A feature or image that makes a product different from existing products is called product differentiation. Marketing Ethics: Selling Controversial Products Consumer behaviour, also called Buyer Behaviour is the process and act of decision-making of people involved in buying and use products. Product design is an important marketing decision, which helps in increasing sales. Such a strategy allows the company to pull the product out and attempt to introduce a replacement product. 56. Module 7 Marketing MCQ Marketing Chapter 5 Consumers learn about new products for the first time and make the decision to buy them during the _____. Products can be defined quite broadly. The decision to test market should be made only after the executive has received a complete marketing plan based on comprehensive product and communication tests. Policy and Operating Decisions: Chapter 2 MKT Flashcards | Quizlet Some examples of strategic decisions are â decisions relating to product diversification or product line, entering a new market, pricing strategy, advertising strategy, etc. Should the entrepreneur write a business plan soon after launching the business. Strategic decisions generally involve lengthy deliberations and also may have much impact on the functioning of the business concern. for final purchase of the products of their choices. The place in the business buying behavior model where interpersonal and individual Influences might interact is called the_____ a. False . Chapter 9, Problem 78MCQ is ⦠1. So a supplier play s a major role in the marketing decision making process. Product Marketing Terms. What is Product Marketing? E. Jerome McCarthy introduced the 4 Ps of marketing his 1960 book, Basic Marketing: A Managerial Approach. a. ; Advertising platform - The product attributes and issues conveyed in an advertising message to the target audience. B. offer the lowest prices in town. As the most visible form of marketing, advertising is one of the principal motors of a capitalist economy and also one of the largest modern industries: The global advertising market was valued at $495 billion in 2013 (the United States was the largest national market at $152 billion). B) Improved decision making results in a large monetary value for the firm as numerous small daily decisions affecting efficiency, production, costs, and more add up to large annual values. A âtarget marketâ is a specific group of people who have similar needs, preferences and behaviors. B. both tend to focus on nonrecurring information needs. desired number of times, it is called the: a. key-size approach. b. The width of a product mix is measured by the number of product. Adjacent innovation involves decisions that result in brand-new markets, products, and often new businesses by acquiring new assets to develop the type of breakthrough decisions that fall in ⦠If the sales are fair a decision to modify the product and undertake another test run may be taken and if the sales are poor the decision to abandon the product may be the right decision. Product B sells for $35, has variable costs of $20, requires 5 machine hours to produce, and the market is limited to 6000 units. Developing and implementing a marketing program involves a combination of tools called the marketing mix (often referred to as the âfour Psâ of marketing): product, price, place, and promotion. Product Variety: Customers are no longer satisfied with the same product for a ⦠The act of trading a desired product or service to receive something of value in return is known as Exchange key concept in marketing. A decrease in the firm's long-term profitability. A) Improved decisions creates better products. ⢠Marketing decisions must involve consideration of general well-being and even potential global effects. 16. The first of the product mix decisions refers to the product mix width. 3.1.3. Environment. Product decision is the basis of marketing programme and all marketing activities are based on product decision. Pricing, place (distribution), advertising and other decisions are influenced by the product decisions. Moreover, this determines the success and future of the business. 51. Each of these four Ps can influence a consumer's decision-making. Both companies targeted cola drinkers who want the flavor of a regular soda but fewer calories. C. brand leveraging. The consumer or buyer decision process will enable them to set a marketing plan that convinces them to purchase the ⦠Market models assume that ⦠Pricing, place (distribution), advertising and other decisions are influenced by the product decisions. This is where profits are either made or lost. The variables or elements of Buyer buy on the basis of various other factors than just product or service. This collection of products is called a product portfolio. When making a buying decision about a product the organization has purchased before, if an organization decides that it needs to change the specification of the product, further negotiate on price levels with the supplier, or perhaps make an arrangement for alternative delivery patterns, this is an example of which type of buying decision? Four important dimensions of a product mix can be identified. They are the one who promote, distribute and sell the goods on behalf of the company. This results in the evolution of five basic strategic alternatives - extension; extension, adaptation; ⦠Launching a new product into the market can be the beginning of a wonderful journey or a total fiasco. Qualification is the testing required to ensure that the developed product meets the market or customer needs. (a) dimensions in the product line. It is the value that a buyer passes on to the seller in lieu of the product or service provided. If most of the products on the market cost about the same and have many of the same features or qualities, the purchase decision comes down to subjective preference. Which of the following is not a stage in the product life cycle? Operations research is about deriving optimal solutions to maximize sales or profits and/or to minimize costs, losses, or risks. Marketing research - A systematic and objective approach to developing and providing information for decision making regarding a specific marketing problem. Some buy it immediately after the product is launched. Price. Message design has three elements, illustration, layout and copy. These include: The fundamental among them was the 4 Ps of marketing.Later in the 1960s, Jerome McCarthy devised the 7 Ps model, refining the essentials from the marketing mix.Over time many Ps have been crystallized like 5Ps, 8Ps, etc.But the ⦠Product planning a. Mixed differentiation Customers making more complex purchases tend to use a mix of vertical and horizontal differentiation when making purchase decisions. According to this article, the problem recognition or need recognition stage is ⦠Product Support Services â Stage Five of Individual Product Decisions Consumers learn about new products for the first time and make the decision to buy them during the ________. ANSWER: (5) All of the above. Product decision is the basis of marketing programme and all marketing activities are based on product decision. Product consists of the physical product, its quality, brand name, packaging and label. C. marketing information systems tend to increase the quantity of information available for decision making, but with some decrease in quality. Launching a product in a small part of the market is called: Competitive response. Stage 2: They want to do an information search. The company can sell all it can make of either product. Advertising - A paid form of communication and promotion involving a product and its attributes.. Advertising campaign - A marketing message(s) focused on a target audience over an extended period. The marketers may improve their marketing strategies by understanding aspects, which are most common in the different consumer decision model developed by earlier researchers of marketing. We will now focus on one special category of products: consumer products. That whole process is still very much the same: Stage 1: You have a problem or a need. Purchase. Figure 7.4 The export marketing channel for Kenyan horticultural products. 7 answers. Step-by-step solution. And the company grabbed 42% more market share. The campaign turbocharged sales 36% year-over-year. Until and unless if a decision is made a consumer cannot buy anything. The consumer has also to make the choice of the product available in the market. After taking any decision consumers buy a product. Then the consumer takes a decision about which brand to buy. This can be attached with the price and features of the product. For example in 1992/93 Zimbabwe exported 5 338,38 tonnes of flowers, 4 678,18 tonnes of horticultural produce and 12 000 tonnes of citrus at a total value of about US$ 22 016,56 million. Consumer products b. Betty is a marketer for a small convenience store chain. A cluster of complementary goods and services across diverse set of industries is called as _____ Market place Meta market Market space Resource Market 13. 10 Steps to Bring a Product to Market Everybody has product ideas, in fact some people have dozens, but yet only a small percentage of ideas ever get started. A critical decision in marketing is choosing the target market for the product. Marketing efforts to produce, promote, and reclaim environmentally sensitive products are called _____. ⦠Operations research (or operational research, as it's called in Europe) refers to scientific methods (statistical and mathematical modeling, experiments, simulation, ⦠Emotional responses to marketing actually influence a personâs intent and decision to buy more than the content of an ad or marketing material. QUESTION. Market targeting is the process of evaluating each market segmentâs attractiveness and selecting one or ⦠Adding new features to a product is advocated by which of the approaches? In the 1950s Neil Borden popularised the term marketing mix which contained more than ten elements of marketing.
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