What market trend is creating an opportunity for product

Question

A shopper’s grocery cart contains the following group of products: baby powder, wet wipes, and diapers. What product classification does this example represent?

1.    Substitute products
2.       Usage group
3.       Process materials
4.       Shopping products

2. In the book, The Parodox of choice: Why More is Less, Barry Schwarts reports on research by Professor Iyengar that illustrates the effect of multiple options on consumers. Which of the following statements best summarizes the main effect that Iyangar discovered?

1.       Buyers are less inclined to buy when too many options are available.
2.       Having many options creates buyers who are more inclined to buy.
3.       Having fewer options creates buyers who are more dissatisfied with their choices.
4.       Buyers are less inclined to buy when fewer options are available.

3. Which of the following BEST describes the Internal Analysis planning tool?

1.       A framework for finding an achievable strategy based on competitive opportunities that can be seen in the external marketplace.
2.       A review of an organization focused on factors in the micro-environment and the macro- environment.
3.       A comprehensive business process that articulates formalized, top-down strategic planning on a regular cycle.
4.       A review of an organization's strengths and weaknesses focused on factors within its domain.

4. What market trend is creating an opportunity for product offerings that are marketed as ideas?

1.       Consumers’ interest in opinions of people like themselves concerning product recommendations.
2.       Consumers’ desire to do business with companies with extensive product lines.
3.       The development of social network portals that help people form communities around shared interests.
4.       The proliferation of product options, of which many are “good enough” and few capable of sustaining interest.

5. Lands’ End, the clothing company, offers an unconditional guarantee that reads, “If you’re not satisfied with any item, simply return it to us at any time for an exchange or refund of its purchase price.” Which category of product strategy does this example illustrate?

1.       Support
2.       Branding
3.       Quality
4.       Packaging

6. Which of the following examples BEST fits the definition of an A/B Split as measure of campaign effectiveness?

1.       A candidate for president who wishes to appeal to young voters shows alternate versions of an advertisement to two different focus groups.
2.       A manufacturer of a healthcare device uses one value proposition with retailers and another value proposition with consumers.
3.       A marketer uses an increase in recall of positive attributes to prove marketing’s ROI.
4.       A website for a new mp3 player uses stored data on site visitors’ location to suggest locations where the product can be purchased.

7. As social media becomes more pervasive, the relationship between marketers and consumers is changing. Which statement BEST describes the nature of this shift?

1.       Corporate advertising has more influence on buying behavior.
2.       Companies that offer undifferentiated goods and services no longer compete on price.
3.       Consumers are helping companies develop and market products.
4.       Consumers have fewer opportunities to exchange ideas in traditional channels.

8. When Palm Products developed its glow-in-the-dark camping drinkware line, the company learned from consumer feedback at a trade show that the same product would offer a strong appeal within senior-care facilities and nightclubs. This is an example of line extension by finding new markets that can be served by existing products. Which of the following concepts does this example ALSO illustrate?

1.       Co-creation of value
2.       Customer Lifetime Value
3.       Channel marketing
4.       Consideration set

9. When Lady Gaga released her album “Born This Way” and consumer response overwhelmed Amazon’s servers, what aspect of the marketing process was involved?

1.       Campaign Monitoring
2.       Campaign Development
3.       Market Research
4.       Channel Adjustment

10. Which statement BEST describes how market research supports marketing strategy?

1.       Research is the process by which a company draws insights from its origins, history, present state, and future plans.
2.       Research requires a focus on consumer behavior.
3.       As marketers look for opportunities to meet customer needs, research resolves internal debate.
4.       Research provides information required to understand customer needs, identify target market segments, and select persuasive value propositions.