Review for Quiz 2

Question 1

What is the difference between a market and an industry?

Accepted Answer

Markets are buyers. Industries are sellers.

Question 2

Determinant attributes used to position products may include

Accepted Answer

endorsements, ingredients and manufacturing processes, parentage, price/quality

Question 3

What of the following is not a force identified in Porter's Five model?

Accepted Answer

threat of substitutes within industry

Question 4

How do you describe niche and mass market strategies?

Accepted Answer

Mass uses the same product and marketing program for all., Niche targets one or more segments with specific needs.

Question 5

Behavioural segmentation considers consumer needs, lifestyle, and ...

Accepted Answer

product usage and purchase influence

Question 6

Attractive target markets have all the following characteristics except ...

Accepted Answer

customers' needs that are well served by competitors

Question 7

A positioning statement should clearly state which of the following?

Accepted Answer

benefits to users, target market

Question 8

Companies do marketing research to understand which of the following?

Accepted Answer

test new product concepts, measure customers' perceptions, monitor external environmental forces, find solutions to marketing problems

Question 9

Which of the following is not a factor that affects the adoption process of a new product?

Accepted Answer

ability to customize product to meet specific needs

Question 10

Which of the following is not a technique to forecast sales of a new-to-the-world product?

Accepted Answer

observation

Questions 10