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STR581 Final EXAM 3.doc




Exam Practice


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1) 3M, Hewlett-Packard, Lego, and other companies use the ________ to manage the
innovation process.
A. joint- venture system
B. skunk works
C. venture team
D. new product “team”
E. stage-gate system
2) ________ is the difference between the prospective customer’s evaluation of all the
benefits and all the costs of an offering and the perceived alternatives.
A. Failure avoidance rate
B. Competitors market share rate
C. Customer perceived value
D. Report rating
E. Perceived usefulness
3) A company can take several steps to improve the quality of its marketing intelligence. If
the company purchases competitive products for study, attends open houses and trade
shows, and reads competitors’ published reports and stockholder information, the company
is using ________ to improve the quality of its marketing intelligence.
A. intermediaries
B. sales force surrogates
C. external networks
D. advisory panels
E. customer feedback systems
4) Most established companies focus on ________ when it comes to innovation.

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A. continuous innovation
B. incremental innovation
C. everyday innovation
D. demand innovation
E. competitive innovation
5) A(n) ________ is any good, service, or idea that is perceived by someone as new.
A. innovation
B. product
C. new idea
D. creative product
6) Total customer satisfaction is the general feeling of pleasure or disappointment that
results from comparing perceived performance to expectations. To achieve total customer
satisfaction, organizations need to_____________.
A. Spend more money
B. Develop marketing campaigns
C. Manage customer experiences
D. Lower expectations
E. Lower prices
7) A ________ is a set of procedures and sources managers use to obtain everyday
information about developments in the marketing environment.
A. marketing information system
B. marketing research system

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C. product management system
D. marketing intelligence system
E. vertical system
8) Marketers usually identify niches by ________.
A. conducting VALS tests
B. dividing a segment into subsegments
C. allowing consumers to gravitate toward product brands
D. examining the demographics section of The Handbook of Marketing
E. producing products that can be used in a variety of ways
9) In ________ marketing, the seller engages in the mass production, mass distribution, and
mass promotion of one product for all buyers.
A. mass
B. group
C. general
D. segmented
E. differentiated
10) Particularly when shopping for ego-sensitive products such as perfumes and expensive
cars, many consumers use price as an indicator of ________.
A. ability
B. capability
C. status
D. size
E. quality

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