marketing final
A product life cycle has five distinct stages: product development, introduction, growth, maturity, and ________.
Decline
During the ________ stage of the product life cycle, product sales may plunge to zero, or drop to a low level where they continue for many years.
Decline
The relationship between the price charged for a product and the resulting demand level can be shown in a(n) ________.
Demand curve
Coolers Inc. has decided to launch a new energy drink that will have the fewest calories among its competitors. To understand the market potential for the new drink and the demographics and attitudes of consumers who are likely to buy the product, Coolers should most likely use ________.
Descriptive research
Moving products and materials from suppliers to the factory is known as ________ logistics.
Inbound
________ marketing tailors brands and promotions to the needs and wants of specific cities, neighborhoods, and even stores.
Individual
The objective of ________ advertising is to build primary demand.
Informative
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
The Dairy Bar, a national soft-service ice cream retailer, buys cones from Cones & More. Cones & More is an important resource for marketplace information. They're considered a(n) ________ source of new product ideas for the Dairy Bar.
Internal
Which link in the service profit chain emphasizes superior employee selection and training?
Internal service quality
________ is the final step in the marketing research process
Interpreting and reporting the findings
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 true of a territorial sales-force structure?
It clearly defines each salesperson's job and establishes accountability.
Which of the following is true of public relations?
It emphasizes news and events rather than sales
Which of the following is true of a conventional distribution channel?
It has each channel member acting as a separate business unit trying to maximize its own profits.
Which of the following is a disadvantage of using a magazine as an advertising medium?
It involves high costs.
Which of the following is true of the product life cycle (PLC)?
It is generally difficult to forecast the sales level at each PLC stage.
Which of the following is true of direct and digital marketing?
It is suited for highly targeted marketing efforts and for building one-to-one customer relationships.
Which of the following is true of personal selling?
It is the most expensive promotional tool for companies to utilize
Which of the following is a shortcoming of advertising?
It only provides one-way communication with customers.
Which of the following is true of an intensive distribution strategy?
It strives to make products available where and when consumers want them.
Which of the following is a psychographic characteristic of a consumer?
Lifestyle
Busch Stadium in St. Louis charges different prices for seats in different areas of the ball park, even though each seat costs the same for the owners of the stadium. What is this form of pricing called?
Location based pricing
If a company assigns individual teams of salespeople to big retail customers, it most likely has a(n) ________ sales-force structure.
Market
A firm's decision to identify and develop new markets for existing products is a ________ strategy.
Market development
Which of the following criteria provides a measure of market attractiveness in the Boston Consulting Group approach?
Market growth rate
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
Doggie World concept tested an idea for a new chew toy that would entertain dogs while simultaneously cleaning their teeth. Dog owners were pleased with the results. The next stage in developing the new product concept is ________.
Market strategy development
The first generation Apple iPod was introduced in 2001 and sold for $500. The following year a mini version was introduced for $250. Apple initially used a ________ strategy to price their digital music innovation.
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
________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
Marketing research
Which of the following is a quantitative approach to research?
Marketing surveys
When a product is in the ________ stage, profits level off or decline because of increased marketing outlays to defend the product against competition.
Maturity
Marketers need to know how customers connect with an ad and brand idea as a part of the broader brand relationship. This can be achieved by measuring ________ levels.
Media engagement
Demographic, economic, natural, technological, political, and cultural forces form the ________ of an organization.
Microenvironment
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 sportswear?
Multibranding
________ involves combining two or more systems of transportation to move products.
Multimodal transportation
According to the text, the most logical budget-setting method in advertising is the ________ method.
Objective and task
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
Which of the following terms best describes the process of designing and producing a container or wrapper for a product?
Packaging
Which method of setting advertising budgets best helps management think about the relationship between promotion spending, selling price, and profit per unit?
Percentage of sales method
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
Buyer Decision Making Process
Stage #1: Problem Recognition. ... Stage #2: Information Search. ... Stage #3: Evaluation of Alternatives. ... Stage #4: Purchase Decision. ... Stage #5: Purchase. ... Stage #6: Post-Purchase Evaluation.
Which of the following statements is true in the context of the BCG growth-share matrix?
Stars often need heavy investment to finance their rapid growth in a market.
Which of the following is a difference between storage warehouses and distribution centers?
Storage warehouses store goods for moderate to long periods, while distribution centers are used to move goods rather than just store them.
A company's external sources of new product ideas include its ________.
Suppliers
Managing upstream and downstream value-added flows of materials, final goods, and related information among suppliers, the company, resellers, and final consumers is known as ________.
Supply chain management
Dollar General profitably appeals to families with more modest means. The retailer's approach is most likely referred to as ________.
Target Marketing
If a product passes both the concept test and the product test, the next step is most likely to be ________.
Test marketing
Which of the following is a disadvantage of using digital, mobile, and social media for advertising?
The audience controls content and ad exposure.
Which of the following sources constitutes the internal database of a company?
The companies sales records
Which of the following conditions is most likely essential for implementing a successful market-penetration pricing strategy for a product?
The market for the product is highly price sensitive.
Which of the following is most likely true of a sales force?
The performance difference between an average salesperson and a top salesperson is generally substantial.
________ can describe a product class, a product form, or a brand.
The product life cycle concept
Which of the following conditions is most likely essential for implementing a successful market-skimming pricing strategy for a product?
The product's quality and image must support its high price.
Which of the following is true of marketing strategies that are being developed in the new marketing communications model?
They are more targeted, social, and engaging.
Which of the following is most likely true about a sales force in the field?
They build relationships with customers through face-to-face collaboration.
Which of the following is most likely true about companies that take a proactive stance toward the marketing environment?
They develop strategies to change the marketing environment.
Which of the following statements is true of consumer promotions?
They include a wide range of tools like samples, coupons, and refunds.
How do firms that use captive-product pricing make up for the low prices of their main products?
They set high markups on the captive products.
Sales promotion tools used to persuade resellers to carry a brand, give it shelf space, promote it in advertising, and push it to consumers are collectively called ________ promotions.
Trade
Which of the following is most efficient for short hauls of high-value merchandise and is highly flexible in its routing and time schedules?
Trucks
Consumer products that the buyer either does not know about or knows about but does not normally consider buying are referred to as ________ products.
Unsought
A product is in the maturity stage of the product life cycle, and the company decides to modify the marketing mix. Which of the following steps is the company most likely to take?
Use aggressive sales promotion
A ________ pricing strategy for an offering begins with an assessment of customer needs and perceptions. Then a target price is set based on customer perceptions of worth.
Value based
A company launching a new product must first decide ________.
When to launch a new product
A(n) ________ is considered a marketing intermediary
Wholesaler
Which of the following products would the electronics company CypressSound classify as a cash cow in its BCG matrix?
Xpress — an MP3 player that has a high market share in a market that is not expected to grow significantly
Which of the following is an example of a horizontal conflict in a distribution channel?
a Ford car dealer complaining that another Ford dealer is underpricing the same models
new task
a business buying situation in which the buyer purchases a product or service for the first time
In which of the following situations is a producer guaranteed full control over product sales?
a direct marketing channel
Which of the following is an example of a firm utilizing public relations as a promotion tool?
a firm providing interesting information about a product to the news media
Which of the following promotion mix approaches involves a producer promoting a product to different channel members who in turn promote the product to customers?
a push strategy
Market segments that can be effectively reached and served are said to be ________.
accessible
Delta, an American video game manufacturer, targets teens between the ages of 13 and 18, providing free game trials and applications. The firm's marketing approach exemplifies ________ segmentation.
age and life cycle
Millie Foods, producers of baby food, offers a monetary sum to retailers who agree to feature its new products on their shelves for a considerable time period. In this case, the promotion tool used by the company is referred to as a(n) ________.
allowance
Which of the following is a promotion tool used for trade promotions?
allowances
The salesperson should know how to meet and greet the buyer and get the relationship off to a good start in which step of the selling process?
approach
Dividing buyers into groups based on their knowledge, attitudes, uses, or responses to a product is called ________ segmentation.
behavioral
________ involves using an existing brand name for a new product category.
brand extension
The final step in the marketing process is ________.
capturing value from customers
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.
Vertical conflicts in distribution channels are conflicts that occur between ________.
different levels of the same channel
In a promotion mix, ________ involves personally connecting with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships
direct marketing
In which of the following stages of the adoption process does a consumer seek information about a new product?
interest
A market segment is less attractive when ________.
it contains powerful suppliers who can control prices
________ are tradition-bound, suspicious of changes, and adopt an innovation only when it has become something of a tradition itself.
lagging adopters
In a logistics system, minimizing distribution costs most likely involves ________.
large shipping lots
Which of the following is the first step in developing an advertising program?
setting advertising objectives
Which of the following is a pure tangible good?
shampoo
________ products are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style
shopping
The presentation stage of the selling process most likely involves ________.
showing how a company's products can solve a customer's problems
________ products are consumer products and services with unique characteristics or brand identifications for which a significant group of buyers is willing to make more effort than usual to purchase.
specialty products
According to the BCG matrix, products or businesses with a high market share in a high-growth market are classified as ________.
stars
According to Maslow's hierarchy of needs, which of the following is most likely an esteem need?
status
When a market segment is large or profitable enough to serve, it is termed ________.
substantial
The first part of a marketing strategy statement describes the ________ of a new product.
target market, planned value proposition, and sales goals
Causal research is used to ________.
test hypotheses about cause-and-effect relationships
In the competitive-parity method of setting an advertising budget, the budget is set based on ________.
the amount spent by similar companies in the same industry
Which of the following is part of the microenvironment of a firm's marketing environment?
the suppliers who work with the company
Which statement about convenience products is most likely true?
they are bought by consumers frequently and with minimal comparison
Cosmetics firm SatinSilk is revamping its mission statement and advertising strategy. The CEO stresses that the new mission statement should be market-oriented rather than product-oriented. Which of the following mission statements will best suit the company?
to give customers the complexion they dream about by providing products suited to their needs
________ costs refer to the sum of the fixed and variable costs for any given level of production.
total
Product mix length refers to the ________.
total number of items a company carries within its product lines
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
Which of the following applies to a marketing intermediary who buys brand name toothpaste from 10 different manufacturers, consolidates offerings, and then resells the various brands to 500 supermarkets in Florida?
transform the assortments of products made by producers into the assortments wanted by consumers
A ________ is made up of a company, its suppliers, distributors, and, ultimately, customers who "partner" with each other to improve the performance of the entire system.
value delivery network
Costs that change directly with the level of production are referred to as ________ costs.
variable
A ________ consists of producers, wholesalers, and retailers acting as a unified system. The system can be dominated by any one of the interdependent members.
vertical marketing system
The objective of ________ research is to gather preliminary information that will help define the problem and suggest hypotheses
Exploratory
_______ refers to working closely with people inside and outside the company to jointly bring more value to customers.
Partner relationship management
Koffee, a brand of instant coffee, gives away a free coffee mug with its logo imprinted on it with every purchase of a 500g packet of its instant coffee powder. Which promotion tool is Koffee using?
Advertising specialties
The ________ method of setting an advertising budget typically overlooks how promotion affects sales.
Affordable
Which mode of transportation is best for carrying perishable goods to distant markets?
Air carriers
One reason demographic variables are the most popular bases for segmenting customer groups is because they ________.
Are easier to measure than other variables
A ________ is defined as a name, term, sign, symbol, or design, or a combination of these, that identifies the maker or seller of a product or service.
Brand
Conventions, trade shows, and sales contests are types of ________.
Business promotions
Establishing prices for razor blades that must be used with a razor blade system is known as ________ pricing.
Captive product
________ uses buyers' perceptions of what a product is worth as the key to pricing.
Customer value-based pricing
Which of the following steps of the new product development process would most likely use an R-W-W framework?
Idea screening
When establishing prices, it's important for a manager to understand that "good value" is not the same as ________.
"Low price"
Which of the following is true of RFID or "smart tag" technology?
"Smart shelves" can tell when it is time to reorder and can place orders automatically.
In which of the following cases is crowdsourcing used for new product development?
A company creates a forum where anyone can contribute new product ideas.
Which of the following statements is true of a product sales-force structure?
A product sales-force structure is characterized by specialization along product lines.
Which of the following is most likely true of a product in the maturity stage of the product life cycle?
A slowdown occurs in sales growth.
Informing the target market about a price change for a signature cookie dough product through a national TV campaign within three months" is an example of a(n) ________ objective.
Advertising
________ is any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor.
Advertising
Which of the following is most likely a difference between advertising and sales promotion?
Advertising can be used to build up a long-term image for a product while sales promotion effects can be short lived.
________ occurs when two established brand names of different companies are used on the same product.
Co-branding
Introducing a new product into the market is called ________.
Commercialization
A(n) ________ is the variable amount in a salesperson's compensation.
Commission
Which of the following is true of logistics?
Companies can gain a powerful competitive advantage by using improved logistics to enhance customer service or lower prices.
A firm that uses direct marketing would most likely sell its products through ________.
Company website
________ advertising would most likely result in attack ads between competitors.
Comparative
Los Amigos, a new Mexican restaurant, has set up shop across the street from Hot Tamales and More. Which of the following pricing strategies will Los Amigos likely use?
Competition based
Companies that organize their sales force by customer and territory; product and territory; product and customer; or territory, product, and customer are using a ________ sales-force structure.
Complex
The stage in which product ideas are presented to groups of target consumers physically or symbolically is referred to as ________.
Concept testing
________ markets consist of individuals and households that buy goods and services for personal use.
Consumer
Rather than just creating and placing "TV ads" or "print ads" or "Snapchat branded story ads," many marketers now view themselves more broadly as ________ managers.
Content marketing
________ products are consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort.
Convenience
________ pricing involves setting prices based on the expenses involved in producing, distributing, and selling a product plus a fair rate of return for a company's effort and risk.
Cost based
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
________ are certificates that save buyers money while they purchase specified products.
Coupons
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 segmented
Studio 19 is a dance studio geared to adults who want to learn ballroom and Latin dance. When individuals call the studio, they're encouraged to access the Web site to receive a $25 e-coupon entitling them to a free half hour of dance instruction. Once they become patrons, text messages are sent to share news about featured dance instructors and upcoming special events. Which of the following promotion mix tools does Studio 19 employ to reach target customers?
Direct marketing
For over 10 years, Erudite, a publishing and educational company that produces college textbooks, has been selling its books online through studysmart.com, a popular online retailer that sells textbooks published by different companies. Recently, Erudite stopped selling its books through studysmart.com and set up its own Web site to sell its books. This change in channel organization is called ________.
Disintermediation
The Vitamin Shoppe sells natural vitamins and supplements. Product prices are adjusted frequently to meet the needs of individual customers. For example, long-time customers receive discounts. This strategy is most likely an example of ________ pricing.
Dynamic
Brands vary in the amount of power and value they hold in the marketplace. Iconic brands like Apple, Google, and Harley-Davidson have achieved substantial brand ________.
Equity
AirNetwork, a telecommunications company, sponsors a rock concert by a famous band in order to further its brand visibility. This is an example of a(n) ________.
Event marketing promotion
When a seller requires that only certain dealers carry its products, its strategy is known as ________.
Exclusive distribution
A freestanding insert in the Sunday newspaper for a local restaurant that contains a $5 off coupon for any meal over $20 is an example of a promotion targeted at ________.
Final buyer
In the ________ stage, a firm most likely faces a trade-off between high market share and high current profit.
Growth
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
In which of the following steps of the selling process does a salesperson seek out, clarify, and overcome any customer disapproval to buying?
Handling objections
The new product development process usually starts with ________.
Idea generation
Which statement is most likely true about idea generation in the new product development process?
Idea generation is usually followed by procedures that reduce the total number of ideas.
In a promotion mix, ________ occurs when a firm's sales force makes individual presentations to consumers for the purpose of promoting sales and building customer relationships.
Personal selling
Which of the following types of promotion tools requires a considerable degree of personal interaction with a customer?
Personal selling
What is the primary goal of trade promotions?
Persuading resellers to carry a brand
The primary objective of ________ advertising is to build selective demand.
Persuasive
The use of both rail and trucks for transporting goods is called ________.
Piggybacking
________ is the only element in the marketing mix that produces revenue.
Price
________ is the sum of all the values that customers give up to gain the benefits of having or using a product or service.
Price
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
Salon Du Jour offers special combination packages at a reduced price. Separately, a haircut is $30 and a conditioning treatment is $35. But the combo price is $50. This is referred to as ________ pricing.
Product bundle
Which of the following sets the lower limit for a product's pricing?
Product cost
In a sequential new product development process, which of the following is true of the product development step?
Product development is usually followed by test marketing.
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
Clorox sells five major product lines including cleaning, household, lifestyle, professional, and international. Together the product lines make up Clorox's ________.
Product mix
4 P's of Marketing
Product, Price, Place, Promotion
What type of pricing is being used when a company temporarily prices its products below the list price to create buying excitement and urgency?
Promotional pricing
In which step of the selling process does a salesperson or company identify qualified potential customers?
Prospecting
Bass Pro Shops recognizes that outdoors enthusiasts are a diverse group. Likely segments include hunters, campers, and boaters. What is this segmentation method called?
Psychographic
________ segmentation factors divide buyers into different groups based on social class, lifestyle, or personality characteristics.
Psychographic
Pricing a product based on consumers' reference prices is referred to as ________ pricing
Psychological
In a promotion mix, ________ performs the functions of building a good rapport with entities outside the company, building up a good corporate image, and handling unfavorable rumors and events.
Public relations
Salespeople need to know how to ________ leads, that is identifying good leads and screening out poor ones, at the beginning of the selling process.
Qualify
Which of the following is a cost-effective mode for shipping large amounts of bulk products — coal, sand, minerals, and forest products — over long distances?
Railroads
________ prices are carried in buyers' minds and used when looking at a given product.
Reference
________ advertising primarily maintains brand relationships and is important for mature products
Reminder
Which of the following is true about the introduction stage of a new product? Sales growth tends to be slow.
Sales growth tends to be slow.
Power Pro, a leading manufacturer of lawn and garden equipment, releases a new line of cordless, lightweight, electric weed trimmers. To boost sales, Power Pro issues a 50 percent off coupon to the first 100 buyers at all Home Depot stores in the Northeast. Which element of the promotion mix has Power Pro used in this scenario?
Sales promotion
Which of the following is true of the growth stage of the product life cycle?
Sales start climbing quickly.
________ distribution typically allows manufacturers to develop good working relationships with intermediaries and expect a better-than-average selling effort. It also gives producers good market coverage with more control and less cost than intensive distribution.
Selective
Which of the following is most likely a true statement about services?
Service industries vary greatly
________ refer to a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible.
Services
Which of the following is most likely a true statement about shopping products?
Shopping products are purchased less frequently than convenience products.
Using ________, researchers measure consumer responses to new products and marketing tactics in laboratory stores or virtual online shopping environments.
Simulated test market
Howard Schultz, the founder of Starbucks, positioned his bistros as "a third place" between work and home where patrons could share and enjoy a cup of coffee with friends. This illustrates ________.
Speciality product
Producers of convenience products and common raw materials typically seek ________ distribution
intensive
In which of the following steps of the selling process does a salesperson ask a buyer for an order?
closing
Which of the following sets the upper limit for a product's pricing?
consumer perceptions of value
4 consumer products
convenience goods, speciality goods, shopping goods, and unsought goods.
Producers use marketing intermediaries because they ________.
create greater efficiency in making goods available to target markets
In terms of packaging functions, Tiffany & Co.'s robin egg blue boxes ________.
create immediate consumer recognition
Which of the following is a function of an integrated marketing communications system?
delivering a clear, consistent, and compelling message on the product to each brand contact
The authors suggest that the term "supply chain" may be too limited because it takes a "make-and-sell" view of the business. They believe the term ________ is more appropriate because it suggests a "sense-and-respond" view of the market.
demand chain
Lilly's, a furniture retailer, sells low-end furniture and accent pieces that are targeted toward lower-income consumer groups. Lilly's most likely segments the consumer market based on ________ variables.
demographic segmentation
Fred's faith in Asics, his favorite brand of running shoes, makes him consider other offerings introduced by Asics. Fred is not a risk-taker, and he tends to evaluate each new product carefully before adopting it. Fred is an opinion leader in his social networking community and best described as a(n) ________.
early adopters
In which of the following stages of the adoption process does a consumer consider whether trying a new product makes sense?
evaluation
High-end luxury brands like Bentley for cars, Louis Vuitton for handbags, and Rolex for watches use ________ distribution, giving a limited number of dealers the sole right to sell products in a specified geographic territory
exclusive
Denta Clean's decision to add a whitening toothpaste to its current line of toothpastes is an example of product line ________.
filling
Each PC produced by HP involves a cost of computer chips, wires, plastic, packaging, and other inputs. Although these costs tend to be the same for each unit produced, they are called ________ costs because the total changes based on the number of units produced.
fixed
Rent, electricity, and executive salaries that do not vary with production or sales level are referred to as ________ costs.
fixed
What is the last step in the selling process?
follow up
Which type of market segmentation is generally used by marketers who sell luxury products targeted to the affluent segments of a population?
income
A product line is most likely too short if managers can ________.
increase profits by adding items
A product line is most likely too long if managers can ________.
increase profits by dropping items
When demand hardly changes with a small change in the price of a product, the demand for the product is best described as ________.
inelastic
Lush Lawns, a new landscaping company, uses the same logo and shade of green in all forms of communication including its online ads, truck signage, Web site, and business cards. Which technique is being used by Lush Lawns to promote its business?
integrated marketing communications
________ occurs when a company uses its existing brand name for new forms, colors, sizes, ingredients, or flavors of an existing product category.
line extension
In which of the following structures does a company organize its sales force along customer or industry lines?
market sales-force structure
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
Posh Collections introduced a new watch to appeal to upscale consumers. The company will most likely use a(n) ________ strategy.
market-skimming pricing
________ are sets of interdependent organizations that help make the product or service of a company available for use by consumers or business users.
marketing channels
Marketing the same product to a huge customer base without any customization is referred to as ________.
mass marketing
When the size, purchasing power, and profiles of a market segment can be determined, the market segment is said to be
measurable
Selective distribution is a strategy in which ________.
more than one, but fewer than all, willing intermediaries are used by a seller
Product mix width refers to the ________.
number of different product lines the company carries
The second part of a marketing strategy statement describes the ________ of a new product.
planned price, distribution, and marketing budget
In the ________ stage of new product development, products undergo rigorous tests to make sure that they perform safely and effectively, or that consumers will find value in them
product development
Outbound logistics refers to moving ________.
products from the factory to resellers and ultimately to customers
When Nabisco offers to cover half the cost of all local advertising for supermarkets that sell Oreo Cookies, the company is granting ________.
promotional allowances
In which of the following promotion tools does a customer send a proof of purchase to a manufacturer, who then refunds part of the purchase price by mail?
rebate
How have social media tools most likely affected personal selling?
reducing the use of person-to-person selling efforts
Just-in-time logistics system
retailers carry small inventories of merchandise to last for only a few days
When Toyota announces a product recall on its Camry model due to a faulty igniter, they are using ________ to coordinate with dealers and car owners.
reverse logistics
In a marketing communications mix, ________ refers to any short-term incentive that encourages the purchase or sale of a product or service.
sales promotion
The third part of a marketing strategy statement describes the ________ of a new product.
sales, market share, and profit goals
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
Service variability means that ________.
service quality depends on when, where, and how they are provided
________ is a discomfort caused by postpurchase conflict.
cognitive dissonance
________ is the degree to which the results of using an innovation can be observed or described to others.
communicability
________ is the degree to which an innovation fits the values and experiences of potential consumers.
compatibility
Electric cars are not considerably different or difficult to drive relative to gas-powered cars. However, this is not aligned with the perceptions or conceptual concerns held by the public about the new technology. This will likely slow the adoption rate due to the ________ of the innovation.
complexity
Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on ________.
consumers' existing wants
A child in the United States is exposed to many values including achievement and success, freedom, individualism, hard work, and material comfort. These are symbolic of American ________.
culture
According to the text, ________ are the most important actors in a company's microenvironment.
customer
According to the five-step model of the marketing process, the first step in marketing is:
understanding the marketplace and customer needs and wants
A brand's ________ is the set of benefits that it promises to deliver to consumers to satisfy their needs.
value proposition
________ are the form human needs take as they are shaped by culture and individual personality.
wants
three major buying situations
1- straight rebuy 2-modified rebuy 3-new task
________ refers to a channel stretching from raw materials to components to final products that are carried to final buyers.
A supply chain
Procter & Gamble's Tide detergent does not phone or call on all of its consumers to get to know them personally. Instead, Tide creates engagement and relationships through brand-building advertising, Web sites, and social media presence. Which of the following types of associations would be most profitable for the firm to develop with these customers?
Basic relationships
Stew Leonard's has created what has been the "Disneyland of Dairy Stores," complete with costumed characters, scheduled entertainment, and a petting zoo. It's built 30 additions onto the original store, which now serves more than 300,000 customers each week. This legion of loyal shoppers is largely a result of the store's passionate approach to customer service. Instead of focusing on individual transactions, Stew and his staff are putting a priority on ________.
Capturing customer lifetime value
The marketing manager of Appeal Inc. has noticed a sharp decrease in sales over the last two months. The manager decides to conduct marketing research to identify potential causes for the drop in sales. Which of the following should the manager do first?
Define the problem and objectives
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is referred to as ________.
Customer relationship management
Due to the limitations of the BCG and other formal portfolio planning models, many companies are placing responsibility for strategic planning in the hands of cross-functional teams of divisional managers who are close to their markets. In such organizations, strategic planning is ________.
Decentralized
________ is often the most difficult but most critical step in the research process.
Defining the problem and research objectives
________ is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behavior.
Differentiation
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
Devon is in the market for a new car. She is seriously considering either a Honda Civic or Toyota Corolla because they both have excellent quality and safety ratings and are comparable in price. Devon is in the ________ stage of the buyer decision process.
Evaluation of alternatives
________ is the act of obtaining a desired object from someone by offering something in return.
Exchange
Methods of collecting data
Experiment, survey, observation, secondary data analysis
Which of the following is considered a major influence on business buyer behavior?
Organizational factors
Which of the following is true of strategic planning in a firm?
It deals with adapting the firm to take advantage of changing marketing opportunities.
________ is the art and science of choosing target markets and building profitable relationships with them.
Marketing Management
Which of the following has the primary function of helping a company target and promote its products to the right markets?
Marketing Service agencies
Which of the following is an advantage of primary data?
More relevant than secondary data
________ are defined as states of felt deprivation.
Needs
________ are people within a reference group who, because of special skills, knowledge, personality, or other characteristics, exert social influence on others
Opinion leaders
________ refers to the unique psychological characteristics that distinguish a person or group.
Personality
Jeff is in the process of buying a new car. He carefully analyzes the features that he wants in a car, and perceives significant differences in price, quality, and features among three of his favorite models. He rates the models on each factor and ranks them in the order of his preference. To which of the following stages of the buyer decision process will Jeff most likely proceed next?
Purchase decision
A shoe company's ads feature the members of a popular country music band. Product sales increase significantly among the band's fans. From the fans' viewpoint, the band is a ________.
Reference group
Information collected from commercial online databases or through Internet search engines are examples of ________ data.
Secondary
Which of the following needs in Maslow's hierarchy is generally satisfied last?
Self-actualization
Both market penetration strategies and market development strategies primarily involve ________.
Selling a companies current product
Which of the following is most likely a true statement about social class?
Social classes show distinct product preferences in areas such as clothing.
Which of the following transforms marketing strategies into real values for consumers?
The four P's of marketing
Alice is shopping for a new car, and she has narrowed her decision to a Honda Accord and a Toyota Camry. Both sedans have similar features and prices, but Alice decides to purchase the Honda based on her intuition. Which of the following situations would most likely cause Alice to experience postpurchase dissonance?
The price of the Toyota Camry falls due to an increase in demand.
straight rebuy
a business buying situation in which the buyer routinely reorders something without any modifications
modified rebuy
a business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers
Which of the following is part of the microenvironment of a company's marketing environment?
a just-in-time inventory system used by the company when making purchase decisions
Business portfolio analysis is defined as the process in which management ________.
assesses the attractiveness of an SBU's market and the strength of its position in the market
The initial function of a marketing information system is ________.
assessing the information needs of a company
In the BCG matrix, ________ refer to low-growth, high-share businesses or products.
cash cows
Vernon Inc. would like to set the best price for a new product. The firm conducts an experimental study by selling the new product at two different prices in two different locations keeping other factors constant to see if a lower price results in better sales. This is most likely an example of ________ research.
casual
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
In most marketing research projects, what type of research is conducted first?
exploratory
Which of the following is a social factor that influences consumer buying behavior?
family
Which of the following is a difference between the marketing concept and the selling concept?
focuses on customer needs, whereas the selling concept focuses on existing products.
Adopter catagories
innovators, early adopters, early majority, late majority, laggards
In the BCG growth-share matrix, question marks refer to products or businesses with a ________.
low market share in a market with high
Consumers' needs and wants are fulfilled through ________.
market offerings
A strategy for company growth that involves increasing sales to current market segments without changing the product is known as ________.
market penetration
Which of the following is the right order of the steps that companies generally follow in designing a customer-driven marketing strategy?
market segmentation, market targeting, differentiation, and positioning
A ________ is purposeful, specifying what an organization wants to accomplish in the larger environment.
mission statemen
In a marketer's macroenvironment, the ________ environment consists of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society.
political
________ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
positioning
Bill thought he had received the best deal on his riding mower. Shortly after the purchase, Bill started to notice certain disadvantages of his new riding mower as he learned more about other riding mowers available in the same price range. Bill is in which of the following stages of the buyer decision process?
post purchase behavior
________ data consist of information collected for the specific purpose at hand.
primary
The ________ concept holds that consumers will favor goods and services that offer the most in quality, performance, and innovative features.
product
During which stage of the business buying decision process is a buyer most likely to conduct value analysis by carefully studying components to determine if they can be redesigned, standardized, or made less expensively?
product specification
According to the BCG matrix, products or businesses with a low share of market in a high-growth industry are considered ________.
question marks
________ is the degree to which an innovation appears superior to existing products.
relative advantage
When a company chooses to divest a particular strategic business unit, it ________.
sells off or phases out the strategic business unit
________ is a method of gathering primary data that involves asking people questions about their knowledge, attitudes, preferences, and buying behavior.
survey research
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 demonstrates the real value of a company's marketing research and information system?
the quality of customer insights it provides
