paper products from Boise Cascade for sale in its retail stores. Westminster Office Products purchases paper products in the ________ market. retail government industrial reseller institutional

What is a product line?

Boilers Inc. sells 100% of its boilers to churches to improve their energy efficiency and to decrease their heating costs. The company is involved in charitable marketing. industrial marketing. consumer marketing. quality assurance marketing. institutional marketing.

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 favors 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 CEO's position? Young males have shown strong brand loyalty to the current market leader in energy drinks. Young males are especially likely to be opinion leaders on many lifestyle issues. Clothing companies typically segment more precisely than beverage companies. Even effective targeting does not guarantee success when it is followed by ineffective positioning. As compared to other groups, young males spend a high percentage of their income on discretionary purchases.

Provide examples showing how the importance of the marketing mix elements varies across different products.

In which stage of the new product development process is a preliminary version of the product produced? Product test run Screening Prototype development Concept testing Test marketing

In the screening stage of the development process, companies use market research to solicit consumers' input.

The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives is called publicity. marketing. relationship marketing. idea promotion. advertising.

A national brand name is produced and distributed by the manufacturer of the product.

The total array of products a company has for sales is its product mix, while a product line is a group of products that are closely related because they function in a similar manner or are sold to the same customer group who will use them in similar ways.

It is estimated that it takes 50 new product ideas to generate 1 product that finally reaches the marketplace. Even then, only a few of those become successful products.

A camera is a "pure" good, while investment advice is a "pure" service.

Scott is an intelligent, conservative programmer. His clothes purchases are typically darker in colour and not the current fad. This is an example of past experience influences. cultural influences. social influences. personal influences. psychological influences.