Ch. 6-11 Review

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

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