Marketing chapter 5-8 MSU Moore

Which of the following correctly defines the consumer​ market?
Individuals and households that buy goods and services for personal consumption
What are the four general characteristics that influence consumer​ purchases?
Cultural​ characteristics, social​ characteristics, personal​ characteristics, and psychological characteristics
The buyer decision process starts with​
recognizing a need
What determines whether the buyer is satisfied or dissatisfied with a​ purchase?
The relationship between the​ consumer’s expectations and the​ product’s perceived performance
What are the five stages of the consumer adoption process in the correct​ sequence?
​Awareness, interest,​ evaluation, trial, and adoption
What are the five characteristics that are especially important in influencing an​ innovation’s rate of​ adoption?
Relative​ advantage, complexity,​ compatibility, divisibility, and communicability
Which of the following statements regarding the business market is​ correct?
Many sets of business purchases are made for one set of consumer purchases.
Which type of business buying situation offers marketers the greatest opportunity but also the greatest​ challenge?
A new task situation
What are the eight steps in the business buying decision process in the correct​ sequence?
Problem​ recognition, general need​ description, product​ specification, supplier​ search, proposal​ solicitation, supplier​ selection, order-routine​ specification, and performance review
In which step of the buying decision process is the final order with the chosen supplier​ developed?
​Order-routine specification
What is market​ segmentation?
Dividing a market into distinct groups of buyers who have different​ needs, characteristics, or behaviors and who might require separate marketing strategies or mixes
Evaluating each market​ segment’s attractiveness and selecting one or more market segments to enter is called​
market targeting
What are the four major variables used to segment consumer​ markets?
Geographic, demographic,​ psychographic, and behavioral
Which of the following are additional variables marketers use to segment business markets but not consumer​ markets?
Operating​ characteristics, purchasing​ approaches, situational​ factors, and personal characteristics
Which structural factor would make a market segment attractive to​ enter?
Very few actual or potential substitute products
In which targeting strategy does a firm go after a large share of one or a few smaller​ segments?
Concentrated marketing
A​ _______ defines how a company will create differentiated value for targeted segments and what positions it wants to occupy in those segments.
value proposition
What is a​ product’s position?
The way a product is defined by consumers on important attributes
Which of the following is the correct definition of a​ product
A product is anything that can be offered to a market for​ attention, acquisition,​ use, or consumption that might satisfy a want or need.
What are the two broad classifications of​ products?
consumer products and industrial products
Which of the following correctly identifies the five important decisions marketers must make when developing individual products and​ services?
Product​ attributes, branding,​ packaging, labeling, and product support services
The major product line decision involves the​ line’s ______, or the number of items in the product line.
Services are characterized by four key​ aspects
services are​ intangible, inseparable,​ variable, and perishable.
Which of the following statements is true regarding the marketing of​ services?
For service​ providers, a solution to price competition is to develop a differentiated​ offer, delivery, and image.
The four major brand strategy decisions involve brand​
​positioning, name​ selection, sponsorship, and development
What are the four choices a company has for developing​ brands
Line​ extensions, brand​ extensions, multibrands, and new brands
What are the two ways a firm can obtain new​ products?
Acquisitions and new product development
To create successful new​ products, a company must​
understand its​ consumers, markets, and​ competitors, and develop products that deliver superior value
What is the first step in the new product development​ process?
Generating new product ideas
Once management has decided on its product concept and marketing​ strategy, it can evaluate the business attractiveness of the​ proposal, which involves​
conducting a business analysis
During the introductory stage of the product​ lifecycle
sales are slow and profits nonexistent
Which stage of the product lifecycle normally lasts longer than the previous stages and poses strong challenges to marketing​ management?
Which of the following statements regarding socially responsible product decisions is​ correct?
The government may prevent companies from adding products through acquisitions if the effect threatens to lessen competition.
Which of the following statements regarding the marketing of international products and services is​ correct?
Because markets and consumers around the world differ​ widely, companies must usually adapt their product offerings in different world markets.