Mark 3336 Exam 2 Questions Answered Corrrectly Latest Update 2026

MARK 3336 EXAM 2 QUESTIONS ANSWERED CORRRECTLY LATEST UPDATE 2026 What is the first thing a company does when analyzing competitors? - Answers Identify the company's competitors. Which of the following strategies would be utilized by a market challenger? - Answers Observe what has made the market leader successful and improve on it. According to the text, which customer and competitor orientation should company's today practice? - Answers Market-centered What is benchmarking used for? - Answers To assess competitor's strengths and weaknesses A(n) __________ is used to determine the benefits that target customers value and how customers rate the relative value of various competitors' offers. - Answers Customer value analysis Ritz-Carlton focuses on the top 5 percent of corporate and leisure travelers. This represents a(n) __________ strategy. - Answers Focus According to the text, digital services that overlap with traditional newspaper content are __________ because they offer, for free, real-time content that subscription-based newspapers printed once a day can't match. - Answers Bad competitors Marketing strategy often passes through three stages. At which stage is a company started by an individual who visualizes an opportunity? - Answers Entrepreneurial marketing What are the three winning competitive positioning strategies proposed by Michael Porter? - Answers Overall cost leadership, differentiation, and focus Which of the following statements regarding a customer intimacy strategy is correct? - Answers A customer intimacy strategy requires quickly responding to customer needs. Which of the following statements is correct regarding consumer buying decisions? - Answers Consumers are often unaware of what influences their purchases. When consumers engage in __________ buying behavior they go through a learning process, so it is most important that marketers understand information gathering and evaluation behavior. - Answers Complex Which of the following statements regarding American subcultural groups is correct? - Answers Asian Americans are the most affluent U.S. demographic segment. Which of the following statements is correct regarding the influence of personal factors on buyer behavior? - Answers Consumers tend to buy brands whose personality matches their own. What are the three cultural factors that influence consumer buyer behavior? - Answers Culture, subculture, and social class What are the four general characteristics that influence consumer purchases? - Answers Cultural characteristics, social characteristics, personal characteristics, and psychological characteristics What is the correct order of the five stages of the new product adoption process? - Answers Awareness, interest, evaluation, trial, adoption Which of the following statements regarding habitual buying behavior is correct? - Answers In these types of purchases marketers often use price and sales promotion as incentives for purchase Which adopter category consists of opinion leaders who adopt new ideas early but carefully? - Answers Early adopters What tends to be the most effective source of information when consumers make a buying decision? - Answers Personal sources What is positioning? - Answers Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers What are perceptual positioning maps used for? - Answers To show consumer perceptions of different brands on important product dimensions What is the overall purpose of differentiation? - Answers To create superior customer value Which base of segmentation divides buyers into segments based on their knowledge, attitudes, uses, or responses to a product? - Answers Behavioral Which value proposition is the most difficult to sustain in the long run? - Answers More for less A colleague wants to evaluate the attractiveness of a particular market segment. Which of the following would be good advice for your colleague? - Answers Carefully consider the degree of competition and ease of entry into the segment. There is a growing segment of people who want food that tastes good and is also good for them. This healthy-living segment represents which segmentation base? - Answers Lifestyle When segmenting international markets, marketers often can form segments of consumers who have similar needs and buying behaviors even though they are located in different countries. This is called __________. - Answers Intermarket segmentation Which targeting strategy focuses on common consumer needs, as opposed to different needs? - Answers Mass marketing Psychographic segmentation divides buyers into different segments based on __________. - Answers lifestyle and personality When a company lengthens a product line by adding more items within that lines current range, they are __________. - Answers Filling the line For which service characteristic do marketers need to pay close attention to fluctuations in demand? - Answers Perishability Typically, consumers put in minimum time and effort when buying products such as laundry detergent, candy, and fast food. These types of goods are classified as __________ products. - Answers Convenience Mothers Against Drunk Driving (MADD) runs advertising campaigns aimed at stopping drunk driving and preventing underage drinking. This is an example of __________. - Answers Social Marketing In determining product quality, what are the two dimensions of quality marketers must decide upon? - Answers Level and consistency A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges are called a(n) __________. - Answers Product line According to the text, what are the three levels on which brands can be positioned? - Answers Product attributes, desirable benefits, and beliefs and values What are the four special service characteristics marketers must consider when designing marketing programs? - Answers Intangibility, inseparability, variability, and perishability Charles Revson, who started Revlon, once said "We sell hope." Revson was defining the __________ of Revlon cosmetics. - Answers Core customer value Duracell is well known for manufacturing and marketing batteries. Recently they launched the Duracell Powermat, which is a wireless charger for mobile devices. Which brand development strategy did Duracell use in this example? - Answers Brand extension Which of the following statements is true regarding standardizing products for international markets? - Answers Standardization decreases product design, manufacturing, and marketing costs. Which of the following statements about new product development strategy is correct? - Answers Innovation can be very expensive and very risky. Most products today are in which stage of their product life cycle? - Answers Maturity If a company finds that a new product concept is acceptable and should be moved forward, what is the next step in the new product development process? - Answers Marketing strategy development When Dr. Footcare developed and launched a revolutionary new walking shoe, he knew that during the introductory stage of the product life cycle (PLC) __________. - Answers Sales would be slow and profits nonexistent During the idea generation stage of the new product development process, it is important that __________. - Answers Companies create a large number of ideas What is the first step of the new product development process? - Answers Idea generation Which of the following statements regarding socially responsible product decisions is correct? - Answers The government may prevent companies from adding products through acquisitions if the effect threatens to lessen competition. Which of the following statements regarding standard test marketing is correct? - Answers Test marketing can be costly and delay commercialization of the product. Installing an innovation management system to collect, review, evaluate, and manage new product ideas represents a(n) __________ approach to new product development. - Answers Systematic A company that achieves the lowest production and distribution cost in order to allow it to lower the prices of their goods to gain market share. - Answers Cost Leadership Strategy