Exam 11: Creating Products and Pricing Strategies to Meet Customers Needs

The 7-member Dover family recently purchased a mini-van because the ads for a Plymouth Horizon showed that it could haul 8 or more people and still have room for books, bags, and sports equipment.Plymouth Horizon was using what form of segmentation with its advertising?

In general, when a business is engaged in environmental scanning, it looks at all of the following external forces that might affect it EXCEPT:

_____ are large, expensive capital items that determine the nature, scope, and efficiency of a company, such as an assembly plant.

Compressor pumps installed in General Electric refrigerators would be considered:

Topik is a product that is sprayed on thinning hair and makes the hair appear thicker.The manufacturer considers its potential market to be blue-collar workers who earn less than $30,000 per year, are divorced, and who like to think of themselves as weekend athletes.The manufacturer of Topik considers this group to be its:

Which one of the following is NOT a commonly used method for segmenting markets?

A product that is bought by a company for use in making another product is called a(n) _____ product.

A product is any good or service, along with its perceived attributes and benefits, that satisfies wants.

The five P's are product, promotion, price, people and possession.

The unprocessed corn used as the primary ingredient in many brands of dog food is an example of:

The Springwood Inn offers a package of room, breakfast, and parking for $225.00.This strategy is called:

Radial tires installed on four-wheel drive vehicles are examples of:

Basing market decisions on what a product will do rather than on consumer characteristics is called benefit segmentation.

Which of the following organizations would analyze their market environments, find a competitive advantage, and create a marketing mix?

Chewy candy manufacturers are coming out with more true-to-fruit flavors, with some companies even fortifying their confections with vitamin C to make them more fruit-like.From this information, you can surmise that the chewy candy industry is in the _____ stage of the product life cycle.

Andi and Baja Lundt are in the market for a new gas grill.When they compare brand-to-brand and store-to-store for a grill, they are treating grills as _____ products.

A (n) _____ is any good or service that satisfies wants, along with its perceived attributes and benefits.

Price skimming is a price strategy often used in the maturity stage of the product life cycle.

The _____ is oriented toward identifying consumer needs and producing goods and services that satisfy those needs.

A relatively inexpensive item that requires very little shopping effort is called a _____ product.