Exam 2 Questions
The Supply chain view of _____ includes the firm's raw materials, productive inputs, and factory capacity
"Make and sell"
At its most basic form, a marketing channel consists of the producer and the ________.
consumer
A ________ is made up of the company, suppliers, distributors, and customers who partner to improve the performance of the entire system.
value delivery network
Which correctly labels the following diagram?
Distributors
Retailers such as Costco and Walmart use a pricing system with few or no temporary price discounts. This is an example of ________ pricing.
Everyday low
Many situations may lead to a firm cutting prices. Which correctly lists the two main reasons price cuts occur?
Excess capacity, increased market share
Which correctly labels the center of the following diagram?
Core product
Which of the following would most likely lead to a company initiating a price increase?
over-demand
What key difference is there in Cost-based pricing and value-based pricing?
Cost-based pricing is set according to the cost of raw materials involved in the product, whereas value-pricing is sets a price to match customer perceived value
What are companies now creating and managing with their brands or company?
Customer experiences
Which of the following is generally true of price changes?
Customer reaction to price changes is not as important as competitor reaction.
Which of the following is known as: Firms that supply raw materials, components, parts, information, finances, and expertise needed to create a product or services?
Upstream partners
Marketers often segment international markets according to the type and stability of government. In such instances, they segment markets based on ________.
Political factors
Positioning maps show consumer perceptions of marketer's brands versus competing products on important buying dimensions. Which two variables are plotted on the X and Y axis of a position map?
X - Orientation, Y - Price
Which of the following is NOT one of the five major product mix pricing strategies?
Competitive product pricing
According to SSI data collected from 47 corporations and 773 sales executives, unique products/ services are trending towards which of the following?
A product/service that is substitutable
What differentiates a service from a product?
A service is essentially intangible while a product is tangible
Which of the following correctly labels the concept of buying a whole company, a patent, or a license to produce someone else's product?
Acquisition
________ distribution is a strategy in which producers of convenience products and raw materials stock their products in as many outlets as possible.
Intensive
Which stage of new product development requires management to estimate minimum and maximum sales to assess the range of risk in launching a new product?
Business analysis
Tesla demonstrates new product ideas to key target markets to get their opinions and insights. This is an example of:
Concept testing
All of the following are requirements for effective segmentation EXCEPT:
Consistent
Which of the following is a product and service classifications that includes staple goods, impulse goods, and emergency goods?
Convenience products
Which of the following is not part of choosing a differentiation and positioning strategy?
Evaluating the results of the chosen positioning strategy
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 of ________.
Geographic segmentation
Department stores such as Sears and Macy's use which of the following major pricing strategies?
High-low pricing
Which of the following are the two main types of channel conflict?
Horizontal conflict, vertical conflict
What is the first major stage in new product development?
Idea generation
What are the four key service characteristics?
Inseparability, perishability, intangibility, variability
A marketing channel is a set of ______ organizations that help make a product or service available for use or consumption by the consumer business or business user.
Interdependent
________ consists of evaluating each market segment's attractiveness and selecting one or more segments to enter.
Market Targeting
When Apple first introduced the iPhone, its initial price was as high as $599 per phone. The phones were purchased only by customers who really wanted the sleek new gadget and could afford to pay a high price for it. Six months later, Apple dropped the price to $399 for an 8-GB model and $499 for the 16-GB model to attract new buyers. Within a year, it dropped prices again to $199 and $299, respectively, and you can now get a basic 8-GB model for free with a wireless phone contract. This is an example of which of the following new pricing strategies?
Market-skimming pricing
The major pricing strategies discussed in class are bound by two factors, the price ceiling and the price floor. Which two factors determine the price floor and the price ceiling respectively?
Product costs and consumer perceptions of value
Which of the following is NOT a way to segment consumer markets?
Situational segmentation
All of the following are characteristics of shopping products EXCEPT?
Special purchase efforts
A hickory rocking chair, handmade by an Amish woodcarver in Lancaster, Pennsylvania, from locally grown wood, is an example of a ________.
Specialty product
The Customer-driven marketing strategy focuses on creating value for targeted customers through which four key drivers?
Targeting, positioning, differentiation, segmentation
Which of the following is the correct definition of price?
The amount of money charged for a product or service The sum of all the values that customers exchange for the benefits of having or using the product or service A and C are both correct definitions
Why is markup pricing most likely impractical?
The method ignores demand and competitor prices.
