Marketing Exam 2 Moore

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value proposition

A __________ is the full mix of benefits on which a brand is positioned.

Attitude

__________ is a person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea.

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 __________.

Variable costs

__________ is/are costs that vary directly with the level of production.

evaluation

In the __________ stage, the consumer considers whether trying the new product makes sense.

interest

In the __________ stage, the consumer seeks information about the new product.

designing an initial marketing strategy for a new product based on the product concept

Marketing strategy development is __________.

unique selling proposition

A __________ is a specific attribute that a company chooses about a brand and touts as "number one" in regards to that attribute.

the differential effect that knowing the brand name has on customer response to the product or its marketing

Brand equity is __________.

decline

Phasing out weak items is a product strategy in the __________ phase.

demographic

Segmenting a market based on age and lifecycle-stage is a type of ______ segmentation.

demographic

Segmenting a market based on gender is a type of ______ segmentation.

Customer-centered new product development

__________ focuses on finding new ways to solve customer problems and create more customer-satisfying experiences.

Brand sponsorship

__________ includes private branding, licensing, and co-branding.

Team-based new product development

__________ involves various company departments working closely together, overlapping the steps in the product development process to save time and increase effectiveness.

Crowdsourcing

__________ is inviting broad communities of people—customers, employees, independent scientists and researchers, and even the public at large—into the new product innovation process.

Good-value pricing

__________ is offering just the right combination of quality and good service at a fair price.

Social class

__________ is relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors.

Idea screening

__________ is scanning new product ideas to spot good ideas and drop poor ones as soon as possible.

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.

Purchase decision

__________ is the buyer's decision about which brand to select.

A service profit chain

__________ links service firm profits with employee and customer satisfaction.

Service inseparability

__________ means that services are produced and consumed at the same time and cannot be separated from their providers.

Service perishability

__________ means that services cannot be stored for later sale or use.

Service variability

__________ means that the quality of services may vary greatly depending on who provides them and when, where, and how they are provided.

A product line

__________ 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 demand curve

__________ shows the number of units the market will buy in a given time period, at different prices that might be charged.

the first stage of the buyer decision process, in which the consumer notices a problem

Need recognition 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

Price is __________.

Cost-based pricing

__________ is setting prices based on the costs of producing, distributing, and selling the product plus a fair rate of return for effort and risk.

that customers usually buy frequently, immediately, and with minimal comparison and buying effort

A convenience product is a consumer product __________.

maturity

Modifying the market, product offering, or marketing mix is a product strategy in the ________ phase.

Market-skimming pricing

The new product pricing strategy of ______ means the initial price is set high.

Marketing stimuli

__________ are such things as product, price, place, and promotion and are considered part of the environment that influences the buyer's black box.

Product concept

__________ is a detailed version of a new product idea stated in meaningful consumer terms.

Subculture

__________ is a group of people with shared value systems based on common life experiences and situations

Concentrated marketing

__________ is a market-coverage strategy in which a firm goes after a large share of one or a few segments or niches.

Price elasticity

__________ is a measure of the sensitivity of demand to changes in price.

Market targeting

__________ is evaluating each market segment's attractiveness and selecting one or more segments to enter.

Brand extension

__________ is expanding an existing brand name of new product categories.

Target costing

__________ is/are pricing that starts with an ideal selling price, then targets costs that will ensure that the price is met.

brand name selection

Finding the best name is part of __________, and it begins with a careful review of the product and its benefits, the target market, and proposed marketing strategies.

dividing a market into different units such as nations, states, regions, counties, cities, or even neighborhoods

Geographic segmentation is __________.

Positioning

__________ is arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

Psychographics segmentation

__________ is dividing a market into different segments based on social class, lifestyle, or personality characteristics.

Occasion segmentation

__________ 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.

Behavioral segmentation

__________ is dividing a market into segments based on consumer knowledge, attitudes, uses, or response to a product.

Idea generation

__________ is the systematic search for new product ideas.

a basic and distinctive mode of expression

Style is __________.

product

A __________ is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.

convenience product

A(n) __________ is a consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort.

intermarket

Using _________________ segmentation, marketers form segments of consumers who have similar needs and buying behaviors even though they are located in different countries.

marketers form segments of consumers who have similar needs and buying behaviors even though they are located in different countries

Using intermarket segmentation, ________________.

costs that do not vary with production or sales level

Fixed costs are __________.

the development of original products, product improvements, product modifications, and new brands through the firm's own efforts

New product development is __________.

the process by which people select, organize, and interpret information to form a meaningful picture of the world

Perception is ________.

Determining costs that can be incurred

__________ is the third step in value-based pricing.

problem recognition

The first step of the business buying process is __________.

Economic, technological, social, and cultural stimuli

__________ are part of the environment that enter the consumer's black box and produce certain responses.

A fad

__________ is a temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity.

Micromarketing

__________ is tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments.

Learning

__________ is the changes in an individual's behavior arising from experience.

Product position

__________ is defined by consumers on important attributes—the place the product occupies in consumers' minds relative to competing products.

Designing a good product

__________ is the first step in cost-based pricing.

decline stage

The __________ is the PLC stage in which a product's sales fade away.

Total costs

__________ is/are the sum of the fixed and variable costs for any given level of production.

Information search

__________ is the stage of the buyer decision process in which the consumer is motivated to locate more information.

unsought product

A(n) __________ is a consumer product that the consumer either does not know about or knows about but does not normally consider buying.

shopping product

A(n) __________ is a consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style.

a type of buyer response

Buying attitudes and preferences are __________.

a market-coverage strategy in which a firm goes after a large share of one or a few segments or niches

Concentrated marketing is __________.

testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal

Concept testing is __________.

the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions

Culture is __________.

first

Designing a good product is the __________ step in cost-based pricing.

awareness

In the adoption process, __________ is when the consumer becomes familiar with the new product but lacks information about it.

when the consumer becomes familiar with a new product but lacks information about it

In the adoption process, awareness is __________.

growth

Offering product extensions, service, and warranty is a product strategy in the __________ phase.

maturity stage

The __________ is the PLC stage in which a product's sales growth slows or levels off.

growth stage

The __________ is the PLC stage in which a product's sales start climbing quickly.

introduction

The __________ stage is the PLC stage in which a new product is first distributed and made available for purchase.

brands can be differentiated on features, performance, or style and design

Through product differentiation, ___________________________.

psychological pricing

With ________, the price is used to say something about the product.

Brand positioning

_______ can be done at three levels: product attributes, benefits, and beliefs and values.

belief

________ is a descriptive thought that a person holds about something.

Need recognition

________ is the first stage of the buyer decision process, in which the consumer notices a problem.

Buying attitudes and preferences

__________ are a type of buyer response.

Store brand

__________ is a brand created and owned by a reseller of a product or service.

Fashion

__________ is a currently accepted or popular style in a given field.

Value-added pricing

__________ is attaching features and services to differentiate a company's offers and charging higher prices.

Customer value-based pricing

__________ is based on a buyer's perceptions of value rather than on the seller's cost.

Product development

__________ is developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering.

Differentiation

__________ is distinguishing a market offering from other offerings in order to create superior customer value.

Market segmentation

__________ is dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.

Demographic segmentation

__________ is dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation.

Market-penetration pricing

__________ is setting a low price for a new product in order to attract a large number of buyers and a large market share.

Captive-product pricing

__________ is setting 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.

Product line pricing

__________ 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.

Local marketing

__________ is tailoring brands and marketing to the needs and wants of cities, neighborhoods, and even specific stores.

Individual marketing

__________ is tailoring products and marketing programs to the needs and preferences of particular customers.

Concept testing

__________ is testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.

Product quality

__________ is the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.

New product development

__________ is the designing of original products, product improvements, product modifications, and new brands through the firm's own efforts.

Designing products to deliver the desired value at a target price

__________ is the fourth step in value-based pricing.

Co-branding

__________ is the practice of using the established brand names of two different companies on the same product.

Perception

__________ is the process by which people select, organize, and interpret information to form a meaningful picture of the world.

Setting a target price to match the customer's perceived value

__________ is the second step in value-based pricing.

Product mix

__________ is the set of all products and items that a particular seller offers for sale.

Alternative evaluation

__________ is the stage of the buyer decision process in which the consumer uses information to review different brands in the choice set.

A group

__________ is two or more people who interact to accomplish individual or mutual goals.

Buyer characteristics

__________ are part of the buyer's black box and produce certain responses.

industrial product

A(n) __________ is a product bought by individuals and organizations for further processing or for use in conducting a business.

specialty product

A(n) __________ is a consumer product with unique characteristics of brand identification for which a significant group of buyers is willing to make a special purchase effort.


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