Podcast
Questions and Answers
Which type of business market tends to have the most complex buying procedures?
Which type of business market tends to have the most complex buying procedures?
The NAICS classification is based on?
The NAICS classification is based on?
production activities
When business customers purchase products to be used directly or indirectly in the production of consumer goods and services, that demand for business products is?
When business customers purchase products to be used directly or indirectly in the production of consumer goods and services, that demand for business products is?
derived
Demand for a business product is ____ when two or more items are used in combination to produce a product.
Demand for a business product is ____ when two or more items are used in combination to produce a product.
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An organization that decides to buy all of a certain part from the same company is using?
An organization that decides to buy all of a certain part from the same company is using?
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When a firm designs a single marketing mix and directs it at an entire market for a particular product, the company is using a(n) ____ strategy.
When a firm designs a single marketing mix and directs it at an entire market for a particular product, the company is using a(n) ____ strategy.
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When markets are comprised of people with differing product needs, the marketing manager should use a(n) ____ strategy.
When markets are comprised of people with differing product needs, the marketing manager should use a(n) ____ strategy.
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A marketer that targets customers based on marital status and the presence and age of children is using?
A marketer that targets customers based on marital status and the presence and age of children is using?
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The psychographic variable that includes numerous characteristics related to people's activities, interests, and opinion is?
The psychographic variable that includes numerous characteristics related to people's activities, interests, and opinion is?
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After an organization has determined which of the many segmentation variables it will use, the next step in the target market selection process is?
After an organization has determined which of the many segmentation variables it will use, the next step in the target market selection process is?
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Products are classified as being business or consumer products according to the?
Products are classified as being business or consumer products according to the?
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Facilities, factories, and production lines with very large equipment are all classified as?
Facilities, factories, and production lines with very large equipment are all classified as?
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Although they become part of a larger product, ____ can often be easily identified and distinguished on the larger product.
Although they become part of a larger product, ____ can often be easily identified and distinguished on the larger product.
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The width of a product mix is measured by the number of product?
The width of a product mix is measured by the number of product?
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Sales usually start to decline during the ____ stage of the product life cycle.
Sales usually start to decline during the ____ stage of the product life cycle.
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____ is the development of a product that is closely related to one or more products in a firm's existing product line but is designed specifically to meet somewhat different customer needs.
____ is the development of a product that is closely related to one or more products in a firm's existing product line but is designed specifically to meet somewhat different customer needs.
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Changes that affect the sensory appeal of a product by altering its taste, texture, sound, smell, or visual characteristics are called ____ modifications.
Changes that affect the sensory appeal of a product by altering its taste, texture, sound, smell, or visual characteristics are called ____ modifications.
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The phase of the new product development process when the organization determines the technological feasibility of producing the product at a cost that results in a reasonable selling price is?
The phase of the new product development process when the organization determines the technological feasibility of producing the product at a cost that results in a reasonable selling price is?
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One disadvantage of test marketing a new product is that?
One disadvantage of test marketing a new product is that?
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The intangibility aspect of a service means that?
The intangibility aspect of a service means that?
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The more ____ involved with delivering a service, the greater the degree of heterogeneity.
The more ____ involved with delivering a service, the greater the degree of heterogeneity.
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When service companies change high-contact services into low-contact services, the?
When service companies change high-contact services into low-contact services, the?
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Service marketers make promises to customers, suggesting that the customer place some degree of trust in the service provider. In this way, service marketers are trying to address the challenge of the service characteristic of?
Service marketers make promises to customers, suggesting that the customer place some degree of trust in the service provider. In this way, service marketers are trying to address the challenge of the service characteristic of?
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Production and consumption of services must simultaneously occur due to the ____ characteristic of services.
Production and consumption of services must simultaneously occur due to the ____ characteristic of services.
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Who delivers the most satisfaction to the customers?
Who delivers the most satisfaction to the customers?
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Is the economy growing like it used to?
Is the economy growing like it used to?
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Deregulation _________ competition.
Deregulation _________ competition.
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Who has the most money?
Who has the most money?
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More frequent shoppers, not brand loyal?
More frequent shoppers, not brand loyal?
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Fashion leaders?
Fashion leaders?
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High brand loyalty, shop with family?
High brand loyalty, shop with family?
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What % of households are married?
What % of households are married?
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How many recession...
How many recession...
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Study Notes
Business Markets and Demand
- Government markets exhibit the most complex buying procedures.
- NAICS classification focuses on production activities.
- Demand for business products is derived from consumer goods and services production.
- Joint demand occurs when two or more items are combined to produce a product.
Sourcing and Marketing Strategies
- Sole sourcing refers to an organization purchasing all parts from a single supplier.
- An undifferentiated strategy targets an entire market with a single marketing mix.
- A concentrated or differentiated targeting strategy is used when market needs vary significantly.
Segmentation and Targeting
- Family life cycle is used by marketers targeting customers based on marital status and children’s presence and age.
- Lifestyle refers to the psychographic variable encompassing activities, interests, and opinions.
- Market segment profiles are developed after selecting segmentation variables.
Product Classification and Mix
- Products are categorized as business or consumer based on the buyer's intended use.
- Installations include large equipment such as facilities and production lines.
- Component parts can be identified separately, even when part of a larger product.
- Product mix width is determined by the number of product lines offered.
Product Life Cycle and Development
- Sales decline during the maturity stage of the product life cycle.
- Line extension involves developing new products closely related to existing ones to meet different customer needs.
- Aesthetic modifications change a product’s sensory appeal.
- Product development assesses the feasibility of producing a product at a reasonable cost.
Testing and Service Characteristics
- A key disadvantage of test marketing a new product is the risk of competitors copying it.
- Intangibility creates challenges for consumers in evaluating service offerings.
- Increased human labor in service delivery leads to greater heterogeneity.
- Low-contact service transformations result in less personalization.
Service Marketing Challenges
- Service marketers address intangibility by fostering customer trust.
- The inseparability characteristic necessitates simultaneous production and consumption of services.
- Higher satisfaction delivery to customers primarily comes from lower-level employees.
Demographics and Market Trends
- Economic growth is currently stagnant compared to previous trends.
- Deregulation increases competition.
- Older populations generally have more financial resources.
- Asian consumers tend to shop frequently but exhibit less brand loyalty.
- Black consumers are recognized as fashion leaders.
- Latino consumers maintain high brand loyalty while shopping with family.
- Approximately 52% of households consist of married couples.
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Description
Prepare for your Marketing Exam with this review quiz. The quiz covers essential concepts such as types of business markets, NAICS classification, and derived demand. Test your knowledge and ensure you understand key marketing principles.
