mktg ex 3

A product is ________ that can be offered through a voluntary marketing exchange. A)the combination of a firm's marketing mix B)anything of value to consumers C)the category depth D)a tangible item E)the brand associations

B)anything of value to consumers

During the ________ stage of the product life cycle, sales are low and profits are small or negative. A)growth B)maturity C)decline D)introduction E)leveling

D)introduction

With a ________ pricing strategy, marketers set a low initial price for the introduction of a new product or service. A)skimming B)price fixing C)reference D)penetration E)bundling

D)penetration

Which of the following reflects the maturity stage of the product life cycle? A)Sales: low; Profits: negative or low; Typical consumers: innovators; Competitors: one or few B)Sales: rising; Profits: rapidly rising; Typical consumers: early adopters and early majority; Competitors: few but increasing C)Sales: peak; Profits: increase; Typical Consumers: laggards; Competitors: low number of competitors D)Sales: declining; Profits: declining; Typical consumers: laggards; Competitors: low number of competitors and products E)Sales: peak; Profits: peak to declining; Typical Consumers: late majority; Competitors: high number of competitors and competitive products

E)Sales: peak; Profits: peak to declining; Typical Consumers: late majority; Competitors: high number of competitors and competitive products

In the case of Band-Aid adhesive bandages, the brand name has A)grown through private-label branding. B)successfully employed private-label branding. C)avoided brand extensions. D)distinctive brand substitutability. E)become synonymous with the product itself.

E)become synonymous with the product itself.

The complete set of all products offered by a firm is called its A)product categories. B)product line depth. C)product line. D)product breadth. E)product mix.

E)product mix.

Everyday low pricing (EDLP) provides value to consumers by A)offering noncumulative quantity discounts. B)creative use of reference pricing. C)continually offering items on sale. D)minimizing the number of options a consumer can evaluate. E)reducing their search costs.

E)reducing their search costs.

All of the following are included in the four product life cycle stages except A)stagnation. B)growth. C)introduction. D)maturity. E)decline.

A)stagnation

A service is any intangible offering that involves a deed, performance, or effort that A)offers benefits but not costs. B)cannot be physically possessed. C)is high-priced. D)is supported solely through advertising. E)can be transformed into a physical product.

B)cannot be physically possessed.

Daniel is especially price sensitive. He has been known to line up on "Black Friday" (the day after Thanksgiving) at 4 a.m. to be among the first to buy sale items. Daniel would likely respond to a ________ pricing strategy. A)uniform B)high/low C)slotting D)premium E)price skimming

B)high/low

When marketers say that services are ________, they are referring to the fact that services cannot be touched, tasted, or seen, like a pure product can. A)heterogeneous B)intangible C)perishable D)replenishable E)inseparable

B)intangible

When marketers state that services are ________, they are referring to the fact that services cannot be stored for use in the future. A)heterogeneous B)perishable C)inseparable D)durable E)intangible

B)perishable

For a major university, undergraduate studies, graduate studies, and professional programs would be ________ within the university's product mix. A)brand associations B)product lines C)family brands D)private-label brands E)co-brands

B)product lines

It is important to JoAnne to get value for her money, but she does not want to spend time comparison shopping. JoAnne will likely respond to ________ pricing, but not to ________ pricing. A)premium; high/low B)price skimming; high/low C)EDLP; high/low D)high/low; premium E)high/low; EDLP

C)EDLP; high/low

Sometimes all that needs to be done to satisfy a customer complaint is to A)respond in a straightforward manner. B)get management involved. C)listen to the customer. D)empower the customer. E)demonstrate loyalty.

C)listen to the customer.

For many years, General Electric had a corporate strategy of being among the top three firms in any market in which it operated; if it could not achieve a top-three position, it would exit the market. This strategy often resulted in the company ________ when certain product lines failed to meet this expectation. A)decreasing product line depth B)introducing brand extensions C)increasing product mix breadth D)increasing product line depth E)decreasing product mix breadth

E)decreasing product mix breadth

Robert and George live in the United States. Robert recently asked for George's cell phone number, but George said he didn't own a cell phone. George would probably be considered a(n) ________ in the diffusion of innovation process. A)early adopter B)innovator C)early majority adopter D)late majority adopter E)laggard

E)laggard

Customers must see value in a product or service before they are willing to exchange time or money to obtain it, but not all customers see the same value in a product. To analyze how many units will be sold at any given price point, marketers draw on A)a demand curve. B)target return strategies. C)multiple regression analyses. D)the law of averages. E)a sales orientation.

A)a demand curve.

An everyday low pricing strategy stresses the continuity of retail prices A)at a level between the regular price and the deep-discount sale prices of competitors. B)at a level below the deep-discount sales prices of competitors. C)at a level above regular retail prices. D)based on variable production costs. E)at a price skimming level.

A)at a level between the regular price and the deep-discount sale prices of competitors.

When Mandy shops for lipstick, she always buys Really Red by Cover Girl. This is an example of A)brand loyalty. B)brand equity. C)perceived value. D)brand association. E)brand awareness.

A)brand loyalty.

Which of the following refers to variability in a service's quality? A)heterogeneity B)perishability C)delivery gap D)communications gap E)service gap

A)heterogeneity

During the ________ stage of the product life cycle, sales peak and profits begin to decline as competition becomes intense. A)maturity B)decline C)leveling D)introduction E)growth

A)maturity

Consumers generally believe that ________ is one of the most important factors in their purchase decisions. A)price B)product C)promotion D)perception E)place

A)price

Brands that are owned by ________ are called private-label brands. A)supply chain specialists B)retailers C)manufacturer's reps D)manufacturers E)wholesalers

B)retailers

All of the following are included in the main criteria used for determining how "good" a brand is, or how much equity it has except A)brand loyalty. B)brand awareness. C)brand conceptualization. D)perceived value. E)brand associations.

C)brand conceptualization.

All of the following are included in the five Cs of pricing except A)company objectives. B)cost. C)collaboration. D)customers. E)channel members.

C)collaboration.

Along the service-product continuum, which of the following would be considered the most service dominant? A)bookstore B)apparel specialty store C)doctor's office D)grocery store E)restaurant

C)doctor's office

The ________ diffusion of innovation group is crucial because few new products can be profitable until this large group buys them. A)laggard B)innovator C)early majority D)early adopter E)late majority

C)early majority

For a brand name to be effective, it needs to be A)generic, so it can be applied to as many products as possible. B)associated with a sports or movie superstar. C)easy for consumers to recognize and remember. D)a visual image containing human characters. E)a catchy, tongue-twisting phrase.

C)easy for consumers to recognize and remember.

When the iPad Mini came out, Sasha spent the night in front of the store so she could get one before any of her friends. According to the diffusion of innovation, Sasha is a(n) A)early majority. B)late majority. C)innovator. D)early adopter. E)laggard.

C)innovator

One key feature of the value of a strong brand is that A)it cannot be successfully imitated by a retailer's own brand. B)competitors will typically abandon a sector altogether rather than compete. C)it can protect the firm from competition. D)it no longer needs to be supported by advertising and promotion. E)if it becomes a generic name, the brand is worth even more.

C)it can protect the firm from competition.

Kraft, Nike, Coca-Cola, KitchenAid, and Sony are considered famous ________ brands because they are owned and managed by the manufacturer. A)retailer B)family C)national D)premium E)international

C)national

Firm A has set very low prices for its products in an attempt to drive its competitor, Firm B, out of business. This is known as A)price discrimination. B)bait and switch. C)predatory pricing. D)monopolistic pricing. E)price fixing.

C)predatory pricing.

Zappos is a successful online shoe company. One of the difficulties in running a shoe company is the need to have significant ________, a large number of items in each product line. A)product mix depth B)product line breadth C)product line depth D)brand equity E)product mix breadth

C)product line depth

Clare always liked Lands' End raincoats, so when she was shopping for a winter coat, she ordered one from Lands' End without thinking too much about it. This demonstrates how ________ facilitate purchases. A)actual products B)associated services C)private labels D)brands E)core customer values

D)brands

By adding new product lines beyond its core business of computer software, like the Surface Pro tablet and Xbox 360 game system, Microsoft primarily benefits by A)keeping up in a market where sales come mostly from new products. B)satisfying the changing needs of the technological research staff. C)spreading out production costs. D)creating diversification and reducing risk. E)avoiding market saturation from products that have just been introduced to the market.

D)creating diversification and reducing risk.

As personal computers became popular, the sale of typewriters decreased significantly and now typewriters are only used by a very small segment of consumers. Typewriters are in the ________ stage of the product life cycle. A)growth B)introduction C)maturity D)decline E)evaluation

D)decline

Price skimming focuses on selling products to ________ and ________ in the consumer adoption process model. A)the early majority; the late majority B)early adopters; the early majority C)the late majority; laggards D)innovators; early adopters E)laggards; innovators

D)innovators; early adopters

A ________ is a group of associated items that consumers tend to use together or think of as part of a group of similar products. A)brand extension B)product mix breadth C)line extension D)product line E)product mix

D)product line

The marketing of services differs from product marketing because services are all of these except A)perishable. B)intangible. C)inseparable. D)renewable. E)heterogeneous.

D)renewable

Charging a relatively high price for new and innovative products to those consumers most willing and able to pay the high price is called price A)penetration. B)referencing. C)bundling. D)skimming. E)fixing.

D)skimming.

When Delta increases its average fares, American Airlines and United often follow with similar increases. This is an example of A)customer orientation. B)competitor orientation. C)adding value. D)status quo pricing. E)customer satisfaction.

D)status quo pricing.

The diffusion of innovation theory focuses on A)the relationship between pioneer brands and imitators. B)the geographic boundaries of innovation. C)the way a product moves through the product life cycle. D)the rate at which consumers are likely to adopt a new product or service. E)the psychological traits of innovators.

D)the rate at which consumers are likely to adopt a new product or service.

The process by which the use of a new product or service spreads throughout a market group is referred to as A)the product life cycle. B)product development diffusion. C)lead user dispersion. D)new product introduction. E)diffusion of innovation.

E)diffusion of innovation

During the ________ stage of the product life cycle, sales rise, profits rise rapidly, and there are an increasing number of competitors. A)maturity B)leveling C)decline D)introduction E)growth

E)growth

One important purpose of a brand is to A)sell advertising space. B)meet government regulations. C)minimize product line depth needed to be effective. D)reduce product packaging. E)increase consumer recognition and awareness of product offerings.

E)increase consumer recognition and awareness of product offerings.

One of the difficulties associated with value-based pricing is that A)costs used in this method are difficult to compute. B)only the creator of a new product can fully understand its value to consumers. C)everyday low pricing has neutralized the impact of price on consumers' purchase decisions. D)value depends on variable costs and not fixed costs. E)it necessitates a great deal of consumer research to be implemented successfully.

E)it necessitates a great deal of consumer research to be implemented successfully.

For marketers, one of the benefits of having achieved brand loyalty is A)increased price sensitivity among loyal customers. B)recognition through industry awards. C)greater concern about competitors' actions. D)few worries about copyright infringement. E)lower marketing costs associated with reaching loyal customers.

E)lower marketing costs associated with reaching loyal customers.

All of the following groups are included in the diffusion of innovation curve except A)innovators. B)early adopters. C)early majority. D)late majority. E)nonadopters.

E)nonadopters.

Even if they succeed, new-to-the-world products are A)not subject to the law of first movers. B)generally not profitable. C)not capable of creating new markets. D)typically very short-lived. E)not adopted by everyone at the same time.

E)not adopted by everyone at the same time.