MRKT 3650 exam 3
The marketing concept
recognizes that organizations thrive from day to day by determining the current needs and wants of target customers and fulfilling those needs and wants more effectively and efficiently than competitors do.
Pricing is difficult because the various products have ______________ and _________________________.
related demand and costs; face different degrees of competition
The trend of ________ has resulted in different types of retailers now selling the same products at the same prices to the same consumers.
retail convergence
A __________ is a business whose sales come primarily from retailing.
retailer
Today, many retailers are banding together in corporate and contractual retail organizations, which include corporate chains, voluntary chains, _________________.
retailer cooperatives and franchise organizations
During the introductory stage of the product lifecycle, ______________.
sales are slow and profits nonexistent
merchant wholesalers, brokers and agents, and manufacturers' and retailers' branches and offices
segment and target carefully, differentiate, and position themselves effectively
Retailers always search for new marketing strategies to attract and hold customers. The major marketing decisions they face are _______________________.
segmentation and targeting, store differentiation and positioning, and the retail marketing mix
Another price adjustment strategy is ______________ pricing, where the company sells a product at two or more prices to accommodate different customers, product forms, locations, or times.
segmented
When channel members cooperate, they can more effectively _________________.
sense, serve, and satisfy the target market
Good service companies understand the service profit chain, which links ________.
service firm profits with employee and customer satisfaction
Services are characterized by four key aspects: ______________________.
services are intangible, inseparable, variable, and perishable.
As with the other promotion tools, in considering when and how to use product public relations, the best thing management should do is ______________________.
set PR objectives, choose the PR messages and vehicles, implement the PR plan, and evaluate the results
Advertisers should ______________ to determine whether the advertising is supposed to inform, persuade, or remind buyers.
set clear objectives
The lifestyle style
shows how a product fits in with a particular lifestyle.
The __________ shows one or more typical people using the product in a normal setting.
slice of life style
Marketers must consider two additional product issues, which are ________
social responsibility and international product and services marketing
The __________ considers future company needs.
strategic planning concept
Companies must periodically audit their brands'________, which might turn up brands that need more support, brands that need to be dropped, or brands that must be rebranded or repositioned because of changing customer preferences or new competitors.
strengths and weaknesses
Foster the truth in the marketing system means
striving for good faith and fair dealing so as to contribute toward the efficacy of the exchange process as well as avoiding deception in product design, pricing, communication, and delivery or distribution.
Guided by ___________________, retailers must decide on a retail marketing mixlong dash—product and services assortment, price, promotion, and place.
strong targeting and positioning
A customer sales force
structure is a sales force organization in which salespeople specialize in selling only to certain customers or industries.
Viral marketing
the digital version of word-of-mouth marketing: videos, ads, and other marketing content that is so infectious that customers will seek it out or pass it along to friends
Major retail trends and developments include the rise of megaretailers, rapid growth of direct, online, mobile, and social media retailing. Other trends include __________________.
the growing importance of retail technology, surge in green retailing and global expansion of major retailers
External pricing considerations include ________________________________ such as the economy, reseller needs, and government actions.
the nature of the market and demand and environmental factors
Approach is
the sales step in which a salesperson meets the customer for the first time.
Presentation is
the sales step in which a salesperson tells the "value story" to the buyer, showing how the company's offer solves the customer's problems.
In a subsistence economy
the vast majority of people engage in simple agriculture.
Progressive wholesalers constantly watch for better ways to meet the changing needs of _________________.
their suppliers and target customers
Other internal factors that influence pricing decisions include ____________.
the company's overall marketing strategy, objectives, and marketing mix, as well as organizational considerations
Internal factors that affect pricing include ________.
the company's overall marketing strategy, objectives, marketing mix, and other organizational considerations.
Advertising decision-making involves decisions about ________________________.
the objectives, the budget, the message, the media, and the evaluation of results
Do no harm means ________.
to consciously avoid harmful actions or omissions by embodying high ethical standards and adhering to all applicable laws and regulations in the choices we make
Industrial distributors sell
to manufacturers rather than to retailers. They provide several services, such as carrying stock, offering credit, and providing delivery. They may carry a broad range of merchandise, a general line, or a specialty line.
Companies develop code of ethics programs
to teach managers about important ethical issues and help them find the proper responses to those ethical issues.
A corporate chain is __________.
two or more outlets that are commonly owned and controlled
The second step of channel design is the identification of the major channel alternatives in terms of the _________________.
types of intermediaries, number of intermediaries, and the channel responsibilities of each
To create successful new products, a company must _______.
understand its consumers, markets, and competitors, and develop products that deliver superior value
Team selling
using teams of people from sales, marketing, engineering, finance, technical support, and even upper management to service large, complex accounts
A ________ consists of producers, wholesalers, and retailers acting as a unified system.
vertical marketing system
A company has set a low price on a new product it introduced. It wants to maximize its market share and attract a large number of buyers quickly. Which new product pricing strategy should the company use?
Market-penetration pricing
Companies find and develop new product ideas from a variety of sources. Which of these is an internal source for new product ideas?
R&D sources
What are the four major functions of marketing logistics?
Warehousing, inventory management, transportation, and logistics information management
A company's total promotion mix, also called its marketing communications mix, consists of the specific blend of five tools: _________________________.
advertising, personal selling, sales promotion, public relations, and direct and digital marketing tools
Broadly defined, a product is anything that can be offered to a market for ___________ or consumption that might satisfy a want or need. Products include physical objects but also services, events, persons, places, organizations, ideas, or mixtures of these entities.
attention, acquisition, use
The company that faces a price change initiated by a competitor must try to understand the ________ as well as the _______.
competitor's intent; likely duration and impact of the change
Consumer products are products and services bought by final consumers for personal consumption. Consumer products include _______________ and unsought products.
convenience, shopping, specialty
Ideally, a company must carry out strong new product planning and set up a systematic, new product development process which is _________ to find and grow new products.
customer-driven
Firms seeking immediate response from targeted individual consumers and consumer communities use ______________________ marketing tools to engage consumers and cultivate relationships with them.
direct, digital, and social media
Channel alternatives must be evaluated according to ________________criteria.
economic, control and adaptive
Services marketing strategy calls not only for external marketing but also for internal marketing to motivate ________ and interactive marketing to create service delivery skills among ________.
employees; service providers
When designing marketing channels, companies must determine the number of channel members to use at each level. The three strategies that are available to do this are ________ distribution.
intensive, selective, and exclusive
A company can use _________ by setting a low initial price to penetrate the market deeply and win a large market share
market-penetrating pricing
When a company sets a high price as the initial price of a new product, it is pursuing a ________ new product pricing strategy.
market-skimming
In pricing innovative new products, a company can use ________ by initially setting high prices to maximize the amount of revenue from various segments of the market.
market-skimming pricing
The four major brand strategy decisions involve brand ________.
positioning, name selection, sponsorship, and development
Customers weigh the price of a product against the perceived values of using the product. Companies must understand concepts like _______ and ________.
price-demand relationship; consumer sensitivity to prices
It is important that retailers select locations that are accessible to the target market in areas that are consistent with the _____________________.
retailer's positioning
Marketing channels face continuous and sometimes dramatic change. Three of the most important trends are the growth of ___________________________ marketing systems
vertical, horizontal and multichannel
__________ is a sales promotion tool used to generate business leads, stimulate purchases, reward customers, and motivate salespeople.
A business promotion
Which of the following is the correct definition of a product?
A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
__________ represents a company to customers by performing one or more of the following activities: prospecting, communicating, selling, servicing, information gathering, and relationship building.
A salesperson
What are the two ways a firm can obtain new products?
Acquisitions and new product development
What are the five promotion mix tools used by marketers to communicate customer value?
Advertising, public relations, personal selling, sales promotion, and direct and digital marketing
Phishing
An attack that sends an email or displays a Web announcement that falsely claims to be from a legitimate enterprise in an attempt to trick the user into surrendering private information
__________ is a group of nations organized to work toward common goals in the regulation of international trade.
An economic community
What are the four steps to designing marketing channels in their correct order?
Analyzing consumer needs, setting channel objectives, identifying major channel alternatives, and evaluating the alternatives.
__________ is the sales step in which a salesperson meets the customer for the first time.
Approach
Which of the following statements regarding the marketing of international products and services is correct?
Because markets and consumers around the world differ widely, companies must usually adapt their product offerings in different world markets.
What are three major factors are changing the face of today's marketing communications?
Changes in consumers; changes in marketing strategies; and sweeping changes in digital technologies
______________ begins with assessing customer channel service needs and company channel objectives and constraints.
Channel design
Which of the following statements is true regarding channel organization?
Channel members are dependent on each other for the overall success of the channel.
What are the two broad classifications of products?
Consumer products and industrial products
What is omni-channel retailing?
Creating a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping
What are the three major pricing strategies used by marketers?
Customer value-based pricing, cost-based pricing, and competition-based pricing
Which of the following statements is true regarding initiating price cuts? A. Cutting price has no effect on costs. B. Firms never cut prices; they only raise them. C. When faced with falling demand, firms should not cut prices. D. Cutting prices in an industry loaded with excess capacity might lead to price wars. E. If faced with excess capacity, a firm should not cut its price.
Cutting prices in an industry loaded with excess capacity might lead to price wars.
__________ is direct connections with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships.
Direct marketing
Traditional direct marketing tools
Face-to-face selling, direct-mail marketing, catalog marketing, telemarketing, direct-response television marketing, and kiosk marketing.
Which of the following statements is true regarding the marketing of services?
For service providers, a solution to price competition is to develop a differentiated offer, delivery, and image.
__________ provide a complete line of services: carrying stock, maintaining a sales force, offering credit, making deliveries, and providing management assistance.
Full-service wholesalers
What is the first step in the new product development process?
Generating new product ideas
Which of the following is a potentially effective action a company could take in response to a competitor's price cut?
Increase both price and quality
__________ economies are major exporters of manufactured goods, services, and investment funds.
Industrial
__________ is considered a sociocultural factor.
Language
What are the four choices a company has for developing brands?
Line extensions, brand extensions, multibrands, and new brands
____________________ addresses not only outbound logistics, but also inbound logistics and reverse logistics.
Marketing logistics
Which of the following statements regarding marketing logistics is tru
Marketing logistics involve inbound logistics, outbound logistics, and reverse logistics.
Which stage of the product lifecycle normally lasts longer than the previous stages and poses strong challenges to marketing management?
Maturity
_____________________ must be closely coordinated for maximum campaign effectiveness.
Message decisions and media decisions
Which of the following statements is correct regarding marketing communications today?
New media formats have allowed marketers to reach smaller communities of consumers in more engaging ways.
Dynamic pricing is when companies continually adjust prices to meet the characteristics and needs of individual customers and situations. Where is this method especially prevalent today?
Online buying
Which of the following statements about major retail trends is true? A. Technology has had little impact on retailing. B. The lifecycle of new retail forms is increasing. C. Online buying is growing at a much brisker pace than retail buying as a whole D. The global expansion of major retailers into other countries has slowed down. E. The green movement has not yet affected retailing.
Online buying is growing at a much brisker pace than retail buying as a whole
__________ is/are presentations by the firm's sales force for the purpose of making sales and building customer relationships.
Personal selling
____________can promote the sales of products consumers might not otherwise buy, but the combined price must be low enough to get them to buy the package.
Price bundling
Which of the following statements is true regarding how price might play an important role in helping to accomplish company objectives? A. Pricing has no effect on customer loyalty. B. Pricing has no effect on the loyalty and support of resellers. C. Pricing can create excitement for a brand. D. Pricing one product has no effect on the sales of other products. E. Pricing is not subject to government intervention.
Pricing can create excitement for a brand.
Which of the following statements is true regarding the selection of qualified channel members?
Producers vary in their ability to attract qualified marketing intermediaries.
__________ is changing a product to meet local conditions or wants in foreign markets.
Product adaptation
What are the five product mix pricing situations?
Product line pricing, optional-product pricing, captive-product pricing, by-product pricing, and product bundle pricing
Retailers must decide on which three major product variables?
Product assortment, services mix, and store atmosphere
Which of the following correctly identifies the five important decisions marketers must make when developing individual products and services?
Product attributes, branding, packaging, labeling, and product support services
________ is used by companies to build good relations with consumers, investors, the media, and their communities.
Public relations
Which of the following statements is true regarding the promotion mix? A. Advertising is a personal form of marketing communication. B. Sales promotions are long-term incentives to encourage the purchase or sale of a product or service. C. Direct and digital marketing cannot be used to target individual consumers. D. Public relations includes press releases, sponsorships, events, and Web pages. E. Personal selling is not used to engage customers.
Public relations includes press releases, sponsorships, events, and Web pages.
Which of the following statements about retailer marketing decisions is correct? A. Retailers do not have to segment and target their markets. B. Retailers cannot differentiate themselves on their service mix. C. Stores do not need to differentiate and position themselves. D. Retailers face three major marketing decisions: segmentation and targeting, store differentiation and positioning, and the retail marketing mix. Your answer is correct. E. Store location is not an important retail decision.
Retailers face three major marketing decisions: segmentation and targeting, store differentiation and positioning, and the retail marketing mix.
__________ is all the activities involved in selling goods or services directly to final consumers for their personal, nonbusiness use.
Retailing
__________ refers to analyzing, planning, implementing, and controlling sales force activities.
Sales force management
__________ is a short-term incentive to encourage the purchase or sale of a product or service.
Sales promotion
__________ are products that have low immediate appeal but may benefit consumers in the long run.
Salutary products
Many state colleges and universities charge one price for in-state students and a higher price for out-of-state students. Which price adjustment strategy are these schools using?
Segmented pricing
__________ is a principle of sustainable marketing holding that a company should define its mission in broad social terms rather than narrow product terms.
Sense-of-mission marketing
What are the four important decisions made when developing an advertising program? List them in order.
Setting advertising objectives, setting the advertising budget, developing advertising strategy, and evaluating advertising effectiveness
______________ marketing involves focusing the entire marketing process to turn shoppers into buyers as they approach the point of sale.
Shopper
__________ is unsolicited, unwanted commercial e-mail messages.
Spam
__________ is an international marketing strategy that basically uses the same marketing strategy and mix in all of the company's international markets.
Standardized global marketing
What are the four characteristics used to classify retailers?
The amount of service they offer, the breadth and depth of their product lines, the relative prices they charge, and how they are organized
Which of the following statements regarding socially responsible product decisions is correct?
The government may prevent companies from adding products through acquisitions if the effect threatens to lessen competition.
Which of the following statements about public relations is correct? A. The lines between advertising and public relations are becoming more blurred. B. It is difficult to integrate public relations into social media. C. Public relations is not used to engage consumers. D. Public relations is used only to promote products. E. The impact of public relations on public awareness comes at a much higher cost than advertising.
The lines between advertising and public relations are becoming more blurred.
Which of the following statements is true regarding marketing channels and channel intermediaries?
Using marketing channel intermediaries means producers give up some control over how and to whom they sell their products.
__________ sell primarily to retailers and provide a full range of services.
Wholesale merchants
Which of the following statements about wholesaling is true?
Wholesalers must make decisions regarding their marketing mix.
Wheel-of-retailing is
a concept that suggest new types of retailers usually begin as low-margin, low-price, low-status operations but later evolve into higher-price, higher-service operations, eventually becoming like the conventional retailers they replaced.
Population size and growth is considered
a demographic characteristic.
Competitors' reactions to a price change flow from a set reaction policy or ________.
a fresh analysis of each situation
Full-service wholesalers provide
a full line of services: carrying stock, maintaining a sales force, offering credit, making deliveries, and providing management assistance
Communication adaptation is
a global communication strategy of fully adapting advertising messages to local markets.
Contract manufacturing is
a joint venture in which a company contracts with manufacturers in a foreign market to produce its product or provide its service.
Management contracting is
a joint venture in which the domestic firm supplies the management know-how to a foreign company that supplies the capital; the domestic firm exports management services rather than products.
Customer-value marketing is
a principle of sustainable marketing that holds a company should put most of its resources into customer-value-building marketing investments.
Innovative marketing is
a principle of sustainable marketing that requires a company to seek real product and marketing improvements.
The strategy for setting a product's price often has to be changed when the product is part of _______________, which looks for a set of prices that maximizes its profits on the _______________.
a product mix; total product mix
A push strategy is __________.
a promotion strategy that calls for using the sales force and trade promotion to move the product through channels
A service retailer is
a retailer whose product line is actually a service; examples include hotels, airlines, banks, colleges, and many others
Preapproach is the sales step in which __________.
a salesperson learns as much as possible about a prospective customer before making a sales call
A convenience store is
a small store, located near a residential area, that is open long hours seven days a week and carries a limited line of high-turnover convenience goods
A sales quota
a standard that states the amount a salesperson should sell and how sales should be divided among the company's products
Social responsibility includes public policy issues and regulations involving _________________ and product warranties.
acquiring or dropping products, patent protection, product quality and safety
Because markets and consumers worldwide differ widely, companies usually respond to these differences by ________.
adapting their product offerings
Wholesalers recognize that, in the long run, their only reason for existence comes from ______________, which occurs by increasing the efficiency and effectiveness of the entire marketing channel.
adding value
Evaluation calls for evaluating the communication and sales effects of advertising and other brand content before, during, and after it is placed and measuring _____________________.
advertising return on investment
Retailers use various combinations of the five promotion tools, which include _____________________ to reach consumers.
advertising, personal selling, sales promotion, PR, and direct marketing
Retail stores come in all shapes and sizes, and new retail types keep emerging. Store retailers can be classified by the ______________.
amount of service, product line sold, and relative prices
Marketing logistics (or physical distribution) is ______________.
an area of potentially high cost-savings and improved customer satisfaction
When assigning functions to channel members, it is important for producers to ________.
assign functions to the channel members that can add the most value for the cost
Distribution channels are complex ______________ in which people and companies interact to accomplish individual, company, and channel goals.
behavioral systems
A company should forge strong partnerships with channel members to create a marketing system that meets the needs of _____________.
both the manufacturer and the partners
The brand's positioning must be continuously communicated to consumers. Although advertising can help, brands are not maintained by advertising but by customers' ________.
brand experiences
In building brands, companies need to make decisions about four key powerful areas which include ________________________________.
brand positioning, brand name selection, brand sponsorship, and brand development
Embrace ethical values means
building relationships and enhancing consumer confidence in the integrity of marketing by affirming these core values: honesty, responsibility, fairness, respect, transparency, and citizenship
The mood or image style
builds a mood or image around the product or service, such as beauty, love, intrigue, or serenity.
A global firm is a firm that,
by operating in more than one country, gains R&D, production, marketing, and financial advantages in its costs and reputation that are not available to purely domestic competitors.
Industrial products are those purchased for further processing or for use in conducting a business, which include materials and parts, ________, and supplies and services.
capital items
Printer companies often charge a fairly low price for their ink jet printers (relative to costs) and a high price for replacement cartridges. These companies are using a strategy of ________ pricing.
captive-product
Integrated marketing communications must deliver company and brand messages that are ________.
clear, consistent, and compelling
Service marketers must create ________, offer high ________, and find ways to increase ________ to succeed.
competitive differentiation; service quality; service productivity
Product costs set the floor for a product's price. If the company prices the product below its costs, the company's profits will suffer. In setting its price between these two extremes, the company must consider several external and internal factors, including ________.
competitors' strategies and prices, the overall marketing strategy and mix, and the nature of the market and demand
Marketing channels perform many key functions. Some help ______________by gathering and distributing information needed for planning and aiding exchange as well as developing and spreading persuasive ______________ about an offer.
complete transactions; communications
Once management has decided on its product concept and marketing strategy, it can evaluate the business attractiveness of the proposal, which involves ___________.
conducting a business analysis
The societal marketing concept
considers the future welfare of consumers.
The advantages of standardizing products and services for international markets include _______________, lower manufacturing costs, and lower marketing costs.
consistent global image, lower product design costs
Value-based pricing begins with analyzing ___________.
consumer needs and value perceptions, and the price is set to match perceived value
Companies apply a variety of price adjustment strategies to account for differences in ___________________.
consumer segments and situations
Channel members perform _____________________.
contact work, matching work, and negotiations
To ensure channel success, all channel firms should understand and accept their roles, _________________.
coordinate their goals and activities and cooperate to attain overall channel goals
The fantasy style
creates a fantasy around the product or its use.
Product invention is
creating new products or services for foreign markets.
Many companies are now developing ________ programs to generate new product ideas.
crowdsourcing or open-innovation
Setting the base price for a product is only the start. The company must then adjust the price to account for ____________________________ differences.
customer and situational
Consumers will base their judgments of a product's value on the prices that competitors charge for similar products. In setting prices, companies need to consider three factors. What are the three factors?
customer perceived value, costs, and competitors' pricing strategies
The price ceiling, the maximum price a company can charge, is set by ________.
customer perceptions of the product's value
The three major pricing methods include ______.
customer value-based pricing, cost-based pricing, and competition-based pricing
New retail forms continue to emerge. However, different types of retailers are increasingly serving similar customers with the same products and prices (retail convergence), making __________ more difficult.
differentiation
One price adjustment strategy is ______________________ pricing, whereby the company establishes cash, quantity, functional, or seasonal discounts, or varying types of allowances.
discount and allowance
A product line is a group of products that are related in function, customer-purchase needs, or distribution channels. Managers need to analyze their product lines periodically to assess ________.
each item's sales and profits and understand how each item contributes to the line's overall performance
Marketers tend to underuse public relations or use it as an afterthought. Public relations has the power to ______________ and _______________.
engage consumers; make them a part of the brand story and its telling
The company uses the promotion mix, also called its marketing communications mix, to ______________________.
engage customers, persuasively communicate customer value, and build customer relationships
Joint venturing is __________.
entering foreign markets by joining with foreign companies to produce or market a product or service
Licensing is
entering foreign markets through developing an agreement with a licensee in the foreign market.
Deceptive packaging includes
exaggerating package contents through subtle design, using misleading labeling, or describing size in misleading terms.
In an emerging economy
fast growth in manufacturing results in rapid overall economic growth.
Limited-service wholesalers offer
fewer services than full-service wholesalers. Limited-service wholesalers are of several types: cash and carry wholesalers, truck wholesalers, drop shippers, rack jobbers, producers' cooperatives, and mail-order or web wholesalers.
Each product has a life cycle marked by a changing set of problems and opportunities. The sales of the typical product ________.
follow a bell-shaped curve of five stages
When selecting intermediaries, the company should evaluate each channel member's years in business, other lines carried, location, _______________________.
growth and profit record, cooperativeness, and reputation
The new product development process consists of sequential stages. The first stage is _______ and the last ______________.
idea generation; commercialization
The product development process starts with ________. Next comes ________, which reduces the number of ideas based on the company's own criteria.
idea generation; idea screening
Companies facing or anticipating a competitor's price change may take one or more actions, which include sitting tight, reducing their own price, raising perceived quality, _______________________________.
improving quality and raising prices, or launching a fighting brand
Deceptive pricing
includes practices such as falsely advertising "factory" or "wholesale" prices or a large price reduction from a phony high retail list price.
Economic conditions can have a major impact on pricing decisions. Marketers have responded by _________.
increasing their emphasis on value-for-the-money pricing strategies
At what levels do marketers make product and service decisions ________?
individual product, product line, and product mix decisions
A(n) __________ is salespeople who conduct business from their offices via telephone, the Internet, or visits from prospective buyers.
inside sales force
Services are characterized by four key aspects, with each posing problems and marketing requirements. The four key aspects are ________________________.
intangible, inseparable, variable, and perishable
To deliver a clear and compelling message, each tool in the promotion mix must be carefully coordinated under the concept of ____________________________.
integrated marketing communications
To prevent creating a communications hodgepodge, companies are adopting the concept of ______________________.
integrated marketing communications (IMC)
The ____________ concept recognizes that improved logistics requires teamwork in the form of close working relationships across functional areas inside the company and across various organizations in the supply chain.
integrated supply chain management
These days, shopper marketing influences consumers' buying decisions and calls for omni-channel retailing, creating a seamless cross-channel buying experience that _____________________________ shopping.
integrates in-store, online, and mobile
At 3M, a program called Dream Days, has long encouraged employees to spend 15 percent of their working time on their own projects, resulting in Post-it Notes and many other successful products. This an example of a(n) __________ approach to develop new products.
intrapreneurial
Pricing strategies usually change as a product passes through its life cycle but are especially challenging during the _______ stage.
introductory
A franchise organization
is a contractual association between a franchisor (a manufacturer, wholesaler, or service organization) and franchisees (independent business people who buy the right to own and operate one or more business units in the franchise system).
Communication adaptation
is a global communication strategy of fully adapting advertising messages to local markets.
A retailer cooperative
is a group of independent retailers who jointly establish a central buying organization and conduct joint promotion efforts.
Consumer-oriented marketing
is a principle of sustainable marketing that holds a company should view and organize its marketing activities from the consumer's point of view.
A pull strategy
is a promotion strategy that calls for spending a lot on consumer advertising and promotion to induce final consumers to buy the product, creating a demand vacuum that "pulls" the product through the channel.
A product sales force structure
is a sales force organization in which salespeople specialize in selling only a portion of the company's products or lines.
A territorial sales force structure
is a sales force organization that assigns each salesperson to an exclusive geographic territory in which that salesperson sells the company's full line.
Sales promotion
is a short-term incentive to encourage the purchase or sale of a product or service.
A voluntary chain
is a wholesaler-sponsored group of independent retailers engaged in group buying and merchandising.
Product adaptation
is adapting a product to meet local conditions or wants in foreign markets.
Adapted global marketing
is an international marketing approach that adjusts the marketing strategy and mix elements to each international target market, which creates more costs but hopefully produces a larger market share and return.
Standardized global marketing
is an international marketing strategy that basically uses the same marketing strategy and mix in all of the company's international markets.
Advertising
is any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor.
Country size
is considered a geographic characteristic.
Income distribution
is considered an economic factor
Perceived obsolescence
is continually changing consumer concepts of acceptable styles to encourage more and earlier buying.
Product invention
is creating new products or services for foreign markets.
Brand content management
is creating, inspiring, and sharing brand messages and conversations with and among consumers across a fluid mix of paid, owned, earned, and shared channels.
Multichannel marketing
is marketing both through stores and other traditional offline channels and through digital, online, social media, and mobile channels.
Personal selling
is personal presentation by the firm's sales force for the purpose of making sales and building customer relationships.
The percentage-of-sales method
is setting the promotion budget at a certain percentage of current or forecasted sales or as a percentage of the unit sales price
The affordable method
is setting the promotion budget at the level management thinks the company can afford.
The competitive-parity method
is setting the promotion budget to match competitors' outlays.
Handling objections
is the sales step in which a salesperson seeks out, clarifies, and overcomes any customer objections to buying.
An advertising strategy
is the strategy by which the company accomplishes its advertising objectives. It consists of two major elements: creating advertising messages and selecting advertising messages
The major product line decision involves the line's ______, or the number of items in the product line.
length
No matter how successful its current product lineup, a company must skillfully manage the ________ for future success. To grow, the company must develop ________ that will bring new value to customers.
life cycles of existing products; a steady stream of new products
Companies can achieve ______________ harmony among functions by creating cross-functional logistics teams, integrative supply manager positions, and senior-level logistics executive positions with cross-functional authority.
logistics
Straight product extension is __________.
marketing a product in a foreign market without making any changes to the product
Straight product extension is
marketing a product in a foreign market without making any changes to the product.
Buyer reactions to price changes are influenced by the ________.
meaning customers see in the price change
The sustainable marketing concept
meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.
The three major groups of wholesalers are ________.
merchant wholesalers, brokers and agents, and manufacturers' and retailers' branches and offices
Wholesalers fall into three groups: ____________________.
merchant wholesalers, brokers and agents, and manufacturers' and retailers' branches and offices
As marketers adopt richer but _____________________ to reach their diverse markets, they risk creating a communications hodgepodge for consumers.
more fragmented media and promotion mixes
The new digital and social media have given birth to a _________________________.
more targeted, social, and engaging marketing communications model
The __________ shows people or cartoon characters singing about the product.
musical style
New retail forms continue to emerge to meet new situations and consumer needs, but the life cycle of ____________________________ is getting shorter.
new retail forms
New major trends and developments in retailing include ___________________.
new retail forms, shortening retail life cycles and retail convergence
The __________ is developing the promotion budget by 1) defining specific promotion objectives, 2) determining the tasks needed to achieve these objectives, and 3) estimating the costs of performing these tasks. The sum of these costs is the proposed promotion budget.
objective-and-task method
Most producers use intermediaries by forging a marketing channel (or distribution channel) to bring products and services to the consumer or business user. They do this because ____________________________, specialization, and scale of operation.
of the intermediaries' contacts and experience
In developing advertising strategies, marketers must make decisions regarding ___________________.
organizing the advertising function; adaptation to international markets
The firm's PR should be blended smoothly with other promotion activities within the company's ____________________.
overall integrated marketing communications effort
In managing its channels, a company must convince suppliers and distributors that they can succeed better by working together as _______________.
part of a cohesive value delivery system
Most companies see their intermediaries as first-line customers and partners. They practice strong _____________________ management to forge long-term partnerships with channel members.
partner relationship
Most companies today see their intermediaries as first-line customers and focus on ________ to forge long-term relationships with channel members.
partner relationship management Your answer is correct.
In a raw material exporting economy
people are rich in one or more natural resources but poor in other ways
Other functions of marketing channels including helping to fulfill the completed transactions by offering ____________________________.
physical distribution; financing and risk-taking
Choosing locations that are accessible to the target market in areas that are consistent with the retailer's positioning is an example of a __________.
place decision
The most powerful area companies need to make decisions about their brands is brand _______, which builds around strong consumer beliefs and values.
positioning
Deceptive promotion includes
practices such as misrepresenting the product's features or performance or luring customers to the store for a bargain that is out of stock.
Public relations involves building good relations with the company's various publics. What are all of the functions it includes?
press agentry, product publicity, public affairs, lobbying, investor relations, and development
Deciding on either high markups on lower volume or low markups on higher volume is an example of a __________.
price decision
Companies design a _______ that covers all their products.
pricing structure
All product lines and items offered to customers by a particular seller make up the product mix. The mix can be described by four dimensions, which are the tools for developing the company's ________ strategy.
product
In the product development process, ideas that pass the screening stage continue through ________. Strong concepts proceed to ________.
product concept development; marketing strategy development
With positive results at the earlier stages of product development, the product ideas become more concrete through ________ and finally are launched during ________.
product development and test marketing; commercialization
There are several types of product mix pricing situations, which include ______________, by-product pricing and product bundle pricing.
product line pricing, optional-product pricing, captive-product pricing
Desirable products are
products that give both high immediate satisfaction and high long-run benefits.
Pleasing products are
products that give high immediate satisfaction but may hurt consumers in the long run.
Deficient products are
products that have neither immediate appeal nor long-run benefits.
Companies must make important decisions about their individual products and services. Individual product decisions involve ________________ and product support services.
product attributes, branding, packaging, labeling
The stages of the product life cycle are ______________________________.
product development, introduction, growth, maturity, and decline
Marketers can apply the ________ as a useful framework for describing how products and markets work, and help develop good marketing strategies for the different life-cycle stages.
product life-cycle concept
Advertising, personal selling, sales promotion, public relations, and direct marketing are all considered __________.
promotion decisions
New types of channel organizations have appeared that _________________.
provide stronger leadership and improved performance
The distinction between a consumer product and an industrial product is based on the ________ for which the product is purchased.
purpose