Marketing - Chapter 10

Competition between businesses is beneficial because

• Product demand stabilizes

• It limits the variety of products available

• It encourages product improvements

• All of the above

Dividing a market into age groups is an example of

• Psychographic segmentation

• Demographic segmentation

• Geographic segmentation

• Product usage segmentation

In this stage of a product’s life cycle, promotion needs to be directed at the target market to make prospective consumers aware of the product/service.

• Introduction

• Growth

• Maturity

• Decline

The component of a market in which people have one or more similar characteristics is

• Group

• Segment

• Target

• Part

Changes outside the company that affect the potential success of a product include

• Past company performance

• Changes in management

• Development of new technology

• All of the above

A unique, memorable quality of a brand is

• Slogan

• Image

• Promotion

• Logo

SWOT analysis stands for

• Strategies, workshops, opportunities, and timing

• Strengths, workshops, opportunities, and threats

• Strategies, weaknesses, opportunities, and threats

• Strengths, weaknesses, opportunities, and threats

Small machines and furniture are classified as

• capital equipment

• supplies

• operating equipment

• raw materials

At which level of brand recognition can consumers recall a brand name, but the branding has little influence on the purchase decision?

• Rejection

• Preference

• Recognition

• None of these

At which stage of the new product development process is research completed to clearly identify an appropriate target market and insure that customers exist with the need and money for the product?

• Idea screening

• Strategy development

• Financial analysis

• Product development and testing