Course mkt220-750 (fa14): basic marketing concepts

Course MKT220-750 (Fa14): BASIC MARKETING CONCEPTS

Question

QUESTION 1

 

    As Justin works on the prototype of a new action-oriented computer game, he is engaging in which phase of the new-product development process?

               a.             Product development

               b.            Screening

               c.             Commercialization

               d.            Idea generation

               e.             Test marketing

 

2 points

QUESTION 2

 

    Kara is a member of the product development team at a company that manufactures sports equipment. During a recent meeting, one of the team members asked “What level of quality are we building into the camping gear?” Based on this question, Kara and her team are most likely in the ____ phase of new-product development.

               a.             test marketing

               b.            product development

               c.             concept testing

               d.            commercialization

               e.             business analysis

 

2 points

QUESTION 3

 

    The Home Depot differentiates its product offerings from its competition with stores like Sam’s, by offering delivery and installation, financing arrangements, and repairs. The Home Depot is differentiating through

               a.             company features.

               b.            product features.

               c.             customer services.

               d.            company quality.

               e.             product ancillaries.

 

2 points

QUESTION 4

 

    Product deletion

               a.             involves immediate termination.

               b.            tends to be an easy task for most organizations.

               c.             usually occurs only with convenience items.

               d.            may be opposed by management.

               e.             is a matter of indifference to customers.

 

2 points

QUESTION 5

 

    If the manufacturer of Cool Whip were to introduce a chocolate-flavored Cool Whip and still continue to produce all of its other Cool Whip products, this would be an example of

               a.             line extension.

               b.74        quality modification.

               c.             a brand extension.

               d.            a new-to-the-world product.

               e.             functional modification.

 

2 points

QUESTION 6

 

    A genuinely new product¾like the iPhone once was¾offers

               a.             innovative benefits to consumers.

               b.            better value than existing products.

               c.             lower prices than existing products.

               d.            at least two new product features.

               e.             at least two new product features at a lower price.

 

2 points

QUESTION 7

 

    Ideally, test marketing should follow which stage in the new-product development process?

               a.             Business analysis

               b.            Product development

               c.             Commercialization

               d.            Screening

               e.             Limited production

 

2 points

QUESTION 8

 

    Three major ways in which marketers engage in product differentiation are

               a.             product support services, product design and features, and product positioning.

               b.            product quality, product design and features, and product support services.

               c.             product positioning, product quality, and product management.

               d.            product quality, product support services, and packaging.

               e.             product positioning, product design and features, and product promotion.

 

2 points

QUESTION 9

 

    A runout policy of product deletion

               a.             raises the price of the product continually to secure as much profit as possible before the product is priced out of the market.

               b.            exploits any strengths left in the product.

               c.             lets the product decline without changing the product strategy.

               d.            occurs when production cannot keep pace with demand because of material shortages.

               e.             is an immediate-drop decision.

 

2 points

QUESTION 10

 

    To differentiate their products, companies sometimes emphasize the product support services that they offer. This is especially true when

               a.             the quality of the company’s products is inferior to the quality of competing products.

               b.            the company’s prices are higher than the competition’s.

               c.             consumers perceive all products in a market to have essentially the same quality, design, and features.

               d.            the company introduces a new product.

               e.             consumers are willing to pay for product support services.

 

2 points

QUESTION 11

 

    Marketers of a particular brand of ice cream have decided to delete their line of ice cream bars. They will do so by letting the product decline and not change the current marketing strategy. This method of deletion is called

               a.             phase out.

               b.            runout.

               c.             business analysis.

               d.            immediate drop.

               e.             screening.

 

2 points

QUESTION 12

 

    One disadvantage of test marketing a new product is that

               a.             it might fail before it can be commercialized.

               b.            price, advertising, and packaging cannot be varied from market to market.

               c.             the product is distributed on a regional basis.

               d.            competitors may copy the product.

               e.             the results give little indication of the product’s future success.

 

2 points

QUESTION 13

 

    Early in the commercialization phase, marketers must make decisions about

               a.             which ideas to further pursue.

               b.            the proposed marketing mix variables.

               c.             product features and breakeven points.

               d.            warranties, repairs, and replacement parts.

               e.             functionality, safety, and convenience.

 

2 points

QUESTION 14

 

    Dropping an unprofitable product immediately is the best strategy when

               a.             customers have a negative outlook on other products.

               b.            all advertising and promotional efforts have been exhausted.

               c.             losses are too great to prolong the product’s life.

               d.            there is low compatibility with the firm’s business strategies.

               e.             the product’s performance cannot be improved.

 

2 points

QUESTION 15

 

    The three major ways to modify a product include

               a.             aesthetic, quality, and functional changes.

               b.            color, size, and quantity modifications.

               c.             styling, product features, and product design.

               d.            extensions, generations, and upgrades.

               e.             quality, quantity, and design.

 

2 points

QUESTION 16

 

    All of the following are major steps in developing new products except

               a.             screening.

               b.            test marketing.

               c.             evaluation of competitors’ efforts.

               d.            business analysis.

               e.             idea generation.

 

2 points

QUESTION 17

 

    Mercedes recognized it needed to revitalize its brand and attract different market segments. These are indications that Mercedes’ products were primarily in the ____ stage of the product life cycle.

               a.             market testing

               b.            decline

               c.             growth

               d.            maturity

               e.             introduction

 

2 points

QUESTION 18

 

    When Clorox introduced bleach in a no-drip bottle, the firm was taking action consistent with its product being in the ____ stage of the product life cycle.

               a.             decline

               b.            growth

               c.             stabilization

               d.            maturity

               e.             introduction

 

2 points

QUESTION 19

 

    Facilities, factories, and production lines with very large equipment are all classified as

               a.             component parts.

               b.            installations.

               c.             accessory equipment.

               d.            MRO facilities.

               e.             permanents.

 

2 points

QUESTION 20

 

    A product line is defined as

               a.             products that are sold by the same firm or a division of a firm.

               b.            products that can be designated as a unique offering among the organization’s products.

               c.             a group of closely related products that are considered a unit because of marketing, technical, or end-use considerations.

               d.            products that an organization makes available to consumers.

               e.             a specific group of products that are offered to the market.

 

2 points

QUESTION 21

 

    During the introduction stage of a successful product, profits are usually

               a.             at their highest point.

               b.            positive and increasing.

               c.             negative and decreasing.

               d.            negative and increasing.

               e.             declining.

 

2 points

QUESTION 22

 

    To make intangible products more tangible or real to the consumer, marketers often

               a.             use multiple channels of distribution.

               b.            use low prices on intangible goods.

               c.             use symbols or cues to help symbolize product benefits.

               d.            use external reference prices.

               e.             offer more support services with such products.

 

2 points

QUESTION 23

 

    Minerals, chemicals, timber, and agricultural products are considered

               a.             component parts.

               b.            process materials.

               c.             MRO supplies.

               d.            raw materials.

               e.             accessory materials.

 

2 points

QUESTION 24

 

    Dannon Yogurt represents what type of product for most consumers?

               a.             Specialty

               b.            Business

               c.             Convenience

               d.            Shopping

               e.             Durable

 

2 points

QUESTION 25

 

    When are marketers least likely to change a product’s design, style, or other attributes?

               a.             Introduction

               b.            Maturity

               c.             Growth

               d.            Removal

               e.             Decline

 

2 points

QUESTION 26

 

    Achieving greater penetration of the market is typically a business goal during the ____ stage of the product life cycle.

               a.             introduction

               b.            decline

               c.             market testing

               d.            maturity

               e.             growth

 

2 points

QUESTION 27

 

    When Sony realized its CD players were in the decline stage, it decided to immediately withdraw all of its marketing support from these declining products, an approach known as

               a.             reinvesting.

               b.            harvesting.

               c.             squashing.

               d.            divesting.

               e.             realigning.

 

2 points

QUESTION 28

 

    When Minute Maid mailed out free samples of its new instant drink mix, it was trying to move prospective customers into the ____ stage of the product adoption process.

               a.             evaluation

               b.            trial

               c.             interest

               d.            adoption

               e.             awareness

 

2 points

QUESTION 29

 

    Which of the following is the most typical example of a new product introduction?

               a.             Pringles sold in snack-sized containers

               b.            A car that uses no oil or gasoline

               c.             A device that cools your car while parked outside

               d.            A brand-new nut discovered in Africa

               e.             Shoes that literally make you run faster

 

2 points

QUESTION 30

 

    Products for which buyers are willing to spend much time comparing stores and brands for differences in prices, product features, and services are called ____ products.

               a.             specialty

               b.            shopping

               c.             service

               d.            convenience

               e.             unsought

 

2 points

QUESTION 31

 

    An individual knows that a product exists, but has little information regarding the product and does not seek additional information. In what stage of the product adoption process is that person?

               a.             Trial

               b.            Adoption

               c.             Awareness

               d.            Interest

               e.             Evaluation

 

2 points

QUESTION 32

 

    Gap clothing stores sell primarily what type of products?

               a.             Nondurable

               b.            Unsought

               c.             Specialty

               d.            Shopping

               e.             Convenience

 

2 points

QUESTION 33

 

    Although they become part of a larger product, ____ can often be easily identified and distinguished on the larger product.

               a.             process materials

               b.            accessory parts

               c.             component parts

               d.            raw materials

               e.             MRO supplies

 

2 points

QUESTION 34

 

    Brian works for a manufacturer of sports equipment and is currently developing a company sales forecast for golf clubs. While reviewing data, he discovered a pattern in sales volume over the past ten years that peaked during two months of each year. Brian likely used which sales forecasting technique?

               a.             Regression analysis

               b.            Market tests

               c.             the Delphi technique

               d.            Executive judgment

               e.             Time series analysis

 

2 points

QUESTION 35

 

    Dell segments its business markets into small business, corporate, government agencies, K-12 schools, and higher education institutions. The primary segmentation variable used in this example is

               a.             secondary product use.

               b.            type of organization.

               c.             customer size.

               d.            geographic location.

               e.             market potential.

 

2 points

QUESTION 36

 

    Demographic variables such as income and occupation, as well as how people spend their time and the importance of things in their surroundings, are all factors considered in ____ segmentation.

               a.             family life cycle

               b.            psychographic

               c.             lifestyle

               d.            personality

               e.             social class

 

2 points

QUESTION 37

 

    Crest toothpaste is available in several different versions, such as Crest Whitening, Crest Tartar Control, Crest Whitening with mouthwash, and Crest Total Effects. Given these different variations of the product, it appears that the marketers of Crest are segmenting the market by using ____ segmentation.

               a.             product usage

               b.            behavioristic

               c.             advantage

               d.            benefit

               e.             end-purpose

 

2 points

QUESTION 38

 

    Most markets for products are made up of individuals or groups with diverse needs for products and are called ____ markets.

               a.             concentrated

               b.            homogenous

               c.             heterogeneous

               d.            undifferentiated

               e.             differentiated

 

2 points

QUESTION 39

 

    When markets are comprised of people with differing product needs, the marketing manager should use a(n) ____ strategy.

               a.             concentrated or differentiated targeting

               b.            integrated

               c.             undifferentiated

               d.            market-intensive

               e.             product-oriented

 

2 points

QUESTION 40

 

    Systems such as PRIZM and Acorn provide companies with lifestyle and demographic information about neighborhoods throughout the United States. This information is used to aid

               a.             behavioristic segmentation.

               b.            demographic segmentation.

               c.             geographic segmentation.

               d.            geodemographic segmentation.

               e.             market density analysis.

 

2 points

QUESTION 41

 

    Bethlehem Steel provides steel for a variety of uses to its various customers. Customers have different needs for the steel and thus Bethlehem has to prepare the raw steel differently depending on how customers will use it in their production processes. The primary business segmentation variable in this example is

               a.             organization classification.

               b.            customer importance.

               c.             geographic location.

               d.            product use.

               e.             customer size.

 

2 points

QUESTION 42

 

    After a firm has identified an appropriate targeting strategy, the next step in the target market selection process is

               a.             evaluating relevant market segments.

               b.            determining the demographic variables of the target market.

               c.             determining which segmentation variables to use.

               d.            developing market segment profiles.

               e.             selecting specific target markets.

 

2 points

QUESTION 43

 

    Variables such as geographic location, type of organization, customer size, and type of product usage are used to segment ____ markets.

               a.             government

               b.            business

               c.             most target

               d.            consumer

               e.             international

 

2 points

QUESTION 44

 

    The maximum percentage of market potential that an individual firm can expect to obtain for a specific product is the

               a.             market potential.

               b.            sales forecast.

               c.             market share goal.

               d.            company sales potential.

               e.             company sales objective.

 

2 points

QUESTION 45

 

    Volkswagen markets its Routan to large families, its R32 racecar to men, and its Jetta to young singles. What targeting approach is Volkswagen using?

               a.             Concentrated

               b.            Undifferentiated

               c.             Multisegmented

               d.            Differentiated

               e.             Strategic

 

2 points

QUESTION 46

 

    Which of the following products ismost likelyto have its market segment based on age?

               a.             Bic pens

               b.            Lipton Iced Tea

               c.             Nike shoes

               d.            Carpet

               e.             Legos

 

2 points

QUESTION 47

 

    Which of the following products is least likely to be segmented according to stages in the family life cycle?

               a.             European vacations

               b.            General Electric appliances

               c.             Cars and SUVs

               d.            Soft drinks

               e.             Single-family homes

 

2 points

QUESTION 48

 

    Katy Ramirez is a marketer for a company that produces in-ground swimming pools. When forecasting company sales, she finds a direct association between past sales and per capita income. Which sales forecasting technique is Katy using?

               a.             Regression analysis

               b.            Time series analysis

               c.             Executive judgment

               d.            Market tests

               e.             The Delphi technique

 

2 points

QUESTION 49

 

    In order to be considered a market, people do not have to have

               a.             discretionary income to purchase the product.

               b.            the authority to buy the specific products.

               c.             the ability to purchase the product.

               d.            the willingness to use their buying power.

               e.             a need or desire for a particular product.

 

2 points

QUESTION 50

 

    Many marketers are concerned about the number of potential customers within a certain area of land because of the different requirements to serve dissimilar areas. What is this segmentation variable called?

               a.             Micromarketing

               b.            PMSA

               c.             MSA

               d.            Market density

               e.             Population

 

 

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