MARK7520 Exam 3 Smartbook Questions

Brand association

A primary purchase driver

Which of the following are customer advantages resulting from brand associations? Select all that apply.

Customers process, store, and retrieve product information by brand, which is a big advantage for strong brands. Strong brands generate a more positive attitude toward the product.

Perceived quality

Differentiates the product and create higher price points

The fundamental philosophy behind Blank______ is to reduce investment in promotion and transfer part of the savings to lower price.

EDLP

Brand loyalty

Enables a company to reduce marketing costs and leverage trade relationships

Brand assets

Possessions, such as trademarks and patents, that represent a significant competitive advantage

The measurement instrument developed by Parasuraman, Zeithaml, and Berry that reflects the five dimensions of service quality is called Blank______.

SERVQUAL

the acronym ___ is a measurement instrument that reflects the five dimensions of service quality.

SERVQUAL

brand awareness

Signals a familiarity and potential commitment to the brand

What are the three customer brand roles? Multiple select question.

The brand helps reassure the customer in the purchase decision. The brand educates the customer about the product. The brand conveys information about the product.

Which statement correctly describes the presentation of the gap model?

The model uses a horizontal line to separate the provider side of a service encounter from the customer side above it.

What are three basic axioms that support the contemporary service-dominant logic? Multiple select question.

Value is co-created by multiple parties, including the company and the customer. Value is defined by the customer. Service is the fundamental basis of exchange.

In Gap 1, a lack of the right customer data can wreak havoc on service delivery and cause a service gap between management's perceptions of customer service expectations and Blank______.

actual customer expectations of service

Service gap 3 strictly asks whether the service is provided in the manner intended. This gap look refers to the difference between actual service quality specifications developed and Blank______. Multiple choice question.

actual service delivery

When the company builds an aspect of the service delivery system that does not meet customer wants and needs, it can cause a service gap 2 between management's perceptions of customer service expectations and Blank______.

actual service quality specifications developed

Which of the following elements of package labeling do consumers find particularly helpful? Select all that apply. Multiple select question.

assembly information product precautions initial use instructions

in ____ pricing, individuals competitively bid against each other and the purchase goes to the high bidder.

auction

Which pricing strategy is in use when individuals competitively bid against each other and the purchase goes to the high bidder? Multiple choice question.

auction pricing

in _____ pricing, all costs associated with an offering are identified to come up with what the average cost of what a single unit might be.

average-cost

Which pricing strategy identifies all costs associated with an offering in order to come up with what the average cost of a single unit? Multiple choice question.

average-cost pricing

What two things does a company evaluate in offering a warranty?

benefits costs

service _____ map out a complete pictorial design and flow chart of all the activities from the first customer contact to the actual delivery of the service.

blueprints

No other single product element conveys more information about the company than its ____

brand

a _____is a name, term, sign, symbol, or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.

brand

Which of the following are dimensions of brand equity? Select all that apply. Multiple select question.

brand awareness brand association brand assets brand loyalty perceived quality

A set of assets (and liabilities) linked to a brand's name and symbol that adds to (or subtracts from) the value provided by a product or service to a firm or that firm's customers is called Blank______.

brand equity

A summary of unique qualities attributed to the brand is referred to as Blank______. Multiple choice question.

brand identity

All things being equal (value proposition, product features), the Blank______ product gives customers a reason to buy.

branded

_____ pricing entails gaining a commitment from a customer to a basic product or system that requires continual purchase of peripherals to operate.

captive

Which type of pricing entails gaining a commitment from a customer to a basic product or system that requires continual purchase of peripherals to operate? Multiple choice question.

captive pricing

____ discounts are used to elicit quicker payment of invoices.

cash

Loss of control and overexposure are two disadvantages of Blank______. Multiple choice question.

co-branding

The ability to open products up to new markets as well as lower costs incurred by sharing marketing communication expenses are two advantages of Blank_____

co-branding

Which pricing strategy might lead the marketing manager to decide to price at some market average price?

competitor-based pricing

Which type of pricing builds a price by adding a standardized markup on top of costs for an offering?

cost-plus pricing

Which of the following are approaches for setting the exact price? Select all that apply.

cost-plus pricing/markup on cost markup on sales price target return pricing average-cost pricing

When a company is designing its packaging, the challenge is balancing how much product protection to offer with its associated ____

costs

___ attributes are aspects of an offering where the customer may know only the desired end state.

credence

Conveying information about the product, educating the customer about the product, and reassuring the customer in the purchase decision are all elements of Blank______ brand roles.

customer

When a service exceeds customer expectations, the result is Blank______.

customer delight

Which of the following are parts of the service-profit chain? Select all that apply. Multiple select question.

customer satisfaction and loyalty internal service quality satisfied and productive employees revenue growth and profitability

Which three items can be a component of a brand?

design name symbol

a ________ s a direct, immediate reduction in price provided to purchasers.

discount

What does Leonard Berry, a leading expert in the field of services marketing, state is a differentiator that is hard for the competition to replicate?

enabling employees to effectively deliver service

a service _____ is the period during which a customer interacts in any way with a service provider.

encounter

The fundamental philosophy behind Blank______ is to reduce investment in promotion and transfer part of the savings to lower price.

everyday low pricing

Aspects of an offering that can be evaluated only during or after consumption are called Blank______.

experience

Which of the following does perceived quality of product provide to the sponsoring company? Select all that apply.

extend product range differentiation in the market price premium opportunity

Because of customer brand connections, marketing managers generally want to Blank______. Multiple choice question.

extend the brand to new products

______ brands do not separate the company from the brand, which creates synergy among members of the brand.

family

Which gap occurs where a lack of the right customer data can wreak havoc on service delivery?

gap 1

Which gap occurs where the company builds an aspect of the service delivery system that does not meet customer wants and needs?

gap 2

Which gap strictly asks whether the service is provided in the manner intended? Multiple choice question.

gap 3

_____ warranties make broad promises about product performance and customer satisfaction.

general

The service continuum is a scale that describes an organization's offerings in terms of Blank______.

how easy or difficult they are to evaluate

When consumers want to use products out of the box, package labeling is the most convenient place forBlank______.

initial use instructions

What are four characteristics of services?

inseparability variability intangibility perishability

____ marketing, which means treating employees as customers and developing systems and benefits that satisfy their needs, is an essential element of internal service quality.

internal

Consumer advocacy groups and government agencies evaluate _____ to identify misleading products, and there is a history of legal prosecution for inappropriate, unethical, and illegal product information.

labeling

In which pricing strategy is sales price used as a basis of calculating the markup percentage?

markup on sales pricing

What are four critical elements of internal marketing? Multiple select question.

measuring and rewarding great service performance training and developing people competing for talent stressing teamwork

Which of the following are basic strategic decisions in defining a brand? Select all that apply. Multiple select question.

national or store branding licensing co-branding stand-alone or family branding

pricing ____ are the desired or expected results associated with a pricing strategy.

objectives

Which four are tactical pricing approaches?

odd/even pricing EDLP and high/low pricing one-price and variable pricing auction pricing

When a firm's objective is to gain as much market share as possible, it uses Blank______. Multiple choice question.

penetration

______ pricing is used when a firm's objective is to gain as much market share as possible.

penetration

Warranties convey a powerful message to the customer about Blank______ and manufacturer commitment to customer satisfaction. Multiple choice question.

perceived quality

Which of the following are benefits of brand equity? Select all that apply. Multiple select question.

perceived quality brand loyalty brand connections

The manufacturer's promise of ____ helps define the brand for the customer.

performance

Select from the following five tactical pricing approaches.

prestige pricing product line pricing captive pricing reference pricing price bundling

Since a competitor's Blank______ is one of the most visible elements of its marketing strategy, firms may wish to develop a pricing strategy around this element. Multiple choice question.

price

Smith Co. has entered the market with a new type of sound system to rival that of Bose. It is able to charge a high price for this system, which clarifies all the sounds in the the newest video games. Smith Co.'s strategy is best defined as Blank_____

price skimming

When a product enters a market at a relatively high price point, which pricing strategy is being used?

price skimming

______ pricing affords the marketing manager an opportunity to develop a rational pricing strategy across a complete line of related items.

product line

When the marketing manager develops a rational pricing strategy across a complete line of related items, the marketing manager is using Blank______.

product line pricing

In a target return on investment strategy, a bottom-line Blank______ is established first, and then pricing is set to achieve the target.

profit

The most important function of packaging is to ____ the product

protect

service ____ the process of effectively dealing with a failure of a service to meet the customer's expectations.

recovery

In Blank______, it can be useful for customers to have some type of comparative price when considering a product purchase.

reference

The comparative price that customers use when considering a product purchase is referred to as a_____price

reference

What are the five dimensions of service quality?

reliability responsiveness tangibles empathy assurance

customer ___ occurs when customers have a low propensity to consider switching to other providers.

retention

Companies constantly evaluate their warranties to measure the benefits versus the costs. This evaluation considers which three factors? Multiple select question.

return/refund policies nature of product performance length of time

In markup on sales pricing, the______ price is used as a basis of calculating the markup percentage in pricing.

sales

Aspects of an offering that are physically observable before consumption are called Blank______.

search attributes

A bundle of benefits that can satisfy customer wants and needs, yet does so without physical form, is called a(n) Blank______.

service

A complete pictorial design and flow chart of all the activities from the first customer contact to the actual delivery of the service is called a Blank______.

service blueprint

A formalization of the measurement of customer expectations of a service compared to perceptions of actual service performance is called Blank______. Multiple choice question.

service quality

The use of the gap model to identify emerging problems in service delivery is an important way to ensure Blank______.

service quality

____ represents a formalization of the measurement of customer expectations of a service compared to perceptions of actual service performance.

service quality

The new Blank______ for marketing implies a shift in worldview from the traditional goods versus services dichotomy to recognition that customers do not buy goods or services. These customers buy offerings which render services which create value. Multiple choice question.

service-dominant logic

the ___ is a formalization of linkages between employee and customer aspects of service delivery.

service-profit chain

Which are examples of packaging providing a "protection" function? Multiple select question.

tamper-resistant packages that show the product has not been altered before purchase child-proofing packages that contain medicine

Which pricing strategy is designed for profit maximization?

target return on investment (ROI) pricing

in _____ ______pricing, it is necessary to calculate total fixed costs and develop a demand forecast.

target return pricing

Variability of a service refers to the fact that the quality of service can only be as good as Blank______. Multiple choice question.

the quality of the provider

_____ pricing overtly attempts to consider the role of price as it reflects the bundle of benefits sought by the customer.

value

With Blank______, the price is whatever the buyer and seller agree to, and a marked price is nothing more than a starting point for negotiation.

variable pricing

Service gap 4, which fundamentally represents customer expectations management through marketing communications, examines the gap between actual service delivery and Blank___

what the firm communicates it delivers

Which of the following act as surrogates for product trial when a consumer is considering the purchase of a service? Select all that apply. Multiple select question.

word-of-mouth referrals functionality of the service provider's website professionalism of the service provider's employees physical location