Final Exam Study 2

Question 1

Which stage in the new-product process results in setting the new product strategic direction for the company?

Answer 1

new-product strategy development

Question 2

The most common forms of innovation take either a ________ or ________ slant, focusing efforts on current customers.

Answer 2

market penetration; product development

Question 3

When Harley-Davidson introduced a promotional campaign targeting females, they were using:

Answer 3

market modification

Question 4

Price is a critical decision as it affects consumer perceptions and:

Answer 4

has direct impact on revenues

Question 5

Rent for an apartment or College tuition are:

Answer 5

examples of price

Question 6

Which of the following customer-service components is likely to be most critical for Honda when it purchases windshield wiper blades as a component for automobiles it manufactures?

Answer 6

dependability; on time delivery

Question 7

Most of Lands’ End’s revenues come through catalogue and internet sales, but it also operates over a dozen retail stores and factory outlets. This makes Lands’ End an example of a(n) __________ marketer.

Answer 7

multichannel

Question 8

At which stage in the product life cycle would the promotional objective be to persuade consumers to buy the product from the firm rather than competitors?

Answer 8

growth

Question 9

A communications approach that coordinates all promotional activities to provide a consistent message to a target audience is called:

Answer 9

integrated marketing communications

Question 10

Salespeople at Medtronic, Inc., the world leader in the heart pacemaker market, are in the operating room for more than 90 percent of the procedures performed with their product. Medtronic salespeople participate in:

Answer 10

relationship selling

Question 11

______ involves a company paying a fee in exchange for inclusion in an event, involvement in its advertising opportunities, or exposure within the event itself.

Answer 11

sponsorship

Question 12

What is a wiki?

Answer 12

A website whose content is created and edited by the ongoing collaboration of end users

Question 13

Companies are focusing on the value of a loyal customer over an extended timeframe. This measurement is called:

Answer 13

customer lifetime value

Question 14

A central repository of an organization’s electronically stored data is called a:

Answer 14

data warehouse

Question 15

in market-product analysis, product development refers to the marketing strategy of:

Answer 15

selling new products to current buyers