BCOR 350 Exam 2: HW Questions

Analyzing a competitors position is the ______ stage in positioning decision
first
____________ ____________ ______________ is a strategy that develops one or more products for each of several distinct customer group and make sure these offerings are kept separate in the marketplace
Differentiate targeting strategy
part of the decision-making process where marketers provide a reason why consumers will perceive the products as better than their competition
competitive advantage
strategy that influences how a particular market segment perceives a good or service in comparison with the competition- THIRD and LAST step
positioning
is the process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics-FIRST
segmentation
is created for a product or service, with distinctive image that captures character and benefits
brand personality
is the use of psychological, sociological, and anthropological factors to construct market segments
psychographics
is the ability to identify and target very small geographic segments that sometimes amount to individuals
micromarketing
a technique that divides consumers into segments on the basis of how they act toward, feel about, or use a good or service.
behavioral segmentation
consists of the market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts- divides total market into different segments on the basis of customer characteristics, selecting one or more segments and developing products to meet the needs of those specific segments
target market
are the dimensions that divide the total market into fairly homogeneous groups, each with different needs and preferences
segmentation variables
are statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure
demographics
are indicators used in behavioral market segmentation based on when consumers use a product most.
usage indicators
is a system that combines a geographic map with digitally stored data about the consumers in a particular geographic area.
Geographic information system(GIS)
is the creation of many consumer groups due to diversity of distinct needs and wants in modern society
market fragmentation
is the focus of a firms efforts on offering one or more products to a single segment
concentrated targeting strategy
is a strategy in which marketers evaluate the attractiveness of each potential segment and decide in which of these groups they will invest resources to turn them into customers. (second step)
targeting
appeals to a broad spectrum of people.
undifferentiated targeting strategy
tailors specific products and the messages about them to individual customers.
customized marketing strategy
consumers often have a cynical attitude toward marketing
generation X
consumers are technically savvy and often have no religious affiliation
generation Y
are willing to invest money, time and energy to maintain their youthful image
baby boomers
are straight, urban males who are keenly interested in fashion, home design, gourmet cooking, and personal care
metrosexuals
visually describes where brands are “located” in consumers minds relative to competing brands
perceptual map
is the strategy of establishing thought leadership in the form of bylines, blogs, commenting opportunities, videos, sharable social images, and infographics
content marketing
describes an approach that modifies a basic good or service to meet the needs of an individual
mass customization
is a once-popular brand that has been revived to experience a popularity comeback.
retro brand
is a measurement that reflects the quantity purchased or frequency of use among consumers of a particular product or service.
usage rate
is a marketing rule of thumb that 20 percent of purchasers account for 80 percent of a product’s sales.
80/20 rule
is a milestone or reward earned for progressing through a video game.
badge
is the first stage in a consumers adoption of a new product
Awareness
is the first layer in the product concept.- describes the benfits the product will provide for consumers or business customers
core product
is second layer in the product concept- the physical good or delivered service that supplies the desired benefit
Actual product
is third layer in the product concept
Augmented product
is the second stage in a consumer’s adoption of a new product
interest
is the third stage in a consumer’s adoption of a new product.- provides information to customers about how the product can benefit the consumer
evaluation
is the fourth stage in a consumer’s adoption of a new product.- provides demonstrations and samples of the product
trial
is the consumers adoption of a new product reinforces the customers choice through advertising, sales promotion, and other communications- last step
confirmation
is a modification to an existing product that sets the brand apart from its competitors
continuous innovation
is making the product available and providing product use information
adoption
is the degree to which a consumer perceives that a new product provides superior benefits
relative advantage
is the first group of people to adopt a new product
innovators
is the coming together of two or more technologies to create a new system with greater benefits than the sum of its parts
convergence
is a change in an existing product that requires a moderate amount of learning or behavior change.
dynamically continuous innovation
is a totally new product that creates major changes in the way we live.
discontinuous innovation
is not a type of innovation. A knockoff is a new product that copies, with slight modification, the design of an original product.
knockoff
is a test version of a proposed product
prototype
is the first step in new product development
idea generation
is an example of a consumer product
unsought product
is the extent to which a new product is consistent with existing cultural values, customs, and practices
compatibility factor
of the product development process, marketers assess a product’s commercial viability.
business analysis step
is the step in which a new product is launched into the market.
commercialization
is a test of the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter.
test marketing
In what step do marketers test product ideas for technical and commercial success?
product concept development and screening step
is the process by which the use of a product spreads throughout population
diffusion
is the process by which benefits-based value is created through collaborative participation by customers and other stakeholders in the new product development process
value co-creation
is expensive goods that an organization uses in its daily operations and that last for a long time
equipment
is a consumer good or service that is usually low priced, widely available and purchased frequently with a minimum of comparison and effort
convenience product
include products of the fishing, lumber, agricultural, and mining industries that organizational customers purchase to use in their finished products.
raw materials
are products that are created when firms transform raw materials from their original state.
processed materials
are manufactured goods or subassemblies of finished items that organizations need to complete their own products.
component parts
is an organizational culture in which all organization members treat each other as valued customers
internal consumer mind-set
is multiple items marketed under the same brand name
family brand
is an agreement between 2 brands to work together to market a new product
cobranding
is the useful way to explain how products go through 4 distinct stages from birth to death
product life cycle
is a new product sold with the same brand name as a strong existing brand
brand extension
is a firms total product offering designed to satisfy a single need or desire of target customers
product line
works exclusively on the new-product development effort
venture team
is the name for an agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time
licensing
is the overall ability of the product to satisfy customer expectations.
product quality
is a unique identifier for each distinct product
stock-keeping unit (SKU)
is a management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement.
total quality management(TQM)
is a brand that the product manufacturer owns.
national brand
is a brand that a certain retailer or distributor owns and sells.
private-label brand
is a strategy in which products are not branded and are sold at the lowest price possible.
generic brand
is to coordinate all marketing activities for a brand
brand manager
is the value of a brand to an organization
brand equity
of the product life cycle, is when new features are added to the product- profit margins are narrowing/at peak
maturity stage
the company produces a single product.- no profits
introduction stage
new variations of the product are added because new competitors are entering the market.- marketers advertise heavily to counter new competition- profits are increasing
growth stage
the number of variations in a product is reduced.- last stage in product life cycle- profits are falling
decline stage
is the creation of a secondary brand with a main brand that can help differentiate a product line to a desired target group
sub-branding
is a name, term, symbol, or any other unique element of a product that identifies one firm’s products and sets it apart from the competition.
brand
is the beliefs and associations that a consumer has about the brand.
brand meaning
is the process of engaging consumers with brands by telling compelling stories
brand storytelling
is responsible for developing and implementing the marketing plans for products sold to a particular customer group.
market manager
is responsible for developing and implementing the marketing plan for all the brands and products within a product category.
product category manager
is the first step in managing products process
developing product objectives
is the second step in managing products process
designing product strategies
is the third step in managing products process
make tactical product decisions
is the fourth and final step in managing products process
organizing for product management
is the point at which a firm doesn’t lose any money but doesn’t make any profit
break-even point
is the first step in the price planning process
set pricing objectives
is a method of setting prices in which the seller totals all the costs for the product and then adds an amount to arrive at the selling price
cost-plus pricing
is the step in the price planning process that involves looking at the economy, the competition, the government regulation, consumer trends, and the international environment
examining the pricking environment
is a pricing strategy in which the price of a product is raised as demand for that product goes up and lowered as demand goes down
surge pricing
is the business strategy in which a product in its most basic version is provided free of charge but the company charges money for upgraded versions of the product with more features, greater functionality, or greater capacity.
freemium strategy
is a pricing strategy in which the price can easily be adjusted to meet changes in the marketplace.
dynamic pricing
are a method of e-commerce that allows shoppers to purchase a product through online bidding.
online auctions
is a very high, premium price that a firm charges for its new, highly desirable product.
skimming price
is primarily used to show the number of units the market will buy in a given time period, at different prices that might be charged. The relationship between the price charged and the resulting demand level is shown in the demand curve.
demand curve
is the percentage change in unit sales that results from a percentage change in price.
price elasticity of demand
is the difference between the price the firm charges for a product and the variable costs.
contribution per unit
when pricing strategies are determined by profit objectives, the focus is on a ________ _________ ___ __________ __________ or a desired net profit margin.
target level of profit growth
is the amount added to the cost of a product to create the price at which a channel member will sell the product
markup
is the kind of discounts off list price of products to members of the channel of distribution who perform various marketing functions
trade discounts
are the costs of production that are tied to and vary depending on the number of units produced
variable costs
focus is on a target level of profit growth or a desired net profit margin
profit objectives
is an advertised price special used to get customers into their store with the intention of switching them to a higher-priced item
bait-and-switch
is the sixth and final step in the price planning process.
developing pricing tactics
is the fifth step in the price planning process
choose a pricing strategy
is the fourth step in the price planning process
Examine the pricing environment
is the third step in the price planning process
determining costs
is when customers are sensitive to changes in prices, and a change in price results in a substantial change in demand
elastic demand
changes in price have little or no effect on the amount demanded.
inelastic demand
changes in prices of other products also affect the demand for an item.
cross-elasticity of demand
not a type of demand. _________ is used to describe a product. For example, this product is a product that has a high price and that appeals to status-conscious consumers.
prestige
are the fixed costs per unit produced
average fixed costs
are the costs of production that do not change with the number of units produced
fixed costs
are the total of the fixed costs and variables for a number of units produced
total costs
is a set price range in a consumers mind to which they refer in evaluating a products price
internal reference price
is a pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless of location
uniform-delivered pricing
is the pricing policy of setting prices very low or even below cost to attract customers into a store.
loss-leader pricing
is the pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it
penetration pricing
occurs when a new product is priced low for a limited amount of time in order to lower the risk for the customer.
trial pricing
is a pricing tactic for two items that must be used together; one item is priced much lower, and the firm makes its profit on the other, high-margin item essential to the operation of the first item.
captive pricing
are primarily used to show the number of units the market will buy in a given time period, at different prices that might be charged
demand curves