Question

MKTG 300 - Da1d stationery and office suppiies isa expand its business and is setting up retail chains in other Asian countrle t the fo1lowing new-product development strategies is bed market 1eader in China. The conpa 7 D Market development stratesy Market penetration strategy Product diversification strategy which of the following statements is true regarding the nature of the business sarketa ehseipor ion chanels for bus iness products are significantiy longer than compared to business markets, customer relationships in consumer markets tend to last for longer duration Personal sell s than in consumer to consumer markets, purchase decisions in business markets are simple because of relatively less number of decision makers 9. Annie's Inc., which produce product and started promoting it as a fabric softener conpany started selling the sane product in different packages Eypes of uses. This strategy used by Annie's to increase the sales of its prduct is an s vinegar for cooking purposes, identified new uses for its and a cleansing product. The modified for different exanple of astrategy brand extension line engagenent market penetration product diversification can be categorized under the cognitive component of an attitude? Buying behaviors Emotional reactions Knowledge of the product Value placed upon the product 11. A company's ability to market a product successfully at a higher price compared to its competitors is directly related to its: market capitalization product relevance brand equity. market share. 12. The consumer decision process does not apply to low-involvement purchases. A. True False в. 13. A product is said to have achieved brand preference when: the product becomes fami1iar to the consumer. the marketers start selling the product at a discount. the consumer sees or recognizes the product and chooses it over its competitors. the product has attained monopoly position with its customers. B. c. D. 14. While making purchasing decisions, consumers are likely to buy products they believe will move them closer to their A. self. real neutral actual ideal C. D.

Answer 1

7- A

it is the strategy that identifies and develops new market segments for the current product and targets non buying customers in currently targeted segments.

8- A

The participants involved in the business market are comparatively in large number than in the consumer market and it requires a longer chain of distribution.

9- D

Product diversification means improving , altering or changing the product to increase its usage and create needs for more consumers.

10 - B

Cognitive component refers to the emotional action or an attitude a person has towards an object.

e.g.- feeling scared after thinking or seeing a lion

11- A

Market capitalization means to capitalize on such factors in the existing market such that it is able to earn more profits than that of competitors.

12 - B

Low involvement purchases involve the buyer decisions the buyer shows more interest in buying those products as they do not involve risky thought process.

13- C

The consumer chooses to use the product of that brand over the others because such brand has created a feeling of trust in the minds of buyer and created the preference for itself in the market.