Marketing Mgmt Final Exam

________enhance utilities by providing a wide array of specific functions including physical distribution functions, transaction and communication functions, and facilitating functions. a) Pull strategies b) Indirect channels c) Channel intermediaries d) Value networks e) Direct channels

c) Channel intermediaries

At the ________stage of the AIDA model, marketing managers use promotions to gain awareness of the offering with the market's innovators and early adopters. a) interest b) desire c) attention d) attitude e) action

c) attention

An artisan creates handmade soaps and sells them at her local farmers market. What channel of distribution does she use? a) indirect channel b) virtual channel c) direct channel d) physical distribution e) exclusive distribution

c) direct channel

Services are produced and consumed at the same time and cannot be detached from their provider. This characteristic of service is called a) variability b) reliability c) inseparability d) intangibility e) perishability

c) inseparability

________affords the marketing manager an opportunity to develop a rational pricing strategy across a complete line of related items. a) captive pricing b) price bundling c) product line pricing d) reference pricing e) prestige pricing

c) product line pricing

Who or what are potentially the best brand and message ambassadors? a) third-party reviewers b) viral advertisements c) the company's employees d) satisfied customers e) television advertisements

c) the company's employees

As a characteristic of services, intangibility refers to the fact that a service

cannot be seen, heard, tasted, or felt by a customer

Frequently purchased, relatively low-cost products for which customers have little interest in seeking new information and rely heavily on prior purchase behavior are called ________goods.

convenience

In the context of product characteristics, companies translate the essential benefit into physical, tangible elements known as the ________product.

core

What is the final element the marketing manager should implement in promotional strategy? a) Identify targets for promotion. b) Prepare promotion budget. c) Develop the message. d) Establish measures of results. e) Select the promotion mix.

d) Establish measures of results.

Demographic segmentation is one of the most popular segmentation approaches because ________. a) the demand for all kinds of products is determined by where a person lives b) it uses easily identifiable characteristics of human populations such as lifestyle c) the needs and wants of customers remain constant based on demographic differences d) it is relatively easy to measure the variables used in this approach to segmentation e) it takes into account the climate of different regions.

d) it is relatively easy to measure the variables used in this approach to segmentation

When a competitor used its logo in a disparaging way in an advertisement, Max Corp. sued. It won the suit on the basis that the competitor violated its trademark. Which company brand role does this scenario exemplify? a) helping reassure the customer in the purchase decision b) educating the customer about a product c) providing competitors with a benchmark against which to compete d) offering legal protection for a product e) offering an effective and efficient methodology for categorizing products

d) offering legal protection for a product

Which advertising medium offers the advantage of interactive capabilities? a) radio b) direct mail c) newspaper d) online and social media e) television

d) online and social media

Sometimes referred to as pricing for maximum market share, ________can create a market entry barrier for other firms. a) target ROI b) price skimming c) competitor-based pricing d) penetration pricing e) value pricing

d) penetration pricing

A channel of distribution consists of interdependent entities that a) experience inefficiencies in business processes. b) develop new products. c) include members of the same market segment. d) transfer possession of a product from producer to consumer e) fix the price of a product to create monopoly

d) transfer possession of a product from producer to consumer

The primary function of marketing and the entire organization, in a broader context, is to

deliver value to the customer

Products that are new-to-the-world create a fundamental change in the marketplace and are known as

disruptive innovations.

What three steps do customers pass through when making purchasing decisions? a) want, need, attainment b) interest, desire purchase c) impulse, emotion, action d) notice, want, buy e) cognitive, affective, behavioral

e) cognitive, affective, behavioral

The goal of ________advertising is to promote an industry, company, family of brands, or some other issues broader than a specific product. a) competitive b) comparative c) pioneering d) product e) institutional

e) institutional

When actress Jennifer Aniston appears in an advertisement using and promoting a particular brand of body lotion, it is an example of the ________approach to advertising execution.

endorser

The region, the density of the population, and the size of the population are various approaches to use in ________.

geographic segmentation

Demographic segmentation is best described as using characteristics of ________to identify markets.

human population

The basis of the Gap Model of Service Quality is the a) recognition of suitable techniques for resource management to achieve better service quality. b) elimination of gap between an organization's and its employees' perceptions of the customer experience. c) examination of the differences between the objectives of management and employees. d) identification and measurement of differences in key areas of the service delivery process. e) evaluation of the face-to-face time between customer and service provider, often called the moment of truth.

d) identification and measurement of differences in key areas of the service delivery process.

The four characteristics of services are that they are a) tangible, quantifiable, reliable, and durable. b) variable, dependable, repairable, and customized. c) customized, standardized, formalized, and categorized. d) inseparable, perishable, intangible, and variable. e) specialized, tangible, standardized, and perishable.

d) inseparable, perishable, intangible, and variable.

A service cannot be experienced through the physical senses. This property represents the ________of services. a) variability b) reliability c) inseparability d) intangibility e) perishability

d) intangibility

Today, many tangible products include aspects that impact the customer's satisfaction before and after the purchase. These aspects that complement the tangible features of a product are a) physical aspects. b) core competencies. c) monetary characteristics. d) intangible characteristics. e) essential benefits.

d) intangible characteristics.

________can occur when a company purposefully makes pricing decisions to undercut one or more competitors and gain sales and net market share.

a price war

_______advertising is heavily used during the growth and early maturity stages of the product life cycle. a) Competitive b) Comparative c) Pioneering d) Covert e) Institutional

a) Competitive

_______advertising is one of the three principal types of product advertising. a) Competitive b) Covert c) Institutional d) Direct e) Viral

a) Competitive

________measures the average number of times a person in a target market is exposed to a particular message. a) Frequency b) Reach c) Relevancy d) Impact e) Noise

a) Frequency

Target marketing is the process by which ________. a) a company evaluates market segments and decides which ones have the most potential for development b) the market is divided into cohesive groups c) the customer groups are evaluated on the basis of high or low churn to see which is the most profitable d) a company collects cookies to track everyone who visits its website e) the market is divided into cohesive groups

a) a company evaluates market segments and decides which ones have the most potential for development

KFC is very protective of its "Seven Herbs and Spices" recipe, which, in the view of the company, gives it a significant competitive advantage over other restaurants, and will use any legal resource available to protect its patented formula. Which dimension of brand equity does this example illustrate? a) brand assets b) brand association c) brand awareness d) brand loyalty e) perceived quality

a) brand assets

A company can use its brand to expand into new product types. This is known as a) category extension. b) co-branding. c) franchising. d) store branding. e) brand association.

a) category extension.

In marketing, differentiation means ________. a) communicating and delivering value in different ways to different customer groups b) evaluating different market segments and deciding which shows the most promise for development c) products need to appear to be different from one another to be successful in the marketplace d) each age segment views products exactly the same e) consumer choices remain similar around the globe

a) communicating and delivering value in different ways to different customer groups

A value network perspective is a macro-level strategic approach that is being adopted by many firms in part because of the intense competition to cut ________and maximize ________every step of the way to market. a) costs; process efficiencies b) rewards; stock inventory c) employee benefits; cost control d) time inefficiencies; profits e) labor hours; performance incentives

a) costs; process efficiencies

Positioning relies on the communication of one or more sources of value to customers in a way that the customer can easily make the connection between the ________. a) customer's needs and wants and what the product has to offer b) product and its advertising c) salesperson and the customer at a personal level d) way the 4Ps of the marketing mix work with one another e) cost of the product and the quality

a) customer's needs and wants and what the product has to offer

Segmenting markets means that a company is ________. a) dividing the market into meaningful smaller markets based upon common characteristics b) selecting the markets to compete against in the marketplace c) selecting a corporate position to communicate to potential customers d) identifying and calculating the churn rate in different markets e) identifying the customers who have frequently purchased competitor's products or services

a) dividing the market into meaningful smaller markets based upon common characteristics

The development of promotional strategies most likely involves decisions about a) elements in the promotion mix. b) acceptable ROI for the customer. c) price promotions. d) product development. e) customer service response.

a) elements in the promotion mix.

An art supply manufacturer sells its goods to a wholesaler, who then sells those goods to a retailer. What channel of distribution does this company use? a) indirect channel b) virtual organization c) direct channel d) network organization e) channel community

a) indirect channel

Offering other manufacturers the right to use the brand in exchange for a set fee or percentage of sales is known as a) licensing. b) co-branding. c) stand-alone branding. d) benchmarking. e) family branding.

a) licensing.

In a push strategy, the focus is on a) members of the channel who are targeted for promotion. b) end users. c) members who typically rely on advertising. d) end users who drive the distribution of the new product. e) stimulating demand for an offering directly from the end user.

a) members of the channel who are targeted for promotion.

Because of its reputation for excellent flavor and increasing energy, Delicious Beverages is able to charge a price premium for its products. Which dimension of brand equity does this example illustrate? a) perceived quality b) brand strategy c) brand connections d) perceived bonuses e) brand loyalty

a) perceived quality

A push strategy usually relies on a combination of sales promotion and ________directed toward channel members. a) personal selling b) indirect marketing c) public relations d) social media promotion e) virtual marketing

a) personal selling

From an AIDA model perspective, ________advertising seeks to gain awareness and initial interest and is used mostly in the early growth stages of a product. a) pioneering b) institutional c) competitive d) covert e) comparative

a) pioneering

Creating a perception about price merely from the image the numbers provide the customer demonstrates ________pricing. a) psychological b) stability c) variable d) everyday low e) high/low

a) psychological

The rate at which new products become accepted is known as the ________process.

adoption

With brand ________, customers develop a number of emotional, performance, and psychological connections with a brand.

association

When two or more brands are reviewed against each other on certain attributes, it is considered ________advertising. a) Competitive b) Comparative c) Pioneering d) Covert e) Institutional

b) Comparative

A technology company wants to increase sales for their newest product, so they decide to invest in advertising and direct marketing for the product. This is an example of a) a push strategy b) a pull strategy c) a combination of push and pull strategy. d) digital marking. e) personal selling.

b) a pull strategy

A(n) ________is defined by the American Marketing Association as "a name, term, design, symbol, or any other feature that identifies one seller's goods or services as distinct from those of other sellers." a) identity b) brand c) profile d) trademark e) product

b) brand

The product life cycle (PLC) defines the life of a product in four basic stages, which include a) awareness, interest, trial, and adoption. b) introduction, growth, maturity, and decline. c) primary, secondary, advanced, and nominal. d) production, development, distribution, and enhancement. e) idea generation, creation, presentation, and promotion.

b) introduction, growth, maturity, and decline.

A strategy of ________addresses the objective of entering a market at a relatively high price point. a) target ROI b) price skimming c) competitor-based pricing d) penetration pricing e) value pricing

b) price skimming

A company's core cost advantages translate directly to an edge over its competitors based on much more flexibility in its ________as well as its ability to translate some of the cost savings to the bottom line. a) cost leadership b) pricing strategies c) value ratio d) service e) quality

b) pricing strategies

Pricing objectives very frequently are designed to maximize profit, which necessitates a ________pricing strategy. a) value b) target return on investment (ROI) c) price war d) price skimming e) penetration

b) target return on investment (ROI)

A(n) ________is thought of as an overarching system of formal and informal relationships within which the firm participates to procure, transform and enhance, and ultimately supply its offerings in final form within a market space. a) virtual organization b) value network c) business conglomerate d) organic organization e) tall organization

b) value network

Which characteristic is related to services? a) tangibility b) variability c) reparability d) durability e) separability

b) variability

Mabel only purchases Tide laundry detergent because it reminds her of her mother, who also used Tide. Which benefit of brand equity for customers does this exemplify?

brand associations

The most basic form of brand equity is

brand awareness

_______is the application of marketing concepts and strategies inside an organization.

internal marketing

A product ________is a group of products linked through usage, customer profile, price points, and distribution channels.

line

Combining all the products and product lines offered by a company is called the product

mix

The face-to-face time between customer and service provider is often called the ________because that is when customer judgments take place.

moment of truth

________brands enable manufacturers to leverage marketing resources by creating efficiencies in marketing communications and distribution.

national

A virtual organization is otherwise known as a ________organization.

network

________segmentation recognizes that there may be a number of consistent needs and wants demonstrated by consumers based on what type of job they have.

occupational

________refers to companies handing over most or all of their supply chain activities to third-party organizations that are experts in those areas.

outsourcing

It may be more accurate to think of a service as being ________rather than produced.

performed

Organizations communicate one or more sources of value to customers in a way that the customer can easily make the connection between his or her needs and wants and what the product has to offer. Execution of this approach is referred to as a firm's ________strategy.

positioning

________is a critical component that plays into a customer's assessment of the value afforded by a firm and its offerings.

price

Channel members add their value by bridging gaps in form, time, place, and ownership that naturally exist between

producers and consumers

The vast majority of advertising is ________advertising.

product

________can be defined as anything that delivers value to satisfy a need or want and includes physical merchandise, services, events, people, places, organizations, information, even ideas.

product

The means by which one informs, persuades, or reminds potential customers is called

promotion

________segmentation is sometimes referred to as segmentation by lifestyle or values.

psychographic

What is an example of measured media?

radio

A(n) ________represents all organizations involved in providing a firm, the members of its channels of distribution, and its end-user consumers and business users.

supply chain

For most products, as long as the customer perceives the ratio of price and benefit to be at least equal, perceptions of ________will likely be favorable.

value

________of a service means that because it can't be separated from the provider, a service's quality can only be as good as that of the provider.

variability

With ________pricing, customers are allowed—even encouraged—to haggle about prices.

variable

Today, the percentage of jobs in the United States that are service-related is more than ________of all jobs.

80%