marketing extra practice

_____ provides the equipment or systems needed to perform a task in a job setting.

Instrumental support

Why is brand extension a popular marketing strategy?

It allows the firm to spend less on creating brand awareness and associations.

How is consumer panel data collected during the test marketing phase of a new product introduction?

Panelists scan their receipts on a home scanning device.

many firms provide similar products that are considered substitutes for each other.

Pure comp

The contribution per unit is

Selling price - variable cost per unit

Customers 5 dimensions to eval service

Tangibles Empathy Assurance Responsiveness Reliability

zone of tolerance

The area between customers' expectations regarding their desired service and the minimum level of acceptable service—that is, the difference between what the customer really wants and what he or she will accept before going elsewhere.

On the basis of the research it has gathered on consumer perceptions, the tests it has conducted, and competitive considerations, the ABC firm confirms its target market (or markets) and decides how its product will be positioned. Then the firm finalizes the remaining marketing mix variables for the new product, including the marketing budget for the first year. This process illustrates

The product launch

Distributive Fairness

a customer's perception of the benefits he or she received compared with the costs (inconvenience or loss) that resulted from a service failure

Marketers need to think about the product offer as more than just its physical characteristics or its basic service function. Which component includes associated services such as warranties, financing, support, and after-sale service?

augmented product

The shape of the diffusion of innovation curve is described as

bell shaped

When a company launches a new product line with an existing brand name, this is known as

brand extension

Pioneer or breakthrough products are those that

can change consumer preferences

A "no haggle" pricing policy that makes a transaction easier for the buyer is a type of ___ pricing strategy.

customer oriented

The ______ gap can be closed by getting employees to meet or exceed service standards when the service is being delivered by empowering service providers, providing support and incentives, and using technology where appropriate.

delivery

Service Gaps model

designed to encourage the systematic examination of all aspects of the service delivery process and prescribe the steps needed to develop an optimal service strategy

The break even point is estimated by

dividing fixed costs by contribution per unit.

When it comes to measuring consumers' price sensitivity, products are viewed as either

elastic or inelastic

One of the potential benefits to a firm of introducing new-to-the-world products or services is

establishment of a completely new market

Empowerment

giving employees the authority to correct a problem without first checking with management

When marketers state that services are _______ another or from one service provider to another. they are referring to the fact that services are not always of the same quality from one time period to

heterogeneous

A __________ gap reflects the difference between customers' expectations and the firm's perception of those customer expectations.

knowledge

In the United States, most consumer-packaged goods found in grocery and discount stores are already in the _____ stage of the product life cycle.

maturity

If a firm in a purely competitive market can differentiate its product or service, it becomes part of a(n) _______ market.

monopolistic competition

Where on a product's packaging would one most likely find information such as nutrient content and country of origin?

on the product label

The diffusion of innovation theory is useful to marketers in helping them

predict which types of customers will buy their product immediately and later.

In one test before product launch, customers try a sample product and are then surveyed to understand whether or not they would buy/use the product again. This is known as

premarket testing

Consumers generally believe that _____ is one of the most important factors in their purchase decisions.

price

______ fairness refers to the perceived fairness of the process with which a firm handles customer complaints.

procedural

Private label brands are developed and managed by

retailers

If there is a difference between the firm's perceptions of customers' expectations and the service standards the firm has set, a ______ gap exists

standards

Training service providers to know exactly what a "good job" entails is setting service

standards

When members of the marketing channel collude to control the prices passed on to consumers, they are engaging in

vertical price fixing

A systematic _____ program collects customer inputs and integrates them into managerial decisions.

voice of customer