What does concept development focus on?

Turning ideas into detailed product concepts

What is the main benefit of using a systematic approach to new product development?

It reduces the risk of developing unsuccessful products.

Which of the following defines market targeting?

Selecting one or more segments to enter and serve

What is market segmentation?

Dividing a market into distinct groups of buyers with different needs.

What is geographic segmentation?

Dividing a market into different groups based on location

What is the first step in the marketing research process?

Defining the problem and research objectives

What are the major influences on business buyer behavior?

Environmental, organizational, interpersonal, and individual factors

A positioning map helps firms visualize:

Competitor products in the market based on customer perceptions

Which targeting strategy focuses on common needs of the market rather than differences?

Undifferentiated (mass) marketing (Correct)

studbud

POM MidTerm Review

20 termsStudBud Administration70 plays

Imported from external platform

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
What does concept development focus on?
Developing the physical product
Estimating production costs
Creating marketing strategies
Turning ideas into detailed product concepts
2
What is the main benefit of using a systematic approach to new product development?
It increases the number of product ideas.
It guarantees product success.
It reduces the time it takes to introduce products.
It reduces the risk of developing unsuccessful products.
3
Which method involves collecting ideas from a large group of external people?
Concept Testing
Crowdsourcing
Brainstorming
Focus Groups
4
Which of the following is NOT evaluated during the business analysis stage?
Profit projections
Sales forecasts
Development costs
Advertising strategies
5
At what stage are product concepts tested with potential customers?
Commercialization
Product Development
Test Marketing
Concept Testing
6
What is the term for the set of tools of 7Ps the firm uses to implement its marketing strategy?
Market segmentation
Product mix
Marketing mix
Marketing strategy
7
Which of the following defines market targeting?
Selecting one or more segments to enter and serve
Positioning the product in the market
Conducting market research to determine customer needs
Dividing the market into smaller segments
8
What is market segmentation?
Dividing a market into distinct groups of buyers with different needs.
Creating a diversified product line
Setting prices for different market segments
Targeting all consumers
9
What is geographic segmentation?
Dividing a market into different groups based on location
Dividing a market based on buying behavior
Dividing a market into different groups based on demographics
Dividing a market into different groups based on lifestyle or personality
10
What is the first step in the marketing research process?
Interpreting and reporting the findings
Implementing the research plan
Developing the research plan
Defining the problem and research objectives
11
The growth-share matrix, developed by the (BCG), What is a product with low market share and high market growth call
Star
Cash cow
Dog
Question mark
12
Which of the following is an external source of new product ideas?
Customers
Internal R&D
Management
Employees
13
Which of the following is not one of the marketing management orientations?
Societal marketing concept
Product concept
Production concept
Environmental concept
14
What is the purpose of idea screening?
Develop prototypes
Generate new ideas
Eliminate poor ideas early
Test the product in the market
15
What are the major influences on business buyer behavior?
Customer relationship and cost-effectiveness
Cultural, economic, and political influences
Product specifications and market segmentation
Environmental, organizational, interpersonal, and individual factors
16
Which of the following is part of the microenvironment?
Suppliers
Demographic trends
Technological factors
Economic conditions
17
Which of the following refers to forces that shape the marketing environment but are outside the company’s control?
Macroenvironment
Competitive environment
Microenvironment
Regulatory environment
18
A positioning map helps firms visualize:
Economic influences on the market
Geographical market segments
Customer purchase patterns
Competitor products in the market based on customer perceptions
19
Which of the following is NOT an outcome of concept testing?
Customer preferences for the product
Estimates of product cost
Customer understanding of the product
Feedback on product features
20
Which targeting strategy focuses on common needs of the market rather than differences?
Undifferentiated (mass) marketing (Correct)
Differentiated marketing
Micro-marketing
Concentrated (niche) marketing

POM MidTerm Review Flashcards | StudBud