Exam 12: Understanding Marketing Principles and Developing Products

Specialty goods are important and expensive purchases for the buyers who decide on what they want, and they accept no substitutes.

Briefly discuss the steps in the market research process.

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

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.

Diamond rings, Rolex watches, Godiva chocolates, and Rolls Royces are examples of a product mix. convenience goods. shopping goods. a product line. specialty goods.

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 president of DVD Heaven has been talking to several other business owners, and now expresses some concerns over developing the e-commerce side of the business. The vice president argues that it is essential for continued growth, but the president argues that there are too many consumer concerns. Which of the following statements, if true, would NOT support the argument being made by the president regarding consumer concerns? Fraudulent businesses are being set up and run on the internet. Many consumers would rather enter a building that houses a business they know really exists. Identity theft and the theft of credit card numbers can occur when ordering online. Privacy can be compromised on the internet, and unethical e-businesses can track or sell sensitive information such as buying patterns. College students are five times more likely to order over the internet than older adults. Customers like to see and feel products before ordering them.

Explain how each of the main factors in the external environment of a business affects how marketing is carried out.

Hilltel sells mobile phones and other handheld devices. The company has decided to sell its products internationally and is considering using a standardized marketing approach wherever it sells its products. Hilltel's CEO thinks that having a standardized marketing strategy will enable the company to control and plan production better. Which of the following, if true about using a single marketing approach, would strengthen her case? It means the company will sell in the same way to countries regardless of culture. It allows for simplifying inventory and quality control processes. It means that more employees will need to be hired at the company's headquarters. It locks the company into one marketing strategy for the long term. It means that more extensive managerial oversight in sales will be needed.

Which brands are often widely recognized by consumers because of campaigns for products produced and distributed by the manufacturer? Private brands National brands Licensed brands Launched brands Generic brands

In terms of the 4 P's, market research is useful for the product, price, and promotion aspects, but not very useful for the distribution aspect.

Which of the following is true with regard to the concept of the value package? The physical characteristics of the product are the primary focus for the consumer. The price of the product is the primary focus of the consumer. The value package includes both tangible and intangible attributes of the product. The value package cannot be high if the price of the product is high. The value package concept applies to physical products, but not intangible services.

What is a product?

The marketing plan is a detailed and focused strategy for gearing marketing activities to meet consumer needs and wants.

If you were the manager for Track & Wheels, a local backhoe dealer, which promotion would likely be the best method to sell high-priced backhoes? Product placement Price placement Product differentiation Personal selling New product development

Mass customization is an important production method to marketers because it promotes loyal customers. it allows marketers to provide products that satisfy specific needs of consumers. it speeds the production cycle, providing time utility to customers. its focus on delivering quality products leads to customer satisfaction. it ensures profitability.

List the factors in the external environment of businesses that affect marketing activities.

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

List the four stages in the product life cycle.

As you are driving down the road in your new Chevrolet, you notice that a new Ford has stopped beside the road and has its hazard lights blinking. You smile but decide to stop anyway to help out. You are in the ________ stage of the consumer buying process. problem recognition information seeking purchase decision evaluation of alternatives post-purchase evaluation

What is the benefit of an integrated marketing strategy?