question

-Each brand receives its own unique creative approach -Allows brands to tap the minds of many smart, creative people -Gets different perspectives -Keeps brands out of advertising rut

answer

Benefits of ad agency are...

question

The most important piece in working with an advertising agency is in getting a "name brand" agency that has lots of clients and billings. The bigger the better

answer

False

question

FALSE

answer

T/F Good marketing managers give strong direction to their advertising agency, telling them exactly what they want the advertising to look like by offering examples of ad campaigns they really like.

question

6-8 Months

answer

How long do must good advertising campaigns take to develop?

question

FALSE- Junior people should only critique on the strategic evaluation

answer

T/F When critiquing an ad, agencies work in a creative review meeting presentation, first comments and the most important thing to react to is how well you like their creative approach

question

Pride

answer

A company putting up a giant billboard with only their brand name on it commits which of the six deadly sins of Advertising?

question

Envy

answer

A company making advertising designed to confuse consumers by looking suspiciously like a competitors advertising commits which of the six deadly sins?

question

TRUE

answer

T/F In effective advertising, it is important to make your product the hero

question

sloth

answer

A company that creates advertising that is very trendy for a product that really isn't trendy at all is what sin?

question

TRUE

answer

T/F advertising is entertainment

question

Pride- displaying company name without a relevant message Gluttony- using pretty pictures that dont relate to your product Envy- advertising resembles competitors Greed- overstating your product benefits Sloth- Borrowing ideas from current events or culture Wrath- angry advertising

answer

Six Deadly sins of Advertising

question

FALSE

answer

T/F The key to effective website design is to invest in a great web design specialist. Web design isn't for rookies

question

TRUE

answer

T/F 52% of web-users will not return to a website if it has poor aesthetics

question

Clean + functional, communicates with differentiates your product, easy to navigate, showcase your product as a hero

answer

The key to a great website design is:

question

Testimonials, association logos, chamber of commerce logo, money-back guarantee

answer

Which of these would be considered a "trust indicator" on a website?

question

TRUE

answer

T/F Customer buy for emotion reason, and then find rational reasons to justify the purchase

question

TRUE

answer

T/F Most consumers are willing to pay a premium for their favorite brand before they'd switch to a competitor

question

Convincing a customer to "like: your brand on Facebook or.. Convinving cutomer to "follow" you on twitter Getting a customer to fill out a "get more info: from on your website

answer

Example of "permission marketing"

question

FALSE

answer

T/F New visitors to a website usually spend on average two minutes looking around and deciding whether or not they will be able to find what they are seeking on your site

question

Improving the quality and volume of traffic to your website from search engines such as google, yahoo etc Builds trust with customers by having your website show up high on the first page of search results Helps customers find you

answer

Search Engine Optimization is:

question

engage with your "owned media Drive customers to purchase your product or service Build interest and trust in your brand

answer

In todays marketplace, paid media should drive customers to do what?

question

FALSE

answer

T/F Social Media is an advertising channel

question

Youtube

answer

Second largest search engine behind google?

question

TRUE

answer

T/F Social media is an entertainment outlet

question

50%

answer

When a user "likes" a brand or company on Facebook, what percentage of them views this as a permission that now send them marketing messages

question

True`

answer

T/F To be effective social media messages must follow the guidelines of being timely, relevant, and actionable

question

Pinterrest

answer

Which social media site is protected to account for 40% of all social media driven purchases this year

question

Businesses that make basic household consumer products

answer

Which of business segments is no a good fit for social media?

question

FALSE

answer

T/F The best way to effectively use social media for business si to have dedicated staff sending out 20-30 messages per day

question

The need to build "opt in" lists to get large number of consumer who want to hear from you.

answer

What is the biggest constraint to using texting, email, intent listening,

question

50% of users are key decisions makes of business Organic way to network with people who might not ever have the opportunity to meet in any other scenario It is searchable talent pool of executive recruiters

answer

question

FALSE

answer

T/F Social Media requires an advertising channel?

question

-Earned by retailers based on cases sold of a particular brand -Accrue on a quarterly basis -Are paid to retailers in exchange for marketing activities to support the brands sales

answer

Marketing Development funds...

question

FALSE

answer

True or False: MDF funds can usually be combined between brands to give the retailer a bigger fund to work from and build a bigger, better promotion.

question

ALWAYS

answer

When a grocery chain is putting together its weekly sale ad, how likely is it that MDF funds are used to pay for the ads of featured brands that appear in the ad?

question

4 times volume

answer

The impact of retail marketing programs can be significant. What is the average impact on sales of an off-shelf display only (sold at regular price) for the average brand versus the sales they will generate just through its regular on-shelf presence?

question

In store instant coupons

answer

Which type of coupon has the highest redemption rate?

question

False

answer

True or False: Category leaders (the number one or two brands in a product category) should frequently use in-store coupons to drive incremental sales.

question

Slotting allowance

answer

When introducing a new product to retailers, manufacturers must pay a fee in order to get the retailers to put the product on their shelves. What is this "fee" called?

question

A. Special pricing B. Display fixtures C. Product demonstrations D. Value-added bonuses

answer

Trade promotion is a marketing technique aimed at increasing sales of products in retail stores based on:

question

Robinson-Patman Act

answer

The law that ensures manufacturers offer marketing programs on equal basis with both large and small retailers is:

question

False

answer

True or False: Retailers can request checks from manufacturers directly and roll MDF funds straight to the bottom line without performing any marketing activities for a brand.

question

TV+Radio are great at developing them

answer

Third party promotions

question

Carve out competitive advantage Help create brand personality Drive Sales Have results that endure long last the promotional window

answer

Great consumer promotions can:

question

Trinkets and Trashitis

answer

A consumer promotion for Folgers coffee offers that for mailing in three proof-of-purchase UPC's plus $4.99, you can receive a collectable Furby. What plague of consumer promotions is this an example of?

question

Not a plague of consumer promotions

answer

A consumer promotion for Walt Disney Pictures offers a free movie ticket to "Toy Story 4" with the purchase of a Buzz Lightyear or Woody action figure. What plague of consumer promotions is this an example of?

question

Not a plague

answer

A consumer promotion for Reece's Peanut Butter cup offers a "Win A Peanut-Butter Cup Shaped Backyard Pool" with the winner found inside a package of Reece's. What plague of consumer promotions is this an example of?

question

Oddisitis

answer

A consumer promotion for Sprite offers an under-the-cap instant win contest where 1 in 6 wins a free 20 oz. Sprite! What plague of consumer promotions is this an example of?

question

Been there, done that

answer

McDonald's "Monopoly" promotion is an example of what plagues of consumer promotions?

question

Continuity promotion

answer

A consumer promotion that requires a series of purchases is called a:

question

Surprise Sweetner

answer

The promotion strategy of Johnny Cupcakes is to pack a reward inside every box shipped to customers. These rewards can range from an extra shirt to a baseball card. What type of consumer promotion would this be considered?

question

C. Product Sampling D. On-Pack Premium A. Trial Size

answer

This consumer promotion is designed to give a consumer the opportunity to try your product for free or at a low cost. This type of consumer promotion is:

question

A. Created a unique brand promotional vehicle B. Created a brand personality through a consumer promotion C. Developed a proprietary promotion

answer

The Oscar Meyer Wienermobile is a good example of a brand that has:

question

C. Provide a single, consistent voice to the outside world D. Ensure the accuracy of everything the press and consumers hear and see about your brand

answer

The most vital function of the PR department is:

question

Marketing PR

answer

PR that proactively develops programs and initiatives to support brand efforts is called:

question

Press releases, Press conferences

answer

The primary tools of a PR professional are:

question

False

answer

True or False: The primary goal of PR professionals is to keep plugging away, pestering, and plastering the media with information in order to get your company's name in the press.

question

False

answer

True or False: The media offers better coverage to PR professionals who deliver just the facts and figures.

question

Entertainment/hollywood

answer

Which industry is considered to have the most "mastery" of effectively using PR to drive interest in their products or services:

question

A. Deciding what it is you strategically want to communicate B. Developing a fun and interesting way of positioning the strategy to the media, giving them a unique, newsworthy "hook".

answer

The requirements to develop a great PR plan are

question

Fun, creative ideas- Marketing it different better and special

answer

The key to creating a great PR program is:

question

True

answer

True or False: The media offers better coverage to PR professionals who deliver great, creative ideas that have a "hook" for the press to latch on to.

question

Crisis management

answer

PR that does crisis management is called:

question

False

answer

True or False: Brands should only commit to cause-related marketing efforts short-term.

question

FALSE

answer

True or False: It's bad to borrow a personality from a musician, because they are unstable and might embarrass your brand.

question

A cause related alliance

answer

A promotional tie between P&G brands and Special Olympics designed to raise funds for the charity would be classified as:

question

A popularity marketing alliance

answer

A promotional tie between Ford Trucks and Taylor Swift's "Speak Now" tour would be classified as:

question

That it's a good way to generate incremental volume above and beyond the cost of the charitable donation, increasing profits.

answer

A brand's primary motivation for getting involved in a cause-related alliance is likely:

question

True

answer

True or False: Some brands create their own charities or non-profits to create tie-in promotions.

question

False

answer

True or False: Product placement in a theatrical movie is usually a guarantee of success and will generate incremental product sales from movie fans.

question

True

answer

True or False: Many brands are finding success by integrating their products or brands into popular television show content.

question

True

answer

True or False: Consumers generally like promotions tied to their favorite TV programs.

question

A. Create proprietary promotions using Taylor B. Leverage Taylor's popularity C. Borrow Taylor's personality for the brand

answer

An alliance between a brand and a major celebrity like Taylor Swift gives a brand the ability to:

question

False

answer

True or False: A sports venue is a great place to advertise, because there are thousands of people at games that can be reached very effectively.

question

True

answer

True or False: A sponsorship of the small local college sports team shows my community spirit and consumers like brands that are supporting their local community.

question

False

answer

True or False: A sponsorship of a championship team creates a halo effect to the sponsor, with consumers also thinking of their brand as champions.

question

$8.00 to $10.00 for every dollar spent on the sponsorship

answer

To effectively use a sports sponsorship, marketers should plan to spend how much additional money over and above the sponsorship fee in "activating" the sponsorship?

question

True

answer

True or False: An effective special event plan includes being BIG.

question

TV and Radio stations

answer

A great partner for special events is:

question

False

answer

True or False: If research data shows that consumers of your brand are big NFL fans, then it makes sense for you to purchase an NFL sponsorship.

question

False

answer

True or False: Sponsoring a hard-working athlete will reflect that work ethic upon my brand to consumers.

question

True

answer

True or False: To effectively use a sports sponsorship, it should allow for the development of localized and customer-specific promotions.

question

True

answer

True or False: A key component of special event planning should be consideration to neutralizing possible competitive ambush threats.

question

False

answer

True or False: Licensing makes the most sense when your company manufactures and distributes products and your manufacturing facility is operating at capacity.

question

True

answer

True or False: Adding a smart, strategic license to a somewhat boring product otherwise can sometime increase the consumer appeal and desire for the product.

question

Will the use of the trademark with this product increase its value to the consumer more than it will cost me to acquire it?

answer

The criteria for identifying and evaluating a licensing opportunity is:

question

licensor

answer

Someone who owns a trademark, character or logo who is willing to license it to another party is called:

question

Yes

answer

True or False: Let's say you are the creator of Angry Birds. Your primary business is making video games. Is it smart to use licensing to develop new products in new product categories where you don't have experience?

question

True

answer

True or False. Being the owner of a valuable and desirable trademark is almost like having a license to steal. You can make great money with very little (or no) effort.

question

Minimum guarantee+royalty on every item sold

answer

A licensee typically pays what in order to use someone else's trademark?

question

Make it themselves

answer

If you own a large resort like Six Flags in Denver, should you license off all of your in-park merchandise or should you produce it all yourself?

question

True

answer

True or False: If your manufacturing facility is operating at less than capacity, acquiring a license to make products similar to your own, only with the licensed trademark on it, will fill in the excess production capacity and help lower the overall production costs on your other products.

question

More customers

answer

Significant growth=

question

More $ per purchase

answer

Is it better to get more $ per purchase or more purchases?

question

IN WORDS

answer

What is the best way to explain data to customers?

question

fifth grade writing level- dumb it down!

answer

What is the best way to write a print ad?

question

cut your product line by up to 50%

answer

Significant overall sales growth can be realized if:

question

Be blunt and direct!

answer

When selling a customer its best to...

question

product demonstration

answer

Building customer credibility is most effective if you offer

question

dependable- builds trust

answer

Buyers prefer sales people who are:

question

A new brand name

answer

Breakthrough ideas have a better chance of success with...

question

keeping price @ list price from beginning

answer

Smartest way to introduce a new product/service

question

performance and quality advantages

answer

In industrial marketing it is more important to focus on...

question

It usually takes as much as six years

answer

With a breakthrough product or service you can usually tell...

question

DO WIN

answer

Long shots...

question

1. Meaningless marketing- say nothing, do nothing 2. Mindless marketing- tricks, fads, gimmicks 3. Meaningful marketing: genuine, authentic, sustained.

answer

3 types of marketing:

question

= Success

answer

DIFFERENT BETTER SPECIAL

question

Harder to do Changes to product/service R&D, Manufacturing, operations value Customer making conscious choice Being the real thing Substance Enduring Product focused You double your success

answer

Meaningful Marketing

question

Because then when they back down you have a better chance of getting them to do something

answer

Always ask for the moon....

question

Remembering names Meeting over food scarcity

answer

Mindless Tricks

question

A way to alter your product offering in different configurations depending upon where it is being sold (i.e. TV's sold at Walmart vs. club stores vs. Best Buy vs. Sears).

answer

A "channel" distribution strategy is:

question

Cause-related marketing

answer

Brands like "Ben & Jerry's", "Newman's Own", and "Tom's Shoes" that donate a large amount of their profits to charity have institutionalized what kind of primary marketing strategy?

question

a. Logos of media that have covered your business (NBC, Wall Street Journal) The number of years you have been in business d. Testimonials

answer

Which of these would be considered "Trust Indicators" for a website?

question

b. Exclusivity

answer

There are only 30 Lamborghini dealers in the United States. This distribution strategy would be classified as:

question

true

answer

True or False: A "Push" distribution strategy is one that is focused on moving the product through the distribution chain to the consumer (the typical retail distribution model).

question

Systematic and Objective

answer

Market research is:

question

Loss Leader pricing

answer

The pricing strategy sometimes used by retailers to lure customers into stores with super low prices (often below their actual cost price) on high-demand products is called:

question

Place Promotion Price Product

answer

Four P's of marketing:

question

a. Generally used for exploratory purposes b. Usually includes a small number of respondents c. It is not projectable d. Statistical significance and confidence are not calculated

answer

What is "qualitative" research?

question

d. Interview Transcripts

answer

Which of these forms of research WOULD NOT be classified as quantitative?

question

d. The value of the brand as an asset to the firm

answer

"Brand Equity" means:

question

-Analyzing your product category to create a mix of products that meet consumers needs better than your competitors. -Grouping products into categories that suggest a rationale for a series of products you would offer. -Helps marketers craft their product mix in a variety of sizes, shapes, colors, and forms in order to specifically meet consumer needs. -Assists marketers in finding "gaps" in which a new product could possibly be created to fill that unmet need.

answer

Segmentation is:

question

Develops similar yet different products to appeal to specific consumer needs Offers a selection of products that meet consumer needs better than the competition

answer

A product mix:

question

Line extensions

answer

It started with Cheerios. Then came Honey-Nut Cheerios, Frosted Cheerios, Multi-Grain Cheerios and many other varieties of Cheerios. This product strategy is called:

question

Defines the unique benefits your brand offers to the consumer

answer

A brand strategy:

question

Target audience, benefit, reason why

answer

The three components of a brand strategy are:

question

a. Money-Back Guarantee b. Offer 24 hour help lines c. No Hassle Returns Policy d. Free Replacement if Broken, Lost or Damaged

answer

Which of these are ways to alleviate customer fears (also known as "cognitive dissonance")?

question

a. Convincing a customer to "Like" your brand on Facebook b. Convincing a customer to "Follow" your brand on Twitter c. Getting a customer to fill out a request for more information form on your website

answer

An example of "Permission Marketing" would be:

question

Robinson-Patman Act

answer

The law that ensures manufacturers offer marketing programs and promotions on an equal basis with both large and small retailers is:

question

Product Sampling On-Pack Premium Trial size

answer

Giving a customer the opportunity to try your product for free or at a low cost is called

question

Licensing

answer

A good marketing plan consist of five areas of focus. Which of these IS NOT one of them?

question

Skilled and trained marketing professionals

answer

Effective marketing campaigns are the handiwork of:

question

Manufacturing operations

answer

Which of these is NOT a direct responsibility of the marketing brand team:

question

They identify the essence of their brand story - and how to tell it with passion. They create a strategic, actionable plan to guide the branding, marketing and communications of their products and services. They develop and foster interaction with their customers wherever they are. They use creative ideas to build marketing plans to grow long-term profits.

answer

Great marketers perform four essential tasks for their business. What are they?

question

They develop a strategy with clear business objectives and identify clear marketing goals. They tell their brand story with passion. They find ways to interact with people wherever they are. They make creativity profitable.

answer

A few timeless principles guide marketers. What are they?

question

They engage the consumer Showcase the product / service in relevant yet unexpected ways Communicate how their product / services are different, better and special versus competition. Delight and drive the customer to purchase

answer

outcomes of all great marketing campaigns:

question

Generate customer interest and sales Effectively brand your products and services Build and execute effective marketing plans Tilt the table in your favor to sell more products / services using less time, money, and effort.

answer

This class is designed to provide you with the tools and expertise to:

question

True

answer

True or False: The tactics uses to execute marketing plans constantly evolve.

question

True

answer

True or False: The strategies that lead to successful marketing plans have remained surprisingly consistent over time.

question

Branding and Strategy Marketing & Communications Web Marketing Social Media

answer

The Marketer's Toolbox includes:

question

Primary

answer

Which typically costs more -- primary or secondary research?

question

Price elasticity testing

answer

The market research technique that is used to determine how sensitive customers are to price changes is called:

question

Generally used for exploratory purposes Usually includes a small number of respondents It is not projectable Statistical significance and confidence are not calculated

answer

What is "qualitative" research?

question

Generally used to draw conclusions Tests a specific idea Uses random sampling techniques Involves a large number of respondents

answer

What is "quantitative" research?

question

True

answer

True or False: Top marketing companies get better information by teaching their marketing personnel to gain strategic insight through every-day life

question

By observing the competitive marketplace and doing your own analysis

answer

What is the best way to develop intellectual competitive advantage?

question

Covers the entire USA

answer

Which of these is typically not a characteristic of a test market? Covers the entire USA Real products, real customers, real sales data Allows you to test your marketing program / advertising levels Lasts a short time (3 to 6 months) All of the above

question

Interview transcripts

answer

Which of these forms of research would not be classified as quantitative: Government data Interview transcripts Sales and Financial data Ratings and rankings Survey data

question

Copy Testing

answer

The market research technique that predicts in-market performance of a television advertisement before it airs by analyzing audience levels of attention, brand linkage, motivation, entertainment and communication values is called:

question

Defines sales forecasts

answer

An operating charter does not do which of the following? Specifies how you will measure success Lists the tasks you will accomplish Define areas in which your department has authority to operate Defines your aspirations Defines sales forecasts

question

Listing your sales goals for the next year

answer

Which of these is not one of the three steps to building a working mission statement? Listing two or three ideas that you think sum up your job activities Listing your sales goals for the next year Listing a core principle for which you will stand Writing down who you are working to help All of the above

question

Operating charter

answer

Which of these represents the view of your business from 20,000 feet, outlining the "big picture" for your workgroup?

question

Working Mission Departmental Mission Personal Mission Corporate Mission

answer

type of mission statements that was discussed in the book?

question

Set parameters and define authority that individuals in your department have the right to exert within the organization as a whole Focus everyone's time, energy, and resources on single-mindedly accomplishing the stated goal Define management and employee expectations of your business goals and paint a vision of the road to success

answer

benefit that come from creating and using an operating charter?

question

Working mission statements

answer

The world's best marketing companies have all developed secret internal missions that are called:

question

94%

answer

Dr. Edward Deming, the father of quality management system engineering, noted that what percentage of problems in most corporations are due to poor systems designs?

question

True

answer

True or False: The departmental mission and operating charter becomes a single document that precisely delineates what everyone within each department in the organization is ultimately trying to achieve.

question

Focus everyone's time, energy and resources on single-mindedly improving the business. Defines management and employee expectations of your business goals and paint a vision of the road to success. Set parameters and define authority that individuals in your department have the right to exert within the organization as a whole.

answer

advantages of having a working mission statement and operating charte

question

Working mission statement

answer

Which of these should be the foundation of your business plan?

question

A. Effective companies develop their brands as tools that allow their messaging to cut through the noise of an overcrowded marketplace. B. Consumers use brands as a way to identify preferred products C. Brands provide a method of classification, differentiations, and identification that allow the consumer to simplify buying decisions.

answer

statement true of brands?

question

-The backbone of modern business strategy -Is the act of managing consumer's expectations so as to condition your target audience to see your offering as the only answer to a specific need.

answer

Branding is:

question

A. Built on trust B. Are about feelings, not facts C. What is promised by the brand and expected by the consumer are one-and-the-same.

answer

Brands are:

question

True

answer

True or False: Improving competitive advantage is a major aspect of successful branding.

question

Defines the unique benefits your brand offers to the consumer.

answer

A brand strategy:

question

True

answer

True or False: A marketing strategy uses the brand strategy as the cornerstone in developing "what it will say" to the target audience of consumers.

question

Procter & Gamble

answer

What company invented the business strategy of "Brand Management"?

question

Easy to read packaging graphics

answer

Which of these IS NOT a guiding principle of the concept of "USP" (unique selling proposition)?

question

Experience

answer

Fill in the blank: "A brand is a _______________________ living at the intersection of promise and expectation."

question

True

answer

True or False: The term "brand" is often confused with advertising, marketing, naming or a design.

question

All of these

answer

A brand positioning statement:

question

True

answer

Everything the consumer knows and believes about a product is driven from the brand positioning statement.

question

Target audience, benefit, reason why

answer

The three components of a brand positioning statement are:

question

False

answer

True or False: A celebrity shown in a commercial is a good indication that the product being advertised is "targeted" to celebrities just like him / her.

question

That's because

answer

When crafting a brand positioning statement, what should always be the first two-words of the "reason why".

question

Functional consumer benefits

answer

When considering product benefits, "cleaner, brighter, fresher, more power, lasts longer" would be examples of:

question

Use kitchen logic

answer

The best "reasons why":

question

Are specific and numeric, with the same precision as you would state price.

answer

The most powerful "benefits":

question

A. Offering benefits that competitors do not, cannot, or will not offer B. Being relevant yet unexpected C. Knowing how the consumer "feels" about your product

answer

The key to developing a strong brand positioning is:

question

Strategy development

answer

The most troublesome task in marketing is:

question

Brain-draining

answer

The method of brainstorming in which you assume all great ideas exist somewhere within the confines of your brain and all you need to do is somehow coax them out is called:

question

558%

answer

Fill in the Blank: Studies conducted by Dr. Arthur Van Gundy at the University of Oklahoma found that the Stimulus response method of brainstorming generated ___________% more "super-smart" ideas with above average marketplace potential.

question

The skeleton of a new product idea A one-paragraph "ad" or "description" for the product A matrix of benefits / reasons why Purchase intent

answer

What is a concept statement?

question

Purchase Intent How "New & Different" the idea is versus what already exists

answer

When testing new product concepts on consumers, what have been proven over time to be the best predictors of success?

question

A. You can get smarter, quicker B. You can judge purchase intent and see if consumer view the product as new and different C. You can "Fail Fast, Fail Cheap" without spending a lot of time or money

answer

Rapid-cycle testing is used to "test and improve", attempting to optimize new product concepts. Why is this important?

question

Eight out of every ten new products

answer

Academic studies claim that how many new products introduced into the marketplace fail within their first twelve months?

question

No / poor distribution of the product No / low consumer appeal Underestimating introductory marketing costs Flawed creative process

answer

Common problems that cause new product failures include:

question

True

answer

True or False: Some new products fail because they require a different distribution system than the one your company currently uses.

question

Takes a well-established brand and creates new products leveraging its popularity in other product categories (i.e. Marie Callender's restaurant's creating frozen entrées and desserts for grocery).

answer

A "Brand" Extension:

question

Line extensions

answer

Cheerios, Honey-Nut Cheerios, Multi-Grain Cheerios, Apple-Cinnamon Cheerios, Frosted Cheerios are all examples of:

question

False

answer

True or False. In the early stage of a product life cycle is when the lowest price is charged and most profits are reaped.

question

Loss Leader Pricing

answer

A product sold at a low price (i.e. at cost or below cost) to attract customers and stimulate sales of other profitable products is called:

question

Psychological pricing

answer

Pricing a product at $3.99 instead of $4.00 is an example of:

question

Price elasticity

answer

The economics technique that is used to help determine the "optimal" product price is called:

question

Price insensitive

answer

The best business to own and operate is one in which buyers will pay just about any price for your goods, and sales volume doesn't really change much no matter what you charge. This is called:

question

True

answer

True or False: Price communicates value to the consumer. The price you ask makes a statement about the value you are offering to the consumer.

question

High-Low Pricing

answer

The pricing strategy often used at department stores like Kohl's or Dillard's, where goods offered by the retailer are regularly priced higher than the competition, but through promotions, sales, advertisements or discounts, lower prices are offered on key items.

question

Product bundle pricing

answer

A pricing strategy where retailers combine several products into the same package is called:

question

Every-day low price

answer

The pricing strategy made famous by Wal-Mart, where the retailer sets the price at the lowest price they are willing to sell the product at.

question

False

answer

True or False. Most consumers who live at or near the poverty line almost exclusively purchase generic products for use in their homes.

question

The things besides money that affect purchase decisions

answer

What are life currencies?

question

True

answer

True or False: The monetary cost of items is often not a primary factor in the purchase decision.

question

Space, Human Energy, Time and information, expertise, fear, fum, frustration, money, love, convenience, information

answer

Life Currency examples:

question

Four

answer

Fill in the blank: Frustrated customers are the worst kind of customers. Every frustrated customer on average tells ____________ other people about their frustrating experience.

question

A. Offer guarantees B. Have 24 hour help lines available C. No-questions-asked return policy if not completely satisfied

answer

Which is a way for marketers to alleviate customer's fears?

question

True

answer

True or False: Not providing customers with adequate information to make an informed decision is the #1 reason customers walk away from purchasing items that they otherwise are interested in.

question

True

answer

True or False: The actual "price" of an item is determined by the aggregate value each individual places upon each of the life currencies.

Marketing Quiz #2- Chapters 12-20 – Flashcards

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