Introducing new products or services to a market segment the company is not currently serving is called:

Question 1(2.5 points)

One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in

Question 1 options:

strong connections among competing firms in the marketplace.

lower prices.

increased competition.

long-term relationships.

Question 2(2.5 points)

Value-driven firms constantly measure the __________ that customers perceive, compared to the prices of their offerings.

Question 2 options:

relationships

merchandise

benefits

information

rebates

Question 3(2.5 points)

Your roommate, a non-business major, sees you reading your marketing text. He or she asks, “Why is marketing important?” You respond by saying all of the following EXCEPT

Question 3 options:

Marketers advise production on how much product to make.

Marketers tell the logistics department when to ship products.

Marketers engage customers and develop long-term relationships.

Marketers identify opportunities to expand.

Marketers are the most important profit center in any organization.

Question 4(2.5 points)

Whenever Arnold calls his insurance agent, the agent tells Arnold about new types of insurance available. The agent is pursuing a ________________ growth strategy.

Question 4 options:

market development

diversification

product proliferation

product development

market penetration

Question 5(2.5 points)

Fernando was thrilled to find out that his company had just decided to invest a great deal of money in the product he was managing. He knows that even with its recent high rate of growth and the fact that it was dominating the market, he would need more money to establish it firmly. Using the BCG portfolio analysis, his product shares characteristics with other:

Question 5 options:

question marks.

cash cows.

stars.

dogs.

Question 6(2.5 points)

Introducing new products or services to a market segment the company is not currently serving is called:

Question 6 options:

market penetration

product development

market development

product proliferation

diversification

Question 7(2.5 points)

Quitman sells his business language dictionary to college students throughout the United States. He wants to sell the book to international students abroad. Quitman wants to pursue a __________________ growth strategy.

Question 7 options:

product development

diversification

market development

product proliferation

market penetration

Question 8(2.5 points)