MKTG

The four Ps model has been challenged because it omits or underemphasizes important activities such as services. It's also been criticized for taking a seller's, rather than a buyer's, viewpoint. The more recent four As framework complements the traditional model and includes ________.

acceptability, affordability, accessibility, and awareness

Which of the following best describes positioning?

arranging for a product to occupy a clear, distinctive, and desirable place in the minds of customers relative to competing products

Carla, a team leader in charge of customer relationship management, is planning strategies to improve the profitability of her firm's least profitable but loyal customers. She is also examining methods for "firing" customers in this group who cannot be made profitable. To which of the following customer relationship groups do these customers belong?

barnacles

Wilkinson & Company sells plumbing supplies across the United States. Wilkinson uses Chicago as its central location for determining freight costs regardless of the city from which products are actually shipped. For example, a Dallas customer pays the freight cost from Chicago to Dallas even if the goods are shipped from Dallas. Wilkinson most likely uses ________ pricing.

basing-point

The ABC Company manufactures microprocessors and caters exclusively to private manufacturers that produce high-end computers. Which type of market does ABC directly target?

business market

A consumer who is potentially profitable but not loyal to a firm's offerings is referred to as a ________.

butterfly

Ursa Martin, a book publisher, has decided to work with Hope in Children, a charity foundation that helps feed and educate children in poor countries. Ursa Martin has decided that a percentage of revenue from every book it sells will go to the charity. The books are marketed by conveying this message to customers. Which of the following marketing techniques describes Ursa Martin's association with Hope in Children?

cause-related marketing

Abel now has the buying power to purchase the computer that he wanted to buy six months ago. Abel's want has most likely become a ________.

demand

Marcos is considering business expansion and buying a local business that provides cleanup and sanitation services for local businesses. In his current business he owns 10 food trucks that serve the greater metropolitan area. If he does buy the sanitation business it would be an example of growing his business through ________.

diversification

Changes in variables, such as income, cost of living, interest rates, and savings and borrowing patterns most likely reflect changes in the ________ environment of a company.

economic

Monfax Corporation insures manufacturers, distributors, and consumers against the loss or damage of goods during transportation after a purchase or sale. In this case, Monfax is an example of a ________.

financial intermediary

Rent, electricity, and executive salaries that do not vary with production or sales level are referred to as ________ costs.

fixed

Susan has been redecorating her new condo for a year. She is carefully selecting every item. Susan finds an oriental rug that matches her color scheme and décor perfectly and purchases it immediately without engaging in comparison shopping. This is an example of a(n) ________.

specialty product

In which of the following customer relationship groups do organizations generally avoid investing?

strangers

Radox, a luxury watch brand, identifies a market segment that is willing to pay premium prices for its watches, and Radox managers select an ideal selling price. Managers then determine the costs to create watches that meet the ideal selling price. The company's pricing approach is referred to as ________.

target costing

When establishing prices, it's important for a manager to understand that "good value" is not the same as ________.

'low price'

Secure is a financial services and insurance company. The company's most profitable division is one that sells the Secure Future Plan. The Secure Future Plan targets customers who are entering retirement and want long-term savings so they can remain financially independent in the later years of their life. The marketing team at Secure has most likely targeted the plan to ________.

Baby Boomers

Which of the following is an example of licensing?

Berry, a fruit juice company, uses a well-known cartoon character to promote the company's line of children's products and pays the creator of the cartoon character a fee.

BerryBerry is a fruit juice company that has traditionally sold three varieties of mixed-fruit juices: DazzleBerry, AquaBerry, and GloBerry. The company wants to add more products to its product line. In this case, which of the following is an example of co-branding by BerryBerry?

BerryBerry teams up with SFX, a sporting goods company, to introduce a line of energy bars called BerryBerry SFX.

Vertigo is an electronics company. According to the BCG matrix, which of the following products of Vertigo would most likely classify as a question mark?

Blue—a cell phone that is designed for music lovers and has a very low market share in a market that is growing steadily

________ is the total combined customer lifetime values of all the company's current and potential customers.

Customer equity

Which of the following statements is most likely true about the new product development process?

Customers, competitors, distributors, and suppliers are major sources of new product ideas.

________ is the act of obtaining a desired object from someone by offering something in return.

Exchange

A greater focus on underlying customer needs than on existing customer wants leads to marketing myopia.

False

Which of the following is an example of consumer-generated marketing?

Fun & Run, a local amusement park, promotes its services by allowing consumers to upload videos and write reviews about the park.

Which of the following statements is most likely true about the product life cycle?

Growth is a period of rapid market acceptance and increasing profits.

Which of the following is true of the growth stage of the product life cycle?

Sales start climbing quickly.

________ products are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style.

Shopping

________ is the stage where a product and its proposed marketing program are introduced into realistic market settings.

Test marketing

Which government agency is in charge of ensuring that new products are safe for consumers?

The Consumer Product Safety Commission

Which of the following is a difference between the marketing concept and the selling concept?

The marketing concept focuses on customer needs, whereas the selling concept focuses on existing products.

Which of these questions must be answered to develop a winning marketing strategy?

What is the value Proposition?

Which of the following companies is using a divesting strategy?

When sales of its clothing division decline, Blackstone sells the division to a competitor.

The societal marketing concept holds that ________.

a company's marketing decisions should focus on creating economic value in a way that also creates value for the surrounding environment and society.

The stage in which product ideas are presented to groups of target consumers physically or symbolically is referred to as ________.

concept testing

Which of the following sets the price ceiling for a product's pricing?

consumer perceptions of value

The selling concept holds that ________.

consumers will not buy enough of a firm's products unless the firm undertakes large-scale persuasion and promotion efforts

Which of the following would most likely trigger a price increase?

cost inflation

Lovely Skin is establishing a pricing strategy for a new moisturizer. The total cost to produce each unit is $3.50. The company has decided to add a $1.50 markup, so the unit price to distributors will be $5. Lovely Skin is using a ________ approach to price the new moisturizer.

cost-plus

For marketing to be effective, it must ________.

create customer value

The ABC, a leading provider of personal computer systems, began manufacturing tablet devices after predicting a future consumer need for portability. Which of the following was most likely implemented by the ABC company?

customer-driven marketing

Metro Museum has different admission prices for students, adults, and seniors. All three groups are entitled to the same services. This form of pricing is called ________ pricing.

customer-segment

To market the cause of suicide prevention, rapper Logic worked with the National Suicide Prevent Lifeline (NSPL) to create a video embedded with his song "1-800-273-8255," the NSPL phone number. This is an example of the marketing of a/an ________.

idea

Safari Unlimited recently conducted national research to generate ideas for a new line of fatigues geared to women. The company uncovered a number of ideas about clothing and accessory preferences as well as important benefits such as built-in sunblock and durability. The Safari Unlimited product development team will most likely use ________ next to arrive at a realistic number of products for the new fatigues line.

idea screening

When demand hardly changes with a small change in the price of a product, the demand for the product is best described as ________.

inelastic

A doctor performing hip surgery on a patient illustrates how a service can be produced and consumed simultaneously. This is an example of which service characteristic?

inseparability

In which stage of the product life cycle will promotional expenditures be significantly high in an attempt to create consumer awareness of a product and its features?

introduction

Which of the following is an example of an unsought product?

life insurance

The town of Genter recently witnessed a devastating hurricane that crippled the town's infrastructure. Q-Mart, a retail chain that plans to open a new retail store in Genter, organizes a program to help the people of Genter. The program consists of providing free meals to those who lost their dwellings in the hurricane. What section of the marketing microenvironment is Q-Mart most likely trying to reach?

local publics

The two dimensions the BCG approach uses to evaluate and manage SBUs are ________.

market growth rate and relative market share

Dividing a market into several sections of customers is known as ________.

market segmentation

The first Target store opened in 1962. Its initial strategy was to set prices low to attract a large number of buyers quickly and win a large market share. This is referred to as ________.

market-penetration pricing

With each new generation of Apple iPhone, iPad, or Mac computer, new models start at a high price then work their way down as newer models are introduced. Apple initially uses a ________ strategy.

market-skimming

The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

marketing

Evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are attained is called ________.

marketing control

Craft Inc.'s Krayons is a multi-color chalk material that was released in the market over a century ago. Since the release, the company has had remarkable sales and Krayons has remained unchanged. However, over the last few years, sales of Krayons have been stagnant. Competitors have begun marking prices down, and increasing their advertising and sales promotions. Craft's Krayons is most likely in the ________ stage of the product life cycle.

maturity

A ________ is purposeful, specifying what an organization wants to accomplish in the larger environment.

mission statemtn

A marketing intermediary would most likely help a firm by ________.

moving the firm's goods from production points to distribution centers

Sportware, a leading shoe manufacturer, markets sneakers under the brand name "Athletix" and dress shoes under the brand name "Cameo" in order to target the two different market segments. What branding strategy is most likely being used by Sportware?

multibrands

Which of these macroenvironment forces would be most likely to drive a company to be more environmentally conscious?

natural

In a SWOT analysis, ________ refer to favorable factors or trends in the external environment that a company may be able to exploit to its advantage.

opportunities

Computer World sells laptops separately from accessory products like docking stations, anti-virus software, and external hard drives. This is referred to as ________ pricing.

optional-product

World Skies' Flight 167 takes off at 50 percent capacity. The unoccupied seats cannot be stored for later sale or use. This is an example of which service characteristic?

perishability

Penny Bank, a discount store, is highly competitive. When entering a new market, Penny Bank often cuts prices so deeply that it sells below costs, effectively pushing smaller retail stores with less purchasing power out of the market. In this case, Penny Bank is using ________.

predatory pricing

The National Tree Company offers resellers half-price reductions on artificial Christmas trees if they purchase them in July. This is an example of a ________.

seasonal discount

Xenon, a leading consumer-electronics manufacturing company, markets its products under the company's own brand name. In this case, Xenon has sponsored its products by promoting them as ________ brands.

private

Flores Fashions promotes its clothing by emphasizing the durability and quality of the fabrics it uses. The company has positioned its brand based on ________.

product attributes

A detailed version of a product idea stated in meaningful consumer terms is a ________.

product concept

NerdHerd Electronics sells three different sizes of televisions at three different prices. In this case, the company's pricing strategy is referred to as ________ pricing.

product line

When Nabisco offers to cover half the cost of all local advertising for supermarkets that sell Oreo Cookies, the company is granting ________.

promotional allowances

There are more than 50 blueberry farmers in Shammonton, New Jersey, that grow, package, and distribute the same quality blueberries. An individual farmer cannot charge more than the going market price per unit without the risk of losing business to the other farmers. This is an example of ________.

pure competition

Savvy marketing managers know ________.

that it is impossible to serve all potential customers in every way

Which of the following best describes a company's business portfolio?

the collection of businesses and products that make up the company

Which of the following is part of the microenvironment of a firm's marketing environment?

the suppliers who work with the company

Vac 'N' Sew, a consumer electronics outlet, offers a price reduction of $100 when customers bring in a used vacuum cleaner and exchange it for a new vacuum cleaner or sewing machine. This is an example of a ________.

trade-in allowance

According to the five-step model of the marketing process, the first step in marketing is ________.

understanding the marketplace and customer needs and wants

Fads are characterized by their ________.

unusually high sales and rapid decline

JetBlue's promise that "Just Alright Doesn't Fly Here" and their commitment to deliver "award-winning service from award-winningly nice humans" is their ________.

value proposition

Providing extra amenities to differentiate and support high-priced products is referred to as ________ pricing.

value-added

Computer Works is a computer accessories manufacturer based in Brazil. All customers in South America pay the same freight charge, $20, when they order products from the company. All customers in North America pay a freight charge of $50. The company's pricing strategy is referred to as ________ pricing.

zone