Exam 12: Understanding Marketing Principles and Developing Products

You and your spouse decide that the sports car you currently own is not going to be suitable for travelling with your new baby Amy. You are in what stage of the consumer buying process? Purchase decision Post-purchase evaluation Problem recognition Information seeking Evaluation of alternatives

The Delivery Company has an extensive distribution network in Canada. They buy products directly from manufacturers and distribute them to small retailers at a nominal mark-up. What market do they belong to? Institutional market Demand-driven market Industrial market Primary market Reseller market

When marketers segment markets based on demographics, they are doing so on the basis of factors like age, education, family size, and income, but not on the basis of factors like nationality, race, and religion.

For many years, ServiceMaster focused on residential customers, but now it has added business and industry services. This is an example of product mortality. product positioning. multiple product lines. product differentiation. the product mix.

What is product placement? Why is it popular with marketing managers?

List the three industrial markets.

Which phrase best captures the essence of relationship marketing? Emphasis on quality Emphasis on intensive distribution Emphasis on long-term relationships with customers Emphasis on exclusive distribution Emphasis on profitable operations

Suppose Mr. Tyler is coming home from a business trip. It is late at night, his cab is waiting, and he suddenly remembers that he forgot to buy his wife a gift. The only shop in the airport that is open sells souvenir T-shirts. Mr. Tyler quickly buys a shirt for $14.95. For him, the shirt was a(n) ________ good. convenience industrial shopping accessory specialty

When Toronto-based Fairmont Resort Hotels used data mining to find out what kinds of vacations their customers preferred, and then placed ads where they were more likely to reach those customers, this was an example of consumer relationship management. product differentiation. data warehousing. aggregate marketing. industrial marketing.

The President's Choice brand (Loblaws Companies Ltd.) and the Life brand (Shoppers Drug Mart) are examples of private brands.

List the three major classes of consumer goods.

Marketing plays a role in creating time, place, and ownership utility, but not in creating form utility.

If you are in the market for a new set of skis, you probably have some idea of who provides the best skis and how they differ. You may have accumulated some of this knowledge during the information-seeking stage and combined it with what you knew before. The next stage for you is to evaluate alternatives. seek information. buy a new pair of skis. recognize the problem. evaluate post-purchase.

What is marketing?

Relationship marketing is more effective than advertising.

New developments in technology have had a big impact on the production area of a business, but much less impact on the marketing area.

The first step in conducting market research is to study the current situation in order to identify a need and to determine how that need is being met.

What is value?

________ is the most highly visible component of the marketing mix. Promotion Place Profit Product Price

People with similar wants and needs constitute ___________, which clearly requires ___________. a demographic market segment; market segmentation a target market; market segmentation a target market; relationship marketing a geographic market segment; relationship marketing a psychographic market segment; relationship marketing