346 Midterm 2.8
In the image below, your firm's Unique Value Proposition, (and the focus of your marketing message) is represented by area #____.
#1
In the image below, your firm's Unique Value Proposition, (and the focus of your marketing message) is represented by the area #--
#1, which are benefits only you offer, and meet customer needs.
In the image below, your firm's Unique Value Proposition is in area #1, and this should be the focus of your marketing message. The best area to find new opportunities to develop product features that can increase your Unique Value Proposition are represented by area #____.
#2, which are benefits customers needs and no one is offering
The Marketing Environment analysis may include which of the following factors (check all that apply).
(I got partial credit for putting market size and growth rate; competitors; technology trends that impact your industry; and political and legal issues) The Marketing Environment Analysis is about your company, the Immediate Environment (Industry), and the Macroenvironment. Product features are not part of this analysis.
Statista is a great resource for information about ___________. (select all the apply)
(all of the above) Industry; Competitors; Charts and graphs; Products; Company; Customers
Number of viewers of a web page
(not impressions or reach, maybe page views?)
Given the following information, what is the expected ROI for this Marketing Initiative? Initiative: Facebook Display Ads Ads Costs: $11.00/M, (1.1 cents per ad) Budget: $11,000 Ads Presented: 1 million Average Click through rate: 1.3% Discount for Intent: 2.5% Selling Price: $120./unitCOGS: $80./unit
- 1mil ads X 1.3% click-thru = 13,000 - 13,000 X 2.5% DFI = 325 expected units sold - 325 X $40 gross profit (120-80=40) = $13,000 - 13,000 - 11,000 = 2,000 - 2,000/11,000 = 18% ROI
Given the data below, the Price Elasticity between $400-450 is ________. Report the Absolute Value. (graph)
0.83 (% change in D / %change in P)(change in P = A-B/A)
Given the data below, the Price Elasticity between $450-500 is ________. Reported as the Absolute Value.
1.21 (Elastic)
Given the following information, what is the expected ROI for this Marketing Initiative? Initiative: Facebook Display Ads Ads Costs: $11.00/M, (1.1 cents per ad) Budget: $11,000 Ads Presented: 1 million Average Click through rate: 1.3% Discount for Intent: 2.5% Selling Price: $120./unitCOGS: $80./unit
18% 1 million Ad Impressions x 1.3% click-through rate = 13,000 Reach (consumers paying attention to promotional message and knowing your product features/benefits.) 13,000 Reach x 2.5% Discount for Intent = 325 expected units sold 325 units x $40. Gross Profit/unit = $13,000 added Gross Margin $13,000 Added Gross Margin - $11,000 ad spend = $2,000 Return $2,000 Return / $11,000 Ad Spend = 18% ROI
Based on the following data, what is Discount for Intent at the $400 price point? (graph)
2.1%
The Kennedy Library has nine expensive, professional databases available for you to use. You must use at least _____ of these on the Team Project this quarter.
5
Given the following information, what is the expected ROI for this Marketing Initiative? Initiative: Instagram Pay-per-Click Ads Ads Costs: $0.65 / Click-through Budget: $11,000 Average Click through rate: 1.3% Discount for Intent: 2.5% Selling Price: $120./unitCOGS: $80./unit
54% $11,000 / $0.65/click = 16,923 Reach (consumers paying attention to promotional message and knowing your product features/benefits.) 16,923 Reach x 2.5% Discount for Intent = 423 expected units sold 423 units x $40. Gross Profit/unit = $16,934 added Gross Margin $16,934 Added Gross Margin - $11,000 ad spend = $5,934 Return $5,934 Return / $11,000 Ad Spend = 54% ROI
Given the following data, what is the Discount for Intent at a $11.00 Price Point? Very Likely to Buy 9 Likely to Buy 8 Somewhat Likely to Buy 6 Respondents 35
7.7%
b
A channel of distribution is defined as a group of individuals and organizations that a) consumes about one-half of every dollar spent on products in the United States. b) directs the flow of products from producers to customers. c) links producers to other marketing intermediaries. d) takes title to products and resells them. e) manages transportation and warehousing functions.
b
A channel that includes both a manufacturers' agent and an industrial distributor is appropriate under which of the following circumstances? a) When the firm wants specialized personnel to follow up the work of the sales force b) When the marketer wishes to enter a new geographic market but does not wish to expand the existing sales force c) When only one or two channels of distribution are available for products d) When the sales force is large and the marketer is thinking of cutting it down e) When customers are highly concentrated in one geographic area
c
A commonly used computerized means of integrating order processing with production, inventory, accounting, and transportation is a) web-based inventory management. b) just-in-time. c) electronic data interchange. d) universal product codes. e) activity based management.
A Positioning Statement contains the follow elements (check all that apply).
A description of your Target Market; Your Brand name; Your Unique Value Proposition (benefits that are valued); How you will deliver the benefits you described
A Positioning Statement contains the follow elements
A description of your Target Market; Your brand name; Your unique value Proposition (benefits that are valued); How you will deliver the benefits you described
A Positioning Statement contains the follow elements (check all that apply).
A description of your target market; Your brand name; Your unique value proposition (benefits that are valued); How you will deliver the benefits you described
e
A goal of physical distribution is to reduce ______ or how long it takes to complete a process. a) time standards b) processing time c) production d) throughput measure e) cycle time
b
A group of organizations and individuals that directs the flow of products from producers to the ultimate consumers is called a a) free trade association b) marketing channel c) channel of suppliers d) production line-up e) chain of retailers
a
A manufacturer has decided to improve its inventory management by maintaining low inventory levels and waiting to purchase materials until right before they are needed in production. This inventory management technique is called a) just-in-time (JIT). b) time management. c) inventory minimization. d) economic order quantity. e) reorder point maximization.
c
A producer is not likely to receive _____ from an industrial distributor. a) selling activities in local markets b) market information about consumers c) aggressive promotion of its brand d) reduced capital requirements e) a reduced financial burden from customers
a
A public warehouse is a a) business that leases storage space and related facilities for distribution to other firms. b) large, centralized warehouse that focuses on moving rather than storing goods. c) company that provides a complete array of logistical services for businesses. d) company-operated facility for storing and shipping products. e) warehouse used to store the personal property of many different customers.
d
A single leader who controls and organizes a marketing channel is called a a) channel champion. b) distribution leader. c) marketing maverick. d) channel captain. e) lead distributor.
e
According to the text, physical distribution cost tradeoffs enable firms to a) resolve pricing conflicts among channel partners. b) minimize risk during test marketing of new products. c) reduce costs of all distribution functions simultaneously. d) resolve pricing conflicts within industry sectors. e) utilize resources for greatest cost-effectiveness.
Media buy
Actual purchase of airtime or print pages
When evaluating the ethics of a decision, asking yourself if someone who looks up to your or admires you would think you made the right decision is known as the __________ test.
Admired Observer
Flighting
Advertising schedule implemented in spurts, with periods of heavy advertising followed by periods of no advertising
a
After direct-marketing, the next slightly longer marketing channel adds a(n) a) retailer. b) producer. c) wholesaler. d) agent. e) consumer.
Emotional appeal
Aims to satisfy consumers' emotional desires rather than their utilitarian needs
d
Air-Tech management learns that last month's production run of heaters at its Newark plant is defective and announces a recall of the specific models produced. To handle the large number of products it expects to receive for replacement of the defective thermostats, Air-Tech will probably need to add a ___________ to its distribution network. a) distribution center b) private warehouse c) dispatching shipment system d) public warehouse e) materials handling system
e
All members of the supply chain should determine their position in the chain, identify their partners and their roles, and establish partnerships whose focus is a) shifting costs to suppliers. b) maximizing costs. c) maximizing technology implementation. d) cooperation with competitors. e) customer relationships.
b
All of the following are concepts used in a just-in-time inventory management system except a) supplies arrive just as they are needed. b) safety stock is kept to reduce stockouts. c) much waste is eliminated. d) purchases are made in small quantities. e) purchases are made frequently.
e
An arrangement where a producer forbids an intermediary to carry products made by competing manufacturers is called a) exclusive distribution. b) a tying agreement. c) refusal to deal. d) contractual VMS. e) exclusive dealing.
e
An important goal of physical distribution is reducing the time it takes to complete a) inventory management. b) outsourcing evaluation. c) electronic data interchange. d) order processing. e) cycle time.
a
An independent business that takes title to products and carries inventories is a(n) a) industrial distributor. b) intermediary. c) agency. d) wholesaler. e) producer.
b
An independent businessperson who is paid a commission to sell complementary products of different producers in an assigned territory without actually taking title of the merchandise is a(n) a) sole intermediary. b) manufacturers' agent. c) producers' broker. d) industrial distributor. e) channel facilitator.
What is not an emotion that is effective in advertising?
Anger
Which of the following is NOT an emotion that is effective in advertising?
Anger
c
Anna Wren, sales manager for Pacific Lumber, tells Jason Peoples, the firm's inventory manager, that the firm's failure to have adequate supplies of pressure-treated lumber on hand has cost the firm $175,000 in lost sales. This figure represents which of the following inventory management costs? a) Carrying b) Replenishment c) Stockout d) Safety stock e) Reorder
Social marketing
Application of marketing principles to social issue to bring attitudinal and behavioral change
e
As her Internet quilt and bed linen business grew, Danielle could no longer perform all the distribution activities, so she hired a shipper and an information technology firm to assist with these functions. Danielle is using _____ for physical distribution for her business. a) producers b) wholesalers c) retailers d) selling agents e) outsourcing
From the Demand Curve shown, you can conclude that ______.
As price increases, demand decreases
Pretesting
Assessments performed before an ad campaign is implemented to ensure that various elements are working in integrated fashion and doing what they are intended to do
e
Assuming everything else equal, the most cost-efficient way for British Petroleum to transport crude oil from remote oil drilling sites in central Alaska to shipping terminals on the Alaskan coast would be a) waterways. b) airways. c) tanker trucks. d) railroads. e) pipelines.
b
At the annual managers' planning conference, Jackie Conrad asks the other managers to consider her proposal to increase the quantity of inventory to a five-week supply in order to increase the percentage of completely filled customer orders from 85 percent to 90 percent. She states that she is willing to trade off the ___________ incurred for the positive effect of better customer service. a) lower response time b) higher warehousing costs c) higher transportation costs d) higher order processing costs e) higher performance levels
According to the guidelines posted on Canvas, proper citations, (when first used), should include all of the following information. (check all that apply):
Author's name; Publication title; Publication information; Date of Publication; Page number
decisions are made from the top
Autocratic
7 key principles of social influence
Automaticity - "because" Commitment and Consistency - "foot in the door" Reciprocity - "reciprocal exchange" Scarcity - Rare = value Social Proof - Other behavior Liking - compliments, attractiveness Authority - doctor/scientist
Which of the following are benefits of new product development to a firm?
Avoiding market saturation from products that have been on the market for a long time; Creating diversification and reducing risk; Satisfying the changing needs of current and new customers
When a Retailer advertises a price claim that is not really available, just to lure a customer into the store to up-sell them on a more profitable item it is known as ______.
Bait and switch
When graphically presenting data that is progressive in nature (age ranges, income levels, etc), the best type of chart would be _______.
Bar Chart
b
Because Coke is such a popular product and the company is so powerful, Coca-Cola is in a position to exert considerable control over channel structures and the way Coke is marketed. This is an illustration of channel ___________ in the distribution channel. a) conflict b) leadership c) dominance d) cooperation e) negotiation
c
Because of the significant investment many companies have in the products they sell to customers, they must develop and maintain adequate varieties of products to meet their customers' needs. This is called a) just-in-time. b) order processing. c) inventory management. d) merchandise stocking. e) logistical management.
Consumers want their needs to be met. A marketer's job is to communicate -----.
Benefits the customer receives from a product relating to the consumer's perceived need
Consumers want their needs to be met. A marketer's job is to communicate ______.
Benefits the customer receives from a product relating to the consumer's perceived need.
Consumers want their needs to be met. A marketer's job is to communicate __________.
Benefits the customer receives from a product relating to the consumer's perceived need.
b
Bennetton, a leading manufacturer of knitwear in Italy, expanded its operations to include retail outlets in the United States and South America. This type of integration is called a) horizontal. b) vertical. c) multilevel. d) retail. e) merchandising.
The % of website visitors who only view one page of a website
Bounce Rate
the % of web site visitors who only view one page of a website
Bounce Rate
The associations consumers have to a brand such as favorability, uniqueness and strength are is known as ________.
Brand Image
The ability of consumers to retrieve brand name from memory using cues (unaided = product category, or aided = brand name) is known as ________.
Brand Recall
The ability of consumers to retrieve brand name from memory using cues is known as ____.
Brand Recall
The ability of consumers to retrieve brand name rom memory using cues (unaided = product category, or aided = brand name) is known as _____.
Brand recall
Contest
Brand-sponsored competition that requires some form of skill or effort
Lobbying
Building and maintaining relationships with legislators and government officials to influence legislation and regulation
Public relations
Building good relations with the public and obtaining favorable publicity; building up a good corporate image; and handling or heading off unfavorable rumors, stories, and events
b
By receiving orders online instead of through a paper-based ordering system, Barnes and Nobles has been able to save time and money on a) electronic data interchange. b) order entry. c) inventory management. d) order delivery. e) order handling.
b
Candy bars and chewing gum are most likely to be distributed through _____ and _____. a) selective distribution; multiple channels b) intensive; dual distribution c) strategic channel alliances; intensive d) exclusive; a single channel e) dual distribution; convenience channels
Check all the are examples of Primary Packaging. (check all that apply)
Carton for milk; Bag holding an individual portion of potato chips; Shampoo bottle; Toothpaste tube
b
Caruthers Paint Manufacturing Company buys the chemicals it needs for producing its products from a chemical producer, Roth Chemicals. In this instance, the chemicals are being distributed to Caruthers through which of the following types of channels? a) Industrial distributor b) Direct distribution c) Retail d) Wholesaler-sponsored e) Producer
A retailer that give consumers a very broad selection of products and brand names within a single industry or type is known as a __________.
Category Killer
When considering Pricing decisions, marketers need to consider which of the following? (check all that apply)
Channel Partners, Customers, Company Objectives, Competition, Costs
e
Channel decisions are important to marketers mostly because a) they are relatively flexible to change quickly. b) consumers value reasonable prices delivered through marketing channels. c) they dictate what promotional strategies companies should use. d) many businesses are marketing intermediaries. e) they involve long-term commitments and affect customer accessibility.
Marketers need to consider all of the 5 C's when making Pricing decisions, which are ______, ______, ______, ______, and ______, (check all that apply)
Channel partners; Competition; Customers; Company objectives; Costs
When a Retailer exerts signifiant control over others in the Retail Channel due to their size, and dictates terms and other specifics of doing business with them, they are using which type of influence (power)?
Coercive
When a Retailer exerts significant control over others in the Retail Channel due to their size, and dictates terms and other specifics of doing business with them, they are using which type of influence (power)?
Coercive
Media mix
Combination of media used and the frequency of advertising in each medium
Pulsing
Combines continuous and flighting schedule by maintaining base level of advertising but increasing advertising intensity during certain periods
Cause-related marketing
Commercial activity in which businesses and charities form a partnership to market an image, product, or service for their mutual benefit
Informative advertising
Communication used to create and build brand awareness with the goal of moving consumer through buying cycle to a purchase
When considering Pricing decisions, marketers need to consider which of the following?
Competition; Company Objectives; Customers; Channel Partners; Costs
When considering Pricing decisions, marketers need to consider which of the following?
Competition; Company objectives; Customers; Channel partners; Costs
group decision, everyone needs to agree to endorse team decision
Consensus
management asks workers or committee for input, but decision authority rests with management.
Consultative
e
Consumers receive the benefits of place utility when a) they have to travel excessively to obtain products they want. b) retailers remain open 24 hours a day. c) they can stock up on products they need but not use them right away. d) they make purchases with credit and debit cards. e) products are available in locations where consumers want to buy them.
Yellow Trucking provides transportation services for Dan's Delicious Donuts so that Dan's stores always have fresh stock. Yellow Trucking is an example of a
Corporate Partner
Publicity
Creating and placing newsworthy information in the news media to attract attention to a person, product, or service
A warehouse term for combining items from several pallets into a mixed pallet of items that meets a retailer's needs
Cross-docking
A warehouse term for combining items from several pallets into a mixed pallet of items that meets a retailer's needs.
Cross-docking
Insight Guides, a line of travel books, provides travelers with background information about the people's beliefs, values, and customs in various parts of the world. Insight's books educate travelers and marketers which environmental factor for this country?
Culture
c
Customers who purchase computer laptops from manufacturer websites are acquiring products through a) the most efficient channel of distribution. b) the most common type of marketing channel. c) a direct-marketing channel. d) a business-to-business channel of distribution. e) an indirect-marketing channel.
Firms realize that corporate social responsibility requires addressing needs of multiple Stakeholders. Which of the following are Stakeholders according to the Business Roundtable's Statement of the Purpose of a Corporation?
Customers; Employees; Shareholders; Community; Suppliers
When a company evaluates a proposal in response to a Request for Proposal (RFP), you can expect that at a MINIMUM, the following role will take part in the review (others roles are optional).
Decider
a
Del Monte markets ketchup for household use to supermarkets through grocery wholesalers. It markets ketchup for institutional use through industrial distributors and food brokers. Del Monte is using a) dual distribution. b) industrial distribution. c) strategic channel alliance. d) supply chain management. e) an unethical marketing channel.
e
Dell Computers is a nationally recognized manufacturer of computers for the small business and home markets. If Dell were to order one of its wholesalers not to carry any computer products other than those made by Dell, this arrangement would be called a) a tying contract. b) refusal to deal. c) a restricted sales territory. d) a restricted channel. e) exclusive dealing.
selection committee votes equally, the majority wins (even if some are strongly opposed)
Democratic
Generational Cohorts are an example of which type of segmentation?
Demographic
Push strategy
Designed to increase demand by focusing on wholesalers, retailers, or salespeople
Loyalty programs
Designed to retain customers by offering premiums or other incentives to customers who make multiple purchases over time
In the AIDA model, the "D" stands for _______.
Desire
The AIDA Model represent the consumer decision process from Awareness to Interest, to ------, then to Action
Desire
Sales Promotions are special incentives or excitement-building programs that encourage consumers to purchase a particular product. Examples of Sales Promotions include: _____________ (check all that apply).
Discounts; In-store displays; Premiums/add-ons; Contests; Sampling
e
Dual distribution is characterized as a) illegal under the Robinson-Patman Act. b) distribution channels that typically carry exclusive products, such as Rolex watches. c) marketing environments that are highly competitive. d) manufacturers that forbid an intermediary to carry products of competing producers. e) distribution of one manufacturer's product through two or more different channel structures.
e
Durable goods such as television sets and DVD players generally reach their target markets through a) intensive distribution. b) channel cooperation. c) direct marketing. d) exclusive distribution. e) selective distribution.
The electronic exchange of data between different company's computer systems
EDI
The electronic exchange of data between different company's computer systems.
EDI
Objective and Elaboration Likelihood Model (ELM)
ELM argues that there are two "routes" through which we process persuasive information •Central route—high involvement; effortful processing of information; appeals to cognitive side •Peripheral route—low involvement; heuristic processing (i.e., take short- cuts and use simple rules of thumb); appeals to the affective side
In the Diffusion of Innovation curve, the first to buy a new product are Innovators who are willing to take a risk of buying the wrong thing. The next group to buy are consumers who are looking to be ahead of others in adapting new technologies and developments, but also want to know someone has tested and written reviews. This group is known as ______________.
Early Adopters
In the Diffusion of Innovation curve shown, the 3rd consumer group to buy, (shown in yellow), are consumers who are often the target of marketers as they represent the growth stage of a product life cycle. This third group likes to adopt popular new trends and be hip, but are not big risk takers. This group is known as __________.
Early Majority
Which of these is a macroenvironmental factor?
Economic conditions such as unemployment, changes to wealth and disposable income; Cultural norms of the nations where you operate; Trends in consumer buying habits
The Price Elasticity is ____________. (multiple answers, check all that are true)
Elastic when the absolute value >1. higher when there is a higher change in demand with a price change. represents how sensitive consumers are to price changes.
b
Eliminating a wholesaler from a marketing channel will a) cut costs and lower prices. b) not eliminate the functions performed by that wholesaler. c) eliminate the functions performed by that wholesaler. d) lead to lower costs but higher prices. e) reduce channel conflict.
Federal trade commission(FTC)
Enforces federal consumer protection laws
Your product has many amazing features. You need to -----.
Ensure the consumer learns about the features they value most
Your product has many amazing features. You need to _______.
Ensure the consumer learns about the features they value most.
Your product has many amazing features. You need to ____________.
Ensure the consumer learns about the features they value most.
The Triple Bottom Line refers to looking at more than just economic measures in evaluating a company. In addition to financial measures, it includes looking at impact on __________ and _____________.
Environmental; Social
d
Eric is concerned about not having enough air conditioning units in inventory during June, July, and August so he keeps extra inventory to guard against stockouts during this critical period. Eric is keeping a) short order lead times. b) just-in-time inventory. c) a controlled usage rate. d) safety stock. e) excessive inventory.
Return on Marketing Investment
Est Contributions - Investment / Total Investment
To conduct a Profit Maximization analysis, you will need to know the following. (check all that apply)
Estimated COGS in dollars; Discount for intent at each price point; An assumed number of potential customers who will see your full promotional message and understand your product features and benefits
When considering the packaging options, marketers should consider all of the following
Ethical considerations; Safety of product; Sustainability and environmental impact of materials; Durability; Legal requirements; Shelf presence; Branding and promotional messaging
When considering the packaging options, marketers should consider all of the following.
Ethical considerations; Safety of product; Sustainability and environmental impact of materials; Durability; Legal requirements; Shelf presence; Branding and promotional messaging
Posttesting
Evaluation of campaign's impact after it's been implemented
The 4 E's of social media offers marketers opportunities to create _____ with consumers.
Excitement, Education, Experience, Engagement
The 4 E's of social media offers marketers opportunities to create _____________ with consumers.
Excitement, Education, Experience, Engagement
The four E's of social media offers marketer opportunities to create____ with consumers.
Excitement, Education, Experience, Engagement
Projected Return on Marketing Investment is defined as _____________
Expected Revenue from a marketing campaign(s), minus Cost of Goods Sold of those items, minus Promotion Campaign costs, divided by Promotion Campaign costs.
e
Expensive, high-quality products that are purchased infrequently often reach consumers through a) selective distribution. b) highly-selective distribution. c) sole-source retailers. d) complex marketing channels. e) exclusive distribution.
The Federal agency that protects consumers from deceptive advertising is the _________.
FTC
"Product Feature Marketing" is when you create associations to the brand based on promotions and marketing, used when products are similar and undistinguishable.
False
A Persona is a generalized description of a group of people who are your target market, described with a range of ages, interests, geographic locations, and behaviors.
False
A company's mission statement is not relevant to Marketing.
False
Associating with a charity by collecting donations from customers at check out can build goodwill among consumers, and is a form of Advertising.
False
Cost of Goods Sold (COGS) varies by each price point.
False
Customers will make decisions based only in rational thinking, and therefore the decision process can be quantitively defined and precisely forecast
False
Having a strong Pull Strategy will suffice in marketing a product, and can easily overcome the lack of a Push strategy.
False
Having the 'lowest price' is a sustainable competitive advantage.
False
In Maslow's Hierarchy of Needs; the need for Love is a higher order than Esteem, closest to Self-Actualization
False
In Segmentation, you are selecting the one set of consumer attributes that will be the focus of your marketing efforts.
False
In international commerce, a Quota is a tax added to the cost of imported goods to reduce the impact of cheap overseas products from hurting industries and jobs in the importing nation.
False
Kellogg's sells many different breakfast cereals, including Corn Flakes, Rice Krispies, Frosted Flakes, Raisin Bran, and Special K. This is an example of the breadth of the Kellogg's product mix.
False
Once a consumer makes a purchase, the role of marketing is over.
False
Promotions known are "Push" Strategies are when manufacturers reach consumers directly with promotional messages intended to build interest and desire for products
False
Promotions known are "Push" Strategies are when manufacturers reach consumers directly with promotional messages intended to build interest and desire for products.
False
SanDisk's MP3 player product line (called the Sansa) has a low relative market share. The MP3 player market is expected to continue to decline over the next few years. In Boston Consulting Group (BCG) portfolio analysis, the Sansa would be considered a cash cow.
False
Secondary data is from external data sources only.
False
The purpose of the Executive Summary is to avoid reading the Marketing Plan.
False
The shared meanings, beliefs, morals, values, and customs of a national identity constitute their culture. Cultures only relate to national differences.
False
True of False? Using Publicity to inform the public about a product innovation can be very expensive, but allows for full control over the messaging to consumers.
False
True or False? Promotions known as "Push Strategies" are when manufacturers reach consumers directly with promotional messages intended to build interest and desire for products
False
Using Publicity to inform the public about a product innovation can be very expensive, but allows for full control over the messaging to consumers.
False
Using Publicity to inform the public about a product innovations can be very expensive, but allows for full control over the messaging to consumers
False
Using an Advanced Google search counts as one of the five required databases you will use in your Team Project.
False
When analyzing the immediate and macro-environment, marketers must be careful to keep company profits at the center of all analyses.
False
Your role in marketing is to communicate the features of the product.
False
The STP process is made up of strategy, targeting, and promotion
False: STP represents Segmentation, Targeting, and Positioning
b
Fansteel manufactures parts used in jet engines, which it sells to companies such as Boeing. When shipping products to Boeing, Fansteel seals the parts in 8' × 8' × 40' boxes for shipping to decrease loss and damage. This method of materials handling is a) unit loading. b) containerization. c) freight forwarding. d) unitized shipping. e) bonded packaging.
d
Federal Mogul places several boxes of products or materials on pallets in order to load them efficiently using forklifts. This system of materials handling is called a) warehousing. b) containerization. c) group storage. d) unit loading. e) mechanized handling.
b
Few supermarkets would try to replace a national brand of baby food with their own brand. Assuming that this is true, we have a good example of channel leadership by a) wholesalers. b) producers. c) retailers. d) agents. e) brokers.
Public service advertising(PSA)
Focus on public welfare
Niche media
Focused and used to reach narrower segments, often with demographic characteristics or interests
b
For which of the following products would exclusive distribution be most appropriate? a) Gasoline b) Rolls Royce automobile c) Washing machine d) Laundry detergent e) Moderately priced luggage
Sweepstakes
Form of sales promotion that offers prizes based on a chance drawing of entrant's names
b
Fragile products that require special handling are more likely to be distributed through a) longer channels. b) shorter channels. c) Channel D. d) Channel H. e) exclusive outlets.
a
Freight transportation companies that offer several different shipment methods are called a) megacarriers. b) intermodal transporters. c) freight forwarders. d) shipping experts. e) superfreighters.
d
Garcia Wholesale Plumbing has seen its sales in the Southeast triple in the past two years. Materials handling director Barb Peterson announces plans to the board for an Atlanta facility that will combine shipments received from Garcia's 25 suppliers for nearly immediate shipment to plumbing stores and contractors in the region. This new facility would be best classified as which of the following? a) Sales office b) Public warehouse c) Field public warehouse d) Distribution center e) Bonded warehouse
a
Gateway Computer makes computers available through its own stores, its toll-free telephone line, and a website. This is an example of a) dual distribution. b) vertical integration. c) horizontal integration. d) tying agreements. e) exclusive dealing.
Pull strategy
Goal to get consumes to pull the product into marketing channel by demanding it
e
Goodyear allows companies like Sears and Discount Tire to distribute and discount its tires. This action significantly increases the possibility of channel ___________ with independent Goodyear dealers. a) understanding b) power c) leadership d) communication e) conflict
c
Greg Braddock is a physical distribution manager. He is currently developing and maintaining assortments of products that are adequate for customer demand. In which stage in the physical distribution system is Greg currently involved? a) Order processing b) Materials handling c) Inventory management d) Transportation e) Warehousing
b
Having products available when the customer wants them is called a) place utility. b) time utility. c) availability. d) possession utility. e) chronavailability.
Informational appeal
Help consumers make purchase decisions by offering factual info that encourages consumers to evaluate brand on basis of key benefit it provides
The Price Elasticity is ____________. (multiple answers, check all that are true)
Higher when there is a higher change in demand with a price change; The slope of the demand curve between two prices; Elastic when the absolute value > 1; Represents how sensitive consumers are to price changes
An industry analysis should include which of the following
History and forecasts of market growth; Market size; Relevant laws or legal restrictions; Trends in consumer preferences for the products
d
Honey Farms is a maker of fine chocolates. The company's latest product, Fudge-Dipped Strawberries, is the premier product in its Fudge-Dipped line. The product is very expensive and targeted to upscale consumers. Which form of distribution would Honey Farms be likely to use for its new product? a) Intensive b) Selective c) Targeted d) Exclusive e) Premier
Mass media
Ideal for reaching large numbers of anonymous audience members
Brand elements
Identifies the sponsor of the ad by logo and selling proposition
a
If Anheuser-Busch refused to allow Jackson Distributing to carry its product if the distributor also carried Miller Brewing products, the company would have been engaging in which of the following channel management practices? a) Exclusive dealing b) Dual distribution c) Tying contacts d) Refusal to deal e) Restricted sales territories
a
If Nokia decides to make changes in its marketing channels, the strategic significance is that channel decisions are a) long-term commitments. b) short-term commitments. c) easier to change than prices. d) easier to change than promotion. e) impossible to change.
c
If Ralston Purina forced Kroger's grocery chain to place all of its products in the stores' most favorable locations, it would be a) demonstrating sound channel leadership. b) insisting on exclusive exposure. c) exercising channel power. d) minimizing channel conflict. e) creating a coordinate system.
a
If a firm decides to contract its physical distribution functions to third parties that have no managerial authority within the marketing channel, it is using a) outsourcing. b) sole-sourcing. c) logistics. d) wholesaling. e) distribution services.
b
If a microchip in a computer in New York failed, which method of transportation would be most appropriate to use to replace the chip immediately if one could get the new chip only from Silicon Valley, California? a) Pipeline b) Airways c) Waterways d) Truck e) Railroad
c
If a wholesaler continually emphasizes and promotes one company's products over a competing company's products, _____ is likely to result. a) channel cooperation b) vertical channel integration c) channel conflict d) horizontal channel integration e) channel leadership.
c
If an intermediary wants to carry Tide detergent and Procter & Gamble agrees only if the supplier purchases P&G's entire line of detergents as well, the company is engaging in which of the following channel management practices? a) Exclusive dealing b) Dual distribution c) Tying agreement d) Refusal to deal e) Restricted sales territories
e
In a simple economy of five producers and five consumers, there would be ___________ transactions possible without an intermediary and _________ transactions possible with one intermediary. a) ten; twenty-five b) thirty; ten c) twenty-five; fifteen d) sixteen; eight e) twenty-five; ten
d
In an administered VMS, informal coordination brings about a high level of interorganizational management. Nonetheless, a) decision making does not take into account the goals of the system. b) the channel members do not remain autonomous. c) the decision making is not coordinated. d) the channel members remain autonomous. e) the goals of the individual firms are not congruent with the goals of the system.
a
In an administered vertical marketing system (VMS), interorganizational relationships are a) achieved by informal coordination. b) formalized through contracts. c) combined under the ownership of a single organization. d) guided by legal agreements. e) achieved by clearly defining the obligations and rights of all channel members.
e
In marketing a new line of nursery furniture for infants and small children, the Fisher Company will most likely use ___________ distribution for the products. a) intensive b) exclusive c) horizontal d) priority e) selective
a
In the distribution channel for Domino's Pizza, channel members are linked by legal agreements that spell out the obligations and rights of each member. This is an example of a(n) ___________ vertical marketing system. a) contractual b) administered c) corporate d) negotiated e) institutional
c
In which of the following situations is dual distribution likely to be determined illegal? a) A manufacturer sells its product online and through independent and company-owned retail outlets. b) A manufacturer opens its own retail outlets across the country and sells its entire line of products. c) A producer uses company outlets to dominate independent retailers that carry its products. d) A producer sells its products both to wholesalers who deal with small and medium-sized retailers and directly to retailers. e) A producer charges higher prices at its company-owned retail outlets than independent retailers charge for the same products.
Tracking
Includes monitoring key indicators while the advertisement is running to shed light on any problems with the message or medium
In a Sales Team, the role that represents multiple products/suppliers, works on commission only, and benefits customers with multiple options and industry expertise in a single point of contact, is known as ______.
Independent Agent
The Objectives of promotional efforts are to ______.
Inform, Persuade, Remind
The Objectives of promotional efforts are to __________.
Inform, Persuade, Remind
The objective of promotional efforts are to___.
Inform, Persuade, Remind
The objectives of promotional efforts are to _______.
Inform, Persuade, Remind
Product-focused advertisement
Inform, persuade, or remind consumer about specific product or service
Institutional advertisement
Inform, persuade, or remind consumers about issues related to places, politics, or industry
In a Sales Team, the role of taking orders from existing customers is known as ______.
Inside Sales
Services differ from Products in that they are: (check all that apply)
Intangible; Inseparable; Perishable
In the AIDA Model, the consumer moves through stages from Awareness to Action. The other stages are:
Interest, desire
In the AIDA model, "Awareness" leads to
Interest, which hopefully leads to Desire and then Action
The AIDA model "Awareness" leads to
Interest, which hopefully leads to Desire and then Action
c
Jeff Wood's company buys machine tools from large producers and sells them to several Midwestern manufacturing companies. The company Jeff works for carries inventories of the tools, which reduces capital requirements for the producers. Jeff's company is an example of a(n) ___________ in a distribution channel. a) direct distributor b) manufacturers' agent c) industrial distributor d) producers' agent e) wholesalers' agent
a
Johnson Controls hires a consultant to assess its materials handling procedures. The consultant recommends the implementation of ___________ if they want easier movement of items between internal destinations in the warehouse. a) unit loading b) piggybacking c) containerization d) inventory management e) priority transportation
Reducing inventory and warehousing by closely tracking shipment of raw materials or products to arrive as needed from Retail Channel Partners.
Just in Time
Reducing inventory and warehousing by closely tracking shipment of saw materials or products to arrive as needed from Retail Channel Partners
Just in Time
d
Justin Abercrombie attends a seminar on just-in-time inventory management. Excited about the idea, he returns to his office at Atlanta Auto Supply to start designing such an inventory system. Which of the following steps must Justin take as he institutes this change? a) Increase safety stock b) Raise the reorder point c) Reduce customer service standard d) Increase order frequency e) Reduce estimates of inventory turnover rate
c
Kolder Inc. is using a new just-in-time inventory management system that requires ordering smaller quantities of parts more frequently. The success of its business depends significantly on receiving these parts very quickly, so like many other companies using just-in-time, Kolder Inc. is relying more on the ______ mode of transportation despite its expense. a) railroad b) pipeline c) airway d) truck e) waterway
d
Large retailers such as J.C. Penney's and Target are most likely to participate in which of the following channels? a) Producer, industrial distributors, retailers, consumers b) Producer, consumers c) Producer, wholesalers, retailers, consumers d) Producer, retailers, consumers e) Producer, agents, wholesalers, retailers, consumers
Headline
Large type in an ad that is designed to draw attention
Puffery
Legal exaggeration of praise, stopping just short of deception
When considering the packaging options, marketers should consider all of the following. (check all that apply)
Legal requirements; Shelf presence; Sustainability and environmental impact of materials; Branding and promotional messaging
When a Retailer exerts control over others in the Retail Channel using contractual agreements, they are using which type of power?
Legitimate
When a company gives permission for another company to use its brand image(s) for a fee, (such as creating sports team T-shirts), it is known as __________.
Licensing
Select types of sustainable competitive advantage.
Locational excellence; Customer excellence; Product excellence; Operational excellence
A familiar mark that can be changed and altered yet remind consumers of the brand is known as a ________ logo.
Logo System
A familiar mark that can be changed and altered yet remind consumers of the brand is known as a _________ logo.
Logo system
a
Long-term partnerships among channel members working together to reduce inefficiencies, costs, and redundancies in the entire marketing channel is called a) supply chain management. b) vertical channel integration. c) industrial management. d) industrial distribution. e) marketing management.
In the video, Nike declared it was seeking to go after the women's activewear apparel market, and their main competitor in this space is:
Lululemon
d
Magnetic Springs wants to ship its bottled water with the most flexible schedules and routes of all transportation modes. Magnetic Springs should use ___________ as its transportation mode. a) railroads b) waterways c) pipelines d) trucks e) airways
Investor relations
Maintaining relationships with shareholders and others in the financial community
c
Managers and consultants at Colgate-Palmolive are meeting to discuss better ways to package its products to reduce damage and make loading more efficient. The primary function they are trying to improve is a) warehousing. b) inventory management. c) materials handling. d) cycle time. e) containerization.
Public relations(PR)
Managing communications and relationships to achieve various objectives
b
Manufacturers of convenience products such as chewing gum reach customers through thousands of retailers. What marketing channel are these manufacturers most likely to use? a) Producer, consumer b) Producer, wholesaler, retailer, consumer c) Producer, wholesaler, agent, retailer, consumer d) Producer, retailer, consumer e) Retailer, consumer
d
Many companies use more than one marketing channel to distribute their products to the same target market, a tactic called a) multiple channeling. b) strategic channel alliance. c) intensive distribution. d) dual distribution. e) market splitting.
e
Many producers selling on the Internet are using a) several intermediaries. b) complex marketing channels. c) Internet wholesalers, retailers, and agents. d) supply chain channels. e) direct-marketing channels.
the process of dividing a market into groups of customers with different demographics, needs, behaviors, or characteristics is called:
Market segmentation
When assessing Target Market Attractiveness, you should consider which of the following factors? (check all that apply).
Market size; Responsiveness of consumers to your brand; Ability to identify and measure the segment; If you have resources to reach the market
At one point in the evolution of marketing, the United States entered a buyer's market and customer need became the focus. Which era is being described?
Market-oriented
a
Marketing channel members are likely to experience misunderstandings, frustration, and poorly coordinated strategies as a result of a) channel conflict caused by inefficient communication between channel members. b) open communication among the channel members. c) methods of channel coordination designed to reduce ambiguity. d) negotiating territorial issues among regional distributors of a product. e) allowing one member of the channel to take the role of channel captain.
a
Marketing channels create three types of utility for consumers including a) place, time, and possession. b) location, availability, and suitability. c) time, location, and promotion. d) retailer, wholesaler, and producer. e) position, possession, and place.
Business to Business Marketing
Marketing products or services to a company or organization (as opposed to consumers) Fewer buyers, fewer transactions Buyers have greater power and information
Point-of-purchase(POP) displays
Merchandise displays located at the point of purchase
Disadvantages to using secondary data is that it __________. (check all that apply)
Might not be precisely relevant to the information needed; Might not be current; Can be biased data
When an industry has many companies competing on differentiated product attributes, branding, and price, it is an example of ------
Monopolistic Competition
d
Morgan Steel Company leases a warehouse in Jacksonville, Alabama to serve Deep South markets that were large enough and stable enough to make a long-term commitment to fixed facilities. This is a a) flexible warehouse. b) dispatching center. c) distribution center. d) private warehouse. e) public warehouse.
b
Most marketing channels have marketing intermediaries. A marketing intermediary's role is to a) link wholesalers to other wholesalers. b) link producers to other middlemen or to consumers. c) always sell products to wholesalers. d) not take title to products. e) always sell products to retailers.
Persuasive advertising
Motivate consumers to take action when product gained certain level of brand awareness
e
Nathan is trying to decide which shipping company to use to transport his custom-made furniture to customers. Nathan is facing a decision about a) order entry. b) order completion. c) just-in-time. d) order handling. e) order delivery.
d
Nationally distributed consumer convenience products are most likely distributed through which of the following channels? a) Producer, consumers b) Producer, agents, wholesalers, retailers, consumers c) Producer, wholesalers, consumers d) Producer, wholesalers, retailers, consumers e) Producer, industrial distributor, wholesalers, retailers, consumers
b
Nike maintains a good deal of control over how its products are promoted, displayed, and sold. Because of this control, Nike would be appropriately described as the channel a) intermediary. b) captain. c) allocator. d) terminator. e) price leader.
Event sponsorship
Occurs when corporations support various activities
Coupons
Offer discount on the price of specific items when they're purchased
Premium
Offers an item for free or at a bargain price to reward some type of behavior
Sampling
Offers potential customers the opportunity to try a product or service before they make a buying decision
A competitive environment where there are few sellers who are highly sensitive to each others pricing and marketing strategies is an example of
Oligopolistic competition
The External factors in a SWOT analysis include: (select all that apply).
Opportunities; Threats
e
Order handling involves all of the following activities except that the a) credit department approves the purchase. b) order is transmitted to the warehouse. c) availability of product is verified. d) warehouse is instructed to fill the order. e) customer places a purchase order.
a
Order processing is defined as a) the receipt and transmission of sales order information. b) the second stage in a physical distribution system. c) the four main tasks. d) the same as order handling. e) electronic processing of information.
c
Order processing, inventory management, materials handling, warehousing, and transportation are the activities that define a) wholesaling. b) retailing. c) physical distribution. d) channel management. e) drop shipping.
Social Media content that is spread without being paid for
Organic
search results, or social media spreading, that is not paid for
Organic
social media content that is spread without being paid for
Organic
e
Organizational buyers are especially partial to direct marketing channels when a) they buy cheap materials in large quantities. b) they try a new product for the first time. c) they are filling an order for a very important customer. d) a modified rebuy type of decision is involved. e) expensive and/or complex equipment is involved.
d
Overall channel goals and individual channel member goals cannot be achieved together without a) conflict. b) captains. c) leadership. d) cooperation. e) tying agreements.
Advertising
Paid (per view) promotion of a product or a brand • Annual advertising spend exceeds $290 billion per year in the US and $604 billion worldwide • Widely used by for profit and non-profit and social agencies
Advertising
Paid form of communication delivered through media from identifiable source about organization, product, service, or idea designed to persuade receiver to take some action now or in future
Rebates
Particular type of price reduction in which a portion of the purchase price is returned by the seller to buyer in form of cash
Cost-per-thousand impressions (CPM) Pricing
Pay for ad views (bidding for one thousand views); best-suited to brand awareness campaigns where you want your ad to be seen as often as possible by your target audience.
Cost-per-click (CPC) Pricing
Pay only when someone clicks on your ad; best- suited to online ad campaigns where your goal is to drive traffic to your website.
Product placement
Pay to have product included in nontraditional situations
After defining the business mission, what should a firm do next to develop a marketing plan?
Perform a situation analysis
Personal selling (sales)
Personal presentations by the firm's sales force for the purpose of engaging customers, selling, and building relationships
e
Physical distribution activities may be performed by a producer, wholesaler, retailer or a) not performed at all. b) the customer. c) investors in any of the previous three. d) solely through technology. e) they may be outsourced.
Marketers need to understand consumer needs, and Maslow's Hierarchy of Needs states that until lower level needs are being met, people will not be concerned with higher level needs. What are the levels, in order of lowest to highest, in Maslow's Hierarchy?
Physiological, Safety, Love, Esteem, Self-actualization
To represent the percentage of survey respondents who met each demographic criteria, a ______ chart/graph would be best.
Pie Chart
d
Piggyback, fishyback, and birdyback are terms usually associated with gaining efficiency in shipping through a) transit time. b) warehousing. c) packaging. d) containerization. e) lot sizes.
------ involves the process of defining product features and benefits that target customers value in comparison with competing products
Positioning
b
Possession utility is best described as a) products being available in places where the customers wish to purchase them. b) the customer having access to the product to use now or store and use later. c) having a company's products available when a customer needs them. d) being able to legally own a product despite restrictions on trade. e) getting the products to the consumers in as short of time as possible for ownership.
There are times when the Price Elasticity is a positive number, meaning a higher price will increase demand. This can happen when a price is too low and consumers don't think there is any value in the product. This can also occur for some very high priced luxury items, which is known as _______.
Prestige Pricing
The Qualtrics survey done in the Team Project is an example of ________ data gathering.
Primary
Media planning
Process of evaluating and selecting the media mix that will deliver clear, consistent, compelling message to intended audience
c
Producers of convenience products such as soft drinks, toothpaste, and breath mints are most likely to use _____ distribution. a) selective b) extensive c) intensive d) exclusive e) demand-based
A company's full Product Mix can be described by the Product Breadth and Product Depth. Which is true of Product Breadth?
Product Breadth is how many different product lines the company offers.
A company's full Product Mix can be described by the Product Breadth and Product Depth. Which is true of Product Depth?
Product Depth is how many similar, related products are offered within a Product Line
A company's full Product Mix can be describes by the Product Breadth and Product Depth. Which is true of Product Depth?
Product Depth is how many similar, related products are offered within a Product Line.
e
Product and target market characteristics usually determine the type of coverage a product receives. For which of the following products is selective distribution most appropriate? a) Gasoline b) Jaguar automobiles c) Cigarettes d) Laundry detergent e) Panasonic stereos
A ------ is a group of products that customers may use together or perceive as similar in some way
Product line
When evaluating the alternatives in a decision process, the potential risks of a wrong decision include: (check all that are correct)
Product performance risk; Financial risk; Social risk
Traditionally, marketing activities have been described as the Marketing Mix, consisting of the 4 P's. What are the 4 P's of Marketing?
Product, Price, Place, and Promotion
The History and Evolution of Marketing can best be described as:
Production, Sales, Marketing, Value-based Marketing
Marketing concepts are used for more than consumer products. They are also used for
Products; Services; Ideas; Organizations; People; Communities
Marketing concepts are used for more than consumer products. They are also used for (check all that apply).
Products; Services; Ideas; Organizations; People; Communities
Marketing is used for more than consumer products, it is also used for (check all that apply).
Products; Services; Ideas; People; Organizations; Communities
In the Integrated Marketing Communication reading, the set of marketing communication tools employed to bring a consistent message to consumers strategy is known as the __________.
Promotion mix
A Distributor/Wholesaler adds value to the Retail Channel by ________.
Providing Retailers with knowledge and products from multiple manufacturers; Having relationships with multiple manufacturers and retailers; Knowing the competitive environment and norms of their industry.
A Distributor/Wholesaler adds value to the Retail Channel by ___________. (check all that apply)
Providing Retailers with knowledge and products from multiple manufacturers; Knowing the competitive environment and norms of their industry; Having relationships with multiple manufacturers and retailers.
A Distributor/Wholesaler adds value to the Retail Channel by _______.
Providing retailers with knowledge and products from multiple manufacturers; Having relationships with multiple manufacturers and retailers; Knowing the competitive environment and norms of their industry
Product publicity
Publicizing specific products
Computer chips in cases and pallets scanned on loading docks to identify the products passing on/out of the warehouse
RFID
Computer chips on cases and pallets scanned on loading docks to identify the products passing in/out of the warehouse
RFID
d
Ralph Lauren sells Polo products through department stores as well as in its own specialty shops. The designer uses ___________ as a channel strategy. a) channel extension b) intermediary exclusion c) broker utilization d) dual distribution e) channel diversification
Number of unique viewers of a digital ad
Reach
number of people who will see a digital ad
Reach
number of unique viewer of a digital ad
Reach
Food and drug administration(FDA)
Regulates food, dietary supplements, drugs, cosmetics, medical devices, biologics, and blood products
Federal Communications Commission(FCC)
Regulates interstate and international communications by radio, tv, wire, satellite, and cable
Body copy
Represents main text portion of the ad
c
Rob Stevens is the head of a company that produces computer software for production scheduling. The firm is small and presently does not generate enough volume to justify hiring a sales force. The firm is probably using ___________ to maintain contact with the firms using its products. a) wholesalers b) brokers c) agents d) merchants e) retailers
Data for Perceptual Maps created in this class are ----
Rough estimates of perceptions, which are general ideas of consumer sentiment and may or may not have solid research behind it.
Continuous schedule
Runs steadily throughout the year and therefore suited to products and services that's consumed at steady rates and require steady level of persuasive/reminder advertising
A form of sales compensation that pays based on a formula to the volume of sales generated is known as a ________.
Sales Commission
_____ are special incentives or excitement-building programs that encourage consumers to purchase a particular product, often used in conjunction with advertising or personal selling programs.
Sales Promotions
______ are special incentives or excitement-building programs that encourage consumers to purchase a particular product, often used in conjunction with advertising or personal selling programs.
Sales Promotions
________ are special incentives or excitement-building programs that encourage consumers to purchase a particular product, often used in conjunction with advertising or personal selling programs.
Sales Promotions
c
Sales are most likely to have a direct relationship to product availability for products that use _____ distribution. a) selective b) dual c) intensive d) extensive e) exclusive
d
Select Comfort, a producer of adjustable air mattresses, sells most of its products through direct mail sales and Internet sales. This channel would be classified as a) direct distribution. b) producer, retailer, consumer. c) telemarketing. d) direct-marketing. e) indirect marketing.
d
Select the greatest advantage of horizontal channel integration. a) The flexibility of the channel is decreased. b) The markets are more heterogeneous. c) The expanded number of units is coordinated. d) Efficiencies in advertising, marketing research, and purchasing are increased. e) Planning and research are increased to cope with increased competition.
Corporate Partners can include which of the following
Sellers of products or services that enhance your product; Distributors; Industry trade associations; Suppliers
Marketing concepts are used for more than consumer products. They are also used for (check all that apply).
Services; Ideas; Organizations; People; Communities
Cost-per-acquisition (CPA) Pricing
Set a target CPA and pay when your ad leads to a conversion; use this option if your end goal is sales or other online transactions.
Sales Promotion
Short-term incentives to encourage the purchase or sale of a product or a service. (e.g., BOGO, coupon, % off)
Subhead
Small type in an ad that's designed to draw attention
Sales promotion
Special incentives or excitement-building programs that encourage consumers to purchase particular product or service
Advertising schedule
Specifies timing and duration of advertising
a
Starbucks has an agreement with Pepsi Co. through which Pepsi distributes Starbucks' coffee drink, Frappucino, to grocery stores and other retail outlets. This is an example of a) a strategic channel alliance. b) exclusive distribution. c) dual distribution. d) horizontal channel integration. e) channel leadership.
Price skimming refers to ______.
Starting at a high price to capture consumers who are willing to pay more, then lowering the price over time to capture more price sensitive consumers.
a
Steelcase, Inc. markets furniture directly to businesses. This is an example of a(n) _________ channel. a) producer-to-business buyer b) producer-to-industrial-distributor-to-business buyer c) producer-to-agent-to-business buyer d) equipment e) consumer
Advertising plan
Subsection of firm's overall marketing plan
In the Thermos video, the Purposeful Mom was described as also crossing over into which other Target Market Profiles? (select all that apply)
Super commuter; Fashionista; Epicurean
The Retail Channel includes the following types of companies. (check all that apply)
Suppliers, Retailers & Fulfillment Centers, Manufacturers, Wholesalers & Distributors
The Business Roundtable stated that the Purpose of a Corporation is to meet the needs of Stakeholders. This includes: (select all that apply)
Suppliers; Customers; Shareholders; Community; Employees
Kennedy Library has nine high-quality and expensive marketing databases available to students. These data sources are known as ------ secondary data.
Syndicated
b
The Diamond Salt Company needs to transport 20 tons of salt from Baton Rouge, Louisiana, to Cincinnati. Which of the following methods would be the cheapest for transporting this cargo? a) Pipelines b) Waterways c) Trucks d) Airways e) Railroads
e
The Home Depot is trying to reduce transportation, information management, and administrative costs. To accomplish this goal, channel members need to a) work independently. b) avoid cooperation due to antitrust considerations. c) work with competitors and share information. d) increase competition among channel members. e) cooperate and accommodate one another's needs.
e
The Limited, which produces and retails clothing products in a coordinated channel, is an example of a(n) a) administered vertical marketing system. b) conventional marketing channel. c) channel network. d) contractual marketing channel. e) corporate vertical marketing system.
a
The United States Postal Service works hard to get priority mail from the sender to the recipient as quickly as possible in order to compete with companies such as UPS and FedEx. The postal service works to reduce a) cycle time. b) order processing. c) turn-around. d) shipping time. e) transportation.
d
The Wicks 'N Sticks candle and gift marketing organization has a(n) ___________ vertical marketing system arrangement with its franchised retail store operations. a) corporate b) administered c) negotiated d) contractual e) horizontal
a
The best way to reduce overall distribution costs is to a) use a total-cost approach to analyze and evaluate the entire system. b) minimize the costs associated with materials handling and transportation. c) reduce the number of distribution functions that are necessary. d) find the cheapest price for each function and use them to create the system. e) lower the service standards that the company has.
e
The contracting of physical distribution tasks to third parties who do not have managerial authority within the marketing channel is known as a) illegal. b) logistics. c) warehousing. d) wholesaling. e) outsourcing.
d
The driving force behind marketing channel decisions should be a) convenience. b) cost reduction. c) environmental concerns. d) customer satisfaction. e) quality.
c
The main objective of physical distribution should be to a) decrease costs while increasing market coverage. b) increase service and market coverage. c) decrease costs while increasing service. d) increase market coverage and channel power. e) balance costs and market coverage.
a
The main reason a manufacturer will prohibit intermediaries from selling its products outside designated sales territories is to a) tighten its control over distribution of its products. b) discourage competition from other manufacturers. c) incorporate selective distribution. d) contain distribution costs. e) punish intermediaries for past behavior.
c
The marketing channel of producer to retailer to consumer is most likely to be used by producers of which of the following products? a) Chewing gum b) Tobacco c) Automobiles d) Hardware e) Saltine crackers
c
The notion of physical distribution is a) speed of delivery. b) used only by manufacturers. c) the movement of products from producers to end users. d) primarily the wholesaler's responsibility. e) an assessment of distribution costs.
b
The order-processing task that involves verifying product availability, checking prices and customer credit ratings, and filling orders is a) warehousing. b) order handling. c) information processing. d) materials handling. e) order entry.
Price Elasticity
The ratio of the percentage change in demand to the percentage change in price of particular commodity. Abs[(Demandnew - Demandold)/Demandold]/ [(Pricenew - Priceold)/Priceold]
b
The reasons a vertically integrated channel can be more effective against competition is because of all of the following except a) the consolidation of power. b) tightly controlled and bureaucratic management style. c) the ability to inhibit competitors. d) the sharing of responsibilities and information. e) increased bargaining power.
b
The result of an inventory stockout is usually an increase in a) inventory costs. b) lost sales. c) net profit. d) customers. e) prices.
d
The supply chain includes a) producers, wholesalers, and retailers. b) suppliers, producers, intermediaries, and customers. c) suppliers and suppliers' suppliers. d) all entities that facilitate product distribution. e) buyers, seller, marketing intermediaries, and agents.
e
The three major levels of intensity at which a company can choose to distribute its products are _____ distribution. a) narrow, medium, and wide b) cooperative, conflicting, and integrated c) intensive, extensive, and exclusive d) selective, cooperative, and conflicting e) exclusive, selective, and intensive
Your competition's advertising campaign is a big hit with your target market, and they are gaining market share. This is an example of ------.
Threat
c
To expand the number of its retail outlets in the Washington, D.C., area, the Dress Barn bought out a small chain of women's apparel stores in northern Virginia. This type of integration is called a) vertical. b) retail. c) horizontal. d) backward. e) forward.
Check all the examples of Primary Packaging
Toothpaste tube; Bad holding an individual portion of potato chips; Shampoo bottle; Carton for milk (not a white box form Apple containing a new iphone, and not a amazon box)
Check all the examples of Primary Packaging.
Toothpaste tube; Bag holding individual portion of potato chips; Shampoo bottle; Carton for milk;
Profit
Total revenue - total costs (fixed + variable)
Automobile manufacturers could build cars specially designed for very tall people (for example, over seven feet), but it is likely that this segment is not substantial.
True
Government intervention is usually the only way an industry is prevented from becoming a pure monopoly over time.
True
Harold is a loyal Coca-Cola customer. Loyal customers like Harold require lower marketing expenditures, benefiting businesses like Coca-Cola.
True
Profit Maximization is a process to determine which price point will maximize Net Income, weighing the trade off between decreasing demand and increasing margins in a typical relationship.
True
Promotions known are "Pull" Strategies are when manufacturers reach consumers directly with promotional messages intended to build interest and desire for products.
True
The Compensatory Purchasing model is used by marketers to evaluate how each individual consumer weighs factors in their decision process, and can be accurately predict the decisions of any individual consumer.
True
The Harvard Business Publishing Reading for Week 7, "Integrated Marketing Communication", is required, and content may be on quizzes and exams even if not discussed in class.
True
When considering global expansion, Exporting is the lowest risk method, but also the lowest control over marketing decisions.
True
c
Tying agreements occur when a a) producer distributes the same product through two or more different channels. b) manufacturer forbids an intermediary to carry products of competing manufacturers. c) supplier furnishes a product to a channel member with the stipulation that the channel member must purchase other products as well. d) producer refuses to deal to channel members that seem unethical or illegitimate. e) manufacturer prohibits intermediaries from selling its products outside designated sales territories.
Deal
Type of short-term price reduction that can take several forms
number of viewers of a web page
Unique Page Views
Brand Image includes the following factors
Uniqueness; Strength; Favorability
Brand Image includes the following factors.
Uniqueness; Strength; Favorability
Contribution Margin
Unit Price - Unit Variable costs
In understanding consumer buying behavior, there are sometimes roles in the decision process. The person who may not have an active role in the decision and buying process, but consumes the product or service from the buying decision is the _______.
User
e
Using a freight forwarder usually a) is not economical for a small firm. b) increases transit time and shipping costs. c) increases transit time and sometimes lowers shipping costs. d) lowers shipping costs for a large firm. e) reduces transit time.
a
Using only some of the available outlets to distribute a product is called a) selective distribution. b) intensive distribution. c) channel conflict. d) vertical channel integration. e) exclusive distribution.
Unique selling proposition(USP)
Value proposition which is a common theme or slogan in advertising campaign
__________ is when a Manufacturer manages the re-stocking of displays and ordering for a Retailer, including ensuring out of date stock is pulled.
Vendor managed inventory
e
Vertical channel integration a) results in two or more different management teams for each member of the channel. b) is made possible when a large corporation divests itself of smaller subsidiaries. c) is a shift back to the conventional channel of distribution. d) combines institutions at the same level of operation. e) is made possible by purchasing the operations of a link in the channel.
a
Wal-Mart is working with its suppliers, using tools such as electronic billing, purchase order verification, and bar code technology, to integrate data used to improve overall performance. This is an example of a) supply chain management. b) a vertical marketing system. c) a horizontal marketing system. d) channel conflict. e) dual distribution.
e
Warner Bros. sells cookie jars, puzzles, photo albums, and other items featuring its popular cartoon characters directly through its own retail outlets. This is an example of a) channel leadership. b) channel cooperation. c) channel conflict. d) horizontal channel integration. e) vertical channel integration.
The following are the internal factors about your company
Weakness; Strengths
d
What are the three primary tasks of order processing? a) Order receipt, order delivery, order follow-up b) Order handling, inventory management, order delivery c) Materials handling, warehousing, order delivery d) Order handling, order entry, order delivery e) Order receipt, order checking, order delivery
b
What function of physical distribution enables companies to compensate for dissimilar production and consumption rates and stabilize prices and availability of seasonal items? a) Materials handling b) Warehousing c) Transportation d) Inventory management e) Order processing
a
What is a primary difference between an industrial distributor and a manufacturers' agent? a) A manufacturers' agent does not acquire title nor usually take possession of the products whereas an industrial distributor does. b) A manufacturers' agent is employed by the manufacturers while an industrial distributor is independent. c) An industrial distributor is employed by the manufacturers while a manufacturers' agent is independent. d) A manufacturers' agent rarely adds any value to the marketing channel while an industrial distributor reduces costs significantly. e) An industrial distributor does not form relationships with customers for repeat business whereas a key asset of a manufacturers' agent is his knowledge of his customers.
d
What is the most expensive physical distribution function? a) Warehousing b) Order processing c) Inventory management d) Transportation e) Materials handling
e
What is the primary determinant in deciding how materials will be handled? a) Unit loading b) Containerization c) Customer preference d) Cost reduction e) Product characteristics
c
What is the reorder point if the usage rate is 10 units per day, the order lead time is five days, and the safety stock is 30? a) 50 b) 150 c) 80 d) 200 e) 400
a
What links producers to consumers through the purchase and reselling of products or contractual agreements? a) Marketing intermediaries b) Distributors c) Suppliers d) Middle marketers e) Marketing channels
e
What two modes of transportation are used when containers are shipped by piggyback? a) Railroads and airways b) Trucks and airways c) Pipelines and trucks d) Waterways and railroads e) Railroads and trucks
b
When Benetton, the Italian sportswear designer and manufacturer, decided to open its own specialty shops to sell its merchandise, the firm was engaging in a) channel repetition. b) vertical channel integration. c) channel conflict. d) horizontal channel integration. e) channel expansion.
b
When Busch Light Beer was introduced as part of the Anheuser-Busch product line, the company most likely used ___________ distribution. a) horizontal b) intensive c) selective d) agent e) exclusive
a
When Sophie buys organic produce for her household using a channel with only one intermediary, that intermediary is classified as a a) retailer. b) wholesaler. c) broker. d) functional middleman. e) producer.
a
When a single channel member manages an integrated marketing channel to achieve low-cost, efficient distribution for satisfying target markets, ______ exists. a) a vertical marketing system b) horizontal channel integration c) channel power d) channel cooperation e) extensive distribution
e
When channel members are linked by legal agreements that specify each member's rights and responsibilities, _______ exists. a) horizontal channel integration b) an administered VMS c) a corporate VMS d) a channel captain e) a contractual VMS
e
When companies operate their own facilities for storing and shipping products, these facilities are known as a) distribution centers. b) product storehouses. c) public warehouses. d) megawarehouses. e) private warehouses.
e
When considering the best channel to use, all of the following are true with regard to larger firms except they a) can use an extensive product mix as a competitive tool. b) may be better able to negotiate better deals with vendors or other channel members. c) may have more distribution centers. d) may have the resources to develop their own sales force. e) may be better suited to serve customers in a particular region.
b
When one company in a marketing channel has the ability to influence another member's goal achievement, the company has a) channel control. b) channel power. c) marketing leadership. d) a channel captain. e) distributive influence.
a
When produce companies such as Dole Tomatoes bypass wholesalers and sell directly to retailers, it is likely to create channel ___________ between Dole and these wholesalers. a) conflict b) cooperation c) leadership d) integration e) flows
d
When three buyers purchase the products of three producers, nine transactions are required. If one intermediary serves both producers and buyers, the number of possible transactions is a) fifteen. b) five. c) eighteen. d) six. e) twenty.
c
Where do supply chains start? a) Raw materials b) Suppliers c) Customers d) Producers e) Retailers
a
Which major mode of freight transportation provides the most flexible schedules and routes? a) Trucks b) Waterways c) Airways d) Pipelines e) Railroads
a
Which mode of transportation hauls more freight than any other? a) Railroads b) Waterways c) Pipelines d) Trucks e) Airways
c
Which of the following describes a disadvantage of using industrial distributors? a) Industrial distributors possess considerable market information. b) Their marketing exchange relationships are very focused. c) They are unlikely to handle bulky items or items that are slow sellers. d) Industrial distributors sell specific brands aggressively. e) Industrial distributors acquire title to the products and take possession.
e
Which of the following is an advantage of using an industrial distributor? a) These firms are easy to control because they work directly for the producers. b) Inventory holding costs are minimized because they can store inventory very cheaply. c) They are closer geographically to all of the producers' customers. d) They possess a high level of technical knowledge about their products. e) They help reduce a producer's financial burdens by extending credit to customers.
c
Which of the following is least likely to be a factor affecting the selection of marketing channels? a) Customer characteristics b) Product attributes c) Product packaging d) Competition e) Environmental forces
c
Which of the following is most likely to be a product stocked by an industrial distributor? a) Tires b) Exercise equipment c) Screws d) Countertops e) Bananas
d
Which of the following is the most commonly used channel for distributing business products? a) Producer, agents, industrial distributors, organizational buyers b) Producer, industrial distributors, organizational buyers c) Producer, agents, organizational buyers d) Producer, organizational buyers e) Industrial distributors, organizational buyers
a
Which of the following organizations consolidates shipments from several firms into more efficient lot sizes? a) Freight forwarder b) Forwarding agency c) Transporter d) Special transportation company e) Intermodal shipping company
d
Which of the following physical distribution functions involves design and operation of facilities for storing goods? a) Order processing b) Materials handling c) Transportation d) Warehousing e) Inventory management
The Retail Channel includes the following types of companies
Wholesalers & distributors; Retailers & fulfillment centers; Manufacturers; Suppliers & manufacturers
The Retail Channel includes the following types of companies.
Wholesalers & distributors; Retailers & fulfillment centers; Manufacturers; Supplies & manufacturers
The Retail Channel includes the following types of companies. (check all that apply)
Wholesalers & distributors; Retailers & fulfillment centers; Suppliers; Manufacturers
c
Without wholesalers and other intermediaries, a) most products would be much less expensive because fewer companies would be handling the product. b) products would be cheaper because the functions of intermediaries would be eliminated. c) products would likely be more expensive due to the use of less efficient channel members. d) products would never be able to make it to the ultimate consumer at any price without passing through intermediaries. e) many products would be more expensive because retailers would expect more profit.
A familiar mark that can be changed and altered yet remind consumers of the brand is known as a ____ logo.
Wordmark
e
___________ adds time and place utility to a product by moving it from where it is made to where it is purchased and used. a) Warehousing b) Containerization c) Distribution d) Materials handling e) Transportation
a
___________ is the combining and coordinating of two or more modes of transportation to take advantage of benefits offered by each of the different types of carriers. a) Intermodal transportation b) Physical distribution c) Containerized movement d) Efficient transportation e) Freight forwarding
Price elasticity of demand
a measure used to show the responsiveness, or elasticity, of the demand for a product in response to a change in its price When the PED for a product is perfectly inelastic (= 0), changes in the price do not affect the quantity demanded for the good. When the PED for a product is relatively inelastic (<1), the percentage change in quantity demanded is smaller than that in price. When the PED for a product is relatively elastic (>1), the percentage change in quantity demanded is greater than that in price.
Profit Maximization analysis is _____________.
a process to determine which price point will maximize Profit, weighing the trade-off between decreasing demand and increasing margins in a typical relationship. Budgeting and ROI is a process to determine which promotional strategies will maximize Profit, weighing the trade-off between varying costs and expected sales from each promotional initiative.
Conscious marketing
a sense of purpose for the firm that is more than simply making a profit by selling products and services
Vertical Retail Channel integration is when ______.
a single company does more than one of the roles in the Retail Channel, to include Manufacturer, Wholesaler and/or Retailer
Vertical Retail Channel integration is when _______.
a single company does more than one of the roles in the Retail Channel, to include Manufacturer, Wholesaler and/or Retailer.
Vertical Retail Channel integration is when _____________.
a single company does more than one of the roles in the Retail Channel, to include Manufacturer, Wholesaler and/or Retailer.
'Filtering' Respondents in your Qualtrics survey is done to __________.
analyze results from the Target Market only.
Brand Extension is when a brand _____________.
applies a known brand name to other product lines
Brand Extension is when a brand _____.
applies a known brand name to other product lines.
Brand Extension is when a brand ______.
applies a known brand name to other product lines.
From the Demand Curve shown, you can conclude that _____.
as price increases, demand decreases
From the Demand Curve shown, you can conclude that __________.
as price increases, demand decreases
When a Retailer advertises a price claim that is not really available, just to lure a customer into the store to up-sell them on a more profitable item it is known as ________.
bail and switch
When a Retailer advertises a price claim that is not really available, just to lure a customer into the store to up-sell them on a more profitable item it is known as _____________.
bait and switch
A post-purchase problem some customers face is Cognitive Dissonance, which is when their actions are not aligned with their intentions or thinking. This may be due to new information, or regret in the making the purchase. This is known also known as ______________.
buyer's remorse
One of the strengths of on-line & interactive promotions is that they __________.
can provide immediate, measurable feedback to marketers
Based on the data below, one can conclude _____________. (graph)
change in demand is typical, decreasing with increasing prices
In a Monopolistic Competition environment, the Marketer needs to ______.
communicate unique value to consumers about their products as worth the same price.
In a Monopolistic Competition environment, the Marketer needs to ______.
communicate unique value to consumers about their products, so the consumer does not view competitor products as worth the same price.
In a Monopolistic Competition environment, the Marketer needs to ____________.
communicate unique value to consumers about their products, so the consumer does not view competitor products as worth the same price.
A perception map (aka positioning map), is used to ----
compare how you and competitors are perceived by consumers on 2 aspects of the product, (that matter to consumers).
A Perception Map (also called a Positioning Map), is used to ______.
compare how you and competitors are perceived by consumers on two aspects of the product, (that matter to consumers).
A company that sells only multigrain, low-calorie bread should use an which marketing strategy?
concentrated
Four frequently used targeting strategies are the undifferentiated, differentiated, micromarketing, and __________ targeting strategies.
concentrated
The MRI Index for consumers who "attended college" for your product is 146. This means that ___________.
consumers who attended college are 46% more likely to buy your product than the average
In required reading, the integrated marketing communication (IMC), refers to _______.
coordinating the company's outgoing message between multiple media types, and ensuring consistency throughout
In the Required Reading, the Integrated Marketing Communication (IMC), refers to ___________.
coordinating the company's outgoing message between multiple media types, and ensuring consistency throughout.
The fundamental goal of marketers when creating goods, services, or combinations of both is to
create value
By adding new product lines beyond its core business of computer software, like the Surface Pro tablet and Xbox 360 game system, Microsoft primarily benefits by
creating diversification and reducing risk
The MRI Mediamark database is ideal for researching ____________.
customer demographics and buying habits
The MRI Index presents some data in red to inform you that the data was collected from a small sample size. In your Qualtrics Report, you should similarly inform the reader when data is from a small sample size because ____________.
data from a small sample size may still give valuable insights, but cannot be as fully trusted.
Walmart studied its transaction records to learn that people tend to buy certain products at the same time, for example, toothpaste and dental floss or paper towels and paper plates. Knowing this, Walmart will promote and display these products together. To uncover these customer purchasing patterns, Walmart marketers used
data mining
When a retailer advertises a specific price claim that is not real, such as "50% off the regular price" but a higher price was never used, it is known as _____________.
deceptive pricing
----- segmentation is the most common basis of consumer market segmentation because these segments are easy to define and usually easy to reach
demographic
Fixed costs
do not vary with production or sales level
If a firm wants to develop a sustainable competitive advantage, it should
examine its operations and customer relations to identify significant things competitors cannot easily copy.
Downstream partners (retailers, distributors)
firms that link to the customer
Upstream partners (suppliers, producers)
firms that supply the raw materials, components, parts, labor, and other elements necessary to create a good
When a logo name has ® above and right of it, this means the logo and/or brand name ________.
has been registered as a protected trademark by the US Patent and Trademark Office
When a logo or brand name has (R) above and right of it, this means the logo and/or brand name _______.
has been registered as a protected trademark by the US Patent and Trademark Office.
When a logo or brand name has ® above and right of it, this means the logo and/or brand name ________.
has been registered as a protected trademark by the US Patent and Trademark Office.
Every month, Dr. Combahee takes her staff to lunch and asks them to share patients' comments and concerns. Dr. Combahee uses the lunches as an informal marketing research effort intended primarily to
help her understand the needs of her customers
Discount for Intent refers to ______.
how likely someone in your target market, who has reviewed your product's full promotional message, is to buy your product.
Discount for Intent refers to ______________.
how likely someone in your target market, who has reviewed your product's full promotional message, is to buy your product.
Discount for Intent is useful for forecasting how many consumers are likely to buy your product based on ___________.
how many unique viewers expressed interest in your ads and viewed your full promotional message.
By adding new product lines beyond its core business of computer software, like the Surface Pro tablet and Xbox 360 game system, Microsoft primarily benefits by
increase the share of wallet from their best customers.
In the AIDA model, "Awareness" leads to
interest, which hopefully leads to desire and then action
The stages in a Product Life Cycle (also applies to industries and companies) are
introduction, growth, maturity, decline
Reducing inventory and warehousig by closely tracking shipment of raw materials or products to arrive as needed from Retail Channel Partners.
just in time
A Distributor/Wholesaler adds value to the Retail Channel by ___________. (multiple answers, check all that apply)
knowing the competitive environment and norms of their industry. providing Retailers with knowledge and products from multiple manufacturers. having relationships with multiple manufacturers and retailers.
For your Team Project survey, when 'filtering' you cannot report and use data from _____________. (Remember that in a real-world marketing survey, the number to be considered reliable would likely be much higher).
less than 20 Respondents without also informing the reader that the data is considered unreliable due to the low number of responses. less that 10 Respondents.
The purpose of creating charts and graphs is to _________.
make it easier for the reader to grasp the significance of a group of numbers.
Brand Equity refers to the ____.
market value of that brand to the company
Brand Equity refers to the _______.
market value of that brand to the company.
Brand Equity refers to the ____________.
market value of that brand to the company.
Maslow's Hierarchy of Needs is useful in marketing, and understanding consumer behavior, because ___________.
marketers need to understand which needs the customers are experiencing, and ensure benefits and messaging addresses the customer's needs.
When creating a budget for a marketing initiative, the Expected Sales is determined by applying the Discount for Intent to __________.
number of consumers in your Target Market who can be expected to see your promotional messages to the point of understanding your product features and benefits (similar to your survey respondents).
Reach
number of unique viewer of a digital ad
Unique Page Views
number of viewer of a web page
In studying the microenvironment, PEST refers to
political, economic, social and technological changes
The complete set of all products offered by a firm is called its
product mix
The Four P's of the Marketing Mix are
product, price, promotion, place
Consumers today want to eat healthier, and your organic product appeals to this segment. This is an example of __________ segmentation.
psychographic
The number of unique viewers of a digital ad is known as ___________.
reach
The MRI Index number (last column) can be interpreted as -----.
representing how much more likely consumers of this product type are to be in this demographic group, or to use the media, normalized to a single number where the baseline of the general population =100, and higher numbers represent higher likelihood of consumers of this product to be in the demographic, or to use the media.
The MRI Index number (last column) can be interpreted as ______.
representing how much more likely consumers of this product type are to be in this demographic group, or to use the media, normalized to a single number where the baseline of the general population =100, and higher numbers represent higher likelihood of consumers of this product to be in the demographic, or to use the media.
In a B2B decision, the Analysis & Selection phase involves ___________________.
reviewing proposals submitting in response to an RFP to select a vendor.
Data for Perceptual Maps created in this class are _____.
rough estimates of perceptions, which are general idea of consumer sentiment and may or may not have solid research behind it.
In this class, the data for Perceptual Map will come from ________.
rough estimates of perceptions, which are general ideas of consumer sentiment and may or may not have solid research behind it.
Company sales invoices, census data, and trade association statistics are examples of
secondary data
To develop psychographic segments, the marketer must understand consumers'
self-values, self-concept, and lifestyles
Price skimming
setting a high price for a new product in order to "skim" revenues, layer-by-layer, from those willing to pay the high price results in much slower acceptance of a new product but higher unit profits The company will make fewer, but more profitable, sales
Penetration pricing
setting a low initial price in order to "penetrate" the market quickly Can attract a large number of buyers quickly and win a large market share results in greater initial sales volume but lower unit profits
Organic
social media content that is spread without being paid for
Price Skimming refers to __________.
starting at a high price to capture consumers who are willing to pay more, then lowering the price over time to capture more price sensitive consumers.
Price skimming refers to _____.
starting at a high price to capture consumers who are willing to pay more, then lowering the price over time to capture more price sensitive consumers.
Price Elasticity is the slope between two prices points on the demand curve. The formula is ____________.
the % change in quantity demanded divided by the % change in price
Bounce Rate
the % of web site visitors who only view one page of a website
Social influence
the ability to get people to change their behavior so as to comply with your requests.
The center of all marketing efforts is
the consumer
Market research
the systematic design, collection, analysis, and reporting of data relevant to an organizations marketing decision(s) is done so that managers can make informed decisions
Place
the value delivery network that delivers an offering & creates value
Price
the value that customers give up or exchange to obtain a desired product
A weakness of Point of Purchase (POP) displays is ___________.
they may be ignored if there are an excessive number.
One of the goals of value-based marketing is
to offer greater value than competitors offer.
Promotion
tools that the company uses to engage consumers, persuasively communicate customer value, and build customer relationships
Break-even point (in units) with target profit goal included
total fixed costs + target profit ($) / Price - unit variable costs
Break-even point (in units)
total fixed costs / Price - unit variable costs
The desired outcome of creating a Perceptual Map (aka Positioning Map), is to ____________.
understand how your product is perceived by consumers on important attributes, and how it compares to competitors.
The outcome of creating a Perceptual Map (Positioning Map), is to _______.
understand how your product is perceived by consumers on important attributes, and how it compares to competitors.
The outcome of creating a Perceptual Map (positioning map), is to -----
understand how your product is perceived by consumers on important attributes, and how it compares to competitors.
Julia is considering a career in marketing. She is concerned about the image of marketers as fast-talking, high-pressure people who care only about making a sale. When reading about the core aspects of marketing, Julia is relieved to see that in marketing . . .
understanding and meeting consumer needs and wants is fundamental.
In the video, "Avoiding Death by Powerpoint", the speaker tells us to _____________.
use short phrases over sentences to keep audience focused on speaker, and not reading slides.
Variable costs
vary directly with the level of production
The primary reason to apply "Filters" in Qualtrics is to __________.
view only Respondents who are part of your Target Market.
Ad Words refers to ___________.
when your on-line promotional message appears only if designated words are searched for.
A generational cohort is a group of people
who are of the same generation
Nike video indicated they are actively looking to grow the _____________ demographic with their marketing efforts.
women
What goes viral?
• Social currency: It's all about people talking about things to make themselves look good, rather than bad • Triggers: which is all about the idea of "top of mind, tip of tongue." We talk about things that are on the top of our heads. • Ease for emotion: When we care, we share. The more we care about a piece of information or the more we're feeling physiologically aroused, the more likely we pass something on. • Public: When we can see other people doing something, we're more likely to imitate it. • Practical value: Basically, it's the idea of news you can use. We share information to help others, to make them better off. • Stories, or how we share things that are often wrapped up in stories or narratives.
"Value-Added" Pricing
•Attaching value-added features and services to differentiate products and support higher prices
Cons of Sales Promotion
•Lower profit margin •Only attract price sensitive "un-loyal" customers •Increase price sensitivity •"Stocking up" •Damage brand •Promotion Clutter
"Good-Value" Pricing
•Offering just the right combination of quality at a fair price •Focus on introducing less expensive versions of products to meet the needs of frugal spending habit
Pros of Sales Promotion
•Short term sales growth •Attract new customers •Increase satisfaction of existing customers