marketing final exam
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| Developing Brand Equity | show 🗑
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| Services and Pricing | show 🗑
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| Retailing | show 🗑
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| Multi Channel Marketing | show 🗑
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| Increasing product mix breadth | show 🗑
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| Within each product line, there are often multiple: product categories. primary packaging parts. product breadth. product assortment. private label brands. | show 🗑
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| Why change product line depth? | show 🗑
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| show | To capture new or evolving markets, increase sales, and compete in new venues. address changing market conditions or meet internal strategic priorities.
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| Why change product line breadth? | show 🗑
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| show | A brand can use: Name, logo symbols, characters, slogans, jingles and even distinctive packages.
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| show | Facilitate Purchasing
Establish Loyalty
Protect from Competition
Reduce Marketing Costs
Are Assets
Impact Market Value
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| show | brand equity.
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| show | Consumers are often less sensitive to price
Marketing costs are much lower
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| How do brands create value for the customer and the firm? | show 🗑
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| What are the components of brand equity? | show 🗑
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| Benefits to brand extension | show 🗑
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| What is co-branding? | show 🗑
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| show | brand dilution which occurs when the brand extension adversely affects consumer perceptions about the attributes the core brand is believed to hold.
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| Brand equity | show 🗑
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| Brand repositioning | show 🗑
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| show | Product assortment or product mix is the complete set of all products offered by a firm.
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| product lines | show 🗑
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| product mix | show 🗑
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| show | Compatibility
Observability
Trialability
Relative Advantage
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| The __________ focuses on the rate at which consumers are likely to adopt a new product or service. | show 🗑
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| What are the five groups depicted in the diffusion of innovation curve? | show 🗑
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| show | Relative advantage, compatibility, complexity and trialability
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| R&D Consortia | show 🗑
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| Internal R&D | show 🗑
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| ___________ often include university laboratories, government agencies, competing firms in an industry, and non-profit organizations. | show 🗑
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| show | Concept is a brief written description of the product
Customers reactions determine whether or not it goes forward
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| premarket tests vs test marketing | show 🗑
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| New Product marketing mix | show 🗑
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| show | generate, test concept, design, test market the design, launch product, evaluate
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| Identify different sources of new product ideas. | show 🗑
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| show | because products either gain market acceptance or must exit market
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| show | Introduction, Growth, Maturity, Decline
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| How do sales and profits change during the various stages? | show 🗑
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| show | quantifiable
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| show | once plane takes off, empty seats are lost revenue
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| What are the four marketing elements that distinguish services from products? | show 🗑
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| Why can’t we separate firms into just service or just product sellers? | show 🗑
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| show | 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.
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| show | pricing strategies
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| show | Marketing research: understanding customers
Evaluating service quality
Understanding customer expectations
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| Firms can close the knowledge gap by: | show 🗑
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| knowledge gap | show 🗑
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| standards gap | show 🗑
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| delivery gap | show 🗑
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| communication gap | show 🗑
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| show | C: “Calm the Customer”
R: “Repeat the Problem”
E: Use “Empathy Statements”
S: “Solve the Problem”
T: Make a “Timely Response”
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| show | Effective service recovery efforts can significantly increase customer satisfaction, purchase intentions, and positive word of mouth
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| show | collects customer inputs and integrates them into managerial decisions.
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| show | the area between customers’ expectations regarding their desired service and the minimum level of acceptable service.
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| show | overall sacrifice
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| show | high value
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| show | customers, costs, competition, channel members, company objectives
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| Price elasticity of demand measures consumers’: | show 🗑
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| show | Divide the fixed costs by the contribution per unit (price per unit minus variable cost per unit)
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| How have the Internet and economic factors affected the way people react to prices? | show 🗑
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| show | demand forecasting.
inventory control.
return goods handling.
order processing.
all of the above.
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| show | maximizing sales; minimizing costs
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| show | streamlines distribution and affects marketing
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| RFID tags have dramatically reduced the time and labor associated with: | show 🗑
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| 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. | show 🗑
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| show | JIT leads to reduced lead time, increased product availability, and lower inventory investment.
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| show | Administered, contractual, corporate
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| show | Successful strategic relationships require mutual trust, open communication, common goals, and credible commitments.
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| cross-docked | show 🗑
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| Electronic data interchange (EDI) | show 🗑
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| show | 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.
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| show | 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.
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| Red Bull is sold at convenience stores, supermarkets and warehouse clubs. Red Bull has _________ distribution selective exclusive intermediate intensive limited | show 🗑
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| What issues should manufacturers consider when choosing retail partners? | show 🗑
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| Off-price retailers offer... | show 🗑
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| An intensive distribution strategy is ... | show 🗑
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| show | Disintermediation occurs when a manufacturer sells directly to consumers, bypassing retailers.
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| show | Category specialists are discount stores that offer a narrow but deep assortment of merchandise.
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| show | c the objective and task method
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| show | Designing
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| What are the different steps in the communication process? | show 🗑
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| What is the AIDA model? | show 🗑
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| show | 1. Advertising, sales promotion, public relations and personal selling, electronic media, direct marketing.
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| show | Competitive parity, Percentage-of sales, affordable
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| show | publicity isn't paid
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| The three objectives of advertising are to: | show 🗑
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| show | (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.
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| show | Publications, video and audio, annual reports, press kits, news releases, speeches, event sponsorships, electronic media
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| What are various forms of sales promotions? | show 🗑
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| pull strategy | show 🗑
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| show | A push strategy is designed to increase demand by focusing on wholesalers, distributors, or sales people.
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| show | 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.
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| order taker | show 🗑
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| show | continually find new and potentially profitable customers
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| show | Generate and qualify leads, preapproach, sales presentation, and overcoming reservations, closing the sale, follow-up.
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| show | 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.
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mxer657