MRKT 380

A bundle of physical, service, and symbolic attributes designed to satisfy a customer’s wants and needs is referred to as a(n) _____
*product
Products marketed to consumers who may not yet recognize a need for them are called _____ products.
unsought
Convenience products that customers constantly replenish to maintain a ready inventory are categorized as:
staples
Which of the following terms refers to the specialty products of the business market?
Installations
In the context of the business products, capital items that typically cost less and last for shorter periods than installations are called _____.
accessory equipments
_____ involves measuring quality by comparing performance against industry leaders.
Benchmarking
The term service _____ refers to the point at which the customer and service provider interact.
encounter
Which of the following variables of service quality best represents the readiness to serve one’s customers?
Responsiveness
Which of the following variables of service quality best represents the service provider’s understanding of the customer’s needs?
Empathy
A series of related products offered by one company is called a product _____.
line
The assortment of product lines and individual product offerings a company sells is called its product _____.
mix
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?
Maturity stage
The _____ is at the heart of integrated marketing communications.
customer
The AIDA concept refers to the steps in:
the consumer purchase decision process.
The communication process begins with:
encoding.
Which of the following is the oldest form of promotion?
Personal selling
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 _____.
advertising
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?
Publicity
The use of unconventional, innovative, and low-cost marketing techniques designed to get consumers’ attention in unusual ways is called _____.
guerrilla marketing
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?
Awareness & Informative advertising
_____ advertising includes two-way promotional messages transmitted through communication channels that induce message recipients to participate actively in the promotional effort.
Interactive
_____ are an outcropping of banner ads that appear on the results page of a search and are specific to the searched term.
Keyword ads
Which of the following elements of a print advertisement focuses on informing, persuading, and stimulating buying action?
Body copy
When a pharmaceutical company advertises that its product has a greater pain-relieving effect than Tylenol, it is using _____ advertising.
comparative
The _____ strategy seeks to increase sales of existing products in existing markets.
market penetration
A _____ strategy concentrates on finding new markets for existing products.
market development
The strategy of _____ refers to the introduction of new products into identifiable or established markets.
product development
A _____ strategy focuses on developing entirely new products for new markets.
product diversification
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?
Adoption process
Individuals who purchase new products almost as soon as these products reach the market are called _____.
innovators
The process by which new goods or services are accepted in the marketplace is known as the _____ process.
diffusion
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 _____.
compatibility
Lean product development encourages __________________ to maximize learning.
minimizing the total time through the development cycle
Lean product development is a(n) ___________________ approach to developing new products
iterative
A _____ often leads new-product development programs, including creation of new-product ideas and recommendations for improving existing products.
product manager
The term “product positioning” refers to:
consumers’ perceptions of a product’s attributes, uses, quality, as well as advantages and disadvantages relative to competing brands.
The role of a sales representative in the promotion process has changed from that of persuader to that of a:
problem solver.
_____ 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.
Over-the-counter selling
The most expensive sales method overall is:
field selling, largely because of the travel costs of sales personnel.
_____ is a personal selling approach that focuses on establishing a sustained buyer-seller relationship with customers through regular contacts over an extended period.
Relationship selling
Meeting customer needs by listening to them, understanding their problems, paying attention to details, and following through after the sale is called _____ selling.
consultative
_____ is a personal selling function that involves identifying potential customers.
Prospecting
One important advantage of personal selling over most advertising is:
the ability to actually demonstrate the good or service
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.
follow-up
Firms that market similar products throughout large areas often organize their sales forces:
geographically.
A _____ is a specially packaged item that gives the purchaser a larger quantity at regular price.
bonus pack
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?
Specialty advertising
Which type of sales promotion is intended to capture the impulse purchase?
Point-of-purchase displays
A(n) _____ is a software that enables users to communicate with each other online.
social media tool
_____ describes the wide range of transactions taking place via Internet applications
such as email and virtual shopping carts.
E-business
_____ are websites that provide virtual communities for people to share daily activities and increase their circle of online friends.
Social networking sites
The most important goal of a marketing website is to:
increase purchases by visitors.
Which of the following is true about a social media marketing plan?
It identifies and describes methods for monitoring, measuring, and managing the SMM effort.
Which of the following is the most popular web function?
Communication
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.
the executive summary
Which of the following is the most common form of Internet advertising?
Banner ad
A(n) _____ is a separate window that appears on a user’s screen with an advertising message.
pop-up ad
Social media marketing differs from traditional marketing in that social media marketing:
solicits the audience’s participation in the message.
Which of the following tools help marketers trace, measure, and interpret data related to social media marketing initiatives?
Social media analytics
The first step in creating an effective website is to:
understand the purpose of the site
A basic measurement of website’s effectiveness is the conversion rate, which is the:
percentage of website visitors who make purchases.
A _____ pricing strategy helps manufacturers to distinguish their high-end products from similar products of their competitors.
skimming
_____ 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.
Everyday low
Which of the following pricing strategies tries to reduce the emphasis on price as a competitive weapon?
Competitive pricing
The price normally quoted to potential buyers before any discounts or allowances are allowed is called the _____ price.
list
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.
market
The payment offered to a channel member for performing marketing functions is called a _____.
trade discount
A one-time reduction in list price typically offered at the time of sale is referred to as a(n):
noncumulative discount.
A pricing policy that assumes that some prices are more appealing than others is known as _____ pricing.
psychological
_____ 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
Loss leader
Consumers today perceive that, within price limits, there is:
a direct relationship between the quality and price of a product.
_____ pricing occurs when a company offers two or more complementary products and sells them for a single price.
Bundle
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.
transfer
The exchange value of a good or service defines its:
Price
The Robinson-Patman Act specifically prohibits:
price discrimination in sales to wholesalers, retailers, and other producers.
State laws requiring sellers to maintain minimum prices for comparable merchandise are called _____ laws.
unfair-trade
Pricing objectives that focus on attaining a target return on investment are examples of _____ objectives.
profitability
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:
$300,000.
Short-run or long-run pricing objectives of achieving a specified return on either sales or investment are known as _____ objectives.
target-return
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?
A prestige objective
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:
pricing the product at price customers are willing to pay.
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?
Pure competition
Customary prices are:
retail prices consumers expect as a result of tradition and social habit.
The _____ of demand is the percentage change in the quantity of a good or service demanded divided by the percentage change in its price.
price elasticity
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:
20,000