Question 1 In a customer-driven marketing strategy, you select specific groups of customers whose needs your service can satisfy. What strategy are you using?
market segmentation
mass positioning
market targeting
differentiation
Question 2 Your firm has decided to customize its goods and services to meet local market demands. What segmentation strategy is a good approach to use?
geographic
life style
final consumer end-use
social class
education and occupation
Question 3 Customers show their allegiance to brands, stores or companies. Marketers can use this information to segment customers by:
user status
loyalty status
store type
brand preference
usage rate
Question 4 Business markets use some of the segmentation criteria used for consumer markets. Of the options below, which are primarily used in a B2B (business to business) situation and not in a B2C (business to consumer) situation?
operating characteristics and purchasing approaches
nations, countries and neighborhoods
age, gender, and income
life-cycle stage
Question 5 When the size, purchasing power and profiles of a market segment can be determined, it possesses the requirement of being:
accessible
substantial
actionable
measurable
Question 6 Your company decides to sell a product to a large share of a smaller, concentrated group of business customers. The strategy you are using is called:
micromarketing
niche marketing
mass marketing
undifferentiated marketing
Question 7 A company with a food product line directed at children decides to cut the calories, additives and salt from its product offerings. It is practicing socially responsible target marketing.
True
False
Question 8 Not all brand differences are meaningful or worthwhile, as each has the potential to create costs to the firm as well as benefits to the consumer. If the difference cannot easily be copied by competitors, it is said to be:
distinctive
affordable
preemptive
profitable
Question 9 A form of product that consists of activities, benefits or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything is called a:
line extension
service
brand
consumer product
supplement
Question 10 A name, term, symbol, or design (or a combination of these) that helps distinguish a product from competitive offerings is called a:
line extension
label
brand
package
Question 11 A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same type of outlets, or fall within given price ranges is called a:
product line
line extension
private brand
convenience product
Question 12 All of the goods and services that a particular seller offers for sale are called a:
brand extension
consumer mix
packaging mix
product mix
Question 13 Which of the following is most likely to be seen as the major enduring asset of a company, outlasting the company's specific products and facilities?
physical goods inventory
brand and reputation
specialty services
unsought products
Question 14 New product development starts with:
concept development
concept testing
idea generation
idea screening
test marketing
Question 15 Your company decides to use internal sources for developing new product ideas. Which of the following would NOT be consulted?
executives and professionals
company records and data
entrepreneurial programs
suppliers
company salespeople
Question 16 Which one of the following is the most important external source of new product ideas?
engineers
customers
competitors
trade magazines, shows, and seminars
distributors and suppliers
Question 17 A product has a very short life cycle, popular with a narrow audience that causes a quick spike in consumer demand, followed by a quick drop off in popularity. This describes a:
fad
fashion
style
classic
Question 18 In a standard Product Life Cycle, it is likely that profits are nonexistent or negative (a loss) during the following phase:
decline
maturity
introduction
growth
Question 19 During this stage of the Product Life Cycle, sales start to accelerate significantly, as new customers are attracted to the product offering. Unfortunately, competitors are also attracted and counter-measures may be needed. This stage is called:
product development
growth
introduction
maturity
Question 20 Companies need to pay attention to their aging products. Management should regularly review sales, market share, costs, and profit trends to decide whether to maintain, harvest or drop these declining products.
True
False