Marketing Exam two
When a company builds a brand, it needs to make important decisions regarding the brand. Of the following, which is NOT one of those decisions?
brand liscensing opportunities
In setting its overall pricing strategy, companies need to consider three factors: ______, ______, and ______.
customer perceived value, costs, and competitors pricing strategies
_______ of the product's value set the ceiling on pricing, while _______ set the floor.
customer perceptions and costs
The three major pricing strategies are ______.
customer value based pricing, cost based, and competition based
Question content area top Part 1 Advances in ________ are forces that offer exciting new opportunities to target customers more selectively and engage them more deeply.
digital and social media
The new product development process consists of sequential steps. The first step is _______ and the last step is ______________.
idea generation and commercialization
Which of the following is true regarding the price-demand relationship?
if demand is elastic, sellers will consider lowering their prices
Broadly defined, a product is anything that can be offered to a market for ___________, or consumption that might satisfy a want or need. Products include not only physical objects, but alsoservices, events, persons, places, organizations, ideas, or mixtures of these entities.
Attention, acquisition, use
Marketers use three major pricing strategies: ______________________.
customer value-based pricing, cost-based pricing, and competition-based pricing
Which of the following is the correct definition of a product?
Anythign that can be offered to a market for attention, acquisiton, use or consumption that might satisfy a want or need
Charles Revson of Revlon once said, "In the factory we make cosmetics; in the store we sell hope." Which product level is Revson referring to?
Core customer value
Ideally, integrated marketing communications should achieve which of the following?
Deliver a clear, consistent, and compelling company and brand message
In building brands, companies need to make decisions about four key powerful areas: ________________________________
brand positioning, brand name selection, brand sponsorship, and brand development
A new product may fail for many reasons. Which of the following is NOT one of them?
Rapid market acceptance
___________________ are the two ways firms can obtain new products.
Acquitions and new product development
Which of the following enhances how marketers learn about and interact with customers?
big data and marketing analytics
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 smootly integrated marketing strategy and mix
What are three major factors changing the face of today's marketing communications?
Changes in consumers, changes in marketing strategies, and sweeping changes in digital technologies
Which of the following correctly describes the classifications into which products and services fall?
Consumer products and industrial products
Good service companies understand the service profit chain, which links ________.
Service firm profits with employee and customer satisfaction
Services marketing strategy calls not only for external marketing, but also for internal marketing to motivate ________ and interactive marketing to create service delivery skills among ________.
employees and service providers
Which of the following statements about personal selling is correct?
many customer are unable to distinguish the salesperson from the company
Strong relationships with the salesperson will result in ________.
strong relationships with the companys and its products
Consumer products are products and services bought by final consumers for personal consumption. Consumer product classifications include _______________, and unsought products.
Convenience, shopping, speciality
In recent years, today's marketers are also reexamining their ________ responsibilities.
Ethical and societal
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
The totality of a company's product lines and items offered to customers is known as its _________________.
Product mix
To be more socially responsible, some companies are appointing _____________. Their job is to protect consumers from harm and the company from liability by proactively ferreting out potential product problems.
Product stewards
The distinction between a consumer product and an industrial product is based on the ________ for which the product is purchased.
Purpose
Companies find and develop new product ideas from a variety of sources. Which of these is an internal source for new product ideas?
R & D
Marketers now have access to fragmented media and promotion mixes to reach diverse audiences. To prevent creating a communications hodgepodge, what must marketers do?
adopt the concept of intergrated marketing communications
Which of the following statements is correct regarding marketing communications today?
advertisers are now able to engage smaller segments with mroe personalized, interactive content
_____________________ are the five promotion mix tools used by marketers to communicate customer value.
advertising, public relations, personal selling, sales promotion, and direct and digital marketing
Question content area top Part 1 A brand's positioning must be continuously communicated to consumers. Although advertising can help, brands are maintained not by advertising, but by customers' ________.
brand engagement and brand experiences
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
Firms seeking immediate response from targeted individual consumers and consumer communities use ______________________ marketing tools to engage consumers and cultivate relationships with them.
direct and digital
A company may use the promotion mix, also called its marketing communications mix, to ______________________.
engage customers, persuasivley communicate customer value, andbuild customer relationships
With companies becoming more market-oriented, the sales force plays a key role in ________ and __________________________.
engaging customers; developing and managing profitable customer relationships
The product development process starts with ________. Next comes ________, which reduces the number of ideas based on the company's own criteria.
idea generation and idea screening
A company's total promotion mix, also called its marketing communications mix, consists of the specific blend of five tools: _________________________.
advertising, personal selling, sales promotion, public relations, and direct and digital marketing tools
All products have a life cycle. The sales of a typical product follow __________________, which is made up of five stages.
An s shaped curve
Which of the following statements regarding the marketing of international products and services is correct?
Because markets and consumers around the world differ widely, companies must usually adapt their product offerings in different world markets.
When a company lengthens a product line by adding more items within that line's current range, the company is ________.
Filling the line
Which of the following correctly identifies the levels for which marketers make product and service decisions?
Individual product, product line, and product mix decisions
Services are characterized by four key aspects: ______________________.
Intangible, Inseperable, variable, and perishable
Which major trend is ideal for engaging customers anytime, anywhere, as they move through the buying process?
Mobile Marketing
Marketing tools used in digital and social media marketing include _______.
Social media, mobile apps, and blogs
The first part of a marketing strategy statement describes the ________ of a new product.
Targert market
Service providers often face price competition. As a solution to this, service providers can further differentiate themselves based on which three characteristics?
The service offer, delivery, and image
The number of product lines a company manages is the product mix ______. The total number of items a company carries within its product line is the product mix _____.
Width and length
Because markets and consumers worldwide differ widely, companies usually respond to these differences by ________.
adapting their product offerings
To successfully implement a market-skimming strategy for a new product, which of the following conditions needs to be present?
competitors are not able to enter the marekt quickly and undercut the high price
External sources for new product ideas include _________.
competitors, distributers, and suppliers, and customers
The advantages of standardizing products and services for international markets include _______________, lower manufacturing costs, and lower marketing costs.
consitent global image, lower product design costs
Price ceilings are set by customer perception. Which of the following sets the floor for the price that a company charges?
costs
Ideally, a company must carry out strong new product planning and set up a systematic new product development process that is _________ to find and grow new products.
customer driven
Companies use ______ to bring together their many communication channels to deliver a clear, consistent, and compelling message about the organization and its brands
intergrated marketing communications (IMC)
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 amoung servicce providers
Personal selling can be very effective in complex selling situations because it involves ________ interactions and engagement between salespeople and individual customers.
interpersonal
Pricing strategies usually change as a product passes through its life cycle but are especially challenging during the _______ stage.
introductory
Firms have four brand development choices. These are _____________.
line extensions, brand extensions, multibrands, and new brands
A company can use _________ by setting a low initial price to penetrate the market deeply and win a large market share.
market penetrating 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
In pricing innovative new products, a company can use ________ by initially setting high prices to maximize the amount of revenue from a sufficient number of buyers willing to pay the higher price.
market skimming pricing
Which of the following would be an appropriate strategy in the maturity stage of the product life cycle?
modify the market, product offering, and marketing mix
A salesperson's role as a(n) ________ demands creative selling, social selling, and relationship building
order getter
A company's pricing strategy is affected by internal factors such as ___________________.
overall marketing strategy, objectives, marketing mix, and other organizational considerations
The stages of the product life cycle are ______________________________.
product development, introduction, growth, maturity, decline
Marketers must consider potential product issues related to social responsibility. Of the following, which is NOT one of the product issues associated with social responsibility?
product differentation and positioning
Marketers can apply the ________ as a useful framework for describing how products and markets work and help develop good marketing strategies for the different life-cycle stages.
product life cycle concept
When Dr. Lawncare developed his revolutionary new weed killer, he expected that, during the introductory stage of the product life cycle, ___________.
profits would rise quickly and there would be rapid market acceptance
Beyond the market and the economy, what other factors in its external environment must a company consider when setting prices?
resellers, government concern, and social concerns
Which of the following statements is true regarding the promotion mix?
the entire marketing mix must be coordinated for greatest impact
External factors when considering pricing include ________________________________ such as the economy, reseller needs, and government actions.
the nature of the market and demand and enviromental factors
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 enviromental factors
