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Details 1. Question: (TCO Grade 1) The broad goal of __________ is to identify and define both marketing problems and opportunities and to generate and improve marketing actions. Your Answer: advertising sales promotion publicity marketing research tactical support CORRECT Instructor Explanation: Pages 199 200 The broad goal of marketing research is to identify and define both marketing problems and opportunities and to generate and improve marketing actions Points Received: 3 of 3 Comments: 2. Question: (TCO 1) A conscious choice made from among two or more alternatives is called a Your Answer: Instructor Explanation: Page 200 Key term definition decision Points Received: 3 of 3 Comments: 3. Question: (TCO 1) What is the marketing research term for the specific, measurable goals the decisionmaker seeks to achieve in conducting the marketing research? Your Answer: Instructor Explanation: Page 201 Research objectives are specific, measurable goals the decision maker seeks to achieve in conducting the marketing research. Points Received: 3 of 3 Comments: 4. Question: (TCO 1) Obtaining data on the number of households that buy a particular product is an example of which type of marketing research? Your Answer: Instructor Explanation: Page 201 Descriptive research generally involves trying to find the frequency that something occurs or the extent of a relationship between two factors. Obtaining data on the number of households that buy a particular product is descriptive research. Points Received: 3 of 3 Comments: 5. Question: (TCO 1) One test of whether marketing research should be done is Your Answer: Instructor Explanation: Page 202 One test of whether marketing research should be done is if different outcomes will lead to different marketing actions. If all the research outcomes lead to the same action such as top management sticking with the former result regardless of what the research suggests, the research is useless and a waste of money. Points Received: 3 of 3 Comments: 6. Question: (TCO 3) FisherPrice managers developed a(n) __________ for the Chatter Telephone that involved adding a noisemaker, wheels, and eyes to the basic telephone. Your Answer: Instructor Explanation: Page 203 Text term definition newproduct concept Points Received: 3 of 3 Comments: 7. Question: (TCO 1) Facts and figures that are newly collected for a project at hand are called Your Answer: Instructor Explanation: Page 204 Key term definition primary data Points Received: 3 of 3 Comments: 8. Question: (TCO 3) Market segmentation stresses __________ and relating needs and benefits to specific marketing actions. Your Answer: Pages 226 227 Market segmentation first stresses the importance of grouping people or organizations in a market according to the similarity of their needs and the benefits they are looking for in making a purchase. Second, such needs and benefits must be related to specific marketing actions the organization can take Instructor Explanation: Points Received: 3 of 3 Comments: 9. Question: (TCO 3) Lands End will custom fit the Marinac jacket and make it with additional features such as thumb loops, underarm ventilation slits, and a key clip when you order from LandsEnd.com. This is an example of Your Answer: Page 229 Mass customization is tailoring goods or services to the tastes of individual customers at high volumes for a relatively low cost. Instructor Explanation: Points Received: 3 of 3 Comments: 10. Question: (TCO 6) The first step in segmenting and targeting markets is to Your Answer: Page 230 The steps in segmenting and targeting markets include: (1) group potential buyers into segments; (2) group products to be sold into categories; (3) develop a marketproduct grid and estimate size of markets; (4) select target markets; (5) take marketing actions to reach target markets. Instructor Explanation: Points Received: 3 of 3 Comments: 11. Question: (TCO 6) A marketing manager must be able to put a market segmentation plan into effect. This means being able to recognize the characteristics of potential buyers and __________ without encountering excessive costs. Your Answer: Page 231 The five criteria to be used in forming segments include (1) potential for increased profit; (2) similarity of needs of potential buyers within a segment; (3) difference of needs of buyers among segments; (4) potential of a marketing action to reach a segment; (5) simplicity and cost of assigning potential buyers to segments. Instructor Explanation: Points Received: 0 of 3 Comments: 12. Question: (TCO 3, 5 & 6) A marketproduct grid is a framework to relate the market segments of potential buyers to Your Answer: Instructor Explanation: Page 237 Key term definition marketproduct grid Points Received: 3 of 3 Comments: 13. Question: (TCO 6) Which of the following is a criterion used for selecting a target segment? Your Answer: Instructor Explanation: Page 238 There are five criteria used for selecting a target segment market size, expected growth, competitive position, cost of reaching the segment and compatibility with the organization s objectives and resources. There are also five criteria to use in forming the segments, which are often confused with those used to select segments. To form segments the criteria include potential for increased profit, of similarity needs of potential buyers within a segment, difference of needs of buyers among segments, potential of a marketing action to reach a segment, simplicity and cost of assigning potential buyers to segments. Points Received: 3 of 3 Comments: 14. Question: (TCO 3, 5 & 6) The place an offering occupies in consumers' minds on important attributes relative to competitive products is called Your Answer: Instructor Explanation: Page 243 Key term definition product positioning Points Received: 3 of 3 Comments: 15. Question: (TCO 3, 5 & 6) Which of the following data are collected from consumers to develop a perceptual map for a particular product? Your Answer: Instructor Explanation: Page 244 To develop a perceptual map, three types of data are needed: identification of important attributes for a product class; judgments of existing products or brands with respect to these attributes; and ratings of an ideal product s or brand s attributes. Points Received: 3 of 3 Comments: 16. Question: (TCO 1, 3, 5 & 6) A __________ is the marketing term for a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or some other unit of value. Your Answer: Instructor Explanation: Page 254 Key term definition product Points Received: 3 of 3 Comments: 17. Question: (TCO 1, 3, 5 & 6) The Federal Trade Commission considers a product new only Your Answer: Instructor Explanation: Page 259 The U.S. Federal Trade Commission (FTC) advises that the term new be limited to use with a product up to six months after it enters regular distribution. The difficulty with this suggestion is in the interpretation of the term regular distribution. Points Received: 3 of 3 Comments: 18. Question: (TCO 1, 3, 5 & 6) Suppose that you are a marketing consultant hired to analyze why a new disposable mop did not sell, despite the fact that there are several very successful disposable mops on the market. Which of the following would most likely be the reason for the mop s failure? Your Answer: Instructor Explanation: Pages 261 262 The reasons why newproducts fail are (1) insignificant point of difference; (2) incomplete market and product definition; (3) no economical access to buyers; (4) too little market attractiveness; (5) poor execution of the marketing mix; (6) poor product quality; (7) bad timing Points Received: 3 of 3 Comments: 19. Question: (TCO 1, 3, 5 & 6) The stages a firm goes through to identify business opportunities and convert them into salable goods or services are called the Your Answer: Page 266 Key term definition newproduct process Instructor Explanation: Points Received: 3 of 3 Comments: 20. Question: (TCO 3 & 6) The market testing stage of the newproduct process often involves test markets or purchase laboratories in which the dependent variable is Your Answer: Page 271 The purpose of the market testing stage is to see if consumers will actually buy the product, so sales is the dependent variable of interest. Instructor Explanation: Points Received: 0 of 3 Comments: 21. Question: (TCO 1, 3, 5 & 6) A product in the introduction stage of the product life cycle should have which of the following marketing objectives? Your Answer: Page 280 The introduction stage of the product life cycle occurs when a product is introduced to its intended target market. The marketing objective for a product at the introduction stage is to promote consumer awareness and gain trialthe initial purchase of a product by consumer. Instructor Explanation: Points Received: 3 of 3 Comments: 22. Question: (TCO 1, 3, 5 & 6) When the National Cattlemen's Beef Association advertises Beef, It's What's for Dinner it is trying to stimulate __________ demand. Your Answer: Page 281 Primary demand is the desire for the product class rather than for a specific brand. When expenditures are made to increase desire for a product class, such as beef, this is an example of stimulating primary demand. Instructor Explanation: Points Received: 3 of 3 Comments: 23. Question: (TCO 1, 3, 5 & 6) The stage in the product life cycle labeled "C" in the above Figure is called: Your Answer: Page 282 The introduction stage of the product life cycle (A) is first, followed by growth (B), maturity (C), and decline (D). Instructor Explanation: Points Received: 3 of 3 Comments: 24. Question: (TCO 1, 3, 5 & 6) Which of the following is a characteristic of the growth stage of the product life cycle? Your Answer: Page 282 The growth stage of the product life cycle is characterized by (a) a switch to selective demand; (b) a growing proportion of repeat purchases to initial purchasers; (c) the addition of new or modified product features; and (d) stabilizing or declining profit margins from increased sales due to increased price competition from more competitors that have entered the market. Instructor Explanation: Points Received: 3 of 3 Comments: 25. Question: (TCO 1, 3, 5 & 6) The swoosh that appears on every Nike product is an example of a Your Answer: Instructor Explanation: Page 292 A brand name is any word, device (design, sound, shape or color), or combination of these used to distinguish a seller's goods or services. Points Received: 3 of 3 Comments: ... View Full Document

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