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?
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
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?
A _______ defines how a company will create differentiated value for targeted segments and what positions it wants to occupy in those segments.
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.