MKG Exam 2
the sum of all the values that customers give up to gain the benefits of having or using a product or service
In a broad sense, price is __________.
systematic
Installing an innovation management system to collect, review, evaluate, and manage new product ideas represents a ______________ approach to new product development.
Product assortment, services mix, and store atmosphere
Retailers must decide on which three major product variables?
omni-channel retailers
Retailers that successfully create a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping are known as ________.
awareness, appeal, ask, act, advocacy
The five As of the customer journey are ________.
Product and service assortment, retail prices, promotion, and place
The retail marketing mix consists of which of the following?
acquisition
Through _____, a company can obtain new products by buying a whole company, a patent, or a license to produce someone else's product.
Understand its consumers, markets, and competitors, and develop products that deliver superior value.
To create successful new products, a company must do which of the following?
Warehousing, inventory management, transportation, and logistics information management
What are the four major functions of logistics?
Analyzing consumer needs
What is the first step in marketing channel design?
To build clear, consistent, and compelling company and brand messages
What is the goal of integrated marketing communications?
sales would be slow and profits non-existentsales would be slow and profits non-existent
When Dr. Lawncare developed his revolutionary new weed killer, he knew that during the introductory stage of the product lifecycle ___________.
multichannel distribution system
When a single firm sets up two or more marketing channels to reach one or more customer segments, it is using a(n) ________.
targeted levels of customer service
When setting channel objectives, companies should state the objectives in terms of ________.
Personal selling
Which element of the promotional mix is most effective in building up buyers' preferences, convictions, and actions?
The objective-and-task method
Which method for setting the total budget for advertising is the most difficult to use?
Just-in-time logistics systems allow producers and retailers to carry small inventories to last for only a few days of operations.
Which of the following describes a just-in-time logistics system?
Marketing channel members are able to transform the assortments of products made by producers into the assortments wanted by consumers.
Which of the following is a reason that producers use marketing channels and channel intermediaries?
Modify the market, product offering and marketing mix.
Which of the following is an appropriate strategy during the maturity stage of the product lifecycle?
Break-even pricing
Which of the following is a cost-based pricing approach?
If demand is elastic, sellers will consider lowering their price.
Which of the following is true regarding the price-demand relationship?
Modified and improved products are considered new.
Which of the following statements concerning new products is correct?
For a market-skimming strategy to be successful, the costs of producing a smaller volume cannot be so high that they cancel the advantage of charging more.
Which of the following statements is true concerning new product pricing strategies?
Advertisers are shifting toward digital media.
Which of the following statements is true regarding advertising in the new marketing communications model?
Cutting prices in an industry loaded with excess capacity might lead to price wars.
Which of the following statements is true regarding initiating price cuts?
Standardization decreases product design, manufacturing, and marketing costs.
Which of the following statements is true regarding standardizing products for international markets?
The government may prevent companies from adding products through acquisitions if the effect threatens to lessen competition.
Which of the following statements regarding socially responsible product decisions is correct?
Lower margins and selling higher volume
A discount store (for example, Target, Kohl's, or Walmart) sells standard merchandise at lower prices. To do this, discount stores accept which of the following two conditions?
tighter consumer spending
A retail trend resulting from weak economic conditions is ________.
Product development
At which stage of the new product development process is a physical product first developed?
Idea generation
At which stage of the new product development process is crowdsourcing used?
selling and promoting
By performing the channel function of ________, wholesalers' sales forces help manufacturers reach many small customers at a low cost.
partner relationship management
Companies now use ________ and supply chain management software to help recruit, train, organize, manage, motivate, and evaluate relationships with channel partners.
the company's overall marketing strategy, objectives, and marketing mix
Internal factors that affect pricing include ________.
Location-based pricing
Many state colleges and universities charge one price for in-state students and a higher price for out-of-state students. Which form of segmented pricing are these schools using?
Maturity
Most products are which stage of the life cycle, and therefore most of marketing management deals with them at this stage?
major media, atmospheres, and events
Nonpersonal communication channels include ________.
matching
One key function performed by channel members is ________, shaping offers to meet the buyer's needs, including activities such as manufacturing, grading, assembling, and packaging.
produces revenue
Price is the only part of the marketing mix that __________.
public relations
Specific promotional tools used in ________ include stories, sponsorships, events, and webpages.
product line
The Ford Mustang is offered in several different models. Ford will use ________ pricing to determine the price steps between the different models.
retail convergence
Increasingly, different types of retailers now sell the same products at the same prices to the same consumers. This trend is called ________.
Value-added pricing
New, premium movie theaters offer features such as online reserved seating, high-backed leather executive chairs with armrests and footrests, the latest in digital sound and super-wide screens, and other amenities for which they charge a higher price. This is an example of which type of pricing?
successfully merge the virtual and physical worlds
Omni-channel retailers are those who ________.
corporate VMS
Sherwin-Williams sells its paint and other branded products exclusively through company-owned retail stores. Sherwin-Williams has established a(n) ________.
Shopper marketing
_______ involves focusing the entire marketing process toward turning shoppers into buyers as they approach the point of sale.
Merchant wholesalers
________ are the largest single group of wholesalers, accounting for roughly 50% of all wholesaling.
Full-line forcing
________ is a practice whereby a producer agrees to sell a brand to a dealer only if the dealer agrees to sell some or all of the rest of its line.
Predatory pricing
________ is the practice of pricing products below cost to harm competitors.
Advertising
________ is the promotion mix tool that consists of any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor.