Marketing Exam 2 Moore
value proposition
A __________ is the full mix of benefits on which a brand is positioned.
Attitude
__________ is a person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea.
dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes
Market segmentation is __________.
Variable costs
__________ is/are costs that vary directly with the level of production.
evaluation
In the __________ stage, the consumer considers whether trying the new product makes sense.
interest
In the __________ stage, the consumer seeks information about the new product.
designing an initial marketing strategy for a new product based on the product concept
Marketing strategy development is __________.
unique selling proposition
A __________ is a specific attribute that a company chooses about a brand and touts as "number one" in regards to that attribute.
the differential effect that knowing the brand name has on customer response to the product or its marketing
Brand equity is __________.
decline
Phasing out weak items is a product strategy in the __________ phase.
demographic
Segmenting a market based on age and lifecycle-stage is a type of ______ segmentation.
demographic
Segmenting a market based on gender is a type of ______ segmentation.
Customer-centered new product development
__________ focuses on finding new ways to solve customer problems and create more customer-satisfying experiences.
Brand sponsorship
__________ includes private branding, licensing, and co-branding.
Team-based new product development
__________ involves various company departments working closely together, overlapping the steps in the product development process to save time and increase effectiveness.
Crowdsourcing
__________ is inviting broad communities of people—customers, employees, independent scientists and researchers, and even the public at large—into the new product innovation process.
Good-value pricing
__________ is offering just the right combination of quality and good service at a fair price.
Social class
__________ is relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors.
Idea screening
__________ is scanning new product ideas to spot good ideas and drop poor ones as soon as possible.
Price
__________ is the amount of money charged for a product or service, or the sum of the values that customers exchange for the benefits of having or using the product or service.
Purchase decision
__________ is the buyer's decision about which brand to select.
A service profit chain
__________ links service firm profits with employee and customer satisfaction.
Service inseparability
__________ means that services are produced and consumed at the same time and cannot be separated from their providers.
Service perishability
__________ means that services cannot be stored for later sale or use.
Service variability
__________ means that the quality of services may vary greatly depending on who provides them and when, where, and how they are provided.
A product line
__________ refers to a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.
A demand curve
__________ shows the number of units the market will buy in a given time period, at different prices that might be charged.
the first stage of the buyer decision process, in which the consumer notices a problem
Need recognition is __________.
the amount of money charged for a product or service, or the sum of the values that customers exchange for the benefits of having or using the product or service
Price is __________.
Cost-based pricing
__________ is setting prices based on the costs of producing, distributing, and selling the product plus a fair rate of return for effort and risk.
that customers usually buy frequently, immediately, and with minimal comparison and buying effort
A convenience product is a consumer product __________.
maturity
Modifying the market, product offering, or marketing mix is a product strategy in the ________ phase.
Market-skimming pricing
The new product pricing strategy of ______ means the initial price is set high.
Marketing stimuli
__________ are such things as product, price, place, and promotion and are considered part of the environment that influences the buyer's black box.
Product concept
__________ is a detailed version of a new product idea stated in meaningful consumer terms.
Subculture
__________ is a group of people with shared value systems based on common life experiences and situations
Concentrated marketing
__________ is a market-coverage strategy in which a firm goes after a large share of one or a few segments or niches.
Price elasticity
__________ is a measure of the sensitivity of demand to changes in price.
Market targeting
__________ is evaluating each market segment's attractiveness and selecting one or more segments to enter.
Brand extension
__________ is expanding an existing brand name of new product categories.
Target costing
__________ is/are pricing that starts with an ideal selling price, then targets costs that will ensure that the price is met.
brand name selection
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.
dividing a market into different units such as nations, states, regions, counties, cities, or even neighborhoods
Geographic segmentation is __________.
Positioning
__________ is arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Psychographics segmentation
__________ is dividing a market into different segments based on social class, lifestyle, or personality characteristics.
Occasion segmentation
__________ 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.
Behavioral segmentation
__________ is dividing a market into segments based on consumer knowledge, attitudes, uses, or response to a product.
Idea generation
__________ is the systematic search for new product ideas.
a basic and distinctive mode of expression
Style is __________.
product
A __________ is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
convenience product
A(n) __________ is a consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort.
intermarket
Using _________________ segmentation, marketers form segments of consumers who have similar needs and buying behaviors even though they are located in different countries.
marketers form segments of consumers who have similar needs and buying behaviors even though they are located in different countries
Using intermarket segmentation, ________________.
costs that do not vary with production or sales level
Fixed costs are __________.
the development of original products, product improvements, product modifications, and new brands through the firm's own efforts
New product development is __________.
the process by which people select, organize, and interpret information to form a meaningful picture of the world
Perception is ________.
Determining costs that can be incurred
__________ is the third step in value-based pricing.
problem recognition
The first step of the business buying process is __________.
Economic, technological, social, and cultural stimuli
__________ are part of the environment that enter the consumer's black box and produce certain responses.
A fad
__________ is a temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity.
Micromarketing
__________ is tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments.
Learning
__________ is the changes in an individual's behavior arising from experience.
Product position
__________ is defined by consumers on important attributes—the place the product occupies in consumers' minds relative to competing products.
Designing a good product
__________ is the first step in cost-based pricing.
decline stage
The __________ is the PLC stage in which a product's sales fade away.
Total costs
__________ is/are the sum of the fixed and variable costs for any given level of production.
Information search
__________ is the stage of the buyer decision process in which the consumer is motivated to locate more information.
unsought product
A(n) __________ is a consumer product that the consumer either does not know about or knows about but does not normally consider buying.
shopping product
A(n) __________ is a consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style.
a type of buyer response
Buying attitudes and preferences are __________.
a market-coverage strategy in which a firm goes after a large share of one or a few segments or niches
Concentrated marketing is __________.
testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal
Concept testing is __________.
the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions
Culture is __________.
first
Designing a good product is the __________ step in cost-based pricing.
awareness
In the adoption process, __________ is when the consumer becomes familiar with the new product but lacks information about it.
when the consumer becomes familiar with a new product but lacks information about it
In the adoption process, awareness is __________.
growth
Offering product extensions, service, and warranty is a product strategy in the __________ phase.
maturity stage
The __________ is the PLC stage in which a product's sales growth slows or levels off.
growth stage
The __________ is the PLC stage in which a product's sales start climbing quickly.
introduction
The __________ stage is the PLC stage in which a new product is first distributed and made available for purchase.
brands can be differentiated on features, performance, or style and design
Through product differentiation, ___________________________.
psychological pricing
With ________, the price is used to say something about the product.
Brand positioning
_______ can be done at three levels: product attributes, benefits, and beliefs and values.
belief
________ is a descriptive thought that a person holds about something.
Need recognition
________ is the first stage of the buyer decision process, in which the consumer notices a problem.
Buying attitudes and preferences
__________ are a type of buyer response.
Store brand
__________ is a brand created and owned by a reseller of a product or service.
Fashion
__________ is a currently accepted or popular style in a given field.
Value-added pricing
__________ is attaching features and services to differentiate a company's offers and charging higher prices.
Customer value-based pricing
__________ is based on a buyer's perceptions of value rather than on the seller's cost.
Product development
__________ is developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering.
Differentiation
__________ is distinguishing a market offering from other offerings in order to create superior customer value.
Market segmentation
__________ is dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.
Demographic segmentation
__________ is dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation.
Market-penetration pricing
__________ is setting a low price for a new product in order to attract a large number of buyers and a large market share.
Captive-product pricing
__________ is setting a price for products that must be used along with a main product, such as blades for a razor and games for a video-game console.
Product line pricing
__________ is setting the price steps between various products in a product line based on cost differences between the products, customer evaluations of different features, and competitors' prices.
Local marketing
__________ is tailoring brands and marketing to the needs and wants of cities, neighborhoods, and even specific stores.
Individual marketing
__________ is tailoring products and marketing programs to the needs and preferences of particular customers.
Concept testing
__________ is testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.
Product quality
__________ is the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.
New product development
__________ is the designing of original products, product improvements, product modifications, and new brands through the firm's own efforts.
Designing products to deliver the desired value at a target price
__________ is the fourth step in value-based pricing.
Co-branding
__________ is the practice of using the established brand names of two different companies on the same product.
Perception
__________ is the process by which people select, organize, and interpret information to form a meaningful picture of the world.
Setting a target price to match the customer's perceived value
__________ is the second step in value-based pricing.
Product mix
__________ is the set of all products and items that a particular seller offers for sale.
Alternative evaluation
__________ is the stage of the buyer decision process in which the consumer uses information to review different brands in the choice set.
A group
__________ is two or more people who interact to accomplish individual or mutual goals.
Buyer characteristics
__________ are part of the buyer's black box and produce certain responses.
industrial product
A(n) __________ is a product bought by individuals and organizations for further processing or for use in conducting a business.
specialty product
A(n) __________ is a consumer product with unique characteristics of brand identification for which a significant group of buyers is willing to make a special purchase effort.