Strayer University - Principles of Marketing MKT 100 Exam 1 (Chapters 1-8) NEWEST,UPDATED 2022-2023

1. Hannah and Ellen rely on consistent messages received via word of mouth, and are older and more conservative than other customers of Product X. Hannah and Ellen most likely most likely fall into which of the following categories? A late majority
2. The are a group of approximately 10-15% of the population who is so influential that the loss of one of these customers costs the firm more than the loss of later adopters. Early adopters
3. If a company wants to be innovative, which strategy are they most likely to use? Product development
4. What term refers to the group of people who are the most risk averse, skeptical of new products, and stereotypically lower in income? Laggards
5. In which phase of the Product Life Cycle is customer awareness getting stronger, and there
may be some buzz in the marketplace? Market growth
6. Why can a store brand offer decent quality for lower prices? Lower advertising costs because they can advertise for free in the store
7. A brand name whose image is waning is less of a liability in which approach? House of brands
8. One way marketers get customers to relate to brands is by creating a brand , such as Apple’s classification as ‘exciting’ or how Gillette is action oriented. Personality
9. Harley Davidson user groups are an example of . A brand community
10. Which is an example of co-branding? Brembo brakes are in Aston Martins
11. are mostly comprised of experience and credence qualities. Services
12. A is the general term used to describe both goods and services
13. What does good variability consists of? The customization and tailoring of the service delivery for the customer’s unique needs