Exam 8: Developing Marketing Strategies

Choosing and maintaining a target market is easy because of stable consumer characteristics.

Which of the following is true about the growth stage of the product life cycle?

Small firms generally should not attempt to be price leaders.

Which of the following is true about the introduction stage of the product life cycle?

_____ are reductions from a product's normal list price and are given to customers as an inducement to buy more of the same product.

When people buy something, they purchase satisfaction as well as goods and services.

Test marketing a product is a cost-effective way to do primary research.

_____ is the amount added to the cost of the product to determine selling price.

Markup involves adding products that are unrelated to the present product line.

Describe the introduction stage of the product life cycle.

In a store, an item is priced extremely low by a dealer, but the salesperson points out the disadvantages of the item and switches customers to items of higher quality and price. What is this pricing policy called?

In which stage of the product life cycle does competition become more aggressive, with declining prices and profits?

Which of the following is an example of a strictly business oriented service?

What is a marketing mix?

A small retailer provides an allowance to a customer upon purchase of a washing machine. This is called a(n) _____.

A building contractor would be most likely to use a _____ pricing strategy.

A(n) _____ is an item priced at or below cost to attract customers into the store to buy more profitable items.

Marketing objectives need not be tied in with the business's competitive edge.

Which of the following is a primary marketing research technique?

Marketing research is possible using customer credit records and sales records.