MKTG EXAM #2

Fad

Flurrbies, a line of winter accessories by a leading fashion label, quickly fell in and out of favor with customers. Flurrbies represents an example of a _____________

Cost plus

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

Time based

Movie theaters charge matinee pricing during the daytime, and resorts give weekend and seasonal discounts. This is an example of a _________ pricing strategy

Co-Branding

Occurs when two established brand names of different companies are used on the same product

Internal Marketing

Ordering and motivating customer-contact employees and supporting service

Market skimming pricing

Posh Collections introduced a new watch to appeal to upscale consumers, The company will most likely use a ________ strategy

Value added

Providing extra amenities to differentiate and support high priced products is referred to as __________ pricing

Services

Refers to a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentailly intangible

Consistency of a major product mix

Refers to ways in which the various product lines are related

Fixed costs

Rent, electricity, and executive salaries that do not very with production or sales level are referred to as _________ costs

Idea screening

Safari unlimited recently conducted national research to generate ideas for a new line of ideas for a new line of fatigues geared to women. the company uncovered a number of ideas about clothing and accessory preferences as well as important benefits such as built in sunblock and durability. The Safari Unlimited product development team will most likely use __________ next to arrive at a realistic number of products for the new fatigues line

Product bundle

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 refereed to as __________

Service Variability

Service quality depends on when, where, and how they are produced

Usage Rate

Shampoo marketers segment buyers as light, medium, or heavy product users. This is an example of __________ segmentation

Seasonal Discount

The National Tree Company offers re sellers half-price reductions on artificial Christmas trees if they purchase them in July. This is an example of a __________

Market skimming

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 Segmentation

The process of dividing a market into distinct groups of buyers who have different needs, characteristics or behavior

Demand curve

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

Test Marketing

The stage where a product and its ;proposed marketing program are introduced into market settings

Social Marketing

The use of traditional business marketing concepts and tools to create behaviors that will benefit individual and societal well-being is called _____________ marketing

Perceptual Positioning Maps

These are used to analyze consumer perceptions of a brand relative to competing products

Market for product is price sensitive

This condition is most likely essential for implementing a successful market-penetration pricing strategy for a product

Product costs

This sets the lower limit for a products pricing

Consumer perceptions of value

This sets the upper limit for a products pricing

Introduction stage

This stage of the product life cycle promotional expenditures will be be significantly high in an attempt to create customer awareness of a product and it's features

Oligopolistic competition

Under _______, the market consists of a few large sellers who are highly sensitive to each other's pricing and marketing strategies

Local Marketing

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

Reference Prices

_______ prices are carried in buyers minds and used when looking at a given product

Psychographic

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

Most likely offered functional by manufacturers

trade channel members that perform sales tasks

Increase profits by adding items

A product line is most likely too short if managers can _____________________

Undifferentiated Marketing

An approach when firms target a whole market based on common customer needs

Value based

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

Cost to the company

A company adding new features to a product will most likely asses each features value to customers relative to its _________

Inseparability

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

Use aggressive sales promotions

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

Unsought Products

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

Patent Laws

As a result of _________ a company cannot make its product illegally similar to a competitors already established product

Packaging

Best describes the process of designing and producing a container or wrapper for a product

Product Differentation

Bose promises "better sound through research" This is an example of ______________

Higher costs of doing business

Compared with undifferentiated marketing, differentiated marketing is more likely to lead to ___________

Positioning

Consists of arranging for a market offing to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

Decline stage

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

Captive product

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

Demographic

Harry's caters to the clothing needs of men, manufacturing two different lines of fashion based on the purchasing power of it's customers. One product line caters to the needs of affluent, middle aged men, and the other line targets younger, up-and-coming professionals. Harry's most likely segments the customer market based on _________ variables

Core customer value

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....

Differentiable

If men and women respond to the marketing efforts for a root beer flavored malt beverage, they are considered __________ market segments

Pure competition

In _______, the market consists of many buyers and sellers trading in a uniform commodity, such as wheat, copper, or financial securities

Product development step

In a sequential new product development process, product development is usually followed by test marketing

Growth stage

In this stage of the product life cycle sales start climbing quickly

Commercailization

Introducing a new product into the market is called ___________

Crowdsourcing

Kallton is a multinational communications and information technology corporation. Its principal products are mobile telephones and tablets. It recently announced on its web site that customers can suggest ideas for its upcoming product model. Contributors of short-listed ideas will be adequately rewarded. In this case, Kallton using ________ to generate new product ideas

Convenience

Laundry detergent, candy, magazines, and fast food are purchased frequently by customers, They are examples of __________ products

Customer Centered

Sleek Designes Inc. is producing its first e-reader. The company is striving to overcome some of the issues communicated by customers about competitive products including screen glare and product bulkiness. Sleek Design Inc. is using a __________ approach in their new product development process

Specialty Product

Susan has been redecorating her new condo for a year. She is carefully selecting every item. Susan finds an oriental rug that matches her color scheme and decor perfectly and purchases it immediately without engaging in comparison shopping. this is an example of a _______________________

Stimulated test markets

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

Promotional Allowances

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

Cash Rebates

When a manufacturer offers a __________, a customer buys a product from a manufacturers dealer within a specified time period, and the manufacturer then sends a customer a check

Actionable

When an effective program can be designed for attracting and serving a chosen segment, the segment is best described as _______________

Inelastic

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