MKT 320 Summer 2021 Exam #2
Great Marketing Channel
Unintended secondary channel that often flow illegally obtained or counterfeit product toward customers
bar codes
Universal product codes (UPCs) are also known as _____ because the numerical codes appear as a series of thick and thin vertical lines.
can accommodate a broader range of customer demands.
Unlike off-price retailers, specialty shops:
Collectors (social media user)
Use RSS feeds to collect information and vote for websites online
False
Website metrics refer to clicks, click-through rates, and percentage of traffic. True/False
marketing department, business unit, corporation
When developing a new product strategy, you should link the new-product development process with the objectives of the:
Receivers
When marketers play the role of message _____ they develop and adapt messages and spot new communication opportunities
trialability
When predicting or explaining the rate of acceptance and diffusion of a new product, the degree to which it can be sampled on a limited basis is its ______.
Product advertising
Which form of advertising promotes the benefits of a specific good or service?
Informative promotion
Which form of promotion is most suitable to promote complex and technical products such as automobiles, computers, and investment services?
It allows companies to take advantage of cheaper labor and not have to contend with trade barriers and tariffs encountered and thus increases the demand for imported products worldwide.
Which is an advantage for companies that globalize their supply chains?
It is the amount of time between order placement and receipt of the customer's payment following order shipment.
Which of the following best defines the order-to-cash cycle?
It minimizes the order-to-cash cycle in a firm's order fulfillment process.
Which of the following describes third-party logistics company (3PL)?
Transacting sales without taking title to products it sells
Which of the following is NOT a function of the retailer?
Wide color capabilities
Which of the following is NOT an advantage of newspaper as an advertising media?
Although customers are on social media, they rarely think that a given brand is also there.
Which of the following is NOT true about an effective listening system?
Listen to customers.
Which of the following is the first stage in creating an effective social media plan?
Establish pricing goals.
Which of the following is the first step in the four-step process of setting the right price of a product?
A profit maximization objective may require a bigger initial investment than the firm can commit to or wants to commit to.
Which of the following is true of establishing pricing goals?
They may help differentiate a firm's product from the competition.
Which of the following is true of nontraditional channels?
The more standardized a product is, the longer its distribution channel can be and the greater the number of intermediaries that can be involved without driving up costs.
Which of the following is true when choosing a marketing channel?
Natural lighting, either from windows or skylights, can lead to increased sales.
Which of the following is widely believed to be true of the audio and visual factors creating a store's atmosphere?
They offer a nearly complete selection of merchandise within a single product category and use self-service, discount prices, high volume, and high turnover to their advantage.
Which of the following represents the thinking behind single-line specialty discount stores such as Foot Locker?
They sell items from a full-line discount stock to customers who are drawn in primarily by the food on sale.
Which of the following represents the thinking behind supercenters?
Postage stamp pricing is adopted when the marketing manager wants total costs to be equal for all purchasers of identical products.
Which of the following statements is true of geographic pricing for freight?
Chain store
Which retail operation is part of a group of the same stores owned and operated by a single organization?
Social media have drastically changed the advertising business from an industry based on mass-media models to one based on relationships and conversations.
Which statement correctly states the impact of social media on consumer behavior?
Interpersonal communication
Which term refers to direct, face-to-face communication between two or more people?
Encoding
With regards to the communication process, which term refers to the conversion of a sender's ideas and thoughts into a message, usually in the form of words or signs?
one-brand-name strategy
Yater's Inc. is a food and beverage company based in the United States. The company decides to market and sell its products in all European countries under the same brand name. In this scenario, Yater's Inc. has decided to use a(n) _____.
mass communication
Zee TV, a commercial television broadcast network, uses billboards, television, magazines, and newspaper advertising to create awareness about upcoming shows and to inform viewers about the new episodes of its existing shows. Zee TV uses _____ to promote its television programs.
Pioneering
_____ advertising is designed to stimulate primary demand for a new product or product category.
A warranty
_____ is a confirmation of the quality or performance of a good or service.
Product placement
_____ is a public relations strategy that involves getting a product, service, or company name to appear in a movie, television show, radio program, magazine, newspaper, video game, video or audio clip, book, or commercial for another product; on the Internet; or at special events.
Suggestion selling
_____ is a selling technique that seeks to broaden customers' original purchases with related items.
Price skimming
_____ works when there is strong demand for a good or service.
Gray marketing
______ channels are unintended secondary channel that often flow illegally obtained or counterfeit product toward customers.
Form
______ utility are the elements of the composition and appearance of a product that make it desirable.
demand-supply integration (DSI)
-Type of internal supply chain integration -Integrates the supply-management and demand-generating functions of an organization -Enhances customer satisfaction
3D printing
1) Rapid prototyping processes use systems that are low cost, small in size, fast, easy to use, and often suitable for an office environment. 2) Collective term for all rapid prototyping activities.
Product modification
a change in one or more of a product's characteristics.
Reverse Channel
a channel that enables customers to return products or components for reuse or remanufacture
strategic channel alliance
a cooperative agreement between business firms to use the other's already established distribution channel
competitive advertising
a form of advertising designed to influence demand for a specific brand
pioneering advertising
a form of advertising designed to stimulate primary demand for a new product or product category
Continuous media schedule
a media scheduling strategy in which advertising is run steadily throughout the advertising period; used for products in the later stages of the product life cycle
Seasonal media schedule
a media scheduling strategy that runs advertising only during times of the year when the product is most likely to be used
AIDA concept
a model that outlines the process for achieving promotional goals in terms of stages of consumer involvement with the message; the acronym stands for attention, interest, desire, and action
status quo pricing
a pricing objective that maintains existing prices or meets the competition's prices
independent retailer
a retailer owned by a single person or partnership and not operated as part of a larger retail institution
mom-and-pop store
a small store run by the proprietor with few or no hired assistants
convivence store
a small store, located near a residential area, that is open long hours seven days a week and carries a limited line of high turnover convivence goods
chain store
a store that is part of a group of the same stores owned and operated by a single organization
supply chain orientation
a system of management practices that are consistent with a "systems thinking" approach
Drop and Shop
a system used by several retailers that allow customers to bring used products for return or donation at the entrance of the store
Pulsing media schedule
advertising combines continuous scheduling with flighting
Flighted media schedule
advertising is run heavily every other month or every two weeks
factory outlet
bargain retailer owned by the manufacturer whose products it sells
Social Media Metrics
buzz, interest, participation, search engine, influence, sentiment analysis, web site metrics
comparitive advertising
compares two o more specifically named o shown competing brands on one or more specific attributes
Steps in Social Media Marketing Campaign
1. Identify strategy and goals 2. Target audience 3. Campaign: experiment and engage 4. Budget 5. Monitor and change
Owned
A brand's presence on social platforms is _____ media
Franchise
A business established or operated under an authorization to sell or distribute a company's goods or services in a particular area
Sales oriented pricing
A category of pricing objectives that focus on increasing total amount of income from sales
profit oriented pricing
A category of pricing objectives that focus on profit for the business
releases a software update to fix the cell phone's overheating problem.
A cell phone manufacturing company is said to functionally modify one of its products if it:
advocacy advertising
A form of institutional advertising that is typically used to safeguard against negative consumer attitudes and to enhance the company's credibility among consumers who already favor the company's position is called ___________.
supermarket
A large, low-cost, low-margin, high-volume, self-service store that carries a wide variety of grocery and household products
The mobile simply wouldn't offer any discernible benefit compared to existing products.
A mobile telephone manufacturer markets a limited-edition cell phone model with 126 different functions. The campaign failed across all 50 states in the United States. Which of the following is the most likely reason?
True
A product category includes all brands that satisfy a particular type of need. True/False
Complexity
A product characteristic that impacts the rate of adoption is:
tangible goods services ideas
A product could be:
Interpersonal
A salesperson speaking directly with a customer is an example of _____ communication.
Elastic demand
A situation in which consumer demand is sensitive to changes in price is called:
elastic
A situation in which consumer response is sensitive to changes in price exhibits ______ demand.
The product's distributor
A source suggested to Rubbermaid the idea of the Sidekick, a litter-free lunch box. Rubbermaid could place some of its plastic containers inside a lunch box and sell the box as an alternative to plastic wrap and paper bags. The source saw this opportunity because of being closer to the consumers than the manufacturer was and, thus, more aware of customer needs. Which of the following was likely the source?
omni-channel marketing
creating a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping
action
AIDA stands for attention, interest, desire, and __________
flighted
A_____ media schedule is a strategy in which ads are run heavily every other month or every two weeks to achieve a greater impact with an increased frequency and reach at those times.
sender
Advent Automobiles Inc. has launched a new sport utility vehicle (SUV). It's advertising firm develops a marketing message and places advertisements in leading newspapers and on social media sites to inform consumers about the new SUV and its various features. In the context of the communication process, Advent Automobiles is the _____.
True
Advertising can affect the way consumers rank a brand's attributes. True/False
Institutional Advertising
Advertising that promotes organizational images, ideas, and political issues
True
Advertising, public relations, and sales promotion are generally impersonal, one-way means of mass communication. True/False
price
Among the following, that which is given up in an exchange to acquire a good or service is known as ______.
False
Apps are software applications that run entirely within existing online platforms. True/False
False
As the product enters the maturity stage, prices generally begin to stabilize. True/False
price
At a local supermarket, Giada saw a box of plant fertilizer that retails at $25 but was marked down to $20.99. Given this information, $20.99 is the _____.
earned media
Based on a public relations or publicity model that gets customers talking about the brand
owned media
Based on brands becoming publishers of their own content in order to maximize the brand's value to customers
paid media
Based on the traditional ad model, whereby a brand pays for media space
price skimming
Because it denotes a high price relative to the prices of competing products, ______ is sometimes called a "market-plus" approach to pricing.
microblog
Blogs with strict post length limits are called ___________.
Profit
Brita LED (light emitting diode) lighting uses comparative advertising to emphasize the benefits of using LEDs over CFLs (cathode filament lamps). The advertisements emphasize that Brita's LEDs cost less than CFLs and other brands of LEDs, last longer, consume less energy, and need to be replaced less frequently than CFLs. In this scenario, which of the following advertising appeals is used in Brita's ads?
Offshoring Advantages
Cheap labor, production costs are lower.
Traditional Media
Communication that was well-established before the Internet age; books, newspapers, magazines, etc.
False
Customers are always skeptical about the reasons for retailer errors; however, their reactions to mistakes such as product stockouts and unexpectedly poor-quality products are limited to casual indifference. True/False
False
Daily Farm, a food and beverage manufacturing firm, is known for its unique variety of table sauces. To offer more variations to its customers, Daily Farm recently launched an olive and pepper sauce. According to new product development, this new sauce would be categorized as an improved product. True/False
Inactives (social media user)
Do none of these things
decide how much to charge for a product.
Firms that indulge in price fixing
True
Google+ Hangouts, a popular facet of the fledgling Google+ social network, allows individuals around the world to video chat in real time. True/False
sales after the cost of the goods sold is subtracted
Gross margin is how much the retailer makes as a percentage of ______.
Product lines
Groups of closely related product items are:
Discontinuous innovations
Hakimo Corp., a manufacturer of audio equipment, has developed a unique wireless speaker system that runs on solar power. The speakers can operate for 16 hours after being exposed to the sun for 2 hours. This product, which is radically different from anything available in the market, falls into which category of new products?
By choosing the right distribution channel
How can firms that provide services, such as hair salons and financial services, improve delivery of their services?
advertising
Impersonal, one-way mass communication about a product or organization that is paid for by a marketer is called ___________.
Flighted
In a _____ media schedule, advertising is run heavily every other month or every two weeks.
Facilitating
In channel functions performed by intermediaries, ______ functions are research and financing.
True
In the case of private brands, overhead is low and there are no marketing costs. True/False
Critics
In the categories of social media users, _________ post comments, ratings, and reviews of products and services on blogs and forums.
Compatibility
Incompatible products diffuse more slowly than compatible products
Exchanged utility
Increased value of a product that is created as its ownership is transferred
convience products
Inexpensive items that merit little shopping effort
False
Informative promotion typically becomes the main promotion goal when the product enters the growth stage of its life cycle. True/False
False
Insurance, burial plots, and similar items fall under the convenience product category. True/False
True
It really does not matter whether the product is "new to the world" or some other category of new product. If it is new to a potential adopter, it is an innovation in this context. True/False
provide a quick response to the customer using customer care software.
Kate is a customer care executive at a telecommunications service provider. She receives a complaint from a customer about an unnecessary $10 charge on his phone bill. If the company follows the customer service management process, Kate is most likely to:
Admiration
La Wear, a very expensive brand of clothing and accessories, promotes its products by appointing famous personalities as its brand ambassadors. Given this information, which of the following types of advertising appeals is used by La Wear?
Offshoring Disadvantages
Longer shipping lanes can expose shipments to natural disasters and extreme weathers Political instability and trade restrictions can halt or slow shipments
Joiners (social media user)
Maintain a social networking profile and visit other sites
True
Many drugstores also carry an extensive selection of cosmetics, health and beauty aids, seasonal merchandise, greeting cards, toys, and some non-refrigerated convenience foods. True/False
True
Marketers have found that social news sites are useful for creating conversations around relevant issues. True/False
Family branding
Marketing several different products under the same brand name is called:
Eliminate all nonessential marketing expenses and let sales decline.
NutriOats, an oatmeal cookie product, has been in the market for more than seven years and is now in its decline stage. In this case, which of the following strategies would be successful in marketing NutriOats?
Conversationalists (social media user)
People who post status updates on social networking sites and microblogging services
Trading up
Persuading customers to buy a higher-priced item than they originally intended to buy is called:
Critics (social media user)
Post comments, ratings, and reviews of products and services on blogs and forums
Critics
Posting comments and ratings and reviewing products and services on blogs and forums are activities of which category of social media users?
Its retailers convince consumers to buy Pride's products.
Pride Apparel is a firm that designs and manufactures women's clothing and accessories. It sells its merchandise to retailers without further involvement. Given this information, which of the following statements is true of Pride?
Creator (social media user)
Produce and share online content like blogs, websites, articles, and videos
Functional modification, Quality modification, Style modification
Product modification may refer to which of the following?
customer expectations for service vary greatly.
Providing great customer service is one of the most challenging elements in the retail mix because:
True
Push money is the money that manufacturers offer to channel intermediaries to encourage them to "push" products—that is, to encourage other members of the channel to sell their products. True/False
Spectator (social media user)
Read blogs, listen to podcasts, watch videos, and consume media
a measure of the firm's effectiveness in generating profits with the available assets.
Return on investment (ROI) for a firm is
True
Sales promotion's greatest strength is in creating strong desire and purchase intent. True/False
Inelsatic demand
Situation in which an increase or a decrease in price will not significantly affect the demand for a product
elastic demand
Situation in which consumer demand is sensitive to changes in price
False
Social commerce sites combine basic elements of e-commerce without the overwhelming distraction of social online media. True/False
False
Specialty products normally require wide distribution to sell sufficient quantities to meet profit goals. True/False
offer lower prices for customers and lead to greater customer satisfaction
Supply chain analytics programs have many objectives that, if realized, would ______.
as long as that of the product form
The PLC for a brand that was the first and last competitor in a product form market is ______.
Trialability
The degree to which a product can be tried on a limited basis
Observability
The degree to which the benefits or other results of using the products can be observed by others and communicated to target customers
screening
The first filter in the product development process is:
Complexity
The more complex the product, the slower is its diffusion
Predatory pricing
The practice of charging a very low price for a product with an intent to drive competitors out of business or out of a market is called:
Big data analytics
The process of discovering patterns in large data sets for the purposes of extracting knowledge and understanding human behavior is called:
Online retailing (e-tailing)
The retailing of goods online
True
The three most important functions of packaging are to contain and protect products; promote products; and facilitate the storage, use, and convenience of products. True/False
screening
To rate concept (or product) alternatives, concept tests are often used at the ______ stage.
product life cycle
introduction, growth, maturity, decline
non-traditional channels
non-physical (often electronic) channels that facilitate the unique market access of products and services
Retailing Mix (6 P's)
product, place, promotion, price, presentation, personnel
Direct marketing
sales and promotional techniques that deliver promotional materials individually
multichannel marketing
the blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships with consumers who shop and buy in traditional intermediaries and online
Promotional Mix
the combination of promotional tools—including advertising, public relations, personal selling, sales promotion, and social media—used to reach the target market and fulfill the organization's overall goals
Form Utility
the elements of the composition and appearance of a product that make it desirable
Time Utility
the increase in customer satisfaction gained by making a good or service available at the appropriate time
order to cash cycle
the length of time it takes an organization to receive payment for an order
Direct retailing
the selling of products by representatives who work door-to-door, office-to-office, or at home sales parties
Automatic vending
the use of machines to offer goods for sale
dual channels
the use of two or more channels to distribute the same product to target markets
place utility
the usefulness of a good or service as a function of the location at which it is made available
product line extensions
•Adding additional products to an existing product line
product mix
•All products that an organization sells
Specialty Products
•Particular items for which consumers search extensively and are reluctant to accept substitutes
diffusion of innovation
•Process by which the adoption of an innovation spreads
Unsought
•Products unknown to the potential buyer or known products that the buyer does not actively seek
Shopping products
•Require comparison shopping •More expensive and found in fewer stores
Product line depth
•is the number of product items in a product line.
