44 terms

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...
demographic characteristics
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
mkt testing
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?
specialty product
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...
descriptive research
2- generally, mktg researchers use ... data before collecting ... data
secondary; primary
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?
specialty product
2- the identification of demographic variables is more ... than the identification of psychographic variables, which is more ...
objective, subjective
2- consumer products for which the consumer compares several alts on several criteria are referred to as...
shopping products
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
primary demand
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
usage rate
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...
discontinuous innovation
2- if a new-product can't be patented and competitors can enter the mkt w/i a year, using a skimming pricing strategy...
isn't recommended
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?
convenience product
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 ...
similar; different