Exam 12: Understanding Marketing Principles and Developing Products

________ is segmentation by such traits as age, income, gender, ethnicity, and marital status. Random selection Demographics Psychographics Product-use Geographics

Sherrie wants to complete a research project; unfortunately, she has no idea where to begin. You advise her to begin by designing a questionnaire. collecting data. selecting a research method. studying the current situation. analyzing data.

The most important element of the marketing mix is price.

Describe the two major classes of industrial products.

What is a market segment? How does a marketing manager use information about a market segment? In what ways would a market likely be segmented?

Value is determined by comparing a product's ________________; the formula requires dividing ____________. costs and benefits; benefits by costs price and quality; price by quality price and durability; durability by price quality and durability; quality by durability availability and price; price by availability

Dinasonic manufactures and markets consumer kitchen products. The company is preparing to introduce its products to international markets. The company's director of marketing wants the company to adapt its marketing approach to the various markets in different countries that the company is looking to enter. He needs to defend the proposal for his recommended marketing strategy to the rest of the executive team. The director of marketing argues that Dinasonic's products will need to be adapted to local markets to fit the standard of living in other countries. Which of the following, if true, would strengthen this position? Dinasonic plans to enter only markets in advanced economies. Dinasonic has some of the best marketing talent in the industry. Dinasonic's manufacturing processes are very cost-effective. None of Dinasonic's major competitors will be entering the same markets Dinasonic will. Many consumers in developing economies would not be able to afford Dinasonic's products.

The product mix is a group of similar products intended for a similar group of buyers that will use them in similar ways.

Cholesterol levels may be controlled with either a physical-fitness program or a drug regimen. The fitness program and the drugs are examples of dissimilar products. contrary products. international products. brand-name competitive products. substitute products.

Hydrogen fuel cells and solar-powered cars are in the ________ stage of their product life cycles. growth decline introduction maturity development

After asking people about their "desired scent experience," Procter & Gamble developed Febreze Scentstories, a product that gives off 5 different scents every 30-minutes. They did this after using what approach to data gathering? Video mining Observation Experimentation Focus groups Surveys

DVD Heaven sells new and used DVDs, particularly to university and college students in large Canadian cities. It plans to expand its business online, hoping to increase sales by offering a more convenient means of ordering for busy college students. The vice president of marketing suggests opening a Facebook page for DVD Heaven, but the president argues that social media sites would not help its business. Which of the following statements, if true, would support the argument made by the president for NOT using social media sites as part of DVD Heaven's advertising strategy? Social media is changing so rapidly that what is relevant today may easily be outdated tomorrow. Search ads combined with social media campaigns lead to higher results for products than just using general search ads. Brands entered in social networks as topics or members of the community can build customer relations. Social media sites can increase buzz and word of mouth simply by conversation about a product or business. Social media sites provide real-time discussions that can include the latest DVDs available or recommendations for DVD purchases.

Which segment of a market will consider consumer characteristics such as their motives, opinions, interests, and attitudes? Consumographic variables Geographic variables Psychographic variables Behavioural segmentation Demographic variables

Target markets are first defined by product, then by consumers.

What is market segmentation and why is it important?

What is a product feature?

Which of the following is correct regarding the product mix and product line concepts? A product line is broader than a product mix. The product mix refers to the group of products a company has available for sale. The product line concept applies to physical products, while the product mix concept applies only to services. A product line focuses on convenience goods, while a product mix focuses on shopping goods. A product line is almost always more expensive than a product mix.

Assume that you went to a shopping mall to determine people's attitudes toward a new peanut butter and pickle flavour ice cream. You would be collecting ________ data. census interview primary psychographic secondary

Which of the following is correct with regard to price? It refers only to the actual amount of money that consumers pay for a product. It is generally the second-most important element in the marketing mix. In some cases, high prices will actually attract customers by implying that the product is unusually good. It is more important for industrial goods than it is for consumer goods. All of these

Which of the following is correct with regard to the concept of a "product"? The product is made up of the visible features and benefits. When consumers buy a product, they are also buying an image and a reputation. Products are normally classified into two basic groups: those that are consumed in a short period of time and those that last a long time. The value package is the objective features of the product. For a computer, most items in the value package are tangible.