marketing exam 2

a____ is defined as a name, term, sign, symbol, design, or a combination of these, that identifies the maker or seller of a product or service

brand

Los Amigos, a new Mexican restaurant, has set up shop across the street from Hot Tamales and More. Which of the following pricing strategies will Los Amigos likely use?

competition based

what are the functions of the product labels? what marketing role do labels play?

labels range from simple tags attached to the products to complex graphics that are part of the packaging. the label might help to promote the brand, support its positioning and connect with customers.

when establishing prices, it's important for a manager to understand that "good value" is not the same as_____

low price

_____ is the process of dividing a market into distinct groups of buyers who have different needs, characteristics or behaviors

market segmentation

Marketing the same product to a huge customer base without any customization is referred to as ________.

mass marketing

when a product is in the ____ stage, profits level off or decline because of increased marketing outlays to defend the product against competition

maturity

briefly describe the characteristics of effective market segments

measurable, accessible, substantial, differentiable, actionable

appliances galore is updating its line of refrigerators to reflect market trends and customer needs. although the product class is in the maturity stage of the product life cycle, they maintain healthy sales of their line of refrigerators by continually _______

modifying the product

Delta, an American video game manufacturer, targets teens between the ages of 13 and 18, providing free game trials and applications. The firm's marketing approach exemplifies ________ segmentation.

age and life cycle

Dividing buyers into groups based on their knowledge, attitudes, uses, or responses to a product is called ________ segmentation.

behavioral

what sets the upper limit for a products pricing?

consumer perceptions of value

Producers use marketing intermediaries because they ________.

create greater efficiency in making goods available to target markets

In terms of packaging functions, Tiffany & Co.'s robin egg blue boxes ________.

create immediate customer recognition

what is crowdsourcing? how is crowdsourcing useful in product development?

crowdsourcing refers to throwing the innovation doors open to and inviting broad communities of people into the new product innovation process. it enables companies to rely on not only one source or another but on extensive innovation networks that capture ideas and inspirations from multiple sources

a product life cycle has 5 distinct stages: product development, introduction, growth, maturity and ____

decline

the relationship between the price charged for a product and the resulting demand level can be shown in a

demand curve

Lilly's, a furniture retailer, sells low-end furniture and accent pieces that are targeted toward lower-income consumer groups. Lilly's most likely segments the consumer market based on ________ variables.

demographic

Brands vary in the amount of power and value they hold in the marketplace. Iconic brands like Apple, Google, and Harley-Davidson have achieved substantial brand ____

equity

companies today are moving away from target marketing and toward mass marketing

false

manufacturers rely on distributors and suppliers as internal sources of new product ideas

false

what are two different types of costs that a company incurs? explain with examples

fixed costs are costs that do not vary with production or sales level. Ex: a company must be its electric bill every month variable costs vary directly with level of production. Ex: total number of computers varies with use

in the _____ stage, a firm most likely faces a trade off between high market share and high current profit

growth

the new product development process starts with ____

idea generation

Which type of market segmentation is generally used by marketers who sell luxury products targeted to the affluent segments of a population?

income

which link in the service profit chain emphasizes superior employee selection and training?

internal service quality

explain multichannel distribution systems

multichannel distribution occurs when a single firm sets up two or more marketing channels to reach one or more customer segments

what term best describes the process of designing and producing a container or wrapper for a product?

packaging

As a result of ________, a company cannot make its product illegally similar to a competitor's already established product.

patent laws

______ is the only element in the marketing mix that produces revenue

price

____ segmentation factors divide buyers into different groups based on social class, lifestyle, or personality characteristics

psychographic

the national tree company offers resellers half-price reductions on artificial Christmas trees if they purchase them in july. this is an example of a ___

seasonal discount

________ refer to a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible.

services

a pure tangible good

shampoo

A company's external sources of new product ideas include its ________.

suppliers

From the producer's point of view, a greater number of levels in a supply chain means less control and greater channel complexity

true

demographics are the most popular bases for segmenting customer groups

true

support services are an important part of a customers overall brand experience

true

the moral of the product life cycle is that companies must continually innovate, otherwise, they risk extinction

true

a___ is made up of a company, its suppliers, distributors and customers who "partner" with each other to improve the performance of the entire system

value delivery network