Question

True or false

7. Psychographic variables typically add much to the data provided by demographic and geographic variables in market

segmentation.  

         8. Typically, sales of a new product in the introductory stage of its product life cycle are fast.  

         9. When new products are branded under well-established brand names, they are very likely to be accepted by wholesalers and retailers.  

         10. Advertising effectiveness is not easy to evaluate since sales revenues are not necessarily directly attributable to advertising.  

12.   Any person, group, or organization that is willing, able, and capable of purchasing a particular product is called a market.

Pick one

20. Searching for trends in the external environment that may impact a company’s marketing strategies either favorably or unfavorably.

                   a. Market Orientation        b. Environmental Scanning               

         21. Attempting to determine customer needs in order to provide products that will satisfy these needs.

                   a.   Positioning           b. Customer Focus           

         22. Attempting to create an “image” of the product in the mind of the target market relative to competitors’ products.

                   a. Exchange Process        b. Positioning           

         23. The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services in the virtual environment of the Internet to create exchanges that satisfy individual and organizational goals.

                   a. e-Marketing           b. e-Commerce                 

29. A brand is best defined as a

                   a. registered design or symbol that may be displayed on the product or used to promote it.

                   b. related group of words that describe the product.

                   c. name, term, sign, symbol, design, or the combination of these that identifies a seller’s products.

                   d. copyrighted word or group of words that gives the manufacture exclusive ownership and the right to sell a product under that name.

Answer 1

7

True

Psychographic data provides a profile of potential customers’ behavior. This is often more important than just demographic data as demographic data are often generalized and stereotyped. Thus psychographic data adds considerable value to the demographic and geographic data.

8

False

At the introductory stage, the product sells slowly. The speed increases in the growth stage.

9

True

New products branded under well-established brands tend to have a certain referent benefit from their well-established products. Due to this the distributor and wholesalers tend to accept them comparatively easily.

10

True

Advertising effectiveness is often a difficult metric to calculate. There may be many other factors that contribute to the increase/decrease of sale volume other than advertisement.

12

True

Market constitutes of prospective buyers. This includes the like of individuals, groups, and organizations that may buy the product.

20

Environmental scanning

Environmental scanning is looking for external opportunities or threats for a product/service.

21

Customer focus

This process focuses on the needs of the customer and makes products accordingly. It is customer focus.

22.

Positioning

Positioning is the company’s attempt to create a customer perception or view of the product

23.

E-commerce

The process described is commerce, however; since it is in virtual environment, it is e-commerce.

29.

Name, term, sign, symbol, design, or the combination of these that identifies a seller’s products.

Brand is an identifier. It may be a combination of all of the above.