MKT 301 - Exam 3, Chs. 7-9

Which of the following describes demographics?

Statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure

A differentiated targeting strategy is a strategy that __________.

develops one or more products for each of several distinct customer groups and makes sure these offerings are kept separate in the marketplace

Which of the following describes dimensions that divide the total market into fairly homogenous groups, each with different needs and preferences?

Segmentation Variables

Which of the following is a concept in segmentation that can help marketers to determine how to better match different products and versions of products to different consumer groups based on discretionary and nondiscretionary funds?

buying power

Segmentation is the __________ step in the target marketing process.

first

What is the name for a strategy that influences how a particular market segment perceives a good or service in comparison with the competition?

positioning

Analyzing competitors’ positions is the __________ stage in a positioning decision.

first

What is a target marketing strategy?

Divides the total market into different segments on the basis of customer characteristics, selecting one or more segments and developing products to meet the needs of those specific segments

What is targeting?

A strategy in which marketers evaluate the attractiveness of each potential segment and decide in which of these groups they will invest resources to turn them into customers

__________ is the use of psychological, sociological, and anthropological factors to construct market segments.

Psychographics

As part of the decision-making process in positioning, marketers must __________, which means to provide a reason why consumers will perceive the product as better than the competition.

define the competitive strategy

Which of the following is a measurement that reflects the quantity purchased or frequency of use among consumers of a particular product or service?

usage rate

If you want to visually describe where brands are “located” in consumers’ minds relative to competing brands, you would create a __________.

perceptual map

Positioning is the __________ and final step in the target marketing process.

third

Which of the following describes mass customization?

An approach that modifies a basic good or service to meet the needs of an individual

What is a concentrated targeting strategy?

A strategy that focuses a firm’s efforts on offering one or more products to a single segment

Which of the following describes content marketing?

The strategy of establishing thought leadership in the form of bylines, blogs, commenting opportunities, videos, sharable social images, and infographics

What is segmentation?

The process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics

What is market fragmentation?

The creation of many consumer groups due to a diversity of distinct needs and wants in modern society

Which generation of consumers have developed a reputation for being entrepreneurs and tend to view the home as an expression of individuality rather than material success?

Generation X

__________ is the degree to which a consumer perceives that a new product provides superior benefits.

Relative advantage

Which of the following best describes what equipment is?

Expensive goods that an organization uses in its daily operations and that last for a long time

What is convergence?

The coming together of two or more technologies to create a new system with greater benefits than the sum of its parts

Which of the following is the extent to which a new product is consistent with existing cultural values, customs, and practices?

Compatibility

A dynamically continuous innovation is a __________.

change in an existing product that requires a moderate amount of learning or behavior change

What is a convenience product?

A consumer good or service that is usually low priced, widely available, and purchased frequently with a minimum of comparison and effort

The process by which the use of a product spreads throughout a population is __________.

diffusion

Idea generation is the __________ step in new product development.

first

Which of the following is an example of a consumer product?

unsought product

Which of the following describes the core product?

All the benefits the product will provide for consumers or business customers

A modification to an existing product that sets the brand apart from its competitors is a __________ innovation.

continuous

The __________ group of people to adopt a new product is known as innovators.

first

A test version of a proposed product is a(n) __________.

prototype

The process by which benefits-based value is created through collaborative participation by customers and other stakeholders in the new product development process is __________.

value co-creation

Which of the following describes the business analysis step of the product development process?

Marketers assess a product’s commercial viability.

Relative advantage is __________.

the degree to which a consumer perceives that a new product provides superior benefits

Which step in a consumer’s acceptance and use of a new product makes the product available and provides product use information?

adoption

A(n) __________ product is the physical good or delivered service that supplies the desired benefit.

actual

Awareness is the __________ stage in a consumer’s adoption of a new product.

first

What is the first layer in the layers of the product concept?

core product

What is the last stage in a consumer’s adoption of a new product?

confirmation

What is one aspect that often happens in the maturity stage of the product life cycle?

New features may be added to the product.

What is the role of the brand manager?

To coordinate all marketing activities for a brand

The ___________ stage of the product life cycle is the decline stage.

last

Which of the following focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement?

Total quality management (TQM)

In which stage of the product life cycle are new features most typically added to a product?

Maturity stage

The value of a brand to an organization is known as __________.

brand equity

A useful way to explain how products go through four distinct stages from birth to death is __________.

the product life cycle

In which stage of the product life cycle are sales at their peak?

maturity stage

Who works exclusively on the new-product development effort?

the venture team

What is licensing?

An agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time

Which of the following best illustrates the maturity stage in the product life cycle?

Onyxo Inc. finds it difficult to maintain its peak sales, as the competition in the industry is becoming increasingly aggressive to meet the changing consumer needs.

What is a family brand?

Multiple items marketed under the same brand name

What is a product line?

A firm’s total product offering designed to satisfy a single need or desire of target customers

Who coordinates all marketing activities for a brand?

Brand manager

In the introduction stage of the product life cycle, __________.

there are no profits or negative profits because the company is recovering R&D costs

Which term describes a name, term, symbol, or any other unique element of a product that identifies one firm’s products and sets it apart from the competition?

Brand

__________ is the creation of a secondary brand with a main brand that can help differentiate a product line to a desired target group.

Sub-branding

In which stage of the product life cycle do marketers advertise heavily?

Growth Stage

Which of the following describes an internal customer mindset?

An organizational culture in which all organization members treat each other as valued customers

Which of the following describes brand extension?

A new product sold with the same brand name as a strong existing brand

An agreement between two brands to work together to market a new product is __________.

Cobranding

Making tactical decisions is the __________ step in the process of managing products.

third

Marketers often use generational marketing because members of a generation tend to share the same ________.

 

outlook and priorities

________ is the concept in segmentation that can help marketers determine how to better match different products and versions of products to different consumer groups based on an understanding of what discretionary and non-discretionary allocations of funds they are able to make.

buying power

High-end exercise equipment marketer Peloton ran an ad in late 2019 showing a man giving a Peloton bike to a woman as a gift. The backlash of this campaign reminded companies of the need to avoid messages with ________.

a gender bias

A(n) ________ would probably include customer demographics, location, lifestyle information, and a description of how frequently the customer buys the product.

segment profile

Because family needs and expenditures change over time, marketers may segment consumers by ________.

family life cycle stage

Your firm has decided to tailor its products and services to meet local market demands. A good approach to use would be ________ segmentation.

geographic

Loyalty programs such as Marriott Rewards and American Airlines Advantage are examples of segmentation by ________.

usage rate

________ segmentation variables classify consumers on the basis of how they act toward, feel about, or use a product.

behavioral

To market Suave shampoo, Unilever used PRIZM to identify neighborhoods with high concentrations of young working women. These women responded best to advertisements conveying the message that Suave is inexpensive, yet will make their hair "look like they spend a fortune on it." What segmentation tool did Unilever use in this example?

geodemography

Which of the following is a segmentation technique that combines geography with demographic information such as income, age, race, and household composition?

geodemography

After the business analysis phase of the new product development process, a physical version of the product is typically developed. This is called a ________.

prototype

A fast-moving consumer good, also known as a(n) ________, is a low-cost good that people consume quickly and replace frequently.

consumer packaged good

What is the second phase of the new product development process?

product concept development and screening

In the ________ stage of the adoption process, the costs and benefits of the new product are weighed.

evaluation

An innovation that creates a new market and value chain, disturbing the order of an existing market and value chain, is called a(n) ________.

disruptive innovation

________ is the extent to which a new product is consistent with existing cultural values, customs, and practices.

compatibility

A(n) ________ is defined as a tangible good, service, idea, or some combination of these that satisfies consumer or business customer needs through the exchange process.

product

The ________ process step of design thinking involves clearly articulating the problem, assumptions, and risks.

define

________ is how visible a new product and its benefits are to others who might adopt it.

observability

In the ________ stage of the product life cycle, firms try to sell their product through as many outlets as possible because availability is crucial in a competitive market.

maturity

Heinz stopped marketing its "Bite Me" brand of frozen pizza snacks due to disappointing sales. This is an example of a ________.

product line contraction

Kellogg's has marketed Special K cereal for a number of years to a loyal customer base. Its introduction of a new cereal called Special K with Red Berries is an example of a(n) ________ strategy.

brand extention

________ seeks to inspire, guide, and motivate people with the goal of contributing to the consumer's way of life.

a lifestyle brand

Which of the following is essentially no branding at all?

generic branding

The most appropriate strategy for a firm that wants consumers to see it as a specialist with a clear, specific position in the market is a(n) ________.

limited-line product strategy

An alternative to a two-way stretch is ________, adding more items within the present range of the line.

a filling-out strategy

Which of the following would be information included in a UPC code?

the manufacturer of the product

In ________, branded materials become component parts of other branded products.

ingredient branding