Question

1 A company has two ways to obtain new products to buy an company patent or license or by their own new product development efforts? True or False?

2 The easiest way to segment consumer markets is by their psychographics.? True or False?

3 In pure competitionthe market consists of many buyers and sellers trading over a range of rather than a single market price? True or False?

4 Examples of convenience products are buying life insurance and donating to blood drives? True or False?

5 A fad is a currently accepted or popular style in a given field? True or False?

6 Differentiated marketing means the same as mass marketing.? True or False?

7 in the Service Profit Chain, the first link is internal service quality.? True or False?

8 R-W-W means real, win, worth doing when in the Screening mode? True or False?

9 Marketers rarely limit their segmentation analysis to only one or a few variables? True or False?

10 A brand is only the logo of a product or company? True or False?

Answer 1

1.True. A firm can obtain new products in two ways: 1) Acquisition - buying a whole company, a patent, or a license to produce someone else's product; or 2) New-product development - new products, improvements, modifications, and new brands.

2. False.Psychographic segmentation is similar to demographic segmentation, but it deals with characteristics that are more mental and emotional. These attributes may not be as easy to observe as demographics, but they can give you valuable insight into your audience's motives, preferences and needs.Demographics is easier as compared to Psychographic.

3.True A range of prices occur because sellers can differentiate their products/service offerings to buyers. Buyers see differences in sellers offerings and will pay different prices for them.

4.False Convenience products are the products that are purchased by the consumers frequently and with minimum effort and thought. Hence, such convenience product purchases are also called as low involvement purchases.Example toothpaste, soaps, detergents etc. Life insurance and blood donations are unsought products because consumers don't have much knowledge about these products or else even if they have knowledge they are not interested in buying such products.