MARKETING

Unsought

Due to little product awareness or knowledge, _____ products require aggressive advertising and personal selling by producers and resellers.

Market Penetration

During the Growth stage of the Product Life Cycle when sales and profits are rising, marketers looking to maximize market share should adopt a ____ pricing strategy

Skimming Price

Evelyn decides to price her product above average so she can recover much of her development costs and some of her other costs. Evelyn is using a _____ new-product pricing strategy?

Concept testing

Evelyn set up a multiple city test market, with a demonstration booth in a Chicago mall and in an appliance store in New Jersey. "It's such a novel idea," Evelyn added. "People will notice it, even if they don't buy it right away." Evelyn was doing which of the following?

Product concept

Evelyn's _____ is the practical use of solar power in a vacuum cleaner that is designed to effortlessly sweep the floors of on the go and elderly consumers.

Product concept development and screening

Evelyn's vacuum is in which phase of New Product Development

Geographic

Facebook was used data to notify you of local events. Therefore, your news feed is different than your cousin that lives in Ohio. Facebook is using ____ segmentation variables.

Maturity

GE is the world's leading manufacturer of diesel electric locomotives with more than 15,000 locomotives currently operating around the globe. At what stage of the PLC is this GE product?

Predictive Analytics

GEICO uses driver information such as age, gender, location and driving record before pricing and issuing auto insurance. By extracting this information GEICO determines patterns and predicts which drivers are most dependable. GEICO is using:

All of these questions belong on George's list (Are there actual or potential substitute products? Does his company have sufficient financial resources? Are there powerful suppliers who control prices?)

George Hopkins has compiled a list of questions to ask about what makes a target market segment attractive to his company. Which of the following questions does NOT belong on George's list?

Captive-product pricing

Gillette sells their initial razors very inexpensively, but the replacement blades for that razor are extremely expensive. The price for this unit is ______

Concentrated (niche)

Given that her product is new and has a specific target market. Evelyn is MOST likely to use a ____ market targeting strategy for her vacuum cleaner.

Demographic

In developing a new shoe, Reebok targeted the youth market. It used ____ segmentation to define its target market.

Cost-plus

Jimmy Dean works for a consumer goods company that producers breakfast sandwiches. He knows that the bread costs .50, eggs cost .25, cheese costs .05 and bacon costs .20. He wants to add a standard markup of 50% to the cost for the price of the product which would be $2. What type of pricing is this?

Usage rate

Loyalty Programs such as Saxbys Rewards and TJ Maxx Rewards are examples of segmentation by _____

Big Data

Macy's sells a lot of products from various retailers. To keep up with competition pricing, Macy's relies on analyzing the vast amount of data collected on competitors pricing to reveal patterns and trends. The type of data that Macy's is using can be classified as:

Concentrated (or niche)

Oskkosh Trucks, Inc., specializes in building heavy- duty fire, airport-rescue, cement, and garbage trucks. Instead of pursuing a small share of a large market, the firm goes after a large share of a few, relatively small segments. Oshkosh uses a ________ market-coverage strategy.

There are significant economies of scale in production.

Several senior managers of Doors, Inc., are strongly in favor of a market-penetration pricing strategy. Which of the following, if true, would MOST STRENGTHEN their argument?

Customer Relationship Management (CRM)

Starbucks rewards members download an app to apply. After inputting their information customers receive a thank you email for signing up, points every time they use their app, and a free drink on their birthday. Every time a customer interacts with the app data is collected and analyzed to improve business relationships. Starbucks is using ___________ to analyze customer interactions.

Usage rate

Starbucks wants to segment the market by _____. After research they found that 10% of consumers buy coffee from Starbucks everyday, making them heavy product users. After segmentation, loyal customers will receive a better discount than the consumers that come in once every three months.

Core product

The ________ for a guest paying for a night's stay at a hotel is rest and sleep.

Actual product

The ________ for a guest paying for a night's stay at a hotel is the use of a bed, bathroom, towels, dresser, light, and closet.

Augmented product

The ________ for a guest paying for a night's stay at a hotel would include express checkout and superb room service.

Servicescape

The environment in which service is delivered is referred to as the

Whether to launch the new product

The major purpose of the test marketing stage in new product development is to provide management with the information needed to make a final decision about____?

Growth

Tina Temperpedic is VP of marketing for Orange ( an innovative tech company that makes computers, mp3 players, and cell phones), they launched a cell phone that has a 3-d keyboard about 6 months ago. As of 2 weeks ago, sales have grown very fast and profits are increasing, but they have not reached peak sales performance. What stage in the product life cycle is the product in?

Provide clean tablecloths and cloth napkins for each new customer

To reduce problems associated with the intangibility of the services offered by a restaurant, the restaurant owner would be most likely to do which of the following?

Undifferentiated and Mass-marketing

XYZ company has decided to ignore market segment differences and target the entire market with one offering that will appeal to the largest number of buyers. XYZ company has chosen a ____ marketing strategy.

Market skimming

Vespa is coming out with a new scooter that can last 800 miles on 1 gallon of gas, but which is priced 40% higher than any other scooter on the market. What type of pricing is this?

seasonal

When Glow Gift Card Shop offers a price reduction to customers who buy Christmas cards the week after Christmas, it is giving a _____ discount.

Brand extension

When the brand Ralph Lauren, known for their clothing, began making lines of towels, sheets, and other home accessories, that was ________.

The company's profits will come from support, maintenance, and sale of applications that are compatible with the new operating system

Which of the following MOST SUPPORTS his position?

Test marketing can lead to unexpected product-line extensions

Which of the following is NOT considered a significant disadvantage of test marketing a product before its commercialization?

Providing competitors with an early look at the new product

Which of the following is NOT considered an advantage of test marketing new products?

Television

Which of the following is most likely an example of a shopping product?

A gallon of milk

Which of the following is the best example of a convenience product?

Pricing is the most flexible element of the mix and can be changed quickly; pricing is the only element of the marketing mix that does not represent costs; pricing is considered the number one problem companies face

Which of the following is true of the pricing component of the marketing mix?

Trial

White Wave Inc., the maker of Silk soy milk, gave away free samples of its product to get consumers to try the first refrigerated soy milk sold in America. What stage of the consumers' adoption of a new product was White Wave Inc. trying to influence?

Variability

A customer got a great haircut at a salon and went back six weeks later to the same person to get a second haircut. This time, the customer received one of the worst haircuts of his life. The difference between the two haircuts is due to the ________ characteristic of services.

Disregards the buyers' perceptions of value and ignores competitors' prices

Among the potential problems with cost-plus pricing is that it ____?

Local marketing

Bob and Phyllis Cord own two retail stores, one in Pottstown, PA, and one in Norristown, PA. Though the towns are only 40 miles apart, the consumers at both stores are very different demographically. Bob and Phyllis alter the product offerings between both locations in an effort to cater to both demographic groups. This is an example of ________?

Perishability

Capacity management is one of the ways to meet potential problems related to the

Convenience Product

Cheryl is going on a date tonight. She realized she was out of toothpaste so she runs out to CVS. She grabs a tube of Crest off the shelf without any thought. For Cheryl, Crest toothpaste is a _____

Market Segmentation

Pepsi wants to create a new campaign to appear to a different audience but can't decide exactly who their target audience will be. They begin by dividing the market into smaller groups of buyers with distinct needs, characteristics, and behaviors. This is an example

Differentiated

Port Orleans Shipping markets different services to the tourism, defense, and trade segments. The firm designs separate offers for each segment based on their needs. This approach is called ________ marketing.