Marketing Quiz 2 A
• Question 1 5 out of 5 points In a standard Product Life Cycle, it is likely that profits are nonexistent or negative (a loss) during the following phase: Correct Answer: introduction • Question 2 5 out of 5 points Your company decides to sell a product to a large share of a smaller, concentrated group of business customers. The strategy you are using is called: Correct Answer: niche marketing • Question 3 5 out of 5 points A name, term, symbol, or design (or a combination of these) that helps distinguish a product from competitive offerings is called a: Correct Answer: brand • Question 4 5 out of 5 points Not all brand differences are meaningful or worthwhile, as each has the potential to create costs to the firm as well as benefits to the consumer. If the difference cannot easily be copied by competitors, it is said to be: Correct Answer: preemptive • Question 5 5 out of 5 points A company with a food product line directed at children decides to cut the calories, additives and salt from its product offerings. It is practicing socially responsible target marketing. Correct Answer: True • Question 6 5 out of 5 points A product has a very short life cycle, popular with a narrow audience that causes a quick spike in consumer demand, followed by a quick drop off in popularity. This describes a: Correct Answer: fad • Question 7 5 out of 5 points All of the goods and services that a particular seller offers for sale are called a: Correct Answer: product mix • Question 8 5 out of 5 points Your company decides to use internal sources for developing new product ideas. Which of the following would NOT be consulted? Correct Answer: suppliers • Question 9 5 out of 5 points A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same type of outlets, or fall within given price ranges is called a: Correct Answer: product line • Question 10 5 out of 5 points During this stage of the Product Life Cycle, sales start to accelerate significantly, as new customers are attracted to the product offering. Unfortunately, competitors are also attracted and counter-measures may be needed. This stage is called: Correct Answer: growth • Question 11 5 out of 5 points Companies need to pay attention to their aging products. Management should regularly review sales, market share, costs, and profit trends to decide whether to maintain, harvest or drop these declining products. Correct Answer: True • Question 12 5 out of 5 points New product development starts with: Correct Answer: idea generation • Question 13 0 out of 5 points In a customer-driven marketing strategy, you select specific groups of customers whose needs your service can satisfy. What strategy are you using? Correct Answer: market targeting • Question 14 5 out of 5 points Your firm has decided to customize its goods and services to meet local market demands. What segmentation strategy is a good approach to use? Correct Answer: geographic • Question 15 5 out of 5 points Which one of the following is the most important external source of new product ideas? Correct Answer: customers • Question 16 5 out of 5 points Business markets use some of the segmentation criteria used for consumer markets. Of the options below, which are primarily used in a B2B (business to business) situation and not in a B2C (business to consumer) situation? Correct Answer: operating characteristics and purchasing approaches • Question 17 5 out of 5 points A form of product that consists of activities, benefits or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything is called a: Correct Answer: service • Question 18 5 out of 5 points Which of the following is most likely to be seen as the major enduring asset of a company, outlasting the company's specific products and facilities? Correct Answer: brand and reputation • Question 19 5 out of 5 points Customers show their allegiance to brands, stores or companies. Marketers can use this information to segment customers by: Correct Answer: loyalty status • Question 20 5 out of 5 points When the size, purchasing power and profiles of a market segment can be determined, it possesses the requirement of being: Correct Answer: measurable
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