MKT 333 Final pt 3

By providing good customer service, firms __________ their products or services.

Add value to

For Segway manufactured it's two wheeled people movers it builds a prototype and had stuff engineers tested for performance and stability at this stage Segway was involved in

Alpha testing

If many consumers in the marketplace are familiar with the brand and what it stands for and have an opinion about the brand the brand has considerable

Awareness

Suppose that you work for an advertising agency and are brought into a meeting where everyone is asked to generate ideas for names for new Beach resort. You're engaged in ... A Form of new idea generation.

Brainstorming

When Amanda shops for lipstick she always buys really read by cover girl. This is an example of

Brand loyalty

All of the following are included in the 5 C's of pricing except

Collaboration

When there is a significant difference between the service customer receives and the service the firm promotes the firm has a ... gap

Communication

Firms using a(n) ____________ pricing method set their prices relative to what other firms are charging.

Competition based

When Ursula decides how to price new products in her gift store, she measures the value of her product offerings against those of the other stores in her area. Ursula uses a __________________ pricing strategy.

Competitor oriented

A weakness associated with cost based pricing methods is

Do not recognize the role of consumers or competitors prices play in the marketplace

When Walmart communicates to consumers that, for any given group of often-purchased items, its prices will tend to be lower than that of any other competitor, Walmart is exhibiting what type of pricing strategy?

EDLP

One of the potential benefits to a firm of introducing new to the world products or services is

Establishment of a completely new market

Prof. Voltz favorite professional football team is

Green Bay Packers

In determining the price of his company's new small-business accounting software, Richard is assessing how much better his companies software is as compared to alternative products available in the market Richard is using ... Pricing

Improvement value

One important purpose of a brand is to

Increase consumer recognition and awareness of product offerings

Marketer say that services are ... They are referring to the fact that services cannot be touched tasted or seem like a pure product can

Intangible

A ... I got reflects the difference between customer expectations of the firms perception of those customer expectations

Knowledge

Hollywood studios typically release movies targeted toward general audience during the summer when children are out of school the timing of the release pertains the products

Launch

In 2015 Nike signed an eight year 1 billion apparel deal with the NBA this is an example of a deal for ... rights

Licensing

Kohl's set selling price lower than the actual manufacturing costs. This strategy is called

Loss leader pricing

Firms that use the same brand name for new products can spend relatively less on marketing costs for the new product because

People already know what the brand means

In the product development process what takes place between concept testing and market testing

Performing product development

The Apple iPod change the way people listen to music but it also created an entirely new industry devoted to accessories such as cases ear buds docking stations and speakers the Apple iPod is considered a

Pioneer product

Sharon knew that her established customers liked her product much better than her competitor's. She was planning to expand into new markets, and she was considering pricing. She was leaning toward charging a higher price than competitors to help demonstrate that hers was a high-quality product. Sharon was considering

Premium pricing

Consumers generally believe that ... is one of the most important factors in their purchase decisions

Price

A demand curve shows the relationship between ... During a specific period of time

Price and demand

Several companies got together and decided they would all charge the same price for competitive products and control a high price. This pricing practice is called

Price fixing

New product concept gets positive evaluations from potential customers during concert testing the next up for her firm is

Product development

A ... Is a group of associated items that consumers tend to use together or think of as part of a group of similar products

Product line

The complete set of all products offered by firms called its

Product mix

At the breakeven point

Profits are zero

A customer discount in which a portion of the purchase price is returned to the buyer in the cash is called

Rebate

When the delivery of the service fails to meet customers expectations a ... Gap exists

Service

Charlie's potato chips had to pay Safeway grocery stores of fee to get prime shelf space this is called a

Slotting allowance

Training services providers to soon know exactly what a good job entails is setting services

Standards

Many restaurants roll out new ideas first in Orlando Florida a location that attracts a vast range of diverse tourists and thus might offer insights into what various consumer groups will like this is an example of

Test marketing

When McDonald's comes up with a new drink or Sandwich for its restaurant it often markets it in done dozen or so of its outlets when the company does this it is engaged

Test marketing

Consider a bakery like Entenmann's: The majority of the ___________ costs are the cost of the ingredients, primarily flour.

Variable

Cost base pricing assumes that costs

Will not vary much of different levels of production

Nicole knows her restaurant is understaffed today. She is hoping to get through the day without falling below her customers'__________, the difference between what her customers want and what they will accept before going elsewhere.

Zone of tolerance