Exam 12: Understanding Marketing Principles and Developing Products

Sales of janitorial services, mainframe computers, and office supplies to other manufacturers are examples of

The product life cycle is the concept that states that products have a limited profit-producing life.

Assuming a company has been gathering ideas for new products, what is the next step in the development process?

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

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.

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?

One disadvantage of the experimentation method of conducting marketing research is its cost.

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

On the first day of your new job, you notice that your wardrobe is not up to company standards. You are at the ________ stage of the consumer buying process.

Describe the four major influences on consumer behaviour.

People with similar wants and needs constitute ________, which clearly requires ________.

Product "features" refer to both the tangible and intangible qualities of a product.

What does the process of "positioning" involve?

It takes ________ new product ideas to generate just 1 new product that reaches the market, and then only ________ out of 10 new products on the market succeeds.

The value of a product, service, or idea to a consumer is based on the formula "costs divided by benefits."

The four elements in the marketing mix are

During this stage of the product life cycle, the promotion strategy is to emphasize brand differences and benefits. This is the ________ stage.

List four basic methods for collecting marketing research data.

Market segmentation is a strategy for analyzing consumers, not products.

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 should use an adaptation strategy for its marketing because its products will need to be adapted to different markets. Which of the following, if true, would strengthen this position?