MKG Exam 2

the sum of all the values that customers give up to gain the benefits of having or using a product or service

In a broad​ sense, price is​ __________.

systematic

Installing an innovation management system to​ collect, review,​ evaluate, and manage new product ideas represents a​ ______________ approach to new product development.

Product​ assortment, services​ mix, and store atmosphere

Retailers must decide on which three major product​ variables?

​omni-channel retailers

Retailers that successfully create a seamless​ cross-channel buying experience that integrates​ in-store, online, and mobile shopping are known as​ ________.

​awareness, appeal,​ ask, act, advocacy

The five As of the customer journey are​ ________.

Product and service​ assortment, retail​ prices, promotion, and place

The retail marketing mix consists of which of the​ following?

acquisition

Through​ _____, a company can obtain new products by buying a whole​ company, a​ patent, or a license to produce someone​ else's product.

Understand its​ consumers, markets, and​ competitors, and develop products that deliver superior value.

To create successful new​ products, a company must do which of the​ following?

​Warehousing, inventory​ management, transportation, and logistics information management

What are the four major functions of​ logistics?

Analyzing consumer needs

What is the first step in marketing channel​ design?

To build​ clear, consistent, and compelling company and brand messages

What is the goal of integrated marketing​ communications?

sales would be slow and profits​ non-existentsales would be slow and profits​ non-existent

When Dr. Lawncare developed his revolutionary new weed​ killer, he knew that during the introductory stage of the product lifecycle​ ___________.

multichannel distribution system

When a single firm sets up two or more marketing channels to reach one or more customer​ segments, it is using​ a(n) ________.

targeted levels of customer service

When setting channel​ objectives, companies should state the objectives in terms of​ ________.

Personal selling

Which element of the promotional mix is most effective in building up​ buyers' preferences,​ convictions, and​ actions?

The​ objective-and-task method

Which method for setting the total budget for advertising is the most difficult to​ use?

​Just-in-time logistics systems allow producers and retailers to carry small inventories to last for only a few days of operations.

Which of the following describes a​ just-in-time logistics​ system?

Marketing channel members are able to transform the assortments of products made by producers into the assortments wanted by consumers.

Which of the following is a reason that producers use marketing channels and channel​ intermediaries?

Modify the​ market, product offering and marketing mix.

Which of the following is an appropriate strategy during the maturity stage of the product​ lifecycle?

​Break-even pricing

Which of the following is a​ cost-based pricing​ approach?

If demand is​ elastic, sellers will consider lowering their price.

Which of the following is true regarding the​ price-demand relationship?

Modified and improved products are considered new.

Which of the following statements concerning new products is​ correct?

For a​ market-skimming strategy to be​ successful, the costs of producing a smaller volume cannot be so high that they cancel the advantage of charging more.

Which of the following statements is true concerning new product pricing​ strategies?

Advertisers are shifting toward digital media.

Which of the following statements is true regarding advertising in the new marketing communications​ model?

Cutting prices in an industry loaded with excess capacity might lead to price wars.

Which of the following statements is true regarding initiating price​ cuts?

Standardization decreases product​ design, manufacturing, and marketing costs.

Which of the following statements is true regarding standardizing products for international​ markets?

The government may prevent companies from adding products through acquisitions if the effect threatens to lessen competition.

Which of the following statements regarding socially responsible product decisions is​ correct?

Lower margins and selling higher volume

A discount store​ (for example,​ Target, Kohl's, or​ Walmart) sells standard merchandise at lower prices. To do​ this, discount stores accept which of the following two​ conditions?

tighter consumer spending

A retail trend resulting from weak economic conditions is​ ________.

Product development

At which stage of the new product development process is a physical product first​ developed?

Idea generation

At which stage of the new product development process is crowdsourcing​ used?

selling and promoting

By performing the channel function of​ ________, wholesalers' sales forces help manufacturers reach many small customers at a low cost.

partner relationship management

Companies now use​ ________ and supply chain management software to help​ recruit, train,​ organize, manage,​ motivate, and evaluate relationships with channel partners.

the​ company's overall marketing​ strategy, objectives, and marketing mix

Internal factors that affect pricing include​ ________.

​Location-based pricing

Many state colleges and universities charge one price for​ in-state students and a higher price for​ out-of-state students. Which form of segmented pricing are these schools​ using?

Maturity

Most products are which stage of the life​ cycle, and therefore most of marketing management deals with them at this​ stage?

major​ media, atmospheres, and events

Nonpersonal communication channels include​ ________.

matching

One key function performed by channel members is​ ________, shaping offers to meet the​ buyer's needs, including activities such as​ manufacturing, grading,​ assembling, and packaging.

produces revenue

Price is the only part of the marketing mix that​ __________.

public relations

Specific promotional tools used in​ ________ include​ stories, sponsorships,​ events, and webpages.

product line

The Ford Mustang is offered in several different models. Ford will use​ ________ pricing to determine the price steps between the different models.

retail convergence

​Increasingly, different types of retailers now sell the same products at the same prices to the same consumers. This trend is called​ ________.

​Value-added pricing

​New, premium movie theaters offer features such as online reserved​ seating, high-backed leather executive chairs with armrests and​ footrests, the latest in digital sound and​ super-wide screens, and other amenities for which they charge a higher price. This is an example of which type of​ pricing?

successfully merge the virtual and physical worlds

​Omni-channel retailers are those who​ ________.

corporate VMS

​Sherwin-Williams sells its paint and other branded products exclusively through​ company-owned retail stores.​ Sherwin-Williams has established​ a(n) ________.

Shopper marketing

​_______ involves focusing the entire marketing process toward turning shoppers into buyers as they approach the point of sale.

Merchant wholesalers

​________ are the largest single group of​ wholesalers, accounting for roughly​ 50% of all wholesaling.

​Full-line forcing

​________ is a practice whereby a producer agrees to sell a brand to a dealer only if the dealer agrees to sell some or all of the rest of its line.

Predatory pricing

​________ is the practice of pricing products below cost to harm competitors.

Advertising

​________ is the promotion mix tool that consists of any paid form of nonpersonal presentation and promotion of​ ideas, goods, or services by an identified sponsor.