MKT 2100 Exam 3 Review
Convenience products are
relatively inexpensive, frequently purchased items for which buyers exert only minimal purchasing effort
The federal government often uses ______ pricing when it grants defense contracts.
Cost-plus
The main characteristic of a _______ Is that customers are satisfied to the point that they use a service repeatedly over a period of time
Client-based relationship
Tectron products company advertises a specific product heavily, and intact wants to offset the effects of that advertising, intact would most likely employ ____________ advertising.
Competitive
Segmentation variables for consumer markets are usually grouped into four categories:
Demographic, geographic, psychographic, and behavioristic.
State and local government regulations do not affect the pricing of services. T or F
False
which stage in the product life is critical to a products survival because competitive reactions to the products success during this period will affect the product's life expectancy?
Growth
Pioneer advertising is most likely to be used during which of the following product life-cycle stages?
Introduction
Products such as light bulbs, canned soft drinks, and ice cream sandwiches are usually priced using ________, which usually results in a ____________.
Multiple-Unit pricing; lower per unit price
______ marketing includes activities conducted by individuals and organizations to achieve some goals other than ordinary business goals such as profit
Nonprofit
If Kashi wants to gain a large market share quickly with it's new line of reduced-fat snack crackers, it should use
Penetration Pricing
If Acer uses ______________________________ pricing for its newest Chromebook, it is probably most interested in obtaining market share; and it is assuming
Penetration Pricing; that other competitors could enter the market easily.
You are the marketing manager for a multistage auto dealership in the southeast United States. It is that time of year when your company experiences a model year change. You are putting the final touches on your pricing strategy to facilitate this change in your inventory of autos. Which of the following price strategies will you use to facilitate this model year change?
Periodic Discounting
Which of the following price strategies often results in a retailed losing money on the product?
Price Leader
When Liv goes to the first class of her Operations management course, she finds out that in addition to the textbook, she already purchased, she also needs a specific type of calculator. With regards to the calculator, at which stage of the consumer buying decision process is Liv?
Problem recognition
When a cable TV company uses bundling to combine phone, cable, TV, and broadband internet access into a package with a single price, it is attempting to influence a consumer perception of a price to make a products price more attractive and reduce "sticker shock" . This is an example of using a _________ pricing strategy
Psychological
_______ is a broad set of communication activities used to create and maintain favorable relations between the organization and it's stakeholder.
Public Relations
Mark is measured as a percentage of ______ or a percentage of ______.
Selling Price ; Cost
Why would a company use the undifferentiated strategy?
The needs of an individual consumer in the target market for a specific product are similar, so they organization can satisfy most consumers with a single marketing mix.
What should marketers do to promote the consistency and reliability of their services most effectively?
Train employees and develop standards procedures for dealing with customer.
The importance of price depends on the type of product, the type of market, and the purchase situation. T or F
True
the first adopters of a product are the innovators. T or F
True
The owner of a professional baseball team asks the account representative of an advertising agency to develop an advertising campaign to bring more teenagers to the ballpark. At this point, the account representative logically begins to discuss establishing __________ for the campaign.
advertising objectives
The effectiveness of an advertising campaign can be measured
before, during, and after the campaign through the use of pretests, inquiries, and posttests.
A market share objective
can be used effectively whether total industry sales are rising or falling
The problem with using an undifferentiated strategy to market a "universal car" is that _____
car buyers have heterogeneous needs
Showing a products price along with its previous price, the price of a competing brand, or the price at another retail outlet is called
comparison discounting
The three primary bases for developing price are
demand, competition, and cost
Services have six basic characteristics: intangibility of production and consumption, perishability, client-bases relationships, customer contact, and
heterogeneity
The first stage in the development of any advertising campaign is
identifying the advertising target audience.
depending on the length of time it takes them to adopt a new product, people can be divided into five major categories: early adopters, early majority, late majority, laggards, and
innovators
the four major stages of the product life cycle include
introduction, growth, maturity, and decline
During the introduction stage of a successful product, profits are usually
negative and increasing
Marisol recently put her house on the market at an asking price of $260,000. She realizes, however that in order to sell the house, she may have to use
negotiated pricing
Which pricing objective de-emphasizes price and can lead to a climate of nonprice competition in an industry?
status quo