MKT 3050 exam 3

Sony's PlayStation 3 is purchased because it is durable and reliable. However the degree of entertainment pleasure derived is not a factor in consumer decision-making process. a. True b. False

False

Assuming you are the marketing manager for Frito-Lay and tasked with developing the product strategies for a chocolate flavored potato chip. You would undoubtedly employ a series of orderly steps which would include which or all of the following? a. Develop the products objectives...taking into account individual products, product lines and the product mix b. Design product strategies based on the marketing mix and make tactical product decisions including branding, packaging and labeling including content/design c. A and B d. Design your strategy such that you focus on the unique flavor of the chip only e. Design your strategy first for a national roll-out of the chocolate flavored potato chip

A and B

Google, Tesla Motors and Domino's Pizza are acknowledged innovators in their respective "spaces". However, measuring innovation is challenging. Marketing of course plays a central role in establishing innovation metrics however there are other measures which are equally important. A short list of those measures consists of which or all of the following? a. What are the firms overall innovation strategies and the awareness of those strategies amongst members of the firm b. Does the firm possess a fervor for learning, trying new things and not afraid to fail c. How committed is the firm and its leadership to innovative thinking and establishing specific goals for innovation d. A, B and C e. B and C

A, B and C

As a public relations and/or marketing manager for ASU your task is to devise a multichannel promotional strategy. As such you would include which or all of the following elements as you develop your strategy? a. Inform potential ASU applicants of "new" curriculum/courses that are consistent with the needs of the job marketplace thereby reinforcing ASU's brand equity and image b. Identify and communicate ASU's distinctive competencies...small class sizes...& of course Mr. C c. The university's commitment to building and reinforcing long lasting relationships with its students, graduates, alumni and the community d. All of the above e. A and c only

All of the above

As the marketer for this new product (chocolate flavored potato chip) you would be responsible for making decisions about the products: a. Features and benefits b. Styling and branding...conventional "cut", vs., ridged "cut", etc. c. Labeling and packaging d. All of the above e. A and C only

All of the above

HC Brill spent considerable time selecting brand names for its ready-to-use products, such as Chocolate Redi-Ice cake icing. The criteria Brill employed when selecting a brand name included which or all of the following: a. Easy to say b. Easy to spell c. Easy to read d. Easy to remember e. All of the above

All of the above

Regardless where a product is in its life cycle, marketing strategies out of necessity will change or be modified. The elements and strategies that may change include which or all of the following? a. Product b. Price c. Place d. Promotion e. All of the above

All of the above

Brill had employed 180 cake decorators working directly for the company that were assigned to key accounts around the country. Their responsibilities included but were not limited to: in-depth training, creating and assisting with the implementation of programmed events (Halloween, Valentine's Day, etc.) in order to "drive" sales and profits. This enhanced service component distinctly differentiated the company from its competitors. This service element is best described by which of the following: a. Core service b. Intangibility c. Perishability d. Expected service e. Augmented service

Augmented service

Procter and Gamble manufactures and markets the Bounce, Cheer, Downy, Febreze and Tide brands among others. Each brand may have its own__________ ________ who coordinates all marketing mix activities for the respective brand. This is done in part to reinforce the tactical and strategic importance of the brand to the firms overall growth objectives and as well to assign accountability. Please fill-in the blank (not literally) w/correct answer: a. Market manager b. Venture team c. Product category manager d. Category manager e. Brand manager

Brand manager

Wholesalers and retailers purchase large quantities of goods from manufacturers but sell only one or a few at a time to many different customers. This process is called ________. A) Creating assortments B) Breaking bulk C) Third-party logistics D) Order processing E) Inventory control

Breaking bulk

The HC Brill Company had 80% of the sweet goods space in US retail in-store bakeries. When Brill introduced a line of fresh baked cookies to be merchandised in bakeries Brills primary concern focused on which of the following strategies? Think opportunity cost of space. a. Filling out strategy b. Downward line strategy c. Upward line strategy d. Two tier strategy e. Cannibalization

Cannibalization

Which of the following is the term for the firms and individuals who help move a product to the consumer or the business user? A) Third-party logistics providers B) Channel leaders C) Channel intermediaries D) Enterprise resource planners

Channel intermediaries

For years Ford had as part of its product mix the Eddie Bauer Edition Explorer. That model given its slow rate of adoption has since been eliminated from Fords line. This is an example of which of the following strategies? a. Upward line stretch b. Two way stretch c. Downward line stretch d. Contracting strategy e. Cannibalization strategy

Contracting strategy

HC Brill as one of its unique service competencies assigned professional cake decorators to key accounts in order to drive account sales and profitability. This is an example of: a. Core service b. Intangibility c. Perishability d. Service bundling e. Service delivery

Core service

The advent of the internet and companies such as Amazon and E-Bay both leveraging enormous power of "reach" and buying leverage have changed our lives forever. The internet and the change manifest (by it) are best described by which of the following innovation strategies? a. Convergence b. Innovation c. Dynamically continuous d. Discontinuous e. A and C

Discontinuous

Amazon, E-Bay and a number of businesses have either adopted marketing models that eliminate the "intermediary" and/or obtain sales outcomes without the intervention of a human provider. This is referred to as: a. A service encounter b. Variability c. Perishability d. Disintermediation e. Operational factors

Disintermediation

Functions provided by channel intermediaries that make the purchase process easier for customers and manufacturers are referred to as ________ functions. A) Distributing B) Facilitating C) Management D) Marketing E) Wholesaling

Facilitating

Assuming you have an issue with your car that requires repair. The repair shop recognizing that you're a student, trying to get to class (mine, & on-time) offers at no additional charge pick-up and delivery of your car once repaired. This is an example of a core service offered by the repair shop. a. True b. False

False

CVS Caremark's mail order drug delivery division in collaboration with a key packaging supply chain partner designed, and patented a container which maintains insulin at a constant temperature while in transit. This packaging innovation would not represent a functional, differentiable feature/benefit providing CVS with a distinctive competency and therefore a competitive marketplace advantage. a. True b. False

False

Dell Computer Company's revenue/profitability had been declining for years as consumers shift from laptops to smaller more mobile devices. Currently, Dell finds that its product mix is in the maturity stage of its life cycle and therefore will be compelled to maintain the status quo. a. True b. False

False

Hebrew Nationals line of hotdogs has a distinctive set of brand qualities. The Kosher-U and Parve symbols are not considered essential to their branding strategy as they seek wider market appeal. a. True b. False

False

The Marketing Mix consists of the 4-P's. For Disney Theme Parks (one of which) located in Orlando, Fla., it is not necessary (for Disney) to focus on place strategies and utility given their brand, product (core/augmented) and pricing strategies are more than adequate to draw huge crowds. a. True b. False

False

When HC Brill formulated its first icing for donuts it branded the product "Brill Glaze n Shine". Given the products utilities, Glaze n Shine satisfied B2B demands for "fit" because: the designation/brand fit the niche market Brill operated in, the brand fit the products features/benefits, and the product fit the customers' legal labeling requirements. a. True b. False

False

3-D imaging in the medical and scientific fields represents an exciting innovation that at the very least will make everything from aerospace design engineering, surgical procedures and even "gaming" much more efficient, effective and in the long-run less costly. However before consumers/businesses fully adopt a new product there are stages in the adoption process that marketers must recognize and then develop appropriate marketing mix strategies...which one of the following best describes a summary of the stages in the adoption process? a. Awareness which seeks to educate often utilizing media blitz campaigns in order to gain interest b. Once aware, educated with effective marketing content and interest builds then a consumers/businesses will begin weighing costs/benefits, complexity and purchase risks c. Given awareness, followed by the "consumers" belief that 3-D imaging might satisfy an existing or newly realized need, the technology (product) given its perceived value added benefit is then tested prior to its adoption and ultimate confirmation. d. Diffusion of innovation e. The adopters who are willing to try new products when there is little or no risk to the purchase

Given awareness, followed by the "consumers" belief that 3-D imaging might satisfy an existing or newly realized need, the technology (product) given its perceived value added benefit is then tested prior to its adoption and ultimate confirmation.

Truth. Com a non-profit employed vivid imagery in its anti-smoking adds. One featured a young woman from Asheville NC having esophageal cancer and the ad depicted (in automaton tone) to the target audience with the aid of a visible, implanted tracheal device. This approach to content marketing is called: a. The pure selling approach b. The market fulfillment approach c. Idea marketing approach d. The product improvement approach e. The marketing mix strategy approach

Idea marketing approach

Marketers must understand the value of time utility especially as it relates to how consumers buy products. You are in the check-out line at a grocery store; you browse merchandise to the left and right. You see a copy of People magazine with Lady Gaga emblazoned on the front cover with the headline..."Lady Gaga and Madonna come to blows". Your interest is peaked therefore you toss the magazine in you cart. This is an example of which type of product supported by a marketing strategy based on creating a product/package design that is enticing and "reaches out and grabs" the customer. a. Unsought product b. Shopping product c. Convenience product d. Staple product e. Impulse product

Impulse product

On your way to campus this morning you perhaps stop by a convenience store and fueled-up. While there you decide to purchase a cup of coffee (to get your heart started). Your only choice is deciding what blend to "pour" to take with you. Understanding how, when, where and why consumers buy products, in this example, coffee, enables marketers to develop targeted strategies and utilities. Given the above example, the coffee supplier developed a marketing strategy based on coffee as a: a. Staple product b. Specialty product c. Convenience product d. Impulse product e. Emergency product

Impulse product

In business-to-business channels, the functions of a merchant wholesaler are performed by a(n) ________. A) Sales office B) Commission merchant C) Merchant broker D) Business retailer E) Industrial distributor

Industrial distributor

Services have specific characteristics and come in many forms. One characteristic are services that customers can't see, touch, or smell. Therefore marketers try to reassure customers by providing physical cues...such as recognizable logos, employees' that are well trained and professionally attired. This is an example of which of the following characteristics: a. Perishability b. Variability c. Inseparability d. Intangibility e. Service encounter

Intangibility

Elon Musk the genius behind Tesla Motors is viewed widely as an innovator. Recently it was announced that Tesla has in fact sold all the vehicles it has the capacity to produce. This process by which a consumer/business begins to buy and use a product is referred to as: a. Diffusion of innovation b. Tipping point c. Product adoption d. Commercialization e. Awareness

Product adoption

Total Quality Management (TQM) represents an element of marketing that establishes quality as a company objective. As such, firms practicing the science of TQM will focus their efforts on which or all of the following: a. Only the firms employees who interact with the customer should be concerned with TQM and as well compensated for their contribution(s) b. TQM encourages only those employees in major functional areas should be focused on product quality c. TQM promotes a top-to-bottom attitude that everybody in the organization (including supply chain partners) is working to serve its customers and (they) should be rewarded for their efforts d. TQM promotes a top-to-bottom attitude that everyone is working to serve the customer but should not be expected to be incentivized when good ideas are shared e. TQM should only be implemented when substantive feedback is tied to cash incentives

TQM promotes a top-to-bottom attitude that everybody in the organization (including supply chain partners) is working to serve its customers and (they) should be rewarded for their efforts

The makers of Budweiser at one time introduced new products for a limited period of time and with limited distribution in the geographically concentrated but diverse city of Omaha, Nebraska. By doing so Anheauser Bush would be able to evaluate the effectiveness of its marketing plan without the risk associated with a national launch. This product development strategy is referred to as: a. Idea generation b. Business analysis c. Prototype analysis d. Test marketing e. Commercialization

Test marketing

Ford Motor company's product mix represents (think): a. The total of all its products excluding Ford Genuine parts b. The number of different products under the Ford brand c. The total set of all products the Ford Motor company offers for sale d. Fords line of compact sedans, SUV's, trucks and commercial vehicles e. None of the above

The total set of all products the Ford Motor company offers for sale

It is most accurate to say that channels of distribution provide which of the following? A) Time, place, and ownership utility B) Promotion, product, and place utility C) Time, place, and form utility D) Promotion and form utility E) Time and promotion utility

Time, place, and ownership utility

Sharp in 1984 designed/introduced a low-priced, home/small business fax machine and to that targeted audience sold 80,000 units that year...not many given the marketplace potential...yet still respectable. Over the next three years unit sales increased slowly, then in 1987 sharp sold one million units. In the context of product diffusion, at that point in 1987 when Sharp sold one million units that is referred to as: a. Upward line stretch b. Product adoption c. Two-way stretch d. Tipping point e. Downward line stretch

Tipping point

A marketer using a systematic and team-based approach which coordinates all aspects of product marketing strategies; including, the elements of the marketing mix which is the essence of product management will then enjoy a greater degree of success than a marketer who does not.

True

Ford Motor Company and Alcoa Aluminum jointly developed an aluminum alloy for Fords' F-150 series trucks. This new alloy would displace the steel used in the "body" of the truck making it lighter weight (600-700#'s) and therefore significantly more fuel efficient and having the attendant benefit of greater durability. This coming together of two or more technologies (manufacturing, and material engineering) to create a product with greater benefits than its separate parts is referred to as convergence innovation. a. True b. False

True

Given your service encounter with the repair shop although intangible as the services may be, the professional appearance of employees (clean, well-kept uniforms), comfortable servicescape plus competent/friendly employees combined to not only add tangibility to the experience but enough value that within reason most consumers would not object to paying a premium for that level of "professional" service. a. True b. False

True

Lipitor one of the most popular and successful cholesterol managing drugs ever introduced following its introduction had its growth stage extended due to patent protections obtained by Pfizer. During the growth stage you would...anticipate aggressive generic competition once patents expired and therefore develop strategy's focused on (Lipitor) brand loyalty/brand equity given the drugs performance over its life cycle in order to sustain sales momentum and maintain market share among health care professionals. a. True b. False

True

Microsoft's Xbox would be considered durable because its outer shell is made of ABS hi-impact plastic. Additionally, Electronic Arts and other leading gaming companies continue to deliver popular gaming products for the Xbox platform. a. True b. False

True

Miley Cyrus (born Destiny Hope Cyrus) as a brand "producing" a product, believed as did her father/agent that her career and brand was inextricably tied to the character from the popular, Disney produced, Hannah Montana series. As such they worked together to change her image in order to "broaden" her appeal by taking on a more risqué (some call it "Twerking"), Madonna esq., persona in both image and on-stage performances. This is an example of the client "product improvement approach" strategy. a. True b. False

True

Pharmaceutical companies such as Pfizer and Merck invest huge sums (R&D, clinical trials, patent protections etc.) bringing a new drug to market. Therefore, during the introductory stage of a new drugs' life cycle these companies rarely generate a profit and promotional expenses are generally high. a. True b. False

True

Priceline.com created a business model founded on the basis that most airline and hotel firms have unused capacity. In the case of an airline seat, that capacity if not filled is a sale lost forever and as such the firm is not able to capture a portion of its fixed costs. Collaboratively, marketers adjust (lower) their pricing tactics sometimes days/hours before flight-time in order to fill empty seats. This is an example of perishability. a. True b. False

True

When the Marriott Hotel on Hwy 105 has rooms or capacity available days/weeks before an ASU home game they will often contract with firms such as Kayak, or Priceline to fill unsold capacity. This scenario reflects the characteristic of perishability...which is "use it or lose it". a. True b. False

True

The HC Brill Company developed a chocolate cake icing aptly labeled Chocolate Redi-Ice. After much examination Brill discovered that the product could be used as well on pastries, brownies, etc. Given the product went well beyond its original utility(s) this would be an example of the products __________which would achieve significant economic payback for its B2B customers. a. Precision b. Ease of use c. Versatility d. Reliability e. Durability

Versatility