marketing exam #2

the strongest brands are positioned on _______

benefits and values

an industrial product is a product ________

bought by individuals and organizations for further processing or for use in conducting a business

____________includes line extensions, brand extensions, multi branding, and new brands

brand development

a brands positioning must be continuously communicated to consumers. although advertising can help, brands are maintained not by advertising, but by customers' _______

brand engagement and brand experiences

___________ is distinguishing a market offering from other offerings in order to create superior customer value

differentiation

___________ is part of a company's decision on how it will create market offerings to deliver superior customer value

differentiation

once market segments have been selected, the company then must decide on

differentiation and positioning strategy

__________ is offering just the right combination of quality and good service at a fair price

good-value pricing

in the new product development process, ideas that pass the idea screen steps continue through ___________. strong concepts proceed to __________.

product concept development, marketing strategy development

_________ is the third step in value-based pricing

Determining costs that can be incurred

_____________ is a temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity

a fad

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

brand equity

when a company builds a brand, it needs to make important decisions regarding the brand, of the following, which is not one of those decisions?

brand licensing opportunities

____________ refers to a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges

a product line

______ includes private branding, licensing, and co-branding

brand sponsorship

through product differentiation, ________

brands can be differentiated on features, performance, or style and design

marketers use three major pricing strategies: __________

customer value based pricing cost based pricing competition based pricing

____________ focuses on finding new ways to solve customer problems and create more customer-satisfying experiences

customer-centered new product development

phasing out weak items is a product strategy in the ________ phase

decline

________ is scanning new product ideas to spot good ideas and drop poor ones as soon as possible

idea screening

____________ is tailoring products and marketing programs to the needs and preferences of particular customers

individual marketing

Services are characterized by four key​ aspects, with each posing problems and marketing requirements. the four key aspects are ________

intangible, inseparable, variable, and perishable

_____ is stocking the product in as many outlets as possible

intensive distribution

using ____________ segmentation, marketers form segments of consumers who have similar needs and buying behaviors even though they are located in different counties

intermarket

which stage of the product life cycle lasts longer than the previous stages and poses strong challenges to marketing management?

maturity

the _______ is the PLC stage in which a product's sales growth slows or levels off.

maturity stage

________ is tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments

micromarketing

___________ is the designing of original products, product improvements, product modifications, and new brands through the firms own efforts

new product development

_________ is arranging for a market offering to occupy a Clear, distinctive, and desirable place relative to competing products in the minds of target consumers

positioning

_________ is a measure of the sensitivity of demand to changes in price

price elasticity

marketers must make important decisions when developing individual products and services. which of the following correctly identifies these important decisions?

product attributes, branding, packaging, labeling, and product supper services

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

product concept

marketers can apply the ________ as a useful framework for describing how products and markets work and help develop good marketing strategies for the different life-cycle stages

product life-cycle concept

_____________ is setting the price steps between various products in a product line based on cost differences between the products, customer evaluations of different features, and competitors prices

product line pricing

__________ is the set of all products and items that a particular seller offers for sale

product mix

________ is defined by consumers on important attributes, the place the product occupies in a consumers mind relative to competing products

product position

the distinction between a consumer product and an industrial product is based on the _____ for which the product is purchased?

purpose

segmentation provides a powerful tool for marketers of all kinda. it can help companies identify and better understand key customer segments, ________ to reach their specific needs

reach them more efficiently, and tailor market offerings and messages

all products have a life cycle. the sales of a typical product follow _______, which is made up of 5 stages

s-shaped curve

When Dr. Lawncare developed his revolutionary new solar powered​ lawnmower, he knew that during the introductory stage of the product lifecycle​ ___________.

sales would be slow and with negative or low profits

if a demand is elastic,

seller will consider lowering their prices

for services, there is a form fo captive-product known as ______ pricing

two-part

market segmentation is the act of dividing a market into distinct groups of buyers who have _________ and who might require separate marketing strategies or mixes

different needs, characteristics, or behaviors

Offering product extensions, service, and warranty is a product strategy in the __________ phase.

growth

_________ is the systematic search for new product ideas

idea generation

the new product development process consists of sequential steps. the first step is ______ and the last step is _______

idea generation, commercialization

the product development process starts with _____. next comes _________, which reduces the number of ideas based on the company's own criteria

idea generation, idea screening

what are the four major steps in designing a customer value-drive marketing strategy in the correct sequence?

market segmentation market targeting differentiation positioning

________________ is evaluating each market segments attractiveness and selecting one or more segments to enter

market targeting

brand equity is _______

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

marketers must consider external considerations in establishing pricing. which of the follow represents those external considerations?

the nature of the market and demand and other environmental factors

how do companies apply pricing strategies to accommodate differences in customer segments and situations?

they apply a variety of price adjustment strategies

what are perceptual positioning maps used for?

to show consumer perceptions of their brands versus those of competing products on important buying dimensions

style is _________

A basic and distinctive mode of expression.

concentrated marketing is _______

A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches

Companies find and develop new product ideas from a variety of sources. Which of these is an internal source for new product​ ideas?

R & D

________ is the second step in value-based pricing

Setting a target price to match the customer's perceived value

________ are two ways firms can obtain new products

acquisition and new product development

when effective programs can be designed for attracting and serving market segments, these segments are_____

actionable

_________ is dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product

behavioral segmentation

at which step does a company perform a review of the sales, costs, and profit projections for a new product to determine whether the new product is likely to satisfy objectives?

business analysis

in addition to segmentation and targeting, there are who major steps in designing a customer value-driven market strategy: ________ seeks to create superior customer value in the mind of the consumer, and ___________ seeks to firmly place the market offering in the minds of target customers

differentiation, positioning

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

disintermediation

geographic segmentation is ________

dividing a market into different units such as nations, states, regions, counties, cities, or even neighborhoods

marketing segmentation is _______

dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes

_________ is a currently accepted or popular style in a given field

fashion

when a company lengthens a product line by adding more items within that lines current range, the company is

filling the line

_________ is a brand created and owned by a reseller of a product or service

store brand

____________ is pricing that starts with an ideal selling price, then targets costs that will ensure that the price is met

target costing

like consumer markets, business markets are segmented. which of the following describes the variables that marketers use to segment business markets?

- business demographics - operating characteristics - purchasing approaches - situation factors - personal characteristics

the introduction stage is the PLC stage in which ________

a new product is first distributed and made available for purchase

which of the following terms correctly describes the positive differential effect that knowing the brand name has on customer response to the product or service?

brand equity

value based pricing begins with analyzing ________

consumer needs and value perceptions

Charles Revson of revlon once said, "in the factory we make cosmetics, in the store we sell hope" which product level is Revson referring to?

core customer value

price ceilings are set by customer perception. which of the following sets the floor for price that a company charges?

costs

____________ is inviting broad communities of people - customers, employees, independent scientists, and researchers, and even the publics at large- into the new product innovation process

crowdsourcing

in setting its overall pricing strategy, companies need to consider three factors:

customer perceived value, costs, and company's pricing strategies

ideally, a company must carry out strong new product planning and set up a systematic new product development process that ________ to find and grow new products

customer-driven

segmenting a market based on gender is a type of ____________ segmentation

demographic

______________ is dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation

demographic segmentation

marketing strategy is

designing an initial marketing strategy for a new product based on the product concept

_________ is the fourth step in value-based pricing

designing products to deliver the desired value at a target price

companies need to consider many factors when choosing a market-targeting strategy. however, which targeting strategy is best depends on company resources, product variability, product life-cycle stage, as well as ________

market variability and competitive marketing strategies

_______ is expanding an existing brand name of new product categories

brand extension

________ can be done at three levels: product attributes, benefits, and beliefs and values

brand positioning

a convenience product is a consumer product ______

that customers usually buy frequently, immediately, and with minimal comparison and buying effort

price is ________

the amount of money charged for a product or service, or the sum of the values that customers exchange for the benefits of having or using the product or service

_________ pricing is setting for a price for products that must be used along with a main product, such as blades for a razor and games for a video-game console

captive-product

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

channel level

_______ is the practice of using the established brand names of two different companies on the same product

co-branding

external sources for new product ideas include _____

competitors distributors and suppliers and customers

___________ is a market coverage strategy in which a firm goes after a large share of one or few segments or niches

concentrated marketing

pricing strategies usually change as a product passes through its life cycle but are especially challenging during the _____ stage

introduction

firms have four brand development choices. there are _________

line extensions brand extensions multibrands and new brands

___________ is tailoring brands and marketing to the needs and wants of cities, neighborhoods, and even specific stores

local marketing

__________ is dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes

market segmentation

_____________ is setting a low price for a new product in order to attract a large number of buyers and a large market share

market-penetration pricing

the new product pricing strategy of __________ means the initial price is set high

market-skimming pricing

using inter market segmentation, __________

marketers from segments of consumers who have similar needs and buying behaviors even though they are located in different countries

intermediaries are used by most producers to bring products to the market. these intermediaries are known as _____

marketing channels

___________ is designing an initial marketing strategy for a new product based on the product concept

marketing strategy development

modifying the market, product offering, or marketing mix is a product strategy in the ______ phase

maturity

__________ is dividing a market into segments according to the moments when buyers get the idea to buy, actually make their purchase, or use the purchased item

occasion segmentation

Through ________ differentiation, brands can be differentiated on features, performance, or style and design.

product

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

product

________ is developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering

product development

__________ is developing the product concept into a physical product to ensure that the product idea can be turned into a workable marketing offer

product development

______ are payments or price reductions the reward dealers for participating in advertising and sales-support programs

promotional allowance

___________ is dividing a market into different segments based on social class, lifestyle, or personality characteristics

psychographic segmentation

with ___________, the price is used to say something about the product

psychological pricing

the first part of a marketing strategy statement describes the __________ of a new product

target market

___________ involves various company departments working closely together, overlapping the steps in the product development process to save time and increase effectiveness

team-based new product development

concept testing is ________

testing new product concepts with a. group of target consumers to find out if the concepts have strong consumer appeal

a _________ is a specific attribute that a company chooses about a brand and touts as "number one" in regards to that attribute

unique selling proposition

a _______ is the full mix of benefits on which a brand is positioned

value proposition

________ is attaching features and services to differentiate a company's offers and charging higher prices

value-added pricing