MKT 333 EXAM 3

when Walmart communicates to consumers that, for any given group of often-purchased items, its prices will tend to be lower than that of any other competitor, Walmart is exhibiting what type of pricing strategy?

EDLP (everyday low prices)

in a _____ pricing tactic, sellers advertise very low prices and then aggressively pressure customers to purchase higher-priced versions of the product advertised with the low price.

bait-and-switch

suppose that you work for an advertising agency and are brought into a meeting where everyone is asked to generate ideas for names for a new beach resort. you are engaged in _____, a form of new idea generation.

brainstorming

matt was passionate about Abercrombie and Fitch. it was the only place hed buy his clothes. if anyone asked him about clothes, he would talk to what seems like hours about why he only shopped there. from a strictly marketing perspective, this word of mouth is an element of

brand loyalty

pioneer or breakthrough products

can change consumer prefernces

a service is any tangible offering that involves a deed, performance, or effort that

cannot be physically possessed

______ is a method of prospecting in which salespeople telephone or visit potential customers without apppointments.

cold calling

if there is a difference between the actual service provided to customers and the service the firm has promoted, a ________ gap exists.

communication

when there is significant difference between the service customers receive and the service the firm promotes, the firm has a ______ gap.

communication

firms using a ______ pricing method set their prices relative to what other firms are charging.

competitor-based

a weakness associated with cost-based pricing methods is that they

do not recognize the role consumers or competitor's prices play in the market place

the process of charging different prices for goods or services based on the type of customer, level of demand, or time of the day, week, or season is referred to as

dynamic pricing

one of the potential benefits to a firm of introducing new to the world products or services is

establishment of a completely new market

taylor loves the lifestyle associated with being a salesperson, allowing her to take a day off during the week and making it up on the weekend. she most likely values the ______ associated with creating her own schedule.

flexibility

chesnee works in the office of a building materials company. one of her jobs is to identify new building projects and to determine who will make the building materials purchase decisions. chesnee is involved in the ______ step of the selling process.

generate leads

concept testing is important because it can

help a firm avoid the costs of unnecessary product development

one approach marketers are using to reduce service _____ is to replace people with machines whenever appropriate.

heterogeneity

on importatnt purpose of a brand is to

increase consumer recognition and awareness of product offerings

when marketers say that services are _____, they are referring to the fact that services cannot be toughed tasted, or seen, like a pure product can.

intangible

a _______ brand is one where there is a contractual arrangement between firms allowing one to use it brand name for a fee

licenses

retailers use ______ to get rid of slow-moving or obsolete merchandise

markdowns

with a ______ pricing strategy, marketers set a low initial price for the introduction of a new product or service.

market penetration

A ____ strategy involves accurately measuring all the factors needed to predict sales and profits at various price levels, so that the price level that produces the highest return can be chosen.

maximizing profits

another name for a manufacturer's brand is a _______ brand

national

one of the key characteristics of braingstoroming sessions is

no idea is immediately accepted or rejected

sharon knew that her established customers liked her product much better than her competitor's. she was planning to expand into new markets, and she was considering pricing. she was leaning toward charging a higher price than competitiors to help demonstrate that hers was a high-quality products. sharon was considering

premium pricing

according to your text, research has consistently shown that consumers usually rank which of the four Ps as one of the most important factors in their purchase decisions?

price

a demand curve shows the relationship between _____ in a period of time.

price and demand

if a new product concept gets positive evaluations from potential customers during concept testing, the next step for a firm is

product development

a _____ is a group of associated items that consumers tend to use together or think of as part of a group of similar products

product line

the complete set of all products offered by a firm is called its

product mix

cheryl will let only martine cut her hair. she has tried other stylists, but knows from experience that martine cuts her hair well every time. for cheryl, _______ is the most important of the five service quality dimensions.

reliability

brands that are owned by _____ are called private label brands.

retailers

______ involves taking apart a product, analyzing it, and creating an improved product that does not infringe on the competitor's patents.

reverse engineering

gary is the marketing manager fo ran automobile dealership. his boss tells him the firm's primary goal is to increase its local market share from 15 to 30 percent. his firm is using a ________ orientation

sales

one of the advantages of personal selling over other types of marketing communication is that

salespeople can build strong relationships with customers

charging a relatively high price for new and innovative products to those consumers most willing and able to pay the high price is called price

skimming

the customers at marielle's coffee shop want to grab a quick cup of coffee before boarding the commuter train into the city. the sign in the window promises, "quick in and out service," and usually marielle's keeps that promise. but one morning customers were frustrated when the staff behind the counter showed more interest in gossiping about their social lives than in waiting on customers. marielle's shop is suffering from a _______ gap.

standards

unlike product, promotion, or place, price is the only part of the marketing mix

that generates revenue

personal selling can take place in all of the following situations except

through newspaper ads