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1 __________ is the process of maximizing customer loyalty by cautiously handling detailed information about customers and all customer touch points. Enterprise resource planning Customer relationship management Product modification Customer cloning 2. Which of the following is a difference between business markets and consumer markets? In business markets, buyers usually purchase products through intermediaries, whereas in consumer markets, buyers usually purchase products directly from manufacturers. In business markets, the total demand for goods and services is significantly affected by price changes, whereas in consumer markets, the total demand for goods and services is not significantly affected by price changes. Purchasing decisions in business markets are made by the end user, whereas purchasing decisions in consumer markets are made by a buying committee. Suppliers in business markets are often expected to customize their products to suit the requirements of individual business customers, whereas suppliers in consumer markets are seldom expected to do so. 3. 3 __________ is one of the methods used to develop ideas for a new product in which each feature of an existing product is noted and modified. Morphological analysis Reverse-assumption analysis Attribute listing Mind mapping 4. The __________ refers to the core business process in which an organization researches, develops, and introduces novel, high-quality products quickly and within the firm’s budget. customer relationship management process customer acquisition process fulfillment management process new-offering realization process 5. The width of a company’s product mix refers to: the total number of items in the product mix. the number of different product lines carried by the company. the extent to which the different product lines in the mix are related in terms of end use. the number of variants offered for each product in a product line. 6. __________ refers to the activity of designing a company’s product and image so that they occupy a distinctive place in the minds of the target market. Positioning Customization Targeting Segmentation 7. In which of the following stages of a product life cycle are profits nonexistent? Growth Maturity Decline Introduction 8. __________ is a period in a typical product life cycle characterized by rapid market acceptance and significant profit improvement. Growth Introduction Decline Maturity 9. Which of the following best describes the term product system? It is a group of products that perform a similar function and belong to a single product class. It refers to a set of different but related items that operate in a compatible manner. It is a set of variants that are developed for a single product. It refers to a set of products available only to high-income consumers. 10. A customer-focused __________ presents a strong, convincing reason why the target market should purchase a product or service. mission statement value proposition project objective value network 11. __________ seeks to create brand awareness among consumers and communicate to them about new products or new features of existing products. Informative advertising Reinforcement advertising Reminder advertising Persuasive advertising 12. Which of the following measures reflects the short-term results of a firm’s marketing efforts? Market share Customer awareness Perceived quality Sales turnover 13 The marketing department of StyleWheel Inc., a manufacturer of luxury cars, initiates intensive marketing efforts prior to the launch of a new model. Three months into the launch of the new model, the department decides to assess the short-term effects of its marketing activities. Which of the following is a reliable measure of performance for this purpose? Perceived quality Market share Shareholder value Customer awarenes 14 Nowadays, a __________ is being appointed by many firms so as to place the marketing function on a more equal footing with the functions performed by other C-level executives. chief marketing officer finance manager marketing manager chief information officer 15 Which of the following statements is true of fads? They have a long acceptance cycle. They tend to win over only a limited following. They last for several generations. They usually satisfy a strong customer need. 16 A fundamental and distinctive mode of expression that appears in a field of human endeavor is called a __________. theme trend style pattern question17 __________ refers to a marketing strategy in which a firm tries to cater to all customer groups with all the products they might require. • • Single-segment concentration • Individual marketing • Full market coverage • Multiple segment specialization 18 In the context of the value chain, __________ is a primary activity that involves bringing materials into the business. • marketing • technology development • inbound logistics • operations 19 Business markets differ from consumer markets in that: • in business markets, purchasing is often executed through intermediaries. • in business markets, a marketer typically deals with several smaller buyers. • buying decisions in business markets are subject to multiple influences. • the total demand for many goods and services in business markets is elastic. 20 __________ refers to the capacity to satisfy humanity’s needs without harming future generations. • Accountability • Profitability • Sustainability • Durabilit 21 Which of the following statements is true of personal communications channels? • They are often less effective than mass communication channels. • Their influence on purchase decisions is significant when products are purchased frequently. • Their effectiveness derives from individualized presentation and feedback. • They include public relations, advertising, and sales promotions. 22 A firm should use undifferentiated marketing to promote its products when: • all consumers have roughly the same wants and preferences. • it wants to appeal to multiple market segments. • the market shows several natural segments. • it wants to customize its products for each consumer. 23 When marketers combine an existing brand with a new brand, the product is called a __________. • master brand • family brand • sub-brand • parent brand 24 Entities that assist in the distribution process of a product but neither take title to goods nor engage in the negotiation of purchases or sales are called __________. • jobbers • facilitators • merchants • agents 25 __________ is the first step a firm should take while setting the price for a product. • Selecting the pricing objective • Estimating cost • Selecting a pricing method • Determining demand 26 The __________ encompasses the actors engaged in producing, distributing, and promoting a product or a service. • legal environment • task environment • demographic environment • natural environment 27 __________ divides the market into units such as nations, states, regions, cities, or neighborhoods. • Behavioral segmentation • Geographic segmentation • Demographic segmentation • Psychographic segmentation 28 Which of the following statements is true of a sharing economy? • An organization's trust and reputation have little role in determining its place in a sharing economy. • Self-policing mechanisms are typically absent in most platforms that form part of a sharing-related business. • In a sharing economy, an individual experiences the benefits of being both a consumer and a producer. • A sharing economy is primarily the result of two activities, harvesting and divesting. \ 29 A company that interacts with its customers to get product ideas should: • focus solely on its lead users. • allow all its customers to participate in the product-design process. • prohibit customers from innovating products without its consent. • engage the right customers in the right way. 30 Fashion Vista Designers, a firm that sells designer clothes, has outlets in four countries. In each country, it offers clothes that suit the climatic conditions of the country and match the cultural sensibilities of the local population. The marketing department of Fashion Vista often releases advertisements that show regional celebrities endorsing the company’s products. In this scenario, which of the following types of market segmentation does Fashion Vista employ? • Geographic segmentation • Psychographic segmentation • Demographic segmentation • Behavioral segmentation \

Tutor Answer

Ben95
School: UC Berkeley

Attached.

1
__________ is the process of maximizing customer loyalty by cautiously handling detailed information about customers
and all customer touch points.

Enterprise resource planning

Customer relationship management

Product modification

Customer cloning

2. Which of the following is a difference between business markets and consumer markets?

In business markets, buyers usually purchase products through intermediaries, whereas in consumer markets, buyers
usually purchase products directly from manufacturers.

In business markets, the total demand for goods and services is significantly affected by price changes, whereas in
consumer markets, the total demand for goods and services is not significantly affected by price changes.

Purchasing decisions in business markets are made by the end user, whereas purchasing decisions in consumer markets
are made by a buying committee.

Suppliers in business markets are often expected to customize their products to suit the requirements of individual
business customers, whereas suppliers in consumer markets are seldom expected to do so.
3. 3
__________ is one of the methods used to develop ideas for a new product in which each feature of an existing product
is noted and modified.

Morphological analysis

Reverse-assumption analysis

Attribute listing

Mind mapping

4. The __________ refers to the core business process in which an organization researches, develops, and introduces
novel, high-quality products quickly and within the firm’s budget.

customer relationship management process

customer acquisition process

fulfillment management process

new-offering realization process

5.
The width of a company’s product mix refers to:

the total number of items in the ...

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