AGEC 3010 review

involves the use of a successful brand name for new or modified products in a new category.

a line extension

trade journals, Nielsen and Arbitron ratings, and government data are all examples of what kind of information source?

secondary data

A recent study conducted by Estelle Cosmetics Company showed that heavy users of Estelle's products comprise a small percentage of the market. The study indicated that less than 7 percent of all shoppers buy nearly 71 percent of Estelle's products in the United States. This is an example of

segmentation by usage rate

Certain things that are marketed are intangible (hard to evaluate with the senses) and cannot be produced and stored in advance. Yet the principles of marketing can still be applied to them. What are these things?

services

What does "SWOT" stand for in the SWOT analysis? (write the words in the blanks

strength, weakness, opportunity, threat

The strongest brands are positioned on ________.

strong beliefs and values

Which of the following promotion tools involves building up a good corporate image and handling unfavorable stories and events?

Public relations

Short answer 1: there are many ways to segment a market, please list a few examples. But not all segmentations are effective. Please explain the 5 requirements for effective market segmentation.

a. Measurability- can measure size, purchasing power, profiles b. Accessibility- can segment be effectively reached and served c. Substantiality- is segment large or profitable enough to serve d. Differentiable- does it respond differently to different marketing mix elements and programs e. Actionability- can effective programs be designed to attract and service the segments? (e.x. staff too small to service 50 segments)

What did I suggest could generate this shape for a product's life cycle?

adding new features

Bailey's Burgers promotes the Bailey's Jumbo Burger as a fun snack for teens and young adults. In this instance, Bailey's Burgers is practicing ________ segmentation

age and life-cycle

Which is one of the conditions required for price discrimination?

all of the above

Which of the following is a method of gathering good marketing intelligence? a. Sending out teams of trained observers to mingle with customers b. Setting up digital centers that monitor brand-related online consumer and marketplace activity c. Purchasing merchandise from competing sites to analyze and compare their assortment, speed, and service quality d. Searching specific competitor names, events, or trends to see what comes up e. All of the above

all of the above

Using the AIDA model, an effective marketing message should get attention, hold interest, ________, and obtain action.

arouse desire

A restaurant wants to use value-based pricing. It knows the costs of the ingredients in the food. It must also factor in ________ in determining customer satisfaction and value.

atmosphere and décor of the restaurant

Which of the following is one of the Porter's 5 Forces of Competitive Positioning?

bargaining power of supplies

Coors has several assets going for it that should prepare it in the high-stakes, highly competitive beer industry of the future. It has strong customer loyalty, high awareness, high perceived quality, and credibility. All these factors are combined in the last phrase of veteran industry analyst Robert S. Weinberg's comment: "The brand is strong, the beer is good and they have their own traditions. They have phenomenal ________."

brand equity

Which of the following product mix pricing strategies did Polaroid use when it set the general price range of its cameras low and the markup on its film high?

captive product pricing

In the BCG Growth-Share Matrix, what is the name for a product that has high market share but low growth?

cash cow

________ occurs when two established brand names of different companies are used on the same product.

co-branding

Which of the following types of advertising will most likely result in an advertising war?

comparitive

a market skimming pricing strategy should not be used for a new product when

competitors can undercut prices easily

With a(n) ______________ marketing strategy, a firm goes after a large share of one or a few smaller niches.

concentrated

Sanguine Services is a small company that uses a marketing strategy in which its limited resources are employed to target a large share of two small market segments. Sanguine most likely uses which of the following marketing strategies?

concentrated marketing

Two factors are associated with the attribute of "quality" in a product. The first is level of quality (or costliness). The other is:

consistency

Individuals and households that buy or acquire goods and services for personal consumption make up the

consumer market

As a general pricing approach, value-based pricing uses buyers' perceptions of value rather than sellers' ___________ as the key to pricing.

cost

Which of the following is the practice of inviting broad communities of customers, employees, independent researchers, and members of the public into the new product innovation process?

crowdsourcing

Today's retailers increasingly adopt environmentally sustainable practices. Which of the following is NOT one of these practices?

cutting back on recycling programs

Delta Motorworks markets its cars based on the age, gender, and income of its customers. Which of the following types of market segmentation is evident here?

demographic segmentation

Which of the following is NOT a step in designing an effective marketing channel?

determining pricing policy for channel members

A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each is known as ____________.

differentiated marketing

___________ is the practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations.

differentiated marketing

Which of the following price adjustment strategies involves reducing prices to reward customer responses such as volume purchases, paying early, or participating in sales-support programs?

discount and allowance pricing

Supposed a product has the characteristics of high involvement and few differences between products. A first-time user of that product might experience doubts about having made the right decision under those particular conditions. If so, which "buying behavior type" should the marketing professional be prepared to deal with?

dissonance reasoning

A good brand name should most likely be

distinctive

If an international court can establish that the defendant country sold its products in the plaintiff's country at prices lower than the defendant's cost of production, this is usually ruled as evidence of:

dumping

In the theory of the adoption of innovations, which is the second group to adopt a new product?

early adopters

Producers of strong brands sometimes sell to dealers only on the condition that dealers take some or all of the rest of a product line. This practice is known as ________.

full-line forcing

All of the following are B2C Buying Roles except: a. Buyers b. Influencers c. Deciders d. Initiators e. Gatekeepers

gatekeepers

Pacific Fisheries divides its customers into different regional units, such as Asia, Australia, and the Americas. This is an example of ________ segmentation.

geographic

Many companies today are localizing their products, advertising, promotion, and sales efforts to fit the needs of individual regions, cities, and neighborhoods. This is an example

geographic segmentation

When McDonald's and other fast food restaurants offer "value menu" items at low prices, they are most likely using

good value pricing

Which stage in the product life cycle is characterized by rapid market acceptance and increasing profits?

growth

Consumers are less likely to use price to judge the quality of a product when they ________.

have experience with the product

When a buying decision concerns a purchase that is expensive, risky, infrequent, or self-expressive it is said to:

have high involvement

pricing involves charging higher prices on an everyday basis but running frequent promotions to lower prices temporarily on selected items

high-low

Conflict that occurs among firms at the same level of the marketing channel is known as ________ conflict.

horizontal

Which of the following is the first step in developing an effective integrated communications and promotion program?

identifying the target audience

Symbols such as the McDonald's golden arches, the colorful Google logo, the Nike swoosh, or Apple's "bite mark" logo provide strong company or brand recognition and are indicative of ____________ differentiation.

image

Gilron Holidays runs a premium membership club that caters to customers whose annual salary exceeds $100,000. Members of this club are offered seasonal discounts at select luxury hotels in select cities worldwide. Gilron Holidays follows a(n) ________ segmentation approach.

income

Pharmaceutical sales representative often have to ingratiate themselves with certain employees in order to reach the doctor or veterinarian. What are these participants in the Business Buying Process called?

initiators

Today, most companies are adopting the concept of ________, which carefully combines and coordinates the company's many communication channels to deliver a clear, consistent, and compelling message about the organization and its brands.

integrated marketing communication

Using ________ segmentation, marketers form segments of consumers who have similar needs and buying behaviors even though they are located in different countries.

intermarket

Which of the following stages of the product life cycle is characterized with high promotional expenditures that result from an effort to create consumer awareness

introduction

Pierre's Mart, a grocery store in New Orleans, LA, offers less merchandise selection and fairly low levels of service. Despite the lackluster service and limited selection of merchandise, customers still flock to Pierre's because it charges rock-bottom prices. Pierre's Mart most likely uses the _________ positioning.

less for much less

Which new product pricing strategy would you use if your market is price-sensitive and your production costs fall dramatically with increased output?

market penetration pricing

Which new product pricing strategy would you use if your competitors will be slow to enter and/or you have great image and quality product?

market skimming pricing

A ________ is a set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user.

marketing channel

Which marketing philosophy best fits the following sequence: Choose the value Provide the value communicate the value

marketing concept

Which marketing philosophy best fits the following sequence: Choose the value Provide the value communicate the value a. Production concept b. Product concept c. Selling concept d. Marketing concept

marketing concept

The AIDA model identifies the characteristics of an effective ________.

marketing message

Which of the following marketing strategies is most suitable for smaller firms with limited resources?

niche marketing

1. In the theory of the adoption of innovations, which is the first group to adopt a new product? a. Early adopters b. Early majority c. Early birds d. First standard deviation

none of the above

The ________ requires sellers to provide detailed nutritional information on food products.

nutritional labeling and educational act of 1990

Which budgeting method entails defining specific promotion goals, determining the necessary tasks, and estimating the costs to determine a promotion budget?

objective and task method

Tropicana promotes drinking orange juice at any time of day as a cool, refreshing drink. The market segmentation approach Tropicana is using is

occasion segmentation

Which of the following is a specialized and highly targeted media selection that an advertiser might use to reach smaller customer segments with personalized content?

online social networks

Because of ________, a company cannot make its product illegally similar to a competitor's already established product.

patent laws

Consumer purchases are influenced strongly by characteristics that marketers cannot control but must take into account, including cultural, social, psychological and _______ characteristics

personal

Encouraging customers to switch brands is most likely the objective of ________ advertising.

persuasive

Which of the following companies uses captive product pricing?

photo genie, which sell inexpensive cameras that run only on their own expensive batteries

Anchor Tractors focuses on selling its farm equipment in North America and Europe. It has not yet considered expanding into the Middle East. Which factor is likely most important in this decision regarding expansion?

political

The _________ environment consists of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society

political

Product attributes include all of the following EXCEPT ________.

price

Noticing that themed envelopes aren't selling well, Charles Payton decides to offer customers a special "letter writing" kit. He prices the kit—which comprises letter paper, matching envelopes, and pens—at $5, even though the combined prices of the individual items is $8. Which of the following pricing strategies is he using?

product bundle pricing

Which of the following product mix pricing strategies involves setting prices across an entire product range based on cost differences between the products, customer evaluations of different features, and competitors' prices?

product line pricing

A _____________ refers to the way a product is defined by consumers on important attributes - the place that product occupies in consumers' minds relative to competing products.

product position

1. In an article, the author says "Since World War II, grain farmers have sought to boost profits mostly by increasing yields, driving down costs and expanding their operations." What marketing philosophy or concept does this sound like?

production concept

In an article, the author says "Since World War II, grain farmers have sought to boost profits mostly by increasing yields, driving down costs and expanding their operations." What marketing philosophy or concept does this sound like?

production concept

An American cola-manufacturing company that primarily targets rebellious and adventurous people most likely uses ________ segmentation.

psychographic

Different soft drinks target different personalities. This is an example of ________ segmentation

psychographic

A supermarket places its store brand of blackberry jam priced at $5 per jar in the fruit preserves aisle, alongside the jam jars of a better known brand—whose products are priced at $8 apiece. Store managers reason that customers are more likely to choose the store brand instead of the better-known brand when they realize the price difference. What price adjustment strategy is evident in the supermarket's reasoning?

psychological pricing

Under which promotional mix strategy does the producer direct its marketing activities toward channel members to induce them to carry the product and promote it to final consumers?

pull strategy

Using a(n) ________ strategy, the producer directs its marketing activities toward final consumers to induce them to buy the product.

push

John Deere does very little promoting of its lawn mowers and garden tractors to final consumers. Instead, John Deere's sales force works with Lowe's, Home Depot, independent dealers, and other channel members, who in turn sell John Deere products to final consumers. According to this information, which of the following promotion mix strategies is being used by John Deere?

push strategy

In the BCG Growth-share matrix, what is the name for a product, such as organic foods, that has low market share but high growth?

question mark

Wal-Mart seems to have discovered that big, heavy apples bring in more revenue when they are sold for prices that look reasonable by the pound. This psychological pricing factor is defined as: "Prices that buyers carry in their minds and refer to when they look at a given product." What is this factor called?

reference prices

. Keeping the brand in a customer's mind during off-seasons is most likely a goal of ________ advertising.

reminder

In-store demonstrations, displays, sales, and loyalty programs are examples of ________.

sales promotion

Stages in the Adoption Process

1. Awareness 2. Interest 3. Evaluation 4. Trial 5. Adoption

Steps in the Buyer Decision Process

1. Need recognition 2. Information search 3. Evaluation of alternatives 4. Purchase decision 5. Post-purchase behavior

A cooperative oligopoly (such as OPEC) is sometimes called a:

cartel

Through _____________ differentiation, brands can be differentiated on features, performance, or style and design.

product

Which of the following is true of price changes?

A drop in price can adversely affect how consumers view the brand.

What are the desirable qualities for a brand name?

Benefits and qualities, Ability to pronounce, Translates well, Distinctive, Etc.

pricing involves charging higher prices on an everyday basis but running frequent promotions to lower prices temporarily on selected items.

High-low

Which of the following stages of the product life cycle is characterized with high promotional expenditures that result from an effort to create consumer awareness?

Introduction

When amusement parks charge customers for admission and later for food and beverages, they are following a ________ pricing strategy.

two part

A(n) ________ argument is most likely to be effective when the audience is highly educated or likely to hear opposing claims.

two sided

are consumer products that the consumer either does not know about or knows about but does not normally think about buying.

unsought products