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principles of marketing final exam review unit 2

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often companies must choose between a responsive supply chain and an efficient supply chain. this decision is based on?
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the specific needs of customer segments
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in terms of promotion, which of the following type of product would stress price, availability, and awareness? -convenience -speciality -shopping -unsought -supply
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convenience- promotion for convenience products stresses price, availability, and awareness
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what stage in the product life cycle is characterized by a slowing of total industry sales or product case revenue?
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maturity- this stage of the product life cycle is characterized by the slowing of total industry sales or product case revenue, causing marginal competitors to begin leaving the market.
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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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convenience products refers to
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products consumers purchase frequently and with a minimum of shopping effort
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a small electronics company has begun production of a small line of high quality, professional studio-model components targeted at audiophiles who shop at thousands of specialty stores across the U.S. how should the small electronics company best distribute its new products?
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distribution through agents who sell to specialty electronic stores that will feature the new line.
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the ratio of perceived benefits to________ is referred to as value
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price
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the categories for people-based services include_________.
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unskilled labor, skilled labor, and professionals
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what type of discount would toro most likely offer its channel members to carry and sell its riding lawn mowers during winter months?
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seasonal discounts
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goods can be divided into ___________ goods and __________ goods
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durable(multiple uses out of the product) nondurable(consumed in one or few uses)
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intangible activities or benefits that an organization provides to satisfy its customers’ needs in exchange for money or something else of value are referred to as __________. -goods -marketing mix -services -products -ideas
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services
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a ________ product is one for which significant customer education is required and there is and extended introductory period. -fad -fashion -high-learning -low-learning -substitute
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high-learning
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logistics management refers to?
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the practice of organizing the cost-effective flow of raw materials, in-process inventory, finished goods, and related information from point of origin to point of consumption to satisfy customer requirements
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four common approaches to selecting an approximate price level are?
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-demand oriented -cost oriented -profit oriented -competition oriented
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the type of business products known as support products includes installations, accessory equipment, supplies, and __________?
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industrial services
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during the introduction stage of the product life cycle, a(n)___________ pricing strategy may be used. this pricing strategy charges a high initial price to recoup the cost of product development.
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skimming
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dockers, the U.S market leader in casual pants, originally intended its product as a single want for every situation. dockers now promotes different looks for work, weekend, dress, and golf. dockers new strategy is designed to?
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create new use situations
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the most important consideration in choosing a market channel when buyers have limited knowledge or desire specific data about a product or service is to provide_____________. -information -convenience -postsale services -seller adaptability -presale services
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information
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if a firm finds the demand for one of its products is inelastic, it can increase its total revenues by?
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raising its prices
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business products refers to
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products organizations buy that assists in providing other products for resale.
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the range of gatorade offerings, from the traditional gatorade thirst quencher to newly enhanced beverages conveying the attitude of a tough-love coach or personal trainer through in-your-face names on the table and nutrition benefits inside, are all examples of a companies commitment to___________ product development. -discontinuous -simultaneous -continuous -dynamic -symiotic
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continuous
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a product is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfy customers’ needs and is received in exchange for?
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money or something else of value
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a ___________ is defined as an item consumed in one or just few uses.
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nondurable good
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the first LCD flat panel HD TV is an example of which type of innovation?
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continuous innovation
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LG electronics recently introduced the fridge-TV with a 15″ television screen mounted in the right side refrigerator door. this is an example of which type of innovation?
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dynamically continuous innovation(disrupts the consumers normal routine)
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in terms of target market coverage, density refers to the number of ___________ in a geographical area
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retail stores
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what is the marketing objective for the maturity stage of the product life cycle?
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maintain brand loyalty
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what are the three important aspects of product life cycles?
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-their length -the shape of their sales curve -the rate at which consumers adopt products
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the added value a brand name gives to a product beyond the functional benefits provided is referred to as?
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brand equity
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total revenue= _________(__________)-_________+____________
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=price(quantity)-(fixed cost + variable cost)
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the four I’s of services consists of
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-intangibility -inconsistency -inseparability -inventory
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in choosing the appropriate marketing channel, a firm should consider the interests that buyers might want fulfilled. this interest fall into four broad categories:
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-information -convenience -variety -pre or post sale services
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which of the following is considered a durable good? -silverware -chewing gum -caviar -marketing research -voting
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silverware
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which of the following statements about the decline stage of the product life cycle is most accurate?
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a major reason that a firms product enters the decline stage is as a result of a change in the marketing environment.
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marketing channels help create value for consumers through four utilities. these utilities are
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-time -place -form -possession
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what is the marketing objective for the maturity stage of the product life cycle?
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maintain brand loyalty
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at mattel, barbie is child-tested to be sure the doll cannot be broken apart and accidentally choke a child. this type of consumer or safety test occurs during the ________________ stage of the new-product process.
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developement
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four cost concepts are important in pricing decisions:
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-total cost -variable cost -unit variable cost -fixed cost
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the product life cycle refers to?
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a concept that describes the stages a product goes through in a marketplace. -introduction -growth -maturity -decline
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at what stage in the product life cycle do industry profits usually peak?
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growth
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in addition to price, economists emphasize three other key factors
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-consumer tastes -availability of similar products -consumer income
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if proctor and gamble were to package a gillette fusion pro glide razor with its old spice pure sport anti-perspirant and deodorant, P&G would be engaged in
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product bundling
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product modification refers to a marketing strategy that
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alters a products characteristic, such as its quality, performance, or appearance, to increase its value to consumers and to increase sales
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extending credit to customers would be an example of ___________ function preformed by channel intermediaries. -facilitating -risk taking -buying -transactional -logistical
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facilitating
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________________= [fixed cost/(unit price – unit variable cost)]
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break even point
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during the introduction stage of the product life cycle, the place element of the marketing mix is highly involved with?
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gaining distribution, even though many channel intermediaries will be reluctant to carry a new product
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reasons for new product failure(8)
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-insignificant point of difference -incomplete market and product protocol before product development starts -not satisfying customers on critical factors -bad timing -no economic access to buyers -poor product quality -poor execution of the marketing mix -too little market attractiveness
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when you order a sweatshirt form L.L.bean mail ordering catalog, what type of marketing channel are you and the company using?
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direct marketing channel