The product life cycle refers to.
MKT 421 Final Exam
1. A __________ is a road map for the marketing activities of an organization for a specified future time period such as one year or five years.
2. What is meant by “accelerating the process?”
Increase advertising costs during product launch
Speed up new product time to market
Identify major competitors early
Create a new market space
3. The product life cycle refers to __________.
a concept that describes the stages a new product goes through from product concept to commercialization
the average life span of a product
a concept that describes the stages a product goes through in the marketplace—early growth, accelerated development, maturity, and decline
a concept that describes the stages a product goes through in the marketplace—introduction, growth, maturity, and decline
4. Jay stops at the shopping mall to purchase a new pair of jeans from the Diesel store. He is the ultimate consumer in a pipeline from the producer through intermediaries including the clothing store. This pipeline is actually a _______.
5. What is the marketing objective for the growth stage of the product life cycle?
maintain brand loyalty
increase market share
6. In the nonprofit world of the performing arts box office technology has essentially remained the same since the 1980s. A company called Tessitura is trying to change that. Tessitura is able to track every transaction with its patrons in one database. The information collected includes ticket purchases, fund-raising, volunteering, and gift shop purchases that will help symphonies, operas, and theaters develop customer profiles in order to tailor their sales messages to specific individuals. In other words, Tessitura will allow arts groups to engage in:
7. Marketing refers to:
the production of products or services that will generate the highest return on investment.
the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large.
the activity involved in getting a product or service from the manufacturer to ultimate consumers and organizational buyers.
the process of identifying target market segments for a product or service.
8. Variables such as location the North American Industry Classification System (NAICS) code and type of buy are all examples of ways to:
segment an organizational market.
forecast sales to a consumer market.
9. While pricing objectives frequently reflect corporate goals pricing constraints often relate to:
conditions existing in the marketplace.
an organization’s code of ethics.
the financial realities within the organization itself.
10. In personal branding the “price” component of the marketing mix refers to:
The number of hours you spend job searching
The annual cost of maintaining online profiles (such as LinkedIn)
The expense associated with job-hunting
The salary range and job benefits you hope to receive
11. At Mattel Barbie is child-tested to be sure the doll cannot be broken apart and accidentally choke a child. This type of consumer or safety test occurs during the __________ stage of the new-product process.
new-product strategy development
screening and evaluation
12. Customer value refers to:
the cluster of benefits that an organization promises customers to satisfy their needs.
the need of a customer to receive the highest quality product at the lowest possible price.
a statement that, before product development begins, identifies (1) a well-defined target market; (2) specific customers’ needs, wants, and preferences; and (3) what the product will be and do to satisfy consumers.
the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.
13. Developing a pool of concepts to serve as candidates for new products is the __________ stage of the new-product process.
new-product strategy development
14. The goal of a SWOT analysis is to:
identify market research questions in order to develop new products for new market segments.
determine how raises, bonuses, and dividends will be paid.
identify the critical strategy-related factors that can impact the firm.
reorganize the firm’s marketing department.
15. Marketing research refers to:
the science of using observable human behavior in order to identify and solve marketing problems.
the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions.
the use of information technology to find objective solutions to a marketing problem.
the process of systematically collecting and analyzing information in order to define a marketing problem.
16. There is no single “generic” marketing plan that can apply to all organizations or all institutions. Rather, the specific format for a marketing plan for an organization depends on the following: the industry, the kind and complexity of the organization, and ________.
the financial investment needed
the target audience and purpose
17. Which of the following conditions are necessary for marketing to occur?
a quality product, a fair price, a clever method of promotion, and a place where a customer can buy the product
two or more people, a product, a reasonable price, and a place to make an exchange
two or more people, a method of assessing needs, a way to communicate, and an exchange
two or more parties with unsatisfied needs, a desire and an ability to satisfy them, a way to communicate, and something to exchange
18. Online retail purchases by consumers can be the result of several very different approaches, which include: (1) paying dues to become a member of an online discount service; (2) participating in an online auction; (3) going directly to online malls; and (4) _______.
participating in a buying cooperative
becoming a secret shopper
using a shopping “bot” to search for a product at locations with the best price
becoming a member of a research group that evaluates new products
19. Environmental scanning refers to:
assessing any possible negative impact a firm’s activities might have on the local ecology.
setting up a regular schedule to assess the performance of different divisions within a firm.
continually acquiring information on events occurring outside the organization to identify and interpret potential trends.
initiating an internal talent search to identify employees who can think “outside the box” to generate solutions to marketing problems caused by changes in the marketing environment.
20. Relationship selling refers to:
the assignment of a single salesperson to a single customer throughout the entire sales process.
the practice of building ties to customers based on a salesperson’s attention and commitment to customer needs over time.
when suppliers and sellers combine their expertise and resources to create customized solutions; commit to joint planning; and share customer, competitive, and company information for their mutual benefit, and ultimately the customer.
the practice of maintaining contact with a customer on a regularly scheduled basis following the initial sale of a product or service.
21. A global marketing strategy refers to:
the strategy currently used by most U.S. domestic firms that when entering a new international market, these firms offer only those products that require the least amount of product adaptation.
the global strategy of seeking out already established firms in other nations and selling them the rights to manufacture and distribute the firm’s products through a host nation’s local businesses.
the strategy of transnational firms that employ the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ.
the strategy used by multinational firms that have as many different product variations, brand names, and advertising programs as countries in which they do business.
22. Segmentation based on some subjective mental or emotional attributes, aspirations, or needs of prospective customers is referred to as:
23. Computer-based networks that trigger actions by sensing changes in the real or digital world are known as:
global marketing platforms.
24. The study of similarities and differences among consumers in two or more nations or societies is referred to as __________.
25. Advertising, personal selling, sales promotion, public relations, and direct marketing are marketing communications alternatives that make up a firm’s __________.
26. Neuromarketing is becoming more important in marketing as experts realize that traditional research methods such as focus groups and surveys may not be enough to understand what drives consumer purchase behavior due to:
It is not possible to formulate questions without bias
Consumers cannot verbalize their emotional responses
The data obtained is not quantifiable
The sample size is too small
27. Which of the following transactions occurred in the marketspace?
Connie sold Discovery Toys creative puzzles at an in-home demonstration.
Josh bought his mother a menorah through the Source for Everything Jewish gift catalog by calling a toll-free telephone number.
Corey bought a double-dipped chocolate ice cream cone from the ice cream person when his mobile ice cream truck came down the street.
Joan bought a brand new pair of Dansko shoes through Zappos.com.
28. Four trends in the past decade have significantly influenced the landscape of global marketing. One of them is:
a decrease in most countries’ GDPs and a renewal of nationalism.
the emergence of networked global marketspace.
a more aggressive attitude towards initiating international tariffs and quota systems.
an increase in most countries’ GDPs coupled with an increased degree of consumer ethnocentrism.
29. The term branding refers to __________.
the licensing of a name, phrase, design, symbol, or combination of these for a period of 17 years, at which time a firm may renew its intellectual property rights to them
an organization’s use of a name, phrase, design, symbol, or combination of these to identify its products and distinguish them from those of competitors
the establishment of a commercial, legal name under which a company does business
the identification of an organization’s products based upon individual SKUs.
30. The initial step in the strategic marketing process is to begin planning by conducting a _______.
situation (SWOT) analysis
market-product analysis and setting goals
business portfolio analysis.