Marketing Management Final

(T/F) In today's workplace, everyone is involved in service in some way, and everyone has customers either outside or inside the firm, or both.

True

(T/F) One of the easiest, most straightforward methods of segmentation is demographics.

True

(T/F) The strongest form of band equity that reflects a commitment to repeat purchases is brand loyalty.

True

(T/F) The value chain portrays a mixture of primary and support activities utilized by an organization to design, produce, market, deliver, and support its products.

True

Advertisements with messages with "Orange juice--its not just for breakfast anymore!" or "Soup can be a delicious way to start a cold winter's day" are using _________ segmentation.

Usage

_______ is the process of creating a video clip, image, message, e-book, or some other content in an effort to have the media passed on by individuals in a social network or by word-of-mouth.

Viral Marketing

(T/F) Early adopters are product watchers who seek out new products but are price-sensitive.

False

(T/F) The targeted consumers during the maturing phase of a product life cycle are innovators and early adopters.

False

A(n) _____ contains one or more intermediary levels

Indirect Channel

List and Define the 4 stages of the Product Life Cycle (PLC)

Introduction, growth, maturity, and decline

When a firm's objective is to gain as much market share as possible, a likely pricing strategy is _____, sometimes also referred to as pricing for maximum marketing share.

Penetration Pricing

Fred bought a bicycle from a well-known brand without even considering the other equally good, unbranded bicycles. This shows the advantage that branded products have over unbranded ones in terms of ________.

Perceived quality

________ is a critical component that plays into a customer's assessment of the value afforded by a firm and its offerings.

Price

A strategy of _________ addresses the objective of entering a market at a relatively high price point.

Price Skimming

Target marketing is the process by which _______________.

A company evaluates market segments and decides which ones have the most potential for development

What are the five stages an individual moves through before adopting a product?

Awareness, Interest, Evaluation, Trial and Adoption.

Which of the following is one of the basic principles behind segmentation?

The subgroups will be smaller or more homogeneous than the overall market

_______ divides customers into groups according to similarities in benefits sought or product usage patterns.

Behavioral segmentation

A(n) __________ is defined by the American Marketing Association as "a name, term, sign, symbol, or design, or a combination of them, intended to identify the goods or services of one seller or groups of sellers and to differentiate them from those of competitors."

Brand

KFC is very protective of its "Seven Herbs and Spices" recipe, which, in the view of the company, gives it a significant competitive advantage over other restaurants, and will use any legal resource available to protect its patented formula. Which dimension of brand equity does this example illustrate?

Brand Assets

James has been to Farm Fresh Ice Cream Shops several times. Being a loyal customer, he has developed certain emotional and psychological connections with the brand. For instance, he links the brand with higher levels of customer service. Which dimension of brand equity does this example illustrate?

Brand Association

According to David Aaker, what is defined as "a set of assets (and liabilities) linked to a brand's name and symbol that adds to (or subtracts from) the value provided by a product or service to a firm or that firm's customers"?

Brand Equity

________ is common during the maturity stage of the product life cycle (PLC), as attempts at shaking out weaker competitors are generally part of a marketing strategy.

Comparative advertising

Marketing managers employ ________ to build sales of a specific brand.

Competitive advertising

_______ could lead the marketing manager to decide to price at some market average price, or perhaps above or below it in the context of penetration or skimming objectives.

Competitor Based Pricing

The internal processes at Southwest Airlines are highly efficient giving it a competitive advantage over other airlines. Southwest has a very efficient maintenance process and has a very simple process of booking passengers. Because of these factors, the company is able to offer the customers with a mileage-driven pricing structure making the airlines more lucrative to the customers than its competitors. In this scenario, Southwest's competitive advantage is based on ___________.

Cost Leadership

Positioning relies on the communication of one or more sources of value to customers in a way that the customer can easily make the connection between the ____________.

Customer's need and wants and what the product has to offer

Which of the following has no intermediaries and operates strictly from producer to end-user consumer or business user?

Direct Channel

_________ can be defined as anything that delivers value to satisfy a need or want and includes physical merchandise, services, events, people, places, organizations, information, even ideas.

Product

A _______ is a group of products linked through usage, customer profile, price points, and distribution channels.

Product Line

Combining all the products offered by a company is called the ____________.

Product Mix

The vast majority of advertising is ______, designed to increase purchase of a specific offering.

Product advertising

The development of promotional strategies most likely involves decisions about _______.

Promotion Mix

A(n) _____ represents all organizations involved in providing a firm, the members of its channels of distribution, and its end-user consumers and business users.

Supply Chain