Final Exam Review- MKTG 3310 Answers to Exam 2
Terms in this set (...)
2- when collecting mktg research, ppl may or may not be willing...
to tell you what you want to know if it's potentially embarrassing
2- during the maturity stage of the product life cycle, mktg attention is...
directed toward holding mkt share thru further product differentiation and finding new buyers
2- members of the late majority...
are skeptical and have below average social class
2- t/f: simplicity and cost of assigning potential buyers to segments is not a criterion for selecting target mkt segments
2- the first step in segmenting and targeting mkts is...
group potential buyers into segments
2- in terms of business product classifications, the clicker used to change slides in a ppt would be a ... product and the batters in the clicker would be a ... product
accessory equipment; supplies
2- relationship b/w product line and product mix is
product mix includes product line
2- turning an idea on paper into a prototype occurs during what stage of the new-product process?
2- if a co. packages its product in serving sizes for one based on the fact that most US households only have one or two ppl, the co. has segmented its target based on...
2- innovators are...
venturesome, highly educated, use multiple info sources
2- life insurance is an example of what type of consumer product?
2- introducing a product on a limited scale to determine customers' reactions happens in the ... stage of the new-product process
2- setting research objectives and IDing possible mktg actions would take place during which stage of the research approach?
define the problem
2- a product is...
a good, service or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money/something else of value
2- product positioning refers to...
the place a product offering occupies in consumers' minds on important attributes
2- demographic, geographic and behavioral bases are used to segment the mkts for both...
consumer and organizational mkts
2- a perceptual map refers to...
a means of displaing/graphic in 2Ds the location of products/brands in consumers' minds to enable a manager to see how consumers perceive competing products/brands, as well as its own product/brand
2- third step of the mktg research approach is to...
collect relevant info
2- which consumer product would most likely be very expensive?
2- if a firm segments its mkts, it expects to...
increase its sales, profits and ROI
2- research that involves trying to find the frequency that something occurs or the extent of a relationship b/w two factors is referred to as...
2- generally, mktg researchers use ... data before collecting ... data
2- the correct ordering of the steps in the new-product development process is...
new-product strategy development, idea generation, screening/evaluation, business analysis, development, mkt testing, commercialization
2- consumers who are very brand loyal won't accept substitutes for which type of consumer product?
2- the identification of demographic variables is more ... than the identification of psychographic variables, which is more ...
2- consumer products for which the consumer compares several alts on several criteria are referred to as...
2- at which stage in the product life cycle do industry profits usually peak
end of growth
2- ... out of every 3,000 ideas actually ends up as a commercially successful new product
2- slotting and failure fees can increase a manufacturer's cost during which stage of the new-product process?
2- focusing efforts on advertising for a product that isn't yet available in order to gain interest and acceptance is an attempt to create ... in the mkt
2- early adopters account for ...% of product adopters
2- making action recommendations, implementing these recommendations and evaluating results takes place during which stage of the mktg research approach?
take mktg actions
2- t/f: cost isn't a disadvantage of online surveys
2- two important disadvantages of secondary data are that it's ... and ...
not up to date; not specific enough for the project
2- the 80/20 rule is most closely related to which consumer segmentation variable
2- changing the way adults think about chocolate milk is an example of ... a product
2- what is the mktg objective for the growth stage of the product life cycle?
2- b/c napster was the first software for exchanging mp3 files, when it was introduced it was an example of...
2- if a new-product can't be patented and competitors can enter the mkt w/i a year, using a skimming pricing strategy...
2- what data are collected from consumers to develop a perceptual map for a particular product?
important attributes for a product/brand class
2- mkt segmentation refers to...
aggregating prospective buyers into groups that have common needs and will respond similarly to a mktg actions
2- which consumer product would stress price, availability and awareness?
2- b/c of large initial investment costs, during the intro stage of the product life cycle, industry profits often...
must go from negative to positive
2- w/i a segment,t he needs of potential buyers should be ...; b/w segments, the needs of a buyer should be ...
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