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Which of the following statements is true of a sharing economy? ??A sharing economy is primarily the result of?two activities, harvesting and divesting.? ??An organization's trust and reputation have little role in determining its place in a sharing economy.? ??In a sharing economy, an individual experiences the benefits of being both a consumer and a producer.? ??Self-policing mechanisms are typically absent in most platforms that form part of a sharing-related business.__________ is a period in a typical product life cycle characterized by rapid market acceptance and significant profit improvement. ??Decline? ??Growth? ??Maturity? ??IntroductionWhich of the following is a difference between business markets and consumer markets? ??In business markets, the total demand for goods and services is significantly affected by price changes, whereas in consumer markets, the total demand for goods and services is not significantly affected by price changes.? ??In business markets, buyers usually purchase products through intermediaries, whereas in consumer markets, buyers usually purchase products directly from manufacturers.? ??Suppliers in business markets are often expected to customize their products to suit the requirements of individual business customers, whereas suppliers in consumer markets are seldom expected to do so.? ??Purchasing decisions in business markets are made by the end user, whereas purchasing decisions in consumer markets are made by a buying committee.Which of the following best describes the term product system? ??It refers to a set of different but related items that operate in a compatible manner.? ??It refers to a set of products available only to high-income consumers.? ??It is a set of variants that are developed for a single product.? ??It is a group of products that perform a similar function and belong to a single product class.When marketers combine an existing brand with a new brand, the product is called a __________. ??sub-brand? ??parent brand? ??master brand? ??family brandWhich of the following measures reflects the short-term results of a firm’s marketing efforts? ??Customer awareness? ??Sales turnover? ??Market share? ??Perceived quality__________ refers to a marketing strategy in which a firm tries to cater to all customer groups with all the products they might require. ??Individual marketing? ??Full market coverage? ??Single-segment concentration? ??Multiple segment specializationA fundamental and distinctive mode of expression that appears in a field of human endeavor is called a __________. ??theme? ??style? ??trend? ??pattern__________ is the first step a firm should take while setting the price for a product. ??Determining demand? ??Selecting a pricing method? ??Selecting the pricing objective? ??Estimating cost__________ refers to the activity of designing a company’s product and image so that they occupy a distinctive place in the minds of the target market. ??Segmentation? ??Positioning? ??Targeting? ??CustomizationA customer-focused __________ presents a strong, convincing reason why the target market should purchase a product or service. ??value proposition? ??mission statement? ??value network? ??project objectiveWhich of the following statements is true of fads? ??They tend to win over only a limited following.? ??They last for several generations.? ??They usually satisfy a strong customer need.? ??They have a long acceptance cycle.Entities that assist in the distribution process of a product but neither take title to goods nor engage in the negotiation of purchases or sales are called __________. ??merchants? ??jobbers? ??facilitators? ??agents__________ seeks to create brand awareness among consumers and communicate to them about new products or new features of existing products. ??Persuasive advertising? ??Informative advertising? ??Reinforcement advertising? ??Reminder advertising__________ refers to the capacity to satisfy humanity’s needs without harming future generations. ??Durability? ??Sustainability? ??Profitability? ??AccountabilityThe __________ refers to the core business process in which an organization researches, develops, and introduces novel, high-quality products quickly and within the firm’s budget. ??new-offering realization process? ??customer relationship management process? ??fulfillment management process? ??customer acquisition processThe __________ encompasses the actors engaged in producing, distributing, and promoting a product or a service. ??legal environment? ??task environment? ??natural environment? ??demographic environmentThe width of a company’s product mix refers to: ??the number of different product lines carried by the company.? ??the total number of items in the product mix.? ??the extent to which the different product lines in the mix are related in terms of end use.? ??the number of variants offered for each product in a product line.Which of the following statements is true of personal communications channels? ??They are often less effective than mass communication channels.? ??Their effectiveness derives from individualized presentation and feedback.? ??They include public relations, advertising, and sales promotions.? ??Their influence on purchase decisions is significant when products are purchased frequentlyA firm should use undifferentiated marketing to promote its products when: ??it wants to appeal to multiple market segments.? ??the market shows several natural segments.? ??it wants to customize its products for each consumer.? ??all consumers have roughly the same wants and preferences.__________ is one of the methods used to develop ideas for a new product in which each feature of an existing product is noted and modified. ??Mind mapping? ??Attribute listing? ??Reverse-assumption analysis? ??Morphological analysisThe marketing department of StyleWheel Inc., a manufacturer of luxury cars, initiates intensive marketing efforts prior to the launch of a new model. Three months into the launch of the new model, the department decides to assess the short-term effects of its marketing activities. Which of the following is a reliable measure of performance for this purpose? ??Market share? ??Perceived quality? ??Shareholder value? ??Customer awareness__________ divides the market into units such as nations, states, regions, cities, or neighborhoods. ??Geographic segmentation? ??Behavioral segmentation? ??Psychographic segmentation? ??Demographic segmentationNowadays, a __________ is being appointed by many firms so as to place the marketing function on a more equal footing with the functions performed by other C-level executives. ??finance manager? ??chief information officer? ??chief marketing officer? ??marketing managerFashion Vista Designers, a firm that sells designer clothes, has outlets in four countries. In each country, it offers clothes that suit the climatic conditions of the country and match the cultural sensibilities of the local population. The marketing department of Fashion Vista often releases advertisements that show regional celebrities endorsing the company’s products. In this scenario, which of the following types of market segmentation does Fashion Vista employ? ??Behavioral segmentation? ??Psychographic segmentation? ??Geographic segmentation? ??Demographic segmentationBusiness markets differ from consumer markets in that: ??in business markets, a marketer typically deals with several smaller buyers.? ??in business markets, purchasing is often executed through intermediaries.? ??the total demand for many goods and services in business markets is elastic.? ??buying decisions in business markets are subject to multiple influences.__________ is the process of maximizing customer loyalty by cautiously handling detailed information about customers and all customer touch points. ??Enterprise resource planning? ??Product modification? ??Customer relationship management? ??Customer cloningA company that interacts with its customers to get product ideas should: ??allow all its customers to participate in the product-design process.? ??prohibit customers from innovating products without its consent.? ??engage the right customers in the right way.? ??focus solely on its lead users.In the context of the value chain, __________ is a primary activity that involves bringing materials into the business. ??technology development? ??operations? ??inbound logistics? ??marketingIn which of the following stages of a product life cycle are profits nonexistent? ??Decline? ??Growth? ??Introduction? ??Maturity ................
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