Marketing Final Exam

________ is an organized movement of citizens and government agencies to improve the rights and power of buyers in relation to sellers.

Consumerism

More than 80 percent of McDonald's restaurants worldwide are owned and operated by franchisees. This illustrates a(n) ________ marketing system.

Contractual Vertical

Which of the following is the primary purpose of branded community Web sites?

Creating Customer-Product Engagement

Which of the following is an example of branded entertainment?

a company placing its product in a movie scene

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

Orienting and motivating customer-contact employees and supporting service people to work as a team to provide customer satisfaction is known as ________ marketing.

Internal

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

When a product is in the ________ stage, profits level off or decline because of increased marketing outlays to defend the product against competition.

Maturity

________ marketing features marketing messages, promotions, and other content delivered to on-the-go consumers through their portable electronic devices.

Mobile

Compared to standardized global marketing, adapted global marketing ________.

Modifies marketing strategies to meet local needs

Chic Eyewear, a producer of designer eyeglass frames, promotes their new line in national fashion magazines. Chic Eyewear lists the select optical retailers that carry their line at the bottom of their ads. This is an example of a ________ strategy.

Pull

In a just-in-time logistics system, ________.

Retailers carry small inventories of merchandise to last for only a few days

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

Test Marketing

Which statement about convenience products is most likely true?

They are bought by consumers frequently and with minimal comparison.

Which of the following is a disadvantage of using social media for marketing?

They are largely user controlled

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.

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

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

Which of the following is most likely true of a global firm?

A global firm manufactures and markets goods wherever it can do the best job.

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

Concept Testing

________ 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

________ is any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor.

Advertising

When adapting advertising messages, media may also need to be adapted internationally because media availability and regulations vary from country to country. This illustrates ________.

Communication adaptation

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

Mary Kay Cosmetics and Amway sell their products through home and office sales parties, online Web sites, and social media. Both companies use a(n) ________ channel to distribute their offerings.

Direct

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

________ marketing involve engaging directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships.

Direct and Digital

The process in which printed catalogs, brochures, samples, and DVDs are distributed to customers using highly selective mailing lists is known as ________.

Direct-Mail Marketing

Changes in technology and the explosive growth of direct and online marketing are having a profound impact on the nature and design of marketing channels. One major trend is toward ________ insofar as product or service producers cut out intermediaries and go directly to final buyers or when radically new types of channel intermediaries displace traditional ones.

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

Which of the following is true of viral marketing?

It is the digital version of word-of-mouth marketing.

Which of the following is most likely true about e-mail marketing?

It is used by marketers to send highly targeted messages

Which of the following is true of the World Trade Organization (WTO)?

It mediates global trade disputes.

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

Innovative marketing most likely involves ________.

seeking real product and marketing improvements

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

The ________ established a free trade zone among the United States, Mexico, and Canada.

USMCA

Compared to adapted global marketing, standardized global marketing ________.

Uses the same marketing mix worldwide

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

Online visitors can't buy anything at ESPN.com. Instead, the site creates a virtual experience for sports enthusiasts and fans that can be customized to meet their needs. This is most likely an example of a(n) ________.

Branded Community Website

________ involves a review of the sales, costs, and profit projections for a new product to determine whether they satisfy a company's objectives.

Business Analysis

Establishing prices for razor blades that must be used with a razor blade system is known as ________ pricing.

Captive-Product

Introducing a new product into the market is called ________.

Commercialization

Kallton is a multinational communications and information technology corporation. Its principal products are mobile telephones and tablets. It recently announced on its Web site that customers can suggest ideas for its upcoming product model. Contributors of short-listed ideas will be adequately rewarded. In this case, Kallton is using ________ to generate new product ideas.

Crowdsourcing

Enlightened marketing calls for building long-run consumer engagement, loyalty, and relationships by continually improving the benefits consumers receive from the firm's market offering. This is related to ________, one of the five sustainable marketing principles.

Customer Value Marketing

________ uses buyers' perceptions of what a product is worth as the key to pricing.

Customer Value-Based Pricing

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

________ is a management approach that involves developing strategies that both support the ecological balance and produce profits for the company.

Environmental sustainability

________ is an organized movement of concerned citizens, businesses, and government agencies designed to protect and improve people's current and future living environment.

Environmentalism

Which of the following is the belief that​ one's own ethnic group or culture is superior to that of​ others?

Ethnocentricity

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

Which of the following is an example of an industrial product grouped under capital items?

Factory

Which of the following is most likely an advantage of social media marketing?

Social media are targeted and personal.

An emerging economy is one which ________.

Has a rapid growth in manufacturing

A channel arrangement in which two or more companies at one level join together to follow a new marketing opportunity is referred to as a(n) ________.

Horizontal Marketing System

Which of the following steps of the new product development process would most likely use an R-W-W framework?

Idea Screening

________ economies are major exporters of manufactured goods, services, and investment funds.

Industrial

A country's ________ shapes its product and service needs, income levels, and employment levels.

Industrial Structure

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

Inelastic

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 are features of​ totalitarianism?

Lack of​ and/or denying citizens constitutional​ guarantees; restricts political representations

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

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

________ refers to marketing via the Internet using company Web sites, online advertising and promotions, e-mail marketing, online video, and blogs.

Online Marketing

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

________ is the only element in the marketing mix that produces revenue.

Price

Fred's, a national supermarket chain, sells its own brand of items across all categories. Such items are considered ________ brands.

Private

Veggie Delight, a leading manufacturer of frozen vegetarian burgers, has recently entered the Middle East markets. Based on its research, consumers in the Middle East prefer spicier burgers than in the United States and other countries. So the company alters the ingredients in its burgers to meet the local preferences. In this scenario, Veggie Delight is using a(n) ________ strategy to market its product.

Product Adaptation

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

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

Product Concept

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

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

Lakeland Inc. employees get 40 hours paid leave each year to pursue volunteer projects. The company runs a service day that hosts projects in 25 countries, and it supports a nonprofit that brings young people into public service for a year. Lakeland could be most accurately described as practicing ________ marketing.

Sense-of-Mission

When a company makes marketing decisions by considering consumers' wants and interests, the company's requirements, and society's long-run interests, it is most likely practicing ________ marketing.

Societal

Lengthening a product line beyond its current range is referred to as product line ________.

Stretching

________ marketing calls for socially and environmentally responsible actions that meet the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.

Sustainable

Product mix width refers to the ________.

number of different product lines the company carries

Product mix depth refers to the ________.

number of versions offered for each product in the line