Question 1

Small business owners' unique selling points (also known as benefits) that customers can expect from your goods or services,including benefits that differentiate your offering from those of the competition is known as:

Accepted Answer

A)   value proposition.
B)   long-term value.
C)   tangibility.
D)   total product.E) A) and B)
F) A) and C)

Question 2

Which of the following is not one of the three tests of the approach when crafting a customer-focused value proposition?

Accepted Answer

A)   How many customer pains can you solve?
B)   How many customer gains can you provide?
C)   How closely does your product or service fit the customer's job?
D)   How does your price compare to competitors' prices?E) All of the above
F) C) and D)

Question 3

A customer role describing a person or group who can make credible or recognized suggestions or recommendations to others regarding purchase choices is the _______.

Accepted Answer

A)   end user
B)   influencer
C)   purchaser
D)   decision makerE) B) and D)
F) A) and B) B

Question 4

The 4 P's of marketing are Product,Price,Promotion,and Placement.

Accepted Answer

A) True 
 B)False

Question 5

A customer role that describes a person in an organization who is responsible for choosing which product or service will be obtained is the __________.

Accepted Answer

A)   decision maker
B)   purchaser
C)   end user
D)   influencerE) A) and D)
F) None of the above

Question 6

A detailed description of an archetypical or hypothetical potential customer for a product or service is a(n) ________.

Accepted Answer

A)   customer's job
B)   end user
C)   influencer
D)   customer profileE) A) and C)
F) None of the above

Question 7

The relation of product or company capabilities to customer pains and gains is the augmented product you offer your customers.

Accepted Answer

A) True 
 B)False

Question 8

There can be more than one target market.

Accepted Answer

A) True 
 B)False

Question 9

When coming up with a new idea in the product development process,the focus is on the pains and gains of customers.

Accepted Answer

A) True 
 B)False  False

Question 10

A marketing concept that refers to the revenue (or profit) generated by one customer over their lifetime dealing with one firm is their _________.

Accepted Answer

A)   long-term value
B)   benefit matching
C)   influencer impact
D)   customer profileE) A) and D)
F) A) and C)

Question 11

If you have started a business,or are doing a business where you do not expect to prepare a full business plan,a stand-alone marketing plan might be useful.

Accepted Answer

A) True 
 B)False  True

Question 12

Purchasing a car with a warranty is most likely to be an example of a _____.

Accepted Answer

A)   pure good
B)   good-dominated product
C)   pure service
D)   hybrid goodE) A) and B)
F) None of the above

Question 13

Name and define the two major categories of marketing research.Provide examples for each category.

Accepted Answer

Marketing research falls into two major ...

Question 14

The second step of the marketing process applies the value proposition to the mechanics of making the connection of the customer and your product through the 4 P's of marketing.Which of the following is not one of the 4 P's of marketing?

Accepted Answer

A)   Placement
B)   Price
C)   Product
D)   PrototypeE) B) and C)
F) None of the above

Question 15

Which of the following is the first stage of the new product development process?

Accepted Answer

A)   Test marketing
B)   Commercialization
C)   Feasibility study
D)   Idea generationE) B) and D)
F) None of the above

Question 16

Which of the following statements is true about pure services?

Accepted Answer

A)   They are separable from consumption.
B)   They are tangible.
C)   They are heterogeneous.
D)   They are nonperishable.E) A) and B)
F) A) and C)

Question 17

Which of the following statements is true about products?

Accepted Answer

A)   People such as political candidates and celebrities cannot be considered as products.
B)   Most of the products sold today are combinations of both goods and services.
C)   Products in terms of goods are generally less homogeneous than services.
D)   Products in terms of goods are more inseparable from their providers than services.E) A) and B)
F) None of the above

Question 18

As customers ourselves,we think the customer is the person who buys something.That can be true,but determining who is your customer can be far more complex.Which of the following statements is not true of customer roles?

Accepted Answer

A)   When selling to organizations,you may have multiple customer roles in the organization.
B)   You can use your knowledge of the customer roles to help you understand and map out the purchasing process for your product or service.
C)   When purchasing a gift for someone,you are the purchaser but not the end user.
D)   The only way to avoid influencers is to sell directly to individuals on the Internet.E) A) and B)
F) A) and C)

Question 19

A service typically exhibits the characteristic of _____ because if it is not used when offered,it cannot be saved for later use.

Accepted Answer

A)   perishability
B)   tangibility
C)   absorptivity
D)   homogeneityE) C) and D)
F) A) and B)

Question 20

Using a single reputable source is adequate when performing secondary analysis.

Accepted Answer

A) True 
 B)False

Exam 9: Small Business Marketing: Product and Pricing Strategies

Small business owners' unique selling points (also known as benefits) that customers can expect from your goods or services,including benefits that differentiate your offering from those of the competition is known as:

Correct AnswerverifiedShow Answer

Which of the following is not one of the three tests of the approach when crafting a customer-focused value proposition?

Correct AnswerverifiedShow Answer

A customer role describing a person or group who can make credible or recognized suggestions or recommendations to others regarding purchase choices is the _______.

Correct AnswerverifiedB

The 4 P's of marketing are Product,Price,Promotion,and Placement.

Correct AnswerverifiedShow Answer

A customer role that describes a person in an organization who is responsible for choosing which product or service will be obtained is the __________.

Correct AnswerverifiedShow Answer

A detailed description of an archetypical or hypothetical potential customer for a product or service is a(n) ________.

Correct AnswerverifiedShow Answer

The relation of product or company capabilities to customer pains and gains is the augmented product you offer your customers.

Correct AnswerverifiedShow Answer

There can be more than one target market.

Correct AnswerverifiedShow Answer

When coming up with a new idea in the product development process,the focus is on the pains and gains of customers.

Correct AnswerverifiedFalse

A marketing concept that refers to the revenue (or profit) generated by one customer over their lifetime dealing with one firm is their _________.

Correct AnswerverifiedShow Answer

If you have started a business,or are doing a business where you do not expect to prepare a full business plan,a stand-alone marketing plan might be useful.

Correct AnswerverifiedTrue

Purchasing a car with a warranty is most likely to be an example of a _____.

Correct AnswerverifiedShow Answer

Name and define the two major categories of marketing research.Provide examples for each category.

Correct AnswerverifiedMarketing research falls into two major ...View AnswerShow Answer

The second step of the marketing process applies the value proposition to the mechanics of making the connection of the customer and your product through the 4 P's of marketing.Which of the following is not one of the 4 P's of marketing?

Correct AnswerverifiedShow Answer

Which of the following is the first stage of the new product development process?

Correct AnswerverifiedShow Answer

Which of the following statements is true about pure services?

Correct AnswerverifiedShow Answer

Which of the following statements is true about products?

Correct AnswerverifiedShow Answer

As customers ourselves,we think the customer is the person who buys something.That can be true,but determining who is your customer can be far more complex.Which of the following statements is not true of customer roles?

Correct AnswerverifiedShow Answer

A service typically exhibits the characteristic of _____ because if it is not used when offered,it cannot be saved for later use.

Correct AnswerverifiedShow Answer

Using a single reputable source is adequate when performing secondary analysis.

Correct AnswerverifiedShow Answer

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B

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False

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True

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Marketing research falls into two major ...
View Answer

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