Intro to Marketing 3

Product/ brand

A ___ manager is responsible for developing and executing a marketing program for a product line, and some may also develop new products.

Gross rating points

A commonly used reference number in advertising is called ______, found by multiplying a medium's reach by frequency.

Wholesaler

A firm that would typically be called a(n) ________ in consumer markets would perform the same functions as a distributor in business markets

individuals and firms

A marketing channel consists of ______ involved in the process of making a product or service available for use or consumption by consumers or industrial users.

narrow the range of choices among the variety of pricing strategies.

A marketing manager considers pricing objectives and constraints to

the brand equity of the multiproduct brand

A product line extension benefits from Multiple choice question.

List

According to the price equation, the actual price is the ________ price less incentives and allowances, plus extra fees

Subtract incentives and allowances and add extra fees

According to the price equation, to find the actual price, you should do which of the following to the list price?

Ability to modify the message based on immediate feedback Reduction in wasted coverage

Advantage of personal selling

price

An off-________ retailer is one that offers an inconsistent assortment of brand name merchandise at low prices.

Open

Apple's use of the professional R&D laboratory IDEO to create the first computer mouse is an example of ________ innovation. Multiple choice question.

personality

Brand _____, common among successful and established brands, is a set of human characteristics that are associated with the brand name.

Components & support products

Business products can be classified as which two of the following?

Profit-oriented

By focusing on target profit pricing or target return pricing, a firm is using a ________ pricing approac

profit-oriented

By focusing on target profit pricing or target return pricing, a firm is using a ________ pricing approach.

Channel

Choice of a marketing ______ by a producer might involve examining a number of factors, including coverage of the target market, buyer requirements, and profitability.

Channel

Choosing a marketing ______ is a critical decision for a producer because not only does it provide a link to its buyers but also the means through which it implements various elements of its marketing strategy.

a company's advertising and personal selling.

Consumer-oriented sales promotions are used to support

Overhead, Profit, and Manufacturing costs

Cost-oriented approaches to pricing considers which of the following in the setting of a product's price?

value pricing

Creative marketers engage in _________ when they increase product benefits without changing the price.

Open

Developing strategic relationships with outside individuals and organizations in order to create new-product ideas is known as ________ innovation.

Information

Even the most basic ________ for an advertised product can be shown in a persuasive manner in order to attract attention and encourage purchase.

total logistics cost

Expenses associated with transportation, materials handling and warehousing, inventory, stockouts, order processing, and return goods handling are included in Multiple choice question.

The rate of consumer adoption

Important aspects of product life cycles include the length of the cycle, its shape, how it varies depending of the type of product, and

New- product strategy development

In which stage of the new-product process does an organization use a SWOT analysis and develop a product protocol? Multiple choice question.

25-30%

It is estimated that logistics costs including transportation, distribution center operations, and order processing represent ________ of the retail price that you pay for a new car.

Use

Market modification strategies include finding new customers, increasing product ______, and creating a new use situations.

Corporate and family branding

Multiproduct branding is also called which two of the following? Multiple select question.

Customary + loss leader

Organizations choosing competitor-oriented approaches to set prices might use which of the following strategies?

loss-leader pricing & customary pricing

Organizations choosing competitor-oriented approaches to set prices might use which of the following strategies?

Elasticity

Price ____ of demand is a measure of how sensitive consumer demand and the firm's revenues are to changes in the product's price

Quantity demanded, price

Price elasticity of demand is expressed as percentage change in ________ divided by the percentage change in ________

Quantity demanded, price

Price elasticity of demand is expressed as percentage change in ________ divided by the percentage change in ________.

The money or other considerations exchanged for the ownership or use of a product

Price is defined as

the money or other considerations exchanged for the ownership or use of a product.

Price is defined as

Maximum units sold

Price times quantity sold is

Total cost & total revenue

Pricing decisions are challenging because the price chosen will impact which two of these?

Total revenue and total cost

Pricing decisions are challenging because the price chosen will impact which two of these?

price simultaneously affects total revenue and total cost.

Pricing decisions are difficult because

modification

Product bundling is one approach that may be used in a product ______strategy to increase a product's value to customers.

trade

Sales tools used to support a company's advertising and personal selling directed to wholesalers, retailers, or distributors are known as ________-oriented sales promotions

Cost-oriented, competition-oriented, demand-oriented

Select all of the following that are common approaches to setting an approximate price level for a product.

A retailer's personnel A store's physical evironment

Shopping experience is a consumer's perception of an encounter with which of these?

Intensive

The 1 million ATM machines owned by Visa are an example of Visa's strategy to provide a(n) _______ distribution of cash.

Unit

The ___ variable cost is total variable cost divided by the quantity

Message

The advertising ____ usually focuses on the key benefits of the product that are important to a prospective buyer in making trial and adoption decisions.

its supply chain

The combination of a firm's supplier network and its marketing channel is known as

CPM

The cost of reaching 1,000 individuals or households with the advertising message in a given medium is abbreviated as

Personal Selling

The high cost of ________ is a major disadvantage; on a cost-per-contact basis, it is generally the most expensive of the five promotional elements

Intensive

The highest level of distribution density is known as _____ distribution.

scrambled merchandising

The modern drugstore carries food, camera equipment, toys, and pharmaceuticals, which is an example of

Price

The money or other considerations exchanged for the ownership or use of a product or service is its

Launching a full-scale production for a new product

The new-product process stage of commercialization involves which of the following? Multiple choice question.

manufacturing the product & ensuring the product meets the standards established by the protocol

The new-product process stage of development (stage 5) involves which two of the following?

Minimize logistics costs, maximum customer service

The objective of logistics management in a customer-driven supply chain is to ________ while delivering ________.

Price elasticity of demand

The percentage change in quantity demanded relative to a percentage change in price is known as

Store location retail pricing

The retailing mix includes which of these?

maturity

The stage of the product life cycle is characterized by a slowing of growth in total industry sales or product class revenue.

new

The term ________ is difficult to define and apply to products, and one can think about it from an organizational, consumer, or even a legal perspective. Multiple choice question.

ads

The two broad types of ____ are product and institutional

Idea generation

The use of open innovation can be useful in the ________ stage of the new-product process because it helps organizations find and execute product concepts externally and overcome the associated not-invented-here barriers.

The price

To determine ______ for a product, you must consider limitations based on customers, actual costs, and profits

new

To determine if a product should be considered (one word), it can be compared with existing products or its level of required consumer learning may be considered, but the FTC also has a legal definition.

Add extra fees and subtract incentives and allowances

To find the actual price, what should be done to the list price?

Profit

Total revenue minus total cost is known as

are directed at intermediaries in the channel.

Trade-oriented sales promotions differ from consumer-oriented ones in that trade promotions

Sales promotion

Using ________ continuously mutes its effectiveness and causes customers to question the product's value.

perceived benefits divided by price

Value is defined as

change with

Variable costs _____ production volume

off price

Warehouse clubs, outlet stores, and extreme value retailers are variation of _____ - ______retailing.

Corporate chain Independent retailer Contractual systems

What are the three general types of retail ownership?

Promotional elements are often the responsibility of different departments

What is a particular challenge for the coordination of a consistent promotional effort?

They share risk with the producers when they stock merchandise in anticipation of sales.

What is true about wholesalers?

Push

When the manufacturer directs the promotional mix at its channel members to gain their cooperation in ordering and stocking the product, it is known as a(n) ________ strategy.

Pull

When the manufacturer directs the promotional mix at ultimate consumers to encourage them to ask the retailer for a product, and the retailer then orders it from a wholesaler, it is known as a(n) ________ strategy

Agent Broker

Which intermediaries have legal authority to act on behalf of the manufacturer?

A channel A receiver Decoding

Which of the following are elements of the communication process?

- What will pay for all associated costs, including marketing? -What are customers willing to pay? -What will provide a profit to the company?

Which of the following are essential to consider when setting a price? - What will pay for all associated costs, including marketing? -What are customers willing to pay? -What will provide a profit to the company? -What type of product could be used in barter?

Target profit pricing and target return pricing

Which of the following are profit-oriented approaches to setting a price?

Administered Corporate Contractual

Which of the following are types of vertical marketing systems?

Transactional

Which of the following functions is performed by intermediaries when they buy and sell products or services?

Problem definition

Which of the following is not a stage in the new-product process? Multiple choice question.

Specificying advertising objectives

Which of these steps in developing advertising is most helpful in selecting media and evaluating a campaign?

Responsive Efficient

Which two best describe effective choices for designing a supply chain that meets customer requirements and aligns with strategy?

Responsive and Efficient

Which two best describe effective choices for designing a supply chain that meets customer requirements and aligns with strategy?

flexible and one

Which two of the following are the options when choosing a price policy? Multiple select question.

Character shape and overall length

Which two of the following are ways that a product life cycle curve can vary

Other intermediaries

Wholesalers are intermediaries who sell to

Cost-Oriented Pricing

____-_____ approaches to pricing start with production and manufacturing costs and then add enough to cover direct expenses, overhead, and profit

Variable

_____ cost is the sum of the expenses of the firm that vary directly with the quantity of a product that is produced and sold.

decoding

_____ refers to the process by which a receiver takes a set of symbols and transforms them back to an idea

Break even

_____-_____ analysis is a technique that analyzes the relationship between total revenue and total cost to determine profitability at various levels of output

pricing objectives

______ _____ involve specifying the role of price in an organization's marketing and strategic plans.

Supply chains

______ are typically designed to be either responsive or efficient, depending upon a firm's strategy to meet customer requirements

Logistics

________ costs like transportation and order processing of sales are a large part, estimated at 25 to 30 percent, of the retail cost of an automobile.

Demand

_____oriented pricing approaches weigh factors underlying expected customer tastes and preferences more heavily than other factors.

A demand curve is a

a graph relating quantity sold and price

reverse logistics

a process of reclaiming recyclable and reusable materials for repair, redistribution, or disposal

Reduced waste in landfills lowered operating costs for companies

benefits associated with reverse logistics?

Pricing Objectives

involve specifying the role of price in an organization's marketing and strategic plans

Brand equity

the added value a brand name gives to a product beyond the functional benefits provided

Learning

the categories of continuous innovation, dynamically continuous innovation, and discontinuous innovation are based on levels of consumer Multiple choice question.

Unit variable cost

the total variable cost divided by the quantity.

Unit Variable cost

total variable cost divided by quantity

decline stage

when a product goes into the ___ stage of the prodcuct life cycle, the company may eventually remove it from the market