Reference no: EM13243715
1. International Drilling Company segments its foreign markets by the income levels of a country's population. This firm segments on what basis?
political factors
legal factors
geographic factors
economic factors
cultural factors
2. The 55-year-old baby boomers share common needs in music and performers. When a music company decides to serve this group, the group is called a(n) ________.
market segment
target market
well-defined market
differentiated market
undifferentiated market
3. A product's position is based on important attributes as perceived by ________.
suppliers
competitors
market conditions
consumers
managers
4. At one time Miller Beer was known as the "champagne of bottled beer." Unfortunately, Miller drinkers did not drink much beer. To increase sales, Miller was repositioned to attract the members of the middle working class. This segmentation approach is ________.
user status
usage rate
benefit
behavioral
psychographic
5. When it first opened for business, Home Depot claimed to offer better products at lower prices. This hard-to-sustain value proposition is called ________.
more-for-the same
more-for-less
same-for-less
more-for-more
same-for-more
6. What are the two dimensions of product quality?
performance and resistance
level and consistency
conformance and style
design and innovation
features and design
7. A basic model without any extras is the starting point; a company can create a more premium model by adding ________.
co-brandings
features
product quality
service variability
conformance
8. A company can increase its business in four ways. Which is NOT one of these ways?
It can add new product lines, thus widening its product mix.
It can lengthen its existing product lines.
It can add more versions of each product and thus deepen its product mix.
It can discontinue some of its lines.
It can increase the consistency of its product mix.
9. Mabel Lu is planning to buy a new washing machine. She notices that they come in numerous price ranges. She wants to make sure she gets the most for her money. This product is a(n) ________ product.
augmented
specialty
convenience
shopping
unsought
10. An apparel marketer is planning to launch an existing brand name into a new product category. Which brand development strategy is being implemented?
line extension
brand extension
multibranding
new brands
rebranding
11. A manufacturer with a product in the decline stage of the product life cycle might decide to ________ if it has reason to hope that competitors will leave the industry.
harvest the product
maintain the product without change
drop the product
search for replacements
delay planning
12. Which of the following statements best explains why idea screening may be the most import step of new product development?
It increases the number of ideas generated.
Some potentially profitable ideas may be ill perceived by the idea screeners.
Some ideas that will become market disasters may be originally viewed favorably by the idea screeners.
It gives research and development team members an opportunity to gather consumer feedback.
It saves the company money in product development costs by giving the green light to only the product ideas that are likely to be profitable.
(Both options are correct)
13. At Fantastic Flavors, a large regional chain of candy stores, employees from marketing, design, production, and finance work in a cross-functional group to save time and money in the new-product development process. Fantastic Flavors uses a(n) ________ approach.
customer-centered new-product development
sequential new-product development
team-based new-product development
innovation management system
consumer composite
14. Flurrbies, winter accessories which fell in and out of favorability with customers quickly, are an example of a ________.
style
fashion
fad
product idea
market strategy
15. Superior Luggage Company has undertaken the task of identifying its products in the decline stage of the Product Life Cycle. Which of the following should NOT be done in the identification process?
regularly reviewing sales
regularly reviewing market shares
regularly reviewing costs and profit trends
regularly reviewing management's pet projects
none of these
16. When using price steps, the seller must establish perceived ________ that support the price differences among the products in the line.
nonprice competition
value differences
quantity levels
images
strategies
17. When amusement parks and movie theaters charge admission plus fees for food and other attractions, they are following a(n) ________ pricing strategy.
by-product
optional-product
captive-product
skimming
penetration
18. Trade or functional discounts are offered by manufacturers to which of the following?
channel members who perform tasks that the manufacturer would otherwise have to perform
consumers who earn a price reduction for buying in bulk
intermediaries such as financing institutions as a cost of doing business with them
manufacturers that agree to exclusive distribution contracts
the government market and other organizations that require bid proposals
19. The New Age Gallery has different admission prices for students, adults, and seniors. All three groups are entitled to the same services. This form of pricing is called ________.
time-based pricing
location pricing
customer-segment pricing
revenue management pricing
generational pricing
20. When a manufacturer offers a ________, customers buy products from manufacturers' dealers within a specified time period and the manufacturer sends the customer a check.
cash rebate
special event price
dealer reduction
promotional pricing reward
discount allowance