QUESTION Market segmentation consists of dividing the business world into for-profit and not-for-profit markets. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: Market segmentation divides a market into groups whose members have similar characteristics or wants and needs.
Date: September 3rd, 2020
QUESTION “Buyer’s remorse” is a type of postpurchase evaluation in the consumer buying process. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: You might suffer “buyer’s remorse” if you bought something that you perceive later to be too expensive, too shoddy, lacking other products’ features, not delivering on its promises, […]
Date: September 3rd, 2020
QUESTION A company that sells sleeping bags logically targets customers who like camping. If the company wants to sell bags that keep campers warm to 30 degrees below 0, the company needs to target people who camp in the winter and people who live or camp in very cold climates, such as North Dakota and […]
Date: September 3rd, 2020
QUESTION 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. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: A new product is defined as a product that either (1) is a significant […]
Date: September 3rd, 2020
QUESTION The marketing process starts with conducting research and determining a target market. Then it follows the four Ps of the marketing mix, in this order: product strategy > place strategy > promotion strategy > pricing strategy. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: The four Ps are pursued […]
Date: September 3rd, 2020
QUESTION A company has an idea for a product. The first thing the company should do is establish whether there is a market for the product. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: The first thing the company should do is conduct research to determine whether there is a […]
Date: September 3rd, 2020
QUESTION Test marketing is marketing research designed to solicit initial consumer reaction to new product ideas. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: The definition given is for concept testing. Test marketing is the process of testing products among potential users.
Date: September 3rd, 2020
QUESTION Marketing researchers often submit data to data analysis to make it more useful. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Data analysis involves using statistical tools to determine data’s significance.
Date: September 3rd, 2020
QUESTION Exchange value is another term for price when you are figuring out how much to charge for a product (a good or a service). Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Exchange value determines the value of a product to the customer.
Date: September 3rd, 2020
QUESTION When companies collect secondary and primary data, such as that they get from Internet searches, focus groups, and databases, they are doing what is called environmental scanning. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: When companies collect secondary and primary data, they are doing marketing research. Environmental scanning […]
Date: September 3rd, 2020
