marketing exam #2
the strongest brands are positioned on _______
benefits and values
an industrial product is a product ________
bought by individuals and organizations for further processing or for use in conducting a business
____________includes line extensions, brand extensions, multi branding, and new brands
brand development
a brands positioning must be continuously communicated to consumers. although advertising can help, brands are maintained not by advertising, but by customers' _______
brand engagement and brand experiences
___________ is distinguishing a market offering from other offerings in order to create superior customer value
differentiation
___________ is part of a company's decision on how it will create market offerings to deliver superior customer value
differentiation
once market segments have been selected, the company then must decide on
differentiation and positioning strategy
__________ is offering just the right combination of quality and good service at a fair price
good-value pricing
in the new product development process, ideas that pass the idea screen steps continue through ___________. strong concepts proceed to __________.
product concept development, marketing strategy development
_________ is the third step in value-based pricing
Determining costs that can be incurred
_____________ is a temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity
a fad
_________ is the differential effect the knowing the brand name has on customer response to the product or its marketing
brand equity
when a company builds a brand, it needs to make important decisions regarding the brand, of the following, which is not one of those decisions?
brand licensing opportunities
____________ refers to a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges
a product line
______ includes private branding, licensing, and co-branding
brand sponsorship
through product differentiation, ________
brands can be differentiated on features, performance, or style and design
marketers use three major pricing strategies: __________
customer value based pricing cost based pricing competition based pricing
____________ focuses on finding new ways to solve customer problems and create more customer-satisfying experiences
customer-centered new product development
phasing out weak items is a product strategy in the ________ phase
decline
________ is scanning new product ideas to spot good ideas and drop poor ones as soon as possible
idea screening
____________ is tailoring products and marketing programs to the needs and preferences of particular customers
individual marketing
Services are characterized by four key aspects, with each posing problems and marketing requirements. the four key aspects are ________
intangible, inseparable, variable, and perishable
_____ is stocking the product in as many outlets as possible
intensive distribution
using ____________ segmentation, marketers form segments of consumers who have similar needs and buying behaviors even though they are located in different counties
intermarket
which stage of the product life cycle lasts longer than the previous stages and poses strong challenges to marketing management?
maturity
the _______ is the PLC stage in which a product's sales growth slows or levels off.
maturity stage
________ is tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments
micromarketing
___________ is the designing of original products, product improvements, product modifications, and new brands through the firms own efforts
new product development
_________ is arranging for a market offering to occupy a Clear, distinctive, and desirable place relative to competing products in the minds of target consumers
positioning
_________ is a measure of the sensitivity of demand to changes in price
price elasticity
marketers must make important decisions when developing individual products and services. which of the following correctly identifies these important decisions?
product attributes, branding, packaging, labeling, and product supper services
________ is a detailed version of a new product idea stated in meaningful consumer terms
product concept
marketers can apply the ________ as a useful framework for describing how products and markets work and help develop good marketing strategies for the different life-cycle stages
product life-cycle concept
_____________ is setting the price steps between various products in a product line based on cost differences between the products, customer evaluations of different features, and competitors prices
product line pricing
__________ is the set of all products and items that a particular seller offers for sale
product mix
________ is defined by consumers on important attributes, the place the product occupies in a consumers mind relative to competing products
product position
the distinction between a consumer product and an industrial product is based on the _____ for which the product is purchased?
purpose
segmentation provides a powerful tool for marketers of all kinda. it can help companies identify and better understand key customer segments, ________ to reach their specific needs
reach them more efficiently, and tailor market offerings and messages
all products have a life cycle. the sales of a typical product follow _______, which is made up of 5 stages
s-shaped curve
When Dr. Lawncare developed his revolutionary new solar powered lawnmower, he knew that during the introductory stage of the product lifecycle ___________.
sales would be slow and with negative or low profits
if a demand is elastic,
seller will consider lowering their prices
for services, there is a form fo captive-product known as ______ pricing
two-part
market segmentation is the act of dividing a market into distinct groups of buyers who have _________ and who might require separate marketing strategies or mixes
different needs, characteristics, or behaviors
Offering product extensions, service, and warranty is a product strategy in the __________ phase.
growth
_________ is the systematic search for new product ideas
idea generation
the new product development process consists of sequential steps. the first step is ______ and the last step is _______
idea generation, commercialization
the product development process starts with _____. next comes _________, which reduces the number of ideas based on the company's own criteria
idea generation, idea screening
what are the four major steps in designing a customer value-drive marketing strategy in the correct sequence?
market segmentation market targeting differentiation positioning
________________ is evaluating each market segments attractiveness and selecting one or more segments to enter
market targeting
brand equity is _______
the differential effect that knowing the brand name has on customer response to the product or its marketing
marketers must consider external considerations in establishing pricing. which of the follow represents those external considerations?
the nature of the market and demand and other environmental factors
how do companies apply pricing strategies to accommodate differences in customer segments and situations?
they apply a variety of price adjustment strategies
what are perceptual positioning maps used for?
to show consumer perceptions of their brands versus those of competing products on important buying dimensions
style is _________
A basic and distinctive mode of expression.
concentrated marketing is _______
A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches
Companies find and develop new product ideas from a variety of sources. Which of these is an internal source for new product ideas?
R & D
________ is the second step in value-based pricing
Setting a target price to match the customer's perceived value
________ are two ways firms can obtain new products
acquisition and new product development
when effective programs can be designed for attracting and serving market segments, these segments are_____
actionable
_________ is dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product
behavioral segmentation
at which step does a company perform a review of the sales, costs, and profit projections for a new product to determine whether the new product is likely to satisfy objectives?
business analysis
in addition to segmentation and targeting, there are who major steps in designing a customer value-driven market strategy: ________ seeks to create superior customer value in the mind of the consumer, and ___________ seeks to firmly place the market offering in the minds of target customers
differentiation, positioning
_____ is the cutting out of marketing channel intermediaries by product or service producers or the displacement of traditional resellers by radical new types of intermediaries
disintermediation
geographic segmentation is ________
dividing a market into different units such as nations, states, regions, counties, cities, or even neighborhoods
marketing segmentation is _______
dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes
_________ is a currently accepted or popular style in a given field
fashion
when a company lengthens a product line by adding more items within that lines current range, the company is
filling the line
_________ is a brand created and owned by a reseller of a product or service
store brand
____________ is pricing that starts with an ideal selling price, then targets costs that will ensure that the price is met
target costing
like consumer markets, business markets are segmented. which of the following describes the variables that marketers use to segment business markets?
- business demographics - operating characteristics - purchasing approaches - situation factors - personal characteristics
the introduction stage is the PLC stage in which ________
a new product is first distributed and made available for purchase
which of the following terms correctly describes the positive differential effect that knowing the brand name has on customer response to the product or service?
brand equity
value based pricing begins with analyzing ________
consumer needs and value perceptions
Charles Revson of revlon once said, "in the factory we make cosmetics, in the store we sell hope" which product level is Revson referring to?
core customer value
price ceilings are set by customer perception. which of the following sets the floor for price that a company charges?
costs
____________ is inviting broad communities of people - customers, employees, independent scientists, and researchers, and even the publics at large- into the new product innovation process
crowdsourcing
in setting its overall pricing strategy, companies need to consider three factors:
customer perceived value, costs, and company's pricing strategies
ideally, a company must carry out strong new product planning and set up a systematic new product development process that ________ to find and grow new products
customer-driven
segmenting a market based on gender is a type of ____________ segmentation
demographic
______________ is dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation
demographic segmentation
marketing strategy is
designing an initial marketing strategy for a new product based on the product concept
_________ is the fourth step in value-based pricing
designing products to deliver the desired value at a target price
companies need to consider many factors when choosing a market-targeting strategy. however, which targeting strategy is best depends on company resources, product variability, product life-cycle stage, as well as ________
market variability and competitive marketing strategies
_______ is expanding an existing brand name of new product categories
brand extension
________ can be done at three levels: product attributes, benefits, and beliefs and values
brand positioning
a convenience product is a consumer product ______
that customers usually buy frequently, immediately, and with minimal comparison and buying effort
price is ________
the amount of money charged for a product or service, or the sum of the values that customers exchange for the benefits of having or using the product or service
_________ pricing is setting for a price for products that must be used along with a main product, such as blades for a razor and games for a video-game console
captive-product
______ is a layer of intermediaries that performs some of the work in bringing the product and its ownership closer to the final buyer
channel level
_______ is the practice of using the established brand names of two different companies on the same product
co-branding
external sources for new product ideas include _____
competitors distributors and suppliers and customers
___________ is a market coverage strategy in which a firm goes after a large share of one or few segments or niches
concentrated marketing
pricing strategies usually change as a product passes through its life cycle but are especially challenging during the _____ stage
introduction
firms have four brand development choices. there are _________
line extensions brand extensions multibrands and new brands
___________ is tailoring brands and marketing to the needs and wants of cities, neighborhoods, and even specific stores
local marketing
__________ is dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes
market segmentation
_____________ is setting a low price for a new product in order to attract a large number of buyers and a large market share
market-penetration pricing
the new product pricing strategy of __________ means the initial price is set high
market-skimming pricing
using inter market segmentation, __________
marketers from segments of consumers who have similar needs and buying behaviors even though they are located in different countries
intermediaries are used by most producers to bring products to the market. these intermediaries are known as _____
marketing channels
___________ is designing an initial marketing strategy for a new product based on the product concept
marketing strategy development
modifying the market, product offering, or marketing mix is a product strategy in the ______ phase
maturity
__________ is dividing a market into segments according to the moments when buyers get the idea to buy, actually make their purchase, or use the purchased item
occasion segmentation
Through ________ differentiation, brands can be differentiated on features, performance, or style and design.
product
a ________ is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need
product
________ is developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering
product development
__________ is developing the product concept into a physical product to ensure that the product idea can be turned into a workable marketing offer
product development
______ are payments or price reductions the reward dealers for participating in advertising and sales-support programs
promotional allowance
___________ is dividing a market into different segments based on social class, lifestyle, or personality characteristics
psychographic segmentation
with ___________, the price is used to say something about the product
psychological pricing
the first part of a marketing strategy statement describes the __________ of a new product
target market
___________ involves various company departments working closely together, overlapping the steps in the product development process to save time and increase effectiveness
team-based new product development
concept testing is ________
testing new product concepts with a. group of target consumers to find out if the concepts have strong consumer appeal
a _________ is a specific attribute that a company chooses about a brand and touts as "number one" in regards to that attribute
unique selling proposition
a _______ is the full mix of benefits on which a brand is positioned
value proposition
________ is attaching features and services to differentiate a company's offers and charging higher prices
value-added pricing
