Question 1: In a customer-driven marketing strategy, you select specific groups of customers whose needs your service can satisfy. What strategy are you using?

market segmentation

mass positioning

market targeting

differentiation

Question 2: Your firm has decided to customize its goods and services to meet local market demands. What segmentation strategy is a good approach to use?

geographic

life style

final consumer end-use

social class

education and occupation

Question 3: Customers show their allegiance to brands, stores or companies. Marketers can use this information to segment customers by:

loyalty status

store type

brand preference

usage rate

Question 4: 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?

operating characteristics and purchasing approaches

nations, countries and neighborhoods

age, gender, and income

life-cycle stage

Question 5: When the size, purchasing power and profiles of a market segment can be determined, it possesses the requirement of being:

accessible

substantial

actionable

measurable

Question 6: 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:

micromarketing

niche marketing

mass marketing

undifferentiated marketing

Question 7: 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.

True

False

Question 8: 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:

distinctive

affordable

preemptive

profitable

Question 9: 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:

line extension

service

brand

consumer product

supplement

Question 10: A name, term, symbol, or design (or a combination of these) that helps distinguish a product from competitive offerings is called a:

line extension

label

brand

package

Question 11: 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:

product line

line extension

private brand

convenience product

Question 12: All of the goods and services that a particular seller offers for sale are called a:

brand extension

consumer mix

packaging mix

product mix

Question 13: 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?

physical goods inventory

brand and reputation

specialty services

unsought products

Question 14: New product development starts with:

concept development

concept testing

idea generation

idea screening

test marketing

Question 15: Your company decides to use internal sources for developing new product ideas. Which of the following would NOT be consulted?

executives and professionals

company records and data

entrepreneurial programs

suppliers

company salespeople

Question 16: Which one of the following is the most important external source of new product ideas?

customers

competitors

trade magazines, shows, and seminars

distributors and suppliers

Question 17: 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:

fad

fashion

style

classic

Question 18: In a standard Product Life Cycle, it is likely that profits are nonexistent or negative (a loss) during the following phase:

decline

maturity

introduction

growth

Question 19: 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:

product development

growth

introduction

maturity

Question 20: 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.

True

False