MKT 3013 EXAM 2 STUDY SET

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Which of the following is true regarding the​ price-demand relationship?

If demand is​ elastic, sellers will consider lowering their prices.

Which of the following is NOT one of the typical advantages of​ e-procurement systems?

Improving​ customer-supplier relationships

and boost sales.

Innovative packaging can give a company an advantage over competitors and boost sales.

​__________________ represent an internal source of new product ideas for a company.

Intrapreneurial programs

Which of the following statements regarding the business market is​ correct?

Many sets of business purchases are made for one set of consumer purchases.

What is the first step of the buyer decision​ process?

Need recognition

Which of the following lists the five steps of the buyer decision process in the correct​ order?

Need​ recognition, information​ search, evaluation of​ alternatives, purchase​ decision, and​ post-purchase behavior

Which of the following statements about service marketing is​ correct?

Training current employees better and hiring new ones with more skills can increase service productivity.

Which of the following statements regarding managing service quality is​ correct?

Unlike product​ quality, service quality will always vary.

Which stage of the PLC is characterized by peak​ sales, low costs per​ customer, high​ profits, mainstream​ adopters, and a stable number of competitors that are beginning to​ decline?

maturity

​______________________ is the step of the new product development process during which a physical product is first developed.

product development

At one​ time, Miller Beer was known as the​ "champagne of bottled​ beer." It was targeted at an elite class of customers.​ Later, to increase​ sales, Miller was repositioned to attract members of the working middle class. What is this segmentation method​ called?

psychographic

Installing an innovation management system to​ collect, review,​ evaluate, and manage new product ideas represents​ a(n) ______________ approach to new product development.

systematic

When Dr. Lawncare developed his revolutionary new​ solar-powered lawnmower, he expected that during the growth stage of the product life cycle​ ___________.

the company would see rising profits

Dividing buyers into groups based on social​ class, lifestyle, or personality characteristics is called​ ________ segmentation.

psychographic

The business buying process can be a complex and complicated process with eight basic stages. Which of the following is the first stage in this​ process?P

roblem Recognition

Continually adjusting prices to meet the characteristics and needs of individual customers and situations is known as​ _______________________.

dynamic pricing

When a product is in the maturity stage of the​ PLC, the company tries to increase consumption by finding new users and new market segments for its brands. This attempt to increase consumption is known as​ ______________________.

modifying the market

Firms that manufacture seasonal products target their consumers primarily through​ ________ segmentation.

occasion

Which of the five characteristics identified has an inverse relationship with an​ innovation's rate of​ adoption, meaning as this characteristic​ increases, the rate of adoption is​ slower?C

omplexity

​H2Coast, an automobile​ manufacturer, produces​ fuel-efficient hybrid vehicles that are targeted toward​ high-end exotic-vehicle collectors with ample leisure time. H2Coast most likely segments the consumer market based on​ ________ variables.

psychographic

​________________ is one problem with​ business-to-business e-procurement.S

uppliers being pitted against one another

​New, premium movie theaters offer features such as online reserved​ seating, high-backed leather executive chairs with armrests and​ footrests, the latest in digital​ sound, super-wide​ screens, and other amenities for which they charge a higher price. This is an example of which type of​ pricing?

​Value-added pricing

A company has set a low price on a new product it introduced. It wants to maximize its market share and attract a large number of buyers quickly. Which new product pricing strategy should the company​ use?

​market-penetration pricing

A car buyer can choose a base model at one​ price, or one with a premium sound and navigation system at a higher price. This is an example of​ _______ pricing.

​optional-product

Which of the following describes the process of dividing markets into groups based on​ consumers' knowledge,​ attitudes, uses, or​ responses?

Behavioral segmentation

___________________ is the value of customer relationships that a brand creates.

Customer equity

Which of the following refers to setting prices based on​ buyers' perception of value rather than on the​ seller's cost?

Customer​ value-based pricing

​__________________ segments are those segments that are conceptually distinguishable and respond differently to different marketing mix elements and programs.

Differentiable

​____________________ is a characteristic important in influencing an​ innovation's rate of adoption and described by the degree to which the innovation may be tried on a limited basis.

Divisibility

If the company has selected its target market and positioning​ carefully, then its marketing mix​ strategy, including​ price, will be fairly straightforward. Of the​ following, which is NOT one of the common pricing​ objectives?

Grabbing international market share

Which of the following is a pure tangible​ good?

Toothpaste

_________ refers to the practice of integrating ethnic themes and​ cross-cultural practices within a​ company's mainstream marketing.

Total market strategy

After market strategy is​ developed, the next step of the new product development process is​ _______________.

business analysis

Which of the following is NOT a product life cycle​ (PLC) stage?

commercialization

Crowdsourcing is used in the​ _______________________ step of the new product development process.

idea generation

Adding a new product line to an existing portfolio means that the line has​ __________________.

increased product mix width

When Apple introduced its iPhone​ X, it priced the new product at nearly​ $1,000, considerably higher than competing smart phones. Apple was pursuing a​ ___________________ new product pricing​ strategy.

premium pricing

Bath​ & Body Works uses​ _____________ pricing when the company offers​ "three-fer" deals on its products​ (such as​ soaps, lotions, and​ moisturizers).

product bundle

Which of the following reverses the usual process of first designing a new​ product, determining its​ cost, and then​ asking, "Can we sell it for​ that?"

target costing

UPS uses​ _________________, which charges different prices for shipping depending on an​ item's destination. The more distant the city where the package is being​ shipped, the higher the price UPS charges.

zone pricing

​Sadie's Restaurant has listened to its customers over the years and is now able to offer the right combination of quality and good service at a fair price. Which pricing strategy is​ Sadie's using?

​Good-value pricing

Gillette charges a fairly low price for its razors​ (relative to​ costs) and a high price for razor blades. It is using a strategy of​ ___________ pricing.

​captive-product

When a college or university charges more for​ out-of-state students than​ in-state students, it is practicing​ ______________________.

​location-based pricing

​When, if​ ever, is price discrimination​ allowed?

If the seller can prove that its costs are different when selling to different​ retailers, then it is legal.

Which of the following needs in​ Maslow's hierarchy is generally satisfied​ first?

Physiological needs

​___________________ consists of many different people who play multiple roles in the buying process.

The buying center

According to the model of buyer​ behavior, what is in a​ buyer's "black​ box"?

The​ buyer's characteristics and decision process

Which of the following is a personal characteristic influencing a​ consumer's buying​ behavior?O

ccupation

Dividing a market into smaller segments of buyers with distinct needs or behaviors that might require separate marketing strategies is known as​ ______________________.

market segmenting

Which of the following is a variable used to segment business buyers that is not used to segment consumer​ buyers?

operating characteristics

If competitors cannot easily copy the benefit a company chooses to​ promote, that benefit is said to be​ _________.

preemptive

Which of the following correctly defines a​ product?

A product is anything offered to a market that might satisfy a need or want.

When Doritos comes out with new flavors of its tortilla​ chips, what brand development strategy does it​ employ?

Line extension

Which of the following would be an appropriate strategy during the growth stage of the product life​ cycle?

Spend a lot of money on product​ improvement, promotion, and distribution.

A variation of​ break-even pricing is​ ____________________, which uses the concept of a​ break-even chart that shows the total cost and total revenue expected at different sales volume levels.

Target return pricing

Which of the following would make a segment less attractive to​ enter?

new entrants finding it easy to enter the segment

Which of the following is often considered a key business marketing strategy for winning and holding​ accounts?s

ystems selling

Which of the following incorporates the advantage of brands operating in different categories with the combined brands creating broader consumer appeal and greater brand​ equity?

Co-branding

Which of the following is NOT a social factor influencing consumer buying​ behavior?

Cognitive dissonance

Which of the following refers to the degree to which an innovation fits the values and experiences of potential​ consumers?

Compatibility

The website leftyslefthand.com markets products to​ left-handed consumers only. Which targeting strategy does this​ represent?

Concentrated marketing

Which of the following is likely to slow the adoption of a new​ technology?

Conceptual complexity

Which of the following are​ tradition-bound, suspicious of​ changes, and adopt the innovation only when it has become something of a tradition​ itself?

Lagging adopters

In determining product​ quality, what are the two dimensions of quality marketers must decide​ upon?

Level and consistency

When we see Hello Kitty on​ children's clothing, Disney characters on​ lunchboxes, and SpongeBob SquarePants on breakfast​ cereals, which form of brand sponsorship is being​ used?

Licensing

Which stage of the product life cycle normally lasts longer than the others and poses great challenges to marketing​ management?

Maturity

When Subaru of America allows Outback buyers to customize cars to meet their exact needs and​ preferences, it is practicing which type of​ marketing?

Micromarketing

Which of the following statements concerning new products is​ correct?

Modified and improved products are considered new.

When​ Coca-Cola saw the growth of the​ bottled-water category, it launched DASANI​Ò​, its brand of bottled water. Which brand development strategy did​ Coca-Cola use in launching​ DASANI?

New brand

Marketers of brands understand that they must figure out how to reach​ ___________________ that can exert social influence on others.

Opinion leaders

___________ is the service characteristic to which marketers need to pay close attention when there are fluctuations in demand.

Perishability

Of the​ following, which is true about​ pricing?

Price competition is a core element of our​ free-market economy.

Kroger, headquartered in​ Cincinnati, Ohio, is one of the​ nation's largest grocery chains. It owns several brands sold in its​ stores, including Private​ Selection, Heritage​ Farm, and Simple. These brands represent which type of brand​ sponsorship?

Private brands

products.

Product attributes that communicate and deliver benefits to the consumer include​ quality, features, and style and design.

Which of the following statements is true regarding standardizing products for international​ markets?

Standardization decreases product​ design, manufacturing, and marketing costs.

Nailit Cosmetics is advertising its newest line of nail​ polishes, made from a​ nontoxic, water-based nail polish with amazing summer colors. Nailit is selling the products in specially designed bottles that make application easier. Which of the following is a core customer value for​ Nailit's line of​ polishes?

The desire to have beautiful nails

Which of the following statements is correct concerning service marketers going​ global?

The trend toward growth of global service companies is expected to continue in the near future.

A company can obtain new products by buying a whole​ company, a​ patent, or a license to produce someone​ else's product through​ _______________________.

acquisition

Socially responsible target marketing would classify which of the following as an especially vulnerable target market for harmful or controversial​ products?

children

Goldtone is a multinational communications and information technology corporation. Its principal products are mobile telephones and tablets. It recently announced on its website that customers can suggest ideas for its upcoming product model. Contributors of​ short-listed ideas will be adequately rewarded. In this​ case, Goldtone is using​ ________ to generate new product ideas.

crowdsourcing

​Heeltoe, a boutique that caters to the footwear needs of​ women, manufactures two different lines of footwear based on the purchasing power of its customers. One product line caters to the needs of​ affluent, middle-aged​ women, and the other line targets younger professionals and homemakers. Heeltoe most likely segments the consumer market based on​ ________ variables.

demographic

Ad agency Young​ & Rubicam's BrandAsset Valuator measures brand strength along four consumer perception dimensions. Brand​ ___________ is defined in terms of how highly consumers regard and respect the brand.

esteem

When marketers want to promote their products and services through​ word-of-mouth marketing​ programs, they typically begin by​ ________.

generating​ person-to-person brand conversations

Munoz Specialty Foods groups its customers by regions in the United​ States, such as​ Midwest, Northeast, and Southwest. For each​ region, Munoz creates a different set of advertisements and promotions. On which of the following segmentation variables does the firm divide its​ market?

geographic

​______________________ determines if a buyer is satisfied or dissatisfied with a purchase.T

he relationship between the​ consumer's expectations and the​ product's perceived performance

The​ Ritz-Carlton has carefully created a strong and distinctive differentiation​ strategy, which is supported by everything the company​ says, is, and does. Which type of differentiation is​ this?

image differentiation

The type of segmentation that forms segments of consumers who have similar needs and buying behaviors even though they are located in different countries is known as​ _________.

intermarket segmentation

A service firm must orient and motivate its​ customer-contact employees and supporting service people to work as a team to provide customer satisfaction. This process is known as​ _________________________.

internal marketing

New product commercialization takes much thought and planning. The first critical step in the commercialization process is​ ____________________.

introduction timing

The type of segment characteristic in which the​ size, purchasing​ power, and profiles of the segments can be quantified is known as​ _______________________

measurable

Mi Rancho Supermarkets is a chain grocer that locates stores in neighborhoods with large Hispanic populations. Their stores carry a greater selection of Hispanic and Latin foods. The type of marketing that Mi Rancho uses is an example of​ ________.

micromarketing

Consumers obtain information from numerous sources. Which of the following involves dealer and manufacturer​ websites, packaging, and​ displays?C

ommercial sources

A manufacturer of​ half-ton pickup trucks creates a positioning map for the U.S.​ half-ton pickup market. The position of each circle on the map indicates the​ brand's perceived positioning on two​ dimensions: price and orientation​ (economy versus​ performance). The size of each circle indicates the​ brand's relative market share. This is an example of a​ ________________.

perceptual positioning map

Which of the following describes the process of arranging for a market offering to occupy a​ clear, distinctive, and desirable place relative to competing products in the minds of target​ consumers?

positioning

The illegal practice of​ ______________________ is selling below cost with the intention of punishing a competitor or gaining higher​ long-run profits by putting competitors out of business.

predatory pricing

The Ford Mustang is offered in several different models. Ford uses​ __________ pricing to determine the price steps between the different models.

product line

​______________________ protect consumers from harm and the company from liability by proactively ferreting out potential product problems.

product stewards

When a retailer temporarily prices a few select items below cost to create excitement and pull consumers into the​ store, it is practicing​ ___________________ pricing.

promotional

The marketing manager at Only Organic Delicatessen targets customers who are focused on​ organic, healthy food choices but who still want to dine out. The restaurant chain offers a wide variety of​ organic, low-fat, locally raised produce and foods. Only​ Organic's approach is best referred to as​ ________ segmentation.

psychographic

A purse​ company's ads feature the members of a popular housewives reality show. Product sales increase significantly among fans. From​ fans' viewpoint, the housewives reality show is a​ ______________.

reference group

Amazon is now promising​ same-day pick-up of goods as well as local secure​ pick-up points. What point of differentiation is​ this?

services differentiation

When a company lengthens a product line by adding more items beyond its current​ range, it is​ ________.

stretching the line

To create successful new​ products, a company must​ _______.

understand its​ consumers, markets, and competitors and develop products that deliver superior value to customers

When marketers aggressively promote only one benefit to the target​ market, the benefit promoted is known as the product or​ service's _____________________.

unique selling proposition

Service​ _______ means that the quality of services depends on who provides them as well as​ when, where, and how they are provided.

variability

Intuit​ Labs, a division of​ Intuit, the accounting and payroll software​ developer, follows a​ "Design for Delight​ (D4D)" development​ philosophy, which states that products should delight customers by providing experiences that exceed expectations. Which new product development approach is Intuit​ using?

​Customer-centered new product development

When sellers set prices in conjunction or collaboration with one​ another, this illegal practice is known as​ _______________.

​price-fixing

Which of the following statements regarding socially responsible product decisions is​ correct?

The government may prevent companies from adding products through acquisitions if the effect threatens to decrease competition.

What is the nature of demand in business​ markets?D

emand in business markets is derived demand.

Groups of​ __________________ products consist of materials and​ parts, capital​ items, and supplies and services.

industrial

packaging

labelingQ

Capital products

Convenience products

Which of the following statements is true regarding product life cycle​ curves?

The sales of a typical product follow an​ S-shaped curve made up of five stages.

Internal factors that affect pricing include​ _________________.

The​ company's overall marketing​ strategy, objectives, and marketing mix

The quality of services depends on who provides them as well as​ when, where, and how they are provided. Which characteristic of services does this​ describe?

Variability

Which of the following is considered part of an augmented product rather than that of an actual product or core customer​ value?

Warranty

​________________________ is one major objective associated with a​ market-penetration pricing strategy.

Winning large market share

In the early​ 1970s, Gary Dahl sold Pet Rocks. The product had a​ short, temporary period of unusually high sales driven by consumer enthusiasm and immediate product​ popularity, but then sales declined very quickly. The PLC sales pattern for Pet Rocks is known as​ ________________.

a fad

​Kidcomp, an American​ computer-manufacturing firm, targets children younger than age 10 by providing free games and applications. The​ firm's marketing approach is reflective of​ ________ segmentation.

age and life-cycle

Roshika has been invited to a fancy dinner party and wants to bring a good bottle of wine as a gift for the host. Since she does not know much about​ wine, she will likely use the price of the wines as​ ________.

an indicator of quality

Which of the following statements about new product development strategy is​ correct?

innovation can be very expensive and very risky

The​ Robinson-Patman Act seeks to ensure that sellers offer the same price terms to customers at a given level of trade to prevent​ ______________________.

price discrimination


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