Marketing-3rd 9 weeks exam review

Pricing Policy

A general guideline that reflects marketing objectives & influences specific pricing decisions.

Recession

A period of economic slowdown for at least two quarters of a year, or six months.

Competitive Pricing Strategy

A pricing strategy designed to deemphasize price as a competitive variable by pricing a good or service at the general level of comparable offerings.

Skimming Pricing Strategies

A pricing strategy involving the use of a high price relative to competitive offerings.

Penetration Pricing Strategy

A pricing strategy involving the use of a relatively low entry price compared with competitive offerings, based on the theory that his initial low price will help secure market acceptance.

Rebate

A refund of a portion of the purchase price.

Trade Character

A specific type of brand mark, one with human form or characteristics.

EDLP-Everyday Low Pricing

A strategy devoted to continuous low prices as opposed to relying on short-term, price-cutting tactics such as cents-off coupons, rebates, & special sales.

Expansion

A time when the economy is flourishing.

The ___ establishes the policies and procedures for advertising self-regulation.

Advertising Self-Regulatory Council (ASRC)

National Brands

Are owned & initiated by national manufacturers or by companies that provide services.

Generic Brands

Are products that do not carry a company identity.

One of the largest generations is the _____, or those people born between 1946 and 1964.

Baby Boomers

Which of the following is not a way that customers form their perceptions about a brand?

Business analysis

Which of the following is not a category of consumer products?

Business goods

Which of the following is not a psychological pricing technique?

Cash discount

Which of the following is not one of the three Cs of credit?

Competition

Which of the following is not a product life cycle stage?

Convenience

Which of the following formulas is used for cost-based pricing?

Cost + markup = price

Which of the following is not a new product category?

Creativity

Which of the following sections is not a part of a typical marketing plan?

Critical Thinking

Which of the following is not an intangible brand element?

Customer credit cards

Which of the following is not an element of AIDA as it relates to promotions?

Customer drain

_________ is the degree to which price changes demand.

Demand elasticity

Which of the following is not a function of marketing research used by businesses?

Determines the form of business ownership

____ are the steps that must be carried out in a specific order to complete a task successfully.

Directions

Zone Pricing

Divides the overall market into different zones & establishes a single price within each zone.

List Price

Established price normally quoted to potential buyers.

Which of the following is not a term used for the price of a service?

Fair

Which of the following is not a general level of product quality?

Focal quality

How do people in the western parts of the world tend to view displays?

From the left to right, just like reading

Trade Name

Identifies & promotes a company or a division of a particular corporation. They are legally protected & rarely change.

Brand Mark

Incorporates a unique symbol, coloring, lettering, or design element.

Which of the following is a type of balance?

Informal

Which of the following is not part of a storefront?

Interior walls

Depression

Is a period of prolonged recession.

Brand Name

Is a word , group of words, letters, or numbers that represent a product or service.

Which of the following is a trade character for a business brand?

Jolly Green Giant

Which of the following brands has replaced the name of the product category?

Kleenex

Vertical, horizontal, and diagonal are all different types of what?

Lines

Which of the following product type is not affected by economic business cycles, so prices tend to remain the same?

Luxury

Which of the following is not a factor that affects price?

Marginal utility

Leader Pricing

Marketers offer prices slightly above cost to avoid violating minimum markup regulations and earn a minimal return on promotional sales.

Odd Pricing

Marketers set prices at odd numbers just under round numbers.

Which of the following is not part of a promotional mix?

Marketers toolkit

Price Flexibility

Marketing executives must set company policies that determine whether or not to set one price that applies to every buyer or to permit variable prices for different customers.

Bundle Pricing

Offering two or more complimentary products and selling them for a single price.

Trade-ins

Often are used in sales of durable goods such as automobiles. The new product's basic list price remains unchanged, but the seller accepts less money from the customer along with a used product.

Trade Discounts

Payments to channel members for performing marketing functions.

Product-Line Pricing

Practice of setting a limited number of prices for a selection of merchandise and marketing different product lines at each of these price levels.

Which of the following is not a weight in typography?

Pretty

Market Price

Price a consumer or marketing intermediary actually pays for a product after subtracting any discounts, allowances, or rebates from the list price.

Which of the following is an illegal pricing practice?

Price discrimination

Quantity Discounts

Price reductions granted for large-volume purchases.

FOB (Free on Board) Pricing

Prices include no shipping charges. The buyer must pay all freight charges to transport the product from the manufacturer's loading dock.

Psychological Pricing

Pricing policy based on the belief that certain prices or price ranges make a good or service more appealing than others to buyers.

Promotional Pricing

Pricing policy in which a lower-than-normal price is used as a temporary ingredient in a firm's marketing strategy.

Which of the following is not one of the four Ps of marketing?

Printing

When company presents itself in a positive manner to build an image, it is using which of the following?

Proactive public relations

______ are used in product manufacturing, but are not identifiable.

Process materials

Loss Leader

Product offered to consumers at less than cost to attract them to stores in the hope that they will buy other merchandise at regular prices.

Which function of marketing determines what products a business should offer as well as how to market them?

Product/service management

Which of the following is a way that promotions create customer demand?

Push promotional concept

Which of the following is not a form of market segmentation?

Quantitative

Promotional Allowances

Reduce prices as part of attempts to integrate promotional strategies within distribution channels.

Which of the following sifts through all websites on the Internet that are related to the search term and provides a list of websites from which to choose?

Search engines

Which of the following is not a goal of effective advertising copy?

Self-regulate advertising

In a marketing plan, which of the following is not part of the Sales Analysis?

Situation analysis

______ is unsolicited e-mail that reflects poorly on any business sending it.

Spam

Allowances

Specified deduction from the list price, including a trade-in or promotional allowance.

Unit Pricing

States prices in terms of some recognized unit of measurement or a standard numerical count.

Which of the following has a nationally recognized personal brand?

Taylor Swift

Basing-Point Pricing

The price of a product includes the list price at the factory plus freight, charges form the basing-point city nearest the buyer.

Cash Discounts

These price cuts for consumers, industrial purchasers, or channel members sometimes receive reductions in price in exchange for prompt payment of bills.

Competitive Bidding

This process consists of inviting potential suppliers to quote prices on proposed purchases or contracts.

CRM- Customer Relationship Management

This system involves finding customers & keeping them happy.

Which of the following is not an approach used by marketers to establish the base price for products or services.

Trade-based pricing

Which of the following is not a tangible brand element?

Trendiness

Which of the following is not a relationship of the colors found on a color wheel?

Triadic colors

The ______ requires the businesses convey creditors' responsibilities to pay off the credit before the first transaction.

Truth in Lending Act

Which of the following is not a principle of design?

Typeface

Many companies also choose to protect their brands by registering them with the _____.

United States Patent and Trademark Office (USPTO)

Which of the following is not a technique to develop personal creativity?

Watch TV on the couch

Uniform-Delivered Pricing

When a firm quotes the same price, including transportation expenses, to all buyers.

Which of the following is not a buying status level?

Wrong customer

How often should a marketing plan be written and/or updated?

Yearly

Since it costs a lot of money to develop a new product, sometimes companies find ways to make/produce a current, popular product for _______.

a lower cost

An ___ shows when accounts receivables are due as well as length of time accounts have been outstanding.

accounts receivable aging report

Unlike coupons, manufacturers' rebates are received _____ a product is purchased.

after

A product photograph is the most common type of advertising _____.

art

The practice of advertising one product with the intent of persuading a customer to buy a more expensive item when they arrive in the store is called ________.

bait and switch

Colors often have different meanings in different ______.

cultures

The law of ______ states that consuming more units of the same product decreases the marginal utility from each unit.

diminishing marginal utility

In marketing, place is also known as _____.

distribution

Companies that compete based on price, such as airlines and gas stations, change their prices ____.

frequently

In advertising, ___ include typography, art, and layout.

graphics

A print ad's headline can also be the _______ because it grabs the reader's attention.

hook

A product ___ is the specific model, color, or size of products in a line.

item

With no promotional costs to recoup, generic brands can cost ______ than similar brand-name products.

less

People tend to keep magazines ________ than newspapers; therefore, magazine ads, just like the articles, can be repeatedly seen by readers.

longer

During the maturity and decline phases of a product, prices are usually _____ to help a declining product generate more sales.

lowered

Many companies reward customers for their continued business through ________.

loyalty programs

A __ is the smaller group of people, families, businesses, or organizations with common characteristics or needs.

market segment

Mixed Bundling

marketers package, or bundle two or more different goods or services in one package.

A good _______ statement describes the business, identifies the customers, and shows how the business adds value.

mission

Often, new products are developed to meet a specific ______, such as the polio vaccine or a shampoo to reduce dandruff.

need

In the maturity stage of a product life cycle, product sales are stable, which means sales are ______.

no longer increasing quickly, nor are they decreasing

A ____ is a special display usually found near a cash register where goods are purchased.

point-of-purchase display (POP)

A _____ is a packet of information sent to the media about a new business opening or other major business events.

press kit

A high return on investment (ROI) typically indicates a ____ company.

profitable

If customers have a negative experience with a brand at any time, the chance for a repeat ______ drops drastically.

purchase

Management chooses a ____ to make a new product available for sale.

release date

When the product stays the same and only the packaging is different, it is called _____.

repackaging

Given that over 75 percent of new products fail, new product development may be considered a ____ business decision.

risky

If equal amounts of two primary colors are mixed, the _______ colors are created.

secondary

Unique items that consumers are willing to spend considerable time, effort, and money to buy are called ________.

specialty goods

Marketers recognize that a catchy phrase or memorable ______ can strengthen a brand.

tagline

Marketers influence the creation of new products appealing to the _________.

target market

A _____ is a document that already has a basic format that can be used many times.

template

The elements of design include color, line, shape, _____, light, and motion.

texture

A __ discount is not really a discount; it is actually the way that manufacturers quote prices to wholesalers and retailers.

trade

A _____ is like a dress rehearsal for a new service business.

trial run

Customers may be willing to pay more if they believe in the ____ of the product or service.

value

Demand-based pricing, also called ______, is a pricing strategy based on what customers are willing to pay.

value-based pricing