MKT 7-12 Flashcards
(128 cards)
1
Q
You work for a fabric company that sources unique materials from around the world. In the past, you have focused solely on the business of supplying fashion designers with fabric they make into dresses. However, you’ve recently recognized an opportunity to expand the business by supplying stores like Jo-Ann Fabrics that sell sewing and craft goods to consumers who sew at home.
If you pursue this opportunity, in which direction would your company be expanding?
A
From a commercial market into a reseller market.
2
Q
The business-to-business (B2B) market can be grouped into four major categories: commercial, reseller, government, and institutional.
Organizations can fall into one of the business market categories. Choose the organizations that are part of the reseller market.
A
Toys “R” Us purchases Barbie dolls from the toy manufacturer Mattel.
3
Q
Choose any of the following types of B2B segmentation that is(are) incorrectly described.
A
End-use application segmentation deals with the way in which the product or service is engineered and manufactured.
In buyer decision segmentation, a company may deal with one or multiple individuals involved in the purchase decision.
4
Q
You work for a new company in an emerging market, the 3D printer industry. With about 200 employees, your company is undoubtedly growing, and order requests have doubled within the last year. Because of the size of your company, you are not quite ready to compete with industry giants. You do, however, understand that there is a huge potential for success because a 3D printer can potentially be used for a wide range of activities, including printing products within the home, printing organs for transplant that can be used in operating rooms across the world, and printing and filling small orders for local businesses.
Which of the following types of business-to-business market segmentation would you use in the scenario described above?
A
End-use application segmentation.
5
Q
You work for a popular restaurant chain. Now your firm wants to transition into selling prepared foods to supermarkets. How is the company’s form of promotion most likely to change?
A
From an emphasis on advertising to an emphasis on personal selling.
6
Q
Business markets differ from consumer markets in several ways. Choose the correct example(s) of these difference
A
Personal selling is usually emphasized more in business than consumer markets.
7
Q
After interviewing candidates for the job of business marketing specialist, Fred decided to eliminate one—despite her strong paper credentials. Explaining his decision to you, Fred quoted a comment that betrayed the candidate’s misunderstanding of B2B market segmentation.
Which comment did Fred quote?
A
When I segment customers demographically, I believe in concentrating on how they use my product.
8
Q
Mercy Hospital needs to purchase a highly specialized drug that is patented and sold by only one pharmaceutical company. These constraints will primarily affect which step in the organizational buying process?
A
Step 3: Search for & qualify potential suppliers
9
Q
You’re the marketing director for a startup firm in the snack food industry. In the past, you’ve sold only to small specialty stores, but now you hope to crack a major supermarket chain.
As you plan your approach to this prospective new buyer, which of the following likely influences on its decision should you consider?
A
Interpersonal influences and organizational factors.
10
Q
You work for a tech firm that wants to invest in some capital development projects that could potentially position the company as a multinational giant in the competitive market. One of the projects would require your company to purchase a $500 million software package. Company executives believe the investment would pay off; however, before approving such a costly purchase, they want to identify someone in the IT department who has the expertise to work with this highly specialized package. The person would play a key role within the buying center.
Which role would the IT expert be likeliest to play?
A
User
11
Q
You work in the stock market. Stock markets allow businesses to raise additional funds for new projects, business expansions, and capital investment plans. Moreover, they enable the public trading and selling of market shares of a company. Major purchases of stock typically require input from various parts of the organization, including senior management and accounting. One of your colleagues, Amos, works in the IT department of one of the U.S.-based tech firms for which you are trading. Amos is in charge of receiving information about new technologies from commercial sources, universities, and Web-based sources, to name a few, and then working with other IT professionals to find solutions.
Which of the following statements is true about the buying center described above?
A
Amos has a dual role as a gatekeeper and influencer.
12
Q
Last year, you left a job in consumer marketing to take one in business marketing. The shift required you to become accustomed to all of the following changes :
A
The buyer–seller relationships you’re involved with are more complex than before.
The number of distribution channel members you’re dealing with is smaller than before.
The purchase decision process used by each of your customers now includes more decision-makers than before.
13
Q
Last year, you left a job in consumer marketing to take one in business marketing. The shift required you to become accustomed to all of the following changes except:
A
You have more potential buyers than before.
14
Q
Company B recently experienced a delay in production due to political riots in the country where its factory is located. Its CEO recognizes that the delay was due to
A
Environmental factors
15
Q
Company A uses groups to make purchases and must have a majority vote to make a purchase decision. This means its decisions are subject to
A
Interpersonal Influences
16
Q
Company C has branches all over the United States, but has decided to consolidate all its purchasing at company headquarters. This means its vendors must now consider
A
Organizational factors
17
Q
For a marketer, it may be difficult to identify the most influential members of a buying center because often these members don’t work in the ___ dept.
A
purchasing
18
Q
An organization’s _______ consists of each individual who works in any capacity of its purchasing activities.
A
buying center
19
Q
In many business buying situations, one person serves as both the decider and the ___
A
buyer
20
Q
A buying center is a(n)_____ group.
A
informal
21
Q
You have entered a stage in the organizational buying process. The scenarios below indicate which stage you have entered:
At this stage in the buying process, you will consider how well a particular supplier has responded to your company’s needs.
Because your company is so large, it uses standardized methods to judge whether a vendor has met or exceeded the company’s expectations.
Which of the following is an added benefit of the stage in the organizational buying process identified above?
A
Measurement of whether or not a vendor has reduced your employees’ workloads.
22
Q
The organizational buying process is multifaceted and is demonstrated through a seven-stage process. Which of the following descriptions pertains to an activity that the purchaser would be likeliest to undertake during the last stage?
A
Examine the frequency of on-time delivery.
23
Q
The United States places first in a number of categories of global marketing and trade opportunities. For example, the United States is the world’s largest exporter of services and retailing. More than $600 billion is spent annually in U.S. service exports. Twenty percent of that $600 billion—more than $120 billion—comes from travel and tourism. Which of the following customer descriptions identifies a buyer of this U.S. service export?
A
Parisian Cecile, driving a convertible up the West Coast from California to Washington.
24
Q
In your new marketing position with an international company making custom leather boots, you recognize the global environment offers a different set of challenges for you to navigate on behalf of your employer. You have been assigned to track product sales to Spain.
Which of the following information should you thoroughly familiarize yourself with, to respond to Spain’s political–legal environment?
A
Import tariffs on leather goods.
25
Which of the following is not part of the international political–legal environment that affects U.S. firms operating abroad?
cultural norms
26
Companies that decide to pursue global marketing efforts have a choice of several ways to initiate building international business organizations. These alternatives give ample choices for the firm to match financial resources, envisioned outcomes, and comfortable risks.
Which of the following descriptions of global marketing alternatives is(are)accurate?
In a joint venture, the company shares risks, costs, and management with partners.
An exporter markets domestically produced merchandise to customers in other countries.
27
You are browsing through job listings for global marketing-related jobs on Monster.com. One job catches your attention because it lists the following major responsibilities that closely match your experience:
The candidate will be involved in purchase decisions of robotic manufacturing firms in Asia.
The candidate will be involved in setting up an independent division with responsibility for robotic equipment production and marketing.
The candidate's major focus will be on evaluating the performance of robotic manufacturing activities and incorporating strategies for effectiveness and efficiency.
The candidate should have an international customer value orientation.
Which of the following terms best describes the focus of this job?
International direct investment
28
You work for a digital timepiece company which started its entry into the global market a year ago. Your predecessor assumed that the company could use the same product and preexisting marketing campaign materials in nations that shared the same language. Sales never got off the ground. You were brought on board to make strategic changes and continue the fight for customers.
Which strategy are you most likely to change?
Straight extension
29
You head a marketing team preparing to launch a revised global marketing campaign for a high-end jewelry and accessory company. You review the previous strategies your team has implemented:
You started with selling delicate, antique-looking jewelry across all international markets, with the same theme of "Looking Your Feminine Best."
Then your team experimented with some countries using the same jewelry, but with a theme of "Investing in Your Best Self."
For other countries, your team used the same theme of "Investing in Your Best Self" to sell jewelry-encrusted purses.
Buoyed by that success, your team plans a dramatic marketing change: An award-winning designer recrafted the profile of the jewelry to be chunky, rather than delicate. Your team came up with the slogan of "Be Visibly Lovely."
Choose the international product and promotional strategy that does not illustrate a form of adaptation.
You started with selling delicate, antique-looking jewelry across all international markets, with the same theme of "Looking Your Feminine Best."
30
After spending time in the marketing department of a cookware company based in Ohio, you've been told to prepare for a move to a new international division. Your boss hasn't specified its location—only that it will be outside the most mature markets for many U.S. consumer products.
Based on that information, you can assume the move will not take you to:
Canada
31
Free trade has not produced all of the economic impacts that were originally predicted. At the same time, it is known that global shifts in production and trade have generally____consumer costs,____company profits and ,_____ product_____ .
lowered
improved
increased
choice
32
The ? involves more than 150 countries.
World Trade Organization (WTO)
33
NAFTA involves ? countries.
3
34
The ? is a monitor of trade policies and mediator of ?.
WTO
| trade disputes
35
The ? has adopted a common currency among its members and promotes human rights.
European Union
36
Darren King owns a small printing company and uses reams of print paper every month. When he goes to the wholesaler to pick up his normal paper supply, he also sees that the supplier is selling remnants of colored construction paper. Darren purchases the colored construction paper for his children to use for school projects and to make art. Select the two statements below that correctly describe Darren's purchases.
The colored construction paper from the wholesaler is a consumer product because Darren's family will use it for personal projects.
The supply of print paper from the wholesaler is a business product because Darren uses it to provide a service that he sells
37
Market segmentation is used by marketers to develop the strategy they will use to present their product or service to the consumer. Select the statement below that best describes how market segmentation works.
Market segmentation groups consumers according to similarities and differences in reference to factors that influence purchase decisions.
38
As the marketer for a new electronics firm that produces a limited number of products, you recognize that consumers are not all cut from the same cloth—many variables exist in needs and preferences. But your company cannot change its products to suit each individual consumer preference. Select the statement below that does not accurately tell how market segmentation can help your company sell its goods.
Market segmentation will help your company identify product changes that will meet all consumer preferences and needs.
39
Your large retail store sells power tools and construction supplies, and your customer base is made up primarily of home improvement contractors, subcontractors, and serious DIYers. But business has stagnated now that the housing market has seen a downturn. What can you do to boost your sales and keep your business solvent?
Consider marketing to a segment that meets the criteria for effective segmentation.
40
XYZ Company defines its primary customer group based on demographic variables. To guide the development of its advertising, you were asked to write a description of the typical customer in that group.
Just before submitting the assignment, you caught an error: one sentence is wrong because it references a variable that isn't demographic. Which sentence is wrong?
The XYZ consumer doesn't want to look her age.
41
You turned on your tablet to read an online article about a Texas-based furniture retailer that reported its first gain in same-store sales in almost two years. The gains were realized in foldable tables and convertible sofas, areas specifically targeted for improvement and often preferred by apartment dwellers with limited space. The company attributes its success to having moved its stores from rural and suburban communities into Dallas-Ft. Worth, 1 of the 10 largest metropolitan areas in the United States.
What significant geographic variable or combination of variables is likeliest to be responsible for this retailer's success?
Market density
42
Two demographic variables used when segmenting consumer markets are segmenting by age and segmenting by stage in the life cycle.
Which of the following situations does not illustrate segmenting by age?
Flat-pack furniture is marketed as inexpensive and easily portable.
43
As a marketer, you have many different tools at your disposal to gather the information necessary to develop targeted marketing programs. One of those tools is psychographic segmentation.
Select the type of information below that cannot be gathered using psychographic variables.
I want to know how many children under the age of 18 live in the households of my target market.
44
While totaling your quarterly receipts for your business, The Breakfast Bar, you note that a sizable amount of your revenue comes from selling packaged coffee beans to regular customers who come in every day for an extra-large cup of coffee togo. Your plan for the next quarter is to promote your selection of fresh roasted beans with a buy one, get one half off incentive to encourage these customers to purchase more and/or try something new. Which segmentation approach are you employing to bolster sales for the next quarter?
Behavioral
45
Estee Foods has succeeded in the highly competitive candy market by focusing on sugar-free sweets that meet the needs of people on strict sugar-free diets, like diabetics. Estee practices which of the following strategies for reaching its target market?
Concentrated marketing.
46
Making soap has been your hobby for some time, but now you are contemplating turning your hobby into a small business. You use only hypoallergenic ingredients in your small batch soaps. Now sales come by word of mouth, but you plan to promote your handmade goods and sell them on one or more online outlets to people who are sensitive to the cleaning agents used in mass market soaps. Which marketing strategy will fit your newly established business? Select the best answer.
Concentrated marketing, because you will concentrate on meeting the needs of a single market segment.
47
Which of the following positioning strategies is inaccurately described?
To succeed with value positioning, a company must offer the lowest price.
48
Check My Work
Based on sales reports and customer feedback, you have mapped five brands of toothpaste marketed by your company so that you can get a visual of how each rates with the public. Based on the positioning descriptions below, which brand is considered by consumers as the best overall value?
Brand A: Low Price; Low Quality.
Brand B: High Price; High Quality.
Brand C: Moderate Price; Moderate Quality.
Brand D: Moderate Price; High Quality.
Brand E: High Price; Low Quality.
Brand D
49
When the ? consumer completes a transaction for personal use, it is considered a consumer product.
Ultimate
50
Purchases by ? are classified as business products because they are used to produce other goods and services for resale.
Manufacturers
51
Often a ? product serves as both a consumer product and a business product.
Single
52
The same product purchased for ? use by a retail customer may also be purchased by a manufacturer for resale, which makes it both a consumer and a business product.
Personal
53
Some people move away from urban areas because urban housing tends to be small and crowded. From a marketing perspective, this reflects the variable of ?
Density
54
Sunscreen sells better in Florida than in North Dakota, primarily because of the southern state’s
Climate
55
People who drink iced tea in Georgia and Alabama are more likely to sweeten the beverage than iced tea drinkers in Vermont and New Hampshire. This is an example of a(n) ? difference that may be relevant to geographic segmentation based on ?
Cultural
| Region
56
You work for a beverage distribution company and have been asked to support the marketing research team in the preliminary phases of their process. You have been tasked with finding out which beverages are most popular at sporting events, so you visit local stadiums, talking with fans about their preferences and to concession owners about their beverage sales. You also gather samples of sports-oriented ads being run by your competitors.
Your teammates ask you why you chose to employ this strategy. Which of the following themes explain your choice?
Conducting exploratory research may include talking to customers and retailers, and/or evaluation of available competitive data.
57
You are about to engage in the marketing research process. It includes the following steps, listed in alphabetical order—not necessarily the order in which they should be carried out.
Collecting primary or secondary data
Conducting exploratory research
Creating a research design
Defining the problem
Formulating a hypothesis
Interpreting and presenting research information
Indicate which two of these steps should come first and last.
First: Defining the problem. Last: Interpreting and presenting research information
58
You are the vice president of sales and marketing for a major home appliance retailer, and you just received the quarterly global sales report for the second quarter. The first figure that you notice in the report is the dramatic decline in sales in the Latin American territory. You suspect that the falloff isn't unique to your company, but instead is consistent with poor performance in Latin America across many appliance stores and manufacturers.
The only way to confirm your hypothesis is with a compilation of market-wide industry data that has been published by various economic think tanks but that your firm can't afford to acquire. Choose the type of outside research specialist best suited to help you—if any.
a research aggregator
59
Marketing research activities yield different types of data for the marketer. The techniques used to obtain the data and the source of the data are the most significant factors that dictate what type of data are obtained in the marketing research process.
From the following list, choose any example(s) of primary data.
Experiments
Annual reports, case studies
Focus groups, interviews
Surveys, polls
60
Alanis has to collect primary data for the floral company for which she works. The company, which is currently based in Miami, Florida, is seeking to expand to other cities within the state. Alanis is interested in gauging what motivates people to buy flowers and customers' attitudes toward online flower delivery.
Which of the following primary research methods would best capture the information Alanis wants to collect?
Surveys
61
The executives of Majority Productions, an entertainment and public relations agency with offices in five countries, are trying to figure out why their marketing strategies in four of the five countries appear to have failed. The company is thriving in the United States, where executives built the company's first office about a decade ago. At the time, they collected primary data that were extremely helpful, leading to a 20-percent growth for the company within the first two years. Because the company's marketing strategies worked so efficiently, the executives saw no need to conduct market research before they entered the other markets.
You are diagnosing Majority Productions' inability to compete in international markets. Which of the following is likely to be a major factor in the company's failure in other countries?
The executives of Majority Productions needed to bolster their knowledge about consumers in other countries.
62
You have been working for a popular hotel chain for the last several years and want to use some of the data you have pulled from the data warehouse to answer a series of questions you hope will help you better strategize for the company's upcoming marketing campaign. You are particularly interested in evaluating customers' past behavioral patterns when it comes to rewards programs and promotions.
You need an efficient way to sort through decades of information on customer profiles. Which of the following strategies would you use to acquire the information you need?
Data Mining
63
As a marketing strategist just hired by your company, you want to be respectful of your new colleagues. However, during a meeting to plan research into the firm's global opportunities, a coworker clearly errs in one of his or her comments. You feel obligated to point out his or her mistake.
Which of the following statements do you point out?
Face-to-face interviewing is the least common method for conducting primary research outside the United States.
64
You work for a firm that franchises high-end spas. The company wishes to identify promising new locations.
Your marketing research consultant believes you can forgo the costly collection of primary data, because secondary data will provide the key information you need. You were skeptical, but his or her presentation changed your mind.
His or her presentation included all of the following points except:
Because of your up-to-date mailing list, you can readily implement cost-effective mail surveys.
65
Your Décor’s sales records are a(n) ? source.
internal
66
Your Décor is interested in population distribution across states. A major government source of such data is the
census
67
Your Décor’s marketing analytics are an ? source.
internal
68
? is an example of a ? that Selom may hire to compile and analyze external data.
Nielsen
| research firm
69
newspaper is a source of
Secondary data
70
telephone survey
primary data
71
Questionnaires disseminated via mobile applications yield
primary data
72
Magazine clippings of families enjoying preferred snacks are a type of
Secondary data
73
An infographic published on a television show is a source o
Secondary data
74
Observation notes from a panel discussion yield
primary data
75
A good way to determine how customers style their own hair is to observe their at-home styling rituals. This type of observation could serve as the basis for ? research
interpretive
76
In general, Cadence should expect to pay relatively ? for a survey of Edifice’s target market—women aged 18–25—than for observational research.
less
77
In general, Cadence should expect the time frame for the survey part of her research to be ? than for the observation part.
shorter
78
The U.S. government ? offer(s) information about global markets.
does
79
To avoid language issues that may impede the use of surveys, researchers may employ the method known as
back translation.
80
? is the most common primary data collection method outside the United States.
face to face interviews
81
? interviews and ? surveys are frequently unsuitable outside the United States.
Telephone
| mail
82
Though some people may not automatically identify a service as a product, marketers know that products comprise services as well as goods; sometimes a product may be a combination of the two.
You work for a database company and want to ensure that your product listings are accurate, so you refresh your memory by checking how other firms identify their products.
Which of the following should be identified as pure goods?
A publishing company sells health-based curricula.
| Somaya just launched an online shoe company.
83
You have been asked to supervise a new intern, who inquires about the benefits of having combined goods and services businesses. Rather than explicitly tell him or her the answer, you explain to him or her how these types of businesses operate, so he or she can make an inference about the benefits. To illustrate the purpose of combined goods and services businesses, you tell your intern that sometimes, the combination of a primary good with additional services defines the complete product to the customer and better satisfies their needs. To further illustrate your point, you explain that local coffee shops offer coffee and breakfast as primary goods. However, they also provide free Wi-Fi to make customers more comfortable, encouraging longer stays and extra beverage or food purchases.
Based on the information provided, what can your intern infer about the benefits of combined goods and services businesses?
These businesses aim to better satisfy their customers by offering goods and services that complement each other.
84
You decide to start a dog-walking service because you notice a number of trends that suggest a high demand for this type of service. You are trying to convince your brother to partner with you in this business, but one of his comments suggests that he doesn't understand the nature of a service.
Which of the following comments did your brother make?
Standardized services are easier to provide than unstandardized services.
85
You work for a marketing company that specializes in researching market shares and profits related to miscellaneous consumer products. To ensure that the data you have collected are accurate, you categorize the consumer products of interest according to the customers' buying behavior: convenience, shopping, and specialty purchases.
Choose the product that would be best described as a shopping purchase.
a house
86
You have recently been hired to work in the marketing department of a company that manufactures and distributes baby food. During orientation, you are told that baby food is a convenience product because it is a good that families want to purchase frequently, immediately, and with minimal effort. This summary makes sense to you because you have a younger brother, and you recall that whether baby food was on sale or not, your parents bought it because they needed to feed your brother. You also remember that because convenience products are typically cheap, retailers must sell large volumes in order to make a profit.
Based on the information provided in the scenario above, which of the following would you be least likely to emphasize in the marketing mix for your company's baby food products?
hiring a personal selling staff
87
You are preparing a seminar for your colleagues on the topic "How Marketers Protect Brand Equity." Which of the following pairs of terms and examples should you use when you explain the symbol that distinguishes a product?
brand mark, Nike swoosh
88
You are a business consultant and have a contract with the Small Business Administration (SBA) to conduct training seminars for people seeking loans from the SBA to start new businesses. The SBA wants to give these prospective business owners as much information as possible so they have a greater chance of success. You are conducting a seminar on the different types of products that target business markets.
Choose the type of business product that tends to have a long life and be very expensive, together with the correct example of such a product.
installation; customized computer system
89
Your company is studying new product opportunities in the business market. However, the firm has lost out in the past because of heavy price competition in the consumer market, so the CEO prefers to steer clear of the type of business product likeliest to face the same challenge.
Which type of business product would you advise the CEO to avoid?
supplies
90
Aiden is in charge of the supplies inventory at his manufacturing company.
Which of the following items is not in Aiden's inventory?
Smartphones
91
Cassie is failing her "Marketing 101" course. She has to get at least a 97 percent on the next exam to ensure a passing grade this semester, but she is still confused about the difference between two key dimensions of brand personality: relevance and esteem.
As her study partner, you want to help Cassie pass the exam. Select the description of this concept that you will urge Cassie to review.
Relevance reflects the brand's pertinence to its target; esteem is a combination of quality perception and other opinions about the brand.
92
You are in charge of ensuring that all labels used on your food company's packages are in compliance with the law. To remind employees of this responsibility, you distribute a checklist of label requirements.
Which of the following does not appear on your checklist?
Disclose country of origin.
93
The director of marketing at your firm is very interested in developing new packages. However, he or she doesn't want a scattershot development process; he or she wants the development team to prioritize the first objective of packaging. This means he or she will instruct the team to put its emphasis on:
physical protection
94
A job description posted on Monster.com reads as follows:
The individual will oversee each of the Skin Care Division's lotion and lip balm lines. In particular, he or she will be expected to maximize the profitability of all brands within those lines.
This description suggests the company is looking for a:
Category manager
95
This morning your boss, a product manager, assigned you to a group of coworkers who are focused on new product development. However, by the time you got home and started to tell your roommates about it, you forgot what the group is called. You do remember that it is the most common organizational arrangement for developing new products.
Choose the most likely name of the group.
The New Product Venture Team
96
Airbnb, the online home rental business, has partnered with the Hearst publishing company to create Airbnb Magazine. This is primarily an example of:
brand extension
97
Organizations want to have a reputation for producing quality products with strong brand identities to give them an advantage in the marketplace. Brand equity, the added value of a brand name, has four dimensions.
Choose the example that is not identified with the appropriate brand equity dimension.
Ruben buys a Ferrari because he thinks it will set him apart from other drivers. This illustrates the dimension of esteem.
98
The type of product sold with the ? branding effort is classified as ?
least
| generic
99
Some manufacturers refuse to produce ? brands.
private
100
When Nabisco began to offer its Ritz cracker brand in different sizes and in salt-free, whole-wheat, and low-fat varieties, it was engaging in
line extension
101
A brand logo is the same as a brand
mark
102
A brand ? is a symbol or pictorial design.
mark
103
The combination of visual cues that creates Starbucks’ total image is its
trade dress
104
The mermaid on every Starbucks cup is part of its
brand mark
105
Your friend Fred mentions that he has seen a billboard with the eatery’s name and may try it; from your marketing class, you know this stage of brand loyalty is called
brand recognition
106
An element of the marketing mix that is important to reach consumers like Fred is
promotion
107
It turns out that your neighbor, Sue, has eaten at the new restaurant and urges you to make a reservation soon. “I had a great experience!” she says. Sue’s stage of brand loyalty is called ?
However, you tell Sue that you’re not interested in the new restaurant. Whenever you eat out, you’ll only go to your favorite place: Cheesecake Factory. Your stage of brand loyalty toward Cheesecake Factory is called ?
brand preference
| brand insistence
108
You work for a Europe-based company that is interested in doing business internationally. As a top manager of the firm, you want to make sure that your services and goods meet international standards.
When evaluating your company's ability to compete in an international market, which of the following would help you standardize the quality of your company's goods and services?
ISO 9001
109
You have been hired as the new head of development for a dessert company and have been asked to come up with strategies to expand one of your many product lines. Since the market share for cheesecake continues to increase, you are interested in enhancing the depth of this product's mix. You are aware of changing consumer demands and tastes and want to create an innovative variation that does not deviate too much from the cheesecake line. You and your staff conduct market research and collect feedback from customers. Survey responses indicate that though customers enjoy cheesecake treats, they are becoming more health conscious. You decide to come up with a sugar-free cheesecake.
As an experienced marketer, you understand that though there are several general advantages to adding depth, some general drawbacks exist as well. Which of the following drawbacks is most likely to hinder sales of the new cheesecake?
After adding the cheesecake variation, your firm may be selling too many desserts overall.
110
Apple products have had an exciting lifecycle, which indicates just how large and in demand the company's product lines are. While it took the iPod five years to break the 30 million units per year mark, the iPhone reached this mark in four. The iPad reached this mark in two years. Modifications of its popular products continue to sell briskly to new buyers as well as to early Apple customers, despite ever-increasing competitive pressure.
Based on the details provided in the scenario above, in which of the following stages of a product lifecycle are Apple products?
growth
111
As consumers opt to watch their favorite television shows and movies online via Web-streaming platforms such as Netflix and Hulu, the appeal of cable television seems to have dwindled. Some cable companies have gone out of business, and others have merged to ensure stability during these challenging economic times.
According to the scenario presented above, at which of the following stages is cable television?
decline
112
You are learning about strategies that can help a friend's company extend her product's lifecycle. Your friend, Celeste, sells desserts locally and is known for her holiday cakes. Which of the following strategies is likely to be unsuccessful in extending the lifecycle of her cakes?
introduce a line of pies
113
Your professional rival, Maureen, works for one of your company's competitors. You both work for companies that specialize in condiments and salad dressings. Maureen's company's major product is a seasonal salad dressing, which happens to be in the decline stage of its product lifecycle. She asks your advice about how to extend the product's lifecycle.
You do not want Maureen's company to outcompete your company in the market. Which of the following steps would you tell her to take?
Eliminate the product and introduce a completely new one
114
You are the CEO of a food manufacturer that sells only holiday candy. About 85 percent of your company's products are sold between October 15 and December 31 of each year. As the company's overhead costs increase, you need new ways to increase sales and profits. Your research confirms that if the company sold cookies or other baked sweets year round, you could better manage overhead costs and other expenses.
How should your marketing managers respond to the scenario described above?
Product diversification
115
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Below is a list of the five new-product adopter categories. In what order do these groups of consumers adopt new products?
Category 1: Laggards
Category 2: Late majority
Category 3: Consumer innovators
Category 4: Early majority
Category 5: Early adopters
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3, 5, 4, 2, 1
116
Over the last few years, you have seen how important social media has become in shaping people's attitudes and their purchasing behavior. You want to make sure your company takes full advantage of this new avenue for building relationships with current and potential customers. You recognize that the power of social media marketing can be magnified if marketers target the right group of users. You want to target the most influential users of social media when you market new or existing products.
Which of the following groups of consumers should you target on social media if you want to generate the highest number of word-of-mouth communications about your products?
early adopters
117
Your company manufactures a watch that doubles as a heart and caloric intake monitor. Company managers are excited about this innovation and have been pushing it along the product development stages quickly. You have identified the consumers that are most likely to try the new product and hopefully, ensure the product's success. You know that these early adopters will be opinion leaders for this product, and if they like the product, will tell others about the innovation. Because you understand that the rate of adoption for the product will be determined by a myriad of factors, you conduct a webinar for your marketing team on this topic.
Your webinar makes all of the following points except:
If potential buyers believe the monitor watch will deliver an experience at odds with their prior experiences, their adoption rate will increase.
118
The new-product development process is often costly, risky, and requires a significant amount of time on the part of the company developing the product. Your company is developing a new product. Hoping to be successful, your product development manager follows the six-step development process. The rate of new product failure averages 80 percent; however, he or she knows that a company can reduce the chances of a new product's failure by implementing and carefully proceeding through this process.
Below is a description of what occurs during each of the six steps in the development process. In what order should these activities take place?
Step 1: Your company runs through a checklist of standards to be met for its products.
Step 2: The product is assessed to find out its likely growth and competitiveness.
Step 3: The product is ready for full-scale marketing.
Step 4: Your company has an idea for a new product.
Step 5: Your company converts the new product idea into a visible prototype.
Step 6: This step will help determine a consumer's reaction to the new product in a real-world environment.
4, 1, 2, 5, 6, 3
119
Your company is experiencing technical problems and financial losses with one of its products. Which stage of its lifecycle has the product most likely reached?
introductory
120
As an experienced marketer, you understand the importance of thinking critically about any proposal to add breadth or depth to your product mix. Whenever a member of your team makes such a proposal, you ask all of the following questions except:
Are we matching the breadth and depth of our competitors' product mixes?
121
Benchmarking involves three steps. Which of these steps requires external analysis?
Step 1: Identifying processes that need improvement.
Step 2: Comparing processes to those of industry leaders.
Step 3: Implementing changes for quality improvement.
Step 2
122
At which stage of the new product development process should a firm typically expect the first substantial increase in its financial outlays on the process?
Development
123
The company might run an advertising campaign that encourages people who drink orange juice at breakfast to consume the beverage with other meals. This would be an example of ?
market penetration
124
The company could introduce a fruit-flavored candy. This would be an example of
product diversification
125
The company could offer new mixed-fruit drinks to people who already enjoy a variety of juices. This would be an example of ?
product development
126
A ? strategy looks for ways to increase a product’s sales in an existing market.
market penetration
127
A ? strategy takes new products and enters them in an established market.
product development
128
A common goal of a ? strategy is to boost market share for products in ? categories.
market penetration
| mature
