Marketing II Chapters 6-9

___ is a part of a comapany's decision on how it will create market offerings to deliver superior customer value.

Differentiation

Broadly defined, a product is anything that can be offered to a market for ___, or consumption that might satisfy a want or need. Products include not only physical objects, but also services, events, persons, places, organizations, ideas, or mixtures of these entities.

Attention, acquisition, use

Which of the following terms correctly describes the positive differential effect that knowing the brand name has on customer response to the product or the service?

Brand equity.

In which targeting strategy does a firm go after a large share of one or a few smaller segments?

Concentrated marketing

Which of the following correctly describes the classification to which products and services fall?

Consumer products and industrial products.

Marketers use three major pricing strategies: ___

Customer value-based pricing, cost-based pricing, and competition-based pricing

The three major pricing strategies are___.

Customer value-based pricing, cost-based pricing, and competition-based pricing.

Market segmentation is the act of dividing a market into distinct groups of buyers who have ___ and who might require separate marketing strategies or mixes.

Different needs, characteristics, or behaviors.

In addition to segmentation and targeting, there are two other major steps in designing a customer value-driven market strategy:___ seeks to create superior customer value in the mind of the consumer, and ___ seeks to firmly place the market offering in the minds of target customers.

Differentiation; positioning

The seven price adjustment strategies are ___, ___, ___, promotional pricing, geographical pricing, dynamic pricing, and international pricing.

Discount and allowance pricing, segmented pricing, and psychological pricing.

The seven price adjustment strategies are ___,___, ___, promotional, pricing, geographical pricing, dynamic pricing, and international pricing.

Discount and allowance pricing, segmented pricing, psychological pricing.

When sellers set prices in conjunction or collaboration with one another, this illegal practice is known as ___.

Price-fixing

When Microsoft or Apple sells software as a package, it is engaging in what type of pricing?

Product bundle pricing

Which of the following statements regarding the marketing of international products in services in correct?

Because markets and consumers around the world differ widely, companies must usually adapt their product offerings in different world markets.

Once a company has decided which segments to enter, it must decide on its ___ strategy

Channel and distribution

To successfully implement a marketing-skimming strategy for a new product, which of the following conditions needs to be present?

Competitors are not able to enter the market quickly and undercut the high price.

One form of ___ involves bogus reference or comparison prices, as when a retailer sets artificially high "regular" prices and then announces "sales" prices close to its previous everyday prices.

Deceptive pricing

There are four major variables that might be used in segmenting customer markets. Those major variables are ___ variable.

Geographic, demographic, and behavioral.

Which of the following correctly identifies the levels for which marketers make products and service decisions?

Individual product, product line, and product mix decision.

Which of the following statements regarding packaging is correct?

Innovative packaging can give a company an advantage over competitors and boost sales.

Services are characterized by four key aspects, with each posing problems and marketing requirements. The four key aspects are ___

Intangible, inseparable, variable, and perishable.

When marketers create services marketing strategy, they understand they must execute on internal marketing but also develop ___.

Internal strategies to motivate employees and interactive marketing to create service delivery skills among service providers.

When we sell hello Kitty on children's clothing, Disney characters on lunchboxes, and SpongeBob SquarePants on breakfast cereals, which form of brand sponsorship is being used?

Licensing

When Doritos comes out with new flavors of its tortilla chips, what brand development strategy does it employ?

Line extension

What are the four major steps in designing a customer value-driven marketing strategy, in the correct sequence?

Market targeting, market segmentation, differentiation, and positioning.

Which of the following pricing strategies would a company use to attract a large number of buyers quickly and win a large market share?

Marketing-penetration pricing

The totality of a company's product lines and items offered to customers is known as its ___.

Product mix

To be more socially responsible, some companies are appointing ___. Their job is to protect consumers from harm and the company from liability by proactively ferreting out potential product problems.

Product stewards.

Companies find and develop new product ideas from a variety of sources. Which id these is an internal source for new product ideas?

R&D

A new product may fail for many reasons. Which of the following is NOT one of them?

Rapid market acceptance.

Which of the following is a pure tangible good?

Toothpaste

For services, there is a form of captive-product pricing known as ___ pricing.

Two-part

When marketers aggressively promote only one benefit to the target market, the benefit promoted is known as the product or service's ___.

Unique selling proposition.

The ___ is a brand's full positioning or the full mix of benefits on which the brand is positioned.

Value propositions.

Which of the following is considered part of an augmented product rather than that of an actual product or core customer value?

Warranty

Like consumer markets, business markets are segmented. Which of the following describes the variable that marketers use to segment business market?

business demographics, operating characteristics, purchasing approaches, situational factors, and personal characteristics.

Companies have to think carefully when considering price changes. They must consider which of the following?

Buyer and competitor reactions

External sources for new product ideas include ___.

Competitors, distributors and suppliers, and customers.

The type of segmentation that form segments of consumers who have similar needs and buying behaviors even though they are located in different countries is known as ___.

Internmarket segmentation.

In building brands, companies need to make decisions about four key powerful areas: ___

Brand positioning, brand name selection, brand sponsorship, and brand development.

At which step does a company perform a review of the sales, costs, and profit projections for a new product to determine whether the new product is likely to satisfy the objectives?

Business analysis

Which stage of the product life cycle normally lasts longer that the previous stages and poses strong challenges to marketing management?

Maturity

The type of segment characteristics in which the size, purchasing power, and profiles of the segments can be quantified is known as ___.

Measurable

Which of the following would be an appropriate strategy in the maturity stage of the product life cycle?

Modify the market, product offering, and marketing mix.

Firms that manufacture seasonal products target their consumers primarily through ___ segmentation.

Occasion

A company's pricing strategy is affected by internal factors such as ___

Overall marketing strategy, objectives, marketing mix, and other organizational considerations.

To determine which market segments to target and serve, the company first evaluates each segment's ___

Size and growth characteristics, structural attractiveness, and compatibility with company objectives and resources.

Which of the following would be an appropriate strategy during the growth stage of the product life cycle?

Spend a lot of money on product improvement, promotion, and distribution.

Which of the following statements is true regarding standardizing products for international markets?

Standardization decreases product design, manufacturing, and marketing costs.

Another internal factor that influence pricing decision include ___.

The company's overall marketing strategy, objectives, and marketing mix, as well as organizational considerations.