50% found this document useful (8 votes) 31K views 38 pages 1) All of the Following Are Accurate © Attribution Non-Commercial (BY-NC)
DOC, PDF, TXT or read online from Scribd Did you find this document useful?50% found this document useful (8 votes) 31K views38 pages 1) All of The Following Are AccurateOriginal Title:1) All of the Following Are Accurate You're Reading a Free Preview You're Reading a
Free Preview You're Reading a Free Preview Recommended textbook solutions Intermediate Accounting14th EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield 1,471 solutions Business Math17th EditionMary Hansen 3,734 solutions Fundamentals of Financial Management, Concise Edition10th EditionEugene F. Brigham, Joel Houston 777 solutions
Mathematics with Business Applications6th EditionMcGraw-Hill Education 3,760 solutions New product ideas come from ____. a) internal sources, using company R&D b) external sources, listening to distributors and suppliers c) external sources, watching and listening to customers d )Both A and C e) All of the above are source of new product ideas e) All of the above are source of new product ideas Frequent purchases, little planning, low
customer involvement, low prices, widespread distribution, and convenient locations are characteristics of ________. b) convenience products Industrial Products Those purchased for further processing or used in conducting business. Distinction between consumer and industrial products is based on the intended purpose of the product. Consumer Products Products/services bought by final consumers for personal consumption. Classified by how consumers by them (convenience goods, shopping products, specialty products, unsought products) Define: Convenience goods Purchased frequently with little comparison and minimal shopping effort. ~Low customer involvement ~low priced ~mass advertising and promotion ~widespread distributions with convenient locations Define: Shopping products Bought less frequently, more planning and effort, brand comparisons on basis of price, quality and style. ~Selective distribution and fewer purchase locations EX) Furniture, cars, appliances Define: Specialty products Strong brand preference and loyalty, special purchasing effort, little comparison shopping ~High price ~Exclusive distribution is only one or few outlets per marketing area ~ Carefully targeted promotion by producer + reseller EX) Rolex, Lambo Define: Unsought products Little product awareness or knowledge of the brand, sometimes negative interest. ~Pricing/Distribution strategies vary ~Require aggressive advertising and personal selling by both producer and resellers EX) Life insurance, cemetary plots, blood donation A products ________ is the place the product occupies in the consumers mind relative to competing products. positioning Coors has labels on their beer bottles that turn blue when the beer
is at the optimal drinking temperature. This is an example of ________. e) none of the above. -> it is an example of product differentiation. If a consumer buys a passenger van for driving his/her children to and from school, the passenger van is a(n) ____. If the same consumer buys the passenger van to operate an airport shuttle service, the passenger van is a(n) ____. a) sought good, consumer product d) consumer product, industrial product All of the following are accurate descriptions of conditions necessary for market-skimming pricing strategy to work, except which one? a) Production and distribution costs must fall as sales volume increases. b) Competitors should not be able to enter the market easily and undercut the high price. c) The product's quality and image must support its higher price. d) Enough buyers must want the product at that high price. a) Production and distribution costs must fall as sales volume increases. Cognitive dissonance occurs in which stage of the consumer purchase decision process? Post-purchase behavior As was discussed in class, an example of an industry that typically practices a "product quality leadership" strategy when it comes to setting prices is: d) the pharmaceutical industry Moon gave an example in class of V-8 soup. This example was to illustrate: d) brand extensions Dr. Moon emphatically stated in class that THE most strategically important set of decisions that a marketer has to make are: SEGMENTATIONS, TARGETING AND POSITIONING DECISIONS - the choice of who a company's customers should be and what those customers should think about when they think about the company's products or brands. New product development begins with.... Idea generation All of the following are accurate statements about demand curves except which one? a) Demand curves for inelastic products have a different shape than demand curves for elastic products. b)Demand curves are a representation of the relationship between the price of a product and the quantity of the product that will be demanded. c) Demand curves are always downward sloping. d) All of the above are accurate descriptions of demand curves. c) demand curves are always downward sloping--> demand curves are NOT always downward sloping ______ involves a review of the sales, costs, and profit projections for a new product to find out whether they satisfy the company's objectives. a) Idea generation b) Concept development and testing c) Idea screening d) business analysis d) business analysis A brand created and owned by a reseller of a product or service is called a ______ product. private All of the following are true of the Product Life Cycle concept except: a. It is difficult to know the shape of a PLC curve for any particular product or product category ahead of time. b. It is difficult to use the PLC concept to pinpoint when a product will move from one PLC stage to another. c. It is a useful framework for describing how products and markets evolve. d. It is a predictive framework that marketers can apply to product development. d) it is a predictive framework that marketers can apply to product development. Business airline travelers tend to be insensitive to price changes. Leisure airline travelers tend to be very responsive to price changes. The business segment of the airline industry is an example of ______ demand and the leisure segment of the airline industry is an example of ______ demand. a. unitary demand; inelastic demand b. inelastic demand; elastic demand c. elastic demand; inelastic demand d. none of the above are correct b) inelastic demand; elastic demand ______ refers to the buying behavior of the organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others. a. Buying situation c. Business buying behavior In the class on Market Segmentation, Dr. Moon used an example of a car company that appeared to use psychographic segmentation when it developed various configurations of its product. The product that Dr. Moon used in his example was: a. the Lexus Hybrid
SUV b) Pontiac aztec In the U.S., which of the following industries operates in an environment of oligopolistic competition? b) Airline Industry ~Oligopolistic competition: market dominated by a few large firms and companies compete through advertising and product differentiation Southwest Airlines, the nation's most profitable air carrier, practices ____ positioning. It charges incredibly low prices by not serving food, not assigning seats, and not using travel agents. d) "less for much less" The maturity stage of the Product Life Cycle is exemplified by: a) a decline in advertising support b) a predictable time period before the product enters the decline stage c) rapidly rising sales d) peak profits e) all of the above are characteristics of the maturity stage of the PLC d) peak profits Most major innovations are ____ products and services until the consumer becomes aware of them through advertising or some other form of promotion. a. shopping c) unsought All of the following are accurate descriptions of the buyer decision process, except which one? a. The buying process starts with need recognition. b. A need can be triggered by internal or external stimuli. c. Personal sources, commercial sources, public sources, and experiential sources are places where consumers can obtain information. d. Those sources of information that are most effective influencing the buyer's decisions tend to be those controlled by the marketer. d) Those sources of information that are most effective influencing the buyer's decisions tend to be those controlled by the marketer. Five characteristics are especially important in influencing an innovation's rate of adoption. ______ is the degree to which the innovation fits the values and experiences of the target market. c) Compatibility Examples of commercial sources as they relate to the buyer decision process for the purchase of a new DVD player ~A Best Buy salesperson who helps customers ~A point-of-purchase (POP) display as seen by the checkout lane in Best Buy ~A Pioneer brand ad as seen on TV The decision-making unit of a buying organization is called its _______. Buying center _______ marketing involves tailoring brands and promotions to the needs and wants of local customer groups- cities, neighborhoods, even specific stores. Local marketing In order to successfully sell its iPad table computer, Apple has had to overcome barriers to adoption. One tactic they have employed is to have iPads available in their Apple retail stores, and customers are encouraged to play with them. This gives customers the ability to try out the product on a limited basis before committing to a purchase. ** In this way, Apple is addressing which of the influencers of the adoption of new technology? a. Generalizability d. Divisibility All of the following are accurate descriptions of factors determining price elasticity of demand, except which one? a. Buyers are more price-sensitive when the product is high in quality, prestige, or exclusiveness. b. Buyers are less price-sensitive when substitute products are hard to find. c. Buyers are less price-sensitive when the product being purchased is unique. d. Buyers are less price-sensitive when they cannot easily compare the quality of substitutes. a) Buyers are more price sensitive when the product is high quality, prestige, or very exclusive. ----> Buyings are NOT more price sensitive in this scenario. Evaluating each market segment's attractiveness and selecting one or more of the market segments to enter is called ________. Targeting When someone is in the market for a new car, asking friends if they're happy with their car is an example of ________ source of information. Personal |
All of the following are accurate descriptions of a style product, EXCEPT which one
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