question

According to the lecture, word of mouth models in marketing and the spread of new products is based on

answer

spread of contagious diseases models

question

Unlike product, promotion, or place, price is the only part of the marketing mix that:

answer

generates revenue.

question

If the Amador County Pest Control Association got together and all member agreed to charge 3 percent of the value of a home for a termite inspection letter, the association members would be engaging in:

answer

horizontal price fixing.

question

When a company greatly exceeds the customer's expectations the outcome is often

answer

delight

question

During the _______ stage of the product life cycle, sales rise, profits rise rapidly, and there are a small but increasing number of competitors.

answer

growth

question

One key feature of the value of a brand is that:

answer

it often protects the firm from competition and price competition.

question

When there is a significant difference between the service customers receive and the service the firm promotes, the firm has a:

answer

communications gap

question

According to the instructor, if a company wants its price to meet its profit goals, they need to:

answer

use margin up pricing

question

Paul is considering psycho-graphics as a way to segment the market for his small travel agency. This approach to segmentation offers him an advantage because:

answer

it is based on underlying reasons why people make choices.

question

One of the following is not one of the stages of the product life cycle. Which is it? a. Introduction b. Pregnancy c. Growth d. Maturity e. Decline

answer

Pregnancy.

question

Jackson manages an upscale French restaurant in the Washington, D.C. area. His restaurant offers a few specials each evening in addition to its regular menu. Jackson has trained his waiters and waitresses to report to comments and requests for items that have previously only been offered as specials. Jackson uses his information to learn more about diners' food preferences, which helps to reduce the ______ gap in services marketing.

answer

knowledge

question

According to the lecture, which of the following is NOT an important characteristic of marketing?

answer

Segments must always be more than 50% of the population.

question

The instructor said that research is

answer

about finding information not just data.

question

The segments that a company chooses to market to is

answer

their target segment

question

Customer satisfaction occurs when

answer

the customer evaluates the post purchase outcomes as exceeding the CL level

question

The diffusion of innovation theory is useful to marketers in helping them:

answer

predict which types of customers will buy their product immediately and later.

question

Positioning is perception of the customer about your products features, values, and benefits relative to

answer

the competition

question

In a ______ pricing tactic, sellers advertise low prices and then aggressively pressure customers to purchase higher priced versions of the product advertised with the low price.

answer

bait and switch

question

Karen has identified four potential market segments for her Rent-A-Chef home meal catering service. The next step is to

answer

evaluate the attractiveness of each segment

question

Caroline needs to find information about income and age distribution in Orange County, California. The best source of secondary research of use to Caroline is likely to be:

answer

census data.

question

NASCAR redirected its marketing efforts when a survey indicated that almost 50% of race fans were female. This is an example of

answer

demographic segmentation

question

Innovation

answer

process by which ideas are transformed into new products and services that will help firms grow.

question

Break-even point

answer

The point at which the number of unites sold generates enough revenue to equal the total costs of running an operation

question

After reviewing the existing data on season spending by his company's customers, Marvin decided he needed new information collected to address his research questions. Marvin will need _____ data to address the questions in his market research study

answer

primary

question

recently, the number of students enrolled in the marketing program dropped while the enrollment in the psychology program increased. The chair of the marketing department will probably use ______ as a first step to gain a better understanding of why enrollments are changing.

answer

exploratory research.

question

Brand

answer

a name, symbol, design, or term that identifies a seller's good or service as distinct from those of other sellers.

question

As you check out or pay at the grocery cash register, you notice gum on display and purchase some. This is most likely a

answer

Convenience product

question

Breakeven analysis

answer

gives you the total number of units you need to sell to breakeven

question

Pre-paid funeral services is an example of

answer

An unsought product

question

In general, prices should not be based on costs because:

answer

consumers make their purchase decisions based on perceived value

question

An invalid reason for creating a perceptual map is:

answer

It's a way to show the position of the company in ten years.

question

Firms with well known brands can spend relative less on marketing costs than firms with little known brands because:

answer

people already know what the brand means

question

Service

answer

any intangible offering that involves a deed, performance, or effort that cannot be physically possessed.

question

Characteristics of a service:

answer

intangible, inseparable, variable, perishable.

question

Marketing firms should only try to improve the customer's perceptions by

answer

one point on the rating scale.

question

One of the primary reasons that companies create new products related to the product life cycle:

answer

New products must be created to replace products in the decline stage.

question

The term BIG DATA in marketing as used in the class lecture includes all of the following EXCEPT

answer

Macro-environmental factors like inflation rates.

question

The main element that distinguishes a product from a service is

answer

intangibility

question

An important marketing outcome

answer

customer satisfaction

question

In the value equation, the price of a good or service is

answer

the perceived cost of either the offering or the alternative offering

question

Branding helps companies market but it also helps companies by

answer

increasing the net worth of the company

question

Empowerment

answer

allowing employees to make decisions about how service is provided to customers

question

When customers buy branded products that they like, it has the neurological effect of

answer

releasing neurotransmitters that part of the reward system

question

The term service recovery is not very accurate because:

answer

it is actually a service replacement

question

The step of testing a concept has one important element that is:

answer

that the actual product or service has not yet been actually made

question

Today's salespeople do not engage in as much

answer

cold call

question

The flow of product from raw materials through no disposal is best described as:

answer

the supply chain

question

Integrated marketing communications represents which P in the four P's of a firm's marketing mix?

answer

promotion

question

Describe the information flow

answer

it is associated with the pull strategy and moves away from the customer.

question

Logistics

answer

the physical movement of goods and services

question

Key advantage of personal selling:

answer

it provides immediate feedback from the customer

question

Use of private label brands

answer

strategy used by retailers to differentiate themselves from competitors

question

Three elements of any IMC strategy:

answer

the consumer, the channels, and the results.

question

The main goal of Integrated Marketing Communications (IMC) is:

answer

a coordinated message across all marketing media

question

What marketers have learned from how consumers interpret their IMC messages:

answer

each receiver decodes IMC messages in his or her own way

question

Two key skills needed by a salesperson:

answer

questioning and listening

question

Questioning and listening skills allow salespeople to:

answer

create value by solving problems or addressing specific needs

question

When a product has gained a certain level of brand awareness, firms use ______ advertising to motivate consumers to take action

answer

persuasive

question

Distribution Intensity is about:

answer

the number of outlets and channels used to provide the product or service to the customer.

question

In the AIDA model, marketing communications move consumers stepwise:

answer

through a series of mental stages

question

Lift

answer

additional sales that can be attributed to an advertising campaign

question

Marketing communications can be wasted if:

answer

the sender does not gain the attention of the consumer first

question

Describe the product flow:

answer

associated with a push strategy and moves towards the customer

question

If a company find the return on marketing using social media is 146% and the return on marketing using broadcast media is 38%, the company should:

answer

increase communications expenditures on social media

question

The Promotion 'P' of the four P's of the marketing mix is also called:

answer

Integrated Marketing Communications

question

US based global marketers have often found that:

answer

EU advertising laws are more restrictive than those in the US

question

The goals of IMC need to:

answer

be explicit and measurable

question

Media Mix

answer

the combination of media used and the frequency of advertising in each medium

question

One of the greatest constraints faced by store based retailers and one that the Internet channel can address is:

answer

the amount of merchandise that can be carried in a physical store

question

Inexperienced salespeople mistakenly believe that during the sales call, they should:

answer

do all the talking

question

Because advertising is the most visible form of marketing:

answer

people think of marketing and advertising as synonymous

question

In marketing's four P's, Place refers to all activities required to get:

answer

the right products to the right customer when that customer wants it

question

Naren knows that he needs to ask a series of questions early in his sales presentation, but he also knows that he:

answer

needs to listen carefully to the answers

question

The group at school that is promoting and teaching sales is:

answer

Professional Sales Institute

question

Works selling products to industrial users, spends most of their time working on customers' new buy and modified rebuy situations

answer

order getter

question

For a JIT system to be successful, the firm and its vendors must

answer

cooperate

question

What is the primary function of a stock keeping unit (SKU)?

answer

it represents a unique inventory item in a store

question

Orders for merchandise are generated at the store level based on sales data captured at POS terminals

answer

pull supply chain

question

Today, most successful retailers concentrate on providing:

answer

more value to their best customers

question

Reminder advertising:

answer

prompt repurchase of a product

question

The most expensive media of all the components of IMC

answer

personal selling

question

Three types of distribution intensity:

answer

intensive, exclusive, and selective

question

Sound adjustment on TV commercials is part of:

answer

the AIDA model

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