Marketing Final Exam Complete Question Set and Study Guide
A toothpaste tube is an example of a ________ package. - correct answer ✔✔ Primary
If there is a difference between the firm's perceptions of customers' expectations and the
service standards the firm has set, a __________ gap exists. - correct answer ✔✔ Standards
Brand __________ is the set of assets and liabilities linked to a brand that add to or subtract
from the value provided by the product or service. - correct answer ✔✔ equity
The objective of _____ is to build sales, market share, and profits quickly by providing an
incentive to purchase the product immediately. - correct answer ✔✔ market-penetration
pricing
_____ is a form of deceptive price advertising where sellers advertise items for a very low price
without intending to sell any of them because they plan to pressure sales of higher-priced
items. - correct answer ✔✔ Bait and switch
Although they enjoy novelty and are considered to be opinion leaders, _____ are not the first to
purchase new product innovations. - correct answer ✔✔ early adopters
A product that is perceived to be better than most substitutes is said to have _____, which
should speed up the diffusion process. - correct answer ✔✔ a relative advantage
A __________ gap reflects the difference between customers' expectations and the firm's
perception of those customer expectations. - correct answer ✔✔ knowledge
,When a firm sets a very low price for one or more of its products with the intent to drive its
competition out of business, it is engaged in - correct answer ✔✔ predatory pricing.
The introduction of the Apple iPod is an example of _____ because its introduction to the
market radically changed consumer preferences and the entire competitive landscape. - correct
answer ✔✔ a pioneer
A service is any intangible offering that involves a deed, performance, or effort that - correct
answer ✔✔ cannot be physically possessed.
Poland Spring produces a variety of bottled water beverages, and as the market continues to
show growth potential for new flavors and varieties of bottled water, the company should _____
its product lines. - correct answer ✔✔ increase the depth of
Which of the following is not one of the four criteria used for determining how "good" a brand
is, or how much equity it has? - correct answer ✔✔ brand conceptualization
A __________ gap is the difference between the firm's service standards and the service it
provides to customers. - correct answer ✔✔ delivery
When marketers say that services are __________, they are referring to the fact that services
cannot be touched, tasted, or seen, like a pure product can. - correct answer ✔✔ intangible
If a new product concept gets positive evaluations from potential customers during concept
testing, the next step for a firm is - correct answer ✔✔ product development.
The diffusion-of-innovation theory focuses on - correct answer ✔✔ the rate at which consumers
are likely to adopt a new product or service.
, Effective service recovery entails all of the following except - correct answer ✔✔ estimating the
damage.
The Victorinox Swiss Army Company is well known for its Swiss Army knives. The company also
makes and markets its Swiss Army brand of watches, travel gear, cutlery, and even fragrances.
This represents a _____ strategy. - correct answer ✔✔ brand extension
For _____ to work, the product or service must be perceived as breaking new ground in some
way, offering consumers new benefits currently unavailable in alternative products. - correct
answer ✔✔ price skimming
A _____ orientation explicitly invokes the concept of value such as when a firm uses a "no-
haggle" pricing structure to make the purchase process simpler and easier. - correct answer ✔✔
customer
When a company launches a new product line with an existing brand name, this is known as -
correct answer ✔✔ a brand extension.
When marketers state that services are ____________, they are referring to the fact that
services are not always of the same quality from one time period to another or from one service
provider to another. - correct answer ✔✔ heterogeneous
A major limitation in the use of internal R&D departments for new idea generation is - correct
answer ✔✔ the costs associated with an internal R&D department tend to be quite high.
_____ indicates that the demand for related products can either be positively or negatively
related. - correct answer ✔✔ Cross-price elasticity
The last large group of buyers to enter a new product market are _____, and when they do, the
product has achieved its full market potential and sales will have leveled off or even be in
decline. - correct answer ✔✔ the late majority
A toothpaste tube is an example of a ________ package. - correct answer ✔✔ Primary
If there is a difference between the firm's perceptions of customers' expectations and the
service standards the firm has set, a __________ gap exists. - correct answer ✔✔ Standards
Brand __________ is the set of assets and liabilities linked to a brand that add to or subtract
from the value provided by the product or service. - correct answer ✔✔ equity
The objective of _____ is to build sales, market share, and profits quickly by providing an
incentive to purchase the product immediately. - correct answer ✔✔ market-penetration
pricing
_____ is a form of deceptive price advertising where sellers advertise items for a very low price
without intending to sell any of them because they plan to pressure sales of higher-priced
items. - correct answer ✔✔ Bait and switch
Although they enjoy novelty and are considered to be opinion leaders, _____ are not the first to
purchase new product innovations. - correct answer ✔✔ early adopters
A product that is perceived to be better than most substitutes is said to have _____, which
should speed up the diffusion process. - correct answer ✔✔ a relative advantage
A __________ gap reflects the difference between customers' expectations and the firm's
perception of those customer expectations. - correct answer ✔✔ knowledge
,When a firm sets a very low price for one or more of its products with the intent to drive its
competition out of business, it is engaged in - correct answer ✔✔ predatory pricing.
The introduction of the Apple iPod is an example of _____ because its introduction to the
market radically changed consumer preferences and the entire competitive landscape. - correct
answer ✔✔ a pioneer
A service is any intangible offering that involves a deed, performance, or effort that - correct
answer ✔✔ cannot be physically possessed.
Poland Spring produces a variety of bottled water beverages, and as the market continues to
show growth potential for new flavors and varieties of bottled water, the company should _____
its product lines. - correct answer ✔✔ increase the depth of
Which of the following is not one of the four criteria used for determining how "good" a brand
is, or how much equity it has? - correct answer ✔✔ brand conceptualization
A __________ gap is the difference between the firm's service standards and the service it
provides to customers. - correct answer ✔✔ delivery
When marketers say that services are __________, they are referring to the fact that services
cannot be touched, tasted, or seen, like a pure product can. - correct answer ✔✔ intangible
If a new product concept gets positive evaluations from potential customers during concept
testing, the next step for a firm is - correct answer ✔✔ product development.
The diffusion-of-innovation theory focuses on - correct answer ✔✔ the rate at which consumers
are likely to adopt a new product or service.
, Effective service recovery entails all of the following except - correct answer ✔✔ estimating the
damage.
The Victorinox Swiss Army Company is well known for its Swiss Army knives. The company also
makes and markets its Swiss Army brand of watches, travel gear, cutlery, and even fragrances.
This represents a _____ strategy. - correct answer ✔✔ brand extension
For _____ to work, the product or service must be perceived as breaking new ground in some
way, offering consumers new benefits currently unavailable in alternative products. - correct
answer ✔✔ price skimming
A _____ orientation explicitly invokes the concept of value such as when a firm uses a "no-
haggle" pricing structure to make the purchase process simpler and easier. - correct answer ✔✔
customer
When a company launches a new product line with an existing brand name, this is known as -
correct answer ✔✔ a brand extension.
When marketers state that services are ____________, they are referring to the fact that
services are not always of the same quality from one time period to another or from one service
provider to another. - correct answer ✔✔ heterogeneous
A major limitation in the use of internal R&D departments for new idea generation is - correct
answer ✔✔ the costs associated with an internal R&D department tend to be quite high.
_____ indicates that the demand for related products can either be positively or negatively
related. - correct answer ✔✔ Cross-price elasticity
The last large group of buyers to enter a new product market are _____, and when they do, the
product has achieved its full market potential and sales will have leveled off or even be in
decline. - correct answer ✔✔ the late majority
