MKT 3350 EXAM 2 QUIZZES – Flashcards

Which of the following best describes the notion of market positioning?

The positioning strategy can help communicate a brand's __________, representing the unique value provided to customers.

Which of the following positioning approaches was the focus of Volvo's objective to augment its safety image with better driving performance and excitement?

__________ is a tool used to visually display how consumers perceive the position of products or brands in the market on different dimensions relative to competitors.

The __________ indicates where a particular market segment's ideal product lies on the perceptual map.

What is the 1st step marketers use to derive a perceptual map?

Which step in the STP process develops descriptions of the different segments, which helps firms better understand the customer profiles in each segment?

When a firm evaluates its overall position, including its strengths, weaknesses, opportunities, and threats, it is engaged in which step of the STP process?

The overriding desires that drive how people live their lives are called:

Which segmentation method is most closely related to providing value by satisfying customers' needs and wants?

PRIZM and ESRI's Tapestry are two of the most widely used tools for _______ segmentation.

Behavioral segmentation based on when a product or service is purchased or consumed is called:

During which step of the STP process do marketers ask whether the segment is identifiable, substantial, reachable, responsive, and profitable?

Market growth, market competiveness, and market access are all important factors in analyzing if a segmentation strategy is:

When everyone might be considered a potential user of its product, a firm likely uses a(n) ________ targeting strategy.

General Motors targets several different market segments and designs separate automobile makes and models for each. This is an example of:

Large firms with multiple offerings in a particular product category engage in _______ targeting strategies to obtain a bigger share of the market, increase the overall market for the product categories they sell, and diversify their businesses.

When an organization selects a single, primary target market and focuses all its energies on providing a product to fit that market's needs, it is using a(n) __________ targeting strategy.

Mr. Dennison knows each and every child who comes into his reading center, and prides himself on knowing he can personally address each of their reading challenges. What type of market coverage strategy is he employing?

When a company allows customers to choose from a variety of fabrics, types of collars, and sleeves based on their specific measurements, capitalizing on new technologies to mass customize- it's an example of:

Anything that is of value to a consumer and can be offered through a voluntary marketing exchange is called:

When the bicycle manufacturer, Trek, determined that some customers use bikes for green transportation whereas others use them as a hobby, they were most likely assessing the _________ of bicycles to consumers.

When marketers carefully develop a set of product attribute such as the brand name, features/design, and quality level of an offering, they are developing the:

When marketers develop nonphysical aspects of an offering by adding warranties, financing, an after-sales service, they are focusing on the:

When Megan purchased several bottles of Pepsi beverages and snacks to bring to her family's holiday celebration, it represented the purchase of:

Insurance companies expend a lot of effort marketing their offerings, mainly due to the fact that insurance is ________ that consumers don't normally think about much.

In response to increased consumer demand for healthy beverages, companies like Coca-Cola introduced a new product line like fruit juice to ________ their product mix.

Poland Springs produces a variety of flavored water; the company should ________ its product lines.

Introduced in 1920, Band-Aid now has more than 40 products in its product line to help heal cuts and scrapes. Band-Aid has, over the years, increased its:

Companies like Tiffany's go to great lengths to protect themselves through the use of trademarks and copyrights. This best represents which of the following advantages of branding?

The earning potential of a brand over a 12-month period is known as its:

The set of assets and liabilities linked to a brand that add or subtract from the value provided by the product or service is referred to as:

Brand equity is determined by four aspects of a brand. Which of the following is not one of the four aspects?

_________ measures how many consumers in a market are familiar with the brand and what it stands for and have an opinion about it.

Nike, KitchenAid, and Sony are all examples of the use of ________ brands.

The majority of the brands marketed in the United States are ________ brands.

In the grocery store, you can see the Kellogg's name on its Special K and Rice Krispies cereals, Eggo waffles, and Pop-Tarts. Having the Kellogg's name on all of these various products is an example of the use of:

A marketer that wants to improve a brand's fit with its target segment or boost the vitality of old brands would most likely use a ________ strategy.

For most products, the UPC code would be located on the ________ package.

________ refers to the process by which ideas get transformed into new offerings, including products, services, processes, and branding concepts that will help firms grow.

Some estimates indicate that only about ___ percent of new products actually succeed.

Which of the following is not a reason that compels firms to continue introducing new products and services?

In managing its product portfolio, 3M demands that a specific percentage of its yearly sales come from new products introduced within the pervious few years to better withstand external shocks and:

_________ refers to the process by which the use of a product, service, or process spreads throughout a market group over time and across various categories.

As ________ one of the advantages that pioneers have is they create a new market or product category, establishing a commanding initial market share lead.

If the ______ buying group is relatively small, the number of people who ultimately adopt the innovation likely will also be small.

_______ represents a substantial portion of the population, and a few new products and services can be profitable until this large group buys them.

A product that is perceived to be better than most substitutes is said to have _______ which should speed up the diffusion process.

In the new product development process, companies have a variety of ways for ________ including outsourcing, brainstorming, licensing, and customer research.

__________ involves taking apart a product, analyzing it, and creating an improved product that does not infringe on the competitor's patents, if any exist.

The first physical form or service description of a new product, still in rough form, having the same properties as a new product, but produced through different manufacturing processes is called:

In the new product development process, when companies provide brief written descriptions of the product and what customer needs it would satisfy, sometimes including visual images of what the product would look like it involves:

The _________ stage of the new product development process can involve the development of a prototype for alpha or beta testing.

A fee paid to retailers to simply get new products into stores or to gain more or better shelf space for a manufacturer's products is referred to as:

The most common type of consumers in the introduction stage of the product life cycle are the:

Firms with products in the _________ stage of the product life cycle either position themselves for a niche segment of diehard consumers or those with special needs, or they completely exit the market.

Service providers must offer cues to help their customers experience and perceive their service more positively and reinforce the benefit or value of what will be offered to overcome the __________ nature of their offering.

The concept of services being _________ is highlighted in the fact that a hairstylist can positively impact the overall customer experience by having a friendly, attentive attitude.

The Gaps Model is designed as a diagnostic tool to highlight specific areas where:

The _________ gap reflects the difference between customers' expectations and the firm's perception of those expectations.

The ____________ gap pertains to the difference between the firm's perceptions of customers' expectations and the service standards it sets.

Which of the following is not one of the five distinct service dimensions that customers use to evaluate how well a service meets or exceeds their expectations.

The Marriott Hotels invest heavily in employee training and supports this with a structure for rewarding its workers for their dependability and accuracy. This corresponds to which of the following building blocks of service quality.

Medical professionals often hang framed copies of their educational accomplishments in order to convey their competence in their field, thus addressing the _________ dimension of service quality.

Mercy Hospital uses patient questionnaires to determine the bedside manner of each of its doctors on staff meets patient needs, thus monitoring the _______ dimension of service quality.

Most service firms today have developed _____________ programs which collect customer inputs and then integrate them into managerial decisions.

_________ means allowing employees to make decisions about how service gets provided to customers.

Managers provide __________ to service providers when they demonstrate a concern for their well-being and stand behind their decisions.

Service providers require the systems and equipment to deliver the service properly. This is known as _________.

When a customer undertakes a postpurchase evaluation and decides he or she is satisfied, this often leads to:

The key to distributive fairness is:

In a service recovery situation, the extent to which a customer perceives the benefits of the "solution" compared to the costs of the inconvenience associated with the service failure will determine the:

In regards to complaints, ________ refers to the perceived fairness of the process used to resolve them.

Customers tend to believe they have been treated fairly if the service providers follow specific company guidelines. This is the idea behind:

Which of the following is not one of the five C's of pricing?

As the marketing VP of her firm, Jana is considering implementing a companywide pricing policy that all products must achieve a target profit margin of 15 percent so the firm can achieve its overall growth objectives. What type of company objective is this?

Jana's firm is entering a new market and she plans to set prices to take sales away from the established market leader even though it will mean profits might suffer. This corresponds to which of the following company objectives?

________ is a tactic in which a firm deliberately prices a product above the prices set for competing products to capture those customers who always shop for the best, or for whom price does not matter

Best Buy will match competitor prices for customers who bring in a proof that a particular product is being sold at a lower price by a competitor, thus using:

Jack works for a firm in the northwestern region that is clearly the market leader, and has determined he must implement a regionwide price reduction of all product lines to discourage new firms from entering the lucrative market. Which of the following company objectives is involved?

A _________ orientation explicitly invokes the concept of value such as when a firm uses a "no-haggle" pricing structure to make the purchase process simple and easier.

A ___________ shows how many units of a product or service consumers will demand during a specific period of time at different prices.

In the classic download-sloping demand curve, as price increases, the demand for the product or service:

With ________ products and services, a higher price might lead to a greater quantity sold, but only up to a certain point: