350 final

Which of the following is the correct definition of a​ product?

A product is anything that can be offered to a market for​ attention, acquisition,​ use, or consumption that might satisfy a want or need.

value-based pricing steps

Assessing the customer needs and value perceptions is the first step in value-based pricing. Setting a target price to match the customer's perceived value is the second step in value-based pricing. Determining costs that can be incurred is the third step in value-based pricing. Designing products to deliver the desired value at a target price is the fourth step in value-based pricing.

brand positioning

Attributes and benefits are part of __________, which is one of the major brand strategy decisions.

What is​ omni-channel retailing?

Creating a seamless​ cross-channel buying experience that integrates​ in-store, online, and mobile shopping

What are the three major pricing strategies used by​ marketers?

Customer​ value-based pricing,​ cost-based pricing, and​ competition-based pricing

vertical marketing system

a channel structure in which producers, wholesalers, and retailers act as a unified system. One channel member owns the others, has contracts with them, or has so much power that they all cooperate.

Product concept

a detailed version of a new product idea stated in meaningful consumer terms

Channel level

a layer of intermediaries that performs some of the work in bringing the product and its ownership closer to the final buyer

pull strategy

a promotion strategy that calls for spending a lot on consumer advertising and promotion to induce final consumers to buy the product, creating a demand vacuum that "pulls" the product through the channel.

push strategy

a promotion strategy that calls for using the sales force and trade promotion to move the product through channels

product sales force structure

a sales force organization in which salespeople specialize in selling only a portion of the company's products or lines

territorial sales force structure

a sales force organization that assigns each salesperson to an exclusive geographic territory in which that salesperson sells the company's full line

Industrial products are those purchased for further processing or for use in conducting a​ business, which include materials and​ parts, ________, and supplies and services.

capital items

horizontal marketing system

channel arrangement in which two or more companies at one level join together to follow a new marketing opportunity

market-penetration pricing​ strategy

companies set a low initial price to attract a large number of buyers quickly and win a large market share

Service marketers must create​ ________, offer high​ ________, and find ways to increase​ ________ to succeed.

competitive​ differentiation; service​ quality; service productivity

Once management has decided on its product concept and marketing​ strategy, it can evaluate the business attractiveness of the​ proposal, which involves​ ___________.

conducting a business analysis

Personal selling

is personal presentation by the firm's sales force for the purpose of making sales and building customer relationships

The major product line decision involves the​ line's ______, or the number of items in the product line.

length

Companies can achieve​ ______________ harmony among functions by creating​ cross-functional logistics​ teams, integrative supply manager​ positions, and​ senior-level logistics executive positions with​ cross-functional authority.

logistics

indirect marketing channel

marketing channel containing one or more intermediary levels (direct contains none)

The three major groups of wholesalers are​ ________.

merchant​ wholesalers, brokers and​ agents, and​ manufacturers' and​ retailers' branches and offices

New retail forms continue to emerge to meet new situations and consumer​ needs, but the life cycle of​ ____________________________ is getting shorter.

new retail forms

slice of life style

one or more typical people using the product in a normal setting

In managing its​ channels, a company must convince suppliers and distributors that they can succeed better by working together as​ _______________.

part of a cohesive value delivery system

inside sales force

salespeople who conduct business from their offices via telephone, the Internet, or visits from prospective buyers

Retailers always search for new marketing strategies to attract and hold customers. The major marketing decisions they face are​ _______________________.

segmentation and​ targeting, store differentiation and​ positioning, and the retail marketing mix

Multichannel marketing

selecting, managing, and motivating individual channel members and evaluating their performance over time

competitive-parity method

setting the promotion budget to match competitors' outlays.

Marketers must consider two additional product​ issues, which are​ ________.

social responsibility and international product and services marketing

Intensive distribution

stocking the product in as many outlets as possible

Approach

the sales step in which a salesperson meets the customer for the first time

What are the four major functions of marketing​ logistics?

​Warehousing, inventory​ management, transportation, and logistics information management

Broadly​ defined, a product is anything that can be offered to a market for​ ___________ or consumption that might satisfy a want or need. Products include physical objects but also​ services, events,​ persons, places,​ organizations, ideas, or mixtures of these entities.

​attention, acquisition, use

Services marketing strategy calls not only for external marketing but also for internal marketing to motivate​ ________ and interactive marketing to create service delivery skills among​ ________.

​employees; service providers

What are the four choices a company has for developing​ brands?

Line​ extensions, brand​ extensions, multibrands, and new brands

Dynamic pricing is when companies continually adjust prices to meet the characteristics and needs of individual customers and situations. Where is this method especially prevalent​ today?

Online buying

What are the five product mix pricing​ situations?

Product line​ pricing, optional-product​ pricing, captive-product​ pricing, by-product​ pricing, and product bundle pricing

Retailers must decide on which three major product​ variables?

Product​ assortment, services​ mix, and store atmosphere

Which of the following correctly identifies the five important decisions marketers must make when developing individual products and​ services?

Product​ attributes, branding,​ packaging, labeling, and product support services

Many state colleges and universities charge one price for​ in-state students and a higher price for​ out-of-state students. Which price adjustment strategy are these schools​ using?

Segmented pricing

​______________ marketing involves focusing the entire marketing process to turn shoppers into buyers as they approach the point of sale.

Shopper

What are the four characteristics used to classify​ retailers?

The amount of service they​ offer, the breadth and depth of their product​ lines, the relative prices they​ charge, and how they are organized

consumer promotion

a sales promotion tool used to boost short-term customer buying and involvement or enhance long-term customer relationships

trade promotion

a sales promotion tool used to persuade resellers to carry a brand, give it shelf space, promote it in advertising, and push it to customers

multichannel distribution system

a single firm to set up two or more marketing channels to reach one or more customer segments

Phishing

a type of identity theft that uses deceptive e-mails and fraudulent online sites to fool users into divulging their personal data

Social responsibility includes public policy issues and regulations involving​ _________________ and product warranties.

acquiring or dropping​ products, patent​ protection, product quality and safety

Retail stores come in all shapes and​ sizes, and new retail types keep emerging. Store retailers can be classified by the​ ______________.

amount of​ service, product line​ sold, and relative prices

Product publicity

an activity of public relations that involves the publicizing of specific products

In building​ brands, companies need to make decisions about four key powerful areas which include​ ________________________________.

brand​ positioning, brand name​ selection, brand​ sponsorship, and brand development

contractual vertical marketing system

consists of independent firms at different levels of production and distribution joining together through contracts

Companies apply a variety of price adjustment strategies to account for differences in​ ___________________.

consumer segments and situations

administered vertical marketing system

coordinates successive stages of production and distribution through the size and power of one of the parties

A product line is a group of products that are related in​ function, customer-purchase​ needs, or distribution channels. Managers need to analyze their product lines periodically to assess​ ________.

each​ item's sales and profits and understand how each item contributes to the​ line's overall performance

Exclusive distribution

giving a limited number of dealers the exclusive right to distribute the company's products in their territories

When selecting​ intermediaries, the company should evaluate each channel​ member's years in​ business, other lines​ carried, location,​ _______________________.

growth and profit​ record, cooperativeness, and reputation

Companies facing or anticipating a​ competitor's price change may take one or more​ actions, which include sitting​ tight, reducing their own​ price, raising perceived​ quality, _______________________________.

improving quality and raising​ prices, or launching a fighting brand

With positive results at the earlier stages of product​ development, the product ideas become more concrete through​ ________ and finally are launched during​ ________.

product development and test​ marketing; commercialization

There are several types of product mix pricing​ situations, which include​ ______________, by-product pricing and product bundle pricing.

product line​ pricing, optional-product​ pricing, captive-product pricing

Companies must make important decisions about their individual products and services. Individual product decisions involve​ ________________ and product support services.

product​ attributes, branding,​ packaging, labeling

The stages of the product life cycle are​ ______________________________.

product​ development, introduction,​ growth, maturity, and decline

Event marketing

refers to creating a brand-marketing event or serving as a sole or participating sponsor of events created by others

At what levels do marketers make product and service decisions​ ________?

individual​ product, product​ line, and product mix decisions

To deliver a clear and compelling​ message, each tool in the promotion mix must be carefully coordinated under the concept of​ ____________________________.

integrated marketing communications

The​ ____________ concept recognizes that improved logistics requires teamwork in the form of close working relationships across functional areas inside the company and across various organizations in the supply chain.

integrated supply chain management

Pricing strategies usually change as a product passes through its life cycle but are especially challenging during the​ _______ stage.

introductory

Personal selling

presentations by the firm's sales force for the purpose of making sales and building customer relationships

All product lines and items offered to customers by a particular seller make up the product mix. The mix can be described by four​ dimensions, which are the tools for developing the​ company's ________ strategy.

product

In the product development​ process, ideas that pass the screening stage continue through​ ________. Strong concepts proceed to​ ________.

product concept​ development; marketing strategy development

business promotion

sales promotion tool used to generate business leads, stimulate purchases, reward customers, and motivate salespeople

Companies must periodically audit their​ brands'________, which might turn up brands that need more​ support, brands that need to be​ dropped, or brands that must be rebranded or repositioned because of changing customer preferences or new competitors.

strengths and weaknesses

Guided by​ ___________________, retailers must decide on a retail marketing mixlong dashproduct and services​ assortment, price,​ promotion, and place.

strong targeting and positioning

Disintermediation

the cutting out of marketing channel intermediaries by product or service producers or the displacement of traditional resellers by radical new types of intermediaries

Brand equity

the differential effect that knowing the brand name has on customer response to the product or its marketing

Major retail trends and developments include the rise of​ megaretailers, rapid growth of​ direct, online,​ mobile, and social media retailing. Other trends include​ __________________.

the growing importance of retail​ technology, surge in green retailing and global expansion of major retailers

External pricing considerations include​ ________________________________ such as the​ economy, reseller​ needs, and government actions.

the nature of the market and demand and environmental factors

Selective distribution

the use of more than one but fewer than all of the intermediaries who are willing carry the company's products

Progressive wholesalers constantly watch for better ways to meet the changing needs of​ _________________.

their suppliers and target customers

Product costs set the floor for a​ product's price. If the company prices the product below its​ costs, the​ company's profits will suffer. In setting its price between these two​ extremes, the company must consider several external and internal​ factors, including​ ________.

​competitors' strategies and​ prices, the overall marketing strategy and​ mix, and the nature of the market and demand

The four major brand strategy decisions involve brand​ ________.

​positioning, name​ selection, sponsorship, and development

Customers weigh the price of a product against the perceived values of using the product. Companies must understand concepts like​ _______ and​ ________.

​price-demand relationship; consumer sensitivity to prices