Post MKT200 Unit 4 quiz 2 latest 2017 (All correct)

QuestionUnit 4 quiz 2Question 1 In a customer-driven marketing strategy, you select specific groups of customers whose needs your service can satisfy. What strategy are you using?market segmentationmass positioningmarket targetingdifferentiationQuestion 2 Your firm has decided to customize its goods and services to meet local market demands. What segmentation strategy is a good approach to use?geographiclife stylefinal consumer end-usesocial classeducation and occupationQuestion 3 Customers show their allegiance to brands, stores or companies. Marketers can use this information to segment customers by:user statusloyalty statusstore typebrand preferenceusage rateQuestion 4 Business markets use some of the segmentation criteria used for consumer markets. Of the options below, which are primarily used in a B2B (business to business) situation and not in a B2C (business to consumer) situation?operating characteristics and purchasing approachesnations, countries and neighborhoodsage, gender, and incomelife-cycle stageQuestion 5 When the size, purchasing power and profiles of a market segment can be determined, it possesses the requirement of being:accessiblesubstantialactionablemeasurableQuestion 6 Your company decides to sell a product to a large share of a smaller, concentrated group of business customers. The strategy you are using is called:micromarketingniche marketingmass marketingundifferentiated marketingQuestion 7 A company with a food product line directed at children decides to cut the calories, additives and salt from its product offerings. It is practicing socially responsible target marketing.TrueFalseQuestion 8 Not all brand differences are meaningful or worthwhile, as each has the potential to create costs to the firm as well as benefits to the consumer. If the difference cannot easily be copied by competitors, it is said to be:distinctiveaffordablepreemptiveprofitableQuestion 9 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 is called a:line extensionservicebrandconsumer productsupplementQuestion 10 A name, term, symbol, or design (or a combination of these) that helps distinguish a product from competitive offerings is called a:line extensionlabelbrandpackageQuestion 11 A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same type of outlets, or fall within given price ranges is called a:product lineline extensionprivate brandconvenience productQuestion 12 All of the goods and services that a particular seller offers for sale are called a:brand extensionconsumer mixpackaging mixproduct mixQuestion 13 Which of the following is most likely to be seen as the major enduring asset of a company, outlasting the company's specific products and facilities?physical goods inventorybrand and reputationspecialty servicesunsought productsQuestion 14 New product development starts with:concept developmentconcept testingidea generationidea screeningtest marketingQuestion 15 Your company decides to use internal sources for developing new product ideas. Which of the following would NOT be consulted?executives and professionalscompany records and dataentrepreneurial programssupplierscompany salespeopleQuestion 16 Which one of the following is the most important external source of new product ideas?engineerscustomerscompetitorstrade magazines, shows, and seminarsdistributors and suppliersQuestion 17 A product has a very short life cycle, popular with a narrow audience that causes a quick spike in consumer demand, followed by a quick drop off in popularity. This describes a:fadfashionstyleclassicQuestion 18 In a standard Product Life Cycle, it is likely that profits are nonexistent or negative (a loss) during the following phase:declinematurityintroductiongrowthQuestion 19 During this stage of the Product Life Cycle, sales start to accelerate significantly, as new customers are attracted to the product offering. Unfortunately, competitors are also attracted and counter-measures may be needed. This stage is called:product developmentgrowthintroductionmaturityQuestion 20 Companies need to pay attention to their aging products. Management should regularly review sales, market share, costs, and profit trends to decide whether to maintain, harvest or drop these declining products.TrueFalse