Ch. 6-11 Review – Flashcards
Unlock all answers in this set
Unlock answersquestion
Samantha is married with two children. She is a college graduate with a household income of $85,000 per year. What type of segmentation variables are being used to describe Samantha?
answer
Demographic
question
What are the four steps in order to designing a customer driven marketing strategy?
answer
Marketing Segmentation, Targeting, Differentiation, and Positioning
question
Diamond manufacturer encourage women purchase achievement ring. Whereas left hand says "we" right hand says "me". What behavioral segmenting basis is this?
answer
Occasion segmentation
question
Business buyers can be segmented by all of the following factors EXCEPT: -psychographics -demographics -geography -benefits sought
answer
Psychographics
question
Nick's pet supplies divides the pet market according to race, occupation, income, and life cycle. Segmentation used?
answer
Demographic
question
If a company doing business in Europe and Asia groups together customers from each country with similar needs and buying behavior, it is using...
answer
Intermarketing Segmentation
question
In general, a company should enter only segments in which it can...
answer
Offer superior value and gain competitive advantage
question
To be useful, market segments must be all but... -actionable -measurable -undifferentiable -substantial
answer
Undifferentiable
question
What is the following an example of? To busy people who need to always be in the loop, blackberry is a wireless solution that gives you an easier, reliable way to stay connected to data, people and resources while on the go...
answer
Positioning Statement
question
Some Wal-Mart stores in the SE USA offer several Mexican brands to cater to the larger Mexican population in that area. This is an example of:
answer
Local Marketing
question
Which of the following target market strategies is LEAST likely to succeed when marketing a good or service in the USA? -micromarketing -concentrated -differentiated -undifferentiated
answer
Undifferentiated
question
The way the product is defined by consumers on important attributes, place occupied in consumers minds relative to competing products, is known as the product's...
answer
Position
question
A moving company's ads stress the loving care taken when packing, loading, and unloading the client's possessions. Competitive advantage being promoted is based on...
answer
Services differentiation
question
Which of the following value propositions reflects status and a lofty lifestyle? -more for more -less for more -more for same -same for less
answer
More for more
question
What is the core customer value for travelers who stay overnight at hotels?
answer
Relaxation and a good night's sleep
question
Soft drinks, soap, and magazines are examples of what products?
answer
Convenience
question
A hospital purchases a new MRI machine costing millions of dollars. This is an example of?
answer
Capital Item-Installation
question
Mercedes introduced C-Class cars for $30,000 without hurting its ability to sell other models priced at $100,000 or more. The new car was an example of successful...
answer
Downward line stretching
question
Defined as anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need
answer
Product
question
The product Kraft markets several brands in many product categories. Cheese and dairy are examples of the?
answer
Product Mix
question
The number of different product lines a company carries constitues a product mix's...?
answer
Width
question
Julia is willing to pay more for name brand products because she believes that she attains greater value. This describes which concept?
answer
Brand Equity
question
Kenmore appliances and Craftsman tools are brands only in Sears. These brands are examples of...
answer
Private Brands
question
Honda, a popular car, also markets several products like motorcycles, generators, and lawn equipment...this is...
answer
Brand Extension
question
In assessing which new features to add to a product, a company must weigh each feature's ___ to customers versus its ___ to company.
answer
Value;cost
question
Hotels and resorts charge lower prices in the off-season to offset the ___ of service characteristic
answer
Perishability
question
a group of products that are closely related because they function in similar manner, are sold to same customer, marketed to same outlets, and fall within given price ranges
answer
Product Line
question
Service providers must consider four characteristics when designing marketing programs. Which one does not belong? -service intangibility -inseparability -perishability -heterogeneity -variability
answer
Heterogeneity
question
Which most likely is seen as a major asset of a company, outlast product and facilities?
answer
Brands
question
What are the two ways a company can obtain new products?
answer
New product development and acquisition
question
New product development starts with?
answer
Idea generation
question
Berry drink appeal to women who need a boost...would be considered a?
answer
Product Concept
question
Customers, competitors, distributors, and suppliers are considered what type of source for new product ideas?
answer
External sources
question
Before moving further with new development process, review sales, costs and projects for new product to see if it satisfies the company's objectives...this is...?
answer
Business analysis
question
If a product concept survives business analysis, it moves into the ___ stage of new product development process.
answer
Product development
question
In which stage of the PLC will promotional expenditures be especially high in an attempt to create consumer awareness? -product development -introduction -growth -maturity -adoption
answer
Introduction
question
A new breakfast cereal is promoted and sold in a single city for a short time. If successful, it has passed the ___ stage of new product development process
answer
Test market
question
Several successful companies develop new product that focus on solving consumer's problems to create better experiences...what approach to new product development is this?
answer
Customer centered
question
Internet enabled mobile phones are currently experiencing rapid market acceptance and increasing profits. Which state of PLC is this?
answer
Growth
question
Style, fads and fashions have their own unique life cycles. Which of these typically lasts longest?
answer
Style
question
Your product gradually gains popularity and seems to have settled into long maturity, but must sell abroad to keep sales healthy....you must....
answer
Modify the market
question
Sales of product X have been declining steadily. Competitors show no sign of leaving the market, and advertising costs are moderate. Best strategy is...?
answer
Harvest the brand
question
Best description of a product steward?
answer
Protect consumers from harm; protect company from liability by identifying and solving potential product problems
question
Because names, labels and colors don't translate from one country to another, international marketers must assess....
answer
Packaging
question
Setting price based on buyer's perceptions of value rather than on seller's cost is called....
answer
Value Based Pricing
question
Monthly costs (rent, interest, salaries etc.) that must be paid regardless of output each month are..
answer
Fixed Costs
question
Consumer perceptions of products value set the ___ for prices?
answer
Ceiling
question
A manufacturer of bikes has fixed costs of $500,000 and variable of 30 per bike. If a company sells bikes for $80, how many must be sold to break even?
answer
10,000
question
Describes how responsive demand will be to a change in price
answer
Price elasticity
question
Initially you price your new motorcycle at 30,000 but drop to 27,000. Demand jumps by 40%...in this case demand is...?
answer
Highly elastic
question
Market penetration pricing works best when all except what conditions are met?
answer
Product has a premium image
question
A firm using ____ when charging a high price for a new product with intention of reducing price in the future.
answer
Price skimming
question
Computer printers have become inexpensive. However ink costs as much as printer. WHat mix strategy being used?
answer
Captive product pricing
question
Discounts offered to channel members for services they proved are called...
answer
Functional discounts
question
Priceway grocery advertises products at low prices to attract customers to store to buy other items at normal markups...this is...?
answer
Promotional pricing
question
Charging the same price plus freight to all customers, regardless of location is called...?
answer
Uniform-delivered pricing
question
David checked airline prices on internet and noticed prices changed during the day on different days when checked.
answer
Dynamic pricing
question
With product bundle pricing, sellers can combine several products and offer the bundle ___
answer
At a reduced price
question
Price discrimination is legal under what conditions?
answer
If a seller can prove costs per unit are different when selling to different retailers
question
Marketing channel design calls for analyzing consumer needs, setting channel objectives, ____, and evaluating them
answer
Identify major channel alternatives
question
A drug store bundles together shampoo, conditioner, hairspray, and brush, and offers for one price. Performing the ___ Channel function...
answer
Matching
question
What is not a typical supply chain member? -reseller -supplier -wholesaler -retailer creditor -government agency
answer
Government agency
question
3 major types of vertical marketing systems?
answer
corporate, contractual and administered
question
To cut dist. cost at factory, you purchased a share of trucking company. Have drawn trucking company into a...
answer
Corporate VMS
question
Consumers used to be only able to purchase Dell from manufacturer, now can purchase from retailers like office depot and directly from Dell. This is an example of...
answer
Multichannel distribution system (HYBRID)
question
Airlines no longer give commissions to travel agents for booking flights for customers. This is...?
answer
Disintermediation
question
Sally is a furniture sales person working for an independent firm whose sales force handles products from many companies...Zalika is a...
answer
Manufacturer's agent
question
BMW allows only limited number of dealers right to dist. Its products in certain cities. Level of intensity used?
answer
Exclusive
question
When a producer requires a dealer not to handle competitors products, it is engaging in...
answer
Exclusive dealing
question
Managing upstream and downstream value added flows of materials, final goods, and info among suppliers, the company resellers and consumers are known as...
answer
Supply chain management
question
GM ships cars by rail from primary plant. At certain locations, unload from train and move to semi-trucks. Using...
answer
Intermodal transportation (2+)
question
Marketing logistics is getting the product to the right person, and place at the right time...what is not included in this process?
answer
Customer ideas for new products
question
Wal-Mart trims distribution costs by requiring teamwork, both inside company and among all venders.
answer
Integrated logistics management
question
All activities involved in selling products to final consumer for personal use
answer
Retailing
question
Wal-Mart, Toys R Us, and Best Buy are stores classified as...
answer
Self service retailers
question
Store open 24 hours a day is called...
answer
Convenience store
question
Kroger uses price promotions at high prices normally to encourage customers to visit...this is...
answer
High low pricing
question
Ace Hardware is a group of independent retailers who set up a central buying organization and conduct joint promotion efforts. This is...
answer
Retailer cooperative
question
Costco's suppliers offering of seconds, overstocks, and closeouts, diamonds...is an example of how a retailer can differentiate itself through ____
answer
Product assortment
question
A&F has dark interiors, large graphics of people in bad poses. This represents?
answer
Store atmosphere
question
Retail convergence means greater ___ for retailers and greater difficulty in ___ offerings
answer
Competition; differentiating
question
Many communities are building shopping that have upscale scores, dining, and entertainment around "town square" this is...
answer
Lifestyle centers
question
The ___ concept suggest many begin as low margin, low price, low status...and take place of other retailers who moved upscale
answer
Wheel of retailing
question
Includes all activities involved in selling goods and services to those buying for resale or business use
answer
Wholesaling
question
Savvy wholesales realize existence comes from increasing efficiency and effectiveness of ___
answer
Entire Marketing Channel
question
Wholesalers perform all of the following but... -sell/promote -manufacture -financing -warehousing
answer
Manufacture
question
Matt represents several wineries in Napa Valley. He has contractual authority to sell output but never takes title or possession of wines... Matt is a ...
answer
Agent
question
Truck wholesales are a type of limited service wholesaler that does NOT...
answer
Offer credit or financing
