Marketing Midterm 2

Which of the following would be considered an upstream partner in a company's supply chain?

a firm that provides technical expertise in the production of a product

acquisitions do NOT include _____

developing a product

in a promotion mix, ______ involve (s) personally connecting with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationship

direct marketing

Which of the following is the first step in developing an advertising program?

setting advertising objectives

Foods International is developing a new gluten-free, chili-flavored pretzel. The marketing strategy for the product has already been developed and presented to top management. Several prototypes were also formulated by the company's R&D team. The final prototype is now being tested rigorously to ensure that it passes FDA standards. Once approved, the next step will most likely be ________.

test marketing

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

integrated marking communications systems

1. advertising 2. sales promotion 3. personal selling 4. PR 5. direct and digital marketing

New Product Development Process

1. idea generation 2. idea screening 3. concept development and testing 4. marketing strategy development 5. business analysis 6. product development 7. test marketing 8. commercialization

Performance Inc. sells its newest athletic shoe styles to The Sneaker Store and distributes dated or slightly defective merchandise through Sports Discounters. Performance Inc.'s main competitor is Topnotch Manufacturers. Perfromance Inc. also markets its products through the company website. They decide to offer a short-term online promotion to encourage consumers to buy their newest athletic shoes, promoting a 20 percent discount off current retail prices. In such a distribution channel, which os the following would be considered a vertical conflict?

a conflict between performance Inc. and the sneaker store

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

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

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

crowdsourcing

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

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

Victoria's Closet, a manufacturer of bohemian-style clothing and accessories, sells its products through its online Web site, a catalogue, and specialty boutiques that target women. Which kind of channel arrangement does Victoria's Closet employ to distribute its products?

multichannel distribution system

Karen Dodd is employed by Dell and responsible for calling on primary schools in her home state of Maine to promote the company's offerings. She demonstrates the Dell line of products including desktop computers, laptops, and tablets and fields questions from teachers and administrators alike. This is an example of which promotion tool?

personal selling

In a marketing communications mix, _______ refers to any short-term incentive that encourages the purchase or sale of a product or service

sales promotion

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

product concept

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 into the assortments wanted by consumers

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