Business Integration Ch. 12

Four common _______________ objectives are the following: maximizing profits and sales, boosting market share, maintaining the status quo, and survival.

pricing

Newspapers, magazines, and direct mail are Blank______ media, whereas television, radio, and cyber ads are Blank______ media.

print; electronic

The Great Value brand is found only at Walmart and is often less expensive than other brands carried by the store. Great Value is an example of a Blank______.

private distributor brand

Brands that do not carry the name of the manufacturer but carry a distributor or retailer name are called Blank______.

private distributor brands

When a farmer sells his fruits and vegetables to consumers at a roadside stand he is using a direct-from-Blank______-to-consumer marketing channel.

producer

Goods, services, and ideas all fall under the _______________ element of the marketing mix.

product

The Blank______ variable of the marketing mix is often the most visible and therefore of critical importance.

product

All of the following information is typically presented on a product's label except Blank______.

product classification

A group of closely related products that are treated as a unit because they use a similar marketing strategy are referred to as a Blank______.

product line

Paid, non-personal communication through various media by organizations and individuals is known as Blank______.

advertising

Many companies use Google AdWords but the companies want proof that their ads are working. In response, Google AdWords only charges companies when Blank______.

users click on the ads

A lumber yard that buys plywood from a producer and sells it to a home improvement retail store is an example of a(n) Blank______.

wholesaler

What is business analysis (as a step in new product development)?

Assessing the potential profitability of the product

______ are intermediaries who buy from producers and sell to retailers.

Wholesalers

Decisions regarding Blank______ are among the least flexible marketing mix decisions.

distribution

The use of online advertising is Blank______.

increasing

The value placed on an object exchanged between buyer and seller is its _______________.

price

Which marketing channel exemplifies a direct-from-producer-to-consumer strategy?

A farmer sells fruits and vegetables to consumers at a roadside stand.

________________ is the process of naming and identifying products.

Branding

Assessing new-product ideas by developing cost estimates and sales forecasts in order to determine if the product will be profitable, takes place in the Blank______ stage of the new-product development process.

Business Analysis

What is idea development (as a step in new product development)?

Coming up with new commercial products to pursue

What is product development (as a step in new product development)?

Creating a prototype

How did the COVID-19 pandemic affect the use of direct selling?

Direct selling grew during this time via social media connections.

What are the two reasons why distribution decisions are considered one of the least flexible marketing mix decisions? (multiple select question) Distribution decisions often commit resources. Distribution decisions are part of the marketing mix, and once the marketing mix is defined, it cannot be changed. Distribution decisions involve so many people that agreements are difficult to reach. Distribution decisions often establish contractual relationships that are difficult to change.

Distribution decisions often commit resources. Distribution decisions often establish contractual relationships that are difficult to change.

True or false: A consumer is trying to decide between two smartphones. Price is the most important feature, so a decision is able to be made on that criteria alone. This buying behavior is associated with specialty products.

False

Which three products are considered convenience products and thus would utilize an intensive distribution? (multiple select question) Gasoline Soft drinks Gum Computers Automobiles Refrigerators

Gasoline Soft drinks Gum

Place the steps of product development in the correct order. (NOTE: The first step in the process should be at the top of your list, and the last step should be at the bottom of your list.) Commercialization Product development Idea development Test marketing New idea screening Business analysis

Idea development New idea screening Business analysis Product development Test marketing Commercialization

List the four steps for calculating the value of a product, starting with step one. (Note: Step one should appear at the top of your list.) Determine the product's difference Calculate value based on its differentiation Identify their best alternative Identify target customers

Identify target customers Identify their best alternative Determine the product's difference Calculate value based on its differentiation

________________ distribution makes a product available in as many outlets as possible.

Intensive

List the stages of the product life cycle in sequence from beginning to end. (Note: The first stage should be the top item on your list.) Maturity Decline Introduction Growth

Introduction Growth Maturity Decline

What are the four stages in the product life cycle?

Introduction, growth, maturity, and decline

What two questions will be answered during the business analysis stage of new product development? Who will produce the prototype? Is the product compatible with the marketplace? Will the product be profitable? Where is the best location for test marketing?

Is the product compatible with the marketplace? Will the product be profitable?

What is an accurate description of logistics management?

It includes the process of quickly and accurately sharing information.

What is an agent?

Negotiate sales, do not own products, and perform a limited number of functions in exchange for a commission.

Print media includes:

Newspapers, magazines, direct mail, and billboards

What is commercialization (as a step in new product development)?

Promoting a product to distributors, retailers, and consumers to gain wide interest and distribution in the product

What is idea screening (as a step in new product development)?

Reducing the number of ideas to the most promising and working on those

Select all of the true statements about retailers. (multiple select question) Retailers create utility by bringing together products from competing producers. Retailing involves selling products to end users rather than for use in producing other products. A farmer who sells his fruit and vegetables to consumers at a roadside stand is a retailer. Supermarkets and department stores are examples of retailers.

Retailers create utility by bringing together products from competing producers. Retailing involves selling products to end users rather than for use in producing other products. Supermarkets and department stores are examples of retailers.

What typically happens in the growth stage of the product life cycle?

Sales increase rapidly and profits peak.

Blank______ products require research and extensive shopping effort as consumers know what they want and are not willing to accept a substitute.

Specialty

What is a merchant wholesaler?

Takes title to the goods, assume risks, and sells to other wholesalers, business customers, or retailers

What is test marketing (as a step in new product development)?

Taking a product idea to consumers to test their reactions

Electronic media includes:

Television, radio, and cyber ads

True or false: Although personal selling has many advantages it is one of the most costly forms of promotion.

True

True or false: Product packaging attributes can influence consumer buying decisions.

True

What do marketers hope to gain by developing at least one dimension of value in the marketing mix that surpasses all competitors in meeting customer expectations?

a competitive advantage

Which two examples qualify as advertising? (multiple select question) a paid television infomercial a news story about the products of a car manufacturer a company listed in a college newspaper for its donations online ads from Starbucks about its new product

a paid television infomercial online ads from Starbucks about its new product

When a firm prices a new product very high to make optimum profit while there is little competition, it is said to be using _______________.

a price skimming strategy

The promotion mix consists of what four elements? (multiple select question) advertising physical distribution personal selling publicity sales promotions data management

advertising personal selling publicity sales promotions

A(n) Blank______ involves designing a series of advertisements and placing them in various media to reach a particular target audience.

advertising campaign

Which wholesaler does not own products but negotiates sales in exchange for a commission?

agents

Integrated marketing communication (IMC) combines Blank______ into one comprehensive, unified promotional strategy.

all the promotional tools

A major wireless carrier designed a variety of advertisements to promote its new phone. Magazine, newspaper, and television advertisements were created to attract the company's target market. This is an example of Blank______.

an advertising campaign

Concerning the six-step process of personal selling, which step is described as "using a referral or calling on a customer without prior notice to determine interest in the product"?

approaching

A name, term, symbol, design, or combination that identifies a product and distinguishes it from other products is a Blank______.

brand

A firm's Blank______ exclusively refers to the part of the brand that is a distinctive design, such as McDonald's golden arches logo.

brand mark

Profits begin to decline during the growth stage because Blank______.

competitors enter the market and drive prices downward

Products created for household or family use and intended for daily living are called Blank______ products.

consumer

Products created for household or family use intended for daily living are called ________________ products.

consumer

A product the consumer purchases frequently and with minimum effort is a(n) Blank______.

convenience product

Face-to-face sales presentations to consumers that often take place in the consumer's home is the non-store retailing form known as Blank______ selling.

direct

The use of non-personal media to communicate products and information and offer consumers the opportunity to purchase from that media is referred to as Blank______.

direct marketing

While Duluth Trading operates some retail locations, it specializes in selling its products through catalogs. In doing so, Duluth Trading is engaged in _______________.

direct marketing

What did a survey of business managers reveal as the number one thing that could decrease a company's revenues?

disruption in the supply chain

Products sold with no brand name at all are called _______________ products.

generic

Products, such as butter, aspirin, or dog food, sold in plain simple packaging without a brand name are called Blank______.

generic brands

Sales increase rapidly and profits peak, then start to decline in the Blank______ stage of the product life cycle.

growth

Inappropriate or impractical new product ideas will be rejected during the Blank______ phase of the product development process.

idea screening

When the marketing manager looks at the organization's resources and objectives to assess the firm's ability to produce and market a product, the company is in the Blank______ stage of new product development.

idea screening

30-minute blocks of radio or television air time featuring a celebrity or upbeat host talking about and demonstrating a product is a type of advertising called an Blank______.

informercial

The process of coordinating the promotion mix elements and synchronizing promotion as a unified effort is called Blank______.

integrated marketing communication

What stage of the product life cycle is a product likely in if consumer awareness is limited and profits are negative?

introduction

The ______ stage of the product life cycle is characterized by low sales, limited consumer awareness, and negative profits.

introductory

Farm Fresh Dairy needs to update the carton information on its cottage cheese products to indicate a lower fat content. What process will the company focus on to accomplish this?

labeling

The presentation of important information on a package, such as ingredients and nutrition facts, is called Blank______.

labeling

A group of products that are physically similar or are intended for a similar market are referred to as a product _______________.

line

Select the two items that characterize the buying behavior of consumers buying convenience products. Multiple select question. little planning time in purchase extremely brand loyal frequently purchased extended information search

little planning time in purchase frequently purchased

Bryan's department at Farrell Manufacturing is responsible for planning, implementing, and controlling the flow and storage of products and information from the point of origin to the point of consumption. In other words, his department handles Blank______ management.

logistics

Breyer's and Edy's are both Blank______ brands of ice cream that are initiated and owned by the producer.

manufacturer

Brands that are initiated and owned by the manufacturer, such as Xerox or SONY, are called _______________.

manufacturers' brands

The group of organizations that move products from the producer to consumers is a Blank______.

marketing channel

The Blank______ is the part of marketing strategy that involves decisions regarding controllable variables: product, price, distribution, and promotion.

marketing mix

What are four common pricing objectives? (multiple select question) price skimming maximizing profits and sales survival maintaining the status quo price discounting boosting market share

maximizing profits and sales survival maintaining the status quo boosting market share

Which three utilities are provided by marketing intermediaries, also known as middlemen? (multiple select question) quality price ownership time place

ownership time place

The _______________ is the external container that holds and describes the product and influences consumers' attitudes and buying decisions.

packaging

A _______________ pricing strategy is the practice of pricing a product low to attract many customers and rapidly gain market share.

penetration

A low initial entry price, often lower than the eventual market price, to attract many customers and discourage competition, is a strategy called Blank______ pricing.

penetration

Select the three types of utility created by retailers. (multiple select question) market utility place utility time utility form utility ownership utility

place utility time utility ownership utility

Game Masters has just released the long-awaited, new platform of its most popular gaming console. Since the company wants to recoup development costs and there will be little competition at first, Game Masters is setting the price rather high. Game Masters is using a Blank______ pricing strategy.

price skimming

In the marketing mix, it is the role of Blank______ to communicate with individuals, groups, and organizations to facilitate an exchange directly or indirectly.

promotion

Advertising, personal selling, publicity, and sales promotion are collectively known as the Blank______.

promotion mix

Bubbles Body Soap was pleased to receive a mention in Glamour magazine's list of top five liquid body soaps. This mention is a form of Blank______ because it was not paid for by the firm.

publicity

What are four types of promotion a company can use? (multiple select question) warehousing publicity advertising branding sales promotion personal selling

publicity advertising sales promotion personal selling

Brandon needed to get a new tractor for his landscaping business. He needed to make sure that the tractor would perform well for a long time, was easy to maintain, and was made with durable parts. Brandon is assessing the product's ________________.

quality

The degree to which a good, service, or idea meets the demands and requirements of customers is a reflection of Blank______.

quality

Organizations that bridge the gap between a product's manufacturer and the end user are called intermediaries or middlemen. Two types of intermediary organizations are Blank______. (multiple select question) retailers wholesalers producers customers

retailers wholesalers

Products or services the consumer buys only after comparing value, quality, price, and style from a variety of sellers are called consumer ________________ products.

shopping

Products the consumer buys only after comparing value, quality, price, and style from a variety of sellers are called Blank______.

shopping products

The process of connecting and integrating all members of the distribution system in order to satisfy customers is referred to as Blank______.

supply chain management

All of the following are brand marks except: McDonald's golden arches. Nike's swoosh. Target's red and white target. the word Pepsi on a Pepsi drink can.

the word Pepsi on a Pepsi drink can.