MKT 3013 Study Optional

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How do companies apply pricing strategies to accommodate differences in customer segments and​ situations?

They apply a variety of price adjustment strategies

Services are characterized by four key​ aspects: ______________________.

services are​ intangible, inseparable,​ variable, and perishable

​_______ is the use of​ online, mobile, and social media to engage​ customers, build stronger customer​ relationships, and augment sales performance.

social selling

Which of the following is a correct statement about the sustainable marketing​ concept?

A company's marketing should support the best long-run performance of the marketing system

Which of the following is the correct definition of a​ product?

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

​___________________ are the two ways firms can obtain new products.

Acquisitions and new product development

Marketers now have access to fragmented media and promotion mixes to reach diverse audiences. To prevent creating a communications​ hodgepodge, what must marketers​ do?

Adopt the concept of integrated marketing communications

Which of the following statements is correct regarding marketing communications​ today?

Advertisers are now able to engage smaller customer segments with more​ personalized, interactive content.

_____________________ are the five promotion mix tools used by marketers to communicate customer value.

Advertising, public​ relations, personal​ selling, sales​ promotion, and direct and digital marketing

Which of the following sets of characteristics correctly classifies​ retailers?

Amount of service​ offered, the breadth and depth of product​ lines, relative prices they​ charge, and how they are organized

What are the four steps to designing marketing​ channels, in the correct​ order?

Analyzing consumer​ needs, setting channel​ objectives, identifying major channel​ alternatives, and evaluating the alternatives

Which of the following statements regarding the marketing of international products and services is​ correct?

Because markets and consumers around the world differ​ widely, companies must usually adapt their product offerings in different world markets.

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

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, situational​ factors, and personal characteristics

Companies have to think carefully when considering price changes. They must consider which of the​ following?

Buyer and competitor reactions

Which of the following statements is true regarding channel​ organization?

Channel members are dependent on each other for the overall success of the channel.

Which of the following statements regarding marketing logistics is NOT​ TRUE?

Companies are placing less emphasis on logistics and more on constraining costs.

To target the best market​ segments, the company first evaluates various factors related to market attractiveness. Of the​ following, which is NOT one of those​ factors?

Compatibility with company mission and vision

In which targeting strategy does a firm go after a large share of one or a few smaller​ segments?

Concentrated marketing

Which of the following correctly describes the classifications into which products and services​ fall?

Consumer products and industrial products

​____________________ is an organized social movement intended to strengthen the rights and power of consumers relative to sellers.

Consumerism

Which of the following correctly describes​ omni-channel retailing?

Creating a seamless​ cross-channel buying experience that integrates​ in-store, online, and mobile shopping

Which of the following identifies the six major sales force management steps in the correct​ order?

Designing sales force strategy and​ structure, recruiting and selecting​ salespeople, training​ salespeople, compensating​ salespeople, supervising and motivating​ salespeople, and evaluating salespeople

​______________________ is part of a​ company's decision on how it will create market offerings to deliver superior customer value.

Differentiation

Major variables used to segment consumer markets include which of the​ following?

Geographic, demographic,​ psychographic, and behavioral

Which of the following statements about public relations is​ correct?

The lines between advertising and public relations are becoming more blurred.

According to the​ text, what is one of the biggest advantages of social​ media?

Engagement and social sharing capabilities

Many companies are now establishing guidelines and policies helping managers deal with marketing ethics. Of the​ following, which is a correct statement regarding these​ actions?

Ethics and social responsibility require a total corporate commitment.

Companies may enter foreign markets in several different ways. Which method gives a company the least control but also the least​ risk?

Exporting

​_____________________________ are the three alternative ways an international​ division's operating units can be organized

Geographical​ organizations, world product​ groups, or international subsidiaries

New product development consists of eight sequential steps. Which step reduces the number of ideas based on the​ company's criteria?

Idea screening

​____________________________are the two economic factors that reflect the​ country's attractiveness as a market.

Industrial structure and income distribution

According to the​ text, what is perhaps the toughest public policy issue now confronting the direct marketing​ industry?

Invasion of privacy

Marketing channels perform many key functions. Which of the following is NOT one of those key​ functions?

Manufactoring

Marketers must consider potential product issues related to social responsibility. Of the​ following, which is NOT one of the product issues associated with social​responsibility?

Product differentiation and positioning

A new product may fail for many reasons. Which of the following is NOT one of​ them?

Rapid market acceptance

​____________________ is the digital version of​ word-of-mouth marketing and the type of marketing in which marketers usually have little control over where messages end up.

Viral marketing

The only reason for a wholesaler to exist is to​ ___________________ by increasing the efficiency and effectiveness of the entire marketing channel.

add value

All products have a life cycle. The sales of a typical product follow​ __________________, which is made up of five stages.

an S-shaped curve

In​ general, sales promotion campaigns should​ ______________________.

be customer relationship building

Which of the following terms correctly describes the positive differential effect that knowing the brand name has on customer response to the product or the​ service?

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

When companies treat customers fairly and make certain they understand pricing and pricing​ terms, this leads to​ ________________.

building strong and lasting customer relationships

Omni-channel retailing goes beyond just helping​ in-store customers as they​ cross-shop on mobile devices and requires​ _________________________.

carefully integrating the entire range of available shopping channels

Price ceilings are set by customer perception. Which of the following sets the floor for the price that a company​ charges?

costs

Marketers use three major pricing​ strategies: ______________________.

customer​ value-based pricing,​ cost-based pricing, and​ competition-based pricing

Once market segments have been​ selected, the company then must decide on​ _____________________________.

differentiation and positioning strategy

Most companies​ ______________________ when first deciding on a global marketing organization.

establish an export department

When marketers create services marketing​ strategy, they understand they must execute on external marketing but also develop​_______________________________.

internal strategies to motivate employees and interactive marketing to create service delivery skills among service providers

Personal selling can be very effective in complex selling situations because it involves​ ________ interactions and engagement between salespeople and individual customers.

interpersonal

Intermediaries are used by most producers to bring products to market. These intermediaries are known as​ _________________________.

marketing channels

The three major groups of wholesalers are​ ________.

merchant​ wholesalers, brokers and​ agents, and​ manufacturers' and​ retailers' branches and offices

The trend of​ ________ has resulted in different types of retailers now selling the same products at the same prices to the same consumers.

retail convergence

A​ company's pricing strategy is affected by internal factors such as​ ___________________.

overall marketing​ strategy, objectives, marketing​ mix, and other organizational considerations

Most companies today see their intermediaries as​ first-line customers and focus on​ ________ to forge​ long-term relationships with channel members.

partner relationship management

The totality of a​ company's product lines and items offered to customers is known as its​ _________________.

product mix

Companies use​ ______________ to build good relations with​ consumers, investors, the​ media, and their communities.

public relations

Four sales force structures that companies use in sales force design are​ _______________.

territorial, product, customer, and complex

International marketers and advertisers face challenges not encountered domestically. The most basic issue concerns​ ____________.

the amount of adaptation required for the unique characteristics of various country markets

U.S. companies looking to enter a foreign country must first understand​ ____________.

the international trade system

Closing a sale with a particular customer is a​ short-term ________​ orientation, but the selling process must also take a​ ________ orientation and look at the long term.

transactional; relationship

The​ ________________________ is a​ brand's full positioning or the full mix of benefits on which the brand is positioned.

value proposition

​_____________________________ are the five guiding principles of sustainable marketing.

​Consumer-oriented marketing, customer value​ marketing, innovative​ marketing, sense-of-mission​ marketing, and societal marketing

High​ prices, deceptive​ practices, high-pressure​ selling, shoddy or unsafe​ products, planned​ obsolescence, and poor service to disadvantaged consumers represent which of the​ following?

​Marketing's impact on individual consumer welfare

Which of the following statements about the​ omni-channel buyer is NOT​ correct?

​Omni-channel buyers do not need the​ bricks-and-mortar environment in which to shop.

​____________________ are promotional tools that can be used to attract consumers.

​rebates, coupons, price​ packs, and samples

Which of the following statements regarding traditional direct marketing forms is​ correct?

Marketers use both outbound and inbound telemarketing.

Which of the following statements about personal selling is​ correct?

Many customers are unable to distinguish the salesperson from the company.

Which of the following pricing strategies would a company use to attract a large number of buyers quickly and win a large market​ share?

Market-penetration pricing

A company sets a high price on a new product it introduces to maximize revenue from various market segments. Which new product pricing strategy is the company​using?

Market-skimming pricing

​______________________ is the market entry strategy that has the greatest amount of​ commitment, risk,​ control, and profit potential.

Direct investment

​_______________________ permits companies to tailor offers and content to needs and interests of carefully defined​ segments, which in turn helps develop​long-lasting customer relationships as well as resulting in immediate responses.

Direct marketing

What is market​ segmentation?

Dividing a market into distinct groups of buyers who have different​ needs, characteristics, or behaviors and who might require separate marketing strategies or mixes

The American Marketing Association has developed a code of ethics for marketers based on three ethical norms. What are these​ norms?

Do no​ harm, foster trust in the marketing​ system, and embrace ethical values

Which stage of the product life cycle normally lasts longer than the previous stages and poses strong challenges to marketing​ management?

Maturity

Which form of direct and digital marketing do companies use to engage customers​ anywhere, anytime during the buying and​ relationship-building processes?

Mobile marketing

Of the​ following, which is NOT one of the​ product-mix pricing​ situations?

Penetration pricing

Of product and services​ assortment, price,​ promotion, and​ place, which plays one of the most important roles in aligning target markets and​ positioning?

Place

What are the four areas of environmental sustainability that affect marketing​ strategy?

Pollution​ prevention, product​ stewardship, new clean​ technology, and sustainability vision

At which stage in the selling process does a salesperson attempt to learn as much as possible about the organization​ (what it​ needs, who is involved in the​ buying) and its buyers​ (their characteristics and buying​ styles)?

Preapproach

Of the​ following, which is core element of our​ free-market economy?

Price competition

Which of the following statements is TRUE regarding the selection of qualified channel​ members?

Producers vary in their ability to attract qualified marketing intermediaries.

When Microsoft or Apple sells software as a​ package, it is engaging in what type of​ pricing?

Product bundle pricing

Marketers must make important decisions when developing individual products and services. Which of the following correctly identifies those important​ decisions?

Product​ attributes, branding,​ packaging, labeling, and product support services

Which of the following is a benefit of direct and digital marketing for​ buyers?

Sense of brand engagement and community

What are the four important decisions made when developing an advertising​ program? List them in order.

Setting​ objectives, setting the​ budget, developing​ strategy, and evaluating effectiveness

Attracting and holding customers presents great challenges and decision points for retailers. Of the​ following, which is NOT one of the areas in which they face major​decisions?

Social media and visibility decisions

Which of the following is a drawback to social​ selling?

Some things cannot be presented over the internet

What is the advice most international marketers suggest regarding globally standardized strategies and adaptive marketing​ tactics?

Strike a balance between globally standardized strategies and adaptive marketing mix tactics

​________ calls for socially and environmentally responsible actions that meet the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.

Sustainable marketing

Which of the following has changed​ customers' notions of​ convenience, speed,​ price, product​ information, service, and brand​ interactions?

The digital age

Which of the following statements is true regarding the promotion​ mix?

The entire marketing mix must be coordinated for greatest impact

Which of the following statements about major retail trends is NOT​ true?

The green movement has not quite taken hold.

Creating false wants and too much​ materialism, too few social​ goods, and cultural pollution represent which of the​ following?

The impact of marketing on society

Marketers must consider external considerations in establishing pricing. Which of the following represents those external​ considerations?

The nature of the market and demand and other environmental factors

Which of the following is TRUE regarding new types of channel​ organizations?

They provide stronger leadership and improved performance

​________________________ are the main forms of direct and digital marketing.

Traditional direct marketing tools and new digital marketing tools

Which of the following is correct regarding most​ firms' direct marketing​ efforts?

Traditional tools are still heavily used and very important.

When designing marketing​ channels, companies must determine the number of channel members to use at each level. The three strategies that are available to do this are​ ________ distribution.

intensive, exclusive, and selective

The sustainable marketing concept focuses on​ _____________________, unlike the marketing​ concept, which focuses on fulfilling​ day-to-day needs of customers.

socially and environmentally responsible actions

There are two extremes for global marketing strategies. At one extreme is​ ________ global​ marketing, and at the other is​ ________ global marketing.

standarized; adaptive

The four major functions of marketing logistics are​ __________________________.

warehousing, inventory​ management, transportation, and logistics information management


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