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MKT Final

marketing final exam

Question	Answer
New Product Development
Developing Brand Equity
Services and Pricing
Supply Chain Management
Retailing
Multi Channel Marketing
Integrated communication and advertising/sales promotion
Increasing product mix breadth	True Religion jeans are now lifestyle brand with jeans, shirts, belts, swimwear, fragrances, etc.
Within each product line, there are often multiple: product categories. primary packaging parts. product breadth. product assortment. private label brands.	product categories.
Why change product line depth?	Breadth (sometimes also referred to as variety) represents the number of product lines offered by the firm; Product line depth, in contrast, is the number of categories within a product line.
What is the difference between product line breadth versus depth?	To capture new or evolving markets, increase sales, and compete in new venues. address changing market conditions or meet internal strategic priorities.
Why change product line breadth?	To address changing consumer preferences or preempt competitors while boosting sales, to realign resources.
Branding	A brand can use: Name, logo symbols, characters, slogans, jingles and even distinctive packages.
value of branding for customer and marketer	Facilitate Purchasing Establish Loyalty Protect from Competition Reduce Marketing Costs Are Assets Impact Market Value
One of the dangers of hiring celebrities like Mel Gibson to endorse a company’s products is that when they engage in embarrassing behavior, to the degree that they are associated with the company’s brands, their actions hurt:	brand equity.
brand loyalty	Consumers are often less sensitive to price Marketing costs are much lower
How do brands create value for the customer and the firm?	Brands facilitate the consumer search process are valuable in a legal sense, can lead to lower marketing costs because the brand and its associations help sell the product and brands have real market value as a company asset.
What are the components of brand equity?	Brand awareness, perceived value, brand associations, and brand loyalty.
Benefits to brand extension	It allows the perception of a brand with a quality image to be carried over to the new product. It lowers marketing costs. It can boost sales of the core brand. The firm can spend less on creating brand awareness and associations.
What is co-branding?	Co-branding is the practice of marketing two or more brands together, on the same package or promotion.
What are some advantages and disadvantages of brand extensions?	brand dilution which occurs when the brand extension adversely affects consumer perceptions about the attributes the core brand is believed to hold.
Brand equity	Brand equity is the set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service.
Brand repositioning	Brand repositioning or rebranding refers to a strategy in which marketers change a brand’s focus to target new markets or realign the brand’s core emphasis with changing market preferences.
Product assortment	Product assortment or product mix is the complete set of all products offered by a firm.
product lines	Product lines are groups of associated items, such as items that consumers use together or think of as part of a group of similar products.
product mix	Product mix or product assortment is the complete set of all products offered by a firm.
Factors Affecting Product Diffusion	Compatibility Observability Trialability Relative Advantage
The __________ focuses on the rate at which consumers are likely to adopt a new product or service.	diffusion of innovation theory
What are the five groups depicted in the diffusion of innovation curve?	Innovators, early adopters, early majority, late majority, laggards.
What factors enhance the diffusion of a good or service?	Relative advantage, compatibility, complexity and trialability
R&D Consortia	Lower costs and risks; firms join together Form research consortiums Benefits spread to all firms
Internal R&D	High product development costs Often the source of technological products Often the source of breakthrough products
___________ often include university laboratories, government agencies, competing firms in an industry, and non-profit organizations.	R&D consortia
Concept Testing	Concept is a brief written description of the product Customers reactions determine whether or not it goes forward
premarket tests vs test marketing	premarketing done in controlled customer group. test marketing is mini product launch to estimate demand and response
New Product marketing mix	promotion, price, place
What are the steps in the new product development process?	generate, test concept, design, test market the design, launch product, evaluate
Identify different sources of new product ideas.	Internal research and development (R&D) efforts, collaborate with other firms and institutions, license technology from research-intensive firms, brainstorm, research competitors’ products and services, and/or conduct consumer research;
why is the growth stage the tipping point	because products either gain market acceptance or must exit market
the correct order for the product life cycle?	Introduction, Growth, Maturity, Decline
How do sales and profits change during the various stages?	Profits and sales grow until maturity and then begin to decline
The marketing of services differs from product marketing because services are all of the following EXCEPT: intangible. inseparable. variable. perishable. quantifiable.	quantifiable
importance of perishable services	once plane takes off, empty seats are lost revenue
What are the four marketing elements that distinguish services from products?	Services are intangible, inseparable, variable, and perishable.
Why can’t we separate firms into just service or just product sellers?	Many of them are a blend and fall within the product-service continuum
What are some of the ethical issues associated with marketing professional services?	Advertising is a big ethical issue for professional services. Tension can be created when service providers use marketing tactics to attract clients to their service but still attempt to maintain a perception of integrity and trustworthiness.
Because services like airline flights and hotel beds are perishable, many marketers attempt to match demand with supply using:	pricing strategies
the knowledge gap	Marketing research: understanding customers Evaluating service quality Understanding customer expectations
Firms can close the knowledge gap by:	matching customer expectations with actual service through research.
knowledge gap	The knowledge gap reflects the difference between customers’ expectations and the firm’s perception of those customer expectations. Firms can understand consumer expectations and evaluate service quality
standards gap	The standards gap pertains to the difference between the firm’s perceptions of customers’ expectations and the service standards it sets. Firms can set appropriate service standards and measure service performance
delivery gap	The delivery gap is the difference between the firm’s service standards and the actual service it provides to customers. This gap can be closed by getting employees to meet or exceed service standards by providing incentives and support.
communication gap	difference between the actual service provided to customers and the service that the firm’s promotion program promises. If firms are more realistic about the services they can provide and manage customer expectations effectively
CREST Method of Resolving Service Failures	C: “Calm the Customer” R: “Repeat the Problem” E: Use “Empathy Statements” S: “Solve the Problem” T: Make a “Timely Response”
Why must companies worry about service recovery?	Effective service recovery efforts can significantly increase customer satisfaction, purchase intentions, and positive word of mouth
A voice-of-customer (VOC) program	collects customer inputs and integrates them into managerial decisions.
zone of tolerance	the area between customers’ expectations regarding their desired service and the minimum level of acceptable service.
Price is the ________ a consumer is willing to make to acquire a specific product or service.	overall sacrifice
While most consumers rank low price as an important factor, they would rather purchase a product or service of:	high value
5 c's of pricing	customers, costs, competition, channel members, company objectives
Price elasticity of demand measures consumers’:	sensitivity to price changes.
How does one calculate the break-even point in units?	Divide the fixed costs by the contribution per unit (price per unit minus variable cost per unit)
How have the Internet and economic factors affected the way people react to prices?	, people generally have become more aware of and sensitive to price
Which of the following is a common activity associated with logistics management?	demand forecasting. inventory control. return goods handling. order processing. all of the above.
Marketing managers often focus on ____________, while logistics managers focus on _____________, causing conflict when trying to provide value to customers.	maximizing sales; minimizing costs
How does supply chain management add value?	streamlines distribution and affects marketing
RFID tags have dramatically reduced the time and labor associated with:	checking and receiving merchandise.
For a JIT system to be successful, the firm and its vendors need to do all of the following EXCEPT: cooperate. compete. develop EDI systems. develop CPFR systems. share data.	B compete
Why are just-in-time supply chain systems becoming so popular?	JIT leads to reduced lead time, increased product availability, and lower inventory investment.
What are the different types of vertical marketing systems?	Administered, contractual, corporate
How do firms develop strong strategic partnerships with their supply chain partners?	Successful strategic relationships require mutual trust, open communication, common goals, and credible commitments.
cross-docked	prepackaged by the vendor for a specific store.
Electronic data interchange (EDI)	Electronic data interchange (EDI) is the computer-to-computer exchange of business documents from a retailer to a vendor and back.
Radio frequency identification (RFID) tags are...	Radio frequency identification (RFID) tags are tiny computer chips that automatically transmit to a special scanner all the information about a container’s contents or individual products.
Vendor-managed inventory (VMI) is an approach...	Vendor-managed inventory (VMI) is an approach for improving supply chain efficiency in which the manufacturer is responsible for maintaining the retailer’s inventory levels in each of its stores.
Red Bull is sold at convenience stores, supermarkets and warehouse clubs. Red Bull has _________ distribution selective exclusive intermediate intensive limited	intensive
What issues should manufacturers consider when choosing retail partners?	When choosing retail partners, manufacturers must look at the basic channel structure, where their target customers expect to find the products, channel member characteristics, and distribution intensity.
Off-price retailers offer...	Off-price retailers offer an inconsistent assortment of brand name merchandise at low prices.
An intensive distribution strategy is ...	An intensive distribution strategy is designed to get products into as many outlets as possible.
Disintermediation occurs when a manufacturer...	Disintermediation occurs when a manufacturer sells directly to consumers, bypassing retailers.
Category specialists are	Category specialists are discount stores that offer a narrow but deep assortment of merchandise.
The IMC communication process includes all of the following EXCEPT: the transmitter. the sender. the objective and task method. the communication channel. the receiver.	c the objective and task method
Which of the following is NOT one of the steps in the AIDA model? Awareness Desire Action Designing Interest	Designing
What are the different steps in the communication process?	The sender, the transmitter, encoding, the communication channel, the receiver, noise, feedback loop
What is the AIDA model?	Awareness, interest, desire, action
What are the different elements of an IMC program?	1. Advertising, sales promotion, public relations and personal selling, electronic media, direct marketing.
What are three rule-of-thumb methods used for setting IMC budgets?	Competitive parity, Percentage-of sales, affordable
publicity vs advertising	publicity isn't paid
The three objectives of advertising are to:	inform, persuade, remind
What are the steps involved in planning an ad campaign?	(1) identify their target market, (2) set advertising objectives, (3) set the advertising budget, (4) depict their product or service, (5) evaluate and select the media, (6) create the ad, and (7) assess the impact of the ad.
What are the elements of a public relations toolkit?	Publications, video and audio, annual reports, press kits, news releases, speeches, event sponsorships, electronic media
What are various forms of sales promotions?	Coupons, deals. Premiums. Contests, sweepstakes, samples, loyalty programs, POP displays, rebates, product placement
pull strategy	A pull strategy is a strategy in which the goal is to get consumers to pull the product into the supply chain by demanding it.
push strategy	A push strategy is designed to increase demand by focusing on wholesalers, distributors, or sales people.
order getter	An order getter is a salesperson whose primary responsibilities are identifying potential customers and engaging those customers in discussions to attempt to make a sale.
order taker	An order taker is a salesperson whose primary responsibility is to process routine orders or reorders or rebuys for products.
In B2B market situations, it is particularly important to:	continually find new and potentially profitable customers
What are the steps in the personal selling process?	Generate and qualify leads, preapproach, sales presentation, and overcoming reservations, closing the sale, follow-up.
How does the selling process impact the business to business buying process?	It helps the customer become educated about the product or get valuable advice. Sales people can also simplify the buying process and therefore save the customer time and hassle.

Created by: mxer657

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