A detailed version of a new idea stated in meaningful customer terms is called a ________.

When a company identifies the parts of the market it can serve best and most profitably, it is practicing ________.

What are the four steps, in order, to designing a customer-driven marketing strategy?

market segmentation, targeting, differentiation, and positioning

Even though several options are available at any one time, there ________ to segment a market.

Your firm has decided to localize its products and services to meet local market demands. A good approach to use would be ________ segmentation.

Pendergraff Pet Supplies divides the pet market according to the owners' race, occupation, income, and family life cycle. What type of segmentation does Pendergraff use?

Which of the following is the most popular method for segmenting markets?

Demographic variables are frequently used in market segmentation because they ________.

are easy to measure in comparison to many other methods

Marketers must be most careful to guard against which of the following when using age and life-cycle segmentation?

When Positive Image, Inc. caters to clothing, cosmetics, and toiletries markets, it most likely uses which type of segmentation?

Marketers of automobiles, financial services, and travel are most likely to use which of the following types of segmentation?

Lifestyle characteristics and personality characteristics are two types of variables used in ________ segmentation.

The division of buyers into groups based on their knowledge, attitudes, uses, or responses to a product is ________ segmentation.

Which type of segmentation centers on the use of the word when, such as when consumers get the idea to buy, when they actually make their purchase, or when they use the purchased item?

Markets can be segmented into groups of nonusers, ex-users, potential users, first-time users, and regular users of a product. This method of segmentation is called ________.

Your current assignment at York Foods is to find the major benefits people look for in product classes, the kinds of people who look for each benefit, and the major brands that deliver each benefit. What is this segmentation method called?

Shampoo marketers rate buyers as light, medium, or heavy product users. This is ________ segmentation.

Consumers can show their allegiance to brands, stores, or companies. Marketers can use this information to segment consumers by ________.

By studying its less loyal buyers, a company can detect which brands are most ________ its own.

Many firms make an effort to identify smaller, better-defined target groups by using ________.

multiple segmentation bases

Consumer and business marketers use many of the same variables to segment markets. Business marketers use all of the following EXCEPT ________.

We define a ________ as anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need.

________ are 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.

A product is a key element in the ________. At one extreme, it may consist of pure tangible goods or at the other extreme, pure services.

To differentiate themselves, many companies go beyond offering products and services; they are also developing and delivering customer ________.

Product planners need to consider products and services on three levels. Each level adds more customer value. The most basic level is the ________, which addresses the question, "What is the buyer really buying?"

The third level of a product that product planners must consider is a(n) ________ that offers additional consumer services and benefits.

Products and services fall into two broad classifications based on the types of consumers that use them. Which is one of these broad classes?

________ are products and services bought by final consumers for personal consumption. These include convenience products, shopping products, specialty products, and unsought products.

________ are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style. Consumers spend much time and effort in gathering information and making comparisons about these products.

________ are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.

________ are consumer products that the consumer either does not know about or knows about but does not normally think about buying. These products require a lot of advertising, personal selling, and other marketing efforts.

________ are those products purchased for further processing or for use in conducting a business.

Most manufactured materials and parts are sold directly to ________. Price and service are the major marketing factors; branding and advertising tend to be less important.

________ are industrial products that aid in the buyer's production or operations, including installations and accessory equipment.

Which of the following capital items is NOT considered accessory equipment?

Which of the following does NOT belong to the materials and parts group of industrial products?

repair and maintenance items

Paper, pencils, paint, nails, and brooms are examples of ________.

________ consists of activities undertaken to create, maintain, or change the attitudes and behavior of target consumers toward an organization.

________ consists of activities undertaken to create, maintain, or change attitudes toward particular people.

________ involves activities undertaken to create, maintain, or change attitudes toward particular cities, states, and regions.

Which of the following is NOT a challenge presented by the product life cycle that a firm must face?

It is difficult to plot the stages as a product goes through them.

What are the two ways that a company can obtain new products?

new-product development and acquisition

Product improvements, product modifications, and original products can all be classified as ________.

Which of the following is NOT a potential reason for a new product to fail?

an underestimated market size

Your firm added three new products earlier this year to increase variety for customers. Two of them failed to reach even minimal sales. Which of the following is LEAST likely to have been the cause of their failure?

Research was too extensive.

New-product development starts with ________.

Executives, manufacturing employees, and salespeople are all examples of ________.

internal sources for new-product ideas

Your company decides to use only internal sources for developing new-product ideas. Which of the following would NOT be consulted?

Which of the following is NOT a recommended method for companies to tap into their customers as sources for new-product ideas?

relying heavily on customers to know what types of technical products they need

Your firm asks you to consult external sources for new-product ideas. All of the following are common external sources EXCEPT ________.

Which of the following is the practice of inviting broad communities of customers, employees, independent researchers, and members of the public into the new-product innovation process?

The purpose of idea generation is to create a ________ number of ideas. The purpose of succeeding stages is to ________ that number.

The owners of GrayBerry Gifts have just brainstormed a large number of ideas for adding new products and services after visiting several buying fairs. The owners will begin the first idea-reducing stage, called ________, to arrive at a realistic number to adopt.

Which of the following is most likely to be included in an executive's write up of a new-product idea to be presented to a new-product committee?

the proposed customer value proposition

A detailed version of a new idea stated in meaningful customer terms is called a ________.

A ________ is the way consumers perceive an actual or potential product.

An attractive idea must be developed into a ________.

________ calls for testing new-product concepts with groups of target consumers.

In the concept testing stage of new-product development, a product concept in ________ form is presented to groups of target consumers.

With what groups do firms conduct concept testing for new products?

________ is the amount of money charged for a product or service.

Price is the only element in the marketing mix that produces ________.

________ is an important element in the marketing mix. It is the only element that does not represent costs.

Consumer perceptions of the product's value set the ________ for prices.

Product costs set a(n) ________ to a product's price.

Which of the following is a customer-oriented approach to pricing?

customer value-based pricing

________ uses buyers' perceptions of what a product is worth, not the seller's cost, as the key to pricing.

Customer value-based pricing

In ________, price is considered along with the other marketing mix variables before the marketing program is set

Value-based pricing is the reverse process of ________.

With ________, price is set to match consumers' perceptions of product value.

Measuring ________ can be difficult. A company might conduct surveys or experiments to test this in the different products it offers.

Underpriced products sell very well, but they produce less revenue than they would have if price were raised to the ________ level.

If a seller charges ________ than the buyer's perceived value, the company's sales will ________.

Some companies have adopted a(n) ________ strategy, offering just the right combination of quality and good service at a fair price.

When McDonald's and other fast food restaurants offer "value menu" items at surprisingly low prices, they are using ________.

Walmart is famous for using what important type of value pricing?

________ involves charging a constant, everyday low price with few or no temporary price discounts.

________ involves attaching features and services to differentiate a company's offers and to support charging higher prices.

When there is price competition, many companies adopt ________ rather than cutting prices to match competitors.

Ryanair offers free flights to a quarter of its customers and rock-bottom prices to many of its other customers. Ryanair then charges for all extra services, such as baggage handling and in-flight refreshments. Which of the following best describes Ryanair's pricing method?

What is a detailed product idea called?

What is the systematic search for new product ideas Mcq?

Is the way consumers perceive an actual or potential product?