mktg exam 2 ALL

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. A. product bundle B. two-part C. captive-product D. product line E. by-product

C. captive-product

​___________ are payments or price reductions that reward dealers for participating in advertising and​ sales-support programs. A. volume discounts B. cash discounts C. promotional allowances D. quantity discounts E. trade-in allowances

C. promotional allowances

The first part of a marketing strategy statement describes the​ ________ of a new product. A. planned price B. marketing budget C. target market D. marketing mix strategy E. profit goals

C. target market

__________ is a currently accepted or popular style in a given field. A. A fad B. Fashion C. Style D. Crowdsourcing

B. Fashion

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​ ________. A. differentiated marketing B. micromarketing C. target marketing D. concentrated marketing E. undifferentiated marketing

B. micromarketing

​_____________________ is the value of customer relationships that a brand creates. A. Customer value B. Brand value C. Customer equity D. Brand differentiation E. Brand equity

C. Customer equity

​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? A. Generic brands B. Co-brands C. Private brands D. Private labels E. Manufacturer's brand

C. Private brands

Internal factors that affect pricing include​ _________________. A. The​ company's overall marketing​ strategy, the nature of the​ market, and demand. B. The nature of the​ market, demand, and the economy C. The​ company's overall marketing​ strategy, objectives, and the nature of the market D. The​ company's overall marketing​ strategy, objectives, and marketing mix. E. The​ company's overall marketing​ strategy, objectives, and demand

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

Other internal factors that influence pricing decisions include​ ____________. A. the​ company's overall pricing​ strategy, objectives, and marketing​ mix, as well as organizational considerations B. the​ company's overall sales​ strategy, revenue​ objectives, and marketing​ mix, as well as organizational considerations C. the​ company's overall marketing​ strategy, objectives, and marketing mix D. the​ company's overall sales​ strategy, objectives, and marketing​ mix, as well as organizational considerations E. the​ company's overall marketing​ strategy, objectives, and marketing​ mix, as well as organizational considerations

E. the​ company's overall marketing​ strategy, objectives, and marketing​ mix, as well as organizational considerations

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? A. Brand extension B. Line extension C. New brand D. Multibranding E. Licensing

C. New brand

When a company builds a​ brand, it needs to make important decisions regarding the brand. Of the​ following, which is NOT one of those​ decisions? A. Brand licensing opportunities B. Brand development C. Brand name selection D. Brand sponsorship options E. Brand positioning

A. Brand licensing opportunities

Marketers must consider external considerations in establishing pricing. Which of the following represents those external​ considerations? A. The nature of the market and demand and other environmental factors B. ​Demand, revenue​ objectives, and stakeholder requirements C. Market​ strategy, environmental​ factors, and distribution channels D. Demand, market​ strategy, and the effect of reseller actions E. The nature of the market and environmental factors

A. The nature of the market and demand and other environmental factors

Finding the best name is part of __________, and it begins with a careful review of the product and its benefits, the target market, and proposed marketing strategies. A. brand name selection B. brand development C. brand sponsorship D. brand positioning

A. brand name selection

When marketers aggressively promote only one benefit to the target​ market, the benefit promoted is known as the product or​ service's _____________________. A. unique selling proposition B. unique difference proposition C. unique product proposition D. unique benefit proposition E. unique position proposition

A. unique selling proposition

__________ is the third step in value-based pricing. A. Designing products to deliver the desired value at a target price B. Determining costs that can be incurred C. Assessing the customer needs and value perceptions D. Setting a target price to match the customer's perceived value

B. Determining costs that can be incurred

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? A. Customer retention and building profitable customer relationships B. Grabbing international market share C. Preventing competition D. Supporting resellers and gaining their support E. Avoiding government intervention

B. Grabbing international market share

Which of the following is true regarding the​ price-demand relationship? A. Price elasticity measures how responsive price will be to a change in demand. B. If demand is​ elastic, sellers will consider lowering their prices. C. If demand is​ inelastic, a small change in price will result in a large change in demand. D. A demand curve shows the number of units a company will produce in a given time period at different prices that might be charged. E. Demand and price are directly related—the higher the​ price, the greater the demand.

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

__________ is dividing a market into segments according to the moments when buyers get the idea to buy, actually make their purchase, or use the purchased item. A. Income segmentation B. Occasion segmentation C. Psychographics segmentation D. Behavioral segmentation

B. Occasion segmentation

__________ is defined by consumers on important attributes—the place the product occupies in consumers' minds relative to competing products. A. A unique selling proposition B. Product position C. A value proposition D. A competitive advantage

B. Product position

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. A. geographic B. psychographic C. user status D. age and​ life-cycle E. benefit

B. psychographic

Which of the following correctly describes the classifications into which products and services​ fall? A. Luxury products and​ non-luxury products B. Technology products and​ non-technology products C. Consumer products and industrial products D. Wholesale products and retail products E. Consumer products and business products

C. Consumer products and industrial products

​When, if​ ever, is price discrimination​ allowed? A. If the seller can substantiate that it is distributing​ internationally, then it is legal. B. If the seller is selling via the Internet as its main​ channel, then it is legal. C. If the seller can prove that its costs are different when selling to different​ retailers, then it is legal. D. If the seller can prove that it is allowable in certain states and local retailing​ areas, then it is legal. E. If the seller can prove that its revenue is affected when selling to similar​ retailers, then it is legal.

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

How do companies apply pricing strategies to accommodate differences in customer segments and​ situations? A. They use accommodations such as preferred pricing strategies. B. They use selective promotional pricing strategies. C. They apply a variety of price adjustment strategies. D. They focus on segmented pricing strategies. E. They create price allowance pricing strategies.

C. They apply a variety of price adjustment strategies.

One important consideration in using a differentiated targeting strategy is that​ _______. A. the demand for customized products is decreasing B. serving one or a few smaller segments can limit sales C. it can increase costs D. it is easier for the company because it only needs to manage one market offering E. focusing on what is common in consumers can potentially appeal to the largest number of buyers

C. it can increase costs

A __________ is the full mix of benefits on which a brand is positioned. A. competitive advantage B. unique selling proposition C. value proposition D. product position

C. value proposition

Social responsibility includes public policy issues and regulations involving​ _________________, and product warranties. A. product quality and​ safety, product replacement B. product​ replacement, product quality and safety C. patent​ protection, product quality and safety D. acquiring or dropping​ products, patent​ protection, product quality and safety E. product​ sustainability, patent​ protection, product quality and safety

D. acquiring or dropping​ products, patent​ protection, product quality and safety

Which of the following statements regarding the marketing of international products and services is​ correct? A. Markets and consumers around the world are now so similar that international product and services marketers no longer face special challenges when marketing in foreign countries. B. The trend toward growth of global service companies will not continue and will actually decline. C. Advertising is one service industry that has not needed to globalize its operations. D. Markets and consumers all over the world are​ alike, so a company should always standardize international products. E. Because markets and consumers around the world differ​ widely, companies must usually adapt their product offerings in different world markets.

E. Because markets and consumers around the world differ​ widely, companies must usually adapt their product offerings in different world markets.

Which stage of the product life cycle normally lasts longer than the others and poses great challenges to marketing​ management? A. Maturity B. Introduction C. Decline D. Product development E. Growth

A. Maturity

​______________________ is the step of the new product development process during which a physical product is first developed. A. Product development B. Marketing strategy development C. Test marketing D. Concept development and testing E. Idea generation

A. Product development

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. A. premium pricing B. market-penetration C. by-product D. captive-product E. optional-product

A. premium pricing

Pricing strategies usually change as a product passes through its life cycle but are especially challenging during the​ _______ stage. A. growth B. relaunch C. maturity D. decline E. introductory

E. introductory