unit 3 marketing – Flashcards
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haircut tire change applsauce *all of the above are products
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All of the following are examples of products EXCEPT:
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Everything, both favorable and unfavorable, that a person receives in an exchange, including tangible goods, services, or ideas
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Definition of product:
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*convenience
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Amy stopped by the grocery store to pick up a gallon of milk. As she was waiting to check out she noticed that People Magazine had an interesting cover story about Scarlett Johansson. As Amy is a huge fan Scarlett, she had to buy a copy. In this example, the People Magazine is an example of a(n) _____ product.
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*specialty
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Janet will only purchase Crate and Barrel products for her home. The products are expensive but Janet feels they have the highest quality and will last a very long time. These products represent _____ products
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A product that requires comparison shopping, because it is usually more expensive and found in fewer stores
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Shopping Product
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A relatively inexpensive product that merits little shopping effort
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Convenience Product
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A particular product for which consumers search extensively and are reluctant to accept substitutes
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Specialty Product
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A product unknown to the potential buyer OR a known product that the buyer does not actively seek
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Unsought Product
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a group of closely related products
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product line
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All products an organization sells
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product mix
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number of different lines and organization has
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product width
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That part of a brand that can be spoken, including letters, words, and numbers
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brand name
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The elements of a brand that cannot be spoken
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brand mark
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A brand where at least one-third of theproduct is sold outside its home country
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global brand
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The value of company and brand names
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brand equity
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*A captive brand
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Which type of private label brand carries no evidence of a retailer's affiliation, is manufactured by a third party, and is sold exclusively at the retailer?
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*private
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Target stores sell many premium foods under the name Archer Farms. This brand can only be purchased in Target stores and is an example of a(n) _____ brand.
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*individual branding
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Procter & Gamble makes Gain laundry detergent for people who like a strong scent and Dreft for those who want a gentle detergent for their baby's clothes. It is using a(n) _____ strategy.
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*cobranding
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Maureen purchased a package of Bounce fabric sheets with Febreeze citrus scent. Since both brands were prominently listed on the package, this would be an example of:
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*guarantee product quality
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All of the following are functions of packaging EXCEPT
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*Bar codes can be read by optical scanners.
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Which of the following statements about bar codes is true
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*express warranty
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The statement on the toothpaste box that brushing twice a day with this paste will remove 90 percent of all tartar from the user's teeth is an example of a(n):
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*repositioning
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For years, Diet Dr. Pepper has been considered a diet drink. After declining sales, the company is attempting to present Diet Dr. Pepper as an alternative to having a dessert. This is an example of a _____ strategy.
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links the new-product development process with the objectives of the marketing department, the business unit, and the corporation is part of an organization's overall marketing strategy specifies the roles new products play in the organization's overall plans describes the characteristics of products the organization wants to offer and the markets it wants to serve *is accurately described by all of these
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A new-product strategy
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*Idea screening
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A European dairy, which is famous for its rich ice creams, has introduced basil, tomato, fennel, and oregano flavored ice creams. In the process of developing these new flavors, the dairy surveyed world-famous chefs to determine which nontraditional flavors had the greatest level of marketability. This survey would have happened during which stage of the product development process?
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*concept testing
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After Mattel evaluated many new products to add to its Barbie product line and before any prototype was created, the toy manufacturer instructed a committee to select three of the ideas to present to a group of consumers. The consumer group was asked to evaluate the three product ideas in terms of their marketability. This stage of new-product development is called:
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*Which celebrity spokesperson should we hire to promote the product?
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Which of the following questions is NOT likely to be asked during the business analysis stage?
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*simulated (laboratory) market test
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The maker of Purell hand sanitizer tested consumers' reactions to its Purell Sanitizing Wipes by getting consumers to look through a newspaper with grocery store ads, make out a grocery list, and then "shop" in a mock store filled with real products, including the new product. This is an example of a(n):
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The process by which the adoption of an innovation spreads.
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Diffusion
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*innovation
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Roger has lots of nice photos of his family on his digital camera and wishes he could display them on his desk at work without having to print them out. A coworker told him that he could purchase a digital photo frame to download and display his digital photos. Because Roger did not know such a product existed, digital photo frames represented a(n) _____ to him.
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She is an innovator
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Kathy purchased an Amazon Kindle e-book reader as soon as they came onto the market. She paid $399 for the product, which she bought the first day it was released. Kathy works in Information Technology and is always looking for new electronic products to buy. She would best be described as a(n):
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*complexity
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Oakley, the manufacturer of protective eyewear for sports enthusiasts, has recently introduced Oakley's Thump, UV sunglasses that allow the wearer to store and listen to 120 different songs. Which of the following product characteristics would likely exert the greatest influence on the market success of these new glasses?
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make the mass market aware of brand benefits
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The advertising strategy during the growth stage of the product life cycle should be to:
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The result of applying human or mechanical efforts to people or objects.
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service
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Attracting, developing, and retaining customer relationships to build strong customer loyalty.
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Relationship Marketing:
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is that which is given up in an exchange to acquire a good or service.
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price
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is the price of good multiplied by the quantity sold
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revenue
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is the difference between revenue and expenses.
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profit
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profit maximization of course
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profit oriented pricing objectives
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market share and sales
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sales orientated pricing objectives
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Maintain existing prices and meet competitions prices
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status quo pricing objectives
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The quantity of a product that will be sold in the market at various prices for a specified period
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demand
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The quantity of a product that will be offered to the market by a supplier at various prices for a specified period.
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supply
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The price at which demand and supply are equal.
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price equilibrium
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Consumers' responsiveness or sensitivity to changes in price.
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elasticity of demand
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Consumers buy more or less of a product when the price changes.
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elastic demand
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An increase or decrease in price will not significantly affect demand.
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inelastic demand
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An increase in sales exactly offsets a decrease in prices, and revenue is unchanged.
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unitary elasticity
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changes with level of output.
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variable cost
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do not change with level of output
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fixed cost
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A firm charges a high introductory price, often coupled with heavy promotion.
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price skimming
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A firm charges a relatively low price for a product initially as a way to reach the mass market.
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penetration pricing
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Charging a price identical to or very close to the competition's price.
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status quo pricing
