question

Product

answer

Bundle of physical, service, and symbolic attributes designed to satisfy a customer's wants and needs.

question

Good

answer

Tangible products customers can see, hear, smell, taste, or touch.

question

Service

answer

Intangible tasks that satisfy the needs of consumer and business users.

question

Convenience Product

answer

Goods and services consumers want to purchase frequently, immediately, and with minimal effort.

question

Specialty Product

answer

Products with unique characteristics that cause buyers to prize those particular brands.

question

Shopping Product

answer

Products consumers purchase after comparing competing offerings.

question

Consumer Products

answer

Products bought by ultimate consumers for personal use.

question

Business Products

answer

Goods and services purchased for use either directly or indirectly in the production of other goods and services for resale.

question

Product Life Cycle

answer

Progression of a product through introduction, growth, maturity, and decline stages.

question

Exchange Rates

answer

Price of one nation's currency in terms of another country's currency.

question

Tariff

answer

Tax levied against imported goods.

question

Embargo

answer

Complete ban on the import of specified products.

question

NAFTA - North American Free Trade Agreement

answer

Accord removing trade barriers among Canada, Mexico, and the United States.

question

Export Firms

answer

Buying and selling transactions between domestic producers and foreign buyers.

question

Licensing

answer

Practice that expands a firm's exposure in the marketplace. Firms authorize other companies to use their brand names. Is a contractual agreement between firms, whereby one firm allow another to use its brand name, logo, symbols, and/or characters in exchange for a negotiated fee. Practice that expands a firm's exposure in the marketplace. Brand name's owner receives royalties, typically 8 to 12 percent of wholesale revenues. Can hurt a brand if the licensed product is poor quality or ethically incompatible with the brand. Another risk is overextending the brand.

question

Global Marketing Strategy

answer

Standardized marketing mix with minimal modifications that a firm uses in all of its domestic and foreign markets.

question

Domestic Marketing Strategy

answer

Application of market segmentation to foreign markets by tailoring the firm's marketing mix to match specific target markets in each nation.

question

Brand Recognition

answer

Consumer awareness of an identification of a brand.

question

Brand Awareness

answer

Extent to which a brand is recognized by potential customers, and is correctly associated with a particular product. "I am aware of a company".

question

Brand Association

answer

Mental shortcuts to the brand promise: - Organic associations - Created associations (colors, logos, sound, smell, feel, its people)

question

Brand Principle

answer

Your unique approach: - Guides all actions around a brand - The compass for all employee actions - Foundation for differentiating the brand Criteria for success: - True - Useful for focusing actions - Close to the buying decision (membership, participation, donating) - Strikes emotional chord - Broad enough to be adaptable to the market, specific enough to be actionable - Ownable - Clear and brief

question

Brand Personality

answer

The foundation for emotional relationship: - Organizations are imbued with human personality traits - Stakeholders react to organizations as if they are people - Captures emotional aspects of relationship

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Family Brand

answer

Single brand name that identifies several related products.

question

Private Brand

answer

Brand offered by a wholesaler or retailer.

question

Generic Brand

answer

Products characterized by plain labels, no advertising, and the absence of brand names.

question

Brand Equity

answer

Added value that a respected, well-known brand name gives to a product in the marketplace.

question

Product Positioning

answer

Consumers' perceptions of a product's attributes, uses, quality, and advantages and disadvantages relative to competing brands. Placing a product at a certain point or location within a market in the minds of prospective buyers. Distinguishes firms offerings from its competitors.

question

Product Features

answer

Physical

question

Product Attributes

answer

One of the most common positioning strategies focuses on the product attributes that are most important to the target market. Like you, many students develop a list of salient attributes (not that they call them that) when choosing a college. These lists often include price, but price might not be the most important attribute in the purchase decision. Often they end up in a Pros and Cons list that we make at the kitchen table with our family.

question

Product Advantages

answer

Intellectual

question

Product Benefits

answer

Emotional

question

Canibalization

answer

Loss of sales of an existing product due to competition from a new product in the same line.

question

Venture Team

answer

Group of associates from different areas of an organization who work together in developing new products.

question

Robinson-Patman Act

answer

Federal legislation prohibiting price discrimination not based on a cost differential; also prohibits selling at an unreasonably low price to eliminate competition.

question

Value Pricing

answer

Pricing strategy that emphasizes benefits derived from a product in comparison to the price and quality levels of competing offerings.

question

Pure Competition

answer

Market structure characterized by homogeneous products in which there are so many buyers and sellers that none has a significant influence on price.

question

Monopolistic Competition

answer

Market structure involving a heterogeneous products and product differentiation among competing suppliers, allowing the marketer some degree of control over prices.

question

Oligopoly

answer

Market structure in which relatively few sellers compete and where high start-up costs form barriers to keep out new competitors.

question

Monopoly

answer

Market structure in which a single seller dominates trade in a good or service for which buyers can find no close substitutes.

question

Yield Management

answer

Pricing system for handling transportation costs under which the market is divided into geographic regions and a different price is set in each region.

question

Pricing Strategy: Skimming

answer

Pricing strategy involving the use of a high price relative to competitive offerings. (645)

question

Pricing Strategy: Penetration

answer

Pricing strategy involving the use of a relatively low entry price compared with competitive offerings, based on the theory that this initial low price will help secure market acceptance.

question

Pricing Strategy: Every Day Low Pricing

answer

(EDLP) Pricing strategy of continuously offering low prices rather than relying on such short-term price cuts as cents-off coupons, rebates, and special sales.

question

Pricing Strategy: Prestige Pricing

answer

Consider prestige products or services, those that consumers purchase for status rather than functionality. he higher the price, the greater the status associated with it and the greater the exclusivity, because fewer people can afford to purchase it.

question

Pricing Strategy: Freemium

answer

Freemium is a pricing strategy by which a product or service (typically a digital offering or application such as software, media, games or web services) is provided free of charge, but money (premium) is charged for proprietary features, functionality, or virtual goods.

question

Pricing Strategy: Psychological Pricing

answer

Pricing policy based on the belief that certain prices or price ranges make a good or service more appealing than others to buyers.

question

Pricing Strategy: Promotional Pricing

answer

Pricing policy in which a lower-than-normal price is used as a temporary ingredient in a firm's marketing strategy.

question

Pricing Strategy: Competitive Pricing

answer

Pricing strategy designed to deemphasize price as a competitive variable by pricing a good or service at the level of comparable offerings.

question

Pricing Strategy: Bundle Pricing

answer

Offering two or more complementary products and selling them for a single price.

question

Integrated Marketing Communications Process

answer

Coordination of all promotional activities to produce a unified, customer-focused promotional message.

question

AIDA Concept

answer

Steps through which an individual reaches a purchase decision: attention, interests, and respondent's opinions.

question

Trade Promotions

answer

Sales promotion that appeals to marketing intermediaries rather than to consumers.

question

Advertising

answer

Paid, non personal communication through various media about a business form, not-for-profit organization, product, or idea by a sponsor identified in a message intended to inform or persuade members of a particular audience.

question

Personal Selling

answer

Interpersonal influence process involving a seller's promotional presentation conducted on a person-to-person basis with the buyer.

question

Sales Promotions

answer

Marketing activities other than personal selling, advertising, guerrilla marketing, and public relations that stimulate consumer purchasing and dealer effectiveness.

question

Earned Media

answer

Word of mouth, Facebook, Twitter, Digg, Youtube, Flickr, blogs, forums (fans)

question

Owned Media

answer

Brochure, retail stores, company website, Microsite, community, Facebook Fanpage, Mobile apps (customers)

question

Paid Media

answer

Print, Television, Radio, Magazines, Cinema, Outdoor, Banners, Direct mail, SEM/Paid Search, in-store media (strangers)

question

Outdoor Media

answer

Sometimes called out-of-home advertising, is one of the oldest and simplest media businesses. Billboards, painted displays such as those on buildings, and electronic displays.

question

Public Relations

answer

Firm's communications and relationships with its various publics.

question

Product Placement

answer

Form of promotion in which a marketer pass a motion picture or television program owner a fee to display a product prominently in the film or show.

question

Celebrity Testimonials

answer

Popular technique for increasing advertising readership and improving effectiveness involving the use of celebrity spokespeople. (539)

question

Comparative (competitive) Advertising

answer

Advertising strategy that emphasizes messages with direct or indirect promotional comparisons between competing brands.

question

Cooperative Advertising

answer

Strategy in which a retailer shares advertising costs with a manufacturer or wholesaler.

question

Social Media

answer

Different forms of electronic communication through which users can create online communities to exchange information, ideas, messages, and other content such as videos or music.

question

Digital Apps

answer

A free or purchased software download that links users to a wide range of goods and services, media and text content, social media platforms, search engines, and the like.

question

Content Marketing (Inbound Marketing)

answer

Creating and distributing relevant and targeted material to attract and engage an audience, with the goal of driving them to a desired action.

question

Brand Manager

answer

Marketer responsible for a single brand.

question

Price Elasticity of Demand

answer

Measure of responsiveness of purchasers and suppliers to a change in price. Percentage change in the quality of a good or service demanded divided by the percentage change in its price.

question

Search Marketing

answer

Paying search engines, such as Google, a fee to make sure the company's listing appears toward the top of search results.

question

Personal Selling: Telemarketing

answer

Promotional presentation involving the use of the telephone on an outbound basis by salespeople or on an inbound basis by customers who initiate calls to obtain information and place orders.

question

Personal Selling: Field Selling

answer

Sales presentations made at prospective customers' locations on a face-to-face basis. Expensive form of selling because of travel expenses.

question

Personal Selling: Over-the-Counter Selling

answer

Personal selling conducted in retail and some wholesale locations in which customers come to the seller's place of business.

question

Personal Selling: Indirect Selling

answer

The sale of a good or service by a third-party, such as a partner or affiliate, rather than a company's personnel. Indirect sales may be used in conjunction with a company's direct sales efforts or may be used in lieu of hiring. Indirect sales are often made through resellers, such as specialty stores and big box retailers.

question

Personal Selling: Inside Sales

answer

Selling by phone, mail, and electronic commerce. Turns opportunities into actual sales.

question

Personal Selling: Outside Sales

answer

The sale of products or services by sales personnel who go out into the field to meet with potential customers. Salespeople often travel to meet customers face-to-face, as well as to maintain relationships with existing customers. However, some companies may consider telemarketing a form of outside sales as well.

question

Personal Selling: Consultative Sales

answer

Meeting customer needs by listening to them, understanding their problems, paying attention to details, and following through after the sale.

question

Personal Selling: Relationship Sales

answer

Regular contacts between sales representatives and customers over an extended period to establish a sustained buyer-seller relationship.

question

Short-term orientation

answer

Exists when you are focused on the present or past and consider them more important than the future. If you have a short-term orientation, you value tradition, the current social hierarchy, and fulfilling your social obligations. You care more about immediate gratification than long-term fulfillment.

question

Long-term orientation

answer

Exists when you are focused on the future. You are willing to delay short-term material or social success or even shot-term emotional gratification in order to prepare for the future. If you have this cultural perspective, you value persistence, perseverance, saving and being able to adapt.

question

Personal Selling: Prospecting

answer

Personal selling function of identifying potential customers.

question

Business to Consumer (B2C)

answer

Product designed for use by ultimate consumers.

question

Business to Business (B2B)

answer

Product that contributes directly or indirectly to the output of other product for resale; also called industrial or organizational product.

question

Channel Captain

answer

Dominant and controlling member of a marketing channel.

question

Intensive Distribution

answer

Distribution of a product through all-available channels.

question

Exclusive Distribution

answer

Distribution of a product through a single wholesaler or retailer in a specific geographic region.

question

Selective Distribution

answer

Distribution of a product through a limited number of channels.

question

Target Market

answer

Specific group of people a firm believes is most likely to buy its goods and services.

question

Convenience Store

answer

Store that appeals to customers by having an accessible location, long hours, rapid checkout, and adequate parking.

question

Specialty Store

answer

Store that combines carefully defined product lines, services, and reputation to presage shoppers to spend considerable shopping effort there.

question

Category Killer

answer

Store offering huge selections and low process in single product lines.

question

Bottom Line Profitability

answer

Reference to overall company profitability.

question

Blog

answer

Short for web log; an online journal for an individual or organization.

question

Blogging Site

answer

A platform that gives users a place to save, organize, and manage links to websites and other internet resources.

question

Marketing Website

answer

Site whose main purpose is to increase purchases by visitors.

question

Corporate Website

answer

Site designed to increase a firm's visibility, promote its offerings and provide information to interested parties.

question

E-Marketing

answer

Strategic process of creating, distributing, promoting, and pricing goods and services to a target market over the internet or through digital tools.

question

Wholesalers

answer

Channel intermediary that takes title to goods it handles and then distributes those goods to retailers, other distributers, or business or B2B customers.

question

Push Money

answer

Cash reward paid to retail salespeople for every unit of a product they sell.

question

Rebate

answer

Refund of a portion of the purchase price, usually granted by the product's manufacturer.

question

Coupon

answer

Sales promotion technique that offers a discount on the purchase price of goods and services.

question

Trade Allowance

answer

Financial incentive offered to wholesalers and retailers that purchase or promote specific products.

question

Vertical Channel Conflict

answer

Result in frequent and severe conflict. Channel members at different levels may find many reasons for disputes, as when retailers develop private brands to compete with producers' brands or when producers establish their own retail stores or create mail-order operations that compete with retailers.

question

Horizontal Channel Conflict

answer

Results from disagreements among channel members at the same level, such as two or more wholesales or retailers, or among marketing intermediaries of the same type, such as two competing discount stores or several retail florists. (464)

question

Backward Integration

answer

Process through which a manufacturer attempts to gain greater control over inputs in its production process, such as raw materials.

question

Forward Integration

answer

Process through which a firm attempts to control downstream distribution.

question

Franchise

answer

Contractual arrangement in which a wholesaler or retailer agrees to meet the operating requirements of a manufacturer or other franchiser.

question

Marketing Intermediaries (agents/brokers)

answer

Wholesaler or retailer that operates between producers and consumers or business users.

question

Marketing Concept

answer

Companywide consumer orientation with the objective of achieving long-run success.

question

The utility of a product or service is its:

answer

want-satisfying power

question

Availability of goods and services at convenient locations creates:

answer

place utility

question

A buyer's market is characterized by:

answer

more goods and services than buyers to buy them

question

The business philosophy incorporating the marketing concept that emphasizes first determining unmet consumer needs and then designing a system for satisfying them is known as:

answer

consumer orientation

question

The future growth of a company is endangered when management:

answer

is committed to maintaining a product-oriented philosophy

question

The _____ is a companywide consumer orientation with the objective of achieving long-run success.

answer

marketing concept

question

Which of the following statements is correct regarding not-for-profit organizations?

answer

Not-for-profit organizations hope to generate as much revenue as possible to support their causes

question

In not-for-profit organizations, _____ may interfere with the organization's marketing program.

answer

major contributors

question

Melissa is campaigning for Janet, her friend, who is contesting for the presidency of the student council at Riverdale Junior College. Melissa's effort is an example of _____ marketing.

answer

person

question

Many hotel chains offer free stays and other perks to repeat customers. This is an example of:

answer

relationship marketing

question

Which function of marketing helps marketers determine what consumers want and need and how to offer goods and services to satisfy them?

answer

Securing market information

question

_____ involves marketing philosophies, policies, procedures, and actions whose primary objective is the enhancement of society.

answer

Social responsibility

question

Long-term plans focusing on those organizational objectives that will significantly affect a firm for five or more years are usually referred to as _____ plans.

answer

strategic

question

Strategic planning has a critical impact on a firm's destiny because it provides _____ to its decision makers.

answer

long-term direction

question

A company's plans that focus largely on its current and near-future activities and are determined by its middle level management are referred to as _____ plans.

answer

tactical

question

In the planning hierarchy, plans dealing with organization-wide objectives, long-term plans, and the total budget would be classified as _____ plans.

answer

strategic

question

The first step of the marketing planning process involves:

answer

writing the mission statement

question

The _____ is the organizational program for selecting a target market and satisfying customers in that market through the marketing mix.

answer

marketing strategy

question

The basic objectives or goals of an organization are derived from its:

answer

mission statement

question

All planning strategies have the goal of creating:

answer

sustainable competitive advantage

question

Business strategies are impacted by the widespread use of the Internet. Which of the following is true with respect to its impact?

answer

The Internet has reduced barriers to market entry

question

A shoe manufacturer has multiple suppliers for leather. Based on this information, which of the following statements is true?

answer

The suppliers have lesser bargaining than the buyer

question

Matching an internal strength with an external opportunity produces a situation known as:

answer

competitive advantage

question

Which of the following would qualify as an example of a firm's weakness?

answer

The firm's failure to pay its taxes on time leading to a poor reputation in the market

question

The process of collecting information about the external marketing environment to identify and interpret potential trends is called _____.

answer

environmental scanning

question

The Coffee Cup, a popular coffee chain in Switzerland, is trying to expand its business into Canada. It decides to enter into a partnership with a Canadian bookstore chain to set up coffee shops inside bookstores, an arrangement which will benefit both firms. This type of partnership that helps to create a competitive advantage in a new market is known as a _____.

answer

strategic alliance

question

Market structure in which a single seller dominates trade in a good or service for which buyers can find no close substitutes is called a(n) _____.

answer

Monopoly

question

An industry with only a few large competing firms is called a(n):

answer

Oligopoly

question

Which of the following is an example of indirect competition?

answer

A Sony home entertainment system competing with a Jacuzzi hot tub

question

Which of the following helps time-based competitors to improve product quality, reduce costs, and expand product offerings to satisfy new market segments and enhance customer satisfaction?

answer

Flexibility and responsiveness

question

The _____ component of the marketing environment consists of laws that require firms to operate under competitive conditions and to protect consumer rights.

answer

political-legal

question

The Robinson-Patman Act was passed to:

answer

provide legal protection to individual merchants against competition from larger chain stores.

question

Which of the following is the newest regulatory frontier for federal and state regulators in the United States?

answer

Cyberspace

question

News reports from Zimbabwe indicate that a small pack of locally produced coffee beans costs approximately 1 billion Zimbabwean dollars, an amount that would have bought 60 new cars less than ten years ago in the same country. It can be surmised that Zimbabwe is experiencing extremely high levels of _____ which has spiraled out of control in the past ten years.

answer

Inflation

question

The amount of money available with people after buying necessities such as food, clothing, and housing is referred to as _____.

answer

discretionary income

question

_____ leads to new goods and services for consumers, improves existing products, offers better customer service, and often reduces prices through new, cost-efficient production and distribution methods.

answer

Technology

question

Jorge plans to buy a car and discusses the purchase with his parents. Their influence on his buying decision is considered:

answer

Interpersonal

question

The broadest environmental determinant of consumer behavior is:

answer

Culture

question

When groups establish values and behaviors they deem appropriate for their members, those values and behaviors are called group _____.

answer

Norms

question

The Asch phenomenon states that individuals will:

answer

conform to majority rule, even if it contradicts their beliefs.

question

The single group within society that is most vulnerable to reference group influence is:

answer

children, who base most of their buying decisions on outside influences.

question

_____ are determined by occupation, income, education, family background, and residence location.

answer

Social Classes

question

A(n) _____ role is seen when the partners independently make equal numbers of decisions regarding household purchases.

answer

Autonomic

question

Which of the following would fall under the category of personal determinants of consumer behavior?

answer

The needs and motives of the individual

question

In Maslow's hierarchy of needs, _____ needs refer to the desire of a person to be accepted by people and groups important to that individual.

answer

belongingness

question

The _____ component of attitude specifically involves tendencies to act in a certain manner.

answer

Behavioral

question

In a marketing context, the immediate or expected change in consumer behavior that results from experience is called a _____.

answer

Learning

question

In the area of self-concept theory, the real self is:

answer

the objective view of the total person.

question

Which of the following terms refers to the process of collecting and using information for marketing decision making?

answer

Marketing Research

question

An organization that regularly provides a standardized set of data on a periodic basis to its subscribers is called a ______.

answer

Syndicated Service

question

A _____ helps the marketers in conducting marketing research by performing all the steps in the marketing research process.

answer

full-service research supplier

question

The process of discussing a marketing problem with informed sources both within and outside the firm and examining information from secondary sources is known as _____.

answer

exploratory research

question

The information collected for the first time specifically for a marketing research study is called _____ data.

answer

Primary

question

Which of the following serves as a source of internal data for a firm involved in marketing research?

answer

Marketing cost analysis

question

Which of the following is the most important source of secondary data in the United States?

answer

Federal government

question

Which of the following factors is most likely to have an influence on the choice between primary and secondary data?

answer

Applicability

question

A group of people chosen from a defined population to be survey respondents or research participants is called a:

answer

Sample

question

Which of the following is a type of nonprobability sample?

answer

Convenience Sample

question

_____ is a marketing research technique that involves introducing a new product in a specific area and then measuring its degree of success.

answer

Test marketing

question

The _____ is a qualitative sales forecasting method that gathers and redistributes several rounds of anonymous forecasts until the participants reach a consensus.

answer

Delphi Technique

question

Placing a product at a certain point or location within a market in the minds of prospective buyers is known as _____.

answer

Positioning

question

A positioning strategy can be developed by:

answer

Understanding the selected target market and developing the marketing mix to appeal to the target market

question

Starbucks marketing itself as "Premium coffee" is an example of a positioning strategy that is based on _____.

answer

Product Class

question

A brand is much more than just a logo. Instead it is a(n)

answer

almagam of everything the brand is, say's and does.

question

Organizational Drivers are made up of

answer

mission, values and story

question

The added value that a certain brand name gives to a product in the marketplace is called _____.

answer

Brand Equity

question

The most powerful of the organizational drivers are

answer

Story

question

Having a clear and compelling shared purpose is important to a brand because:

answer

Purpose is a key to motivating employees

question

According to the Young & Rubicam's BrandAsset Valuator model, the _____ is a dimension of brand personality that refers to the extent of consumer awareness of a brand and the understanding of what a good or service represents.

answer

Knowledge

question

Based on the Young ; Rubicam's BrandAsset Valuator model, _____ is a dimension of brand personality that refers to a brand's ability to stand apart from competitors.

answer

Differentiation

question

The strategy of developing individual offerings to appeal to different market segments while remaining closely related to the existing product line is called _____.

answer

Line extension

question

The strategy of attaching a popular brand name to a new product in an unrelated product category is known as _____.

answer

Brand extension

question

_____are goods and services purchased for use either directly or indirectly in the production of other goods and services for resale.

answer

Business products

question

The division of the total market into smaller, homogenous groups is called _____.

answer

Market segmentation

question

A firm that divides its customers into homogeneous groups based on their locations is said to be practicing _____ segmentation.

answer

Geographic

question

_____ are computer systems that help marketers analyze marketing information by assembling, storing, manipulating, and displaying data by their location.

answer

Geographic information systems (GIS)

question

Socioeconomic market segmentation is another name for _____ segmentation.

answer

Demographic

question

The group born between 1968 and 1979, now generally in their early 30s to early 40s, often are referred to as _____.

answer

Generation X

question

Which of the following changes in the family lifecycle behavior is noted by researchers in the past decade?

answer

"Boomerang" children returning home, sometimes with their own families

question

Psychographic segmentation divides a population into groups based on:

answer

their attitudes, values and lifestyles

question

As per RoperASW's psychographic consumer segments, the group that seeks education, technology, and knowledge, and where the male-female ratio is roughly equal is called _____.

answer

Creatives

question

efore beginning the market segmentation process, a firm should:

answer

identify bases for segmenting markets.

question

Undifferentiated marketing is also called _____.

answer

mass marketing

question

A _____ marketing strategy focuses on producing several products and pricing, promoting, and distributing them with several marketing mixes designed to satisfy smaller segments.

answer

Differentiated

question

A bundle of physical, service, and symbolic attributes designed to satisfy a customer's wants and needs is referred to as a(n) _____.

answer

Product

question

Products marketed to consumers who may not yet recognize a need for them are called _____ products.

answer

Unsought

question

Convenience products that customers constantly replenish to maintain a ready inventory are categorized as:

answer

Staples

question

Which of the following terms refers to the specialty products of the business market?

answer

Installation

question

In the context of the business products, capital items that typically cost less and last for shorter periods than installations are called _____.

answer

Accessory Equipments

question

_____ involves measuring quality by comparing performance against industry leaders.

answer

Benchmarking

question

The term service _____ refers to the point at which the customer and service provider interact.

answer

Encounter

question

Which of the following variables of service quality best represents the readiness to serve one's customers?

answer

Responsiveness

question

Which of the following variables of service quality best represents the service provider's understanding of the customer's needs?

answer

Empathy

question

A series of related products offered by one company is called a product _____.

answer

Line

question

The assortment of product lines and individual product offerings a company sells is called its product _____.

answer

Mix

question

In which of the following stages of the product lifecycle, do market supplies exceed the demand, as a result of which a firm can increase its sales only at the expense of its competitors?

answer

Maturity Stage

question

The _____ strategy seeks to increase sales of existing products in existing markets.

answer

Market Penetration

question

A _____ strategy concentrates on finding new markets for existing products.

answer

Market Development

question

The strategy of _____ refers to the introduction of new products into identifiable or established markets.

answer

Product Development

question

A _____ strategy focuses on developing entirely new products for new markets.

answer

Product Diversification

question

Which of the following terms refers to a series of stages consumers go through in learning about a new product, trying it, and deciding whether to purchase it again?

answer

Adoption Process

question

Individuals who purchase new products almost as soon as these products reach the market are called _____.

answer

Innovators

question

The process by which new goods or services are accepted in the marketplace is known as the _____ process.

answer

Diffusion

question

A new product innovation that is consistent with the values and experiences of potential adopters and attracts new buyers at a relatively rapid rate is said to have high _____.

answer

Compatibility

question

Lean product development encourages __________________ to maximize learning.

answer

minimizing the total time through the development cycle

question

Lean product development is a(n) ___________________ approach to developing new products

answer

Iterative

question

A _____ often leads new-product development programs, including creation of new-product ideas and recommendations for improving existing products.

answer

Product Manager

question

The term "product positioning" refers to:

answer

consumers' perceptions of a product's attributes, uses, quality, as well as advantages and disadvantages relative to competing brands.

question

The _____ is at the heart of integrated marketing communications.

answer

Customer

question

The AIDA concept refers to the steps in:

answer

the consumer purchase decision process.

question

The communication process begins with:

answer

Encoding

question

Which of the following is the oldest form of promotion?

answer

Personal Selling

question

Paid, nonpersonal communication through mass media about a business firm, not-for-profit organization, product, or idea by a sponsor identified in a message intended to inform or persuade members of a particular audience is called _____.

answer

Advertising

question

Which of the following terms refers to the nonpersonal stimulation of demand for a good, service, person, cause, or organization through unpaid placement of significant news about it in a published medium or through a favorable presentation of it on the radio or television?

answer

Publicity

question

The use of unconventional, innovative, and low-cost marketing techniques designed to get consumers' attention in unusual ways is called _____.

answer

Guerrilla Marketing

question

Nokia is set to launch a new model of smartphones. Which of the following types of promotion should Nokia employ to drive initial sales for its new model?

answer

Awareness ; Informative Advertising

question

_____ advertising includes two-way promotional messages transmitted through communication channels that induce message recipients to participate actively in the promotional effort.

answer

Interactive

question

_____ are an outcropping of banner ads that appear on the results page of a search and are specific to the searched term.

answer

Keyword ads

question

Which of the following elements of a print advertisement focuses on informing, persuading, and stimulating buying action?

answer

Body copy

question

When a pharmaceutical company advertises that its product has a greater pain-relieving effect than Tylenol, it is using _____ advertising.

answer

Comparative

question

A(n) _____ is a software that enables users to communicate with each other online.

answer

Social Media Tool

question

_____ describes the wide range of transactions taking place via Internet applications such as email and virtual shopping carts.

answer

E-business

question

_____ are websites that provide virtual communities for people to share daily activities and increase their circle of online friends.

answer

Social Networking Sites

question

The most important goal of a marketing website is to:

answer

increase purchases by visitors

question

Which of the following is true about a social media marketing plan?

answer

It identifies and describes methods for monitoring, measuring, and managing the SMM effort.

question

Which of the following is the most popular web function?

answer

Communication

question

In an SMM plan, _____ refers to a paragraph or two that explains the who, what, when, where, how, and why of the plan, and gives compelling reasons why the plan should be adopted.

answer

The Executive Summary

question

Which of the following is the most common form of Internet advertising?

answer

Banner Ad

question

A(n) _____ is a separate window that appears on a user's screen with an advertising message.

answer

Pop-up ad

question

Social media marketing differs from traditional marketing in that social media marketing:

answer

solicits the audience's participation in the message

question

Which of the following tools help marketers trace, measure, and interpret data related to social media marketing initiatives?

answer

Social media analytics

question

The first step in creating an effective website is to:

answer

understand the purpose of the site

question

A basic measurement of website's effectiveness is the conversion rate, which is the:

answer

percentage of website visitors who make purchases

question

The role of a sales representative in the promotion process has changed from that of persuader to that of a:

answer

problem solver.

question

_____ refers to a personal selling approach in which customers comes to the seller's place of business to buy products largely on their own initiative.

answer

Over-the-counter selling

question

The most expensive sales method overall is:

answer

field selling, largely because of the travel costs of sales personnel.

question

_____ is a personal selling approach that focuses on establishing a sustained buyer-seller relationship with customers through regular contacts over an extended period.

answer

Relationship selling

question

Meeting customer needs by listening to them, understanding their problems, paying attention to details, and following through after the sale is called _____ selling.

answer

Consultative

question

_____ is a personal selling function that involves identifying potential customers.

answer

Prospecting

question

One important advantage of personal selling over most advertising is:

answer

the ability to actually demonstrate the good or service.

question

The term "_____" refers to the postsale activities employed by salespeople that determine whether an individual who made a recent purchase will become a repeat customer.

answer

Follow-up

question

Firms that market similar products throughout large areas often organize their sales forces:

answer

Geographically

question

A _____ is a specially packaged item that gives the purchaser a larger quantity at regular price.

answer

Bonus Pack

question

Which of the following is a sales promotion technique that places the manufacturer's name, address, and marketing message on useful articles that are then distributed to target customers?

answer

Specialty Advertising

question

Which type of sales promotion is intended to capture the impulse purchase?

answer

Point-of-purchase displays

question

The exchange value of a good or service defines its:

answer

Price

question

The Robinson-Patman Act specifically prohibits:

answer

price discrimination in sales to wholesalers, retailers, and other producers.

question

State laws requiring sellers to maintain minimum prices for comparable merchandise are called _____ laws.

answer

unfair-trade

question

Pricing objectives that focus on attaining a target return on investment are examples of _____ objectives.

answer

Profitability

question

The management at Fries, a potato chips manufacturer, is calculating their quarterly profits. According to the official data, the firm has sold 200,000 units of their chips priced at $2 per unit for the quarter. The firm had spent $100,000 on production, processing and other costs. The profit made by Fries for the quarter is:

answer

$300,000

question

Short-run or long-run pricing objectives of achieving a specified return on either sales or investment are known as _____ objectives.

answer

Target-return

question

Which of the following pricing objectives reflects marketers' recognition of the role of price in creating an overall image of the firm and its product offerings?

answer

A prestige objective

question

Analysis has shown that ingredients account for less than 5 percent of a perfume's cost. So if a perfume costs $135 or more per ounce, it reflects the marketer's adoption of a pricing objective that focuses on:

answer

pricing the product at price customers are willing to pay.

question

Which of the following is a market structure characterized by homogeneous products in which there are so many buyers and sellers that none has a significant influence on price?

answer

Pure competition

question

Customary prices are:

answer

retail prices consumers expect as a result of tradition and social habit.

question

The _____ of demand is the percentage change in the quantity of a good or service demanded divided by the percentage change in its price.

answer

Price elasticity

question

A five-pound bag of roasted peanuts sells for $8, and the average variable cost is $4 per bag. If the total fixed cost for the roasted peanuts is $80,000, the breakeven point in bags is:

answer

20,000

question

A _____ pricing strategy helps manufacturers to distinguish their high-end products from similar products of their competitors.

answer

Skimming

question

_____ pricing is the pricing strategy of continuously offering low prices rather than relying on short-term price-cutting tactics such as cents-off coupons, rebates, and special sales.

answer

Everyday low

question

Which of the following pricing strategies tries to reduce the emphasis on price as a competitive weapon?

answer

Competitive pricing

question

The price normally quoted to potential buyers before any discounts or allowances are allowed is called the _____ price.

answer

List

question

The price a consumer or marketing intermediary actually pays for a product after subtracting any discounts, allowances, or rebates from the list price is called _____ price.

answer

Market

question

The payment offered to a channel member for performing marketing functions is called a _____.

answer

Trade discount

question

A one-time reduction in list price typically offered at the time of sale is referred to as a(n):

answer

noncumulative discount

question

A pricing policy that assumes that some prices are more appealing than others is known as _____ pricing.

answer

psychological

question

_____ pricing is a pricing policy in which products are offered to consumers at less than cost to attract them to stores in the hope that they will buy other merchandise at regular prices.

answer

Loss leader

question

Consumers today perceive that, within price limits, there is:

answer

a direct relationship between the quality and price of a product.

question

_____ pricing occurs when a company offers two or more complementary products and sells them for a single price.

answer

Bundle

question

Large-scale enterprises often have a dilemma with setting the _____ price, which is the price they charge themselves when sending goods from one company profit center to another.

answer

Transfer

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