Final: Quiz 3 & 4 – Flashcards
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________ is the process of evaluating the attractiveness of different market segments and selecting one or more segments to enter.
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Market targeting
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__________ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
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positioning
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Which of the following is the right order of the steps that companies generally follow in designing a customer-driven marketing strategy?
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market segmentation, market targeting, differentiation, and positioning
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Markets can be segmented into groups of nonusers, ex-users, potential users, first-time users, and regular users of a product. This method of segmentation is called ________.
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user status segmentation
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Market segments that can be effectively reached and served are said to be ________.
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accessible
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When a market segment is large or profitable enough to serve, it is termed ________.
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substantial
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When an effective program can be designed for attracting and serving a chosen segment, the segment is best described as ________.
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actionable
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Marketing the same product to a huge customer base without any customization is referred to as ________.
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mass marketing
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Port Orleans Shipping markets different services to the tourism, defense, and trade segments. The firm designs separate offers for each segment based on their needs. This approach is called ________ marketing.
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differentiated
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________ marketing tailors brands and promotions to the needs and wants of specific cities, neighborhoods, and even stores.
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local
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Which of the following is true of perceptual positioning maps?
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They are used to analyze consumer perceptions of a brand versus competition products
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Using a(n) ________ positioning strategy, companies can attack the more-for-more strategy of another firm by offering a brand of comparable quality at a lower price.
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more for the same
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Company and brand positioning should be summed up in a ________.
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positioning statement
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Which of the following types of products are generally priced the lowest?
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convience products
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Which of the following is an example of an unsought product?
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life insurance
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Which of the following is an example of an industrial product grouped under capital items?
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factory
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A ________ is defined as a name, term, sign, symbol, or design, or a combination of these, that identifies the maker or seller of a product or service.
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brand
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Expanding a product line by adding more items within the present range of the line is known as product line ________.
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filling
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Marque, a high-end maker of designer watches, has started making inexpensive watches to take advantage of enormous growth rates in low-end market segments. Marque is most likely engaging in ________.
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downward stretching
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Product mix width refers to the ________.
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number of different product lines the company carries
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Which of the following is most likely a true statement about services?
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a service is intangible before it is purchased
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The dependence of service quality on the quality of the buyer—seller communication during the service encounter is referred to as ________ marketing.
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interactive
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Flores Fashions promotes its clothing by emphasizing the durability and quality of the fabrics it uses. The company has positioned its brand based on ________.
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product attributes
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Xenon, a leading consumer-electronics manufacturing company, markets its products under the company's own brand name. In this case, Xenon has sponsored its products by promoting them as ________ brands.
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national
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Sweet & Cream, a popular frozen yogurt chain, attracts new customers by adding new flavors to its famous frozen yogurt product line. In this case, the company has developed its brand with ________.
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line extensions
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Which of the following statements is most likely true about the new product development process?
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customers, competitors, and suppliers are major sources of new product ideas
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Internal sources of new product ideas for a company include its ________.
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employees
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In which of the following cases is crowdsourcing used for new product development?
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a company creates a forum where anyone can contribute new product ideas
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The stage in which a product concept is presented to groups of target consumers physically or symbolically is referred to as ________.
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concept testing
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________ involves a review of the sales, costs, and profit projections for a new product to find out whether they satisfy a company's objectives.
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business analysis
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In which of the following cases is little or no test marketing most likely recommended for a new product?
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when the cost of developing and introducing the products are low
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________ is the stage where a product and its proposed marketing program are introduced into realistic market settings.
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test marketing
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Which of the following is a disadvantage of a team-based approach to new product development?
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organizational confusion and tension are likely to affect the process
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Which of the following statements is most likely true about the product life cycle?
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growth is a period of rapid market acceptance and increasing profits
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A product life cycle has five distinct stages: product development, introduction, growth, maturity, and ________
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decline
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Which of the following would most likely have the longest duration in a market and be characterized by several periods of renewed interest?
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a style
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Which of the following is true about the introduction stage of a new product?
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sales growth tends to be slow
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As a result of ________, a company cannot make its product illegally similar to a competitor's already established product.
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patent laws
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________ refers to the amount of money charged for a product or service.
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price
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Which of the following sets the upper limit for a product's pricing?
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consumer perceptions of value
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Which of the following sets the lower limit for a product's pricing?
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product cost
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________ uses buyers' perceptions of what a product is worth as the key to pricing.
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customer valued based pricing
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________ pricing involves charging a constant low price with few or no temporary price discounts.
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everyday low
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________ pricing involves setting prices based on the expenses involved in producing, distributing, and selling a product plus a fair rate of return for a company's effort and risk.
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cost based
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Rent, electricity, and executive salaries that do not vary with production level are referred to as ________ costs.
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fixed
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The relationship between the price charged for a product and the resulting demand level can be shown in a ________.
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demand curve
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When demand hardly changes with a small change in the price of a product, then the demand for the product is best described as ________.
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inelastic
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A firm uses ________ when it charges a high, premium price for a new product with the intention of reducing the price in the future.
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market skimming pricing
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Qriosity Inc. released a new antivirus program at half-price to attract buyers. This is most likely an example of ________.
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market penetration pricing
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The Sherman Act, Clayton Act, and Robinson-Patman Act are all federal laws that were initially adopted to curb the formation of ________.
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monopolies
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Which of the following is true of downstream channels in a company's supply chain?
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the form an intermediary link between the company and its customers
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________ are sets of interdependent organizations that help make the product or service of a company available for use by consumers or business users.
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marketing channels
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Vertical conflicts in distribution channels are conflicts that occur between ________.
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different levels of the same channel
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In a(n) ________ marketing system, leadership over production and distribution is assumed through the size and power of one or a few dominant channel members.
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administrated vertical
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Which of the following is true of an intensive distribution strategy?
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it strives to make products available where and when consumers want them
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________ distribution gives a limited number of dealers the sole rights to distribute a company's products in their territories.
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exclusive
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Selective distribution is a strategy in which ________
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more than one buy fewer than all willing intermediaries are used by a seller
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Jupiter Steel is the chief provider of metals to Greystone Motors. Greystone Motors has two models of cars-one for commercial and ordinary consumers and another for professional car racing teams. Greystone Motors has designated dealers to sell its commercial cars to consumers, while racing cars are sold directly to the racing teams. In such a distribution channel, which of the following would be considered a horizontal conflict?
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conflict between 2 greystone motors car dealerships
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Which of the following pricing strategies charges the same price plus freight to all customers, regardless of their location?
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uniform delivered pricing
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The Memphis Rock chain of restaurants has a deal with WestEnd Cola, according to which it will serve only WestEnd sodas at its restaurants. What strategy has most likely been adopted by WestEnd Cola?
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exclusive dealing
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Outbound logistics refers to moving ________.
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products from the factory to resellers
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In supply chain management, moving products and materials from suppliers to the factory is known as ________ logistics
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inbound
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Flax is a chain of stores that carries several product lines including clothing, home furnishings, and household appliances. Each line is operated as a separate department, and employees are available to assist and advise customers in every phase of the shopping process. Flax is most likely a ________.
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full service retailer
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A convenience store ________.
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carries a limited line of high turnover goods for consumer self service
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A ________ is highly automated and designed to receive goods from various plants and suppliers, take orders, fill them efficiently, and deliver goods to customers as quickly as possible.
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distribution center
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________ refers to the activities involved in selling products or services directly to final consumers for their personal, nonbusiness use.
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retailing
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GameStop, a video game retailer, offers a deep assortment of video games and video game consoles. GameStop is best described as a(n) ________.
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specialty store
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What is most likely the first major marketing decision that a retailer must take?
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segmentation
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________ includes all the activities involved in selling goods and services to those buying them for resale or business use.
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wholesaling
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________ are the largest group of wholesalers and can be divided into two broad types of wholesalers: full-service and limited-service.
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merchant wholesalers
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When compared to merchant wholesalers, brokers and agents ________.
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do not take title to goods
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Hamilton Wholesaling, an electronics wholesaling firm, provides many services to customers including buying, storing, and transporting expensive and delicate electronics equipment. Hamilton takes title of ownership to all goods that the firm handles. Hamilton is most likely a(n) ________.
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merchant wholesaler
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According to the text, today's large and progressive wholesalers have successfully reacted to rising costs by ________.
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investing in info technology systems
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Which of the following is true about trends in wholesaling?
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the demand for lower prices and higher quality has increased
