marketing final

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A product life cycle has five distinct stages: product development, introduction, growth, maturity, and ________.

Decline

During the ________ stage of the product life cycle, product sales may plunge to zero, or drop to a low level where they continue for many years.

Decline

The relationship between the price charged for a product and the resulting demand level can be shown in a(n) ________.

Demand curve

Coolers Inc. has decided to launch a new energy drink that will have the fewest calories among its competitors. To understand the market potential for the new drink and the demographics and attitudes of consumers who are likely to buy the product, Coolers should most likely use ________.

Descriptive research

Moving products and materials from suppliers to the factory is known as ________ logistics.

Inbound

________ marketing tailors brands and promotions to the needs and wants of specific cities, neighborhoods, and even stores.

Individual

The objective of ________ advertising is to build primary demand.

Informative

A doctor performing hip surgery on a patient illustrates how a service can be produced and consumed simultaneously. This is an example of which service characteristic?

Inseparability

The Dairy Bar, a national soft-service ice cream retailer, buys cones from Cones & More. Cones & More is an important resource for marketplace information. They're considered a(n) ________ source of new product ideas for the Dairy Bar.

Internal

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

Internal service quality

________ is the final step in the marketing research process

Interpreting and reporting the findings

In which stage of the product life cycle will promotional expenditures be significantly high in an attempt to create consumer awareness of a product and its features?

Introduction

Which of the following is true of a territorial sales-force structure?

It clearly defines each salesperson's job and establishes accountability.

Which of the following is true of public relations?

It emphasizes news and events rather than sales

Which of the following is true of a conventional distribution channel?

It has each channel member acting as a separate business unit trying to maximize its own profits.

Which of the following is a disadvantage of using a magazine as an advertising medium?

It involves high costs.

Which of the following is true of the product life cycle (PLC)?

It is generally difficult to forecast the sales level at each PLC stage.

Which of the following is true of direct and digital marketing?

It is suited for highly targeted marketing efforts and for building one-to-one customer relationships.

Which of the following is true of personal selling?

It is the most expensive promotional tool for companies to utilize

Which of the following is a shortcoming of advertising?

It only provides one-way communication with customers.

Which of the following is true of an intensive distribution strategy?

It strives to make products available where and when consumers want them.

Which of the following is a psychographic characteristic of a consumer?

Lifestyle

Busch Stadium in St. Louis charges different prices for seats in different areas of the ball park, even though each seat costs the same for the owners of the stadium. What is this form of pricing called?

Location based pricing

If a company assigns individual teams of salespeople to big retail customers, it most likely has a(n) ________ sales-force structure.

Market

A firm's decision to identify and develop new markets for existing products is a ________ strategy.

Market development

Which of the following criteria provides a measure of market attractiveness in the Boston Consulting Group approach?

Market growth rate

The two dimensions the BCG approach uses to evaluate and manage SBUs are _______.

Market growth rate and relative market share

Dividing a market into several sections of customers is known as _________.

Market segmentation

Doggie World concept tested an idea for a new chew toy that would entertain dogs while simultaneously cleaning their teeth. Dog owners were pleased with the results. The next stage in developing the new product concept is ________.

Market strategy development

The first generation Apple iPod was introduced in 2001 and sold for $500. The following year a mini version was introduced for $250. Apple initially used a ________ strategy to price their digital music innovation.

Market-skimming

The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

Marketing

________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Marketing research

Which of the following is a quantitative approach to research?

Marketing surveys

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

Maturity

Marketers need to know how customers connect with an ad and brand idea as a part of the broader brand relationship. This can be achieved by measuring ________ levels.

Media engagement

Demographic, economic, natural, technological, political, and cultural forces form the ________ of an organization.

Microenvironment

Sportware, a leading shoe manufacturer, markets sneakers under the brand name "Athletix" and dress shoes under the brand name "Cameo" in order to target the two different market segments. What branding strategy is most likely being used by sportswear?

Multibranding

________ involves combining two or more systems of transportation to move products.

Multimodal transportation

According to the text, the most logical budget-setting method in advertising is the ________ method.

Objective and task

Computer World sells laptops separately from accessory products like docking stations, anti-virus software, and external hard drives. This is referred to as ________ pricing.

Optional-product

Which of the following terms best describes the process of designing and producing a container or wrapper for a product?

Packaging

Which method of setting advertising budgets best helps management think about the relationship between promotion spending, selling price, and profit per unit?

Percentage of sales method

World Skies' Flight 167 takes off at 50 percent capacity. The unoccupied seats cannot be stored for later sale or use. This is an example of which service characteristic?

Perishability

Buyer Decision Making Process

Stage #1: Problem Recognition. ... Stage #2: Information Search. ... Stage #3: Evaluation of Alternatives. ... Stage #4: Purchase Decision. ... Stage #5: Purchase. ... Stage #6: Post-Purchase Evaluation.

Which of the following statements is true in the context of the BCG growth-share matrix?

Stars often need heavy investment to finance their rapid growth in a market.

Which of the following is a difference between storage warehouses and distribution centers?

Storage warehouses store goods for moderate to long periods, while distribution centers are used to move goods rather than just store them.

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

Suppliers

Managing upstream and downstream value-added flows of materials, final goods, and related information among suppliers, the company, resellers, and final consumers is known as ________.

Supply chain management

Dollar General profitably appeals to families with more modest means. The retailer's approach is most likely referred to as ________.

Target Marketing

If a product passes both the concept test and the product test, the next step is most likely to be ________.

Test marketing

Which of the following is a disadvantage of using digital, mobile, and social media for advertising?

The audience controls content and ad exposure.

Which of the following sources constitutes the internal database of a company?

The companies sales records

Which of the following conditions is most likely essential for implementing a successful market-penetration pricing strategy for a product?

The market for the product is highly price sensitive.

Which of the following is most likely true of a sales force?

The performance difference between an average salesperson and a top salesperson is generally substantial.

________ can describe a product class, a product form, or a brand.

The product life cycle concept

Which of the following conditions is most likely essential for implementing a successful market-skimming pricing strategy for a product?

The product's quality and image must support its high price.

Which of the following is true of marketing strategies that are being developed in the new marketing communications model?

They are more targeted, social, and engaging.

Which of the following is most likely true about a sales force in the field?

They build relationships with customers through face-to-face collaboration.

Which of the following is most likely true about companies that take a proactive stance toward the marketing environment?

They develop strategies to change the marketing environment.

Which of the following statements is true of consumer promotions?

They include a wide range of tools like samples, coupons, and refunds.

How do firms that use captive-product pricing make up for the low prices of their main products?

They set high markups on the captive products.

Sales promotion tools used to persuade resellers to carry a brand, give it shelf space, promote it in advertising, and push it to consumers are collectively called ________ promotions.

Trade

Which of the following is most efficient for short hauls of high-value merchandise and is highly flexible in its routing and time schedules?

Trucks

Consumer products that the buyer either does not know about or knows about but does not normally consider buying are referred to as ________ products.

Unsought

A product is in the maturity stage of the product life cycle, and the company decides to modify the marketing mix. Which of the following steps is the company most likely to take?

Use aggressive sales promotion

A ________ pricing strategy for an offering begins with an assessment of customer needs and perceptions. Then a target price is set based on customer perceptions of worth.

Value based

A company launching a new product must first decide ________.

When to launch a new product

A(n) ________ is considered a marketing intermediary

Wholesaler

Which of the following products would the electronics company CypressSound classify as a cash cow in its BCG matrix?

Xpress — an MP3 player that has a high market share in a market that is not expected to grow significantly

Which of the following is an example of a horizontal conflict in a distribution channel?

a Ford car dealer complaining that another Ford dealer is underpricing the same models

new task

a business buying situation in which the buyer purchases a product or service for the first time

In which of the following situations is a producer guaranteed full control over product sales?

a direct marketing channel

Which of the following is an example of a firm utilizing public relations as a promotion tool?

a firm providing interesting information about a product to the news media

Which of the following promotion mix approaches involves a producer promoting a product to different channel members who in turn promote the product to customers?

a push strategy

Market segments that can be effectively reached and served are said to be ________.

accessible

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

Millie Foods, producers of baby food, offers a monetary sum to retailers who agree to feature its new products on their shelves for a considerable time period. In this case, the promotion tool used by the company is referred to as a(n) ________.

allowance

Which of the following is a promotion tool used for trade promotions?

allowances

The salesperson should know how to meet and greet the buyer and get the relationship off to a good start in which step of the selling process?

approach

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

behavioral

________ involves using an existing brand name for a new product category.

brand extension

The final step in the marketing process is ________.

capturing value from customers

Which of the following statements is most likely true about the new product development process?

Customers, competitors, distributors, and suppliers are major sources of new product ideas.

Vertical conflicts in distribution channels are conflicts that occur between ________.

different levels of the same channel

In a promotion mix, ________ involves personally connecting with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships

direct marketing

In which of the following stages of the adoption process does a consumer seek information about a new product?

interest

A market segment is less attractive when ________.

it contains powerful suppliers who can control prices

________ are tradition-bound, suspicious of changes, and adopt an innovation only when it has become something of a tradition itself.

lagging adopters

In a logistics system, minimizing distribution costs most likely involves ________.

large shipping lots

Which of the following is the first step in developing an advertising program?

setting advertising objectives

Which of the following is a pure tangible good?

shampoo

________ products are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style

shopping

The presentation stage of the selling process most likely involves ________.

showing how a company's products can solve a customer's problems

________ products are consumer products and services with unique characteristics or brand identifications for which a significant group of buyers is willing to make more effort than usual to purchase.

specialty products

According to the BCG matrix, products or businesses with a high market share in a high-growth market are classified as ________.

stars

According to Maslow's hierarchy of needs, which of the following is most likely an esteem need?

status

When a market segment is large or profitable enough to serve, it is termed ________.

substantial

The first part of a marketing strategy statement describes the ________ of a new product.

target market, planned value proposition, and sales goals

Causal research is used to ________.

test hypotheses about cause-and-effect relationships

In the competitive-parity method of setting an advertising budget, the budget is set based on ________.

the amount spent by similar companies in the same industry

Which of the following is part of the microenvironment of a firm's marketing environment?

the suppliers who work with the company

Which statement about convenience products is most likely true?

they are bought by consumers frequently and with minimal comparison

Cosmetics firm SatinSilk is revamping its mission statement and advertising strategy. The CEO stresses that the new mission statement should be market-oriented rather than product-oriented. Which of the following mission statements will best suit the company?

to give customers the complexion they dream about by providing products suited to their needs

________ costs refer to the sum of the fixed and variable costs for any given level of production.

total

Product mix length refers to the ________.

total number of items a company carries within its product lines

Vac "N" Sew, a consumer electronics outlet, offers a price reduction of $100 when customers bring in a used vacuum cleaner and exchange it for a new vacuum cleaner or sewing machine. This is an example of a ________.

trade-in allowance

Which of the following applies to a marketing intermediary who buys brand name toothpaste from 10 different manufacturers, consolidates offerings, and then resells the various brands to 500 supermarkets in Florida?

transform the assortments of products made by producers into the assortments wanted by consumers

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

value delivery network

Costs that change directly with the level of production are referred to as ________ costs.

variable

A ________ consists of producers, wholesalers, and retailers acting as a unified system. The system can be dominated by any one of the interdependent members.

vertical marketing system

The objective of ________ research is to gather preliminary information that will help define the problem and suggest hypotheses

Exploratory

_______ refers to working closely with people inside and outside the company to jointly bring more value to customers.

Partner relationship management

Koffee, a brand of instant coffee, gives away a free coffee mug with its logo imprinted on it with every purchase of a 500g packet of its instant coffee powder. Which promotion tool is Koffee using?

Advertising specialties

The ________ method of setting an advertising budget typically overlooks how promotion affects sales.

Affordable

Which mode of transportation is best for carrying perishable goods to distant markets?

Air carriers

One reason demographic variables are the most popular bases for segmenting customer groups is because they ________.

Are easier to measure than other variables

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

Brand

Conventions, trade shows, and sales contests are types of ________.

Business promotions

Establishing prices for razor blades that must be used with a razor blade system is known as ________ pricing.

Captive product

________ uses buyers' perceptions of what a product is worth as the key to pricing.

Customer value-based pricing

Which of the following steps of the new product development process would most likely use an R-W-W framework?

Idea screening

When establishing prices, it's important for a manager to understand that "good value" is not the same as ________.

"Low price"

Which of the following is true of RFID or "smart tag" technology?

"Smart shelves" can tell when it is time to reorder and can place orders automatically.

In which of the following cases is crowdsourcing used for new product development?

A company creates a forum where anyone can contribute new product ideas.

Which of the following statements is true of a product sales-force structure?

A product sales-force structure is characterized by specialization along product lines.

Which of the following is most likely true of a product in the maturity stage of the product life cycle?

A slowdown occurs in sales growth.

Informing the target market about a price change for a signature cookie dough product through a national TV campaign within three months" is an example of a(n) ________ objective.

Advertising

________ is any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor.

Advertising

Which of the following is most likely a difference between advertising and sales promotion?

Advertising can be used to build up a long-term image for a product while sales promotion effects can be short lived.

________ occurs when two established brand names of different companies are used on the same product.

Co-branding

Introducing a new product into the market is called ________.

Commercialization

A(n) ________ is the variable amount in a salesperson's compensation.

Commission

Which of the following is true of logistics?

Companies can gain a powerful competitive advantage by using improved logistics to enhance customer service or lower prices.

A firm that uses direct marketing would most likely sell its products through ________.

Company website

________ advertising would most likely result in attack ads between competitors.

Comparative

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

Companies that organize their sales force by customer and territory; product and territory; product and customer; or territory, product, and customer are using a ________ sales-force structure.

Complex

The stage in which product ideas are presented to groups of target consumers physically or symbolically is referred to as ________.

Concept testing

________ markets consist of individuals and households that buy goods and services for personal use.

Consumer

Rather than just creating and placing "TV ads" or "print ads" or "Snapchat branded story ads," many marketers now view themselves more broadly as ________ managers.

Content marketing

________ products are consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort.

Convenience

________ pricing involves setting prices based on the expenses involved in producing, distributing, and selling a product plus a fair rate of return for a company's effort and risk.

Cost based

Lovely Skin is establishing a pricing strategy for a new moisturizer. The total cost to produce each unit is $3.50. The company has decided to add a $1.50 markup, so the unit price to distributors will be $5. Lovely Skin is using a ________ approach to price the new moisturizer.

Cost-plus

________ are certificates that save buyers money while they purchase specified products.

Coupons

Metro Museum has different admission prices for students, adults, and seniors. All three groups are entitled to the same services. This form of pricing is called ________ pricing.

Customer segmented

Studio 19 is a dance studio geared to adults who want to learn ballroom and Latin dance. When individuals call the studio, they're encouraged to access the Web site to receive a $25 e-coupon entitling them to a free half hour of dance instruction. Once they become patrons, text messages are sent to share news about featured dance instructors and upcoming special events. Which of the following promotion mix tools does Studio 19 employ to reach target customers?

Direct marketing

For over 10 years, Erudite, a publishing and educational company that produces college textbooks, has been selling its books online through studysmart.com, a popular online retailer that sells textbooks published by different companies. Recently, Erudite stopped selling its books through studysmart.com and set up its own Web site to sell its books. This change in channel organization is called ________.

Disintermediation

The Vitamin Shoppe sells natural vitamins and supplements. Product prices are adjusted frequently to meet the needs of individual customers. For example, long-time customers receive discounts. This strategy is most likely an example of ________ pricing.

Dynamic

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

AirNetwork, a telecommunications company, sponsors a rock concert by a famous band in order to further its brand visibility. This is an example of a(n) ________.

Event marketing promotion

When a seller requires that only certain dealers carry its products, its strategy is known as ________.

Exclusive distribution

A freestanding insert in the Sunday newspaper for a local restaurant that contains a $5 off coupon for any meal over $20 is an example of a promotion targeted at ________.

Final buyer

In the ________ stage, a firm most likely faces a trade-off between high market share and high current profit.

Growth

Which of the following statements is most likely true about the product life cycle?

Growth is a period of rapid market acceptance and increasing profits

In which of the following steps of the selling process does a salesperson seek out, clarify, and overcome any customer disapproval to buying?

Handling objections

The new product development process usually starts with ________.

Idea generation

Which statement is most likely true about idea generation in the new product development process?

Idea generation is usually followed by procedures that reduce the total number of ideas.

In a promotion mix, ________ occurs when a firm's sales force makes individual presentations to consumers for the purpose of promoting sales and building customer relationships.

Personal selling

Which of the following types of promotion tools requires a considerable degree of personal interaction with a customer?

Personal selling

What is the primary goal of trade promotions?

Persuading resellers to carry a brand

The primary objective of ________ advertising is to build selective demand.

Persuasive

The use of both rail and trucks for transporting goods is called ________.

Piggybacking

________ is the only element in the marketing mix that produces revenue.

Price

________ is the sum of all the values that customers give up to gain the benefits of having or using a product or service.

Price

Flores Fashions promotes its clothing by emphasizing the durability and quality of the fabrics it uses. The company has positioned its brand based on

Product attributes

Salon Du Jour offers special combination packages at a reduced price. Separately, a haircut is $30 and a conditioning treatment is $35. But the combo price is $50. This is referred to as ________ pricing.

Product bundle

Which of the following sets the lower limit for a product's pricing?

Product cost

In a sequential new product development process, which of the following is true of the product development step?

Product development is usually followed by test marketing.

NerdHerd Electronics sells three different sizes of televisions at three different prices. In this case, the company's pricing strategy is referred to as ________ pricing.

Product line

Clorox sells five major product lines including cleaning, household, lifestyle, professional, and international. Together the product lines make up Clorox's ________.

Product mix

4 P's of Marketing

Product, Price, Place, Promotion

What type of pricing is being used when a company temporarily prices its products below the list price to create buying excitement and urgency?

Promotional pricing

In which step of the selling process does a salesperson or company identify qualified potential customers?

Prospecting

Bass Pro Shops recognizes that outdoors enthusiasts are a diverse group. Likely segments include hunters, campers, and boaters. What is this segmentation method called?

Psychographic

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

Psychographic

Pricing a product based on consumers' reference prices is referred to as ________ pricing

Psychological

In a promotion mix, ________ performs the functions of building a good rapport with entities outside the company, building up a good corporate image, and handling unfavorable rumors and events.

Public relations

Salespeople need to know how to ________ leads, that is identifying good leads and screening out poor ones, at the beginning of the selling process.

Qualify

Which of the following is a cost-effective mode for shipping large amounts of bulk products — coal, sand, minerals, and forest products — over long distances?

Railroads

________ prices are carried in buyers' minds and used when looking at a given product.

Reference

________ advertising primarily maintains brand relationships and is important for mature products

Reminder

Which of the following is true about the introduction stage of a new product? Sales growth tends to be slow.

Sales growth tends to be slow.

Power Pro, a leading manufacturer of lawn and garden equipment, releases a new line of cordless, lightweight, electric weed trimmers. To boost sales, Power Pro issues a 50 percent off coupon to the first 100 buyers at all Home Depot stores in the Northeast. Which element of the promotion mix has Power Pro used in this scenario?

Sales promotion

Which of the following is true of the growth stage of the product life cycle?

Sales start climbing quickly.

________ distribution typically allows manufacturers to develop good working relationships with intermediaries and expect a better-than-average selling effort. It also gives producers good market coverage with more control and less cost than intensive distribution.

Selective

Which of the following is most likely a true statement about services?

Service industries vary greatly

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

Services

Which of the following is most likely a true statement about shopping products?

Shopping products are purchased less frequently than convenience products.

Using ________, researchers measure consumer responses to new products and marketing tactics in laboratory stores or virtual online shopping environments.

Simulated test market

Howard Schultz, the founder of Starbucks, positioned his bistros as "a third place" between work and home where patrons could share and enjoy a cup of coffee with friends. This illustrates ________.

Speciality product

Producers of convenience products and common raw materials typically seek ________ distribution

intensive

In which of the following steps of the selling process does a salesperson ask a buyer for an order?

closing

Which of the following sets the upper limit for a product's pricing?

consumer perceptions of value

4 consumer products

convenience goods, speciality goods, shopping goods, and unsought goods.

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 consumer recognition

Which of the following is a function of an integrated marketing communications system?

delivering a clear, consistent, and compelling message on the product to each brand contact

The authors suggest that the term "supply chain" may be too limited because it takes a "make-and-sell" view of the business. They believe the term ________ is more appropriate because it suggests a "sense-and-respond" view of the market.

demand chain

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 segmentation

Fred's faith in Asics, his favorite brand of running shoes, makes him consider other offerings introduced by Asics. Fred is not a risk-taker, and he tends to evaluate each new product carefully before adopting it. Fred is an opinion leader in his social networking community and best described as a(n) ________.

early adopters

In which of the following stages of the adoption process does a consumer consider whether trying a new product makes sense?

evaluation

High-end luxury brands like Bentley for cars, Louis Vuitton for handbags, and Rolex for watches use ________ distribution, giving a limited number of dealers the sole right to sell products in a specified geographic territory

exclusive

Denta Clean's decision to add a whitening toothpaste to its current line of toothpastes is an example of product line ________.

filling

Each PC produced by HP involves a cost of computer chips, wires, plastic, packaging, and other inputs. Although these costs tend to be the same for each unit produced, they are called ________ costs because the total changes based on the number of units produced.

fixed

Rent, electricity, and executive salaries that do not vary with production or sales level are referred to as ________ costs.

fixed

What is the last step in the selling process?

follow up

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

income

A product line is most likely too short if managers can ________.

increase profits by adding items

A product line is most likely too long if managers can ________.

increase profits by dropping items

When demand hardly changes with a small change in the price of a product, the demand for the product is best described as ________.

inelastic

Lush Lawns, a new landscaping company, uses the same logo and shade of green in all forms of communication including its online ads, truck signage, Web site, and business cards. Which technique is being used by Lush Lawns to promote its business?

integrated marketing communications

________ occurs when a company uses its existing brand name for new forms, colors, sizes, ingredients, or flavors of an existing product category.

line extension

In which of the following structures does a company organize its sales force along customer or industry lines?

market sales-force structure

The first Target store opened in 1962. Its initial strategy was to set prices low to attract a large number of buyers quickly and win a large market share. This is referred to as ________.

market-penetration pricing

Posh Collections introduced a new watch to appeal to upscale consumers. The company will most likely use a(n) ________ strategy.

market-skimming pricing

________ are sets of interdependent organizations that help make the product or service of a company available for use by consumers or business users.

marketing channels

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

mass marketing

When the size, purchasing power, and profiles of a market segment can be determined, the market segment is said to be

measurable

Selective distribution is a strategy in which ________.

more than one, but fewer than all, willing intermediaries are used by a seller

Product mix width refers to the ________.

number of different product lines the company carries

The second part of a marketing strategy statement describes the ________ of a new product.

planned price, distribution, and marketing budget

In the ________ stage of new product development, products undergo rigorous tests to make sure that they perform safely and effectively, or that consumers will find value in them

product development

Outbound logistics refers to moving ________.

products from the factory to resellers and ultimately to customers

When Nabisco offers to cover half the cost of all local advertising for supermarkets that sell Oreo Cookies, the company is granting ________.

promotional allowances

In which of the following promotion tools does a customer send a proof of purchase to a manufacturer, who then refunds part of the purchase price by mail?

rebate

How have social media tools most likely affected personal selling?

reducing the use of person-to-person selling efforts

Just-in-time logistics system

retailers carry small inventories of merchandise to last for only a few days

When Toyota announces a product recall on its Camry model due to a faulty igniter, they are using ________ to coordinate with dealers and car owners.

reverse logistics

In a marketing communications mix, ________ refers to any short-term incentive that encourages the purchase or sale of a product or service.

sales promotion

The third part of a marketing strategy statement describes the ________ of a new product.

sales, market share, and profit goals

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

Service variability means that ________.

service quality depends on when, where, and how they are provided

________ is a discomfort caused by postpurchase conflict.

cognitive dissonance

________ is the degree to which the results of using an innovation can be observed or described to others.

communicability

________ is the degree to which an innovation fits the values and experiences of potential consumers.

compatibility

Electric cars are not considerably different or difficult to drive relative to gas-powered cars. However, this is not aligned with the perceptions or conceptual concerns held by the public about the new technology. This will likely slow the adoption rate due to the ________ of the innovation.

complexity

Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on ________.

consumers' existing wants

A child in the United States is exposed to many values including achievement and success, freedom, individualism, hard work, and material comfort. These are symbolic of American ________.

culture

According to the text, ________ are the most important actors in a company's microenvironment.

customer

According to the five-step model of the marketing process, the first step in marketing is:

understanding the marketplace and customer needs and wants

A brand's ________ is the set of benefits that it promises to deliver to consumers to satisfy their needs.

value proposition

________ are the form human needs take as they are shaped by culture and individual personality.

wants

three major buying situations

1- straight rebuy 2-modified rebuy 3-new task

________ refers to a channel stretching from raw materials to components to final products that are carried to final buyers.

A supply chain

Procter & Gamble's Tide detergent does not phone or call on all of its consumers to get to know them personally. Instead, Tide creates engagement and relationships through brand-building advertising, Web sites, and social media presence. Which of the following types of associations would be most profitable for the firm to develop with these customers?

Basic relationships

Stew Leonard's has created what has been the "Disneyland of Dairy Stores," complete with costumed characters, scheduled entertainment, and a petting zoo. It's built 30 additions onto the original store, which now serves more than 300,000 customers each week. This legion of loyal shoppers is largely a result of the store's passionate approach to customer service. Instead of focusing on individual transactions, Stew and his staff are putting a priority on ________.

Capturing customer lifetime value

The marketing manager of Appeal Inc. has noticed a sharp decrease in sales over the last two months. The manager decides to conduct marketing research to identify potential causes for the drop in sales. Which of the following should the manager do first?

Define the problem and objectives

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is referred to as ________.

Customer relationship management

Due to the limitations of the BCG and other formal portfolio planning models, many companies are placing responsibility for strategic planning in the hands of cross-functional teams of divisional managers who are close to their markets. In such organizations, strategic planning is ________.

Decentralized

________ is often the most difficult but most critical step in the research process.

Defining the problem and research objectives

________ is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behavior.

Differentiation

Changes in variables, such as income, cost of living, interest rates, and savings and borrowing patterns most likely reflect changes in the ________ environment of a company.

Economic

Devon is in the market for a new car. She is seriously considering either a Honda Civic or Toyota Corolla because they both have excellent quality and safety ratings and are comparable in price. Devon is in the ________ stage of the buyer decision process.

Evaluation of alternatives

________ is the act of obtaining a desired object from someone by offering something in return.

Exchange

Methods of collecting data

Experiment, survey, observation, secondary data analysis

Which of the following is considered a major influence on business buyer behavior?

Organizational factors

Which of the following is true of strategic planning in a firm?

It deals with adapting the firm to take advantage of changing marketing opportunities.

________ is the art and science of choosing target markets and building profitable relationships with them.

Marketing Management

Which of the following has the primary function of helping a company target and promote its products to the right markets?

Marketing Service agencies

Which of the following is an advantage of primary data?

More relevant than secondary data

________ are defined as states of felt deprivation.

Needs

________ are people within a reference group who, because of special skills, knowledge, personality, or other characteristics, exert social influence on others

Opinion leaders

________ refers to the unique psychological characteristics that distinguish a person or group.

Personality

Jeff is in the process of buying a new car. He carefully analyzes the features that he wants in a car, and perceives significant differences in price, quality, and features among three of his favorite models. He rates the models on each factor and ranks them in the order of his preference. To which of the following stages of the buyer decision process will Jeff most likely proceed next?

Purchase decision

A shoe company's ads feature the members of a popular country music band. Product sales increase significantly among the band's fans. From the fans' viewpoint, the band is a ________.

Reference group

Information collected from commercial online databases or through Internet search engines are examples of ________ data.

Secondary

Which of the following needs in Maslow's hierarchy is generally satisfied last?

Self-actualization

Both market penetration strategies and market development strategies primarily involve ________.

Selling a companies current product

Which of the following is most likely a true statement about social class?

Social classes show distinct product preferences in areas such as clothing.

Which of the following transforms marketing strategies into real values for consumers?

The four P's of marketing

Alice is shopping for a new car, and she has narrowed her decision to a Honda Accord and a Toyota Camry. Both sedans have similar features and prices, but Alice decides to purchase the Honda based on her intuition. Which of the following situations would most likely cause Alice to experience postpurchase dissonance?

The price of the Toyota Camry falls due to an increase in demand.

straight rebuy

a business buying situation in which the buyer routinely reorders something without any modifications

modified rebuy

a business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers

Which of the following is part of the microenvironment of a company's marketing environment?

a just-in-time inventory system used by the company when making purchase decisions

Business portfolio analysis is defined as the process in which management ________.

assesses the attractiveness of an SBU's market and the strength of its position in the market

The initial function of a marketing information system is ________.

assessing the information needs of a company

In the BCG matrix, ________ refer to low-growth, high-share businesses or products.

cash cows

Vernon Inc. would like to set the best price for a new product. The firm conducts an experimental study by selling the new product at two different prices in two different locations keeping other factors constant to see if a lower price results in better sales. This is most likely an example of ________ research.

casual

Abel now has the buying power to purchase the computer that he wanted to buy six months ago. Abel's want has most likely become a ________.

demand

In most marketing research projects, what type of research is conducted first?

exploratory

Which of the following is a social factor that influences consumer buying behavior?

family

Which of the following is a difference between the marketing concept and the selling concept?

focuses on customer needs, whereas the selling concept focuses on existing products.

Adopter catagories

innovators, early adopters, early majority, late majority, laggards

In the BCG growth-share matrix, question marks refer to products or businesses with a ________.

low market share in a market with high

Consumers' needs and wants are fulfilled through ________.

market offerings

A strategy for company growth that involves increasing sales to current market segments without changing the product is known as ________.

market penetration

Which of the following is the right order of the steps that companies generally follow in designing a customer-driven marketing strategy?

market segmentation, market targeting, differentiation, and positioning

A ________ is purposeful, specifying what an organization wants to accomplish in the larger environment.

mission statemen

In a marketer's macroenvironment, the ________ environment consists of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society.

political

________ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

positioning

Bill thought he had received the best deal on his riding mower. Shortly after the purchase, Bill started to notice certain disadvantages of his new riding mower as he learned more about other riding mowers available in the same price range. Bill is in which of the following stages of the buyer decision process?

post purchase behavior

________ data consist of information collected for the specific purpose at hand.

primary

The ________ concept holds that consumers will favor goods and services that offer the most in quality, performance, and innovative features.

product

During which stage of the business buying decision process is a buyer most likely to conduct value analysis by carefully studying components to determine if they can be redesigned, standardized, or made less expensively?

product specification

According to the BCG matrix, products or businesses with a low share of market in a high-growth industry are considered ________.

question marks

________ is the degree to which an innovation appears superior to existing products.

relative advantage

When a company chooses to divest a particular strategic business unit, it ________.

sells off or phases out the strategic business unit

________ is a method of gathering primary data that involves asking people questions about their knowledge, attitudes, preferences, and buying behavior.

survey research

Which of the following best describes a company's business portfolio?

the collection of businesses and products that make up the company

Which of the following demonstrates the real value of a company's marketing research and information system?

the quality of customer insights it provides


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