MRKT 380 – Flashcard
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A bundle of physical, service, and symbolic attributes designed to satisfy a customer's wants and needs is referred to as a(n) _____
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*product
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Products marketed to consumers who may not yet recognize a need for them are called _____ products.
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unsought
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Convenience products that customers constantly replenish to maintain a ready inventory are categorized as:
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staples
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Which of the following terms refers to the specialty products of the business market?
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Installations
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In the context of the business products, capital items that typically cost less and last for shorter periods than installations are called _____.
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accessory equipments
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_____ involves measuring quality by comparing performance against industry leaders.
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Benchmarking
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The term service _____ refers to the point at which the customer and service provider interact.
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encounter
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Which of the following variables of service quality best represents the readiness to serve one's customers?
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Responsiveness
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Which of the following variables of service quality best represents the service provider's understanding of the customer's needs?
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Empathy
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A series of related products offered by one company is called a product _____.
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line
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The assortment of product lines and individual product offerings a company sells is called its product _____.
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mix
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In which of the following stages of the product lifecycle, do market supplies exceed the demand, as a result of which a firm can increase its sales only at the expense of its competitors?
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Maturity stage
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The _____ is at the heart of integrated marketing communications.
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customer
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The AIDA concept refers to the steps in:
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the consumer purchase decision process.
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The communication process begins with:
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encoding.
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Which of the following is the oldest form of promotion?
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Personal selling
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Paid, nonpersonal communication through mass media about a business firm, not-for-profit organization, product, or idea by a sponsor identified in a message intended to inform or persuade members of a particular audience is called _____.
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advertising
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Which of the following terms refers to the nonpersonal stimulation of demand for a good, service, person, cause, or organization through unpaid placement of significant news about it in a published medium or through a favorable presentation of it on the radio or television?
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Publicity
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The use of unconventional, innovative, and low-cost marketing techniques designed to get consumers' attention in unusual ways is called _____.
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guerrilla marketing
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Nokia is set to launch a new model of smartphones. Which of the following types of promotion should Nokia employ to drive initial sales for its new model?
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Awareness & Informative advertising
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_____ advertising includes two-way promotional messages transmitted through communication channels that induce message recipients to participate actively in the promotional effort.
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Interactive
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_____ are an outcropping of banner ads that appear on the results page of a search and are specific to the searched term.
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Keyword ads
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Which of the following elements of a print advertisement focuses on informing, persuading, and stimulating buying action?
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Body copy
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When a pharmaceutical company advertises that its product has a greater pain-relieving effect than Tylenol, it is using _____ advertising.
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comparative
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The _____ strategy seeks to increase sales of existing products in existing markets.
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market penetration
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A _____ strategy concentrates on finding new markets for existing products.
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market development
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The strategy of _____ refers to the introduction of new products into identifiable or established markets.
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product development
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A _____ strategy focuses on developing entirely new products for new markets.
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product diversification
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Which of the following terms refers to a series of stages consumers go through in learning about a new product, trying it, and deciding whether to purchase it again?
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Adoption process
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Individuals who purchase new products almost as soon as these products reach the market are called _____.
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innovators
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The process by which new goods or services are accepted in the marketplace is known as the _____ process.
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diffusion
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A new product innovation that is consistent with the values and experiences of potential adopters and attracts new buyers at a relatively rapid rate is said to have high _____.
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compatibility
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Lean product development encourages __________________ to maximize learning.
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minimizing the total time through the development cycle
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Lean product development is a(n) ___________________ approach to developing new products
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iterative
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A _____ often leads new-product development programs, including creation of new-product ideas and recommendations for improving existing products.
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product manager
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The term "product positioning" refers to:
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consumers' perceptions of a product's attributes, uses, quality, as well as advantages and disadvantages relative to competing brands.
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The role of a sales representative in the promotion process has changed from that of persuader to that of a:
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problem solver.
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_____ refers to a personal selling approach in which customers comes to the seller's place of business to buy products largely on their own initiative.
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Over-the-counter selling
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The most expensive sales method overall is:
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field selling, largely because of the travel costs of sales personnel.
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_____ is a personal selling approach that focuses on establishing a sustained buyer-seller relationship with customers through regular contacts over an extended period.
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Relationship selling
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Meeting customer needs by listening to them, understanding their problems, paying attention to details, and following through after the sale is called _____ selling.
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consultative
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_____ is a personal selling function that involves identifying potential customers.
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Prospecting
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One important advantage of personal selling over most advertising is:
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the ability to actually demonstrate the good or service
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The term "_____" refers to the postsale activities employed by salespeople that determine whether an individual who made a recent purchase will become a repeat customer.
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follow-up
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Firms that market similar products throughout large areas often organize their sales forces:
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geographically.
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A _____ is a specially packaged item that gives the purchaser a larger quantity at regular price.
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bonus pack
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Which of the following is a sales promotion technique that places the manufacturer's name, address, and marketing message on useful articles that are then distributed to target customers?
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Specialty advertising
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Which type of sales promotion is intended to capture the impulse purchase?
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Point-of-purchase displays
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A(n) _____ is a software that enables users to communicate with each other online.
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social media tool
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_____ describes the wide range of transactions taking place via Internet applications such as email and virtual shopping carts.
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E-business
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_____ are websites that provide virtual communities for people to share daily activities and increase their circle of online friends.
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Social networking sites
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The most important goal of a marketing website is to:
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increase purchases by visitors.
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Which of the following is true about a social media marketing plan?
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It identifies and describes methods for monitoring, measuring, and managing the SMM effort.
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Which of the following is the most popular web function?
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Communication
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In an SMM plan, _____ refers to a paragraph or two that explains the who, what, when, where, how, and why of the plan, and gives compelling reasons why the plan should be adopted.
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the executive summary
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Which of the following is the most common form of Internet advertising?
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Banner ad
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A(n) _____ is a separate window that appears on a user's screen with an advertising message.
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pop-up ad
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Social media marketing differs from traditional marketing in that social media marketing:
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solicits the audience's participation in the message.
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Which of the following tools help marketers trace, measure, and interpret data related to social media marketing initiatives?
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Social media analytics
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The first step in creating an effective website is to:
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understand the purpose of the site
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A basic measurement of website's effectiveness is the conversion rate, which is the:
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percentage of website visitors who make purchases.
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A _____ pricing strategy helps manufacturers to distinguish their high-end products from similar products of their competitors.
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skimming
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_____ pricing is the pricing strategy of continuously offering low prices rather than relying on short-term price-cutting tactics such as cents-off coupons, rebates, and special sales.
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Everyday low
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Which of the following pricing strategies tries to reduce the emphasis on price as a competitive weapon?
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Competitive pricing
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The price normally quoted to potential buyers before any discounts or allowances are allowed is called the _____ price.
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list
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The price a consumer or marketing intermediary actually pays for a product after subtracting any discounts, allowances, or rebates from the list price is called _____ price.
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market
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The payment offered to a channel member for performing marketing functions is called a _____.
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trade discount
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A one-time reduction in list price typically offered at the time of sale is referred to as a(n):
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noncumulative discount.
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A pricing policy that assumes that some prices are more appealing than others is known as _____ pricing.
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psychological
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_____ pricing is a pricing policy in which products are offered to consumers at less than cost to attract them to stores in the hope that they will buy other merchandise at regular prices
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Loss leader
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Consumers today perceive that, within price limits, there is:
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a direct relationship between the quality and price of a product.
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_____ pricing occurs when a company offers two or more complementary products and sells them for a single price.
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Bundle
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Large-scale enterprises often have a dilemma with setting the _____ price, which is the price they charge themselves when sending goods from one company profit center to another.
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transfer
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The exchange value of a good or service defines its:
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Price
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The Robinson-Patman Act specifically prohibits:
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price discrimination in sales to wholesalers, retailers, and other producers.
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State laws requiring sellers to maintain minimum prices for comparable merchandise are called _____ laws.
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unfair-trade
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Pricing objectives that focus on attaining a target return on investment are examples of _____ objectives.
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profitability
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The management at Fries, a potato chips manufacturer, is calculating their quarterly profits. According to the official data, the firm has sold 200,000 units of their chips priced at $2 per unit for the quarter. The firm had spent $100,000 on production, processing and other costs. The profit made by Fries for the quarter is:
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$300,000.
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Short-run or long-run pricing objectives of achieving a specified return on either sales or investment are known as _____ objectives.
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target-return
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Which of the following pricing objectives reflects marketers' recognition of the role of price in creating an overall image of the firm and its product offerings?
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A prestige objective
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Analysis has shown that ingredients account for less than 5 percent of a perfume's cost. So if a perfume costs $135 or more per ounce, it reflects the marketer's adoption of a pricing objective that focuses on:
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pricing the product at price customers are willing to pay.
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Which of the following is a market structure characterized by homogeneous products in which there are so many buyers and sellers that none has a significant influence on price?
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Pure competition
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Customary prices are:
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retail prices consumers expect as a result of tradition and social habit.
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The _____ of demand is the percentage change in the quantity of a good or service demanded divided by the percentage change in its price.
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price elasticity
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A five-pound bag of roasted peanuts sells for $8, and the average variable cost is $4 per bag. If the total fixed cost for the roasted peanuts is $80,000, the breakeven point in bags is:
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20,000
