marketing extra practice
_____ provides the equipment or systems needed to perform a task in a job setting.
Instrumental support
Why is brand extension a popular marketing strategy?
It allows the firm to spend less on creating brand awareness and associations.
How is consumer panel data collected during the test marketing phase of a new product introduction?
Panelists scan their receipts on a home scanning device.
many firms provide similar products that are considered substitutes for each other.
Pure comp
The contribution per unit is
Selling price - variable cost per unit
Customers 5 dimensions to eval service
Tangibles Empathy Assurance Responsiveness Reliability
zone of tolerance
The area between customers' expectations regarding their desired service and the minimum level of acceptable service—that is, the difference between what the customer really wants and what he or she will accept before going elsewhere.
On the basis of the research it has gathered on consumer perceptions, the tests it has conducted, and competitive considerations, the ABC firm confirms its target market (or markets) and decides how its product will be positioned. Then the firm finalizes the remaining marketing mix variables for the new product, including the marketing budget for the first year. This process illustrates
The product launch
Distributive Fairness
a customer's perception of the benefits he or she received compared with the costs (inconvenience or loss) that resulted from a service failure
Marketers need to think about the product offer as more than just its physical characteristics or its basic service function. Which component includes associated services such as warranties, financing, support, and after-sale service?
augmented product
The shape of the diffusion of innovation curve is described as
bell shaped
When a company launches a new product line with an existing brand name, this is known as
brand extension
Pioneer or breakthrough products are those that
can change consumer preferences
A "no haggle" pricing policy that makes a transaction easier for the buyer is a type of ___ pricing strategy.
customer oriented
The ______ gap can be closed by getting employees to meet or exceed service standards when the service is being delivered by empowering service providers, providing support and incentives, and using technology where appropriate.
delivery
Service Gaps model
designed to encourage the systematic examination of all aspects of the service delivery process and prescribe the steps needed to develop an optimal service strategy
The break even point is estimated by
dividing fixed costs by contribution per unit.
When it comes to measuring consumers' price sensitivity, products are viewed as either
elastic or inelastic
One of the potential benefits to a firm of introducing new-to-the-world products or services is
establishment of a completely new market
Empowerment
giving employees the authority to correct a problem without first checking with management
When marketers state that services are _______ another or from one service provider to another. they are referring to the fact that services are not always of the same quality from one time period to
heterogeneous
A __________ gap reflects the difference between customers' expectations and the firm's perception of those customer expectations.
knowledge
In the United States, most consumer-packaged goods found in grocery and discount stores are already in the _____ stage of the product life cycle.
maturity
If a firm in a purely competitive market can differentiate its product or service, it becomes part of a(n) _______ market.
monopolistic competition
Where on a product's packaging would one most likely find information such as nutrient content and country of origin?
on the product label
The diffusion of innovation theory is useful to marketers in helping them
predict which types of customers will buy their product immediately and later.
In one test before product launch, customers try a sample product and are then surveyed to understand whether or not they would buy/use the product again. This is known as
premarket testing
Consumers generally believe that _____ is one of the most important factors in their purchase decisions.
price
______ fairness refers to the perceived fairness of the process with which a firm handles customer complaints.
procedural
Private label brands are developed and managed by
retailers
If there is a difference between the firm's perceptions of customers' expectations and the service standards the firm has set, a ______ gap exists
standards
Training service providers to know exactly what a "good job" entails is setting service
standards
When members of the marketing channel collude to control the prices passed on to consumers, they are engaging in
vertical price fixing
A systematic _____ program collects customer inputs and integrates them into managerial decisions.
voice of customer