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BBA Marketing Creating Products and Pricing Strategies to Meet Customers' Needs — practice questions
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Practice BBA Marketing Creating Products and Pricing Strategies to Meet Customers' Needs in the app →Getting the right goods, services or ideas to the right people at the right place, time and price is known by An exchange takes place under which condition?A person volunteers for a company charity and receives a T-shirt for the time spent. Why does this count as anHow does marketing differ from sales?Under the marketing concept, when is the product created?Customer value is best described as which ratio?Why is it risky for a firm to build its value proposition on price alone?Customer satisfaction is defined as which of the following?Customer expectations about a product are most often the result of what?Relationship marketing focuses on which goal?Why do the costs of a firm tend to fall as it retains more customers?Studies on customer retention find that raising retention rates by 5 percent lifts profits by roughly which raFrequent-buyer clubs and frequent-flyer programs are used mainly to do what?Which set of elements makes up the five Ps of marketing?Waiting in a long line for a restaurant table is described as a form of which marketing element?How the store, office or website looks is called atmospherics. Which marketing element does it belong to?Why is promotion often mistaken for the whole of marketing?The people element of the marketing mix is described as crucial to which part of a product?What is environmental scanning?What is the goal of gathering environmental data?Which of these is one of the six categories of environmental data that shape marketing decisions?Changing incomes, unemployment levels, inflation and recession belong to which category of environmental data?What is a target market?What does identifying a target market allow a firm to do?A competitive advantage is a set of unique features that the target market perceives how?What are the four types of competitive advantage?A firm has a cost competitive advantage when it can do what?Which of these is named as a way that firms become cost leaders?Why may a cost competitive advantage fail to last?Which of these is given as a common differential competitive advantage?A niche competitive advantage means that a company does what?For which kind of firm is a niche strategy described as possibly the only viable option?What makes a market segment a good candidate for a niche strategy?Why is the marketing mix said to be only as good as its weakest part?How many marketing mixes does a firm need when it serves several target markets?Creating a product strategy involves choosing which set of items?Goods are divided into which two groups?Engineering, accounting and consultancy are grouped as which kind of service?Two products are identical except that one carries a well known designer name. What does that name do to the pPricing strategy is described as based on which two things?Why can setting too low a price actually hurt the sales of a service?Place strategy is best described as creating what?Which set of elements makes up the promotional mix?Public relations work requires a great deal of effort and relationship building in order to achieve what?Trade shows, catalogs, contests, coupons and special offers are examples of what?What do not-for-profit organizations focus on instead of profit for owners?Buyer behavior refers to what?What is the first step in the consumer purchase decision process?In the consumer purchase decision process, which step comes immediately after gathering information?Which four groups of factors influence consumer decision-making?Culture is defined as the set of what?Under what condition does a value or belief fade away from a culture?What are reference groups?Consumers become more likely to seek the opinions of others under which condition?Personality is described as a way of doing what?How is personality rated as a concept in the study of consumer behavior?What makes psychological influences different from the other three influences on consumer behavior?What is the key difference between a consumer product and a business product?What is the major difference between the business and the consumer purchase decision process?Why do organizations base purchase decisions on more data than individual consumers do?Which of these is listed as a main difference between consumer and business markets?Why do business sales tend to be made directly to the buyer?Market segmentation is the process of doing what?Why do companies cut a market into segments rather than serving the whole of it?What are the five basic forms of consumer market segmentation?Why is demographic segmentation the most commonly used form?What limitation is noted for demographic segmentation?Geographic segmentation divides a market by which variables?Market density refers to which quantity?Psychographic segmentation groups a market by what?Two managers share the same age, job and income but spend their free time very differently. Why does that mattBenefit segmentation is based on which factor?Volume segmentation splits a market on which basis?Why might a firm aim its marketing mix at the heavy-user segment?Besides geography, volume and benefits, on what else may business markets be segmented?Marketing research is the process of doing what?What are the three basic research methods for gathering primary data?What defines observation research?What is the objective of an experiment in marketing research?In marketing, a product is defined as which of the following?Packaging and warranties are examples of which kind of product attribute?Consumer products that get used up are given which name?What are the four categories of consumer products based on buying effort?Which description fits an unsought product?Soft drinks, bread and milk are examples of which product class?What marks out a shopping product?Why is the distribution of specialty products often limited to one or two sellers in a region?Which description fits a capital product bought by a business?Printer cartridges and paper bought by an office are classed as what?Why does buying an installation require longer negotiations than other business purchases?How do accessories differ from installations?Component parts and materials are classed as which kind of item?What separates supplies from component parts in the business product classes?Lumber, copper and zinc used to create a final product are classed as what?A firm adds a new flavor under an existing brand name in an existing category. What is this called?When is an introduction classified as a new product rather than a line extension?New-product failure rates for household and grocery products can approach which level?How do industrial goods failure rates compare with those for consumer goods?Which step comes first in the new-product development process?What is given as an example of a nonfinancial new-product goal?How many participants make up a focus group?What is the goal of focus group research?Which rule governs brainstorming when new-product ideas are generated?Which of these is given as a reason product concepts are rejected at the screening step?What does developing the new-product concept involve?What happens to the marketing strategy while a prototype is being tested?As prototype tests mature, which part of the communication strategy is developed?Test-marketing is described as which stage of new-product development?What is the market introduction of a product that has passed test-marketing called?Which of these is named as part of the logistical coordination a rollout requires?Why may a product need to be altered before an international rollout?How does new-product development differ for a services company?What does a product manager do?The product life cycle is a pattern of what over time?What are the four stages of the product life cycle in order?Which set of features marks the introductory stage of the life cycle?Why are profits usually small or negative during the introductory stage?How does promotion change when a product enters the growth stage?What happens to prices and profits toward the end of the growth phase?Which two causes are given for the price reductions late in the growth stage?