Marketing final exam

Which customer question is answered by a company's value proposition?

"Why should I buy your brand rather than a competitor's?"

If a company's objective were to reach masses of buyers that were geographically dispersed at a low cost per exposure, the company would likely choose:

Advertising

mission statements should _____ and be defined in terms of ___

Be market orenintated; Satisfying basic customer needs.

Aaron indicates to Martha that he likes her team's idea about three-lace running shoes but wants her to put together some figures regarding anticipated sales, costs, and resulting profits. He is asking her to proceed to which of stage of the new-product development process?

Business analysis.

At Gina's retail stores, the posted policy reads, "Without our customers, we don't exist." Gina and her staff aim to delight each customer, and they are quick to offer discounts or extra services whenever a customer is anything less than satisfied. Gina and her staff strive to make every customer a repeat customer. It is most accurate to say that instead of focusing on each individual transaction, Gina and her staff put a priority on

Capturing customer lifetime value

If a consumer purchases a new​ flat-screen "smart" television which can connect to services like Netflix and​ Pandora, what is the core customer value​ involved?

Connection to entertainment and information

the economic environment consists of economic factors that affect______

Consumer purchase power

Amor, a successful brand of women's clothing, recently introduced a line of fitness equipment. This is an example of ________.

Diversification

As a consequence of the greens movement, many companies are developing strategies and practices that support ________.

Environmental sustainability

When a customer lets a producer know something about its products/ advertising, the customer is providing _____.

Feedback

Wholesome Soups, a maker of organic soups, is starting a new marketing campaign emphasizing the ease of preparing and eating Wholesome Soups on the go. Print, television, and Internet ads feature college-aged students enjoying WHolesome Soups in between classes and during study breaks. Wholesome Soups' new marketing campaign is most likely aimed at which of the following?

Gen Zers

When Kraft focused on cost-cutting with its older and established brands, leaving them to wither without much investment or modification, Kraft decided to ________ the older products.

Harvest

Procter and Gamble targets different segments of the laundry detergent market with Bold, Dash, Cheer, Dreft, Era, Gain, and Tide

Individual or multibranding

nintendo producer of the wii video game councle might define its competitors as other markets of phsically interactive video games. but from a ______ point of view it would include all firms making physically interactive recreational products

Industry

Kei, a senior marketing manager of a pizzeria in North Florida, is currently researching electronic collections of consumer information within the company network to arrive at crucial marketing decisions. In this instance, Kei is using _____

Internal databases

which of the following best explains why public relations is often overlooked as a tool for supporting product marketing objectives

Many public relations professionals see their job as communicating, not brand building

In a bid to attract more customers in a market which has several competitors, Barrymore's Bakery slashed the prices of all its products by 50%. Managers at the firm reasoned that lower prices would draw in even more customers, making up for the reduction in price several times over. Which of the following pricing strategies are they using?

Market penetration pricing

Apart from retaining good customers, most marketers want to constantly increase their "share of customer." What does this mean in marketing terms?

Marketers want to increase the share they get of the customer's purchasing in their product categories.

Which of the following measures the profits generated by investments in marketing activities?

Marketing ROI

B.F. Goodrich has been manufacturing and marketing automotive tires for over one hundred years. It spends much of its marketing budget on short-term promotions aimed at stealing market share from Goodyear, Dunlap, and other manufacturers. From this information you should know how tires are in the __________ stage of their product life cycle

Maturity

An ad for Maybelline age-minimizing makeup in Ladies' Home Journal magazine featured actress Melina Kanakaredes and offered readers a $1-off coupon when they try the new makeup. In terms of the communication model, the sender of this message is ________.

Maybelline

the invitation to go skiing for the weekend forced Donna to look at her current wardrobe. She decided she needed a much warmer coat. Donna was in which stage of the purchase decision?

Need recognition

In a SWOT analysis, ________ include favorable trends in the external environment.

Opportunities

A particular automobile company works to keep its customers happy after each sale, aiming to delight each one of them in order to increase their customer lifetime value. Which of the following steps of the buyer decision process does the company exemplify?

Post purchase behavior

Savings for You, a discount retail chain, is highly competitive. When entering a new market, Savings for You often cuts prices so deeply that it sells below costs, effectively pushing smaller companies with less purchasing power out of the market. Savings for You is most at risk of being accused of ________ pricing.

Predatory pricing

Which of the following is true with regard to price?

Price is the sum of all the values that customers give up to gain the benefits of having a products.

A brand that is owned and initiated by wholesalers and retailers is a ______

Private brand

Samsung and Apple are open to new ideas, relentlessly pursue new solutions, and work to get new products to market quickly. They serve customers who want state-of-the-art products and services, regardless of the costs in terms of price or inconvenience. Which of the following value disciplines is illustrated from this example?

Product Leadership

refers to the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.

Product Quality

In the context of media timing, ________ means scheduling ads unevenly over a given time period.

Pulsing

when panasonic directs its promotional efforts toward getting reatilers to carry, stock, and redily display its product lines in the stores, this apporach to promotion is termed

Push Strategy

A message showing a product's quality, economy, value, or performance is called a(n) ________ appeal.

Rational

You receive a report that 68% of your target market has been exposed to your ad campaign during a given period of time. The information in the report relates to ________.

Reach

Which term refers to prices that buyers carry in their minds and check with when they look at a given product?

Reference pricing

which of the following is a disadvantage of using secondary data

Relevant secondary data can be difficult to locate.

what is the core customer value a customer might purchase when buying urban decay cosmetics

Sense of adventure

The quality of services may vary greatly depending on who provides them and when, where, and how they are provided.

Service variability

prohibits monopolies and activities (price fixing, predatory pricing) that restrain trade or competition in interstate commerce

Sherman anti-trust act

The key businesses of Kimberley and Price consist of a division that produces and sells breakfast cereals and another that manufactures gardening tools. Each of these businesses is called a

Strategic business unit (SBU)

A manufacture increases the price

The break even volume drops

an example of a company exhibiting a blue ocean strategy is

The first digital I pad released by apple

Marketing is defined as A social and managerial process by which individuals and groups obtain what they need and want through

Value creation and exchange

Companies with lower costs

can set lower prices that result in smaller margins but greater sales and profits

Multiprint, a printer manufacturing firm, sells ink cartridges for each of its specific models. Only Multiprint cartridges are compatible with Multiprint printers, and no two of the firm's models share the same specifications. What type of pricing does Multiprint use?

captive product pricing

The marketing department of a reputed firm wants to improve strategic decision making, track the actions of other players in the market, and provide early warning of opportunities and threats. Which of the following would help the firm achieve its objectives?

competitive marketing intelligence

One disadvantage of test marketing a new product is that

competitors may copy the product.

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with any other costs of using the service, they are acting upon ________.

customer-perceived value

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

customer-segment pricing

Lovelies is the leading workout and fitness center for women. The regional chain of gyms has traditionally catered to women forty and older who are interested in strength and cardio-vascular training. Lovelies has recently begun promotions to bring younger women into its gyms. This is an example of how the market leader ___.

develops new users

Firms use competitive marketing intelligence to ________.

gain early warnings of competitor moves and strategies

Which of the following is a common reason for new product failure?

incorrect estimation of the market size

Dips in the economy and the instant price comparisons made possible by the Internet have both contributed to ________.

increased consumer price sensitivity

Primary data consists of?

information collected for the specific purpose at hand

When Procter & Gamble (P&G) developed the Mr. Clean Magic Eraser, the company needed to explain how the product cleans grime from walls without removing paint. What type of campaign was most likely used by P&G for the Mr. Clean Magic Eraser?

informative advertising

In response to price cuts from competitors, a cereal company with several more expensive and higher quality cereals introduced a lower-priced option to its product line. This is an example of which of the following responses to a competitor's price cut?

launching a "fighter brand"

Sears and Holiday Inn encountered difficult times because they did not stand out as the lowest in cost, highest in perceived value, or best in serving some market segment. Both companies are

middle-of the roaders

A buyer's decisions are influenced by ________ such as the buyer's age and life-cycle stage, occupation, economic situation, lifestyle, and personality and self-concept.

personal characteristics

Extel Inc., a home appliance manufacturer, uses sales representatives to sell its products to wholesalers and individual customers. This is an example of ________.

personal selling

La Belle released a a cut glass bottle of perfume at $299 per item, even though its major competitor prices its signature scent at $99 per item. La Belle reasons that customers in search of luxury goods will prefer its product because they are likelier to believe that high price indicates superior quality. What price adjustment strategy is evident in its reasoning?

psychological pricing

A shoe manufacturing company uses ads featuring the members of a country music band with the hope that the band's fans will see them wearing the company's shoes and hence purchase the same brand of shoes. The shoe company believes that the band portrays the image of a ________ to the band's fans.

reference group

john assured his venture capitalists an earning of 25 percent return on equity when he began his IT start up. in order to achieve this result, he will most likely use which of the following pricing approaches?

target return pricing

A cell phone manufacturing firm produced 1,000 cell phones a day but believed that it could reasonably top up production to 2,000 cell phones a day. Consequently, it built a larger plant and installed efficient machineries and work arrangements to realize the projected output. Which of the following can most likely be inferred from this information?

the unit cost of producing 2,000 cell phones per day would be lower than the unit cost of producing 1,000 units per day

personal communications about a product between target buyers and neighbors, friends, family members, associates and other consumers

word of mouth influence