marketing

the responsibilities of channel members

After the company has defined its channel objectives, it should next identify its major channel alternatives in terms of the types of intermediaries, the number of intermediaries, and __________.

launch a low-price fighter brand

Assume a competitor has cut prices and a company determines they should respond. Effective actions that the company could initiate include __________.

omni-channel retailing

Foot Locker has mastered online and mobile efforts that link seamlessly with store operations, offering options such as "buy online, ship from store" and "buy online, reserve in store" for pickup. This is an example of ________.

exclusive dealing

Some sellers require that dealers not handle competitor's products. This strategy is called __________.

product line length; product mix width

The number of items in a product line represents the​ __________ and the total number of product lines a company carries represents the​ __________.

market targeting

The process of evaluating each market segment's attractiveness and selecting one or more market segments to enter is called __________.

good-value pricing

The strategy of __________ means that the firm attempts to offer the right combination of quality and good service at a fair price.

finding new users of the product, promoting new uses for the product, and encouraging more usage of its products

There are three ways that market leaders can expand total market demand. They can expand total demand by __________.

demand and the nature of the market

Two external factors which must be considered in pricing decisions are __________.

convenience

Typically, consumers put in minimum time and effort when buying products such as laundry detergent, candy, and fast food. These types of goods are classified as __________ products.

administered

Walmart has a lot of power and exerts strong influence on the suppliers they buy from. This channel power is an example of a(n) __________ vertical marketing system (VMS).

Service, product lines, price, and organization

What are the four broad characteristics used to classify retail stores?

Warehousing, inventory management, transportation, and logistics information management

What are the four major functions of logistics?

Intangibility, inseparability, variability, and perishability

What are the four special service characteristics marketers must consider when designing marketing programs?

Independents, factory outlets, and warehouse clubs

What are the three main types of off-price retailers?

Overall cost leadership, differentiation, and focus

What are the three winning competitive positioning strategies proposed by Michael Porter?

Assess customer needs and value perceptions.

What is the first thing marketers must do when using value-based pricing?

To create superior customer value

What is the overall purpose of differentiation?

To prevent unfair price discrimination

What is the purpose of the Robinson-Patman Act?

intermarket segmentation

When segmenting international markets, marketers often can form segments of consumers who have similar needs and buying behaviors even though they are located in different countries. This is called __________.

cultural

When segmenting international markets, markets can be grouped according to language, religion, customs, and values. This type of segmentation is based on __________ factors.

Behavioral

Which base of segmentation divides buyers into segments based on their knowledge, attitudes, uses, or responses to a product?

Customer-value perceptions

Which factor sets the ceiling on setting a product's price?

Product costs

Which factor sets the floor on setting a product's price?

Full-line forcing

__________ is a practice whereby a producer agrees to sell a brand to a dealer only if the dealer agrees to sell some or all of the rest of its line.

category killers

Recently, superstores that are actually giant specialty stores, such as Petco and Home Depot, have seen tremendous growth. These types of superstores are called __________.

Product assortment, services mix, and store atmosphere

Retailers must decide on which three major product variables?

community shopping center

A cluster of between 15 and 50 retail stores that usually contains a branch of a department store or variety store, a supermarket, specialty stores, professional offices, and (sometimes) a bank is a __________.

product

A company has a(n) __________ orientation when it is not customer-centered and is also not competitor-centered.

Market-penetration pricing

A company has set a low price on a new product it introduced. They want to maximize their market share and attract a large number of buyers quickly. Which new product pricing strategy should the company use?

product line

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 are called a(n) __________.

promotional allowances

A soda pop company offers a discount to a grocer. In exchange, the grocer agrees to provide in-store advertising for the soda pop and additional sales-support. This is an example of __________.

fad

A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity is called a(n) __________.

They solve a major customer problem, are differentiated, and offer a compelling value proposition.

According to the text, the most successful new products satisfy three criteria. What are these criteria?

Market-centered

According to the text, which customer and competitor orientation should companies practice today?

experiential retailing

Adidas' Fifth Avenue emporium showcases an adidas design concept that mimics a sports arena. Customers enter through a tunnel-like entrance, climb cement stairs to reach different floors, sit on bleachers to watch games broadcast live on large screens, and pay for their purchases at stations designed to look like ticket booths. The store features a miniature running track where customers can take a test run or get their stride analyzed to ensure they're buying the right shoe. This is an example of __________.

Resellers, the government, and social concerns

Beyond the nature of the market, demand, and the economy, what other factors in a firm's external environment must a company consider when setting prices?

By-product pricing

Cheese makers in Wisconsin sell their leftover brine to local city and county highway departments, which use it in conjunction with salt to melt icy roads. Which product mix pricing strategy does this represent?

it can increase costs

Choosing a differentiated targeting strategy has many benefits, but a potential downside is that __________.

Overall cost leadership

Companies such as Walmart and Spirit Airlines offer lower prices than competitors. Which competitive strategy are they using?

Brokers and agents do not take title and perform a limited number of specialized functions.

How do brokers and agents differ from merchant wholesalers?

marketing strategy development

If a company finds that a new product concept is acceptable and should be moved forward, what is the next step in the process?

differentiable

If men and women respond similarly to the same marketing mix, they do not constitute distinct, identifiable segments. Gender would not be an effective base for segmentation in this example because the segments are not __________.

Corporate

In 2001, Apple opened its first Apple stores in the United States. These stores were owned and operated by Apple. This is an example of which type of vertical marketing system (VMS)?

market followers

In competitive positioning, __________ are runner-up firms that want to hold their share without rocking the boat.

retail convergence

Increasingly, different types of retailers now sell the same products at the same prices to the same consumers. This trend is called __________.

the company's overall marketing strategy, objectives, and marketing mix

Internal factors that affect pricing include __________.

1. Customer Intimacy 2. Overall Cost Leadership 3. Focus 4. Operational Excellence

Match the below examples with the correct competitive strategy. 1. A firm quickly responds to customer needs. 2. Companies such as Walmart and Spirit Airlines offer lower prices than competitors. 3. Ritz-Carlton focuses on the top 5 percent of corporate and leisure travelers. 4. A firm provides superior value by leading its industry in price and convenience.

1. Product orientation 2. Competitor orientation 3. Market orientation

Match the description below with the correct customer and competitor orientation. 1. A firm that's not customer-centered or competitor-centered 2. A firm that bases its moves mainly on competitors' actions and reactions 3. The orientation the textbook suggests companies practice today

1. Differentiated Marketing 2. Individual Marketing 3. Mass Marketing

Match the descriptions below with the appropriate targeting strategy. 1. A firm targets several market segments but designs separate offers for each 2. On the M&Ms website, buyers can place custom orders for M&Ms, choose their own colors, and put a personalized message on the candies. 3. A targeting strategy focused on common consumer needs, as opposed to different needs

successfully merge the virtual and physical worlds

Omni-channel retailers are those who ________.

changing only the in-store product mix

Omni-channel retailing includes all of the following EXCEPT ________.

Individual marketing

On the My M&Ms website buyers can place custom orders for M&Ms. They can choose their own colors, put a personalized text message on the candies, and even upload a photo to be placed on each M&M. Which targeting strategy is M&M using for My M&Ms?

win a large market share

One major objective of a market-penetration pricing strategy is to __________.

beacon technology

One new technology being adopted by retailers is __________. For example, when opted-in customers enter a store, a signal wakes up an app on their smartphone or tablet, which welcomes them and alerts them to location-specific rewards and personalized product recommendations within the store.

tighter consumer spending

One recent retailing trend resulting from economic conditions is __________.

Break-even pricing

Which of the following is a cost-based pricing approach?

Many retailers identify three critical factors for retail success: location, location, and location.

Which of the following statements about retailer marketing decisions is correct?

Different segments might require different marketing strategies or mixes.

Which of the following statements about segmentation is true?

Average cost tends to decrease with accumulated production experience.

Which of the following statements is true regarding costs?

Costs do not vary with different levels of production.

Which of the following statements is true regarding costs?

Concentrated marketing involves higher-than-normal risks.

Which of the following statements regarding concentrated marketing is correct?

Consumer needs, wants, and usage rates vary closely with demographic variables.

Which of the following statements regarding demographic segmentation is correct?

Companies face a trade-off between high market share and high profits.

Which of the following statements regarding the growth stage of the product life cycle is correct?

Observe what has made the market leader successful and improve on it

Which of the following strategies would be utilized by a market challenger?

Modify the market, product offering, or marketing mix.

Which of the following would be an appropriate strategy during the maturity stage of the product lifecycle?

Competitor-centered

Which orientation could result in a firm simply matching or extending industry practices rather than seeking innovative new ways to create more value for customers?

Warehousing

Which wholesaler channel function helps reduce inventory holding costs?