MKT 300 Study Guide Exam 3
Marketers' ability to obtain digital information is referred to as ______.
Accessibility
_______ is used when costs and revenues are secondary to competitors' prices.
Competition-based pricing
__________ refers to the strategic process of distributing, promoting, and pricing products, and discovering the desires of customers using digital media and digital marketing.
Electronic marketing
_______ allows customers to express their needs and wants directly to a company in response to its marketing communications.
Interactivity
_________ that can allow almost real-time measurement and evaluation should be embedded at the onset of a social media strategy.
Key Performance Indicators (KPIs)
The ability of a marketer to identify customers before they make a purchase is called
addressability
Adrienne has gone to the store to shop for a new backpack. She looks for the same brand she has always bought in the past but notices that the backpack is now available in a variety of colors. The backpack has undergone a(n) ______ modification.
aesthetic
Home Depot has an iOS program that allows users to match colors in photographs with the store's selection of carpets. This is an example of a(n) _______.
application (app)
An individual knows that a product exists, but has little information regarding the product and does not seek additional information. This person is in the ____ stage of the product adoption process.
awareness
Devices that trigger a retailer's app to display custom messages and promotions are known as _____.
beacon technology
If Glade, which markets Glade scented Plug Ins and Glade scented candles and wax melts were to introduce Glade laundry detergent and dryer sheets with the same scents, this would be called ______ branding.
brand-extension
The Target bullseye is a classic example of a(n)
brandmark
Bethany and Joseph are preparing budgets for a new product as well as finalizing plans for the full-scale marketing and manufacturing of the new UtiliBot. They are in the ____ phase of the new-product development process.
commercialization
Brand name awareness is an important element of brand equity because a familiar brand is more likely to be in a customer's _____ than an unfamiliar brand.
consideration set
Due to external pressures and concerns for privacy, Yahoo now has an opt-out option for internet-based advertising. This is an example of _____.
control
The _______ consists of a product's fundamental utility or main benefit and usually addresses a fundamental need of the consumer.
core product
Delta Airlines encourages customers to post reviews on its company website or Facebook page in the hopes of increasing the company's _____.
credibility
The stage of the product life cycle when marketers consider eliminating products that are not contributing to profitability is the _____ stage.
decline
The growing use of two-day and next-day delivery by online companies best relates to the ___ variable of the marketing mix.
distribution
If Norwegian Cruise Lines increased the price of its seven-day cruise package by 10% and, as a result, experienced a 20% decline in customer bookings, Norwegian's demand would be ___.
elastic
A measure of sensitivity of demand in relation to changes in price is _____.
elasticity
Changes that affect a product's versatility, effectiveness, convenience, or safety are called _____ modifications.
functional
A package of aluminum foil on the shelf at Safeway has only a white package with black letters stating "aluminum foil." This product is an example of a _____ brand.
generic
Achieving greater penetration of the market is typically a business goal during the ____ stage of the product life cycle.
growth
The fact that the first massage Gretchen gives each day is better than the last massage demonstrates the _____ of services.
heterogeneity
Modifying a product to have ____ may enable a company to charge a higher price by creating customer loyalty and lowering customer sensitivity to price.
higher quality
If Florida Gas and Electric increased its rates by 10% and experienced a 2% reduction in the demand for power, the demand would be
inelastic
Personal trainers cannot complete their work without their clients present because of the ____ feature of services.
inseparability
The three levels of brand loyalty from strongest to weakest are _____, ____, and _____.
insistence, preference, recognition
Brittany recently moved to a new city and is trying to find a new mechanic to do maintenance and repair on her car. She visits several places to judge their overall appearance, cleanliness, and organization and finally chooses a mechanic. Brittany was trying to overcome the ___ aspect of services.
intangibility
For most products, a(n) ____________ relationship exists between the price of a particular product and the quantity demanded.
inverse
Although Sergei's grandfather still prefers using a land line, he just bought his first cell phone. Sergei's grandfather is most likely oriented toward the past and is a member of the _______ group.
laggards
Coca-Cola offers a line of soft drinks that includes Coca-Cola, Diet Coke, Coca-Cola Zero, Sprite, and Fanta. These drinks best illustrate Coca-Cola's product mix _____.
line
In the Chapter 11 lecture, Colgate Calming Clean toothpaste with hemp seed oil was an example of a(n)
line extension
Dorito's has expanded to Nacho Cheese Doritos, Cool Ranch Doritos, and Salsa Verde Doritos, to name a few. These are examples of
line extensions
As consumers become more informed about their options, the demand for ______ products has ______.
low-priced; grown
A _______ brand usually requires a producer to become more involved in distribution, promotion, and pricing decisions.
manufacturer
Dunlop managers notice that when the number of tires the company sells increases from 1,000,000 to 1,000,001, total revenue rises $35. The $35 represents the firm's _____.
marginal revenue
Adidas is establishing a __________ pricing objective to maintain or increase its product's sales in relation to total industry sales.
market share
Internet sites that allow users to share photos, videos, and podcasts are called ____.
media-sharing sites
In product modification, three conditions must be met to improve a firm's product mix: the product must be modifiable, customers must be able to perceive that a modification has been made, and _____.
modification should make the product more consistent with customers' desires
Food King grocery stores offer candy bars in the checkout lanes for $0.99 rather than $1.00. This use of __________ pricing should help increase sales of the candy bars.
odd-number
If Acer uses ___________ pricing for its newest Chromebook, it is probably most interested in obtaining market share; and it is assuming
penetration
Larissa is a concert promoter who works for singer Kanye West. She works very hard to make sure most of Kanye's concerts are sold out because she understands the concept of ___________ which means that if the tickets are not sold, seats will remain empty and they can never be sold to anyone again for that specific concert.
perishability
Marketers of a particular brand of ice cream have decided to delete their line of ice cream bars. They will do so by letting the product decline and not change the current marketing strategy. This method of deletion is called
phase-out
A product that has more features than those of its competition, or that is perceived to be of higher quality, warrants using a(n) _____________ pricing strategy
premium
Advertisements for Suave shampoos emphasize that other shampoos may cost more but don't work any better than Suave. In this example, Suave is competing on the basis of
price
In the Whole Foods example we discussed in Chapter 12, Amazon reduced the price of ________________ to be more competitive with Kroger, Walmart, and Trader Joe's.
produce/ product
A(n) _____ is a tangible physical entity.
product/ good
The internet can be referred to as a ___ medium because users determine which websites they are going to view.
pull
Minerals, chemicals, timber, and agricultural products are considered _____.
raw materials
An American Airways flight from Dallas to Houston was full, and the tickets were more expensive than the almost-empty Airways flight from Chicago to Phoenix. This is an example of ______ service pricing.
roll-out
After building a prototype of his new device, Barry is asked to conduct rigorous functional testing to see if the device meets performance and safety qualifications. This is part of the _________ phase of the new-product development process.
screening
Executives in Japan decided to price Lexus luxury cars in the United States at $55,000 while pricing them at $66,000 in their own country. This is an example of ____________. A problem associated with ________________ is that consumers can predict when prices will be lowered and delay purchases until that time.
secondary-market pricing; periodic discounting
An organization would use a(n) ____________ pricing objective if it were in a favorable position and desired nothing more.
status quo
If Best Western bundles its rooms with services such as free local phone calls, cable television, wireless Internet access, and complimentary breakfast, these services are known as ____ services.
supplementary
Two trends that have caused consumer-generated information to gain importance are
the increase of consumers sharing their opinions through digital media and consumer's mistrust of information from corporations
In the L'Oreal video we watched in Chapter 9, the company used Search to identify _______.
the need for ombre hair and created an applicator to solve problem.
A(n) ______ signifies that the owner has exclusive use of a brand and others are prohibited from using it.
trademark