Question 1

Which of the following is correct with regard to price?

Accepted Answer

A)  It refers only to the actual amount of money that consumers pay for a product. 
B)  It is generally the second-most important element in the marketing mix. 
C)  In some cases, high prices will actually attract customers by implying that the product is unusually good. 
D)  It is more important for industrial goods than it is for consumer goods. 
E)  All of these 
A)  It refers only to the actual amount of money that consumers pay for a product. 
B)  It is generally the second-most important element in the marketing mix. 
C)  In some cases, high prices will actually attract customers by implying that the product is unusually good. 
D)  It is more important for industrial goods than it is for consumer goods. 
E)  All of these

Question 2

A product typically earns its highest profit levels early in the maturity stage of the product life cycle.

Accepted Answer

A) True 
 B)False

Question 3

Customer relationship management (CRM) focuses on building better information connections with clients.

Accepted Answer

A) True 
 B)False

Question 4

What is the difference between consumer goods and industrial goods?

Accepted Answer

Consumer goods are products, such as col

Question 5

Describe three strategies for extending the product life cycle.

Accepted Answer

The three strategies are product extensi

Question 6

Discuss the effects that demographics can have on marketing strategies.

Accepted Answer

Companies have typically focus

Question 7

What are secondary data?

Accepted Answer

Secondary data are r

Question 8

Suppose you work for a firm that manufactures and sells pet accessories. As part of your job, you frequently visit city parks and observe how people interact with their pets. You also talk to the staff members of veterinary clinics to discover how people relate to their pets. This activity is consistent with the ________ phase of new product development.

Accepted Answer

A)  idea generation 
B)  business analysis 
C)  prototype development 
D)  screening 
E)  product testing 
A)  idea generation 
B)  business analysis 
C)  prototype development 
D)  screening 
E)  product testing

Question 9

Automobiles, colour TVs, and DVD players are in the ________ stage of their product life cycle.

Accepted Answer

A)  introduction 
B)  growth 
C)  decline 
D)  maturity 
E)  development 
A)  introduction 
B)  growth 
C)  decline 
D)  maturity 
E)  development

Question 10

Which of the following should be considered in the demographic variables for market segmentation?

Accepted Answer

A)  How the product will be used (e.g., athletic footwear vs. dress shoes) 
B)  Interests, attitudes, and opinions of consumers 
C)  Income levels, marital status 
D)  Trends in population shifts 
E)  Where people live 
A)  How the product will be used (e.g., athletic footwear vs. dress shoes) 
B)  Interests, attitudes, and opinions of consumers 
C)  Income levels, marital status 
D)  Trends in population shifts 
E)  Where people live

Question 11

What is the last step in the consumer buying process?

Accepted Answer

Postpurcha

Question 12

What is branding? Why do companies engage in branding?

Accepted Answer

Branding is the use of symbols to commun

Question 13

Macmoo Real Estate is beginning to use data-driven processes to determine the value that it gets from different marketing activities. Macmoo's website lists available properties and allows customers to request information. Macmoo tends to advertise in local newspapers and specialized real estate periodicals. The marketing director believes that Macmoo's traditional spring advertising campaign, which runs during the month of March, is an effective use of advertising resources. When pressed for evidence, the marketing director points out that revenues in March have consistently been higher than revenues in February. Which of the following, if true about the real estate industry in general, would weaken the marketing director's argument?

Accepted Answer

A)  The demand for houses is higher than it was last year. 
B)  The supply of houses for sale is lower than it was last year. 
C)  Sales are generally higher in March than in February. 
D)  Sales are generally higher in April than in March. 
E)  In February, home loan interest rates dropped. 
A)  The demand for houses is higher than it was last year. 
B)  The supply of houses for sale is lower than it was last year. 
C)  Sales are generally higher in March than in February. 
D)  Sales are generally higher in April than in March. 
E)  In February, home loan interest rates dropped.

Question 14

Sara's parents will be celebrating their fiftieth wedding anniversary. Sara is planning to have the party catered. The catering is considered

Accepted Answer

A)  a specialty service. 
B)  a convenience good. 
C)  a specialty good. 
D)  a shopping good. 
E)  a shopping service. 
A)  a specialty service. 
B)  a convenience good. 
C)  a specialty good. 
D)  a shopping good. 
E)  a shopping service.

Question 15

Market research is the study of what buyers need and how best to meet those needs.

Accepted Answer

A) True 
 B)False

Question 16

Sally spent the day in the local grocery store passing out free samples of a new potato chip. Sally gave every second customer the new chip with dip and every other customer the new chip without dip. What type of research was Sally conducting?

Accepted Answer

A)  Observation 
B)  Primary and secondary data collection 
C)  Experimentation 
D)  Survey 
E)  Focus groups 
A)  Observation 
B)  Primary and secondary data collection 
C)  Experimentation 
D)  Survey 
E)  Focus groups

Question 17

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

Accepted Answer

Both Toshiba and Sony battled for domina

Question 18

How does a product mix differ from a product line?

Accepted Answer

A product mix is the group of products t

Question 19

Tamika starts a business making teddy bears and elects to use focus groups to determine whether customized bears would be well received in a hospital setting. The focus groups prove to be unhelpful in answering this question. Which of the following could not be a valid explanation?

Accepted Answer

A)  Not enough focus groups were used. 
B)  Focus groups are not a recommended method for obtaining people's opinions. 
C)  The people in the focus groups could not relate to a hospitalized child's experience. 
D)  Responses from focus group members were not recorded accurately. 
E)  The questions asked were not designed to reveal the information being sought. 
A)  Not enough focus groups were used. 
B)  Focus groups are not a recommended method for obtaining people's opinions. 
C)  The people in the focus groups could not relate to a hospitalized child's experience. 
D)  Responses from focus group members were not recorded accurately. 
E)  The questions asked were not designed to reveal the information being sought.

Question 20

Cholesterol levels may be controlled with either a physical-fitness program or a drug regimen. The fitness program and the drugs are examples of

Accepted Answer

A)  dissimilar products. 
B)  contrary products. 
C)  international products. 
D)  brand-name competitive products. 
E)  substitute products. 
A)  dissimilar products. 
B)  contrary products. 
C)  international products. 
D)  brand-name competitive products. 
E)  substitute products.

Which of the following is correct with regard to price?

A product typically earns its highest profit levels early in the maturity stage of the product life cycle.

Customer relationship management (CRM) focuses on building better information connections with clients.

What is the difference between consumer goods and industrial goods?

Describe three strategies for extending the product life cycle.

Discuss the effects that demographics can have on marketing strategies.

What are secondary data?

Automobiles, colour TVs, and DVD players are in the ________ stage of their product life cycle.

Which of the following should be considered in the demographic variables for market segmentation?

What is the last step in the consumer buying process?

What is branding? Why do companies engage in branding?

Sara's parents will be celebrating their fiftieth wedding anniversary. Sara is planning to have the party catered. The catering is considered

Market research is the study of what buyers need and how best to meet those needs.

Sally spent the day in the local grocery store passing out free samples of a new potato chip. Sally gave every second customer the new chip with dip and every other customer the new chip without dip. What type of research was Sally conducting?

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

How does a product mix differ from a product line?

Tamika starts a business making teddy bears and elects to use focus groups to determine whether customized bears would be well received in a hospital setting. The focus groups prove to be unhelpful in answering this question. Which of the following could not be a valid explanation?

Cholesterol levels may be controlled with either a physical-fitness program or a drug regimen. The fitness program and the drugs are examples of

Understanding the Canadian Business System

The Environment of Business

Conducting Business Ethically and Responsibly

Entrepreneurship, Small Business, and New Venture Creation

The Global Context of Business

Managing the Business Enterprise

Organizing the Business Enterprise

Managing Human Resources and Labour Relations

Motivating, Satisfying, and Leading Employees

Operations Management, Productivity, and Quality

Understanding Accounting

Pricing, Promotion, and Distributing Products

Money and Banking

Finacial Decisions and Risk Management

Filters

Exam 12: Understanding Marketing Principles and Developing Products

Which of the following is correct with regard to price?

A product typically earns its highest profit levels early in the maturity stage of the product life cycle.

Customer relationship management (CRM) focuses on building better information connections with clients.

What is the difference between consumer goods and industrial goods?

Describe three strategies for extending the product life cycle.

Discuss the effects that demographics can have on marketing strategies.

What are secondary data?

Automobiles, colour TVs, and DVD players are in the ________ stage of their product life cycle.

Which of the following should be considered in the demographic variables for market segmentation?

What is the last step in the consumer buying process?

What is branding? Why do companies engage in branding?

Sara's parents will be celebrating their fiftieth wedding anniversary. Sara is planning to have the party catered. The catering is considered

Market research is the study of what buyers need and how best to meet those needs.

Sally spent the day in the local grocery store passing out free samples of a new potato chip. Sally gave every second customer the new chip with dip and every other customer the new chip without dip. What type of research was Sally conducting?

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

How does a product mix differ from a product line?

Tamika starts a business making teddy bears and elects to use focus groups to determine whether customized bears would be well received in a hospital setting. The focus groups prove to be unhelpful in answering this question. Which of the following could not be a valid explanation?

Cholesterol levels may be controlled with either a physical-fitness program or a drug regimen. The fitness program and the drugs are examples of

Understanding the Canadian Business System

The Environment of Business

Conducting Business Ethically and Responsibly

Entrepreneurship, Small Business, and New Venture Creation

The Global Context of Business

Managing the Business Enterprise

Organizing the Business Enterprise

Managing Human Resources and Labour Relations

Motivating, Satisfying, and Leading Employees

Operations Management, Productivity, and Quality

Understanding Accounting

Pricing, Promotion, and Distributing Products

Money and Banking

Finacial Decisions and Risk Management

Filters