Marketing 2 – Flashcards
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A demand curve graph typically appears as
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a diagonal line going from upper left to lower right demonstrating that as price goes down, demand goes up.
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Business products are also referred to as __________.
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industrial products
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Among business products, support products include installations such as
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buildings and fixed equipment.
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The stage of the new product process that specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections is referred to as
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The stage of the new product process that specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections is referred to as
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One tool available for services when dealing with capacity management is to use __________ to charge different prices during different times of the day or the week to help match the supply and demand for their services.
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off-peak pricing
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A statement indicating the liability of the manufacturer for product deficiencies is referred to as a __________.
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warranty
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Controlling agreements between independent buyers and sellers whereby sellers are required to not sell products below a minimum retail price is called
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Vertical price fixing
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During which stage of the new-product process can an organization's marketing activities be blind-sided by a revolutionary new product or technology that completely disrupts its business?
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new-product strategy development
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Subbranding involves __________.
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combining a corporate brand with a new brand to distinguish a part of its product line from others
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The notion that a service organization must focus on its employees before successful programs can be directed at customers is referred to as
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internal marketing
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Five pricing practices are closely scrutinized because of potential unethical or illegal actions. They include: (1) price fixing; (2) predatory pricing; (3) deceptive pricing; (4) geographical pricing; and (5) __________.
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price discrimination
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Variations of a product (shape, configuration) within a product class are referred to as a/the
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product form
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When a company sells a new product with the current brand name to enter a new market segment in its product class, it is using a __________ strategy.
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product line extension
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Advertising such as "Retail Value $100, Our Price $85" is deceptive if
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a verified and substantial number of stores in the market area did not price the item at $100.
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Installations, accessory equipment, supplies, and industrial services used to assist in producing other products and services are referred to as __________.
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support products
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Parallel development is the simultaneous development of both
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the product and the production process.
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Packaging __________.
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is any container in which a product is offered for sale and on which label information is communicated
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The break-even point (BEP) = [Fixed cost ÷ (Unit price − __________)].
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unit variable cost
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Seventy-one percent of consumers consider __________ to be the best way to evaluate a new product.
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free samples
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In terms of the diffusion of innovation, innovators account for __________ of product adopters.
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2.5%
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A general review of the marketing strategy, product assessment, economic analysis, and legal examination would all take place during which stage of the new-product process?
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business analysis
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A __________ is the marketing term for a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfy consumers' needs and is received in exchange for money or something else of value.
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product
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Private branding refers to a branding strategy in which a firm __________.
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produces products but sell them under the brand name of a wholesaler or retailer
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Total revenue refers to
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the total money received from the sale of a product.
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New product or service failures may be reduced or avoided if the company developing them has
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a precise protocol.
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Trading up refers to __________.
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adding value to the product (or line) through additional features or higher-quality materials
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A trademark refers to
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the identification that a firm has legally registered its brand name or trade name so the firm has its exclusive use, thereby preventing others from using it.
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A unique feature of the Robinson-Patman Act is that it allows for price differentials to different customers under several conditions. Which of the following practices would be permitted?
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When price differences are quoted to selected buyers in good faith to meet competitors' prices and are not intended to injure competition.
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A discontinuous innovation is a product that
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requires consumers to learn entirely new patterns of behavior and product usage.
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A __________ is defined as an item consumed in one or a few uses.
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nondurable good
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With respect to price and availability, shopping products are likely to be
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fairly expensive and available at a large number of selective outlets.
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The demand for a business product that results from the demand for a consumer product is referred to as
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derived demand
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Customer experience management (CEM) is
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the process of managing the entire customer experience within the company.
Key term definition—customer experience management (CEM). Alternative "the integration of the service component of the marketing mix with efforts to influence consumer demand" is the definition of capacity management. Alternative "the unique combination of benefits received by targeted buyers that include quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price" is the definition of customer value. Alternative "a cluster of benefits that an organization promises customers to satisfy their needs" is the definition of customer value proposition. Alternative "the ability of logistics management to satisfy users in terms of time, dependability, communication, and convenience" is the definition of customer service.
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A product that disrupts consumers' normal routines but does not require totally new learning is a
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dynamically continuous innovation.
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Items for which the consumer compares several alternatives on several criteria such as price, quality, or style are referred to as __________.
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shopping products
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Price fixing is illegal under the
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Sherman Act
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Which of the following statements about test marketing is MOST ACCURATE?
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Test marketing is better suited to relatively inexpensive new consumer goods than for new services.
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A limited-coverage warranty
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states the bounds of coverage, and more important, areas of noncoverage.
