mkt 3013 exam 4

What aspect of the product is being described when a used-car salesperson explains that each car comes with a one-year extended warranty and a two-year maintenance plan?

Associated services

This gap can be closed by getting employees to meet or exceed service standards by providing incentives and support.

Delivery

When consumers associate a brand with a certain level of quality and familiar attributes, allowing consumers to make quick decisions, the brand ______.

Facilitates purchasing

If many consumers in the marketplace are familiar with a brand and what it stands for and have an opinion about the brand, the brand has considerable

awareness.

The product life cycle is theoretically ________ with regard to sales and profits.

bell shaped

When Disney flooded retail stores with products based on its movie Frozen, this illustrated

brand licensing.

pioneer or breakthrough products are those that

can change consumer preferences

A service is any intangible offering that involves a deed, performance, or effort that

cannot be physically possessed By providing

The Service Gaps Model is designed to highlight those areas where delivered service exceeds expected service

customer believe they are getting less or poorer service than they should

Firms with products in the _____ stage of the product life cycle either position themselves for a niche segment of diehard consumers or those with special needs, or they completely exit the market.

decline

A(n) __________ gap exists when a firm knows what it needs to do to meet customers' service expectations but sometimes fails to do it.

delivery

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

determine a target market

the process by which the use of a new product or service spreads through a market group is referred to as

diffusion of innovation

As it pertains to the diffusion of innovation, if the __________ group is relatively small, the number of people who ultimately adopt the innovation likely will also be small.

early adopter

The diffusion of innovation curve follows this sequence: innovators, ____________ early majority, late majority, and laggards

early adopters

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

establishing a completely new market.

One of the key characteristics of brainstorming sessions is What?

everyone must come up with ideas

On the diffusion of innovation curve, the first group of buyers who want to be the first on the block to have the new product are known as early adopters

false

The more familiar customers are with a brand, the harder their decision-making process will be.

false

In one test before product launch, customers try a sample product and are then surveyed to understand whether they would buy/use the product again. This is known as

premarket testing.

Sales of private-label brands continue to increase, particularly in big-box stores such as Costco and Trader Joe's. True or False?

true

The zone of tolerance refers to the area between customers' expectations regarding their desired service and the minimum level of acceptable service.t or f

true

A company's product mix consists of

various product lines.

Customers have a defined ________ when it comes to waiting in line at a retail checkout counter. The amount of time consumers are willing to wait varies with the type of store.

voice-of-customer quotient

Which of the following shows the correct sequence of market acceptance of a new idea, as represented in the adoption curve?

Innovators, early adopters, early majority, late majority, laggards

Why is brand extension a popular marketing strategy?

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

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

Procedural

____ involves taking apart a product, analyzing it, and creating an improved product that does not infringe on the competitor's patents.

Reverse engineering

Many restaurants roll out new ideas first in Orlando Florida a location that attracts a vast range of diverse tourists and thus might offer insights into what various consumer groups will like this is an example of

Test marketing

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

The product launch

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

Variable

Which of the following would be part of the job description for a brand manager

Working with product developers and media managers to develop ads

Suppose that you work for an advertising agency and are brought into a meeting where everyone is asked to generate ideas for names for a new beach resort. You are engaged in ________, a form of new idea generation.

brainstorming

Marketers selling milk, bread, and other consumer staples, know most customers do not spend much time searching or comparing alternatives. For most consumers, these are _____________ goods.

convenience

When manufacturers try to understand what customers are looking for, they are thinking about the _______ component of the product offer

core customer value

A decrease in a company's product depth will always hurt its marketing efforts.

fasle

During the _____ stage of the product lifecycle, both sales and profits rise, numerous competitors enter the market, and sellers use promotional programs to stimulate demand for their brands

growth

Innovators are a critical group of new product adopters because they

help the product gain market acceptance.

In a competitive market, perceived value is determined by consumers mostly

in relation to the value of its close competitors.

When marketers say that services are __________, they are referring to the fact that services cannot be touched, tasted, or seen, like a pure product can.

intangible

The marketing of services differs from product marketing because services are

intangible, inseparable, heterogeneous (subject to variation due to human factors) and perishable

One key feature of the value of a strong brand is that

it can protect the firm from competition.

If a firm promises more than it can deliver:

it creates a communication gap.

Marketers with successful brands sometimes hesitate to expand the use of their brands because:

it is costly to maintain many brands and might weaken the firm's brand reputation.

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

knowledge

Effective service recovery entails

listening to the customer. providing a fair solution. resolving the problem quickly. involving customers in the service recovery where possible.

During the ______ stage of the product life cycle, the market for the product usually becomes saturated

maturity

The complete set of all products and product lines offered by a firm is called its product assortment, or product _______.

mix

Even if they succeed, new-to-the-world products are

not adopted by everyone at the same time.

What is one of the main criteria used for determining how "good" a brand is, or how much equity it has?

perceived value

A __________ package is the one a consumer uses. A __________ package is used by retailers to display and sell the product.

primary; secondary

A __________ is a group of associated items that consumers tend to use together or think of as part of a group of similar products.

product line

Sometimes all that needs to be done to satisfy a customer complaint is

to listen to the customer.