Marketing Final
Three major pricing strategies
1. Customer value-based pricing 2. Cost-based pricing 3. Competition-based pricing
What are the four steps to designing marketing channels, in the correct order?
Analyzing consumer needs, setting channel objectives, identifying major channel alternatives, and evaluating the alternatives
product
Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need
Which of the following correctly describes the classifications into which products and services fall?
Consumer products and industrial products
The environment that consists of institutions and forces that affect a society's values, perceptions, preferences, and behaviors is the ________________
Cultural environment
what is one of the biggest advantages of social media?
Engagement and social sharing capabilities
Demands
Human wants that are backed by buying power
Five core customer and marketplace concepts
Needs, wants, and demands; market offerings; value and satisfaction; exchanges and relationships; and markets
Marketers must make important decisions when developing individual products and services. Which of the following correctly identifies those important decisions?
Product attributes, branding, packaging, labeling, and product support services
A new product may fail for many reasons. Which of the following is NOT one of them?
Rapid market acceptance
Marketers must consider external considerations in establishing pricing. Which of the following represents those external considerations?
The nature of the market and demand and other environmental factors
customer relationship management
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
How do companies apply pricing strategies to accommodate differences in customer segments andsituations?
They apply a variety of price adjustment strategies.
the main forms of direct and digital marketing.
Traditional direct marketing tools and new digital marketing tools
The key to learn about and engage with individual customers is to blend the new digital technologies and approaches with traditional marketing to create
a smoothly integrated marketing strategy and mix
the two ways firms can obtain new products
acquisitions and new product development
All products have a life cycle. The sales of a typical product follow __________________, which is made up of five stages.
an s-shaped curve
public
any group that has an actual or potential interest in or impact on an organizations ability to achieve its objectives
Which of the following is the correct definition of a product?
anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
Enhances how marketers learn about and interact with customers
big data and marketing analytics
Which of the following terms correctly describes the positive differential effect that knowing the brand name has on customer response to the product or the service?
brand equity
When a company builds a brand, it needs to make important decisions regarding the brand. Of thefollowing, which is NOT one of those decisions?
brand licensing opportunities
When companies treat customers fairly and make certain they understand pricing and pricing terms, this leads to ______
building strong and lasting customer relationships
At which step does a company perform a review of the sales, costs, and profit projections for a new product to determine whether the new product is likely to satisfy objectives?
business analysis
Companies have to think carefully when considering price changes. They must consider which of thefollowing?
buyer and competitor reactions
Market offerings
combination of products, services, information or experiences offered to a market to satisfy a need or want
Which of the following is NOT one of the forces in a company's macroenvironment that shape opportunities and pose threats to the company? -competitive forces -economics forces -technological forces -cultural forces -demographic forces
competitive forces
economic environment
consists of economic factors that affect consumer purchasing power and spending pattens
cultural environment
consists of institutions and other forces that affect a society's basic values, perceptions, and behaviors
political environment
consists of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society
Marketing Environment
consists of the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers
Microenvironment
consists of the actors close to the company that affect its ability to serve its customers, the company, suppliers, marketing intermediaries, customer markets, competitors, and publics
Macroenvironment
consists of the larger societal forces that affect the microenvironment—demographic, economic, natural, technological, political, and cultural forces.
Consumer-generated marketing
consumers themselves are playing a bigger role in shaping their own brand experiences and those of others
Price ceilings are set by customer perception. Which of the following sets the floor for the price that a company charges?
costs
Which of the following is NOT one of the components of a companys microenvironment? -marketing intermediaries -cultural forces -competitors -customer markets -suppliers
cultural forces
customer satisfaction
depends on the product's perceived performance relative to a buyer's expectations
_____________________ permits companies to tailor offers and content to needs and interests of carefully defined segments, which in turn helps develop long-lasting customer relationships as well as resulting in immediate responses.
direct marketing
Customer-engagement marketing
fostering direct and continuous customer involvement in shaping brand conversations, brand experiences, and brand community
marketing intermediaries
help the company promote, sell, and distribute its products to final buyers
the marketing concept
holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do
the production concept
holds that consumers will favor products that are available and highly affordable
the product concept
holds that consumers will favor products that offer the most in quality, performance and innovative features
the selling concept
holds that consumers will not buy enough of the firms products unless it undertakes a large scale selling and promotion effect
New product development consists of eight sequential steps. Which step reduces the number of ideas based on the company's criteria?
idea screening
When marketers create services marketing strategy, they understand they must execute on external marketing but also develop
internal strategies to motivate employees and interactive marketing to create service delivery skills among service providers This is the correct answer.
what is perhaps the toughest public policy issue now confronting the direct marketing industry?
invasion of privacy
natural environment
involves the physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities
Marketing channels perform many key functions. Which of the following is NOT one of those keyfunctions?
manufacturing
Which of the following pricing strategies would a company use to attract a large number of buyers quickly and win a large market share?
market penetration pricing
A company sets a high price on a new product it introduces to maximize revenue from various market segments. Which new product pricing strategy is the company using?
market skimming pricing
Intermediaries are used by most producers to bring products to market. These intermediaries are known as _________________
marketing channels
Which stage of the product life cycle normally lasts longer than the previous stages and poses strong challenges to marketing management?
maturity
Marketing myopia
mistake of paying of more attention to the specific products they offer than to the benefits and experiences produced by the products
Which form of direct and digital marketing do companies use to engage customers anywhere, anytime during the buying and relationship-building processes?
mobile marketing
product quality
one of the marketers major positioning tools
A company's pricing strategy is affected by internal factors such as
overall marketing strategy, objectives, marketing mix, and other organizational considerations
Most companies today see their intermediaries as first-line customers and focus on ________ to forgelong-term relationships with channel members.
partner relationship management
Changes in the _____________________ have focused greater emphasis on ethics and socially responsible actions
political and social environment
Of the following, which is core element of our free-market economy?
price competition
Marketing
process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return
When Microsoft or Apple sells software as a package, it is engaging in what type of pricing?
product bundle pricing
The totality of a company's product lines and items offered to customers is known as its
product mix
consumer products
products and services bought by final consumers for personal consumption
Market offerings include
products, services, information and experiences
the societal marketing concept
questions whether the pure marketing concept overlooks possible conflicts between consumer short run wants and consumer long run welfare
What a benefit of direct and digital marketing for buyers?
sense of brand engagement and community
Services are characterized by four key aspects:
services are intangible, inseparable, variable, and perishable
A company rarely gets 100% of a customer's purchases for a product category. The share it does get of the customer's purchasing in its product categories is called ________.
share of customer
An important trend in the natural environment of which marketers should be aware?
shortages of raw materials
Needs
states of felt deprivation
Two keys to building lasting customer relationship
superior customer value and satisfaction
_________ are perhaps the most dramatic forces affecting today's marketing strategies
technological forces
Exchange
the act of obtaining a desired object from someone by offering something in return
marketing management
the art and science of choosing target markets and building profitable relationships with them
customer perceived value
the customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers
Which of the following environments demonstrates a changing age structure, shifting familyprofiles, geographic population shifts, a better-educated and more white-collar population, and increasing diversity?
the demographic environment
Consists of factors affecting buying power and patterns
the economic environment
Wants
the form human needs take as they are shaped by culture and individual personality
Marketing management orientation hold that a firm should have a customer focus to achieve sales and profits
the marketing concept
technological environment
the most dramatic force now shaping our world
market
the set of actual and potential buyers of a product or service
demography
the study of human populations in terms of size, density, location, age, gender, race and occupation and other statistics
The first step in the marketing process is to
understand the marketplace, which includes customers needs and wants
The marketing concept
understand, design, construct a plan, engage, capture value
______________ is the digital version of word-of-mouth marketing and the type of marketing in which marketers usually have little control over where messages end up.
viral marketing
To design a winning marketing strategy, the managers must ask:
who will we serve? how will we serve them?
partner relationship management
working with others inside and outside the company to jointly engage and bring more value to customers
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, exclusive, and selective
The four major functions of marketing logistics are
warehousing, inventory management, transportation, and logistics information management