Intro to Marketing 3
Product/ brand
A ___ manager is responsible for developing and executing a marketing program for a product line, and some may also develop new products.
Gross rating points
A commonly used reference number in advertising is called ______, found by multiplying a medium's reach by frequency.
Wholesaler
A firm that would typically be called a(n) ________ in consumer markets would perform the same functions as a distributor in business markets
individuals and firms
A marketing channel consists of ______ involved in the process of making a product or service available for use or consumption by consumers or industrial users.
narrow the range of choices among the variety of pricing strategies.
A marketing manager considers pricing objectives and constraints to
the brand equity of the multiproduct brand
A product line extension benefits from Multiple choice question.
List
According to the price equation, the actual price is the ________ price less incentives and allowances, plus extra fees
Subtract incentives and allowances and add extra fees
According to the price equation, to find the actual price, you should do which of the following to the list price?
Ability to modify the message based on immediate feedback Reduction in wasted coverage
Advantage of personal selling
price
An off-________ retailer is one that offers an inconsistent assortment of brand name merchandise at low prices.
Open
Apple's use of the professional R&D laboratory IDEO to create the first computer mouse is an example of ________ innovation. Multiple choice question.
personality
Brand _____, common among successful and established brands, is a set of human characteristics that are associated with the brand name.
Components & support products
Business products can be classified as which two of the following?
Profit-oriented
By focusing on target profit pricing or target return pricing, a firm is using a ________ pricing approac
profit-oriented
By focusing on target profit pricing or target return pricing, a firm is using a ________ pricing approach.
Channel
Choice of a marketing ______ by a producer might involve examining a number of factors, including coverage of the target market, buyer requirements, and profitability.
Channel
Choosing a marketing ______ is a critical decision for a producer because not only does it provide a link to its buyers but also the means through which it implements various elements of its marketing strategy.
a company's advertising and personal selling.
Consumer-oriented sales promotions are used to support
Overhead, Profit, and Manufacturing costs
Cost-oriented approaches to pricing considers which of the following in the setting of a product's price?
value pricing
Creative marketers engage in _________ when they increase product benefits without changing the price.
Open
Developing strategic relationships with outside individuals and organizations in order to create new-product ideas is known as ________ innovation.
Information
Even the most basic ________ for an advertised product can be shown in a persuasive manner in order to attract attention and encourage purchase.
total logistics cost
Expenses associated with transportation, materials handling and warehousing, inventory, stockouts, order processing, and return goods handling are included in Multiple choice question.
The rate of consumer adoption
Important aspects of product life cycles include the length of the cycle, its shape, how it varies depending of the type of product, and
New- product strategy development
In which stage of the new-product process does an organization use a SWOT analysis and develop a product protocol? Multiple choice question.
25-30%
It is estimated that logistics costs including transportation, distribution center operations, and order processing represent ________ of the retail price that you pay for a new car.
Use
Market modification strategies include finding new customers, increasing product ______, and creating a new use situations.
Corporate and family branding
Multiproduct branding is also called which two of the following? Multiple select question.
Customary + loss leader
Organizations choosing competitor-oriented approaches to set prices might use which of the following strategies?
loss-leader pricing & customary pricing
Organizations choosing competitor-oriented approaches to set prices might use which of the following strategies?
Elasticity
Price ____ of demand is a measure of how sensitive consumer demand and the firm's revenues are to changes in the product's price
Quantity demanded, price
Price elasticity of demand is expressed as percentage change in ________ divided by the percentage change in ________
Quantity demanded, price
Price elasticity of demand is expressed as percentage change in ________ divided by the percentage change in ________.
The money or other considerations exchanged for the ownership or use of a product
Price is defined as
the money or other considerations exchanged for the ownership or use of a product.
Price is defined as
Maximum units sold
Price times quantity sold is
Total cost & total revenue
Pricing decisions are challenging because the price chosen will impact which two of these?
Total revenue and total cost
Pricing decisions are challenging because the price chosen will impact which two of these?
price simultaneously affects total revenue and total cost.
Pricing decisions are difficult because
modification
Product bundling is one approach that may be used in a product ______strategy to increase a product's value to customers.
trade
Sales tools used to support a company's advertising and personal selling directed to wholesalers, retailers, or distributors are known as ________-oriented sales promotions
Cost-oriented, competition-oriented, demand-oriented
Select all of the following that are common approaches to setting an approximate price level for a product.
A retailer's personnel A store's physical evironment
Shopping experience is a consumer's perception of an encounter with which of these?
Intensive
The 1 million ATM machines owned by Visa are an example of Visa's strategy to provide a(n) _______ distribution of cash.
Unit
The ___ variable cost is total variable cost divided by the quantity
Message
The advertising ____ usually focuses on the key benefits of the product that are important to a prospective buyer in making trial and adoption decisions.
its supply chain
The combination of a firm's supplier network and its marketing channel is known as
CPM
The cost of reaching 1,000 individuals or households with the advertising message in a given medium is abbreviated as
Personal Selling
The high cost of ________ is a major disadvantage; on a cost-per-contact basis, it is generally the most expensive of the five promotional elements
Intensive
The highest level of distribution density is known as _____ distribution.
scrambled merchandising
The modern drugstore carries food, camera equipment, toys, and pharmaceuticals, which is an example of
Price
The money or other considerations exchanged for the ownership or use of a product or service is its
Launching a full-scale production for a new product
The new-product process stage of commercialization involves which of the following? Multiple choice question.
manufacturing the product & ensuring the product meets the standards established by the protocol
The new-product process stage of development (stage 5) involves which two of the following?
Minimize logistics costs, maximum customer service
The objective of logistics management in a customer-driven supply chain is to ________ while delivering ________.
Price elasticity of demand
The percentage change in quantity demanded relative to a percentage change in price is known as
Store location retail pricing
The retailing mix includes which of these?
maturity
The stage of the product life cycle is characterized by a slowing of growth in total industry sales or product class revenue.
new
The term ________ is difficult to define and apply to products, and one can think about it from an organizational, consumer, or even a legal perspective. Multiple choice question.
ads
The two broad types of ____ are product and institutional
Idea generation
The use of open innovation can be useful in the ________ stage of the new-product process because it helps organizations find and execute product concepts externally and overcome the associated not-invented-here barriers.
The price
To determine ______ for a product, you must consider limitations based on customers, actual costs, and profits
new
To determine if a product should be considered (one word), it can be compared with existing products or its level of required consumer learning may be considered, but the FTC also has a legal definition.
Add extra fees and subtract incentives and allowances
To find the actual price, what should be done to the list price?
Profit
Total revenue minus total cost is known as
are directed at intermediaries in the channel.
Trade-oriented sales promotions differ from consumer-oriented ones in that trade promotions
Sales promotion
Using ________ continuously mutes its effectiveness and causes customers to question the product's value.
perceived benefits divided by price
Value is defined as
change with
Variable costs _____ production volume
off price
Warehouse clubs, outlet stores, and extreme value retailers are variation of _____ - ______retailing.
Corporate chain Independent retailer Contractual systems
What are the three general types of retail ownership?
Promotional elements are often the responsibility of different departments
What is a particular challenge for the coordination of a consistent promotional effort?
They share risk with the producers when they stock merchandise in anticipation of sales.
What is true about wholesalers?
Push
When the manufacturer directs the promotional mix at its channel members to gain their cooperation in ordering and stocking the product, it is known as a(n) ________ strategy.
Pull
When the manufacturer directs the promotional mix at ultimate consumers to encourage them to ask the retailer for a product, and the retailer then orders it from a wholesaler, it is known as a(n) ________ strategy
Agent Broker
Which intermediaries have legal authority to act on behalf of the manufacturer?
A channel A receiver Decoding
Which of the following are elements of the communication process?
- What will pay for all associated costs, including marketing? -What are customers willing to pay? -What will provide a profit to the company?
Which of the following are essential to consider when setting a price? - What will pay for all associated costs, including marketing? -What are customers willing to pay? -What will provide a profit to the company? -What type of product could be used in barter?
Target profit pricing and target return pricing
Which of the following are profit-oriented approaches to setting a price?
Administered Corporate Contractual
Which of the following are types of vertical marketing systems?
Transactional
Which of the following functions is performed by intermediaries when they buy and sell products or services?
Problem definition
Which of the following is not a stage in the new-product process? Multiple choice question.
Specificying advertising objectives
Which of these steps in developing advertising is most helpful in selecting media and evaluating a campaign?
Responsive Efficient
Which two best describe effective choices for designing a supply chain that meets customer requirements and aligns with strategy?
Responsive and Efficient
Which two best describe effective choices for designing a supply chain that meets customer requirements and aligns with strategy?
flexible and one
Which two of the following are the options when choosing a price policy? Multiple select question.
Character shape and overall length
Which two of the following are ways that a product life cycle curve can vary
Other intermediaries
Wholesalers are intermediaries who sell to
Cost-Oriented Pricing
____-_____ approaches to pricing start with production and manufacturing costs and then add enough to cover direct expenses, overhead, and profit
Variable
_____ cost is the sum of the expenses of the firm that vary directly with the quantity of a product that is produced and sold.
decoding
_____ refers to the process by which a receiver takes a set of symbols and transforms them back to an idea
Break even
_____-_____ analysis is a technique that analyzes the relationship between total revenue and total cost to determine profitability at various levels of output
pricing objectives
______ _____ involve specifying the role of price in an organization's marketing and strategic plans.
Supply chains
______ are typically designed to be either responsive or efficient, depending upon a firm's strategy to meet customer requirements
Logistics
________ costs like transportation and order processing of sales are a large part, estimated at 25 to 30 percent, of the retail cost of an automobile.
Demand
_____oriented pricing approaches weigh factors underlying expected customer tastes and preferences more heavily than other factors.
A demand curve is a
a graph relating quantity sold and price
reverse logistics
a process of reclaiming recyclable and reusable materials for repair, redistribution, or disposal
Reduced waste in landfills lowered operating costs for companies
benefits associated with reverse logistics?
Pricing Objectives
involve specifying the role of price in an organization's marketing and strategic plans
Brand equity
the added value a brand name gives to a product beyond the functional benefits provided
Learning
the categories of continuous innovation, dynamically continuous innovation, and discontinuous innovation are based on levels of consumer Multiple choice question.
Unit variable cost
the total variable cost divided by the quantity.
Unit Variable cost
total variable cost divided by quantity
decline stage
when a product goes into the ___ stage of the prodcuct life cycle, the company may eventually remove it from the market
