QUESTION Explain product, product line, and product mix. What will be an ideal response? ANSWER Answer: A product is a good (which is tangible) or a service (which is intangible) that can satisfy customer needs. A product line is a collection of products designed for a similar market or that are physically similar. A […]
QUESTION Apple benefits from the beliefs of its “true believers” in all of the following ways EXCEPT: A) They are likely to resist the marketing efforts of Apple’s competitors. B) They have lower expectations than other customers, which makes them easier to satisfy. C) They are likely to continue to buy products from existing Apple […]
QUESTION What was the marketing concept era (1950s to 1990s) about? What will be an ideal response? ANSWER Answer: The marketing concept era focused on a three-part marketing concept: (1) Customer satisfaction: “We need to give buyers what they expect from us.” (2) Focus on service: “Everyone, from CEO to stock clerk, should focus […]
QUESTION For the purposes of marketing categories, consumers fall into five segments, or groups. Name them and give a brief description of each. What will be an ideal response? ANSWER Answer: (1) geographic segmentation: dividing the market by location; (2) demographic segmentation: dividing the market by age, gender, income, and so on; (3) psychographic […]
QUESTION Name and describe the three categories into which business markets can be classified. What will be an ideal response? ANSWER Answer: (1) geographic segmentation: dividing the market by location; (2) customer-based segmentation: dividing the market by customer characteristics; and (3) product-use-based segmentation: dividing the market by customer use of the product Explanation: (1) […]
QUESTION Define one-to-one marketing. Give a scenario as an example. What will be an ideal response? ANSWER Answer: One-to-one marketing consists of reducing market segmentation to the smallest part—individual customers. Sample scenario: A mail-order company keeps track of the products every customer looks at on its Web site and every product each customer purchases. […]
QUESTION A company that makes baked goods created a new peppermint-chip cookie. Before the firm launched the product nationally, with its other products, it first sold the cookies at five select supermarkets in each of five major cities. What was the company doing? What will be an ideal response? ANSWER Answer: The company was […]
QUESTION Peter is standing on a busy street corner in a major city. He is stopping female pedestrians to ask whether they would be interested in a cell phone that had a cut-out space for earrings, so they didn’t have to press the phone against the earrings when listening, thus making the ear feel uncomfortable. […]
QUESTION What is a new product? What will be an ideal response? ANSWER Answer: A new product is defined as a product that either (1) is a significant improvement over existing products or (2) performs a new function for the consumer. New products may be new to a company but not necessarily to the […]
QUESTION Primary data that companies collect from databases for the purpose of getting accurate customer information to use when making marketing decisions can also be used how? What will be an ideal response? ANSWER Answer: Primary data collected from databases can be used for one-to-one marketing (reducing marketing segmentation to individual customers). Explanation: One-to-one […]
