MKTG 3650 EXAM 2 WITH 100%
CORRECT ANSWERS
Which of the following segmentation bases is most consistent with the tenets of the
marketing concept? In other words, if you are a strong advocate of the marketing
concept, which of the following segmentation bases will be most consistent with your
"philosophy of doing business?" - Answer- Benefits.
Jennifer is a marketing manager for a major consumer goods firm. She is interested in
determining if market opportunity exists for the sales of a new brand of organic, gluten
free line of ready-made dinners. Jennifer knows that the market for ready-made dinners
is very large and heterogeneous and wants to more precisely pinpoint those customers
within this market that are most likely to respond favorably to the new brand.
Apparently, Jennifer is interested in: - Answer- How to best segment the ready-made
dinner market
Those characteristics that allow marketers to define market segments and distinguish
one market segment from another are called: - Answer- Segmentation bases
With respect to requirements for effectively segmenting markets, ________________
means that consumers within markets are similar to one another on key consumption-
related characteristics. - Answer- Homogeneous within
Mass marketing (as contrasted with market segmentation) is most likely to be a viable
strategy when: - Answer- The product is in the introductory stage of the life cycle. Few
competitors exist, the product is rather undifferentiated, and consumers' wants & needs
are rather basic or simple with respect to the product in question.
Some firms find it attractive to target "niches" because: - Answer- Firms can gain a
competitive advantage by 'specializing' on serving the more narrowly defined needs of
customers in niches.
To effectively segment markets, the following conditions must be met: - Answer- All of
the above.
-Segments should be "homogeneous within" and "heterogeneous between"
-Segments must be large enough to be profitable
-Segments must be accessible via communications and distribution channels
-Firms must have adequate resources to target these segments
,Consumers within market segments should be more similar to one another on key
consumption-related characteristics than they should be with consumers in other
segments. This requirement for effectively segmenting markets is referred to as: -
Answer- Homogeneous within, heterogeneous between.
Wholesaling middlemen and retailers are considered to be part of the _____________
organizational market. - Answer- Reseller
During the ___________ for a straight rebuy decision for office or janitorial supplies, all
that may be required is identification of quantities needed. Which stage of the
purchasing decision process is implied? - Answer- Identification of specifications
During the Identify Specifications stage of the organizational decision process products
and their component parts may be critically evaluated by both the firm and its suppliers
with respect to function and design in order to improve quality and, at the same time,
lower production and parts/ material costs. This process is known as: - Answer- Value
analysis
Decisions in organizations for complex, high-risk, first-time purchases of major
equipment and production installations fall into which buy class? - Answer- New Task
During which stage of the organization decision process for products is a supplier most
likely to deliver a formal presentation to the organization? - Answer- Soliciting proposals
The role in the buying center that tends to control the flow of information between
personnel in the buying center is performing which role? - Answer- Gatekeeper
In which type of market do firms purchase a wide range of parts, raw materials and,
often, services that are used to produce new products - Answer- Manufacturer market
Lumber companies, such as Weyerhaeuser, that buy trucks, bulldozers, and other
equipment for forest harvesting and milling are engaged in the production of lumber
products that will be sold commercially. Such companies are categorized as
_______________ . - Answer- Other producers or business users
During which stage of NPD is a demonstrable and reproducible version of the physical
product developed? - Answer- Prototype development.
When microwave ovens were introduced in the early 1960s, they were slow to be
adopted. Although the ovens scored very high on relative advantage, they were deemed
to be inconsistent with the wife's role in the kitchen and perceptions on how food should
be prepared. Which of the following factors that influence how rapidly new products
diffuse was most likely the culprit?' - Answer- Compatibility
The rate at which new products are adopted by users throughout a particular market,
population, nation, or global region is ____________. - Answer- Diffusion
, New product development (NPD) is essential because it leads to ___________. -
Answer- A and b above
-Sustainable points of differentiation
-Sustainable competitive advantages
Probably the single-most important factor for speeding the new product adoption and
diffusion process and assuring the product's success is: - Answer- The product's
relative value compared to existing products.
Most new product failures resulting from overestimating demand probably can be traced
to ____________ . - Answer- Poorly conducted marketing research or no research.
Frito Lay test marketed a new flavored potato chip fundamentally identical to Procter &
Gamble's Pringles line of chips. Sales were disappointing as revenues were not even
high enough to cover the product's costs. Frito Lay decided not to commercialize the
product primarily because they were afraid the product would be a(n)
_______________ ? - Answer- Absolute failure.
Last week Janet purchased her first bottle of Excedrin Migraine. She wanted to see if
the product's pain-relieving benefits were any better than those of the brand she
currently uses. Janet is most likely in the ___________ stage of the new product
adoption process. - Answer- Trial
The requirement that a new product (innovation) be reasonably easy to understand and
use means that the new product possesses ____________ . - Answer- Low complexity
The Chevrolet Camaro and Ford Mustang have undergone major redesigns in the last
decade to improve sales, profits, market share, and brand image. In terms of NPD,
these repositioning attempts are categorized as _____________. - Answer- Continuous
innovations
Probably the single most important invention in history that changed the world forever
was the ___________ . - Answer- Printing press
___________ means creating something that is new or unique. - Answer- Invention
__________ refers to an overall process whereby inventions are transformed into
commercial products that can be sold profitably. - Answer- Innovation
___________ are individuals who have a strong propensity to pass on both positive and
negative word-of-mouth communications to other consumers. - Answer- Opinion leaders
The classification scheme for new products is based on: - Answer- Degree of consumer
learning or 're-learning' required for the new product.
CORRECT ANSWERS
Which of the following segmentation bases is most consistent with the tenets of the
marketing concept? In other words, if you are a strong advocate of the marketing
concept, which of the following segmentation bases will be most consistent with your
"philosophy of doing business?" - Answer- Benefits.
Jennifer is a marketing manager for a major consumer goods firm. She is interested in
determining if market opportunity exists for the sales of a new brand of organic, gluten
free line of ready-made dinners. Jennifer knows that the market for ready-made dinners
is very large and heterogeneous and wants to more precisely pinpoint those customers
within this market that are most likely to respond favorably to the new brand.
Apparently, Jennifer is interested in: - Answer- How to best segment the ready-made
dinner market
Those characteristics that allow marketers to define market segments and distinguish
one market segment from another are called: - Answer- Segmentation bases
With respect to requirements for effectively segmenting markets, ________________
means that consumers within markets are similar to one another on key consumption-
related characteristics. - Answer- Homogeneous within
Mass marketing (as contrasted with market segmentation) is most likely to be a viable
strategy when: - Answer- The product is in the introductory stage of the life cycle. Few
competitors exist, the product is rather undifferentiated, and consumers' wants & needs
are rather basic or simple with respect to the product in question.
Some firms find it attractive to target "niches" because: - Answer- Firms can gain a
competitive advantage by 'specializing' on serving the more narrowly defined needs of
customers in niches.
To effectively segment markets, the following conditions must be met: - Answer- All of
the above.
-Segments should be "homogeneous within" and "heterogeneous between"
-Segments must be large enough to be profitable
-Segments must be accessible via communications and distribution channels
-Firms must have adequate resources to target these segments
,Consumers within market segments should be more similar to one another on key
consumption-related characteristics than they should be with consumers in other
segments. This requirement for effectively segmenting markets is referred to as: -
Answer- Homogeneous within, heterogeneous between.
Wholesaling middlemen and retailers are considered to be part of the _____________
organizational market. - Answer- Reseller
During the ___________ for a straight rebuy decision for office or janitorial supplies, all
that may be required is identification of quantities needed. Which stage of the
purchasing decision process is implied? - Answer- Identification of specifications
During the Identify Specifications stage of the organizational decision process products
and their component parts may be critically evaluated by both the firm and its suppliers
with respect to function and design in order to improve quality and, at the same time,
lower production and parts/ material costs. This process is known as: - Answer- Value
analysis
Decisions in organizations for complex, high-risk, first-time purchases of major
equipment and production installations fall into which buy class? - Answer- New Task
During which stage of the organization decision process for products is a supplier most
likely to deliver a formal presentation to the organization? - Answer- Soliciting proposals
The role in the buying center that tends to control the flow of information between
personnel in the buying center is performing which role? - Answer- Gatekeeper
In which type of market do firms purchase a wide range of parts, raw materials and,
often, services that are used to produce new products - Answer- Manufacturer market
Lumber companies, such as Weyerhaeuser, that buy trucks, bulldozers, and other
equipment for forest harvesting and milling are engaged in the production of lumber
products that will be sold commercially. Such companies are categorized as
_______________ . - Answer- Other producers or business users
During which stage of NPD is a demonstrable and reproducible version of the physical
product developed? - Answer- Prototype development.
When microwave ovens were introduced in the early 1960s, they were slow to be
adopted. Although the ovens scored very high on relative advantage, they were deemed
to be inconsistent with the wife's role in the kitchen and perceptions on how food should
be prepared. Which of the following factors that influence how rapidly new products
diffuse was most likely the culprit?' - Answer- Compatibility
The rate at which new products are adopted by users throughout a particular market,
population, nation, or global region is ____________. - Answer- Diffusion
, New product development (NPD) is essential because it leads to ___________. -
Answer- A and b above
-Sustainable points of differentiation
-Sustainable competitive advantages
Probably the single-most important factor for speeding the new product adoption and
diffusion process and assuring the product's success is: - Answer- The product's
relative value compared to existing products.
Most new product failures resulting from overestimating demand probably can be traced
to ____________ . - Answer- Poorly conducted marketing research or no research.
Frito Lay test marketed a new flavored potato chip fundamentally identical to Procter &
Gamble's Pringles line of chips. Sales were disappointing as revenues were not even
high enough to cover the product's costs. Frito Lay decided not to commercialize the
product primarily because they were afraid the product would be a(n)
_______________ ? - Answer- Absolute failure.
Last week Janet purchased her first bottle of Excedrin Migraine. She wanted to see if
the product's pain-relieving benefits were any better than those of the brand she
currently uses. Janet is most likely in the ___________ stage of the new product
adoption process. - Answer- Trial
The requirement that a new product (innovation) be reasonably easy to understand and
use means that the new product possesses ____________ . - Answer- Low complexity
The Chevrolet Camaro and Ford Mustang have undergone major redesigns in the last
decade to improve sales, profits, market share, and brand image. In terms of NPD,
these repositioning attempts are categorized as _____________. - Answer- Continuous
innovations
Probably the single most important invention in history that changed the world forever
was the ___________ . - Answer- Printing press
___________ means creating something that is new or unique. - Answer- Invention
__________ refers to an overall process whereby inventions are transformed into
commercial products that can be sold profitably. - Answer- Innovation
___________ are individuals who have a strong propensity to pass on both positive and
negative word-of-mouth communications to other consumers. - Answer- Opinion leaders
The classification scheme for new products is based on: - Answer- Degree of consumer
learning or 're-learning' required for the new product.
