MARK FINAL
Which of the following can a firm accomplish with knowledge gained from the diffusion of innovation theory?
Developing effective marketing strategies to increase product acceptance across all consumer groups
A _____ advertising schedule uses heavy advertising during some periods followed by periods of no advertising.
Flighting
Some retailers require their supplier to ship merchandise _____, thus eliminating the time and expense associated with ticketing and marking
Floor-ready
Globalization refers to the processes by which goods, services, capital, people, information, and ideas
Flow across national borders
What is the flow of information in the marketing channel?
Flow one goes from the customer to the store. Flow two goes from the store to the buyer. Flow three goes from the buyer to the manufacturer. Flow four goes from the store to the manufacturer. Flow five goes from the store to the distribution center. Flow six goes from the manufacturer to the distribution center and buyer
_____ is any interference in the IMC process.
Noise
What is noise in the communication process? What are the three typical sources of noise?
Noise is any interference in the communication process. It typically stems from competing messages, a lack of clarity in the message, or a flaw in the medium. Examples will vary, but one classic one is a billboard along a fast-moving highway with too much information
Physicians regularly overstate the expected recovery time from surgery, knowing that managing patients' expectations will reduce the ________ gap associated with their service.
communication
When firms set prices similar to those of competitors, they are following a strategy of
competitive parity
If firms strategize according to the premise that they should measure themselves primarily against firms challenging them directly for customers, they have adopted a ________ orientation.
competitor
Diana owns a bakery where she sells cupcakes. Two blocks down there is another bakery, CC's Bakery, that sells cupcakes for $1 less than Diana. Diana decides to lower her price and match CC's Bakery prices. What type of pricing strategy is Diana implementing?
competitor-oriented pricing
A company that sells only multigrain, low-calorie bread should use a _______ targeting strategy
concentrated
Four frequently used targeting strategies are the micromarketing, undifferentiated, differentiated, and _________ targeting strategies.
concentrated
The centerpiece of the marketing environment analysis framework is
consumers
The perceptions of _______ are being measured in a perceptual map
consumers
For consumer products like toothpaste and groceries, things consumers purchase throughout the year, most advertisers would be a _____ advertising schedule.
continuous
Marketers selling milk, bread, and other consumer staples know that most customers do not spend much time searching or comparing alternatives. For most consumers, these are _______ goods.
convenience
Every time a consumer surfs the web and clicks on a site, online marketers can place _______ on that user's computer, showing them where the user starts, proceeds, and ends the online encounter—as well as what the user buys and doesn't buy
cookies
When manufacturers try to understand what customers are looking for, they are thinking about the ________ component of the product offer.
core customer value
What factors are involved in product complexity?
core customer value, actual product (brand name, packaging, quality level, and features/design), and associated services (financing, product warranty, and product support)
Parties that work along with the focal firm to provide goods and services to consumers are viewed as
corporate partners
The fundamental goal of marketers when creating goods, services, or combinations of both is to
create value
Marketing research includes all of the following except collecting data. creating data. recording data. interpreting data.
creating data
To attract and maintain habitual purchasers, marketers spend considerable effort
creating strong brands and store loyalty
The shared meanings, beliefs, morals, values, and customs of a group of people constitute their
culture
The process by which the use of a new product or service spreads throughout a market group is referred to as
diffusion of innovation.
Marketers with luxury brands use brand extension cautiously in order to avoid
diluting the core brand
Introducing newly developed products or services to a market segment the company is not currently serving is called
diversification
When a company adds new products, this helps the company to __________
diversify its risk
For most products, demand increases as the price decreases. Because of this general trend, demand curves usually have a _______ slope.
downward
Americans often equate "bigger" with "better," and prefer larger cars, TV screens, homes, even meals. Researchers suspect that in doing so, we are trying to reduce blank risk in the consumer decision process.
psychological
When the sequel to a movie eventually shows up on their regular television networks, this group might watch it.
laggards
All of the following are considered part of the actual product level of the product offer except features. product warranty. design. quality.
product warranty
By focusing on target profit pricing, maximizing profits, or target return pricing, a firm is implementing a ________ orientation.
profit
Carol is assessing market growth, market competitiveness, and market access for each segment she has identified. Carol is assessing the ______ of each potential market segment.
profitability
Upscale men's and women's clothing stores like Nordstrom, Neiman Marcus, or Saks Fifth Avenue are more likely to appeal to consumers' ______ needs.
psychological
Generational cohorts are groups of people of the same generation who have similar _______ because they have shared experiences and are in the same stage of life.
purchase behaviors
In the consumer decision process, we decide how much time and effort to expend searching for information based partly on
the degree of perceived risk associated with the product or service being considered
Prestige products or services follow the premise that _______ associated with the product.
the higher the price, the greater the status
A customer with a complaint about the way in which a washing machine repair was made will become increasingly more annoyed with the service provider _______
the longer it takes to get an answer from the firm
According to a typical demand curve, the higher the price,
the lower the quantity consumers will buy.
Conscious marketing encompasses all of the following overriding principles except recognition of marketing's greater purpose recognition of the company's bottom line consideration of stakeholders and their interdependence the presence of corporate leadership, creating a corporate culture
recognition of the company's bottom line.
The macro strategies for developing customer value include each of the following except locational excellence customer excellence operational excellence planning excellence
planning excellence
Marketers who design and offer new products and services to their existing customers are pursuing a _______ growth strategy.
product development
A ______ is a group of products that consumers may use together or perceive as similar in some way.
product line
The idea that a good product will sell itself is associated with the _______ era of marketing
production-oriented
All of the following terms are generally associated with the definition of corporate social responsibility except voluntary. stakeholders. social impact. profit.
proft
The ethical decision-making framework includes all of the following steps except identify issues. promote the firm's corporate social responsibility efforts. gather information and identify stakeholders. brainstorm alternatives.
promote the firm's corporate social responsibility efforts
What are the three things that a marketing strategy identifies?
1) A firm's target market(s), 2) a related marketing mix (its four Ps), and 3) the bases on which the firm plans to build a sustainable competitive advantage.
A firm can begin to implement the marketing mix immediately after which step?
After it has finished segmentation, targeting, and positioning.
How would you distinguish a firm that practices corporate social
Although CSR is an important element of conscious marketing, it is not the same thing
The idea of value-based marketing requires firms to charge a price that
Captures the value customers perceive that they are receiving.
Globally, what prevents marketers from targeting consumers via social media?
Consumers' lack of high-speed Internet
______ excellence, as a competitive advantage, focuses on retaining loyal buyers and offering excellent service.
Customer
Larry is asked to conduct an STP analysis for his firm. The first step he should perform in this analysis is to
Divide the marketplace into subgroups
The goal of customer relationship management is to
Identify and build loyalty among a firm's most valued customers
Which of the following steps occurs during the implementation phase of the marketing plans?
Identify and evaluate opportunities
How might a technology company like Apple ensure that it behaves in a socially responsible way toward its customers?
It can protect the privacy of personal information collected on its website.
What is involved in the segmentation, targeting, and positioning (STP) step of the marketing plan?
Segmentation is the process of dividing the market into groups of customers with different needs, wants, or characteristics. Targeting is the evaluation of each segment's attractiveness in order to decide which segment(s) to pursue. Positioning is the process of defining the marketing mix variable so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.
After a series of embarrassing and unprofessional actions committed by her marketing team, Ming wants to align personal and corporate ethics goals within her firm. What general and specific actions will she need to take?
To align personal and corporate goals, firms need to have a strong ethical climate exemplified by the actions of corporate leaders and filtered through an ethically based corporate culture. There should be explicit rules for governing transactions; these rules should include a code of ethics and a system for rewarding and punishing inappropriate behavior.
What is the most basic corporate social responsibility to employees?
To ensure a safe working environment
What are the main purposes of metrics during Step 5?
To explain why things happened To predict what will happen.
After a firm has identified the various stakeholders and their issues and gathered available data related to an ethical decision-making situation, _______ should engage in brainstorming and evaluating alternatives.
all parties relevant to the decision
The evolution of ________ marketing means that now companies take into consideration not only their shareholders but also their stakeholders.
conscious
Many businesspeople believe that marketing should focus on factors other than financial goals, such as ________
corporate citizenry
For every consumer who purchases a pair of TOMS shoes for $55, the company promises that a needy child will receive a pair of shoes. TOMS shoes is actively engaging in
corporate social responsibility
Which of the following refers to voluntary actions a company takes to address the ethical and social impacts of its operations?
corporate social responsibility.
Gary has just purchased a beer distributorship. He wants to increase the visibility of his firm in local markets, but he knows there are a number of regulations and socially accepted practices associated with promoting alcoholic beverages. The first thing Gary should do is to
identify issues that need to be addressed
An example of corporate social responsibility is when a firm ________
lessens the negative impact it has on the environment
What type of analysis does management use to evaluate the firm's various products and businesses and allocate resources according to which products are expected to be the most profitable for the firm in the future?
marketing performance.
A ______ identifies a firm's target markets, a related marketing mix, and the bases upon which the firm plans to build a sustainable competitive advantage.
marketing strategy
Valerie is charged with assessing her company's external environment as part of a SWOT analysis. Valerie will study her company's
opportunities and threats
Effective promotion enhances a product or service's
perceived valued
Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, including all of the following except product place performance promotion
performance
When conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged.
planning
Top management must commit to ________ an ethical climate; employees must be dedicated to those ethical _______
establishing; values
The strategic marketing planning process
is not always sequential
A sustainable competitive advantage
is when a firm does consistently better than its competitors and it is not easily copied
To build relationships, firms focus on the ______ of the relationship, not how much money is made during each transaction.
lifetime proftability
One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in
long-term relationships
Buffalo Wild Wings suggests that its diners check in to its locations using their phones. This demonstrates the use of ________to market a product.
social media
When marketers use a variety of communication disciplines—advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing including social media—in combination to communicate a value proposition to the customer, it is referred to as
Integrated marketing communications.
When companies embrace ________, they appeal not only to their shareholders but also to all of their key stakeholders.
conscious marketing
The principle that decisions be ethically based is part of the concept of
conscious marketing.
To determine how attractive a particular market is using the BCG portfolio analysis, blank is(are) established as the vertical axis.
market growth rate
Firms consider pursuing various _______ as part of their overall growth strategies.
market segments
The sale of products that may damage the environment, the use of sweatshop labor, and the marketing of dangerous products are examples of
marketing ethical issues
Which of the following best describes how society at large views CSR?
Essential
Your marketing professor, Dr. Wilson, has been asked to participate in the university's strategic marketing planning process. During the planning phase of the process, what questions will Dr. Wilson likely ask? Be specific to the university's strategic marketing planning process.
Begin with a discussion of creating or revising the university's mission statement, leading to questions such as: What type of university are we? What does the university need to accomplish its goals and objectives? Additionally, discussion of the mission statement will likely lead to questions concerning how the university can build a sustainable competitive advantage. Dr. Wilson will also assist with the situation analysis, which will include internal examination of the current status of the university, asking questions such as: What are the university's strengths and weaknesses? Questions about external forces, threats, and opportunities will also be asked during the SWOT analysis.
Distinguish between business ethics and marketing ethics.
Business ethics is concerned with distinguishing between right and wrong actions and decisions that arise in a business setting, according to broad and well-established moral and ethical principles that might arise in a business setting, and any special duties or obligations that apply to persons engaged in commerce. Marketing ethics, in contrast, examines ethical situations that are specific to the domain of marketing, including societal, global, or individual consumer issues
In conscious marketing, the short-term goals of each blank must be aligned with the long-term goals of the firm.
Employee
Who are some of the stakeholders in conscious marketing?
Employees, customers, the marketplace, and society.
Which of the following is most likely to lead to unethical decision making?
Focusing on short-term benefits to the firm
According to one definition, CSR can be described as context-specific actions and policies, taking stakeholders' expectations into account, to achieve what is referred to as the triple bottom line. The triple bottom line includes ________ performance.
economic, social, and environmental
How does your university add value to students through the implementation of the four Ps?
Many schools stress the value students receive in exchange for tuition by listing employment outcomes, graduate admissions, strength of the alumni network, etc. Important "product" features include highly qualifed faculty, access to a diverse selection of majors, renowned research centers, reputation, etc. Institutions also highlight their location as part of the value students receive; whether it is the urban nature of campus and connections to a city or the pastoral nature of campus and its connections to the environment Finally, universities add value through print and digital campaigns that highlight student successes, new programs, athletics, and unique campus traits to current and prospective students.
What are the four growth strategies a firm may consider when attempting to grow their business?
Market penetration, product development, market development, and diversification.
Whereas conscious marketing takes a holistic view of business as a complex, adaptive system, CSR takes what view of business?
Mechanistic
The oil industry is largely barred from conscious marketing due to their controversial practices. However, they can engage in CSR. Give an example of how oil companies can use CSR to mitigate the damage their industry causes.
Oil companies are not able to engage in conscious marketing due to their pollution, but some of them engage in environmental practices, such as planting trees, to balance out their carbon footprint.
What are some examples of unethical behavior in marketing?
Participating in high-pressure, misleading, or deceptive sales tactics; misrepresenting company earnings, sales, or revenues; withholding or destroying information that could hurt company sales or image; conducting false or misleading advertising.
As part of her company's SWOT analysis, Cindy is assessing the company's internal environment, including,
Strengths and weaknesses
What exactly do you access during the second step of a marketing plan to conduct a situation analysis?
Strengths, weaknesses, opportunities, and threats (SWOT). You can also access changes in cultural, demographic, social, technological, economic, and political forces (CDSTEP).
Which type of marketing takes into account all stakeholders?
Sustainable marketing
After identifying various market segments that her company could pursue, Linda evaluated each segment's attractiveness based on size, income, and accessibility. Linda was involved in
Target marketing
Courses of action such as halting the market research project, making responses anonymous, and instituting training on the AMA Code of Ethics for all researchers would be identified during the ______ stage.
brainstorming
Over the four marketing eras, how did the emphasis on the four Ps change? List the four eras and describe which of the four Ps were emphasized during each era.
During the production-oriented era, the focus was on the product. During the sales-oriented era, the emphasis was on promotion, particularly selling and advertising. During the market-oriented era, the emphasis was on producing (product) and providing (place) what customers wanted. In the value-based marketing era, all four Ps are equally important to delivering customer value.
What occurs during a portfolio analysis?
Management evaluates the firm's various products and businesses and allocates resources to the products that are expected to be the most profitable for the firm in the future.
Your friend is writing a "how-to" book and asks you for marketing advice. You start by exploring the four Ps. What questions will you ask?
Product-related questions should relate to format: printed book (bound or paperback, type of binding) or an e-book. Second set of questions will be about pricing: retail and wholesale prices, prices of competing books, costs. Third set of questions will be about place: how to distribute the book, access to major online booksellers, shipping costs. Fourth set of questions will be about promotion: how the book will be promoted, access to publicity outlets, websites, etc.
You decide to attend a concert of your favorite music performer. While there, you purchase a Tshirt to commemorate your experience at the concert. By going to the concert and purchasing a Tshirt, did you purchase a good, a service, or both? Explain.
You purchased both a good and a service. The concert experience was a service provided by the musician. The T-shirt is a good supplied by the music company sponsoring the concert
Marketing ethics is concerned with all of the following except the sale of products or services that may damage the environment. the use of child labor. misrepresenting a product. distinguishing between right and wrong actions in a business setting.
distinguishing between right and wrong actions in a business setting
The marketing goal of getting the "right quantities to the right locations, at the right time" relates to
managing the supply chain
Three major phases of the marketing plan are
planning, implementation, and control
When Walmart issued new standards for livestock products that were raised on food without antibiotics or artificial growth hormones, it considered multiple __________, including the ranchers that supply the food, its customers, and animal welfare groups.
stakeholders
Licensing of the brand, a reputation for quality, and a large number of retail stores are examples of potential _________ . These refer to a firm's internal attributes as identified during a SWOT analysis.
strengths
Generally speaking, all advertising messages are designed to:
Inform, persuade, or remind customers
Returnable packaging, use of 3D printing, and flexible packaging are examples of
sustainable packaging
Commercial research firms such as IRI, the National Purchase Diary Panel, and Nielsen are sources of
syndicated data
Monica was looking for a venue for her wedding reception. When she visited one potential location, she noticed that the landscaping was not complete, and there was stained carpet in the lobby. Which of the service quality building blocks caused Monica to select an alternative venue?
tangibles
When a firm is aiming for a particular amount of profit as its overriding concern, it usually implements ______
target profit pricing
A _______ strategy involves accurately measuring all the factors needed to predict sales and profits at various price levels, so that the price level that produces the highest return can be chosen.
target return
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
Unlike product, promotion, or place, price is the only part of the marketing mix
that generates revenue.
In the immediate marketing environment, the first factor that affects the consumer is
the company's capabilities
The number of firms with which the seller needs to deal with to get its merchandise to the consumer determines the complexity of a
Channel
What are the steps in the personal selling process?
1) Generate and qualify leads, 2) Preapproach and the use of CRM systems, 3) Sales presentation and overcoming reservations, 4) Closing the sale, 5) Follow-up
What are the seven steps in designing and executing an advertising campaign?
1) Identify target audience, 2) Set advertising objectives, 3) Determine the advertising budget, 4) Convey the message, 5) Evaluate and select media, 6) Create advertisements, 7) Assess impact
Identify the characteristics of the decision that would make a compensatory or noncompensatory rule the best choice.
A compensatory decision rule assumes that the consumer, when evaluating alternatives, trades off one characteristic against another, such that good characteristics compensate for bad characteristics. When a consumer uses a noncompensatory decision rule, he or she chooses a product or service on the basis of one characteristic or one subset of a characteristic, regardless of the values of its other attributes.
Explain how the demand curve works, and how it benefits a firm.
A demand curve shows how many units of a product or service consumers will demand during a specific period of time at different prices. As price increases, demand for the product or service decreases, and vice versa. Knowing the demand curve for a product or service enables a firm to examine different prices in terms of the resulting demand and relative to its overall objective. Revealed content has ended.
What is the difference between a product mix's breadth and a product line's depth?
A firm's product mix breadth represents a count of the number of product lines offered by the firm. Product line depth equals the number of products within a product line
What is the difference between a functional need and a psychological need? How can getting a college education fulfill both types of needs?
A functional need relates to product performance, whereas a psychological need pertains to personal gratification associated with a product or service. A college education fulfills a functional need when it makes graduates eligible for certain jobs and careers that they would not have been considered for without a degree. A degree also satisfies many students' personal needs for attaining a goal, learning, or self-esteem
When looking to purchase a mobile phone, describe the components that make up the total product.
A product is made up of the core customer value, actual product, and associated services/augmented product. The core customer value is that the phone provides on-the-go communication either via telephone, email, or Internet. The actual product is the phone, and the augmented product is the customer service along with any warranties that are offered by the company.
Name and describe the four pricing orientations.
A profit-oriented pricing strategy focuses on maximizing a target profit for the company. A sales oriented strategy sets prices with the goal of increasing sales levels. In a competitor-oriented pricing strategy, the frm sets its prices according to what its competitors do. A customer-oriented strategy determines consumers' perceptions of value and prices accordingly.
Which of the following statements best describes global expansion through a strategic alliance?
A strategic alliance is a relationship in which two firms collaborate on a business opportunity, but do not invest in each other.
What is a unique selling proposition (USP)?
A unique selling proposition is a common theme or slogan for an advertising campaign that differentiates a product by establishing its unique benefits.
In the AIDA model, the do stage is the _____ stage.
Action
Ron has just received notification from a vendor that his clothing merchandise order has been processed and dispatched. Ron has just received an
Advanced shipping notice (ASN)
What are the various integrative communication (IMC) channels?
Advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing
Susan could recall the brand of toothpaste she used only when a marketing researcher mentioned the brand. This is known as:
Aided recall
What is the advantage of a corporate or family brand? Provide an example of one.
All products sold under the corporate or family brand benefit from the overall brand awareness associated with the family name. Kraft is a family brand
Which type of advertising scheduling would you recommend for your university, and why?
Almost all universities have specific times when applicants are sought. In addition, universities also want to remain visible in the marketplace. Given these facts and the lead time it takes to admit and process new students, most universities would use a pulsing advertising schedule with peak advertising one to two months before application deadlines.
What is the difference between alpha testing and beta testing?
Alpha testing involves determining whether the prototype will perform according to its design and whether it satisfies the need for which it was intended. Beta testing uses potential consumers who examine the product prototype in a real-use setting and assess its functionality, performance, and potential problems.
Imagine that a management consulting firm wants to sell a bank a new system for finding checking account errors. The consulting firm's salesperson has learned about the customer during the qualification stage, and the salesperson is now ready to figure out how to immediately close the sale. What important steps of the personal selling process has this salesperson missed? Explain why these steps are important.
Although the salesperson has learned about the customer during the qualification stage, in this step they must conduct additional research and develop plans for meeting with the customer. Suppose, for example, a management consulting firm wants to sell a bank a new system for finding checking account errors. The consulting firm's salesperson should first find out everything possible about the bank: How many checks does it process? What system is the bank using now? What are the benefits of the consultant's proposed system compared with the competition? The answers to these questions provide the basis for establishing value for the customer.
Why would a researcher want to change the sequence of steps in the marketing research process?
Although the stages of the marketing research process are presented in a step-by-step progression, research does not always, or even usually, happen that way. Researchers go back and forth from one step to another as the need arises. Taking a nonlinear approach may be appropriate when new information, new insights, or new opportunities arise, as the sequence of steps does not need to happen in order. It is unlikely, however, that the fnal step will occur before others
New and exciting technologies are entering the market at an incredible speed. These offerings are largely based on three cutting-edge technology formats. What are those formats?
Artificial intelligence, robotics, and the Internet of Things.
Give examples of the kinds of information flows that take place between a store and its consumers, a distribution center, and a manufacturer
As consumers make purchases, they affect inventories. Stores need to work with distribution centers to ensure that the right products will be available, so information about purchases and inventories must be shared, the store will also want to know when to expect shipments. Manufacturers need to know about quantities being sold so that they can adjust production and shipping schedules. Information about market conditions, customer preferences, and so on is also important to share among members of the supply chain.
List the steps in the AIDA model and explain why each step is important to marketers.
Awareness - in this step, marketers are looking to gain brand awareness and top-of-mind awareness to ensure that consumers will think of a specific brand name first when they are asked about a product or a service Interest - in this step, marketers try to convince consumers that the product is worth investigating. They do so by ensuring that the ad's message includes attributes that are of interest to the target audience
Name and describe the four steps of the AIDA model.
Awareness is the first thinking step, during which the consumer simply recognizes a brand or product. During the interest step, the consumer starts to feel and become intrigued enough to explore the product or brand. This interest leads to another feeling: Desire for the marketed item. Finally, to be successful, marketing communication must prompt an Action.
Why is postpurchase behavior critical to marketers?
Because it is the opportunity for marketers to measure and track satisfaction
All of the following statements about public relations are true except PR has become increasingly important as costs of other forms of marketing communications continue to increase Consumers have become increasingly skeptical of marketing claims made in conventional media Media coverage generated by PR is seen as more credible than paid advertising Because of its high cost, the use of PR has waned in recent years
Because of its high cost, the use of PR has waned in recent years
_________ segmentation is the segmentation method most directly related to satisfying consumers' needs and wants.
Benefit
How is a global marketing strategy similar to a domestic marketing strategy? How is it different?
Both strategies require a firm to determine the target markets to pursue and develop a marketing mix that will sustain a competitive advantage over time. The global marketing strategy is more problematic though, Firms must consider whether or not the product should be altered to better meet the needs of the new market. They also need to consider the pricing of the product in other countries, as well as determine how to deliver the product to the new customers. The cultural nuances need to be considered when making these decisions.
_____ refers to a potential customer's ability to recognize or recall that the brand name is a particular type of retailer or product/ service.
Brand awareness
What is the difference between brand extension and line extension?
Brand extension refers to the use of the same brand name in a different product line. It is an increase in the product mix's breadth. Line extension is the use of the same brand name within the same product line and represents an increase in a product line's depth.
Almost every business wants brand loyal customers. Why?
Brand loyalty provides a wealth of benefits to marketers including reduced consumer sensitivity to price, lower marketing costs to reach loyal customers, a degree of insulation from the actions of competitors, and more profitability from loyal customers.
What are the various types of branding strategies used by firms to create and manage key brand assets?
Brand ownership, naming brands and product lines, brand and line extensions, co-branding, brand licensing, and brand repositioning.
How do brands add value for customers and firms?
Brands facilitate purchases, establish loyalty, protect from competition and price competition, they are assets, and they affect market value.
What are the ways that brands add value?
Brands facilitate purchasing, establish loyalty, protect from competition and price competition, are assets, and affect market value.
Personal selling is an especially important part of IMC in:
Business-to-business (B2B) settings
Effective salespeople anticipate and handle
Buyers' reservations about the project
An advantage of internet-based technologies is they:
Can be directed to a specific consumer
Gavin is recognized by his friends as an activist on many fronts. He prefers to buy products from firms that will donate part of the total purchase price to organizations he supports. Marketers recognize that this approach can be an important competitive tool; it is called:
Cause-related marketing
What are some sources for collecting secondary data?
Census data, information from trade associations, reports published in trade magazines, sales invoices, customer lists, or any other reports generated by the company.
Getting a commitment from the customer to purchase your product is also known as
Closing the sale
Although a sales representative may skip a step in the personal selling process or might sometimes have to go back and repeat steps, there is logic in the sequence. All of the following describe the personal selling process except Before a salesperson can work through the preappraoch, leads must be qualified The customer's reservations must be addressed before closing the sale Closing the sale is the final and most satisfying part of the process Carefully working through the preapproach will make the next step - the sales presentation - more effective and efficient
Closing the sale is the final and most satisfying part of the process
The basic goal of integrated marketing communications is to:
Communicate the value proposition to the target market
In the IMC communication process, the _____ is the medium that carries the message.
Communication channel
What are products that household buyers use for their own use called?
Consumer products
For many American consumers, the purchase of a personal computer has shifted from an extended problem-solving decision to a limited problem-solving decision. How does this change the way retail stores should display and sell computers?
Consumers involved in extended problem solving will devote considerable time and effort to evaluating alternatives. For personal computer companies, well-trained salespeople both in-store and online were needed to address consumers' questions. Now that many American consumers know more about personal computer features and options, online software and informative displays are often enough to guide consumer decision making.
Define convenience, shopping, and unsought products and give an example of each.
Convenience products/services are those products or services for which the consumer is not willing to spend any effort to evaluate prior to purchase. They are frequently purchased commodity items, usually purchased with very little thought, such as common beverages, bread, or soap. Shopping products/services are products or services for which consumers will spend a fair amount of time comparing alternatives, such as furniture, apparel, fragrances, appliances, and travel alternatives. When people need new sneakers, for instance, they will go from store to store shopping—trying on shoes, comparing alternatives, and chatting with salespeople. Unsought products/ services are products consumers either do not normally think of buying or do not know about; an example would be a gravestone.
A _____ can be used to create positive word of mouth, help customers form a community, and develop long-term relationships between customers and the company.
Corporate blog
All of the following are public relations tools except Donating a portion of profits to a charitable cause Coupons and rebates Event sponsorships News releases
Coupons and rebates
The key to a successful emotional advertising appeal is to use the emotion to:
Create a bond between the consumer and the brand.
Informative advertising is used to:
Create and build awareness
Imagine that you are a marketing executive at a toothpaste manufacturing company. How would you create and use a perceptual map? What positioning criteria might you use in creating it?
Creating a perceptual map involves six steps: 1. Determining consumers' perceptions and evaluations of a product in relation to competitors'. 2. Identifying the market's ideal points and size. 3. Identifying competitors' positions. 4. Determining consumer preferences. 5. Selecting a position. 6. Monitoring the positioning strategy. Toothpaste manufacturers might include criteria such as tartar control, gum disease prevention, helping bad breath, teeth whitening, taste, health, or safety.
After the advertiser has decided on the message, type of ad, and appeal, its attention now shifts to:
Creation of the advertisement
_____ is when vendors ship merchandise prepacked in the quantity required for each store to the distribution center
Cross-docking
_____ is when two or more firms join to reach a target audience.
Cross-promotion
What are three possible postpurchase outcomes?
Customer satisfaction, postpurchase cognitive dissonance, and customer loyalty (or disloyalty).
What are the three aspects of a value proposition?
Customer wants and needs, company offerings, and competitive offerings.
Name three ways a firm can evaluate service quality and give examples of each.
Customers generally use five distinct service dimensions to determine overall service quality: reliability, responsiveness, assurance, empathy, and tangibles.
All of the following are advantages of using a distribution center except More accurate sales forecasts are possible Retailers need to keep less merchandise in the store as inventory if the stores get frequent deliveries Use of a distribution center saves money since the storage space at a distribution center is generally less expensive than that of a store Customers know they are dealing with a more sophisticated and financially well-off operation if the firm uses a distribution center
Customers know they are dealing with a more sophisticated and financially well-off operation if the firm uses a distribution center
"Buy one, get one free" is a _____ sales promotion.
Deal
_____ refers to the process by which the receiver interprets the sender's message.
Decoding
As noted in your text, global segmenting, targeting, and positioning (STP) are more complicated than domestic segmenting and positioning (STP) because of cultural nuances, significant subcultures within countries, and
Differences in the way consumers see themselves and in the way they see products and services
Having no intermediaries between the buyer and seller is a defining characteristic of a _____ marketing channel
Direct
Trish makes purses out of old blue jeans and sells them to customers at local craft fairs. What type of marketing channel does this represent?
Direct
____ offers the firm complete control over its operations in the foreign country
Direct investment
In recent years, the component of IMC that has received the greatest increase in aggregate spending is:
Direct marketing
A _____ is a facility for the receipt, storage, and redistribution of goods to company stores
Distribution center
Explain the concepts of distributive fairness and procedural fairness.
Distributive fairness pertains to a customer's perception of the benefits he or she received compared with the costs (inconvenience or loss). With regard to complaints, procedural fairness refers to the perceived fairness of the process used to resolve them.
Many marketers think personal computers in the United States are in the maturity stage of the product life cycle. What does this mean for manufacturers of personal computers? What can they do about it?
During the maturity stage of the product life cycle, sales have peaked, profits have peaked and/or are declining, and there are many competitors in the market. For personal computer firms, the maturity stage is a time to consider entering new markets, develop new products, increase marketing to defend their share of the market, and control costs to maintain profits and outlast the competition.
Where does value for the consumer lie in the supply chain?
Each participant in the supply chain adds value, no single firm can execute all the necessary tasks well, and the specialization of labor helps improve quality while decreasing prices. Participants in the supply chain help ensure that consumers get what they want, when and where they want it.
What are the four components of a country market assessment?
Economic analysis using metrics (Gross domestic product, Gross national income, Purchasing power parity, Trade surplus or deficit), infrastructure and technology, governmental actions, and sociocultural analysis
The computer-to-computer exchange of business documents from a retailer to a vendor and back is referred to as
Electronic data interchange (EDI)
An emotional appeal aims to satisfy consumers' _____, while an informational appeal speaks to consumers' _____.
Emotional desires; utilitarian needs
Describe the ways in which conscious marketing helps various stakeholders
Employees: A frm committed to conscious marketing treats its employees with decency and respect. For many employees, working for an irresponsible frm would be antithetical to their own morals and values. 16 of 85 05/09/21 Customers: When companies exhibit conscious marketing principles, customers know that they can trust the frms to provide healthy, ethically acceptable products and services. Many customers also feel better about buying from a company that engages in responsible practices, which provides them with the additional value of feeling good about buying from that company. Marketplace: An industry improves its practices and avoids scandals when it ensures that the participating firms act responsibly and appropriately in all areas. Society: This stakeholder is local, national, or global communities who benefit when conscious marketers give thought to how their practices might influence values or connections, such as providing aid to underprivileged communities. Environment: The benefits of conscious marketing might include cleaner air and water as well as healthier product options.
_____ means converting the sender's ideas into a message, which could be verbal, visual, or both
Encoding
What are some of the legal and ethical issues in personal selling?
Ethical and legal issues could arise based on how the sales manager interacts with the sales force. There might be inconsistencies between corporate policy and the salesperson's ethical comfort zone. Issues could arise as the salesperson interacts with customers.
The components of global market assessment include all of the following except Ethnic analysis Infrastructure and technological analysis Analysis of government actions Sociocultural analysis
Ethnic analysis
When a firm launches a new product, it needs to review the sales and profit levels of the product to determine if the product is successful. What is this stage called?
Evaluation of results
The three elements of any IMC strategy are the consumer, the communication channels, and:
Evaluation of the results
Outline how customers, the company, competitors, and corporate partners affect marketing strategy
Everything a frm does should revolve around the customer; without the customer, nothing gets sold. Firms must discover their customers' wants and needs and then be able to provide a valuable product or service that will satisfy those wants or needs. If there were only one frm and many customers, a marketer's life would be a piece of cake. But because this situation rarely occurs, frms must monitor their competitors to discover how they might be appealing to their customers. If a frm does not monitor its competitors, the frm's customers might soon belong to its competitors. Though life certainly would be easier without competitors, it would be diffcult, if not impossible, without corporate partners. Good marketing frms or departments work closely with suppliers, marketing research frms, consultants, and transportation frms to coordinate the extensive process of discovering what customers want and fnally getting it to them when and where they want it. Finally, the purchases people make are infuenced by their physical environment. The particular people are concerned about adverse changes to their environment, such as global warming and pollution. Firms are responding to these concerns with new products and services. For instance, electric cars and ride-sharing services are designed to save energy. And greener practices have spurred environmentally friendly, sustainable merchandise. Each of these activities—discovering customer needs, studying competitors' actions, working with corporate partners, and developing products and services that help improve the physical environment—helps add value to firms' products and services.
According to purchasing power parity (PPP) theory, if _____ are in equilibrium, products will cost the same in each country.
Exchange rates
All of the following are types of qualitative research methods except Observation In-depth interviews Focus groups Experiments
Experiments
When the value of the dollar declines in relation to other currencies, this decline benefits US marketers who
Export goods to other countries
When entering a foreign market, the least risky strategy is
Exporting
What are the various market entry strategies?
Exporting, franchising, strategic alliance, joint venture, and direct investment
Consumers make two types of buying decisions, depending on their level of involvement. What are they?
Extended problem solving and limited problem solving.
Which federal agency has the general purpose of regulating interstate and international communications?
FCC
Which federal agency has the general purpose of regulating food, supplements, drugs, cosmetics, medical devices, biologics, and blood products?
FDA
All of the following are federal agencies that regulate advertising activities except the FDA FCC FTC FRS
FRS
Most manufacturing and retailing marketers worry constantly about whether or not their IMC efforts are paying off. They assess various forms of _____ to determine what is working and what is not.
Feedback
You are employed by a marketing from that needs to become more value driven. How is this accomplished?
Firms become value driven by focusing on four activities. First, to ensure that their offerings are valuable, firms leverage all the various elements of marketing and work to build relationships with partners and customers to introduce their product, service, or idea to the marketplace at just the place and time that customers want it. Second, they gather vast information about customers and competitors, then analyze it and share it across their own organization and with other partner firms, such as those that provide promotion and social media services. Third, they strive to balance the benefits and costs of their offerings for not just themselves and their customers, but also their communities and society as a whole. Fourth, they take advantage of new technologies and connect with their customers using the latest social media channels.
Taylor loves the lifestyle associated with being a salesperson, allowing her to take a day off during the week and make it up on the weekend. She most likely values the _____ associated with creating her own schedule.
Flexibility
The _____ stage of the selling process offers a prime opportunity for salespeople to solidify customer relationships through great service quality.
Follow-up
In what country was a law recently passed requiring grocery stores to donate food to charity that would otherwise be tossed?
France
Many of the best-known American retailers, like Starbucks and McDonald's, have contractual agreements with another firm or individual, allowing its business to operate overseas. These companies expanded globally using
Franchising
____ describes how often the audience is exposed to a specific marketing communication, such as an advertisement, within a specified period of time
Frequency
A _____ is used in the shipment of products directly to customers
Fulfillment center
What is the type of need that pertains to the performance of a product or service?
Functional
Arthur lost his watch and needed to buy a new one. This time, he decided to purchase a $3,500 Rolex instead of a $25 Timex watch. It made him feel successful. The purchase fulfilled which of the following type needs?
Functional and psychological
What are the two types of consumer needs?
Functional needs and psychological needs.
The most common measure of market potential of an economy is a country's
GDP
What is the relationship between price and quantity sold?
Generally, when prices go up, quantity sold goes down. Sometimes, however demand can increase with price; this is particularly true with prestige products and services.
Sherry works in the office of the building materials company. One of her jobs is to identify new building projects and to determine who will make the building materials purchase decisions. Sherry is involved in the _____ step of the selling process.
Generate leads
Golden Years Vitamin Corporation targets consumers living in Florida who are over age 65. Golden Years is using ________ segmentation.
Geodemographic
In very simple words, advertising is really about:
Getting consumers' attention
Referred to as _____, some firms standardize their products globally but use different promotional campaigns to sell them
Glocalization
Changes in tariffs and quotas are
Government actions that reduce competition from international firms
Ronald is developing an Internet auction-based business. After establishing his objectives, describing potential market segments, and evaluating the attractiveness of each segment, Ronald now has to choose which target market to focus his efforts on. What factors should influence his decision?
His ability to pursue each target segment is a key factor. Since it is an Internet auction-based business, Ronald should be able to access information about past sales of similar products, number of bidders, and prices. This will help determine the attractiveness of each segment. He should also consider his strengths and weaknesses relative to the other competitors and look for opportunities and potential threats. He will also want to consider whether to adopt an undifferentiated, differentiated, concentrated, or micromarketing targeting strategy.
A media rep from the local radio station comes into your retail store and suggests running a series of advertisements. She says, "Let's do it and see what happens." What problems can you anticipate with this as the suggested goal?
IMC goals should be explicit and measurable. "Let's do it and see what happens" does not create an explicit goal, and therefore it will be difficult to measure the success or failure of the campaign.
Describe the various stages involved in developing a new product or service
Idea generation is the development of viable new product ideas. Concept testing is the testing of the new product ideas among a set of potential customers. Product development is the development of prototypes and/or the product. Market testing is the testing of the actual product in a few test markets. Product launch is the full-scale commercialization of the product. Evaluation of results is the analysis of the product's performance and then making appropriate modifications.
As the marketing manager of your firm, you are responsible for evaluating segments based on their attractiveness. Identify the five criteria and explain how your firm would use this information to determine if a segment is worth pursuing.
Identifiable: A firm must be able to identify who is in a segment to be able to design products or services to meet their needs. It is also important that segments are distinct from one another. Substantial: A firm should measure the size of the potential market and identify if the size and buying power are sufficient to justify targeting the segment. Reachable: Products or services will not have any impact, no matter how identifiable or substantial the target market is, if the market cannot be reached both for marketing communications and for product distribution. Responsive: A customer should react positively to the firm's offering. If a company feels that it cannot provide products or services that will be attractive to the segment, it should not target it. Profitable: A firm should assess the potential profitability of each segment, both current and future. Included in this analysis should be market growth, market competitiveness, and market access
The _____ stage of the advertising campaign planning process can be described by the question, "to whom are we trying to talk?"
Identifying target audience
During which step of the marketing plan do marketers make important decisions about how they will allocate their scarce resources to their various products and services?
Implement marketing mix
All of the following are roles played by packaging except Differentiating a product from competitors Promoting product features or changes Adjusting product sizes for different markets Improving the design of the product itself
Improving the design of the product itself
Name and describe the four types of price competitive levels.
In a monopoly, one firm controls the market. In an oligopoly, a handful of firms control the market. In a monopolistic competition, many firms sell differentiated products at different prices. In a pure competition, many firms sell commodities for the same prices.
Name and describe the stages of the product life cycle.
In the introduction stage, the product is launched, and innovators start buying the product. In the growth stage, the product gains acceptance, demand and sales increase, and competitors emerge. In the maturity stage, industry sales reach their peak, so firms try to rejuvenate the product by adding new features or repositioning them. In the decline stage, the product exits the market.
After creating awareness of the firm's products or services, the next goal of integrated marketing communications is to:
Increase the level of interest among consumers
A local furniture store buys furniture from various manufacturers and resells the furniture to its customers. What type of marketing channel does this represent?
Indirect
In an _____ marketing channel, one or more intermediaries work with manufacturers to provide goods and services to customers
Indirect
To maintain trustworthy customer relationships, companies must take care that they respect customer privacy and respect the _____ that is, the amount of information a customer feels comfortable providing.
Information comfort zone
Estelle is trying to create an advertising message that communicates the tangible features of her company's laptop computers, telling consumers about the relative advantages of her products as compared to other offerings in the market. Estelle is trying to create an _____ appeal.
Informational
_____ appeals help consumers make purchase decisions by offering facts in advertising messages and strong arguments built around relevant issues, explaining key benefits of the firm's products and services.
Informational
Name and describe the two types of appeals advertisers use to portray their products or services
Informational appeals offer factual information that encourages consumers to evaluate the brand favorably on the basis of the key benefits it provides. Emotional appeals aim to satisfy consumers' emotional desires and focus on feelings about the self.
When considering global marketing opportunities in Bangladesh, Thomas asked the question, "How will we get it there?" Thomas is concerned about _____ capabilities in Bangladesh
Infrastructure
Name and describe the different groups of adopters articulated by the diffusion of innovation theory
Innovators are the buyers who want to be the frst on the block to have the new product or service. Early adopters wait and purchase the product after careful review. Early majority buyers tend to wait until the bugs are worked out of the new product or service. Late majority buyers enter the market once sales trends have leveled off and the product has achieved its full market potential. Laggards rely on traditional products until the products are no longer available.
In the AIDA model, awareness leads to:
Interest, which hopefully leads to desire and then action.
What descriptive criteria are used when evaluating segment attractiveness?
Is the segment identifiable, substantial, reachable, responsive, and profitable?
Why is brand extension a popular marketing strategy?
It allows the firm to spend less on creating brand awareness and associations.
Which of the following is true of percentage-of-sales?
It assumes the same percentage used in the past, or by competitors, is still appropriate for the firm. It does not take into account new plans (e.g., to introduce a new line of products in the current year).
What are the roles of packaging?
It attracts the consumers' attention; it enables products to stand out from their competitors; it offers a promotional tool; it allows for the same product to appeal to different markets with different sizes.
What is the major advantage of primary data collection, compared to the use of secondary data?
It can be tailored to ft the pertinent research questions and offers more insights not usually available from secondary research.
How can facial recognition software be used for marketing purposes?
It can be used to record consumers' facial expressions as they engage with ads or products.
How might Starbucks ensure that it behaves in a socially responsible way toward members of its supply chain?
It can purchase coffee beans from suppliers who pay coffee growers a fair price.
Which of the following is true of competitive parity?
It does not allow firms to exploit the unique opportunities or problems they confront in a market. If all competitors use this method to set communication budgets, their market shares will stay approximately the same over time.
Which of the following is true regarding the ticketing and marking process?
It is more efficient for a retailer to perform these activities at a distribution center than in its stores
Define qualitative research and list two examples of qualitative data collection techniques.
It provides initial information that helps the researcher more clearly formulate the research objectives. Qualitative research is more informal than quantitative research methods and includes observation, following social media sites, in-depth interviews, and focus groups.
One professor was known for never teaching the same course the same way twice. Which difference between a product and a service does this represent? How could the professor use this to his or her advantage?
It represents the fact that services are heterogeneous (or variable). The professor can continually change and improve the class based on feedback from current and previous students.
Which of the following statements regarding corporate social responsibility is true?
It sees limited overlap between the business and society, and between business and the planet
What will happen to a firm if it continues to produce the same products in a saturated market?
It will eventually decline.
Special in-store displays for magazines and chewing gum are most likely to be effective if located
Near the checkout counter
What are the five steps of the consumer decision process?
Need recognition, information search, alternative evaluation, purchase and consumption, and post-purchase.
"Why create a perceptual map?" asked Dave. Andrea, the senior marketing manager, gave him four reasons. All of the following are valid reasons except It's a quick way for senior managers to see not only our product but each of our competitors' products, all at once. It's a way to demonstrate the dimensions that our customers think are important. It shows where we aren't—and where our competitors aren't—in our customers' and prospects' minds. It's a way to show the position of the company throughout the product's life cycle.
It's a way to show the position of the company throughout the product's life cycle.
Jerald is assessing global entry strategies for his gourmet sandwich business. He does not have significant capital for expansion and does not want to take a lot of risk. He is also willing to limit his control of international stores. What are his global entry options? Given his situation and priorities, which option is most logical? Why?
Jerald's five options are franchising, exporting, a joint venture, direct investment, or a strategic alliance. Franchising makes the most sense because he does not have the capital for direct investment or a joint venture, he is willing to limit his control over international expansion and exporting gourmet sandwiches wouldn't make much sense.
When a firm pools its resources with that of a local firm to enter a new market, they create a
Joint venture
One of the difficulties in measuring the effectiveness of IMC efforts is the _____, where consumers do not act immediately after receiving a marketing communication.
Lagged effect
The best way for sales managers to instill ethical behavior in the sales force is to
Lead by example
What are the three service recovery strategies?
Listening to the customers and involving them in the service recovery, finding a fair solution, and resolving problems quickly.
_____ are specifically designed to retain customers by offering premiums or other incentives to customers who make multiple purchases over time
Loyalty programs
Who are the key players in a simplified supply chain?
Manufacturers, retail distribution centers, and retail stores
Among Internet users, some do research online, some shop, some look for entertainment, and many do all three. Each of these groups would be called a
Market segment
The process of dividing the market into groups of customers with different needs, wants, or characteristics is called
Market segmentation
__________ is the process of examining consumers' brain patterns to determine their responses to marketing communications, products, or services for the purpose of developing marketing tactics or strategies.
Neuromarketing
What are the marketing metrics used to measure IMC success?
Marketers rely on a mix of traditional and nontraditional measures to determine IMC success. Because potential customers generally need to be exposed to IMC messages several times, firms estimate the degree to which customers are exposed to a message by multiplying frequency by reach. Measuring internet IMC effectiveness requires different measures, such as click-through tracking (CTR) that measures how many times users click on banner advertising on websites.
_____ channels are used to reach a broad audience; _____ channels are used to reach a narrower segment of consumers.
Mass media; niche media
An indirect marketing channel may include all of the following intermediaries except Materials supplier Retailer Shipper Merchandise wholesaler
Materials supplier
Ashley was nervous about making the _____. She knew it was likely to be the largest expense in the advertising budget.
Media buy
_____ refers to the process of evaluating and selecting the _____.
Media planning; media mix
Caterina is told by her sales manager, "Do whatever you need to do to get the sale," yet the company has ethical selling standards. Caterina faces the ethical problem of
Mixed signals from her sales manager
The Salvation Army runs a campaign over the Christmas holidays called the Mobile Bell Ringer. Volunteers send text messages to their friend's cell phones asking them to donate. Which type of marketing communication does this represent?
Mobile marketing
What technological invention has prompted the rise in concern over privacy?
More and more consumers worldwide sense a loss of privacy. At the same time that the Internet has created an explosion of accessibility to consumer information, improvements in computer storage facilities and the manipulation of information have led to more and better security and credit check services. In recent years there have been a number of hacking scandals. However, the largest one came to light in October 2017, when Yahoo announced that all 3 billion of its accounts had been hacked in 2013. Yahoo states that the information that was hacked did not include bank account or credit card data, but it did include security questions and back-up e-mail addresses, making other accounts of those who were hacked also vulnerable. Although companies continuously develop new ways to keep customer information safe, some observers suggest hackers are just getting more effective.
Each of the following is an important social trend for consumers at the moment except Health and wellness Multimedia advertising Green marketing Privacy concerns
Multimedia advertising
When marketers set communication objectives, choose media, and determine costs for each communication type chosen, they are using the _____ IMC budget method.
Objective-and-task
Some analysts have attributed the success and quick diffusion of the Apple iPod in part to the white earbuds. At the time, earbuds were not seen as often, and most headphones were black, not white. As knowledge of the iPod spread, the white earbuds could be seen even if the iPod itself was out of sight. This is an example of which of the factors that affect speed of diffusion?
Observability
When using the objective-and-task method of IMC budgeting for multiple products and services, how often must the process be repeated?
Once, for each individual product and service
Why is the failure rate for new products so high?
One of the main reasons is the failure to assess the market properly by neglecting to do appropriate product testing, targeting the wrong segment, and/or poor positioning. Firms may also overextend their abilities or competencies by venturing into products or services that are inconsistent with their brand image and/or value proposition.
What are PSAs? Why do television and radio stations run them?
PSAs are public service advertisements, ads that focus on public welfare issues. They are generally sponsored by nonprofit organizations. Due to the nature of PSAs, broadcasters often donate free airtime to them. Also, because they are often designed by top advertising agencies for nonprofit clients, PSAs usually are quite creative and stylistically appealing.
What factors affect a consumer's information search?
Perceived benefits versus perceived costs of the search; the locus of control; and actual or perceived risk, which includes performance risk, financial risk, social risk, physiological (safety) risk, and psychological risk.
________ refers to the process by which consumers select, organize, and interpret information to form a meaningful picture of the world.
Perception
Equal employment opportunity laws make it unlawful to discriminate against a person in hiring, promotion, or firing because of all of the following areas except Performance Religion Sex Age
Performance
Step 2 of a marketing plan involves which of the following?
Performing a situation analysis using SWOT
Need recognition would be greatest in which situation?
Pete returned home from work to find his refrigerator is broken and his refrigerated and frozen food must be thrown out.
Jenny has worked for many years reviewing and approving print ads for her firm. She has memorized a checklist of key points to review. All of the following would be on her checklist except: Headline Body copy Brand elements Photo credits
Photo credits
Which element of the marketing mix specifically deals with supply chain management?
Place
Beverage companies often pay movie producers to have their products used and shown in movies. This is an example of product
Placement
Which of the following can search engine marketing be used to accomplish?
Placing a website in the Sponsored Links section of Google.
_______ involves defining the firm's marketing mix variables so that target customers have a clear, distinctive, desirable understanding of the firm's offerings relative to competitors' offerings.
Positioning
_______ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what a product does or represents in comparison with competing products
Positioning
Global pricing strategies should strive to be consistent with
Positioning strategies
_________ is a disadvantage of secondary research, while _______ is a disadvantage of primary research.
Potential bias; cost
The _____ stage occurs prior to meeting the customer for the first time and extends the qualification of leads.
Preapproach
What is the difference between primary data and secondary data?
Primary data are collected to address specific research needs, while secondary data are pieces of information that have been collected prior to the start of the research project.
Which of the following is one of the macro strategies for developing customer value through effective branding and positioning?
Product excellence
Effective marketers recognize that a label is much more than just a sticker on a package. What can a label do for a marketer?
Product labels provide information to consumers. While many labeling requirements stem from laws, a label is a communication tool that can focus on benefits or emphasize what is or is not in the product.
There are four main eras of marketing. What are they, and in what time period did they occur?
Production-Oriented Era (turn of the 20th century); Sales-Oriented Era (1920-1950); MarketOriented Era (after WWII); Value-Based Marketing Era (current era).
Reminder advertising is primarily used to:
Prompt purchase of a product
In the United States, the regulation of advertising involves a complex mix of laws and informal restrictions designed to:
Protect consumers from deceptive practices
Naomi knows she has to order her store's Christmas holiday merchandise in April to ensure delivery before the holiday season. Naomi is concerned with the supply chain management goal of
Providing products at the right time
What are the factors that affect the consumer decision process?
Psychological factors, social factors, situational factors, and the marketing mix.
1. All of the following IMC channels involve direct interaction with a customer except: Personal selling Consumer contests (sales promotions) Mobile (Direct) marketing Public Relations
Public Relations
A firm that places an emphasis on developing and maintaining positive relationships with the media is focusing on a _____ strategy.
Public relations
Gretchen has just started as a fashion marketing intern for an up-and-coming design firm. She expected to immediately begin implementing the four Ps she had learned about in class. Instead, she was asked to work on a project identifying important events where celebrities might wear the fashions. Gretchen soon realized that this activity was part of _____, directly related to marketing.
Public relations
Define public relations. Why is public relations an important part of a marketing campaign?
Public relations involves managing communication and relationships to achieve various objectives, such as building and maintaining a positive image of the firm, handling or heading off unfavorable stories or events, and maintaining positive relationships with the media. Students should be able to identify credibility and cost issues, and should also demonstrate an understanding of the scope of public relations activities.
Name and describe the various elements of a public relations (PR) toolkit.
Publications (brochures, books) inform various constituencies about the activities of the organization and highlight specific areas of expertise. Video and audio (programs, PSAs) highlight the organization or support cause-related marketing efforts. Annual reports give required financial performance data and inform investors and others about the unique activities of the organization. Media relations (press kids, new releases, speeches, event sponsorships) generates news coverage of the organization's activities or products/service. Electronic media can contain all the previously mentioned toolbox elements and email directs PR efforts to specific target groups
What is puffery? Why is puffery not illegal in the United States? Give an example of an advertising message containing puffery.
Puffery is the legal exaggeration of praise, stopping just short of deception, lavished on a product. The FTC's position is that it "will not pursue cases involving obviously exaggerated or puffing representations," i.e., those that ordinary consumers do not take seriously. "The Best Ribs in Town" would be an example of puffery - exaggerated but difficult to prove or disprove - unless there has been a specific survey to back up the claim.
A _____ advertising schedule uses a base level of advertising during some periods followed by periods of increased advertising.
Pulsing
What are the two research methods used for primary data collection?
Qualitative or quantitative research methods.
Which of the following is a measure of how effective an ad is for the amount spent?
ROMI
Which of the following is an accurate definition of the term data?
Raw numbers with no intrinsic meaning
Firms are willing to offer generous rebates because
Rebates increase sales, but firms may not have to pay off all the rebates offered
In the IMC communication process, the _____ is the person who reads, hears, or sees and processes the message being communicated.
Receiver
What are the four overriding principles of conscious marketing?
Recognition of marketing's greater purpose; consideration of stakeholders and their independence; the presence of conscious leadership, creating a corporate culture; and the understanding that decisions are ethically based.
Because manufacturers with JIT systems produce merchandise closer to the time of sale, they can
Reduce inventories needed to satisfy retailer's demand
Sales representatives add value for customers by doing all of the following except Educating them about the firm's products Providing advice on solving business problems Simplifying communication with the firm Reducing the firm's marketing costs
Reducing the firm's marketing costs
Sara made sure that her customers felt comfortable contacting her when they needed something, and she focused on the long term in her dealing with them. Sara is a _____ -oriented salesperson.
Relationship
A measure termed _____ describes how useful an ad message is to the consumer doing the search.
Relevance
Name and describe the five service quality dimensions.
Reliability is the ability to perform the service dependably and accurately. Responsiveness is the willingness to help customers and provide prompt service. Assurance is the knowledge of and courtesy by employees and their ability to convey trust and confidence. Empathy is the caring, individualized attention provided to customers. Tangibles refers to the appearance of physical facilities, equipment, personnel, and communication materials.
Why would a company like Walmart have a difficult time repositioning itself as a retailer of quality, stylish clothing?
Repositioning involves changing a brand's focus to target new markets, adjust to changing market conditions, or to change the quality image of a brand. Walmart is known for its "everyday low prices," which indicates good value, but it is not necessarily known for quality or style.
If marketing communications are effective, they will:
Result in purchases by some of the consumers receiving the communications
When Costco sells to consumers directly, it acts as a _____; when it sells to other businesses, such as a restaurant owner, it acts as a _____.
Retailer; wholesaler
In vendor-managed inventory systems,
Retailers send sales information to the manufacturer
________ involves taking apart a product, analyzing it, and creating an improved product that does not infringe on the competitor's patents.
Reverse engineering
Conscious marketing values suggest that a company's rules should include a code of ethics and a system for defining what?
Rewards and punishments
Using prior sales and communication activities to determine the present communication budget describes which method of IMC budgeting?
Rule-of-thumb
Bridgette went to the Gap ready to buy a new shirt but was not so sure which color or style she wanted. The sales representative, sensing Bridgette's buying mode, most likely began with the _____ stage of the selling process.
Sales presentation
Traditionally, marketers have seen the role of _____ as generating short-term results, whereas the goal of _____ was to lead to long-term results.
Sales promotion; advertising
How can sales representatives save time for customers?
Sales representatives can take over stocking, inventory, order writing, and similar tasks. Better responses will also draw on the ideas of using the sales representative's expertise about the products or services, alternative uses, pricing, and other specialty areas related to their own product or service. Often sales representatives will have knowledge of new ideas in the industry before the customers.
What kinds of ethical problems can be created by corporate sales policies?
Sales reps may be asked to sell a product or service that they do not believe is in the best interests of their customers. This could be due to the expense, the level of quality, potential obsolescence, or similar product related concerns. Salespeople can be held accountable for illegal actions sanctioned by the employer, which can create ethical concerns and problems.
One of the advantages of personal selling over other types of marketing communication is that
Salespeople can build strong relationships with customers
How does personal selling add value to a product or service?
Salespeople can educate and offer advice to customers about the product/service. They act as business consultants. They can also simplify the buying process in order to save the customer time and hassle. Salespeople are also able to build long-term strategic relationships with customers.
While ethical and legal issues are associated with all aspects of marketing, personal selling presents unique issues because
Salespeople interact daily with customers and are therefore more visible
What are the advantages of secondary research?
Saves time in data collection because readily available Reduces cost of data collection
Why must a firm's STP strategy be consistent with and derived from the firm's mission and objectives?
Segmentation, targeting, and positioning begin with the recognition that no firm has sufficient resources to be all things to all customers. When a firm's STP strategy is consistent with and derived from its mission and objectives, it focuses the firm toward opportunities that grow out of what the firm is doing well and not in a random direction. Focused STP strategy
After using market research to identify the target audience for his advertising campaign, Jorge will next use this information to:
Set explicit and measurable objectives for the campaign
Why is it dangerous for marketers to set unrealistically high consumer expectations?
Setting unrealistically high consumer expectations may lead to higher initial sales, but will eventually result in dissatisfaction if the product or service fails to achieve the high performance expectations
Chief marketing officers replied in a survey that they have seen their employees engage in all of the following types of unethical behavior except High-pressure sales False advertising Withholding damaging information Short-changing customers
Short-changing customers
Firms can use _____ to bring customers together to share experiences around the products.
Social media
When developing an advertising message, the message should focus on:
Solving problems for consumers
Regardless of the objective of an advertising campaign, each campaign's objectives must be:
Specific and measurable
Which of the following best describes the goals a firm should set for an IMC campaign?
Specific and measurable
The head of the marketing area told Alex to find the most stringent federal regulations on advertising to create the toughest standard. "If we can pass those, we should be able to get by all regulations." One real problem is:
State regulations are not always consistent with federal standards
What are the five steps of a marketing plan?
Step 1: Define the business mission and objectives. Step 2: Conduct a situation analysis (SWOT). Step 3: Identify and evaluate opportunities. Step 4: Implement the marketing mix. Step 5: Evaluate performance using marketing metrics.
What are the five steps of the marketing research process?
Step 1: Defining the objective and research needs. Step 2: Designing the research. Step 3: Collecting the data. Step 4: Analyzing the data and developing insights. Step 5: Developing and implementing an action plan.
What are the five steps of the STP process?
Step 1: Establish strategy or objectives. Step 2: Use segmentation methods. Step 3: Evaluate segment attractiveness. Step 4: Select target market. Step 5: Identify and develop positioning strategy.
What are the four steps in ethical decision making?
Step 1: Identify issues; Step 2: Gather information and identify stakeholders; Step 3: Brainstorm and evaluate alternatives; Step 4: Choose a course of action.
Your firm has just finished a segmentation, targeting, and positioning analysis. What is your next step in the marketing plan?
Step 4: Implement the marketing mix and allocate resources.
______ is another term for private-label brands.
Store brands
Unlike advertising, public relations:
Supports promotional efforts by generating free media attention and goodwill
Manufacturers would prefer to produce in a country with a trade _____, because it signals a greater opportunity to export products to more markets.
Surplus
What are some of the various social trends that impact marketing?
Sustainability, health and wellness, and efficient utilization and distribution of food.
A form of sales promotion that offers prizes based on a chance drawing of entrants' names, _____ do not require the entrant to complete a task other than buying a ticket or filling out a form.
Sweepstakes
If your company hired you to make sales calls via the telephone, it hired you to perform
Telemarketing
With more than 310 million active customers and billions of pieces of shopping data, Amazon qualifies as a
big data user
Marketers considering operations and trade with a specific country must consider whether or not the country belongs to a trading bloc. A trading bloc is a group of countries
That have established a formal agreement to manage trade activities
Marketing researchers have access to a great deal of information about consumers. What kinds of pressure might be brought to bear on a marketing researcher that might cause ethical dilemmas?
The AMA provides three guidelines: It prohibits selling or fund-raising under the guise of conducting research. It supports maintaining integrity by avoiding misrepresentation or the omission of pertinent data. It encourages the fair treatment of clients and suppliers.
_______ plays an important part in protecting privacy and requires companies to disclose their privacy practices to customers on an annual basis.
The Federal Trade Commission (FTC)
Whether or not a salesperson will go through all five steps of the selling process depends on the sales situation and
The buyer's readiness to purchase
The United States has often been called the "melting pot" society, integrating people from many different cultures into the social fabric of the country. What challenges do marketers face in assessing U.S. culture?
The challenge for marketers is to have products or services identifiable by and relevant to a particular group of people. Our various cultures influence what, why, how, where, and when we buy.
What five components should be taken into consideration when a company is developing its pricing objectives?
The five Cs of pricing that should be taken into consideration when developing a pricing strategy are the company's objectives, its customers, the company's costs, its competition, and the various channel members relevant to the firm.
Differentiate among the four levels of competition and offer examples of each type
The four levels of competition are monopoly, oligopolistic competition, monopolistic competition, and pure competition (examples will vary). In a monopoly, one firm provides the product or service in a particular industry, which results in less price competition. Monopolies are regulated and can be dismantled by the government through antitrust laws to protect customers from paying overly high prices for goods and services. Some near monopolies include SiriusXM radio and Alphabet (parent company of Google). In oligopolistic competition, only a few firms dominate the market. Firms typically change their prices in reaction to competition to avoid upsetting an otherwise stable competitive environment. Examples of oligopolistic markets include the soft drink market and commercial airline travel. Monopolistic competition occurs when there are many firms competing for customers in a given market but their products are differentiated. There are many examples of this type of competition. The text lists sunglasses as one such example. In a purely competitive environment, a large number of sellers offer standardized products or commodities that consumers perceive as substitutable. Examples include commodities such as grains, gold, meat, spices, or minerals.
What are the potential gaps in the Service Gaps Model? What is it designed to do?
The four potential gaps are knowledge, standards, delivery, and communication gaps. The Service Gaps Model is designed to encourage the systematic examination of all aspects of the service delivery process and prescribes the steps needed to develop an optimal service strategy
Identify the steps in the ethical decision-making framework.
The four steps in the ethical decision-making framework are: identify issues; gather information and identify stakeholders; brainstorm and evaluate alternatives; and choose a course of action.
Your firm is examining the macroenvironment factors of their consumers. You begin collecting demographic data on your current customer base. What sorts of information might you be collecting?
The generational cohort of the customers, their income levels, their educational levels, their gender, and their ethnicities.
What factors affect a consumer's immediate environment? What factors affect their macroenvironment?
The immediate environment factors include company capabilities, competitors, corporate partners, and the physical environment. The macroenvironment factors include culture, demographics, social factors, technology, economic facts, and political/legal factors
How do in-depth interviews help marketers improve their approach to market research?
The interview results can be used to develop surveys for a broader sample of consumers.
Name and describe the four gaps in the Service Gaps Model.
The knowledge gap reflects the difference between customers' expectations and the firm's perception of those customer expectations. The standards gap pertains to the difference between the firm's perceptions of customers' expectations and the service standards it sets. The delivery gap is the difference between the firm's service standards and the actual service it provides to customers. The communication gap refers to the difference between the actual service provided to customers and the service that the firm's promotion program promises.
The most important consideration when a firm chooses a global product strategy should be
The needs of the target market
To estimate reach in terms of electronic media, marketers can use the click-through rate (CTR). To do so, they need to know the number of clicks and:
The number of impressions
Many small main street retailers find advertising either too expensive or ineffective. In this situation, these business owners turn to sales promotion to complement or augment their advertising efforts. Describe three kinds of sales promotion a small, main street retailer might use, including the advantages and disadvantages of each sales promotion method.
The only probable exception is product placement. It is unlikely this is affordable or appropriate for this type of firm.
When researchers define the objectives and needs of their project, what are they trying to establish?
The problem that needs to be solved
In marketing's four Ps, place refers to all activities required to get
The right product to the right customer when that customer wants it
Name and define each component of the communication process.
The sender originates the message and must be clearly identified by the intended audience. The transmitter develops the marketing communications to highlight the product/service. Encoding converts the sender's ideas into a message, which can be verbal, visual, or both. The communication channel is the medium - print, broadcast, the internet, and so forth - that carries the message. The receiver is the person who reads, hears, or sees and processes the information contained in the message. Noise is any interference that stems from competing messages, a lack of clarity in the message, or a flaw in the medium. The feedback loop allows the receiver to communicate with the sender and inform the sender whether the message was received and decoded properly.
Why should a marketer try to measure the success of a communications effort?
There are issues with allocations to more effective areas, concern for scarce resources, improving effectiveness and efficiency, and determining which areas should be considered for additional investments. Without some way to compare the expenditures and results, it would be impossible to evaluate efforts and outcomes.
Explain the difference between an indirect and a direct marketing channel.
There are no intermediaries between the buyer and seller in a direct marketing channel. Typically, the seller is the manufacturer, but can also be an individual. In indirect marketing channels, one or more intermediaries work with manufacturers to provide goods and services to customers.
Once a company has decided to pursue a global market, it will explore the four Ps. List the potential global product strategies a firm can employ
There are three potential global product strategies: 1) to sell the same product or service in both the home-country market and the host country, referred to as glocalization; 2) to sell a product or service similar to that sold in the home country, but to include minor adaptations; and 3) to sell a totally new product or service in the host country
In simple terms, the AIDA model is also known as the _____ model.
Think, feel, do
Personal selling can take place in all of the following situations except Face-to-face Over the internet By telephone Through newspaper ads
Through newspaper ads
Radio frequency identification (RFID) tags are
Tiny computer chips that transmit information about a container's contents
The highest level of awareness occurs when customers name a specific brand after being asked about a product or service. Marketers call this:
Top-of-mind awareness
A _____ is 13-digit code retailers can use to track inventory
UPC
Which of the following is the best example of a mass media advertising channel?
USA Today
Geert Hofstede's cultural dimensions concept focuses on six dimensions of _____ in a country
Underlying values
Planning and measuring IMC success
Understand the outcomes they hope to achieve before they begin; short term or long term goals; should be explicitly defined and measured
What kinds of sociocultural concerns are raised in international marketing that go beyond promotion and advertising?
Understanding another country's culture is crucial to the success of any global marketing initiative. Students should be able to address how culture affects every aspect of consumer behavior: why people buy; who is in charge of buying decisions; and how, when, and where people shop. Students might also raise brand and packaging issues, concerns in business relationships, and in business organizations
What are the various targeting strategies?
Undifferentiated or mass marketing, differentiated, concentrated, and micromarketing or one-to-one
_____ are the three types of attribute sets.
Universal, retrieval, and evoked
How does the marketing of services differ from the marketing of products?
Unlike products, services are intangible, inseparable, variable, and perishable. They cannot be seen or touched, which makes it difficult to describe their benefits or promote them. Service provided enhance service delivery with tangible attributes. Services get produced and consumed at the same time, so marketers must work quickly. Services are also more variable than products. Because services cannot be stockpiled, marketers can provide incentives to stagger demand.
All of the following are steps in the planning and execution of an ad campaign except: Identify target audience Set advertising objectives Use any media available Assess impact
Use any media available
How is information generally gathered in a survey?
Using a questionnaire
________ compares the price of a product to its benefits.
Value
What are the different positioning methods?
Value proposition, salient attributes, symbols, and competition.
Adding new products is most likely to prompt consumers to purchase in which of the following industries?
Video games
A _____ program is a strategy that encourages people to pass along a marketing message to other potential consumers
Viral marketing
Name the various social trends that impact marketing and give one example that demonstrates how each one influences marketing practices.
a greater emphasis on health and wellness concerns, greener consumers, and privacy concerns.
Which of the following is an unstructured question? How satisfied were you with your last shampoo purchase: very unsatisfied, unsatisfied, neutral, satisfied, or very satisfied? Were you happy with the quality of the shampoo you purchased (Yes/No)? What are the most important characteristics for choosing a brand of shampoo? On a scale from 1 to 5 (with 1 being very unimportant and 5 being very important), how important is fragrance when choosing a shampoo?
What are the most important characteristics for choosing a brand of shampoo?
How does the sensory situation affect consumer behavior?
When a consumer enters a store, various sensory aspects influence his or her decisions. When leveraged in concert with other aspects of the retail environment and retail strategy, the five senses (visual, auditory, olfactory, tactile, and taste) can strongly influence consumer decision processes.
Branden is in the process of qualifying leads he received from corporate headquarters. Branden will access
Whether or not it is worthwhile to pursue these potential customers
Respond to the statement "Create or die" from a new product innovation perspective
While innovation may not help a frm in the short run, in the long run, a frm that does not create new products or services is limited to marketing its existing products to existing or similar consumers. New products create the opportunity to provide more value to customers. They help a firm avoid market saturation. They add diversification, reducing the risk associated with having only a few products. Last, new products are especially important in markets where consumers expect innovation and change.
Donna works for a firm that buys products directly from the manufacturer and resells them to retailers, who then sell the products to consumers. Donna works for a
Wholesaler
The first question a marketing researcher should ask before embarking on a research study is
Will the research be useful?
A direct marketing channel sells a product from a manufacturer to a consumer _____
Without a retailer
You are assigned the task of developing an advertising plan for the marketing program at your university. What will you include in your plan?
Your advertising plan will begin with the objectives of the plan. This may include increasing students' awareness of the program, increasing enrollment, or gaining cooperation from other participants in the university's supply chain. The plan will also include a means of measuring the effectiveness of the proposed campaign. The objectives must be specific and measurable.
The consumer buying process begins when
a consumer recognizes an unsatisfied need
When CarMax promises a "no-haggle" pricing structure, it exhibits blank because it provides additional value to potential used car buyers by making the process simple and easy.
a customer orientation
Customers must see value in a product or service before they are willing to exchange time or money to obtain it, but not all customers see the same value in a product. To analyze how many units will be sold at any given price point, marketers draw on
a demand curve.
What are the individual elements of integrated marketing communications, and how does each contribute to an IMC campaign?
a. Advertising - most visible element of IMC; extremely effective at creating awareness and generating interest b. Public relations - "free" media attention; importance of PR has grown as cost of other media has increased; as consumers become more skeptical about marketing, PR becomes more important c. Sales promotion - can be aimed at both end user consumers or channel members; used in conjunction with other forms of IMC; can be used for both short term and long term objectives d. Personal selling - some products require the help of a salesperson; more expensive than other forms of promotion; salespeople can add significant value, which makes the expense worth it e. Direct marketing - communicating directly with target customers to generate a response or transaction; growing element of IMC; improvements in database technology have contributed to the rapid growth; ability to carefully target consumers f. Online marketing tools - websites, blogs, social media
Name and describe the various types of sales promotion.
a. Coupons offer a discount on the price of specific items when the items are purchased. b. Deals are a type of short-term price reduction c. Premiums offer items for free or at a bargain price to reward some type of behavior d. Contests refer to a brand-sponsored competition that requires some form of skill or effort e. Sweepstakes offer prizes based on a chance drawing of entrants' names f. Samples offer potential customers the opportunity to try a product or service before making a purchase g. Loyalty programs offer premiums or other incentives to customers who make multiple purchases over time h. Point-of-purchase displays are located at the point of purchase in order to increase product visibility and encourage trial i. Rebates are a type of price reduction in which a portion of the purchase price is returned by the seller to the buyer in the form of cash j. Product placement is when marketers pay to have their product include in nontraditional situations
Name and describe the various objectives of advertising.
a. Informative advertising is used to create and build brand awareness, with the ultimate goal of moving the consumer through the buying cycle to a purchase. b. Persuasive advertising is used to motivate consumers to take action or to change their existing perceptions of the advertised product. c. Reminder advertising is used to remind or prompt repurchases, especially for products that have gained market acceptance and are in the maturity stage of their life cycles. d. Product-focused advertisements inform, persuade, or remind consumers about a specific product or service. e. Institutional advertisements promote a company, corporation, business, institution, or organization. f. Public service advertisements focus on public welfare and are generally sponsored by nonprofit institutions.
What are the seven types of media available for advertising and the advantages/disadvantages for each?
a. Television - A: wide reach, incorporates sound and video; D: high costs, several channel and program options, may increase awareness of competitor's products b. Radio - A: relatively inexpensive, can be selectively targeted, wide reach; D: no video which limits presentation, consumers give less focused attention than TV, exposure periods are short c. Magazines - A: very targeted, subscribers pass along to others; D: relatively inflexible, takes some time for the magazine to be available d. Newspapers - A: flexible, timely, able to localize; D: can be expensive in some markets, advertisements have short life span e. Internet/mobile - A: can be linked to detailed content, highly flexible and interactive, allows for specific targeting; D: is becoming oversaturated and cluttered, the ad may be blocked by software on the computer f. Outdoor/billboard - A: relatively inexpensive, offers opportunities for repeat exposure; D: is not easily targeted, has placement problems in some markets, exposure time is very short g. Direct marketing - A: highly targeted, allows for personalization; D: cost can vary depending on type of direct marketing used, traditional media like mail will be more expensive than newer media
Name the five agencies that regulate advertising and describe their specific jurisdiction in advertising.
a. The Federal Trade Commission (FTC) enforces truth in advertising laws and defines deceptive and unfair advertising practices. b. The Federal Communications Commission (FCC) enforces restrictions on broadcasting material that promotes lotteries, cigarettes, cigars, or smokeless tobacco products; they also enforce laws that prohibit or limit obscene, indecent or profane language. c. The Food and Drug Administration (FDA) regulates package labeling and inserts, definitions of terms, and required disclosure statements. d. The US Postal Service (USPS) regulates advertisements that uses the mail and that involves fraud, obscenity, or lotteries. e. The Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) regulates the advertising for alcohol, including warning labels, and determines what constitutes false or misleading advertising.
What methods can be used to allocate the integrated marketing communications (IMC) budget?
a. Various rule-of-thumb methods rely on prior sales and communication activities to determine the best allocation. For example, the competitive parity method sets the budget so that the share of communication expenses equals the firm's share of the market. The percentage-of-sales method uses a fixed percentage of sales as the amount of the budget. In contrast, the objective-and-task method establishes specific communication objectives, identifies which media can best attain those objectives, and then determines the related costs to expend. b. Available budget - marketers forecast their sales and expenses, excluding communication, during the budgeting period. The difference between the forecast sales and expenses plus desired profit is reserved for the communication budget. The communication budget is the money available after operating costs and profits have been budgeted. The limitation is that it assumes communication expenses do not stimulate sales and profit.
Lana and James are working on a research project to anticipate customer attitudes toward a proposed new product line for their company. They have worked with the marketing manager to determine the answers that are needed and have created a detailed design of the project. Their next logical step will be to
begin to collect data
For some products, marketers can combine education level with other data like occupation and income to obtain
accurate predictions of purchase behavior
Need recognition is the difference between the ______ state, such as the fact that the consumer is hot and thirsty, and the _______ state, in which a lemonade would be refreshing and would offer one solution to the problem.
actual; desired
Relative ________ deals with perception among consumers that a product is better than its substitutes.
advantage
Barb is using a test model of her firm's new inline skates to see if they work according to the design specifications. Barb is involved in
alpha testing
Companies are legally required to disclose their privacy practices to customers on an ________ basis.
annual
A product is _______ that can be offered through a voluntary marketing exchange
anything of value to consumers
Firms need to continue to innovate because customer needs _______
are constantly changing
Segmentation, targeting, and positioning
are part of a firm's marketing strategy
What aspect of the product is being described when a used-car salesperson explains that each car comes with a one-year extended warranty and a two-year maintenance plan?
associated services
The service dimension called _______ refers to the ability of the firm's employees to convey trust and confidence.
assurance
Negative attitudes are typically difficult for marketers to change because
attitudes are learned and long lasting
Marketers need to think about the product offer on three levels. Which of the following levels includes associated services such as warranties, financing, support, and after-sale service?
augmented product
Marketers can assess the level of brand ________ by measuring the extent to which consumers in a market are familiar with a brand, know what it stands for, and have an opinion about it.
awareness
The product life cycle is theoretically _______ with regard to sales and profits.
bell shaped
One reason auto companies spend millions on racing cars is that they offer the opportunity to test new designs and technology under extreme conditions. Using the cars in a real-use setting provides an opportunity for ________ the product.
beta testing
When consumers see new packaging on a product that is otherwise untouched, they tend to
be more interested in trying the product
Suppose that you work for an advertising agency and are brought into a meeting where everyone is asked to generate ideas for names for a new beach resort. You are engaged in ________ , a form of new idea generation
brainstorming
What are the components of brand equity?
brand awareness, perceived value, brand associations, and brand loyalty
All of the following are included in the main criteria used for determining how "good" a brand is, or how much equity it has except brand awareness brand loyalty brand associations brand conceptualization
brand conceptualization
The value of a brand can be calculated and compared to other brands in the form of _______
brand equity
When Disney flooded retail stores with products based on its movie Frozen, this illustrated
brand licensing
Efforts to change a brand's focus to target new markets or change the image of a brand are called
brand repositioning
Differentiate between breadth and depth of a firm's product mix
breadth (number of product lines offered by the firm) and depth (number of products within a product line)
Marketers invest in developing a strong brand identity to help establish _______
buyer loyalty
Sometimes consumers have second thoughts after buying goods that are expensive, infrequently purchased, or associated with a high level of risk. This is an especially critical time for marketers, as their customers are dealing with
buyer's remorse
Pioneer or breakthrough products
can change consumer preferences
What is the term used when a company's products are so closely related that sales of one brand
cannibalization
What are the reasons firms create new products?
changing customer needs, market saturation, managing risk through diversity, fashion cycles, and improving business relationships
When Toyota owners began to report problems with sticking accelerator pedals and nonfunctioning brakes, Toyota at first ignored or rejected the claims. Eventually, the company evaluated the issue and issued a recall. Which of the four steps of the ethical decision-making framework was Toyota performing when it recalled several of its models?
choose a course of action
The number of participants who discontinue their use of a service divided by the average number of total participants is called
churn
The process of value ________ , in which customers collaborate in product design, often provides additional value to the frm's customers.
co-creation
All of the following are included in the five Cs of pricing except customers. channel members. collaboration. cost.
collaboration
Julia's is an upscale women's clothing store. Prices are based on customers' beliefs about the value of the clothing. The store focuses on a limited target market and provides excellent customer service. Julia's is using a _______ pricing strategy.
customer-oriented
Typically, who determines the product's or service's value in relationship to that of its close competitors?
customers
The Service Gaps Model is designed to highlight those areas where
customers believe they are getting less or poorer service than they should
Supermarkets collect information about individual customers through their use of loyalty cards, and then analyze the data to look for patterns in purchases. This is an example of
data mining
After firms collect large amounts of customer information and purchase history, the data is stored in a ________
data warehouse
A marketing research project might involve analyzing _______ collected from grocery store scanners in order to produce ______ that can be used to better understand how well a promotion worked or how different customer segments differ in their shopping patterns.
data; information
A _______ gap exists when a firm knows what it needs to do to meet customers' service expectations, but sometimes fails to do it.
delivery
The ________ gap can be closed by getting employees to meet or exceed service standards when the service is being delivered by empowering service providers, providing support and incentives, and using technology where appropriate.
delivery
Kellogg's marketing communications about its Special K cereal appeal almost exclusively to women. This is an example of _______ segmentation.
demographic
When marketers look at advertising media, they often begin with viewer or listener profiles such as age, gender, race, and income. They then compare the media profile with their target audience. These marketers are using blank to see if the media "ft" with their advertising agenda.
demographics
Psychographics is the segmentation method that delves into how consumers
describe themselves
Adidas Group owns Reebok, Rockport, and TaylorMade brands. Adidas uses the different brands to pursue a ________ strategy.
differentiated targeting
Along the diffusion of innovation curve, blank make up the second group of consumers to adopt an innovation; they tend to be leaders in a social setting.
early adopters
The ________ diffusion of innovation group is crucial because few new products can be profitable until this large group buys them.
early majority
The value of a brand is often calculated by assessing the
earning potential of the brand over the next 12 months
A firm that instructs its employees to personalize communications with customers, for example, by always addressing them by name, which dimension of service quality is the firm implementing?
empathy
The Broadmoor Hotel in Colorado Springs, Colorado, maintains its five-star rating by focusing on five service characteristics: reliability, responsiveness, assurance, empathy, and tangibles. Employees are instructed to always address a guest by name, if possible. To accomplish this, employees are trained to listen and observe carefully to determine a guest's name. Which service characteristic is this an example of?
empathy
A ______ is a small group of people brought together for an intensive discussion of a topic.
focus group
The first step in the STP process is to
establish the overall strategy or objectives
Effective service recovery entails all of the following except listening to the customer. estimating the damage. providing a fair solution. resolving the problem quickly.
estimating the damage
Consumers consider universal, retrieval, and evoked sets during which stage of the consumer decision process?
evaluation of alternatives
Once consumers have recognized a need, they begin to search for ways to satisfy that need. The internal search is characterized by
examining personal memories and knowledge
Postpurchase cognitive dissonance is especially likely for products that are
expensive, infrequently purchased, or highly risky
Learning refers to a change in a person's thought process or behavior that arises from
experience
________ research is a type of quantitative research that manipulates variables to help determine cause and effect.
experimental
The consumer's level of involvement can lead to two types of buying decisions: ______ or ______
extended problem solving; limited problem solving
Kellogg's used _______ to record participants' faces as they watched three different ads for its Crunchy Nut cereal. It then assessed when they smiled or frowned and their overall positive versus negative response.
facial recognition software
When consumers associate a brand with a certain level of quality and familiar attributes, allowing consumers to make quick decisions, the brand
facilitates purchasing
If a concept test ________ customers' expectations, it is doubtful it would succeed if it were to be produced and marketed.
fails to meet
When a firm sells all its products under one _________ , such as Pepperidge Farm, the individual brands benefit from the overall brand awareness associated with it.
family brand
When a hotel has a service delivery problem such as a broken air conditioning system on a very hot weekend, one critical element of service recovery is to _______
find a solution that seems fair to all customers
In the summer of 2002, the euro was valued at slightly less than US$1. By 2008, it had risen to an all-time high of $1.60, but in late 2017, the euro was once again slightly less than $1. This change in value is called
foreign currency fluctuations
When skydivers purchase equipment for parachuting, their purchases are primarily addressing ______ needs.
functional
A key to successful marketing is determining how to meet the correct balance of _______ needs that best appeals to the firm's target markets.
functional and psychological
Marketers often create a special marketing mix for loyalty segments because these segments are
generally profitable
Differences in weather and climate create opportunities for
geographic segmentation
Along the service-product continuum, which of the following would be considered the most product dominant?
grocery store
During which stage of the product life cycle does the product gain acceptance, experience increased demand and sales, and encounter increasing competition in the product category?
growth
Marketers love consumers who engage in _________ , buying their company's product with little thought or consideration of alternatives.
habitual decision making
Which of the following is a social trend listed in the text?
health and wellness
Since brands are easily recognized by consumers and signify a certain quality level to buyers, brands ______
help consumers to make quick decisions
Martha had several unpleasant experiences trying to find the merchandise she needed at a large lumber yard and hardware store. The employees—when she could find them—rarely seemed to know where anything was outside of their own departments. But on her most recent visit, she was pleasantly surprised to find that the store had installed kiosks where she could get directions quickly and accurately. The store had found a technological solution to the services marketing issue of
heterogeneity
Which of the following refers to variability in a service's quality?
heterogeneity
If values provide an end goal, and self-concept is the way one sees oneself in the context of that goal, lifestyles are
how we live our lives to achieve our goals
Although there are numerous stages in the product development process, every firm starts to develop new products through ______ and then finishes with an evaluation of ________
idea generation; results
Within a perceptual map, an _______ represents where a particular market segment's desired product would lie.
ideal point
Juan has identified four potential market segments for his Rent-A-Nurse service. He will now compare the segments to see if they are distinct from each other. Juan is evaluating whether or not each segment is
identifiable
A company that develops a new merchandise tracking technology that automatically notifies suppliers when a new shipment is needed is using its new product to _________
improve business relationships
When considering income as a demographic variable affecting marketing efforts, marketers need to recognize that
income in the United States has become more unevenly distributed
One important purpose of a brand is to
increase consumer recognition and awareness of product offerings
Consumers might not realize that Philadelphia cream cheese and Jell-O products are made by the same company, Kraft. Philadelphia cream cheese and Jell-O are known as
individual brands
______ is the process by which ideas are transformed into new products and services that will help firms grow
innovation
When the iPad Mini came out, Sasha spent the night in front of the store so she could get one before any of her friends. According to the diffusion of innovation, Sasha is an
innovator
During the introduction stage of a product's life cycle, typical consumers are
innovators.
Sean relocated to take a new job, and when he got sick, he needed to find a doctor. He discovered during the visit that he didn't like the one he had chosen, and he knew he'd never go back to that doctor. From a marketing perspective, his situation highlights one of the key differences between products and services, known as
inseparability
When marketers state that services are ________ they are referring to the fact that services are produced and consumed at the same time.
inseparable
Sally is having trouble deciding which college to attend. While there are buildings, classrooms, and libraries to evaluate, the actual learning is much more difficult to evaluate. It is this _______ of the purchase that makes marketing the service, a college education, complicated.
intangibility
A service is any intangible offering that involves a deed, performance, or effort that is
intangible
Collin has been directed by his boss to determine if the company is meeting customers' service quality expectations. One of Collin's problems is that services are _________ , making evaluation of service quality difficult.
intangible
Which of the following types of data would be the best choice for Wendy's fast-food restaurants if the headquarters office wants to know how many hamburgers versus chicken sandwiches it has sold in past years?
internal secondary data
Predatory pricing
is illegal in the United States under both the Sherman Antitrust Act and the Federal Trade Commission Act.
One key feature of the value of a strong brand is that
it can protect the firm from competition
If a firm promises more than it can deliver,
it creates a communication gap
A major advantage of primary data collection is
it offers behavioral insights generally not available from secondary research.
A major disadvantage of primary data collection is
it requires more sophisticated training and experience to design the study and collect data
Dave's marketing research returned the finding that customers were staying away from his bookstore because of a lack of services like gift cards, return policies, and special orders. Dave was shocked. "Nobody ever asks about that stuff! If it were that important, people would ask about it." Dave is likely suffering from a _______ gap.
knowledge
Firms can close the _______ gap by matching customer expectations with actual service through use of marketing metrics.
knowledge
During the decline stage of the product life cycle, ________ who have not yet tried the product or service will be entering the market for the first time
laggards
Which of the following adopter categories refers to the last large group of buyers to enter a new product market?
late majority
Which of the following best describes when Johnson & Johnson introduces a travel-sized package for its existing baby oil product?
line extension
Sometimes all that needs to be done to satisfy a customer complaint is to
listen to the customer
Gerry has already bought a hybrid car for his wife and is going back to the same dealer for a second hybrid car. He spends far less time reviewing the ads and has developed several heuristics for purchase from the process he went through the first time. With this purchase, he is considered a _______ -involvement consumer for the hybrid car.
low
Whenever a product has a _______ level of complexity, it will consequently be ______ to try.
low; easy
Which of the following is a core aspect of marketing? satisfying as many needs as possible creating a product that everyone will want to buy setting prices lower than all competitors making product, place, promotion, and term-2price decisions
making product, place, promotion, and price decisions
A ________ growth strategy employs the existing marketing offering to reach new market segments.
market development
Which of the following growth strategies employs the existing marketing mix and focuses the firm's efforts on existing customers?
market development
In portfolio analysis, ________ measures how fast a particular market is expanding, and therefore it reveals how attractive that market is.
market growth rate
Data about how, when, why, where, and what people buy refers to
marketing analytics.
During the _______ firms may pursue several strategies to increase their customer base or defend their market share. One such strategy may be to develop new features or reposition the product.
maturity stage
The _____ is the combination of media used and the frequency of advertising in each medium.
media mix
An engaged couple is meeting with a bakery to order their wedding cake. They want a cake that will represent their individual styles and tastes. Bakeries that cater to such unique requests are pursuing what kind of targeting strategy?
micromarketing
For which purchase is the consumer likeliest to make an impulse purchase?
mints
The product ________ is the complete breadth and depth of all products offered by a firm
mix
Paul subscribes to an Internet service that alerts him whenever other firms in his industry are quoted in the media. Paul is using this type of marketing research primarily to
monitor his competitors
If a firm in a purely competitive market can differentiate its product or service, it becomes part of a ________ market.
monopolistic competition
A _______ is a need or want strong enough to cause a person to seek satisfaction.
motive
When making decisions, managers often have to decide between doing what is beneficial for themselves (and possibly the firm) in the short run and doing what is right and beneficial for the firm and for society in the long run. To address this conflict, a firm
must align the short-term goals of each employee with the long-term, overriding goals of the firm
Manufacturer brands such as Nike and Coca-Cola are also known as ________ brands.
national
Yvonne knows her firm must look at everything it does from a consumer's point of view. One major difficulty is that consumers' ________ change(s) over time.
needs, wants, and ability to purchase
Mattel wanted to determine if a new toy would appeal to preschoolers, so it put six 4-year-olds in a room with several toys and waited to see which ones they played with. What form of research is this?
observation
Which of the following segmentation methods is being used when M&M's offers special wedding-themed packaging for customized M&M's (imprinted with the names of the bride and groom)?
occasion segmentation
The commercial airline industry is considered what type of market?
oligopolistic competition
Where on a product's packaging would one most likely find nutrient content and country of origin?
on the label
Ratings of television programs by households for long-term measurement of their viewing habits is an example of ________ data.
panel
A _______ is often used to illustrate the position of a firm's products or brands in consumers' minds
perceptual map
In the product development process, what takes place between concept testing and market testing?
performing product development
When marketers state that services are ________ , they are referring to the fact that services cannot be stored for use in the future.
perishable
All of the following are guidelines provided by the American Marketing Association for conducting marketing research except personal information about research participants should not be shared, except with a designated member of senior management. selling or fundraising should not be conducted under the guise of conducting research. researchers should not misrepresent data. clients and suppliers should be treated fairly.
personal information about research participants should not be shared, except with a designated member of senior management.
When a product has gained level of brand awareness, firms use _____ advertising to motivate consumers to take actions.
persuasive
STP works through each of the following steps EXCEPT dividing the marketplace into subgroups determining which subgroups should be pursued positioning its products and services to meet the needs of the chosen targets planning a marketing strategy
planning a marketing strategy
The government has enacted laws that promote both fair trade and competition by prohibiting the formation of monopolies or alliances that would damage a competitive marketplace, fostering fair pricing practices for all suppliers and consumers. These actions are part of the blank environment of business.
political/regulatory
In the early stages of an ad campaign, the objectives are established. To determine if those objectives have been met, the marketer will:
posttest
In one test before product launch, customers try a sample product and are then surveyed to understand whether or not they would buy/use the product again. This is known as
premarket testing
When a firm deliberately prices a product above the prices set for competing products to entice those customers for whom pricing does not matter, the firm is engaging in _______ pricing.
premium
A demand curve shows the relationship between _______ during a specific period of time.
price and demand
Because there are only a few firms in markets with oligopolistic competition,
price wars may occur.
Because services like cruises and car rentals are perishable, many marketers use
pricing strategies to match supply with demand
A major advantage of ______ research is that it can be tailored to ft the pertinent research questions.
primary
A _______ package is the one a consumer uses. A _______ package is used by retailers to display and sell the product.
primary; secondary
When you register your telephone number with the National Do Not Call Registry, you are responding to a need for
privacy
We often see advertisements touting a product as being made with natural ingredients, or being long-lasting. Marketers using these types of promotions are positioning their products based primarily on
product attributes
If a new product concept gets positive evaluations from potential customers during concept testing, the next step for a firm is
product development.
The _______ step in the product development process is critical, requiring tremendous resources and extensive coordination of all aspects of the marketing mix.
product launch
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
Zappos is a successful online shoe company. One of the difficulties in running a shoe company is the need to have significant _______ , a large number of items in each product line.
product line depth
The complete set of all products offered by a firm is called its
product mix
What kinds of internal information might be of value to a marketing researcher?
purchase information (quantity, frequency, etc.), return information, possible credit information, customer service complaints, and profitability information.
In ______ , many firms provide similar products that are considered substitutes for each other.
pure competition
Depending on the research problem, the primary data collection method can employ a ______ or _______ research method.
qualitative; quantitative
Which of the following provides the information needed to confirm insights and hypotheses and help managers pursue appropriate courses of action?
quantitative research
Historically, prices were
rarely changed except in response to radical shifts in market conditions.
With access to the Internet nearly universal in the United States, many potential market segments have become more
reachable
Poor service delivery can be converted into a positive interaction through service , blank , an effort that resolves the problem fairly and shows the buyer that the firm is listening to the complaint.
recovery
One of the UN Sustainable Development Goals is to
reduce hunger
The new hotel manager asked the chef, "Are you sure you know how to cook Beef Wellington?" Which of the service dimensions was the hotel manager expressing concern about?
reliability
After defining objectives and research needs, the next step in the marketing research process involves
research design
For a segmentation strategy to be successful, the customers in the segment must react similarly and positively to the firm's offering. In other words, the market segment must be
responsive
When choosing where to eat lunch, Veronica's major service criterion is speed: being seated promptly and served her meal quickly. For Veronica, ________ is the most important of the fve service quality dimensions.
responsiveness
When choosing where to eat lunch, Veronica's major service criterion is speed: being seated promptly and served her meal quickly. For Veronica, blank is the most important of the five service quality dimensions.
responsiveness
The last phase of the marketing research process is presenting blank to decision makers.
results
Brands that are owned by _______ are called private-label brands.
retailers
Marketers frequently design customer relationship management programs to
retain loyal customers
Which of the following are commonly found in distribution and fulfillment centers to fill orders for stores or individual customers?
robots
Maslow's hierarchy of needs includes physiological needs at the lowest level and selfactualization at the top. The three levels in between are
safety, love, and esteem
Firms using a _______ to set prices believe that increasing sales will help the firm more than will increasing profits.
sales orientation
When Betsy decided to open up a tea shop in the center of town, she chose a group of customers who represent her customers of interest. This group is called a
sample
When you make a purchase at a grocery store, the blank are often collected by marketing research firms to help understand consumers' purchasing behavior.
scanner data
Company sales invoices, census data, and trade association statistics are examples of
secondary data
When the delivery of a service fails to meet customers' expectations, a _______ gap exists.
service
Because services are intangible, it is often difficult for customers to determine how a service meets their expectations, which marketers call
service quality
When Meghan planned her trip to Australia, she spent months evaluating packages, airfares, and hotel accommodations. Meghan's trip is an example of a _______ product.
shopping
Fashion trends tend to experience ________ product life cycles.
short
Firms that are engaged in sentiment mining are analyzing data collected from
social media sites
Debbie is considering having Botox treatments and knows it is a very serious process. On the advice of three of her friends who have each visited Dr. Parsons several times in the past two years for Botox treatments, Debbie makes an appointment with Parsons. She considers the selection to be a _______ good/service.
specialty
What are the four types of consumer products?
specialty products/services, shopping products/services, convenience products/services, unsought products/services
Reggie greets his regular customers by name every morning when they come in for coffee. He offers them a taste of anything special he is cooking that day. He has a database with their birthdays and offers them free meals on their birthdays. Reggie hopes that this attention to his "regulars" will encourage them to
spread positive word of mouth
Training service providers to know exactly what a "good job" entails is setting service
standards
Which service gap is the Ritz-Carlton Hotel trying to address when it takes time and spends up to $1,700 to train a new employee?
standards gap
Data mining uses various ________ tools to uncover previously unknown patterns in the data or relationships among variables
statistical analysis
When Delta increases its average fares, American Airlines and United often follow with similar increases. This is an example of
status quo pricing.
Marta is concerned that one of the potential market segments she has identified for her dog grooming service is too small and has too little income to have sufficient buying power. Marta is concerned with whether the segment is
substantial
When a firm uses a mathematical model to identify the price at which the firm will make the most money possible, it is implementing ________
the maximizing profits strategy
All of the following are one of the main components of a value proposition except the target market. the price of the product or service being offered. the name of the product or brand being offered. the product/service category or concept being offered.
the price of the product or service being offered.
The IMC communication process begins with _____, who (which) must be clearly identified.
the sender
The consumer decision process is best defined as ______
the steps consumers experience when making a purchase
The consumer decision process model represents
the steps that consumers go through before, during, and after making purchases
Whenever the president of the local public university promotes the institution, he emphasizes the university's price (much lower than neighboring private colleges) and high quality. He is positioning the institution based primarily on
the value proposition
Ford Motor Company may be thinking of announcing that it will severely cut back its automobile production. For parts companies supplying Ford its parts, this cut back in production represents a(n)
threat
One of the goals of value-based marketing is
to offer greater value than competitors offer
The effectiveness of an advertising campaign is assessed during the campaign by:
tracking
In the IMC communication process, the _____ encodes the marketing communication message.
transmitter
As a promotion technique, samples are often used for new products when blank will influence the diffusion of the product.
trialability
For products like clothes pins, which provide the same benefit for all consumers, marketers should probably use a ________ strategy.
undifferentiated targeting
In the Circles for a Successful Value Proposition framework, the portion of the customer needs/ wants circle that doesn't overlap with anything else represents
unmet customer needs/wants
E-book readers existed for many years before Amazon introduced the Kindle, but few consumers were aware of the devices, and sales stayed at very low levels. In the days before the Kindle, ebook reading devices were _______ products for most consumers.
unsought
During the _______ era, manufacturers and retailers recognized they needed to give their customers greater value than their competitors did.
value-based marketing
A systematic _______ program collects customer inputs and integrates them into managerial decisions
voice-of-customer
Part of the social trend toward health and wellness is a concern about the increasing degree of obesity in the United States. Related to this concern, the text notes the increasing popularity of
yoga
