question

Analyzing a competitors position is the ______ stage in positioning decision

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first

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____________ ____________ ______________ is a strategy that develops one or more products for each of several distinct customer group and make sure these offerings are kept separate in the marketplace

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Differentiate targeting strategy

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part of the decision-making process where marketers provide a reason why consumers will perceive the products as better than their competition

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competitive advantage

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strategy that influences how a particular market segment perceives a good or service in comparison with the competition- THIRD and LAST step

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positioning

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is the process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics-FIRST

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segmentation

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is created for a product or service, with distinctive image that captures character and benefits

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brand personality

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is the use of psychological, sociological, and anthropological factors to construct market segments

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psychographics

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is the ability to identify and target very small geographic segments that sometimes amount to individuals

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micromarketing

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a technique that divides consumers into segments on the basis of how they act toward, feel about, or use a good or service.

answer

behavioral segmentation

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consists of the market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts- divides total market into different segments on the basis of customer characteristics, selecting one or more segments and developing products to meet the needs of those specific segments

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target market

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are the dimensions that divide the total market into fairly homogeneous groups, each with different needs and preferences

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segmentation variables

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are statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure

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demographics

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are indicators used in behavioral market segmentation based on when consumers use a product most.

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usage indicators

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is a system that combines a geographic map with digitally stored data about the consumers in a particular geographic area.

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Geographic information system(GIS)

question

is the creation of many consumer groups due to diversity of distinct needs and wants in modern society

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market fragmentation

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is the focus of a firms efforts on offering one or more products to a single segment

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concentrated targeting strategy

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is a strategy in which marketers evaluate the attractiveness of each potential segment and decide in which of these groups they will invest resources to turn them into customers. (second step)

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targeting

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appeals to a broad spectrum of people.

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undifferentiated targeting strategy

question

tailors specific products and the messages about them to individual customers.

answer

customized marketing strategy

question

consumers often have a cynical attitude toward marketing

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generation X

question

consumers are technically savvy and often have no religious affiliation

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generation Y

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are willing to invest money, time and energy to maintain their youthful image

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baby boomers

question

are straight, urban males who are keenly interested in fashion, home design, gourmet cooking, and personal care

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metrosexuals

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visually describes where brands are "located" in consumers minds relative to competing brands

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perceptual map

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is the strategy of establishing thought leadership in the form of bylines, blogs, commenting opportunities, videos, sharable social images, and infographics

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content marketing

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describes an approach that modifies a basic good or service to meet the needs of an individual

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mass customization

question

is a once-popular brand that has been revived to experience a popularity comeback.

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retro brand

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is a measurement that reflects the quantity purchased or frequency of use among consumers of a particular product or service.

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usage rate

question

is a marketing rule of thumb that 20 percent of purchasers account for 80 percent of a product's sales.

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80/20 rule

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is a milestone or reward earned for progressing through a video game.

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badge

question

is the first stage in a consumers adoption of a new product

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Awareness

question

is the first layer in the product concept.- describes the benfits the product will provide for consumers or business customers

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core product

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is second layer in the product concept- the physical good or delivered service that supplies the desired benefit

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Actual product

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is third layer in the product concept

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Augmented product

question

is the second stage in a consumer's adoption of a new product

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interest

question

is the third stage in a consumer's adoption of a new product.- provides information to customers about how the product can benefit the consumer

answer

evaluation

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is the fourth stage in a consumer's adoption of a new product.- provides demonstrations and samples of the product

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trial

question

is the consumers adoption of a new product reinforces the customers choice through advertising, sales promotion, and other communications- last step

answer

confirmation

question

is a modification to an existing product that sets the brand apart from its competitors

answer

continuous innovation

question

is making the product available and providing product use information

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adoption

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is the degree to which a consumer perceives that a new product provides superior benefits

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relative advantage

question

is the first group of people to adopt a new product

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innovators

question

is the coming together of two or more technologies to create a new system with greater benefits than the sum of its parts

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convergence

question

is a change in an existing product that requires a moderate amount of learning or behavior change.

answer

dynamically continuous innovation

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is a totally new product that creates major changes in the way we live.

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discontinuous innovation

question

is not a type of innovation. A knockoff is a new product that copies, with slight modification, the design of an original product.

answer

knockoff

question

is a test version of a proposed product

answer

prototype

question

is the first step in new product development

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idea generation

question

is an example of a consumer product

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unsought product

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is the extent to which a new product is consistent with existing cultural values, customs, and practices

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compatibility factor

question

of the product development process, marketers assess a product's commercial viability.

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business analysis step

question

is the step in which a new product is launched into the market.

answer

commercialization

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is a test of the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter.

answer

test marketing

question

In what step do marketers test product ideas for technical and commercial success?

answer

product concept development and screening step

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is the process by which the use of a product spreads throughout population

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diffusion

question

is the process by which benefits-based value is created through collaborative participation by customers and other stakeholders in the new product development process

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value co-creation

question

is expensive goods that an organization uses in its daily operations and that last for a long time

answer

equipment

question

is a consumer good or service that is usually low priced, widely available and purchased frequently with a minimum of comparison and effort

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convenience product

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include products of the fishing, lumber, agricultural, and mining industries that organizational customers purchase to use in their finished products.

answer

raw materials

question

are products that are created when firms transform raw materials from their original state.

answer

processed materials

question

are manufactured goods or subassemblies of finished items that organizations need to complete their own products.

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component parts

question

is an organizational culture in which all organization members treat each other as valued customers

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internal consumer mind-set

question

is multiple items marketed under the same brand name

answer

family brand

question

is an agreement between 2 brands to work together to market a new product

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cobranding

question

is the useful way to explain how products go through 4 distinct stages from birth to death

answer

product life cycle

question

is a new product sold with the same brand name as a strong existing brand

answer

brand extension

question

is a firms total product offering designed to satisfy a single need or desire of target customers

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product line

question

works exclusively on the new-product development effort

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venture team

question

is the name for an agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time

answer

licensing

question

is the overall ability of the product to satisfy customer expectations.

answer

product quality

question

is a unique identifier for each distinct product

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stock-keeping unit (SKU)

question

is a management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement.

answer

total quality management(TQM)

question

is a brand that the product manufacturer owns.

answer

national brand

question

is a brand that a certain retailer or distributor owns and sells.

answer

private-label brand

question

is a strategy in which products are not branded and are sold at the lowest price possible.

answer

generic brand

question

is to coordinate all marketing activities for a brand

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brand manager

question

is the value of a brand to an organization

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brand equity

question

of the product life cycle, is when new features are added to the product- profit margins are narrowing/at peak

answer

maturity stage

question

the company produces a single product.- no profits

answer

introduction stage

question

new variations of the product are added because new competitors are entering the market.- marketers advertise heavily to counter new competition- profits are increasing

answer

growth stage

question

the number of variations in a product is reduced.- last stage in product life cycle- profits are falling

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decline stage

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is the creation of a secondary brand with a main brand that can help differentiate a product line to a desired target group

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sub-branding

question

is a name, term, symbol, or any other unique element of a product that identifies one firm's products and sets it apart from the competition.

answer

brand

question

is the beliefs and associations that a consumer has about the brand.

answer

brand meaning

question

is the process of engaging consumers with brands by telling compelling stories

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brand storytelling

question

is responsible for developing and implementing the marketing plans for products sold to a particular customer group.

answer

market manager

question

is responsible for developing and implementing the marketing plan for all the brands and products within a product category.

answer

product category manager

question

is the first step in managing products process

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developing product objectives

question

is the second step in managing products process

answer

designing product strategies

question

is the third step in managing products process

answer

make tactical product decisions

question

is the fourth and final step in managing products process

answer

organizing for product management

question

is the point at which a firm doesn't lose any money but doesn't make any profit

answer

break-even point

question

is the first step in the price planning process

answer

set pricing objectives

question

is a method of setting prices in which the seller totals all the costs for the product and then adds an amount to arrive at the selling price

answer

cost-plus pricing

question

is the step in the price planning process that involves looking at the economy, the competition, the government regulation, consumer trends, and the international environment

answer

examining the pricking environment

question

is a pricing strategy in which the price of a product is raised as demand for that product goes up and lowered as demand goes down

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surge pricing

question

is the business strategy in which a product in its most basic version is provided free of charge but the company charges money for upgraded versions of the product with more features, greater functionality, or greater capacity.

answer

freemium strategy

question

is a pricing strategy in which the price can easily be adjusted to meet changes in the marketplace.

answer

dynamic pricing

question

are a method of e-commerce that allows shoppers to purchase a product through online bidding.

answer

online auctions

question

is a very high, premium price that a firm charges for its new, highly desirable product.

answer

skimming price

question

is primarily used to show the number of units the market will buy in a given time period, at different prices that might be charged. The relationship between the price charged and the resulting demand level is shown in the demand curve.

answer

demand curve

question

is the percentage change in unit sales that results from a percentage change in price.

answer

price elasticity of demand

question

is the difference between the price the firm charges for a product and the variable costs.

answer

contribution per unit

question

when pricing strategies are determined by profit objectives, the focus is on a ________ _________ ___ __________ __________ or a desired net profit margin.

answer

target level of profit growth

question

is the amount added to the cost of a product to create the price at which a channel member will sell the product

answer

markup

question

is the kind of discounts off list price of products to members of the channel of distribution who perform various marketing functions

answer

trade discounts

question

are the costs of production that are tied to and vary depending on the number of units produced

answer

variable costs

question

focus is on a target level of profit growth or a desired net profit margin

answer

profit objectives

question

is an advertised price special used to get customers into their store with the intention of switching them to a higher-priced item

answer

bait-and-switch

question

is the sixth and final step in the price planning process.

answer

developing pricing tactics

question

is the fifth step in the price planning process

answer

choose a pricing strategy

question

is the fourth step in the price planning process

answer

Examine the pricing environment

question

is the third step in the price planning process

answer

determining costs

question

is when customers are sensitive to changes in prices, and a change in price results in a substantial change in demand

answer

elastic demand

question

changes in price have little or no effect on the amount demanded.

answer

inelastic demand

question

changes in prices of other products also affect the demand for an item.

answer

cross-elasticity of demand

question

not a type of demand. _________ is used to describe a product. For example, this product is a product that has a high price and that appeals to status-conscious consumers.

answer

prestige

question

are the fixed costs per unit produced

answer

average fixed costs

question

are the costs of production that do not change with the number of units produced

answer

fixed costs

question

are the total of the fixed costs and variables for a number of units produced

answer

total costs

question

is a set price range in a consumers mind to which they refer in evaluating a products price

answer

internal reference price

question

is a pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless of location

answer

uniform-delivered pricing

question

is the pricing policy of setting prices very low or even below cost to attract customers into a store.

answer

loss-leader pricing

question

is the pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it

answer

penetration pricing

question

occurs when a new product is priced low for a limited amount of time in order to lower the risk for the customer.

answer

trial pricing

question

is a pricing tactic for two items that must be used together; one item is priced much lower, and the firm makes its profit on the other, high-margin item essential to the operation of the first item.

answer

captive pricing

question

are primarily used to show the number of units the market will buy in a given time period, at different prices that might be charged

answer

demand curves

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