Exam 12: Understanding Marketing Principles and Developing Products

Companies in Poland have succeeded in overcoming consumer resistance to credit by promoting the safety and desirability of using credit rather than depending solely on cash. This is an example of the use of a __________ variable in market segmentation. level of income demographic geographic behavioural segmentation psychographic

During this stage of a product's life cycle marketers focus on making potential consumers aware of the product and its benefits. Profits are non-existent or small. This is the ________ stage. decline growth maturity development introduction

When you obtain your first job after graduation, your new income may let you purchase items that were once too expensive. You would be in what stage of the consumer buying process? Purchase decision Information seeking Evaluation of alternatives Post-purchase evaluation Problem/need recognition

Which of the following is correct with regard to packaging? Fresh fruit and structural steel do not really need much packaging. The function of packaging is limited to product protection. Packaging does not provide advertising or promotion for products. Packaging costs can be as high as 50 percent of the total cost to make a product. All of these are correct.

The ________ is a natural process in which products are born, grow in stature, mature, and finally decline and die. product life stages profit life cycle product life cycle product profit stages profit life stages

What are the psychographic variables used in market segmentation?

What is customer relationship management (CRM)?

Marketing research is the study of consumer needs and wants, and the ways in which sellers can best meet them. the process of collecting, storing, and retrieving data in electronic files. the process of fixing, adapting, and communicating the nature of the product itself. the process of dividing a market into categories of customer types. a marketing strategy that emphasizes long-lasting relationships with customers.

The marketing concept focuses on building products that provide value to customers. excludes input from the human resources department. means building a competitive advantage through product differentiation. means that the whole firm is coordinated to achieve one goal: to serve customers at a profit. does not include the finance department.

Before making your final decision on that new computer, you write down all the features, prices, and warrantees of the different products you've seen. You are in the ________ stage of the consumer buying process. problem recognition post-purchase evaluation purchase decision information seeking evaluation of alternatives

The primary way to distinguish consumer goods from industrial goods is by considering the "place" element of the marketing mix.

Describe the four major influences on consumer behaviour.

Audiocassette tapes, rotary telephones, and black and white TVs are in the ________ stage of their product life cycles. growth decline development introduction maturity

Pencils, brooms, and gloves are examples of ________, while factories, water towers, and airplanes are examples of __________. capital items; expense items supplies; installations services; capital items expense items; capital items capital items; supplies

An individual's motivations, perceptions, ability to learn, and attitudes are part of which influence on consumer behaviour? Personal Social Cultural Past experience Psychological

Describe an example that demonstrates the riskiness of new product development.

The five major environmental factors in the marketing environment are political/legal, socio-cultural, technological, infrastructure, and competitive. political/legal, economic, intellectual, socio-cultural, and competitive. political/legal, socio-cultural, technological, economic, and competitive. infrastructure, socio-cultural, technological, climatic, and competitive. political/legal, intellectual, technological, economic, and competitive.

List four basic methods for collecting marketing research data.

Describe three strategies for extending the product life cycle.

Needing some new clothes, you ask one of your co-workers where he shops. That evening you check the newspapers for sales. You are in the ________ stage of the consumer buying process. information seeking post-purchase evaluation problem recognition purchase decision evaluation of alternatives