Question 1

To be successful, a product must _____.

Accepted Answer

To be successful, a product must meet the needs of the target market better than the competition does.

Question 2

Juan has segmented the market for boats and is currently analyzing each with respect to several factors, such as size, growth rate, competitor strength, fit with company image, distribution available, cost to serve, and risk before deciding which segment to target. Which step of market segmentation is Juan conducting?

Accepted Answer

Many criteria are used to evaluate and compare the attractiveness of various market segments.

Question 3

Timothy and his wife are considering the purchase of a new car. In addition to the price, they are also considering the cost of insurance, gasoline, maintenance, finance charges, and license fees. All of these factors combined represent the _____.

Accepted Answer

Price is everything the consumer must surrender in order to receive the benefits of owning/using the product.

Question 4

Which of the following is used to evaluate the attractiveness of various market segments?

Accepted Answer

Many criteria are used to evaluate and compare the attractiveness of various market segments.

Question 5

_____ is everything the consumer must surrender in order to receive the benefits of owning/using the product.

Accepted Answer

Firms seek to provide customer value by reducing the non-price costs of owning or operating a product.

Question 6

Which of the following is NOT a critical question for developing marketing communications?

Accepted Answer

An effective communications strategy requires answers to these critical questions.

Question 7

_____ include(s) advertising, the sales force, public relations, packaging, and any other signal that the firm provides about itself and its products.

Accepted Answer

Marketing communications includes advertising, the sales force, public relations, packaging, and any other signal that the firm provides about itself and its products.

Question 8

An image of the product or brand in the consumer's mind relative to competing products and brands is referred to as the product's _____.

Accepted Answer

This image consists of a set of beliefs, pictorial representations, and feelings about the product or brand.

Question 9

The product, price, communications, distribution, and services provided to the target market is referred to as the _____.

Accepted Answer

The combination of these elements meets customer needs and provides customer value.

Question 10

_____ is the amount of money one must pay to obtain the right to use the product.

Accepted Answer

One can buy ownership of a product or, for many products, limited usage rights.

Question 11

Which of the following is part of the marketing mix?

Accepted Answer

Product, price, communications, and distribution are all part of the marketing mix.

Question 12

J&J Produce is a distributor of fresh produce. It conducted a thorough analysis of its market and identified groups of consumers that had similar product-related needs. One particular market identified wanted fresh and unique produce, such as Swiss chard, radicchio, and exotic fruits, and they were willing to pay higher prices for these choices. J&J Produce decided to focus its marketing effort on this segment of the total market. This segment is J&J's _____.

Accepted Answer

The segment(s) within the larger market on which an organization will focus its marketing effort is referred to as the target market.

Question 13

Amy purchased a new 32-inch LCD high-definition television and paid $400 for it. This amount of money Amy had to pay to obtain this product is known as the _____.

Accepted Answer

Price is the amount of money one must pay to obtain the right to use the product.

Question 14

Tony's job entails making sure his company's products get to retailers so that target customers can buy them. Which element of the marketing mix is Tony involved with?

Accepted Answer

Distribution is concerned with having the product available where target customers can buy it.

Question 15

Which element of the marketing mix is concerned with having the product available where target customers can buy it?

Accepted Answer

Good distribution decisions require a sound knowledge of where target customers shop for the product in question.

Question 16

Auxiliary or peripheral activities that are performed to enhance the primary product or primary service are referred to as _____.

Accepted Answer

A firm must explicitly manage its auxiliary services to have a competitive advantage.

Question 17

Which of the following is NOT considered one of the firm's outcomes of the marketing strategy and consumer behavior process?

Accepted Answer

Service is not considered one of the firm's outcomes of the marketing strategy and consumer behavior process.

Question 18

A(n) _____ is anything a consumer acquires or might acquire to meet a perceived need.

Accepted Answer

The term "product" is used to refer to physical products and primary or core services.

Question 19

Which of the following is included in marketing communications?

Accepted Answer

Advertising, sales force, public relations, and packaging are all included in marketing communications.

Question 20

A product's position refers to _____.

Accepted Answer