Mktg 301 Exam 3

A ________ is a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same type of outlets, or fall within given price ranges.
product line
product line
What are the two dimensions of product quality?
consistency and level
consistency and level
Convenience products
Advertising campaigns involving issues ranging from health care, education, and environmental sustainability to human rights and personal safety can be classified under ________.
social marketing
Developing a product or service involves defining the benefits that it will offer. These benefits are communicated and delivered by ________.
product attributes
________ refers to the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.
Product quality
________ are industrial products that aid in the buyer’s production or operations, including installations and accessory equipment.
Capital items
________ are a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything.
The ________ requires sellers to provide detailed nutritional information on food products
Nutritional Labeling and Educational Act of 1990
The first step in designing support services is to ________.
) survey customers to assess the value of current services and obtain ideas for new ones
________ are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style.
Shopping products
Marketing mix planning begins with ________.
building an offering that brings value to target customers
Which of the following questions is most important for product designers to consider while developing a product?
How would customers use and benefit from the product?
________ means that the quality of services depends on who provides them as well as when, where, and how they are provided.
Service variability
A ________ is a name, term, sign, symbol, design, or a combination of these, that identifies the maker or seller of a product or service.
A company that uses well-known celebrities to help sell its products is using ________.
person marketing
Erica wants to replace her old washing machine with a new one. In order to get the maximum value for her money, she plans to spend substantial time and effort in gathering information and making product comparisons before making the actual purchase. In this instance, Erica is planning to buy a ________ product.
Product planners need to consider products and services on three levels. Each level adds more customer value. The most basic level is the ________, which addresses the question, “What is the buyer really buying?”
core customer value
A good design begins with ________.
observing and understanding customers and shaping their product-use experience
Installations consist of ________.
major purchases such as elevators
________ consists of activities undertaken to create, maintain, or change the attitudes and behaviors of target consumers toward an organization.
Organization marketing
________ refers to freedom from defects and consistency in delivering a targeted level of performance.
Conformance quality
Style simply describes the ________ of a product
Tourism Australia’s global marketing campaign, “There’s nothing like Australia” is an example of ________.
place marketing
The advertising slogan, “We bring good things to life,” used by General Electrics to market themselves, is an example of ________ marketing.
corporate image
________ involves activities undertaken to create, maintain, or change attitudes toward particular cities, states, or regions.
Place marketing
A product’s ________ identifies the product or brand, describes several things about the product, and promotes the brand.
________ are the major marketing factors in the sale of most manufactured materials and parts.
Price and service
________ consists of activities undertaken to create, maintain, or change attitudes toward particular people. People ranging from presidents, entertainers, and sports figures to professionals such as doctors, lawyers, and architects use it to build their reputations.
Person marketing
Consumer products refer to ________.
products and services bought by final consumers for personal consumption
________ are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
Specialty products
________ is an approach in which all the company’s people are involved in constantly improving the quality of products, services, and business processes.
Total quality management
Which of the following is a significant challenge presented by the product life cycle?
new-product development
Many companies have developed ________ programs that encourage employees to develop new-product ideas.
Which of the following is a common reason for new product failure?
incorrect estimation of the market size
The innovation management system approach yields two favorable outcomes: it helps create an innovation-oriented company culture, and it ________.
yields a larger number of new-product ideas
Which of the following is an external source for new-product ideas?
An attractive product idea must be developed into a ________.
product concept
A product idea is ________.
a possible product that the company can see itself offering to the market
In the new-product development process, the first idea-reducing stage is ________
idea screening
Acquisition refers to ________.
the buying of a whole company, a patent, or a license to produce someone else’s product
In a(n) ________, new products and marketing tactics are tested among specifically identified groups of customers and stores
controlled test market
Companies that adopt value-added pricing ________.
attach value-added features and services to differentiate their offers and support their higher prices
A company must pay each month’s bills for rent, heat, interest, and executive salaries regardless of the company’s level of output. This exemplifies its ________ costs.
What sets the floor for product prices?
product costs
Why is markup pricing most likely impractical?
The method ignores demand and competitor prices.
As production moves up, the average cost per unit decreases because ________.
fixed costs are spread over more units
________ involves setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for effort and risk.
Cost-based pricing
Effective ________ pricing involves understanding how much value consumers place on the benefits they receive from the product and setting a price that captures that value.
Experience-curve pricing assumes that ________.
competitors are weak and not willing to fight price cuts
et return pricing is a variation of which of the following cost-oriented pricing approaches?
break-even pricing
In which situation is the market dominated by one seller?
pure monopoly
Which of the following involves setting prices based on a rival firm’s strategies, costs, prices, and market offerings?
competition-based pricing
Which of the following is most likely a fixed cost?
facility rental payments
Retailers such as Costco and Walmart charge a constant, daily low price with few or no temporary price discounts. This is an example of ________.
everyday low pricing
What sets the ceiling for product prices?
customer perceptions of the product’s value
________ refers to the amount of money charged for a product or service.

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