MKT 2100 Exam 3 Review

Convenience products are

relatively inexpensive, frequently purchased items for which buyers exert only minimal purchasing effort

The federal government often uses ______ pricing when it grants defense contracts.

Cost-plus

The main characteristic of a _______ Is that customers are satisfied to the point that they use a service repeatedly over a period of time

Client-based relationship

Tectron products company advertises a specific product heavily, and intact wants to offset the effects of that advertising, intact would most likely employ ____________ advertising.

Competitive

Segmentation variables for consumer markets are usually grouped into four categories:

Demographic, geographic, psychographic, and behavioristic.

State and local government regulations do not affect the pricing of services. T or F

False

which stage in the product life is critical to a products survival because competitive reactions to the products success during this period will affect the product's life expectancy?

Growth

Pioneer advertising is most likely to be used during which of the following product life-cycle stages?

Introduction

Products such as light bulbs, canned soft drinks, and ice cream sandwiches are usually priced using ________, which usually results in a ____________.

Multiple-Unit pricing; lower per unit price

______ marketing includes activities conducted by individuals and organizations to achieve some goals other than ordinary business goals such as profit

Nonprofit

If Kashi wants to gain a large market share quickly with it's new line of reduced-fat snack crackers, it should use

Penetration Pricing

If Acer uses ______________________________ pricing for its newest Chromebook, it is probably most interested in obtaining market share; and it is assuming

Penetration Pricing; that other competitors could enter the market easily.

You are the marketing manager for a multistage auto dealership in the southeast United States. It is that time of year when your company experiences a model year change. You are putting the final touches on your pricing strategy to facilitate this change in your inventory of autos. Which of the following price strategies will you use to facilitate this model year change?

Periodic Discounting

Which of the following price strategies often results in a retailed losing money on the product?

Price Leader

When Liv goes to the first class of her Operations management course, she finds out that in addition to the textbook, she already purchased, she also needs a specific type of calculator. With regards to the calculator, at which stage of the consumer buying decision process is Liv?

Problem recognition

When a cable TV company uses bundling to combine phone, cable, TV, and broadband internet access into a package with a single price, it is attempting to influence a consumer perception of a price to make a products price more attractive and reduce "sticker shock" . This is an example of using a _________ pricing strategy

Psychological

_______ is a broad set of communication activities used to create and maintain favorable relations between the organization and it's stakeholder.

Public Relations

Mark is measured as a percentage of ______ or a percentage of ______.

Selling Price ; Cost

Why would a company use the undifferentiated strategy?

The needs of an individual consumer in the target market for a specific product are similar, so they organization can satisfy most consumers with a single marketing mix.

What should marketers do to promote the consistency and reliability of their services most effectively?

Train employees and develop standards procedures for dealing with customer.

The importance of price depends on the type of product, the type of market, and the purchase situation. T or F

True

the first adopters of a product are the innovators. T or F

True

The owner of a professional baseball team asks the account representative of an advertising agency to develop an advertising campaign to bring more teenagers to the ballpark. At this point, the account representative logically begins to discuss establishing __________ for the campaign.

advertising objectives

The effectiveness of an advertising campaign can be measured

before, during, and after the campaign through the use of pretests, inquiries, and posttests.

A market share objective

can be used effectively whether total industry sales are rising or falling

The problem with using an undifferentiated strategy to market a "universal car" is that _____

car buyers have heterogeneous needs

Showing a products price along with its previous price, the price of a competing brand, or the price at another retail outlet is called

comparison discounting

The three primary bases for developing price are

demand, competition, and cost

Services have six basic characteristics: intangibility of production and consumption, perishability, client-bases relationships, customer contact, and

heterogeneity

The first stage in the development of any advertising campaign is

identifying the advertising target audience.

depending on the length of time it takes them to adopt a new product, people can be divided into five major categories: early adopters, early majority, late majority, laggards, and

innovators

the four major stages of the product life cycle include

introduction, growth, maturity, and decline

During the introduction stage of a successful product, profits are usually

negative and increasing

Marisol recently put her house on the market at an asking price of $260,000. She realizes, however that in order to sell the house, she may have to use

negotiated pricing

Which pricing objective de-emphasizes price and can lead to a climate of nonprice competition in an industry?

status quo