MKT 3013 Study Optional
How do companies apply pricing strategies to accommodate differences in customer segments and situations?
They apply a variety of price adjustment strategies
Services are characterized by four key aspects: ______________________.
services are intangible, inseparable, variable, and perishable
_______ is the use of online, mobile, and social media to engage customers, build stronger customer relationships, and augment sales performance.
social selling
Which of the following is a correct statement about the sustainable marketing concept?
A company's marketing should support the best long-run performance of the marketing system
Which of the following is the correct definition of a product?
A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
___________________ are the two ways firms can obtain new products.
Acquisitions and new product development
Marketers now have access to fragmented media and promotion mixes to reach diverse audiences. To prevent creating a communications hodgepodge, what must marketers do?
Adopt the concept of integrated marketing communications
Which of the following statements is correct regarding marketing communications today?
Advertisers are now able to engage smaller customer segments with more personalized, interactive content.
_____________________ are the five promotion mix tools used by marketers to communicate customer value.
Advertising, public relations, personal selling, sales promotion, and direct and digital marketing
Which of the following sets of characteristics correctly classifies retailers?
Amount of service offered, the breadth and depth of product lines, relative prices they charge, and how they are organized
What are the four steps to designing marketing channels, in the correct order?
Analyzing consumer needs, setting channel objectives, identifying major channel alternatives, and evaluating the alternatives
Which of the following statements regarding the marketing of international products and services is correct?
Because markets and consumers around the world differ widely, companies must usually adapt their product offerings in different world markets.
At which step does a company perform a review of the sales, costs, and profit projections for a new product to determine whether the new product is likely to satisfyobjectives?
Business analysis
Like consumer markets, business markets are segmented. Which of the following describes the variables that marketers use to segment business markets?
Business demographics, operating characteristics, purchasing approaches, situational factors, and personal characteristics
Companies have to think carefully when considering price changes. They must consider which of the following?
Buyer and competitor reactions
Which of the following statements is true regarding channel organization?
Channel members are dependent on each other for the overall success of the channel.
Which of the following statements regarding marketing logistics is NOT TRUE?
Companies are placing less emphasis on logistics and more on constraining costs.
To target the best market segments, the company first evaluates various factors related to market attractiveness. Of the following, which is NOT one of those factors?
Compatibility with company mission and vision
In which targeting strategy does a firm go after a large share of one or a few smaller segments?
Concentrated marketing
Which of the following correctly describes the classifications into which products and services fall?
Consumer products and industrial products
____________________ is an organized social movement intended to strengthen the rights and power of consumers relative to sellers.
Consumerism
Which of the following correctly describes omni-channel retailing?
Creating a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping
Which of the following identifies the six major sales force management steps in the correct order?
Designing sales force strategy and structure, recruiting and selecting salespeople, training salespeople, compensating salespeople, supervising and motivating salespeople, and evaluating salespeople
______________________ is part of a company's decision on how it will create market offerings to deliver superior customer value.
Differentiation
Major variables used to segment consumer markets include which of the following?
Geographic, demographic, psychographic, and behavioral
Which of the following statements about public relations is correct?
The lines between advertising and public relations are becoming more blurred.
According to the text, what is one of the biggest advantages of social media?
Engagement and social sharing capabilities
Many companies are now establishing guidelines and policies helping managers deal with marketing ethics. Of the following, which is a correct statement regarding these actions?
Ethics and social responsibility require a total corporate commitment.
Companies may enter foreign markets in several different ways. Which method gives a company the least control but also the least risk?
Exporting
_____________________________ are the three alternative ways an international division's operating units can be organized
Geographical organizations, world product groups, or international subsidiaries
New product development consists of eight sequential steps. Which step reduces the number of ideas based on the company's criteria?
Idea screening
____________________________are the two economic factors that reflect the country's attractiveness as a market.
Industrial structure and income distribution
According to the text, what is perhaps the toughest public policy issue now confronting the direct marketing industry?
Invasion of privacy
Marketing channels perform many key functions. Which of the following is NOT one of those key functions?
Manufactoring
Marketers must consider potential product issues related to social responsibility. Of the following, which is NOT one of the product issues associated with socialresponsibility?
Product differentiation and positioning
A new product may fail for many reasons. Which of the following is NOT one of them?
Rapid market acceptance
____________________ is the digital version of word-of-mouth marketing and the type of marketing in which marketers usually have little control over where messages end up.
Viral marketing
The only reason for a wholesaler to exist is to ___________________ by increasing the efficiency and effectiveness of the entire marketing channel.
add value
All products have a life cycle. The sales of a typical product follow __________________, which is made up of five stages.
an S-shaped curve
In general, sales promotion campaigns should ______________________.
be customer relationship building
Which of the following terms correctly describes the positive differential effect that knowing the brand name has on customer response to the product or the service?
brand equity
When a company builds a brand, it needs to make important decisions regarding the brand. Of the following, which is NOT one of those decisions?
brand licensing opportunities
When companies treat customers fairly and make certain they understand pricing and pricing terms, this leads to ________________.
building strong and lasting customer relationships
Omni-channel retailing goes beyond just helping in-store customers as they cross-shop on mobile devices and requires _________________________.
carefully integrating the entire range of available shopping channels
Price ceilings are set by customer perception. Which of the following sets the floor for the price that a company charges?
costs
Marketers use three major pricing strategies: ______________________.
customer value-based pricing, cost-based pricing, and competition-based pricing
Once market segments have been selected, the company then must decide on _____________________________.
differentiation and positioning strategy
Most companies ______________________ when first deciding on a global marketing organization.
establish an export department
When marketers create services marketing strategy, they understand they must execute on external marketing but also develop_______________________________.
internal strategies to motivate employees and interactive marketing to create service delivery skills among service providers
Personal selling can be very effective in complex selling situations because it involves ________ interactions and engagement between salespeople and individual customers.
interpersonal
Intermediaries are used by most producers to bring products to market. These intermediaries are known as _________________________.
marketing channels
The three major groups of wholesalers are ________.
merchant wholesalers, brokers and agents, and manufacturers' and retailers' branches and offices
The trend of ________ has resulted in different types of retailers now selling the same products at the same prices to the same consumers.
retail convergence
A company's pricing strategy is affected by internal factors such as ___________________.
overall marketing strategy, objectives, marketing mix, and other organizational considerations
Most companies today see their intermediaries as first-line customers and focus on ________ to forge long-term relationships with channel members.
partner relationship management
The totality of a company's product lines and items offered to customers is known as its _________________.
product mix
Companies use ______________ to build good relations with consumers, investors, the media, and their communities.
public relations
Four sales force structures that companies use in sales force design are _______________.
territorial, product, customer, and complex
International marketers and advertisers face challenges not encountered domestically. The most basic issue concerns ____________.
the amount of adaptation required for the unique characteristics of various country markets
U.S. companies looking to enter a foreign country must first understand ____________.
the international trade system
Closing a sale with a particular customer is a short-term ________ orientation, but the selling process must also take a ________ orientation and look at the long term.
transactional; relationship
The ________________________ is a brand's full positioning or the full mix of benefits on which the brand is positioned.
value proposition
_____________________________ are the five guiding principles of sustainable marketing.
Consumer-oriented marketing, customer value marketing, innovative marketing, sense-of-mission marketing, and societal marketing
High prices, deceptive practices, high-pressure selling, shoddy or unsafe products, planned obsolescence, and poor service to disadvantaged consumers represent which of the following?
Marketing's impact on individual consumer welfare
Which of the following statements about the omni-channel buyer is NOT correct?
Omni-channel buyers do not need the bricks-and-mortar environment in which to shop.
____________________ are promotional tools that can be used to attract consumers.
rebates, coupons, price packs, and samples
Which of the following statements regarding traditional direct marketing forms is correct?
Marketers use both outbound and inbound telemarketing.
Which of the following statements about personal selling is correct?
Many customers are unable to distinguish the salesperson from the company.
Which of the following pricing strategies would a company use to attract a large number of buyers quickly and win a large market share?
Market-penetration pricing
A company sets a high price on a new product it introduces to maximize revenue from various market segments. Which new product pricing strategy is the companyusing?
Market-skimming pricing
______________________ is the market entry strategy that has the greatest amount of commitment, risk, control, and profit potential.
Direct investment
_______________________ permits companies to tailor offers and content to needs and interests of carefully defined segments, which in turn helps developlong-lasting customer relationships as well as resulting in immediate responses.
Direct marketing
What is market segmentation?
Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes
The American Marketing Association has developed a code of ethics for marketers based on three ethical norms. What are these norms?
Do no harm, foster trust in the marketing system, and embrace ethical values
Which stage of the product life cycle normally lasts longer than the previous stages and poses strong challenges to marketing management?
Maturity
Which form of direct and digital marketing do companies use to engage customers anywhere, anytime during the buying and relationship-building processes?
Mobile marketing
Of the following, which is NOT one of the product-mix pricing situations?
Penetration pricing
Of product and services assortment, price, promotion, and place, which plays one of the most important roles in aligning target markets and positioning?
Place
What are the four areas of environmental sustainability that affect marketing strategy?
Pollution prevention, product stewardship, new clean technology, and sustainability vision
At which stage in the selling process does a salesperson attempt to learn as much as possible about the organization (what it needs, who is involved in the buying) and its buyers (their characteristics and buying styles)?
Preapproach
Of the following, which is core element of our free-market economy?
Price competition
Which of the following statements is TRUE regarding the selection of qualified channel members?
Producers vary in their ability to attract qualified marketing intermediaries.
When Microsoft or Apple sells software as a package, it is engaging in what type of pricing?
Product bundle pricing
Marketers must make important decisions when developing individual products and services. Which of the following correctly identifies those important decisions?
Product attributes, branding, packaging, labeling, and product support services
Which of the following is a benefit of direct and digital marketing for buyers?
Sense of brand engagement and community
What are the four important decisions made when developing an advertising program? List them in order.
Setting objectives, setting the budget, developing strategy, and evaluating effectiveness
Attracting and holding customers presents great challenges and decision points for retailers. Of the following, which is NOT one of the areas in which they face majordecisions?
Social media and visibility decisions
Which of the following is a drawback to social selling?
Some things cannot be presented over the internet
What is the advice most international marketers suggest regarding globally standardized strategies and adaptive marketing tactics?
Strike a balance between globally standardized strategies and adaptive marketing mix tactics
________ 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 marketing
Which of the following has changed customers' notions of convenience, speed, price, product information, service, and brand interactions?
The digital age
Which of the following statements is true regarding the promotion mix?
The entire marketing mix must be coordinated for greatest impact
Which of the following statements about major retail trends is NOT true?
The green movement has not quite taken hold.
Creating false wants and too much materialism, too few social goods, and cultural pollution represent which of the following?
The impact of marketing on society
Marketers must consider external considerations in establishing pricing. Which of the following represents those external considerations?
The nature of the market and demand and other environmental factors
Which of the following is TRUE regarding new types of channel organizations?
They provide stronger leadership and improved performance
________________________ are the main forms of direct and digital marketing.
Traditional direct marketing tools and new digital marketing tools
Which of the following is correct regarding most firms' direct marketing efforts?
Traditional tools are still heavily used and very important.
When designing marketing channels, companies must determine the number of channel members to use at each level. The three strategies that are available to do this are ________ distribution.
intensive, exclusive, and selective
The sustainable marketing concept focuses on _____________________, unlike the marketing concept, which focuses on fulfilling day-to-day needs of customers.
socially and environmentally responsible actions
There are two extremes for global marketing strategies. At one extreme is ________ global marketing, and at the other is ________ global marketing.
standarized; adaptive
The four major functions of marketing logistics are __________________________.
warehousing, inventory management, transportation, and logistics information management