Marketing Final

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

"Low price"

Market segments that can be effectively reached and served are said to be __________.

Accessible

In a(n) _______ marketing system, leadership over production and distribution is assumed through the size and power of one or a few dominant channels members.

Administered VMS

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

Advertising

Which of the following best describes product positioning?

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products.

Which of the following generational groups accounts for 22 percent of the U.S. population but controls 42 percent of all consumer spending?

Baby boomer

A __________ is defined as a name, term, sign, symbol, or a combination of these, that identifies the maker or seller of a product or service.

Brand

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

Captive-product

Which of the following is a traditional direct marketing tool?

Catalog

In which of the following steps of the selling process does a salesperson ask a buyer for an order?

Closing

A(n) ________ is the variable amount in a salesperson's compensation.

Commission

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

____________ is the method of going global in which a company makes agreements with producers in the foreign market to produce its product or provide its service.

Contract Manufacturing

__________ products are consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort.

Convenience

The team-based new product development approach saves times and increases effectiveness because departments work closely together in ________.

Cross-Functional Teams

A product life cycle has five distinct stages: product development, introduction, growth, maturity, and ________.

Decline

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

___________ is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.

Demography

When segments are distinguishable and respond differently to different marketing mix elements, they are said to be _________.

Differentiable

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

Which of the following are the fastest-growing forms of marketing?

Direct and digital

Which of the following best describes market segmentation?

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors.

_________ refers to the business portfolio by abandoning products that no longer fit the company's overall strategy.

Downsizing

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

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

Exchange

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

The Walt Disney World Resort doesn't just offer amusement park rides, it uses its famed Disney magic to create carefully orchestrated________.

Experiences

The simplest way to enter a foreign market is through ___________.

Exporting

Flurrbies, a line of winter accessories by a leading fashion label, quickly fell in and out of favor with customers. Flurrbies represents an example of a ________.

Fad

True or False: Break-even pricing involves setting prices based on competitors' strategies, costs, prices, and market offerings.

False

True or False: During concept testing, a product is evaluated by management without any input from externalsources.

False

True or False: Life insurance is an example of a convenience product.

False

True or False: Market penetration makes sense when a product's quality and image must support its higher price.

False

The new product development process usually starts with ________.

Idea Generation

When firms use symbols, colors, or characters to convey their personalities, they are using ________ differentiation.

Image

Using _______, a company uses one or more levels of intermediaries to help bring its products to final buyers. Examples most of the things you buy-everything from toothpaste to cameras to cars.

Indirect Marketing Channels

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

Inelastic

___________ is the final step in the marketing research process.

Interpreting and reporting the findings

Companies like 3M, Google, and Sony have ________ that encourage employees to develop new ideas.

Intrapreneurial Programs

Which of the following is a characteristic of an inside sales force?

It conducts business from an office via telephone.

___________ is the method of entering a foreign market by associating with foreign companies to produce or market products or services.

Joint venturing

Providing a host-country partner the right to use a company's manufacturing process, trademark, patent, trade secret, or other item of value is referred to as ____________.

Licensing

Demographic, economic, natural, technological, political, and cultural forces from the _______ of an organization.

Macroenvironment

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

Market Segmentation

_________ is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behavior.

Market Segmentation

_______ refers to the process of evaluating each market segment's attractiveness and selecting one or more segments to enter.

Market Targeting

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 andwants 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

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

Mission Statement

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

North American Trade Agreement

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

In managing their international marketing activities, most companies first ___________.

Organize an export department

Which of the following terms best describes the process of designing and producing a container or wrapper for a product?

Packaging

As a result of ________, a company cannot make its product illegally similar to a competitor's already established product.

Patent Laws

_________ consists of arranging for a market to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

Positioning

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

Price

GE employs different sales forces within different product and service divisions of its major businesses. For example, within GE Infrastructure, the company has separate sales forces for aviation, energy, transportation, and water processing products and technologies. GE has most likely adopted a ________ sales-force structure.

Product

Which component of the marketing mix refers to the goods-and-services combination a company offers to its target market?

Product

Clorox sells five major product lines including cleaning, household, lifestyle, professional, and international. Together the product lines make up Clorox's ________.

Product Mix

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

Which positioning strategy offers value for consumers by providing the same brands as competitors at a lower price?

Same-for-less

Information collected from commercial online databases or through Internet search engines are examples of _________ data.

Secondary

_________ refer to a form of product that consists of activities, benefits, or satisfactions offered for a sale that are essentially intangible.

Services

_________ products are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make more effort than usual to purchase.

Specialty

A company's external sources of new product ideas include its ________.

Suppliers

Dollar General profitably appeals to families with more modest means. The retailer's approach is most likely referred to as ________.

Target Marketing

A tax on an imported product designed to raise revenue or protect domestic firms is referred to as _____________.

Tariff

Rug Designs Inc, a manufacturer of large area rugs, markets its products throughout the United States using a network of regional sales offices. They are using a ________ sales-force structure.

Terretorial

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

The collection of businesses and products that make up the company

Movie theaters charge matinee pricing during the daytime, and resorts give weekend and seasonal discounts. This is illustrative of a ________ pricing strategy.

Time-based

The responsibility for setting a company's mission, objectives, broad strategies, and policies primarily lies with its __________.

Top Management

Once known as "generic" or "no-name" brands, today's store brands have shed their image as cheap knockoffs of national brands.

True

Troe or False: Each channel member plays a specialized role in the channel.

True

True or False: A market is a segment of potential consumers who share a common need or want.

True

True or False: As consumers spend more and more time on their tablets and smartphones, ad spending on mobile media is exploding.

True

True or False: Barter involves the direct exchange of goods and services.

True

True or False: Big data refers to the huge data sets generated by sophisticated information generation, collection, storage, and analysis technologies.

True

True or False: Companies have set up social media command centers that monitor real-time brand-related online mobile media activity.

True

True or False: Concentrated marketing can market more effectively by fine-tuning its products, prices, and programs to the needs of carefully defined segments.

True

True or False: Countries can be segmented by cultural factors, grouping markets according to common languages, religions, values and attitudes, customs, and behavioral patterns.

True

True or False: In a multichannel distribution system, a single firm sets up two or more marketing channels to reach one or more customer segments.

True

True or False: Market offerings include entities such as people, places, information, and ideas.

True

True or False: Omni-channel retailing aims to create a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping.

True

True or False: Product modifications are an important source of new products for organizations.

True

True or False: Product, price, place, and promotion make up the elements of a firm's marketing mix.

True

True or False: The Internet is forcing companies toward more standardized international pricing.

True

True or False: The product/market expansion grid, like the BCG matrix, is used to identify growth opportunities.

True

A _________ is made up of a company, its suppliers, its distributors, and its customers who partner with each other to improve the performance of the entire system.

Value Delivery Network

A brand's ________is the set of benefits that it promises to deliver to consumers to satisfy their needs

Value Proposition

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

Value-added

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

________ are the form human needs take as they are shaped by culture and individual personality.

Wants

A(n) _________ is considered a marketing intermediary.

Wholesaler

A product line is most likely too short if managers can ___________.

increase profits by adding items

An emerging economy is one which __________.

is experiencing rapid economic growth

Outbound logistics refers to moving _________.

products from the factory to resellers and ultimately to customers