MKT 200 Unit 4 Quiz 2 Latest-POST



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MKT 200 Unit 4 Quiz 2 Latest-POST

MKT 200 Unit 4 Quiz 2 Latest-POST


MKT 200 Unit 4 Quiz 2 Latest-POST

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