Mark 3336 2nd test, quizzes

Companies use secondary data, personal experience, and word of mouth to

learn about their competitors' strengths and weaknesses

Which of​ Porter's competitive strategies does Umpqua Bank​ follow?

Differentiation

is the only element in the marketing mix that produces revenue.

Price

When First Flavor promotes its products to other organizations as a marketing tool, the company may wish to showcase its product to numerous potential customers at once. Which promotional tool would you recommend to First Flavor?

Trade shows

Introducing a new product into the market is called _

commercialization

Gaining ________ requires delivering more value and satisfaction to target consumers than competitors do.

competitive advantage

Which of the following is an advantage of using digital catalogs?

eliminates printing and mailing costs

Azure Air, an airline company, offers attractive prices to customers with tighter budgets. A no-frills airline, it charges for all other additional services, such as baggage handling and in-flight refreshments. Which of the following best describes Azure Air's pricing method?

good value -based pricing

pricing refers to offering just the right combination of quality and gratifying service at a fair price.

good value -based pricing

Companies can identify their competitors from both ________ points of view.

industry and market

Fifty percent of the market is in the hands of Company A, 30 percent is in the hands of Company B, 15 percent is in the hands of Company C, and the remaining 5 percent is in the hands of Company D. Based on these hypothetical numbers, Company D is the market

nicher

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

online social networks

Which of the following would most likely lead to a company initiating a price increase?

over-demand

Extel Inc., a home appliance manufacturer, uses sales representatives to sell its products to wholesalers and individual customers. This is an example of

personal selling

In most cases, what is the most expensive promotion tool?

personal selling

A large ink jet printing company enters the letter press market and sells its printing services at a loss just to drive Hammerpress out of business. This is an example of _________.

predatory pricing

What sets the floor for product prices?

product costs

Which type of message appeal does OXO utilize?

rational

A product in the maturity stage will most likely require ________ advertising.

reminder

Which of the following helps companies in setting sales force size?

workload approach

________ are complex behavioral systems in which people and companies interact to accomplish individual, company, and channel goals.

Distribution channels

In​ 1995, when Umpqua Bank opened in new​ markets, which type of marketing effort did it​ utilize?

Formulated marketing

Which of the following is true of market-penetration pricing?

It results in drawing in large numbers of buyers quickly, winning a large market share.

Persuasive advertising becomes ________ advertising when a company directly or indirectly compares its brand with one or more other brands.

attack

includes sales presentations, trade shows, and incentive programs.

Personal selling

After determining its advertising objectives, a company's next step in developing an advertising program is to

set an advertising budget

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 of the following is true of conventional distribution channels?

Channel members seek to maximize their own profits.

are online journals where people post their thoughts, usually on a narrowly defined topic.

Blogs

involves first identifying and assessing competitors and then selecting which competitors to attack or avoid.

Competitor analysis

In which type of competition do fast-food restaurants operate?

Monopolistic competition

In order to achieve depth of awareness of the OXO brand, which of the following media strategies does the company utilize?

Personal: social media

It is likely that salespeople at First Flavor try to identify potential business customers to utilize the Peel-n-Taste product in their marketing campaigns. Which of the following best describes this step of personal selling process?

Prospecting

Which of the following best describes the advertising media first used with Kmart's "Big Gas Savings" and "Shipped My Pants" commercials?

Social media

Which of the following statements is true about personal communication channels?

Word-of-mouth influence uses a personal communication channel

From a(n) ________ point of view, Pepsi might see its competition as Coca-Cola, Dr Pepper, 7UP, and the makers of other soft drink brands. From a(n) ________ point of view, however, the customer really wants "thirst quenching."

industry; market

Which of the following is a competitive position or role that firms play in the target market?

market nicher

Gant Hardware is a huge chain of hardware stores. GantHardware.com helps customers conduct product research and also lets them order directly online or redirects them to the nearest Gant retail store. Which of the following best describes GantHardware.com?

marketing Web site

All of the following are benefits of direct marketing for sellers EXCEPT

mass reach and immediate returns

Marketers publicize inbound toll-free numbers to consumers in television and print ads, direct mail, and catalogs. The benefit to sellers is that it presents an opportunity for consumers to order products and for the seller to build the relationship. A benefit to consumers is

ncreased convenience

By offering free shipping, which of the following retail marketing mix elements is Kmart not focusing on?

product and service assortment

Which of the following best describes a similarity between Costco and Walmart?

Both use everyday low pricing.

Which of the following was likely not a reason NutriSystem decided to use direct and digital media?

Consumers spend less time and money online than ever before.

Entrepreneurial Strategy is about WHAT in a firm?

Applying entrepreneurship to a firm's core strategy

When Sam Farber started OXO and launched never-before-seen products that were targeted at people with dexterity problems, in which stage of buyer-readiness was his target market?

Awareness

Kmart would be classified best as which type of retailer?

Department store

NutriSystem uses direct-mail marketing for its products geared toward men. Which of the following is not an advantage of direct-mail marketing?

It is less expensive than mass media

As with many companies, NutriSystem's marketing strategy hopes to achieve a brand community. Which of the following would be an example of NutriSystem's brand community

Its customer interaction through social​ media, blogs, and website content.

Which of the following best describes the type of buyer Kmart is trying to reach with its free shipping?

The omni-channel buyer

Which of the following is true of channel members?

They play specialized roles in the channel.

Which of the following is most likely true about shoppers who prefer to shop at "lifestyle centers"?Which of the following is most likely true about shoppers who prefer to shop at "lifestyle centers"?t

They prefer upscale stores

For the chemical industry, the current discussion of cap and trade legislation is an example of:

Threat

In Porter's Five Forces, Barriers to Entry include all of the following EXCEPT

Threat of backward integration (maybe)

Which of the following statements best represents a contractual association between a manufacturer, wholesaler, or service organization and independent businesspeople who buy the right to own and operate one or more units in the system represented by the contract?

franchise

Which type of retailer is most likely to require its employees to focus most on assisting customers as they shop?

full-service retailer

Which of the following stages in the new product development would a firm engage in immediately after the completion of concept testing?

marketing strategy development

Capitalizing on the customer's complaints about the previous detergents she has used, Sheila, a salesperson, explains to the customer why her company's detergent Swish is better and how it can be a one-stop solution for everyday washing. In which of the following steps of the selling process is Sheila?

presentation

Which of the following statements is true of direct marketing?

Direct marketing offers sellers a low-cost alternative for reaching their markets.

A fast-food restaurant determines the cost of producing its chicken nuggets then adds a percentage to that cost to determine the price charged to consumers. This indicates that the restaurant is utilizing which of the following pricing strategies?

Cost-plus pricing

Which of Treacy & Wiersema's competitive marketing strategies does Umpqua Bank follow?

Customer intimacy

Which of the following best describes the highest price that a customer is willing to pay for a fast-food chain's products?

Customer perception

Which of the following companies uses product bundle pricing?

Panizza, whose combo meals are priced lower than its individual components sold together

If Brady, the owner of Hammerpress, strategically discounts the price of all gift cards by 20% during the holidays and runs a campaign to encourage gift card purchases, he is implementing which type of pricing?

Promotional

NutriSystem maintains a website that engages consumers and includes videos, blogs, activities, and other features that build closer customer relationships and generate engagement. This indicates that NutriSystem employs a(n) __________

brand community website

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

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

Online ads that incorporate animation, video, sound, and interactivity are called

rich media ads

Why are customers often considered the most important sources of new product ideas?

The company can analyze customer questions and complaints to find new products that better solve consumer problems.

Electron Corp. purchased Proton Corp. by buying all of its assets and ownership equity. This is an example of a(n) __

acquisition

The aim of ________ is to make an advertisement so useful or entertaining that people want to watch it.

advertainment

In which of the following steps of the selling process is a salesperson most likely to meet the customer for the first time?

approach

Brands in a market with many competitors and high advertising clutter must

be advertised more heavily to be noticed in the marketplace

Which of the following is true with regard to value-added pricing?

Companies practicing value-added pricing differentiate their offers by attaching value-added features to offerings that, in turn, justify higher prices.

Which of the following companies uses captive product pricing?

Photo Genie, which sells inexpensive cameras that run only on their own expensive batteries

Hammerpress must decide how to price the standard run-rate items it sells, such as business cards, wedding invitations, and posters. Which type of pricing strategy is this?

Product line pricing

The decisions about impact and engagement of an advertisement fall into the category of ________ decisions.

advertising evaluations

f your firm establishes a defensive plan to prevent the firm's weaknesses from making it highly susceptible to external threats, that would be an example of an S-T strategy

false

A company that pursues ________ will react much more strongly to a competitor's cost reducing manufacturing breakthrough than to the same competitor's advertising increase.

low-cost leadership

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 of the following is a significant challenge presented by the product life cycle?

new product development

Hammerpress utilizes different pricing strategies than other printing companies, which sell printers to the home-printing market at a low price point and then sell the continual ink cartridge purchases at a high price point. Which type of pricing strategy is this?

captive product pricing

Home Depot and PetSmart are examples of

category killers

When Verizon Wireless began offering the iPhone, it used its "Can you hear me now?" slogan to attack AT&T's rumored spotty service. This example best illustrates

comparative advertising

Which of the following involves setting prices based on a rival firm's strategies, costs, prices, and market offerings?

competition-based pricing

Within each retail establishment of Kmart, external vendors stock and maintain the magazine department of the stores, but do not actually take possession of the product. Which type of wholesaler best describes these vendors?

Limited-service wholesalers

Which of the following best describes Kmart's execution style in its advertisements?

Mood

Operational effectiveness is about doing WHAT better than your competitors?

Performing similar activities better than your competitors

Although Kmart received praise for creating one of the funniest commercials of its time, the company was also criticized for it, causing marketers to combat the negativity through press releases. Which of the following marketing mix elements is mostly aligned with the marketers' decision to issue press releases?

Public relations

is very believable because news stories, features, sponsorships, and events seem more real and believable to readers than ads do.

Public relations

Kmart did not create the "Ship My Pants" and "Big Gas Savings" commercials. Instead, they hired a(n) __________ named Draftfcb.

advertising agency

When referring to the Five Forces, the Concentration Ratio (CR) is a measure of:

all of the above

Plasticine Palace supplies its products exclusively to Arts & Crafts, a chain of stationery stores across the country. The chain then makes the plasticine available to end consumers. This is an example of ________.

an indirect marketing channel

The purpose of a training program for salespeople is to teach them about all of the following EXCEPT

industry history

Umpqua's vision is "to become the world's greatest bank." The company sees its competitors as other financial institutions that preform banking services. This is taking a _________ of its competition

industry point of view

Today, several 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

Kathy Champe, a public relations specialist for a regional chain of pharmacies, regularly contacts members of the local and statewide media with information about community events and charity fundraisers sponsored by her company. This is an example of the ________ function of public relations

press relations

Underpriced products

produce less revenue than they would if they were priced at the level of perceived value

Which of the following is an indirect business marketing channel?

producer to business distributor to business customer

Which of the following product mix pricing strategies involves pricing multiple products to be sold together?

product bundle pricing

Coca-Cola cups prominently featured on episodes of American Idol are an example of

product placement

In Porter's Five Forces, differentiation of inputs, switching costs of firms in the industry and the threat of forward integration are all part of:

supplier power

Which of the following is an external source for ideas?

suppliers and distributors

What is included in the first part of a marketing strategy statement?

target market description

When KFC came into conflict with its franchisees over the brand's Unthink KFC repositioning, which emphasized grilled chicken over its traditional Kentucky fried chicken, KFC experienced ________ conflict

vertical

Which of the following is NOT one of the Intrapreneur's Ten Commandments?

Ask for resources before advice

With regard to supply and demand, which of the following best represents the intentions of the fast-food company's slash on prices?

Demand will increase for its products.

Which element of the marketing communications mix does OXO most heavily utilize?

Direct marketing

includes all the activities involved in selling products or services directly to final consumers for their personal, nonbusiness use.

Retailing

First Flavor would best be described as assisting companies in which of the marketing mix elements?

Sales promotion

Which of the following would most likely improve coordination between marketing and sales?

Salespeople should participate in marketing planning sessions by sharing firsthand customer knowledge.

is a type of service offered by those retailers who serve customers that are willing to perform their own "locate-compare-select" process in order to save money.

Self-service

NutriSystem includes Facebook, Twitter, blogs, and Instagram in its marketing strategy. This indicates that NutriSystem is involved in which type of marketing?

Social media

First Flavor does not use​ online, mobile, or social media to engage​ customers, indicating that First Flavor is not engaged in which of the​ following?

Social selling