Question 1

Explain how marketers identify different market segments.

Accepted Answer

In identifying market segments, research

Question 2

For industrial goods, the main difference between expense and capital items is the length of time they are used.

Accepted Answer

A) True 
 B)False

Question 3

List the three industrial markets.

Accepted Answer

The three industrial markets are the res

Question 4

What is the basic idea behind the product life cycle?

Accepted Answer

The fundamental notion is that each prod

Question 5

Value is determined by comparing a product's ________; the formula requires dividing ________.

Accepted Answer

A)  costs and benefits; benefits by costs 
B)  price and quality; price by quality 
C)  price and durability; durability by price 
D)  quality and durability; quality by durability 
E)  availability and price; price by availability 
A)  costs and benefits; benefits by costs 
B)  price and quality; price by quality 
C)  price and durability; durability by price 
D)  quality and durability; quality by durability 
E)  availability and price; price by availability

Question 6

Psychographics, like demographics and geographics, are seldom changed by marketing efforts.

Accepted Answer

A) True 
 B)False

Question 7

Michael decides that he cannot afford the cost of a new set of tires for his car until after payday. Which state of the consumer buying process is he in?

Accepted Answer

A)  Problem recognition 
B)  Evaluation of alternatives 
C)  Purchase decision 
D)  Information seeking 
E)  Post-purchase evaluation 
A)  Problem recognition 
B)  Evaluation of alternatives 
C)  Purchase decision 
D)  Information seeking 
E)  Post-purchase evaluation

Question 8

What is the first step in the consumer buying process?

Accepted Answer

Problem/ne

Question 9

A detailed and focused strategy for gearing marketing activities to meet consumer needs and wants is called a

Accepted Answer

A)  promotion plan. 
B)  product positioning. 
C)  sales plan. 
D)  marketing plan. 
E)  marketing mix. 
A)  promotion plan. 
B)  product positioning. 
C)  sales plan. 
D)  marketing plan. 
E)  marketing mix.

Question 10

What is product positioning? Give examples.

Accepted Answer

Product positioning involves identifying

Question 11

If you were the manager for Track & Wheels, a local backhoe dealer, which promotion would likely be the best method to sell high-priced backhoes?

Accepted Answer

A)  Product placement 
B)  Price placement 
C)  Product differentiation 
D)  Personal selling 
E)  New product development 
A)  Product placement 
B)  Price placement 
C)  Product differentiation 
D)  Personal selling 
E)  New product development

Question 12

Batson Corp. marketing staff have developed a long list of possible new product ideas. In terms of the new product development process, what should they do next?

Accepted Answer

A)  Business analysis 
B)  Screening 
C)  Product testing 
D)  Concept testing 
E)  Prototype development 
A)  Business analysis 
B)  Screening 
C)  Product testing 
D)  Concept testing 
E)  Prototype development

Question 13

A model of the consumer buying process shows that the search for information is the first stage of the buying process model.

Accepted Answer

A) True 
 B)False

Question 14

What is value?

Accepted Answer

The ratio for value can be expressed as

Question 15

Snazzy Sodas is known for its variety of all-natural sodas as well as its efforts toward social responsibility. The company has decided to produce a new line of energy drinks, and while it does not have the resources to promote its product widely, it can make a sizeable impact with a carefully chosen market segment. The CEO favours marketing the product primarily to young males, but the VP of operations recommends targeting female professionals. Which of the following, if true, would weaken the VP of operation's position?

Accepted Answer

A)  Success in the energy drink market was an important goal mentioned in the company's annual report. 
B)  Young males have demonstrated low awareness of many soda brands. 
C)  Professionals tend to have more disposable income than nonprofessionals. 
D)  Concern over social responsibility is rising across a wide variety of market segments. 
E)  Professionals are more likely than nonprofessionals to be concerned about the long-term health effects of energy drinks. 
A)  Success in the energy drink market was an important goal mentioned in the company's annual report. 
B)  Young males have demonstrated low awareness of many soda brands. 
C)  Professionals tend to have more disposable income than nonprofessionals. 
D)  Concern over social responsibility is rising across a wide variety of market segments. 
E)  Professionals are more likely than nonprofessionals to be concerned about the long-term health effects of energy drinks.

Question 16

Marketing research is

Accepted Answer

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

Question 17

In Germany, a McDonald's meal includes beer. This is an example of product extension.

Accepted Answer

A) True 
 B)False

Question 18

Who has the responsibility for developing the plan to introduce a new product, service, or idea?

Accepted Answer

A)  Quality assurance manager 
B)  Marketing manager 
C)  Production manager 
D)  Planning manager 
E)  Warehouse manager 
A)  Quality assurance manager 
B)  Marketing manager 
C)  Production manager 
D)  Planning manager 
E)  Warehouse manager

Question 19

What is a market segment? How does a marketing manager use information about a market segment? In what ways would a market likely be segmented?

Accepted Answer

A segment is part of the total market di

Question 20

Primary data are

Accepted Answer

A)  data gathered for primary areas of the firm, like marketing and production. 
B)  based on facts gathered from library research. 
C)  based on data newly collected for a specific research purpose. 
D)  any of the above, depending upon why the marketer is doing the research. 
E)  gathered by consulting Statistics Canada publications. 
A)  data gathered for primary areas of the firm, like marketing and production. 
B)  based on facts gathered from library research. 
C)  based on data newly collected for a specific research purpose. 
D)  any of the above, depending upon why the marketer is doing the research. 
E)  gathered by consulting Statistics Canada publications.

Explain how marketers identify different market segments.

For industrial goods, the main difference between expense and capital items is the length of time they are used.

List the three industrial markets.

What is the basic idea behind the product life cycle?

Value is determined by comparing a product's ; the formula requires dividing .

Psychographics, like demographics and geographics, are seldom changed by marketing efforts.

Michael decides that he cannot afford the cost of a new set of tires for his car until after payday. Which state of the consumer buying process is he in?

What is the first step in the consumer buying process?

A detailed and focused strategy for gearing marketing activities to meet consumer needs and wants is called a

What is product positioning? Give examples.

If you were the manager for Track & Wheels, a local backhoe dealer, which promotion would likely be the best method to sell high-priced backhoes?

Batson Corp. marketing staff have developed a long list of possible new product ideas. In terms of the new product development process, what should they do next?

A model of the consumer buying process shows that the search for information is the first stage of the buying process model.

What is value?

Marketing research is

In Germany, a McDonald's meal includes beer. This is an example of product extension.

Who has the responsibility for developing the plan to introduce a new product, service, or idea?

What is a market segment? How does a marketing manager use information about a market segment? In what ways would a market likely be segmented?

Primary data are

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

Explain how marketers identify different market segments.

For industrial goods, the main difference between expense and capital items is the length of time they are used.

List the three industrial markets.

What is the basic idea behind the product life cycle?

Value is determined by comparing a product's ________; the formula requires dividing ________.

Psychographics, like demographics and geographics, are seldom changed by marketing efforts.

Michael decides that he cannot afford the cost of a new set of tires for his car until after payday. Which state of the consumer buying process is he in?

What is the first step in the consumer buying process?

A detailed and focused strategy for gearing marketing activities to meet consumer needs and wants is called a

What is product positioning? Give examples.

If you were the manager for Track & Wheels, a local backhoe dealer, which promotion would likely be the best method to sell high-priced backhoes?

Batson Corp. marketing staff have developed a long list of possible new product ideas. In terms of the new product development process, what should they do next?

A model of the consumer buying process shows that the search for information is the first stage of the buying process model.

What is value?

Marketing research is

In Germany, a McDonald's meal includes beer. This is an example of product extension.

Who has the responsibility for developing the plan to introduce a new product, service, or idea?

What is a market segment? How does a marketing manager use information about a market segment? In what ways would a market likely be segmented?

Primary data are

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

Value is determined by comparing a product's ; the formula requires dividing .