marketing 436 ch 8-14

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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

Which of the following is one of the characteristics of services?

variability

A trademark for a product is a brand asset.

true

Different target markets will view the same product in completely different ways.

growth

New-to-the-world products are products that ________.

have not been available before their introduction to the market

An organization's focus on internal service quality implies that employees ________.

hold a customer's mindset

Barbara's Bakery sells custom cakes, cookies, and other pastries. These represent Barbara's Bakery's product line.

true

Desktop computers, cell phones, and tablet computers are examples of new-to-the-world products considered disruptive innovations.

true

Different target markets will view the same product in completely different ways.

true

Employees play a critical role in the success of services because of their inseparability and variability.

true

In industries with strong market-leading brands, competitors design and build products targeted specifically at the market leader.

true

Price objectives are the desired or expected result associated with a pricing strategy and must be consistent with other marketing-related objectives, such as positioning or branding.

true

Providers of professional services such as doctors, lawyers, and accountants use their degrees and designations to convey a level of trust to a purchaser.

true

Regardless of whether the setting is B2C or B2B, most costs are associated with the purchase price.

true

The three benefits of high brand equity are perceived quality, brand connections, and brand loyalty.

true

The three customer brand roles include conveying information about a product, educating the customer about the product, and reassuring the customer in the purchase decision.

true

With prestige pricing, some of the traditional price/demand curves cannot properly predict sales or market response because it violates the common assumption that increasing price decreases volume.

true

The percentage of jobs in the United States that are service-related is more than ________ of all jobs.

80 percent

While screening and evaluating ideas, a stop-to-market mistake happens when ________.

a good idea is eliminated during the screening process

Tiffany & Company's blue-colored box is widely recognized by consumers. Which of the following roles of packaging does this exemplify?

aesthetics

When a seller advertises an item at an unbelievably low price to lure customers into a store, and then refuses to sell the advertised item and instead pushes a similar item with a much higher price and higher margin, the seller is participating in the illegal practice of ________.

bait and switch

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."

brand

Gerry always purchases clothing made by S&G Clothing. He tells others about how much he likes their clothes and the high levels of quality maintained by S&G. When a shirt he purchased turned out to be defective, instead of switching to another clothing company, he gave S&G a chance to fix the problem and still shops there. Which dimension of brand equity does Gerry demonstrate?

brand loyalty

Intel makes a product most people never see; however, it spends a great deal of money building its brand and now people ask for "Intel Inside." This is an example of linking the benefit of ________ to marketing strategy.

brand loyalty

Dell used its brand to expand into new areas including printers and consumer electronics such as LCD and plasma televisions. Dell engaged in a ________ extension.

category

Procter & Gamble wanted Crest Vivid White Toothpaste to stand out from competitor brand toothpastes on store shelves, so it created a stand-up package and used a graphics-heavy box. In the context of objectives of packaging, the company focuses on ________.

communication

Mrs. Butterworth's syrup comes in a bottle shaped like a woman. The intent of this type of packaging is to transfer critical brand messages quickly through design cues since many competitor syrup brands come in teardrop-shaped bottles. The unique shape of the Mrs. Butterworth's bottle fulfils which objective of packaging?

communication (communicate brand messages)

Internal sources of generating product ideas include ________.

company salespeople

When a customer cannot make a reasonable evaluation of the quality of a service even after use because they lack expertise, this relates to a service's ________ attributes.

credence

External sources of generating product ideas include ________.

customers

Exceeding customer expectations is often referred to as customer ________.

delight

An important issue for consumers is conformance, which is the product's ability to ________.

deliver on features and performance characteristics promised in marketing communications Correct

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

deliver value to the customer

In the context of criteria used to prioritize product ideas, time to market refers to the time taken to ________.

develop and get the product to market

In the service-profit chain, external service value leads to all of the following EXCEPT ________.

employee turnover

In the context of product testing, beta testing is designed to ________.

encourage customers to evaluate and provide feedback on a prototype

The rise of Walmart as one of the world's largest corporations has brought the concept of ________ to the forefront of global consumer consciousness.

everyday low pricing

The zone of defection describes the area of ________.

extremely dissatisfied customers

More than any other discriminator, style has the disadvantage of being difficult to copy.

false- advantage of being difficult to copy

Brand-loyal customers are less forgiving of problems related to the brand, which hinders the company's ability to respond to a negative experience.

false- brand loyal customers are forgiving

A service is a product in the sense that it represents a bundle of benefits that can satisfy customer wants and needs with physical form.

false- without physical form

In product line pricing, the escalation of product prices up the product line does not depend on prices competitors are charging for similar products.

false-does depend on competitors and customer assessment

As noted in the text, Caesars Entertainment has found that its ROI for customers in the "Zone of Defection" is considerably higher than in the other zones.

false-high ROI is "zone of affection"

The essential component in delivering value is the product price.

false-product experience

Firms that have an objective of utilizing pricing to communicate positioning use a stability pricing strategy

false-value pricing strategy

The marketing manager for DRNK Spirits decided that all of the products his company produced would carry the same brand name of Nightlife. As a result, there is Nightlife Ale, Nightlife Lager, Nightlife Vodka, Nightlife Tequila, and Nightlife Whiskey. This is an example of ________ branding.

family

If a firm is considered customer-centric, it implies that the company ________.

gives more important to everything that takes place both inside and outside the firm

Services are produced and consumed at the same time and cannot be detached from their provider. This characteristic of service is called ________.

inseparability

The four characteristics of services are that they are ________.

inseparable, perishable, intangible, and variable

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 called ________.

intangible characteristics

Nickelodeon and Marriott partnered to create a kid-friendly chain of vacation-oriented hotels. Which of the following types of cobranding relationships does this exemplify?

joint venture

Compared to products, services are ________.

low in search qualities

When companies provide too few products in a product line, they run the risk of ________.

missing important market opportunities

To enable customers to draw conclusions about a brand's service, service companies face the challenge of making their intangible services seem ________.

more tangible

RB Soaps, the market leader in body wash, sells its products in every state under the same brand. This is an example of ________ branding.

national

Estimating total demand is a function of three separate purchase situations, which are ________ purchases.

new, repeat, and replacement

The introduction phase of the product life cycle for an industry is usually characterized by ________.

no profits

Because Sony has so many different product offerings in various types of electronics, management has found that it is helpful to use brands to keep track of products in each type. Thus, it has different brand names for its televisions, DVD players, and portable music players. Which company brand role does this example illustrate?

offering a effective and efficient methodology for categorizing products

A company's brand role includes ________.

offering an effective and efficient methodology for categorizing products

In markets where customers are sensitive to price and where internal efficiencies lead to cost advantages allowing for acceptable margins even with aggressive pricing, a ________ strategy can create a powerful barrier to market entry for other firms.

penetration pricing

Because of its reputation for excellent flavor and increasing energy, DBM Beverages is able to charge a price premium for its products. Which of the following dimensions of brand equity does this example illustrate?

perceived quality

Even though a national brand pain reliever and a store brand pain reliever both contain the same amount of ibuprofen per capsule and are both gel coated, Cho chooses to purchase the national brand because she thinks it will work better based on the brand name alone. Which dimension of brand equity does this example illustrate

perceived quality

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

performed

In the context of product classifications, tangibility refers to the ________.

physical aspects of a product

A strategy to intentionally sell below cost to push a competitor out of a market, then raise prices to new highs, is called ________.

predatory pricing

One rationale for establishing a price skimming objective is that ________ lends status to a product or brand by virtue of a price relatively higher than the competition.

prestige pricing

________ could result in overall higher prices for consumers since various competitors are all pricing the same to maximize their profits.

price-fixing

When a firm's objective is to gain as much market share as possible, a likely pricing strategy is ________, sometimes also referred to as pricing for maximum marketing share.

pricing penetration

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.

pricing strategies

The marketing manager of a store brand pain reliever is designing the package for its new gel-coated capsules. Her main concerns are to design a package that prevents tampering with its contents and keeps children from accessing the product without adult assistance. On which of the following objectives of packaging is the marketing manager focusing?

protection

Creating a perception about price merely from the image the numbers provide the customer demonstrates ________ pricing.

psychological

Pricing objectives very frequently are designed to maximize profit, which necessitates a ________ pricing strategy.

return on investment ROI

Besides the standard auction approach where buyers bid for a seller's offering, it is now very common for sellers to utilize ________ to bid prices to capture a buyer's business.

reverse auctions

Which of the following characterizes the decline stage of the product life cycle?

significant price pressures come from competitors and consumers

A service-centered perspective is very consistent with a customer-centric approach in which people, processes, systems, and other resources are to be aligned to best serve customers.

true

In markets where customers typically witness rapidly changing prices, ________ can provide a source of competitive advantage.

stability pricing

Once a firm has invested in continuous process improvement and quality control in operations, goods, in general, tend to be much more ________ than services.

standardized

As with average-cost pricing, the effectiveness of ________ pricing is highly dependent on the accuracy of the forecast.

target return

Once a customer begins to have a positive experience with a service provider and builds a relationship with the firm, customer loyalty ________.

tend to be greater for services than goods

When shipping prices are dependent on geographic areas based on the distance from the shipping location, it is considered ________ pricing.

zone


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