AGEC 3010 review
involves the use of a successful brand name for new or modified products in a new category.
a line extension
trade journals, Nielsen and Arbitron ratings, and government data are all examples of what kind of information source?
secondary data
A recent study conducted by Estelle Cosmetics Company showed that heavy users of Estelle's products comprise a small percentage of the market. The study indicated that less than 7 percent of all shoppers buy nearly 71 percent of Estelle's products in the United States. This is an example of
segmentation by usage rate
Certain things that are marketed are intangible (hard to evaluate with the senses) and cannot be produced and stored in advance. Yet the principles of marketing can still be applied to them. What are these things?
services
What does "SWOT" stand for in the SWOT analysis? (write the words in the blanks
strength, weakness, opportunity, threat
The strongest brands are positioned on ________.
strong beliefs and values
Which of the following promotion tools involves building up a good corporate image and handling unfavorable stories and events?
Public relations
Short answer 1: there are many ways to segment a market, please list a few examples. But not all segmentations are effective. Please explain the 5 requirements for effective market segmentation.
a. Measurability- can measure size, purchasing power, profiles b. Accessibility- can segment be effectively reached and served c. Substantiality- is segment large or profitable enough to serve d. Differentiable- does it respond differently to different marketing mix elements and programs e. Actionability- can effective programs be designed to attract and service the segments? (e.x. staff too small to service 50 segments)
What did I suggest could generate this shape for a product's life cycle?
adding new features
Bailey's Burgers promotes the Bailey's Jumbo Burger as a fun snack for teens and young adults. In this instance, Bailey's Burgers is practicing ________ segmentation
age and life-cycle
Which is one of the conditions required for price discrimination?
all of the above
Which of the following is a method of gathering good marketing intelligence? a. Sending out teams of trained observers to mingle with customers b. Setting up digital centers that monitor brand-related online consumer and marketplace activity c. Purchasing merchandise from competing sites to analyze and compare their assortment, speed, and service quality d. Searching specific competitor names, events, or trends to see what comes up e. All of the above
all of the above
Using the AIDA model, an effective marketing message should get attention, hold interest, ________, and obtain action.
arouse desire
A restaurant wants to use value-based pricing. It knows the costs of the ingredients in the food. It must also factor in ________ in determining customer satisfaction and value.
atmosphere and décor of the restaurant
Which of the following is one of the Porter's 5 Forces of Competitive Positioning?
bargaining power of supplies
Coors has several assets going for it that should prepare it in the high-stakes, highly competitive beer industry of the future. It has strong customer loyalty, high awareness, high perceived quality, and credibility. All these factors are combined in the last phrase of veteran industry analyst Robert S. Weinberg's comment: "The brand is strong, the beer is good and they have their own traditions. They have phenomenal ________."
brand equity
Which of the following product mix pricing strategies did Polaroid use when it set the general price range of its cameras low and the markup on its film high?
captive product pricing
In the BCG Growth-Share Matrix, what is the name for a product that has high market share but low growth?
cash cow
________ occurs when two established brand names of different companies are used on the same product.
co-branding
Which of the following types of advertising will most likely result in an advertising war?
comparitive
a market skimming pricing strategy should not be used for a new product when
competitors can undercut prices easily
With a(n) ______________ marketing strategy, a firm goes after a large share of one or a few smaller niches.
concentrated
Sanguine Services is a small company that uses a marketing strategy in which its limited resources are employed to target a large share of two small market segments. Sanguine most likely uses which of the following marketing strategies?
concentrated marketing
Two factors are associated with the attribute of "quality" in a product. The first is level of quality (or costliness). The other is:
consistency
Individuals and households that buy or acquire goods and services for personal consumption make up the
consumer market
As a general pricing approach, value-based pricing uses buyers' perceptions of value rather than sellers' ___________ as the key to pricing.
cost
Which of the following is the practice of inviting broad communities of customers, employees, independent researchers, and members of the public into the new product innovation process?
crowdsourcing
Today's retailers increasingly adopt environmentally sustainable practices. Which of the following is NOT one of these practices?
cutting back on recycling programs
Delta Motorworks markets its cars based on the age, gender, and income of its customers. Which of the following types of market segmentation is evident here?
demographic segmentation
Which of the following is NOT a step in designing an effective marketing channel?
determining pricing policy for channel members
A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each is known as ____________.
differentiated marketing
___________ is the practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations.
differentiated marketing
Which of the following price adjustment strategies involves reducing prices to reward customer responses such as volume purchases, paying early, or participating in sales-support programs?
discount and allowance pricing
Supposed a product has the characteristics of high involvement and few differences between products. A first-time user of that product might experience doubts about having made the right decision under those particular conditions. If so, which "buying behavior type" should the marketing professional be prepared to deal with?
dissonance reasoning
A good brand name should most likely be
distinctive
If an international court can establish that the defendant country sold its products in the plaintiff's country at prices lower than the defendant's cost of production, this is usually ruled as evidence of:
dumping
In the theory of the adoption of innovations, which is the second group to adopt a new product?
early adopters
Producers of strong brands sometimes sell to dealers only on the condition that dealers take some or all of the rest of a product line. This practice is known as ________.
full-line forcing
All of the following are B2C Buying Roles except: a. Buyers b. Influencers c. Deciders d. Initiators e. Gatekeepers
gatekeepers
Pacific Fisheries divides its customers into different regional units, such as Asia, Australia, and the Americas. This is an example of ________ segmentation.
geographic
Many companies today are localizing their products, advertising, promotion, and sales efforts to fit the needs of individual regions, cities, and neighborhoods. This is an example
geographic segmentation
When McDonald's and other fast food restaurants offer "value menu" items at low prices, they are most likely using
good value pricing
Which stage in the product life cycle is characterized by rapid market acceptance and increasing profits?
growth
Consumers are less likely to use price to judge the quality of a product when they ________.
have experience with the product
When a buying decision concerns a purchase that is expensive, risky, infrequent, or self-expressive it is said to:
have high involvement
pricing involves charging higher prices on an everyday basis but running frequent promotions to lower prices temporarily on selected items
high-low
Conflict that occurs among firms at the same level of the marketing channel is known as ________ conflict.
horizontal
Which of the following is the first step in developing an effective integrated communications and promotion program?
identifying the target audience
Symbols such as the McDonald's golden arches, the colorful Google logo, the Nike swoosh, or Apple's "bite mark" logo provide strong company or brand recognition and are indicative of ____________ differentiation.
image
Gilron Holidays runs a premium membership club that caters to customers whose annual salary exceeds $100,000. Members of this club are offered seasonal discounts at select luxury hotels in select cities worldwide. Gilron Holidays follows a(n) ________ segmentation approach.
income
Pharmaceutical sales representative often have to ingratiate themselves with certain employees in order to reach the doctor or veterinarian. What are these participants in the Business Buying Process called?
initiators
Today, most companies are adopting the concept of ________, which carefully combines and coordinates the company's many communication channels to deliver a clear, consistent, and compelling message about the organization and its brands.
integrated marketing communication
Using ________ segmentation, marketers form segments of consumers who have similar needs and buying behaviors even though they are located in different countries.
intermarket
Which of the following stages of the product life cycle is characterized with high promotional expenditures that result from an effort to create consumer awareness
introduction
Pierre's Mart, a grocery store in New Orleans, LA, offers less merchandise selection and fairly low levels of service. Despite the lackluster service and limited selection of merchandise, customers still flock to Pierre's because it charges rock-bottom prices. Pierre's Mart most likely uses the _________ positioning.
less for much less
Which new product pricing strategy would you use if your market is price-sensitive and your production costs fall dramatically with increased output?
market penetration pricing
Which new product pricing strategy would you use if your competitors will be slow to enter and/or you have great image and quality product?
market skimming pricing
A ________ is a set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user.
marketing channel
Which marketing philosophy best fits the following sequence: Choose the value Provide the value communicate the value
marketing concept
Which marketing philosophy best fits the following sequence: Choose the value Provide the value communicate the value a. Production concept b. Product concept c. Selling concept d. Marketing concept
marketing concept
The AIDA model identifies the characteristics of an effective ________.
marketing message
Which of the following marketing strategies is most suitable for smaller firms with limited resources?
niche marketing
1. In the theory of the adoption of innovations, which is the first group to adopt a new product? a. Early adopters b. Early majority c. Early birds d. First standard deviation
none of the above
The ________ requires sellers to provide detailed nutritional information on food products.
nutritional labeling and educational act of 1990
Which budgeting method entails defining specific promotion goals, determining the necessary tasks, and estimating the costs to determine a promotion budget?
objective and task method
Tropicana promotes drinking orange juice at any time of day as a cool, refreshing drink. The market segmentation approach Tropicana is using is
occasion segmentation
Which of the following is a specialized and highly targeted media selection that an advertiser might use to reach smaller customer segments with personalized content?
online social networks
Because of ________, a company cannot make its product illegally similar to a competitor's already established product.
patent laws
Consumer purchases are influenced strongly by characteristics that marketers cannot control but must take into account, including cultural, social, psychological and _______ characteristics
personal
Encouraging customers to switch brands is most likely the objective of ________ advertising.
persuasive
Which of the following companies uses captive product pricing?
photo genie, which sell inexpensive cameras that run only on their own expensive batteries
Anchor Tractors focuses on selling its farm equipment in North America and Europe. It has not yet considered expanding into the Middle East. Which factor is likely most important in this decision regarding expansion?
political
The _________ environment consists of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society
political
Product attributes include all of the following EXCEPT ________.
price
Noticing that themed envelopes aren't selling well, Charles Payton decides to offer customers a special "letter writing" kit. He prices the kit—which comprises letter paper, matching envelopes, and pens—at $5, even though the combined prices of the individual items is $8. Which of the following pricing strategies is he using?
product bundle pricing
Which of the following product mix pricing strategies involves setting prices across an entire product range based on cost differences between the products, customer evaluations of different features, and competitors' prices?
product line pricing
A _____________ refers to the way a product is defined by consumers on important attributes - the place that product occupies in consumers' minds relative to competing products.
product position
1. In an article, the author says "Since World War II, grain farmers have sought to boost profits mostly by increasing yields, driving down costs and expanding their operations." What marketing philosophy or concept does this sound like?
production concept
In an article, the author says "Since World War II, grain farmers have sought to boost profits mostly by increasing yields, driving down costs and expanding their operations." What marketing philosophy or concept does this sound like?
production concept
An American cola-manufacturing company that primarily targets rebellious and adventurous people most likely uses ________ segmentation.
psychographic
Different soft drinks target different personalities. This is an example of ________ segmentation
psychographic
A supermarket places its store brand of blackberry jam priced at $5 per jar in the fruit preserves aisle, alongside the jam jars of a better known brand—whose products are priced at $8 apiece. Store managers reason that customers are more likely to choose the store brand instead of the better-known brand when they realize the price difference. What price adjustment strategy is evident in the supermarket's reasoning?
psychological pricing
Under which promotional mix strategy does the producer direct its marketing activities toward channel members to induce them to carry the product and promote it to final consumers?
pull strategy
Using a(n) ________ strategy, the producer directs its marketing activities toward final consumers to induce them to buy the product.
push
John Deere does very little promoting of its lawn mowers and garden tractors to final consumers. Instead, John Deere's sales force works with Lowe's, Home Depot, independent dealers, and other channel members, who in turn sell John Deere products to final consumers. According to this information, which of the following promotion mix strategies is being used by John Deere?
push strategy
In the BCG Growth-share matrix, what is the name for a product, such as organic foods, that has low market share but high growth?
question mark
Wal-Mart seems to have discovered that big, heavy apples bring in more revenue when they are sold for prices that look reasonable by the pound. This psychological pricing factor is defined as: "Prices that buyers carry in their minds and refer to when they look at a given product." What is this factor called?
reference prices
. Keeping the brand in a customer's mind during off-seasons is most likely a goal of ________ advertising.
reminder
In-store demonstrations, displays, sales, and loyalty programs are examples of ________.
sales promotion
Stages in the Adoption Process
1. Awareness 2. Interest 3. Evaluation 4. Trial 5. Adoption
Steps in the Buyer Decision Process
1. Need recognition 2. Information search 3. Evaluation of alternatives 4. Purchase decision 5. Post-purchase behavior
A cooperative oligopoly (such as OPEC) is sometimes called a:
cartel
Through _____________ differentiation, brands can be differentiated on features, performance, or style and design.
product
Which of the following is true of price changes?
A drop in price can adversely affect how consumers view the brand.
What are the desirable qualities for a brand name?
Benefits and qualities, Ability to pronounce, Translates well, Distinctive, Etc.
pricing involves charging higher prices on an everyday basis but running frequent promotions to lower prices temporarily on selected items.
High-low
Which of the following stages of the product life cycle is characterized with high promotional expenditures that result from an effort to create consumer awareness?
Introduction
When amusement parks charge customers for admission and later for food and beverages, they are following a ________ pricing strategy.
two part
A(n) ________ argument is most likely to be effective when the audience is highly educated or likely to hear opposing claims.
two sided
are consumer products that the consumer either does not know about or knows about but does not normally think about buying.
unsought products