Question 1

Describe the four types of brand names and give an example of each.

Accepted Answer

The answer of Describe the four types of brand names...

Question 2

For many years, ServiceMaster focused on residential customers, but now it has added business and industry services. This is an example of

Accepted Answer

A)  product mortality. 
B)  product positioning. 
C)  multiple product lines. 
D)  product differentiation. 
E)  the product mix.

Question 3

Mass customization is an important production method to marketers because

Accepted Answer

A)  it promotes loyal customers. 
B)  it allows marketers to provide products that satisfy specific needs of consumers. 
C)  it speeds the production cycle, providing time utility to customers. 
D)  its focus on delivering quality products leads to customer satisfaction. 
E)  it ensures profitability.

Question 4

Discuss the five common methods of segmenting consumer markets.

Accepted Answer

The answer of Discuss the five common methods of segmenting...

Question 5

According to the marketing concept

Accepted Answer

A)  the firm must coordinate its marketing and non-marketing activities. 
B)  customer satisfaction is the firm's only objective. 
C)  maximum short-run profit is the firm's only objective. 
D)  the marketing department should function independently of the rest of the firm. 
E)  the finance area becomes critically important because ways must be found to pay for all the marketing research activity that is necessary.

Question 6

Since a person's cholesterol level can be controlled with either a physical-fitness program or a drug regimen, this means that fitness programs and cholesterol drugs compete as substitute products.

Accepted Answer

A) True 
 B)False

Question 7

Single parent families, food preferences, and the number of women entering the workforce are all external environmental factors marketing managers must consider when analyzing the ________ environment.

Accepted Answer

A)  public relations 
B)  legal 
C)  produce 
D)  economic 
E)  socio-cultural

Question 8

Sherrie wants to save money and time on her research project. You recommend she use

Accepted Answer

A)  observation. 
B)  focus groups. 
C)  primary data she collects herself. 
D)  secondary data. 
E)  experiments.

Question 9

Explain the difference between demographic variables and psychographic variables.

Accepted Answer

The answer of Explain the difference between demographic variables and...

Question 10

Advertisements for the Swatch Chrono watch remind consumers that they don't get just "real" features like shock and water resistance when they buy the product. This is an example of

Accepted Answer

A)  the value package. 
B)  emotional advertising. 
C)  institutional advertising. 
D)  product differentiation. 
E)  focusing on the visible features of a product.

Question 11

What type of goods includes raw materials and integrated circuits?

Accepted Answer

A)  Substitute products 
B)  Industrial goods 
C)  Consumer goods 
D)  Marketing goods 
E)  Disposable goods

Question 12

Generic brands are losing shelf space because brand names are so powerful.

Accepted Answer

A) True 
 B)False

Question 13

Before making your final decision on that new computer, you write down all the features, prices, and warrantees of the different products you've seen. You are in the ________ stage of the consumer buying process.

Accepted Answer

A)  problem recognition 
B)  post-purchase evaluation 
C)  purchase decision 
D)  information seeking 
E)  evaluation of alternatives

Question 14

Briefly discuss the steps in the market research process.

Accepted Answer

The answer of Briefly discuss the steps in the market...

Question 15

The four elements in the marketing mix are generally equally important.

Accepted Answer

A) True 
 B)False

Question 16

What is a product?

Accepted Answer

The answer of What is a product?...

Question 17

What is a benefit?

Accepted Answer

The answer of What is a benefit?...

Question 18

Which phrase best captures the essence of relationship marketing?

Accepted Answer

A)  Emphasis on quality 
B)  Emphasis on intensive distribution 
C)  Emphasis on long-term relationships with customers 
D)  Emphasis on exclusive distribution 
E)  Emphasis on profitable operations

Question 19

Which of the following is the best example of a B2B market transaction?

Accepted Answer

A)  A college student buys dorm furniture from an on-campus store. 
B)  A group of teenage girls buy new clothes for the upcoming school year. 
C)  A high school coach borrows sports equipment from a neighbouring school. 
D)  A dentist provides free toothbrushes to patients. 
E)  A chain of ice cream parlours regularly purchases napkins from the same supplier.

Question 20

When Reader's Digest identified and classified its readers into young adults, computer owners, and professionals/managers, it was using

Accepted Answer

A)  prospect identification. 
B)  potential customer categorizing. 
C)  customer identification. 
D)  product differentiation. 
E)  market segmentation.

Exam 12: Understanding Marketing Principles and Developing Products

Describe the four types of brand names and give an example of each.

For many years, ServiceMaster focused on residential customers, but now it has added business and industry services. This is an example of

Mass customization is an important production method to marketers because

Discuss the five common methods of segmenting consumer markets.

According to the marketing concept

Since a person's cholesterol level can be controlled with either a physical-fitness program or a drug regimen, this means that fitness programs and cholesterol drugs compete as substitute products.

Single parent families, food preferences, and the number of women entering the workforce are all external environmental factors marketing managers must consider when analyzing the ________ environment.

Sherrie wants to save money and time on her research project. You recommend she use

Explain the difference between demographic variables and psychographic variables.

Advertisements for the Swatch Chrono watch remind consumers that they don't get just "real" features like shock and water resistance when they buy the product. This is an example of

What type of goods includes raw materials and integrated circuits?

Generic brands are losing shelf space because brand names are so powerful.

Before making your final decision on that new computer, you write down all the features, prices, and warrantees of the different products you've seen. You are in the ________ stage of the consumer buying process.

Briefly discuss the steps in the market research process.

The four elements in the marketing mix are generally equally important.

What is a product?

What is a benefit?

Which phrase best captures the essence of relationship marketing?

Which of the following is the best example of a B2B market transaction?

When Reader's Digest identified and classified its readers into young adults, computer owners, and professionals/managers, it was using