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MKT 315|Final Exam Strategic Tools for Marketers –Vermillion
You MUST have questions on exam - simply fill in your answers in a different color than blue. 1. How do you tie Perceptual Mapping and Conjoint Analysis... [Show More] together when presenting be specific? (5 pts) To solve a marketing problem such as when company wants to increase market share, we use two marketing tools perceptual mapping and conjoint analysis. Perceptual mapping will help us identify attributes that need to be enhanced in order to reach our desired positioning and conjoint analysis will calculate market share and help us determine its market barrier. 2. Define Perceptual Mapping and Conjoint Analysis. (4 pts) Perceptual Mapping is A target minds map their perception at that point is the reality, for its intuitive understanding we use odd numbers scale, so it has a clear middle and we follow steps, so we don’t lose too much information. To create a perceptual map, we use 4 step strategy. Conjoint Analysis simulates market value and puts numerical value on Attribute level. There 3 assumptions: • Products are just a bunch of attributes. • Products differ on an attribute level. If we change level product changes as well. • People have different preferences. 3. What is the problem with conventional marketing? (4 pts) Conventional marketing leads to head-to-head competition overtime. products start to look very similar within the market segments. Overall companies start to compete for price instead of producing new products. At the end functionality increases and price decreases simultaneously. Use the chart below to answer questions 4-8 Price: $30,000 utility.45 $40,000 utility .25 $50,000 utility .45 Style: Small SUV utility .15 Midsize SUV utility .25 Large SUV utility .35 Material: Vinyl utility .11 Fabric utility .24 Leather utility .11 Brand: Chevy utility .11 Ford utility .03 Dodge utility .05 4. If I was a marketing manager - what is the ideal or best TPU product for chart – be sure to list feature level and utility? (4 pts) Price: $50,000 utility .45 Style: Large SUV utility .35 Material: Fabric utility .24 Brand: Chevy utility .11 Total Product Utility =TPU 1.25 5. Tell me why I am crying if I am the Ford, Chevy or Dodge brand manager? (3 pts) Because based on this chart these brands aren’t popular brands and their utility numbers are very low. Since intercept represents market intrigued barrier and, on this example, its 1, and of the brands are lower than that. 6. What can you tell me about price, style and material? Explain your answer! (10pts) (Make assumptions about numerical value of style and material. Hint: the SUVs cost consumers as follows: Small SUV $10,000, Midsize $20,000, and Large $30,000, consumer pays following for each material – Vinyl $200, Fabric $300, and Leather $400) I would say that they correlate with each other. Price grows by $10,000 and based on material it grows by $100. Other than that, if we were to calculate overall feature importance Price range: .45-.25=.2 .2/.53= 37.74% Style range: .35-.15=.2 .2/.53= 37.74% Material range: .24-.11=.13 .13/.53= 24.53% Sum of range = .53 We can see that price and style are equally important features for this brands which makes them “hot buttons” and material is somewhat less important. 7. What is the most important thing you can tell me about a $40,000, Large SUV, Vinyl, Ford? (2 pts) Its TPU is .74 which makes it worst possible product. 8. Calculate Market Share for the following SUVs. (15pts) You MUST show your work! Product A: 30,000, Midsize, Leather, Ford Product B: 30,000, Midsize, Vinyl, Chevy Product C: 50,000, Large, Fabric, Dodge Product A Product B Product C 30,000 .45 30,000 .45 50,000 .45 Midsize .25 Midsize .25 Large .35 Leather .11 Vinyl .11 Fabric .34 Ford .03 Chevy .11 Dodge .05 TPU .84 .92 1.18 Product A = exp(.84)/[exp(.84)+exp(1.18)+exp(.92)]=2.34/(2.34+3.25+2.51)=28.8% Product B= exp(.92)/[exp(.92)+exp(1.18)+exp(.84)]=2.51/(2.51+3.25+2.34)= 30.99% Product C= exp(1.18)/[exp(1.18)+exp(.92)+exp(.84)]= 3.25/(3.25+2.51+2.34)=40.12% 9. How many total profiles would the following features and levels create – (only give one number!!!)? (3 pts) Material: linen cotton denim Color: blue red white Style: hip square classic Sleeves: long short 3/4 Neck: V polo button down 3*3*3*3*3=243 Use the perceptual maps posted on Blackboard under Course Documents and named “Final Exam Maps” as a guide for the following two questions: 10. List the order of Brand Preference for drinks on the perceptual maps. Explain. (5 pts) From the most preferred (being closest to the right side of preference line on the second map) to the list. Pepsi, Coke, Dr. Pepper, 7-Up, Red Bull, Sierra Mist, Mountain Dew, Fresca, Adrenline Rush, Crush. 11. If you were the marketing team for Fresca and wanted to reposition Fresca to be a preferred soft drink competing with 7-Up and Sierra Mist what would you do? Be specific. (15pts) I would move fresca in a desirable space. 1. Identify primary attributes Good reputation, classy, sweet, original flavor 2. Identify secondary attributes Bold packages, intense carbonation, refreshing, easy to find Looking at the competitive clusters Fresca would be in the same cluster as 7-Up and Sierra Mist. Would become easy to find, non-energy refreshing drink. 12. Where are the coordinates for attributes on the SPSS output? (2 pts) Rotated component matrix - plots points for attribute. Last page of SPSS 13. Where are the coordinates for brands on SPSS? (3 pts) Plot point of brand is the first page of SPSS data. Brands are under the variable name (which is vertical) and the variable type is “String” 14. How do you know what recommendations should be considered strong recommendations when doing a Perceptual Mapping and Conjoint Analysis project for a company? (10 pts) Perceptual mapping gives us understanding of competitive marketplace, define need attributes and alternatives, factor analysis with mapping software. Then with conjoint analysis we were able to utilities of cereal features finding the best and the worst PTU value. After simulating market share, we determine what features need to be changed in order to have better TPU and only after that we know what to recommend. 15. What does TVE mean? (2pts) (explain meaning not just what letters stand for) Total variance explained, how much data is captured. Which should be 60% or more for perceptual mapping. 16. Rescale the following output that has been run through Regression Data Analysis? (5pts) Intercept 4.32 X1 - $100 3.7 X2 - $200 1.2 X3 - 10mpg -.98 X4 - 20mpg .21 X5 – Silver 3.2 X6 – Black 2.1 X7 - $300 0 X8 – 30mpg 0 X9 – Red 0 17. Explain what TPU means. (3pts) (Not just what letter stand for) The intercept represents the Total Product Utility (TPU) level at which a product must be in order to compete in the market. 18. A high tech company is trying to find out how important certain attribute levels are to customers. What tool would be best to help them understand the most important attribute levels? (5pts) Step 3- using factor analysis which reduces data without losing information. Us SPSS enter the data. When transferring everything on excel and looking at the map 3-5 attributes closest to the preference line are primary attributes and secondary attributes are in 4-5 attributes within the desired space. [Show Less]
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MKT WEEK 11 FINAL EXAM
Question 1 When can marketing become operational? Correct Answer: Correct when implementing plans to create CRM databases Response Feedback: Good work ... [Show More] Question 2 2 out of 2 points Bic Inc. has a new ad to attract new customers. This ad is categorized as a(n) Correct Answer: Correct acquisition cost. Response Feedback: Good work Question 3 2 out of 2 points Correct When customers become dissatisfied, what is the primary means of regaining the customer? Selected Answer: Correct through an empowered frontline employee Correct Answer: Correct through an empowered frontline employee Response Feedback: Good work Question 4 2 out of 2 points Correct The hierarchy of customer behavior is Selected Answer: Correct awareness, trial, repeat, loyalty. Correct Answer: Correct awareness, trial, repeat, loyalty. Response Feedback: Good work Question 5 2 out of 2 points Correct CRM programs are tools used by companies to track spending by collecting information, such as customer identification and contact information, and some form of information on the RFM of the customers' purchase history. What does RFM represent? Correct Answer: Correct recency, frequency, monetary Response Feedback: Good work Question 6 2 out of 2 points Marketers don't track customer evaluations because Correct Answer: Correct they're interesting. Response Feedback: Good work Question 7 2 out of 2 points Correct Aliya is the marketing manager at JumpyInk. The strategic tool JumpyInk uses forces her to make judgments about the company's performance based on market attractiveness and business strength. Which tool does Aliya use? Selected Answer: Correct General Electric model Correct Answer: Correct General Electric model Response Feedback: Good work Question 8 2 out of 2 points Correct ABC Company has produced the XYZ brand. Because it has a relatively large share in a growing market, it is best classified as a Selected Answer: Correct star. Correct Answer: Correct star. Response Feedback: Good work Question 9 Which strategy in the Ansoff's product-market growth matrix combines current markets and new products? Correct Answer: Correct product development Question 10 Correct Company ABC has a mature brand in a stable market, so managers maintain business as usual—same price, same marketing support, etc. What strategy are they using? Selected Answer: Correct doing nothing differently Correct Answer: Correct doing nothing differently Response Feedback: Good work Question 11 Which strategy in the Ansoff's product-market growth matrix combines new markets and new products? Question 12 Because BCD brand has a strong market share in a non-growth industry, it is best classified as a Selected Answer: Response Feedback: Good work Question 13 2 out of 2 points Correct Looking for suppliers who are cheaper than our current ones but still high quality is an example of a way to Selected Answer: Correct decrease variable costs. Correct Answer: Correct decrease variable costs. Response Feedback: Good work Question 14 3 out of 3 points Correct Customers can post complaints or positive reviews during which phase? Selected Answer: Correct post-purchase Correct Answer: Correct post-purchase Response Feedback: Good work Question 15 3 out of 3 points Correct Which of the following options did researchers determine increases brand popularity on social media like Facebook? Selected Answer: Correct volunteerism Correct Answer: Correct volunteerism Response Feedback: Good work Question 16 Correct Which of the following is the percent of sessions for which a visitor lands on the website and views only one page before quickly leaving? Selected Answer: Correct bounce rate Correct Answer: Correct bounce rate Response Feedback: Good work Question 17 3 out of 3 points What is the main goal for users of Facebook? Correct Answer: Correct sharing slices of life with friends Response Feedback: Good work Question 18 3 out of 3 points For companies calculating ROI, the cost of social media actions depends on Selected Answer: Correct marketing goals. Correct Answer: Correct marketing goals. Response Feedback: Good work Question 19 3 out of 3 points What is it called when one group is exposed to one ad or new product description (or whatever element of the marketing mix the marketer is testing) and the other group is either a control group or sees a different version? Selected Answer: Correct A/B split test Correct Answer: Correct A/B split test Response Feedback: Good work Question 20 3 out of 3 points Correct Which of the following media options has the most reach? Selected Answer: Correct magazines Correct Answer: Correct magazines Response Feedback: Good work Question 21 3 out of 3 points Correct In marketing, GRP is an acronym for Selected Answer: Correct gross rating points. Correct Answer: Correct gross rating points. Response Feedback: Good work Question 22 3 out of 3 points Correct Sally is the creative director at a New York-based agency. In thinking about a list of goals for the ads she is responsible for creating, which is likely NOT on her list? Selected Answer: Correct entertainment Correct Answer: Correct entertainment Response Feedback: Good work Question 23 3 out of 3 points Which ad would be the least expensive? Selected Answer: Correct 1-minute radio ad Correct Answer: Correct 1-minute radio ad Response Feedback: Good work Question 24 3 out of 3 points Correct Ad costs are the highest during which program? Selected Answer: Correct Sunday Night Football Correct Answer: Correct Sunday Night Football Response Feedback: Good work Question 25 3 out of 3 points Correct What type of ad is also referred to as fighting or pulsing? Selected Answer: Correct occasional Correct Answer: Correct occasional Response Feedback: Good work Question 26 [Show Less]
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MKT_315_Midterm_Chapters_1___4
Marketing: the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for custom... [Show More] ers, clients, partners, and society at large Marketing Concept: the business orientation model that involves creating value and satisfying consumer needs Marketing Mix: consists of four elements: product, place, price, and promotion, also called the 4 Ps Marketing Plan: a tool used to set up various elements of a company's marketing strategies and develops an accompanying tactical plan Marketing Strategy: describes what the business wants to achieve in its marketing efforts SWOT Analysis a tool an organization uses to analyze its strengths, weaknesses, opportunities, and threats What is the process that determines what is needed, how to collect it, analyze it, and use it for effective market planning? b. marketing information system Pete's Car Wash will donate 10% of Platinum Car Wash purchases to feed the homeless. This is an example of ? C. Cause Marketing Ginger Jones was reading an interesting newspaper article that discussed the diverse culture of a foreign land. However, by the time she finished reading the article, she discovered that the content was actually an advertisement for a travel company. This is an example of . C. native advertising Which is the key strategic decision in formulating a marketing plan? D. all of the above What is the process called when the wholesalers and manufacturers segment their markets much the same way as retailers? C. B2B segmentation The process of developing and executing strategies and tactics to market and sell a product or service to a very specific target segment is: a. micromarketing Which of the following options is not used in SWOTT analysis to set a direction in the brand of a highly competitive marketplace? D. planning Which of the following is not an economic factor: b. Customer's data Marketing includes which of the following activities? Pricing a product What is the process called when the wholesalers and manufacturers segment their markets much the same way as retailers? B2B segmentation Which is NOT a key strategic decision in formulating a marketing plan? Creation of the logo and tagline Which of the following key perspectives is not considered while performing the situation analysis? Suppliers The Marketing Concept Era is designated between: 1960s-1970s Who is required to have multiple decision-makers in order to appeal to multiple stakeholders for a single purchase? B2B marketers Government regulations, suppliers, competitors, the economy, business trends, finances, and the weather are? Opportunities and threats? In the late 1990s, which of the following was third place in the minds and wallets of worldwide consumers? MasterCard The process of developing and executing strategies and tactics to market and sell a product or service to a very specific target segment is: Micromarketing When few sellers control most of the sales, it is: Oligopoly Which of the following options is not used in SWOTT analysis to set a direction in the brand of a highly competitive marketplace? Segmentation Which of the following refers to specific, measurable, achievable, relevant, and timely, and pertains to formulation of organizational objectives that are clear and measurable? SMART goals The process of gathering information about events and their relationships within an organization's internal and external environment is: Environmental scanning Which of the options below enables marketers to understand when they have achieved the goals of success throughout the plan, and allows them to quickly recognize areas that may be off-track in order to resolve them? Key performance indicators A detailed marketing plan does not include: Marketing mix What is the process that determines what is needed, how to collect it, analyze it, and use it for effective market planning? Marketing information system Which is helpful for the marketers to evaluate between risk and reward? Ansoff matrix Social factors include: Demographics, culture, and norms Which of the following is not an economic factor: Customer's data Chapert 2 Examples of neuromarketing research are: All of the above What is market segmentation? Dividing the entire market into groups of consumers What are Marketing Objectives/strategies? Written plans addressing significant marketing problems and opportunities. What does brand development index (BDI) represent: sales potential of a brand what relates to how above average or how below average sales are compared to the population demo? Index What measures the number of cases, units or dollar volume of a brand sold per 1000 population percentage? BDI what is the outcome of high BDI and high CDI? high share of market and good market potential what is the outcome of high CDI and low BDI? low share of market and good market potential what is the outcome of low CDI and high BDi? high share of market, monitor for sales decline what is the outcome of low CDI and low BDI? low share of market and poor market potential What is effective frequency? the amount of frequency the planner judges to be necessary for advertisements to be effective in communicating the creative message what is effective reach? the percent of the target audience exposed at the frequency level that is effective in the planner's judgment what is offensive advertising? advertising activity intended to secure new business what does the Ostrow's approach say? when do you for sure emphasize reach in an ad campaign what is the definition of geographic weighting? practice of giving extra consideration to one or more markets that have more sales potential due to location, demographics, etc. what is the definition of continuity advertising scheduling strategy, and why would someone use it? it is a continuous, for example, either everyday or every week, works as a reminder what is the definition of flighting advertising scheduling strategy, and why would someone use it? is an intermittent pattern with gaps of time when no advertising is done, heavy considerations at certain times, helps beat competition because it advertise in most important times, great timing what is the definition of pulsing advertising scheduling strategy, an why would someone use it? is a mixture of continuity and flgihting and represents the best of both techniques. what is the definition of index numbers? numbers that show a relationship between two percentages or two raw numbers what is the one main point that underlies all the reasons when to advertise? when people tend to buy the product in question When do you for sure emphasize frequency in an ad campaign? repetition, not dispersion is the key selling strategy What are the four positioning statements: Target market, category, brand promise, the reason to believe. Which of the following does not cover marketing data: Customer Which is the proper sequence of the marketing research process: Identify the Problem - Develop the Research Plan - Conduct Research - Analyze Data and Report Findings - Take Action Which marketing intelligence issue relates to whether a brand is distributed nationally or regionally? geography questions Demographics, trends, buying habits, competition, and industry environments are the part of: Marketing Data Psychographic segmentation narrows segments of the market by: Act and thinking of customer Geographic segmentation narrows the market by: Location The likert scale comes under: Quantitative research map is a tool for visualizing: Competitive landscape and spotting positioning opportunities Secondary Data: Information previously collected for some other problem or issue. Primary Data: Information collected for a current research problem or opportunity. Gatekeeper Technologies: Technologies such as caller ID that are used to prevent intrusive marketing practices such as by telemarketers and illegal scam artists. Information Research Process: A systemic approach to collecting, analyzing, interpreting, and transforming data into decision-making information. Scientific Method: Research procedures should be logical, objective, systemic, reliable, and valid. Knowledge: Information becomes knowledge when someone, either the researcher or the decision maker, interprets the data and attaches meaning. Situational Analysis: Gathers and synthesizes background information to familiarize the researcher with the overall complexity of the problem. Unit of Analysis: Specifies whether data should be collected about individuals, households, organizations, departments, geographical areas, or some combination. Analysis: which marketing intelligence issue relates to consistent with the goals set for marketing Competitive considerations: which marketing intelligence issue relates to needs to know as much as possible about the activities of the competitive brands. Exploratory Research: Generates insights that will help define the problem situation confronting the researcher or improves the understanding of consumer motivations, attitudes, and behavior that are not easy to access using other research methods. Descriptive Research: Collects quantitative data to answer research questions such as who, what, when, where, and how. Casual Research: Collects data that enables decision makers to determine cause and effect relationships between 2 or more variables. Target Population: The population from which the researcher wants to collect data. Target Audience: which marketing intelligence issue relates to considering both demo and psycho target audiences Census: The researcher attempts to question or observe all the members of a defined target population. Sample: Small number of members of the target population from which the researcher collects data. Research proposal: A specific document that provides an overview of the proposed research and methodology and serves as a written contract between the decision makers and the researcher. Location: Geographic segmentation narrows segments of the market by. Geography questions: which marketing intelligence issue relates to whether a brand is distributed nationally or regionally. Index Numbers: numbers that show a relationship between two percentages or two raw numbers. Chapter 3 Who is affected by the individual consumer tolerance of risk? Purchase decision What are the factors Influencing Consumer Behavior Economic Factor: Psychology, Demographic, Economic Which purchases usually involve a more complex process? New buy Maslow's hierarchy of needs is: Self-actualization, esteem, love, safety, physiological The purchase that involves the reordering of goods or services already under contract is: Straight rebuy Among specific filters, which one is the selective perception? Selective attention Recent reports show that 85 % of consumers report that they trust online reviews left by other consumers as much as personal recommendations. Some of the reasons that make people decide what to buy are: Personal, situational, psychological, and social interactions The factors that include demographics, culture, and subcultures are known as: Sociocultural factors A process by which consumers choose to remember or reject and forget the information proffered is known as: Selective retention consumer market: purchasers and household members who intend to consume or benefit from the purchased products and do not make profits business market: individuals, organizations, or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general operations undifferentiated targeting strategy: a strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product. homogeneous market: a market in which a large portion of customers have similar needs for a product. heterogeneous market: a market made up of individuals or organizations with diverse needs for products in a specific product class. market segmentation: the process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs. market segment: individuals, groups, or organizations sharing one or more similar characteristics that cause them to have similar product needs concentrated targeting strategy: a market segmentation strategy in which an organization targets a single market segment using one marketing mix. differentiated targeting strategy: a strategy in which an organization targets two or more segments by developing a separate marketing mix for each segment. segmentation variables: characteristics of individuals, groups, or organizations used to divide a market into segments. market density: the number of potential customers within a unit of land area geodemographic segmentation: a method of market segmentation that clusters people in zip code areas and smaller neighborhood units based of lifestyle and demographic information. Micromarketing: an approach to market segmentation in which organizations focus precise marketing efforts on very small geographic areas benefit segmentation: the division of a market according to benefits that consumers want from the product. market potential: the total amount of a product that customers will purchase within a specified period at a specific level of industry-wide marketing activity. company sales potential: the maximum percentage of market potential that an individual firm within an industry can expect to obtain for a specific product. buildup approach: measuring company sales potential by estimating how much a product a potential buyer in a specific geographic area will purchase in a given period by the number of potential buyers, and adding the totals of all geographic areas considered. trend analysis: an analysis that focuses on aggregate sales data over a number of many years to determine general trends in annual sales time series analysis: uses historical sales data cycle analysis: sales figures for a three to five-year period to ascertain whether sales fluctuate in a consistent, periodic manner. seasonal analysis: daily, weekly, or monthly consumer Behavior: The study of figuring out what customers want Motivation: The perceived need Perception: the use of the five senses to perceive the environment environmental factors: includes overall expected demand of the product or service from the specific market, material shortages, and outside technology impacts. straight rebuy: purchases that involve the reordering of goods and services already under contract new buy: purchases that usually involve a more complex process and individuals, especially if the purchase involves new technology modified rebuy: purchases that involve previously purchases goods or services that are subjected to some significant change, typically involving pricing or volume organizational buying demand: Purchases by organizations that are influenced by the consumer Chapter 4 Customer Insights Fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships. Marketing Research The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization. Exploratory Research Marketing research to gather preliminary information that will help define problems and suggest hypotheses. Descriptive Research [Show Less]
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MARKETING FINAL EXAM
4 Ps - correct answer 1. Product- variety, quality, design, features, brand name, packaging 2. Price- list price, discounts, allowances, payment period 3... [Show More] . Promotion- advertising, personal selling, sales promotion, public relations 4. Place- channels, coverage, locations, inventory, transportation, logistics Product - correct answer anything that can be offered to a market for attention, acquisition that might satisfy a want or a need (example: purchasing draino) Service - correct answer an activity, benefit, or satisfaction offered for sale that does not result in the ownership of anything (example: hiring a plumber) Three levels of a product - correct answer CORE customer value Actual product Augmented product CORE Customer Value - correct answer what is the buyer really buying? -Identify the problem and solve it with benefits that customers seek -Example: The customer is tired -> Starbucks coffee Actual Product - correct answer what are the physical attributes of the product itself? -Brand name, quality, packaging, features, and design -Example: Starbucks has a brand name, is high quality, designs cups Types of consumer products - correct answer convenience shopping specialty unsought unsought products -customer buying behavior -price -promotion -distribution -example - correct answer -Customer buying behavior: Little product awareness or knowledge (or if aware, little or even negative interest -Price: Varies -Promotion: Aggressive advertising and personal selling by producer and reseller -Distribution: Varies -Examples: Life insurance, American Red Cross Speciality products -customer buying behavior -price -promotion -distribution -example - correct answer -Customer buying behavior: Strong brand preference, special purchase effort, low price sensitivity, strong brand loyalty -Price: High price -Distribution: Exclusive distribution in one one or few outlets per market area -Promotion: More carefully targeted promotion by the producer and reseller -Example: Lamborghinis, Rolex watch (Brand name items) Shopping products -customer buying behavior -price -promotion -distribution -example - correct answer -Customer buying behavior: Less frequent purchase, much planning and shopping effort, comparison of brands on price, quality and style -Distribution: Selective distribution in fewer outlets -Promotion: advertising and personal selling by both the producer and resellers -Price: Higher price -Examples: Car, major appliances, furniture, televisions and clothing Convenience -customer buying behavior -price -promotion -distribution -example - correct answer -Customer buying behavior: Frequent purchase, low customer involvement, little comparison or shopping effort -Price: Low price -Distribution: Widespread, convenient locations -Promotion: Mass promotion by the producer -Examples: Soda, toothpaste, magazines and laundry detergent 5 Individual Product decisions - correct answer product attributes- quality, features, style, design branding- ways to identify maker/seller packaging- designing and producing the product wrapper labeling- identifies, describes and promotes product product support services- call center, surveys, social media Product line - correct answer a group of products that are closely related, function in a similar manner, sold to same customer groups, marketed the same way and within the same price range Two ways to lengthen a product line - correct answer i. Line Stretching- make new products for upper/lower class users (Example: Toyota, Lexus and Scion) ii. Line Filling- adding more products within product range to get more profits, fill missing items, keep out competitors (Example: Oreo, Klondike Oreos, Oreo Cereal, Oreo Dunks) Width - correct answer number of different product lines the company carries length - correct answer total number of items a company carriers within its product lines dept - correct answer number of versions offered for each product in the line consistency - correct answer relativity of various product lines in end use Service Marketing characteristics - correct answer 1. Intangibility- services cannot be seen, tasted, or smelled before purchase 2. Inseparability- services cannot be separated from their providers 3. Variability- quality of services depends on who provides them, when, where... 4. Perishability- services cannot be stored for later sale or use profits are directly associated with _____ - correct answer customer satisfaction three types of service marketing - correct answer 1. internal marketing- employees and company 2. interactive marketing- employees and customers 3. external marketing-company and customers brand equity - correct answer the differential effect that knowing the brand name has on customer response to the product or its marketing positive brand equity - correct answer consumers respond more favorably to the brand vs. unbranded version of the same product (example: ShopRite water v. Dasani) negative brand equity - correct answer consumers react less favorably to the brand vs. an unbranded version brand value - correct answer i. total financial value of a brand a. Difficult to measure- must consider geographic presence, net earnings before taxes and the role that brand plays in that specific industry Major brand strategy decisions - correct answer 1. brand positioning 2. brand name selection 3. brand sponsorship brand positioning - correct answer attributes, benefits, beliefs and values a. Mission and vision for the brand b. What does your brand stand for in the customer's minds? c. Example: Huggies, Nike, Pampers brand name selection - correct answer selection and protection a. Desirable qualities for a brand name: based on products benefits and qualities, easy to pronounce, distinctive, easily translated brand sponsorship -national brands -store brands -licensing -co-branding - correct answer a. National Brands- Marketed under the manufacturer's own name -Example: Tide b. Store Brands- created/owned by a reseller of a product or service -Example: Wegmans pasta c. Licensing- use names and symbols created by other companies or well known movie characters/celebrities for a fee (Dora Bandaids) d. Co-Branding- use the established brand names of two different companies on the same product (Nike Apple watch) brand development strategies/matrix - correct answer 1. line extension 2. brand extension 3. multi brand 4. new brands line extension - correct answer introducing a product similar to what is already offered (Example: golden oreos, skinny oreos, double stuffed oreos) brand extension - correct answer broadening the market's understanding of the brand (Example: McDonalds selling coffee and breakfast food-not just burgers) multi brand - correct answer brands under the same company compete against each other (Example: Lexus, Toyota, Scion or Suave, Garnier [all under P&G]) new brands - correct answer needed when existing brands of company are waning New products are developed through an organizations ______ - correct answer R&D efforts -can drive a company's growth but is risky and expensive creating successful new products require - correct answer i. Understanding consumers, markets and competitors ii. Developing products that deliver superior value to customer stages in new product development - correct answer 1. idea generation 2. idea screening 3. product concept, testing and development 4. marketing strategy development 5. business analysis 6. product development 7. test marketing 8. commercialization commercialization - correct answer introducing product to the market -need to determine timing of intro and where to introduce idea generation - correct answer systemic search for new product ideas -internal idea sources -external idea sources -strategic intuition strategic intuition - correct answer 4 Step Method for Innovation 1. Examples from history- study history, other industries 2. Presence of mind- abandon preconceived notions; expect the unexpected 3. Flash of insight- not a new idea, combine past ideas 4. Resolution- willingness to move forward without a detailed plan, willingness to change internal idea source - correct answer i. intrapreneurial programs, internal social networks, R&D department external idea sources - correct answer i. customers, distributors and suppliers, competitors, other industries, crowdsourcing a. Crowdsourcing: open innovation programs idea screening: RWW framework - correct answer R- Real, is there real customer need? W- Win, does the product offer a sustainable advantage? W- Worth, Does the product fit the overall growth strategy? Product concept development - correct answer i. develop alternative concepts, product concept testing alternatives, choose the best product concept testing - correct answer i. test a group of target consumers to find out the degree of consumer appeal toward the concepts - Present concepts to consumers symbolically or with a picture/ word description - Ask customers about their reactions to the concept the marketing strategy statement - correct answer 1. target market 2. 4 ps 3. strategic objectives target market - correct answer a. describes the target market, value proposition, sales, market-share, and goals for first few years strategic objectice - correct answer a. describes the planned long term profit goals business analysis - correct answer 1. review of the sales, costs, and profit projections for a new product, to find out whether the projections satisfy the company's objectives product developmetn - correct answer develop product concept-> physical product -prototype test marketing - correct answer 1. product and proposed marketing campaign are introduced into realistic marketing settings a. Gives the marketer an experience with marketing a product before the introduction b. Tests the product and its marketing program as well as markets (minimize costs and time needed) team based product devleopemt - correct answer an approach to developing new products in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness customer centered new product development - correct answer focuses on finding new ways to solve customer problems and create more customer satisfying experiences product life cycle - correct answer the course that a products sales and profits take over its lifetimes Product lifecycle: product development - correct answer 1. finds/develops new product ideas a. No sales, increasing investment costs Product lifecycle: introduction - correct answer 1. product introduced to the market a. Heavy investment costs, no profits, few competitors, slow sale growth Product lifecycle: Growth - correct answer 1. rapid market acceptance a. Increasing profits, more competitors product lifecycle: maturity - correct answer 1. product achieved acceptance by most potential buyers a. Slow down in sales growth b. Profits level off & start to decline c. Increased marketing costs to defend against competitors d. Stable number of competitors beginning to decline Product lifecycle: decline - correct answer 1. sales drop off, declining number of competitors style - correct answer a basic distinctive mode of expression fashion - correct answer currently accepted or popular within a given field fad - correct answer temporary period of unusually high sales PRICE - correct answer amount of money charged for a product or service 1. Determines a firm's market share and profitability; the only "p" that produces revenue Price ceiling - correct answer maximum price, the consumer's perception of value Price floor - correct answer minimum price, the company's production costs considerations in setting price - correct answer a. Price is impacted by competitor's strategies and prices, marketing strategy, objectives and mix, as well as nature of market and demand b. Target price is between a firm's incentive to sell and a customer's incentive to purchase customer based value - correct answer good value pricing, value added pricing i. Starts with the ceiling ii. Based on buyers' perceptions of value rather than on the seller's cost iii. Price is considered before the marketing program is set good value pricing - correct answer offering the right combination of quality and good service at a fair price (Marshalls) value added pricing - correct answer attach value added features and services to differentiate offers and support higher prices (AMC dine in theatres) cost based pricing - correct answer i. Starts with the price floor ii. Based on costs of producing, distributing and selling the product, plus fair rate of return for effort and risk cost-plus pricing - correct answer i. ass a standard markup to the total cost of the product [simple method, ignores customer demand] breakeven pricing - correct answer setting price to break even on total costs of making a product or setting prices to make a target return • Helps determine minimum prices • Ignores consumer demand • Example: fixed costs=1000, VC=$5/attendee i. Minimum admission price if 50 people attended TC=1000+250=1250/50=30/attendee [Show Less]
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MARKETING FINAL FINAL EXAM
Promotion - correct answer Communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion o... [Show More] r elicit a response. Promotional Strategy - correct answer A plan for the optimal use of the elements of promotion: advertising, public relations, personal selling, and sales promotion. Advertising - correct answer impersonal, one-way mass communication about a product or organization that is paid for by a marketer. Public Relations - correct answer the marketing function that evaluates public attitudes, identifies areas within the organization the public may be interested in, and executes a program of action to earn public understanding and acceptance. Publicity - correct answer public information about a company, product, service, or issue appearing in the mass media as a news item Sales Promotion - correct answer marketing activities - other than personal selling, advertising, and public relations - that stimulate consumer buying and dealer effectiveness Personal Selling - correct answer A purchase situation involving a personal paid for communication between two people in an attempt to influence each other. Communication process - correct answer Encodes message, sends message through a channel of communication. Noise in the transmission channel distorts the source's intended message. Reception occurs if the message falls within the receiver's frame of reference. The receiver decodes the message and usually provides feedback to the source. Normally, feedback is direct for interpersonal communication and indirect for mass communication. AIDA - correct answer an acronym identifying four persuasive steps or desired effects that a brand message might have on customers and prospects: attention, interest, desire, action. Advertising increases awareness/knowledge, sales promotion is good when customers are in purchase stage, personal selling develops interest and desire. Push strategy - correct answer a marketing strategy that uses aggressive personal selling and trade advertising to convince a wholesaler or a retailer to carry and sell particular merchandise. Pull strategy - correct answer a marketing strategy that stimulates consumer demand to obtain product distribution. Integrated Marketing Communications (IMC) - correct answer the careful coordination of all promotion messages for a product or a service to assure the consistency of messages at every contact point where a company meets the consumer. Institutional advertising - correct answer a form of advertising designed to enhance a company's image rather than promote a particular product Product advertising - correct answer a form of advertising that touts the benefits of a specific good or service Advocacy advertising - correct answer a form of advertising in which an organization expresses its views on controversial issues or responds to media attacks Pioneering advertising - correct answer a form of advertising designed to stimulate primary demand for a new product or product category Competitive advertising - correct answer a form of advertising designed to influence demand for a specific brand Comparative advertising - correct answer A form of advertising that compares two or more specifically named or shown competing brands on one or more specific attributes Advertising campaign - correct answer a series of related advertisements focusing on a common theme, slogan, and set of advertising appeals Advertising Objective - correct answer a specific communication task that a campaign should accomplish for a specified target audience during a specified period Advertising Appeal - correct answer a reason for a person to buy a product Unique Selling Approach - correct answer a desirable, exclusive, and believable advertising appeal selected as the theme for a campaign Medium - correct answer the channel used to convey a message to a target market. Media planning - correct answer the series of decisions advertisers make regarding the selection and use of media, allowing the marketer to optimally and cost-efficiently communicate the message to the target audience. Cooperative Advertising - correct answer An arrangement in which the manufacturer and the retailer split the cost of advertising the manufacturer's brand Media Mix - correct answer the combination of media to be used for a promotional campaign. Cost per contact - correct answer the cost of reaching one member of the target market Reach - correct answer the number of target consumers exposed to a commercial at least once during a specific period, usually four weeks Frequency - correct answer the number of times an individual is exposed to a given message during a specific period. Media schedule - correct answer designation of the media, the specific publications or programs, and the insertion dates of advertising Continuous Media schedule - correct answer A media scheduling strategy in which advertising is run steadily throughout the advertising period; used for products in the later stages of the product life cycle. Flighted Media Schedule - correct answer a media scheduling strategy in which ads are run heavily every other month or every two weeks, to achieve a greater impact with an increased frequency and reach at those times Pulsing Media Schedule - correct answer a media scheduling strategy that uses continuous scheduling throughout the year coupled with a flighted schedule during the best sales periods Seasonal Media Schedule - correct answer a media scheduling strategy that runs advertising only during times of the year when the product is most likely to be used Product Placement - correct answer a public relations strategy that involves getting a product, service, or company name to appear in a movie, television show, radio program, magazine, newspaper, video game, video or audio clip, book, or commercial for another product; on the internet; or at special events Sponsorship - correct answer a public relations strategy in which a company spends money to support an issue, cause, or event that is consistent with corporate objectives, such as improving brand awareness or enhancing corporate image. Cause-related marketing - correct answer a type of sponsorship involving the association of a for-profit company and a nonprofit organization; through the sponsorship, the company's product or service is promoted, and money is raised for the nonprofit. Crisis Management - correct answer a coordinated effort to handle all the effects of unfavorable publicity or of another unexpected unfavorable event. Consumer Sales Promotion - correct answer sales promotion activities targeting the ultimate consumer. Trade sales promotion - correct answer sales promotion activities targeting a marketing channel member, such as a wholesaler or retailer. Coupon - correct answer a certificate that entitles consumers to an immediate price reduction when they buy the product Rebate - correct answer a cash refund given for the purchase of a product during a specific period. Premium - correct answer an extra item offered to the consumer, usually in exchange for some proof of purchase of the promoted product. Loyalty Marketing Program - correct answer a promotional program designed to build long-term, mutually beneficial relationships between a company and its key customers Sampling - correct answer a promotional program that allows the consumer the opportunity to try a product or service for free. Point of purchase display - correct answer a promotional display set up at the retailers location to build traffic, advertise the product, or induce impulse buying Trade allowance - correct answer a price reduction offered by manufacturers to intermediaries, such as wholesalers and retailers Push money - correct answer Money offered to channel intermediaries to encourage them to "push" products that is to encourage other members of the channel to sell the products Relationship Selling (consultative selling) - correct answer a sales practice that involves building, maintaining and enhancing interactions with customers in order to develop long-term satisfaction through mutually beneficial partnerships. Sales process - correct answer the set of steps a salesperson goes through in a particular organization to sell a particular product or service. Conditions that favor personal selling vs. other promotional tools - correct answer Relationships, more than one-time sales, non transaction focused, target prospective buyers, efficient, managerial control over promotion costs Lead generation (prospecting) - correct answer Identification of those firms and people most likely to buy the seller's offerings Referral - correct answer a recommendation to a salesperson from a customer or business associate. Networking - correct answer a process of finding out about potential clients from friends, business contacts, coworkers, acquaintances, and fellow members in professional and civic organizations Cold calling - correct answer A form of lead generation in which the salesperson approaches potential buyers without any prior knowledge of the prospects' needs or financial status Negotiation - correct answer the process during which both the salesperson and the prospect offer special concessions in an attempt to arrive at a sales agreement. Price - correct answer that which is given up in an exchange to acquire a good or service. Revenue - correct answer the price charged to customers multiplied by the number of units sold. Profit - correct answer revenue minus expenses Return on Investment (ROI) - correct answer net profit after taxes divided by total assets. Market Share - correct answer a company's product sales as a percentage of total sales for that industry Status Quo Pricing - correct answer a pricing objective that maintains existing prices or meets the competition's prices. Profit Maximization - correct answer Profit oriented pricing, designed to generate a much revenue as possible in relation to cost. Market Share Pricing Strategy - correct answer Sales-oriented, focuses on maintaining a percentage share of the market Sales Maximization Pricing Strategy - correct answer Sales-oriented, focuses on maximizing dollar or unit sales. Markup pricing - correct answer the cost of buying the product from the producer plus amounts for profit and for expenses not otherwise accounted for Demand - correct answer the quantity of a product that will be sold in the market at various prices for a specified period. (LEARN GRAPH) Supply - correct answer the quantity of a product that will be offered to the market by a supplier at various prices for a specified period. (LEARN MY GRAPH) Price Equilibrium - correct answer the price at which demand and supply are equal. Elasticity of Demand - correct answer consumers' responsiveness or sensitivity to changes in price. Inelastic demand - correct answer a situation in which an increase or a decrease in price will not significantly affect demand for the product. Elastic Demand - correct answer a situation in which consumer demand is sensitive to changes in price. Variable Cost - correct answer a cost that varies with changes in the level of output Fixed Cost - correct answer a cost that doesn't change as output is increased or decreased. Marginal cost (MC) - correct answer the change in total costs associated with a one-unit change in output. Marginal Revenue (MR) - correct answer the extra revenue associated with selling an extra unit of output or the change in total revenue with a one-unit change in output. Break-even analysis - correct answer a method of determining what sales volume must be reached before total revenue equals total costs. Prestige pricing - correct answer charging a high price to help promote a high quality image. Price strategy - correct answer a basic, long-term pricing framework that establishes the initial price for a product and the intended direction for price movements over the product life cycle. Price skimming - correct answer a pricing policy whereby a firm charges a high introductory price, often coupled with heavy promotion. Penetration pricing - correct answer a pricing policy whereby a firm charges a relatively low price for a product initially as a way to meet the mass market. Base price - correct answer the general price level at which the company expects to sell the good or service Quantity discount - correct answer a price reduction offered to buyers buying in multiple units or above a specified dollar amount Cash discount - correct answer a price reduction offered to a consumer, an industrial user, or a marketing intermediary in return for prompt payment of a bill Functional discount (trade discount) - correct answer a discount to wholesalers and retailers for performing channel functions Seasonal discount - correct answer a price reduction for buying merchandise out of season Promotional allowance (trade allowance) - correct answer a payment to a dealer for promoting the manufacturer's product Value-based pricing - correct answer setting the price at a level that seems to the customer to be a good price compared to the price of other options. Flexible pricing (variable pricing) - correct answer a price tactic in which different customers pay different prices for essentially the same merchandise bought in equal quantities. Leader pricing (loss-leader pricing) - correct answer a price tactic in which a product is sold near or even below cost in the hope that shoppers will buy other items once they are in the store. Odd-even pricing (psychological pricing) - correct answer a price tactic that uses odd numbered prices to connote bargains and even numbered prices to imply quality. Price bundling - correct answer marketing two or more products in a single package for a special price. Consumer penalty - correct answer an extra fee paid by the consumer for violating the terms of the purchase agreement. Product line pricing - correct answer setting prices for an entire line of products. Customer relationship management (CRM) - correct answer a company wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups. Customer-centric - correct answer a philosophy under which the company customizes its products and service offering based on data generated through interactions between the customer and company. Knowledge management - correct answer the process by which learned information from customers is centralized shared in order to enhance the relationship between customers and the organization. Interaction - correct answer the point at which a customer and a company representative exchange information and develop learning relationships Touch points - correct answer all possible areas of a business where customers communicate with that business. Point-of-sale interactions - correct answer communications between customers and organizations that occur at the point of sale, normally in a store. Data warehouse - correct answer a central repository for data from various functional areas of the organization that are stored and inventoried on a centralized computer system so that the information can be shared across all functional departments of the business Data mining - correct answer data processing using sophisticated data search capabilities and statistical algorithms to discover patterns and correlations in large preexisting databases Ways to use CRM - correct answer Campaign management, retaining loyal customers, cross-selling other products and services, designing targeting marketing communications, reinforcing customer purchase decisions, inducing product trail by new customers, increasing effectiveness of distribution channel marketing, improving customer service. Lifetime value analysis (LTV) - correct answer a data manipulation technique that projects the future value of the customer over a period of years using the assumption that marketing to repeat customers is more profitable than marketing to first time buyers. Exchange - correct answer people giving up something to receive something they would rather have. Conditions of exchange - correct answer 1. There must be at least 2 parties 2. Each party must have something that might be of value to the other. 3. Each party is capable of communication and delivery. 4. Each party is free to accept or reject the exchange offer. 5. Each party believes it is appropriate or desirable to deal with the other party. Customer value - correct answer the relationship between benefits and the sacrifice necessary to obtain those benefits Customer satisfaction - correct answer Customers' evaluation of a good or service in terms of whether it has met their needs and expectations. Production Orientation - correct answer a philosophy that focuses on the internal capabilities of the firm rather than the desires and needs of the marketplace. Sales Orientation - correct answer based on the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits. Market Orientation - correct answer assume a sale doesn't depend on aggressive sales force, rather the customer's decision to purchase product. Societal Marketing Orientation - correct answer acknowledges that some products that customers want may not be in their best interests or in the best interest of society. Means that they preserve long term best interests. Marketing Concept - correct answer states that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organization objectives. Relationship Marketing - correct answer a strategy that focuses on keeping and improving relationships with current customers. Marketing Strategy - correct answer the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities. Marketing Plan - correct answer written document that acts as a guidebook of marketing activities for the marketing manager. SWOT - correct answer strengths, weaknesses, opportunities, threats. Competitive advantage - correct answer three types: cost, product/service differentiation, and niche strategies. Sources of cost competitive advantages include experience curves, efficient labor, no frills goods and services, gov't subsidies, product design, reengineering, product innovations, and new methods of service delivery. A product/service differentiation competitive advantage exists when a firm provides something inquire that is valuable to buyers beyond just low prices. Niche competitive advantages come from targeting unique segments with specific needs and wants. The goal of all three is to be sustainable. Strategic alternatives, types - correct answer The strategic opportunity matrix can be used to help management develop strategic alternatives. The four options are market penetration, product development, market development, and diversification. In selecting a strategic alternative, managers may use a portfolio matrix, which classifies strategic business units as stars, cash cows, problem children, and dogs, depending on their present or projected growth and market share. Target Market Strategy - correct answer the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets. Implementation, evaluation and control - correct answer gauging the extent to which the marketing objectives have been achieved during the specified time period. Corporate social responsibility - correct answer business' concern for society's welfare. Sustainability - correct answer the idea that socially responsible companies will outperform their peers by focusing on the world's social problems and viewing them as opportunities to build profits and help the world at the same time. Pyramid of social responsibility - correct answer a model that suggests corporate social responsibility is composed on economic, legal, ethical, and philanthropic responsibilities and that the firm's economic performance supports the entire structure. Ethics, morals - correct answer ethics: a guideline to help marketing managers and other employees make better decisions. Morals: the rules people devlop as a result of cultural values and norms. Morality of business ethics, three levels - correct answer examines the consequences of decisions. Relies on rules and laws to guide decision making. Moral development theory that places individuals or groups in one of three developmental stages: preconventional morality, conventional morality, or postconventional morality. Social factors - correct answer Several major social trends are currently shaping marketing strategies. First, people of all ages have a broader range of interests, defying traditional consumer profiles. Second, changing gender roles are bringing more women into the workforce and increasing the number of men who shop. Third, a greater number of dual career families has created demand for time saving goods. Demographic factors - correct answer Tweens and Gen Y are increasingly experienced consumers, and because the population is growing older, marketers are offering more products that appeal to middle aged and elderly consumers. Generations - correct answer Tweens: preteens Generation Y: 1979-1994 Gen X: 1965-1978 Baby boomers: 1946-1964 Ethnic markets - correct answer Multiculturalism occurs when all major ethnic groups in an area are equally represented. Hispanics fastest growing, then African Americans. Most companies are creating departments to target multicultural market segments. Not homogeneous however. Economic factors - correct answer 2007-2009 recession has reduced spending power. During inflation, marketers try to maintain level pricing to avoid losing customer brand loyalty. During times of recession, they try and maintain or reduce prices to counter the effects of decreased demand. They focus on product efficiency and improving customer service. Technological factors - correct answer Essential to monitor new technology to keep up with competitors. US excels in basic research and in recent years has improved track record in applied research. Innovation is increasingly becoming a global process. Political and Legal Factors - correct answer Subject to federal and state laws. Responsible for remaining aware of and abiding regulations. Key federal laws are Sherman Act (limits cartels and monopolies), Clayton Act, Federal Trade Commission Act, Robinson-Patman Act, Wheeler-Lea amendment to the FTC act. Manu laws including privacy laws have been passed to protect the consumer. Consumer Product Safety Commission, Federal Trade Commission, and the Food and Drug Administration most involved. Competitive factors - correct answer The competitive environment encompasses the number of competitors a firm must face, the relative size of the competitors, and the degree of interdependence within the industry. Global marketing, benefits/rewards - correct answer Marketing that targets markets throughout the world. Businesses that do this are better able to identify global marketing opportunities, understand the nature of global networks, create effective global marketing strategies, and compete against foreign competition in domestic markets. Global market standardization/adaptation - correct answer production of uniform products that can be sold the same way all over the world. Culture - correct answer societal values, attitudes and beliefs, language and customary business practices. Economic/Technological - correct answer for a country, depends on its stage of industrial development, which, in turn, affects average family income. Political structure - correct answer Shaped by political ideaology and such policies as tariffs, quotas, boycotts, exchange controls, trade agreements, and market groupings. Major agreements (NAFTA, EU, etc.) - correct answer NAFTA: North American Free Trade Agreement, world's largest free trade agreement. EU: a free trade zone encompassing 27 European countries. CAFTA: central American free trade agreement Entry strategies - correct answer firms use the following strategies, in descending order of risk and profit: direct investment, joint venture, contract manufacturing, licensing and franchising, and exporting. Consumer decision making process, steps - correct answer 1. need recognition 2. info search 3. evaluation of alternatives 4. purchase 5. post purchase behavior Internal/external search - correct answer internal is the process of recalling past info stored in the memory. External is the process of seeking information in the outside environment. Evoked set - correct answer a group of brands, resulting from an information search, from which a buyer can choose. Cognitive dissonance - correct answer inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions. [Show Less]
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MARKETING 315 FINAL (QUIZZES FOR TOPICS 5-8)
The point with the largest vertical distance between the total revenue and total costs represents the point at which - correct answer production is optimiz... [Show More] ed and profitability peaks The most difficult part of marketing mix is: - correct answer pricing Self-actualization is NOT: - correct answer buying a mercedes --- represent where the total revenue and total cost are equal. - correct answer Break-even analysis The ROI equation does not: - correct answer include customer service values The Robinson-Patman Act: - correct answer prevents unfair price discrimination by ensuring that the seller offer the same price terms to customers at a given level of trade An income gained from business activities, this term means the gross (before taxes, expenses) - correct answer Revenue Milton Friedman's famous maxim, paraphrased: The social responsibility of business is to: - correct answer make a profit ---must be established with added value, or what is above and beyond what is expected. - correct answer Positioning Because of ---, businesses are forced to be competitive: - correct answer both internet and E-commerce --- conflict can occur when management at restaurants disagree about specific discount rates for high school students - correct answer horizontal An exclusive distribution strategy - correct answer promotes a brand's image Indirect distribution is an example of - correct answer producer to wholesaler to retailer to end-consumer Priceless Creations provides its products exclusively to Craft's, a chain of pottery printing stores across the country. The chain then makes its pottery and painting supplies available to end-consumers. This is an example of - correct answer an indirect marketing channel An intensive distribution strategy would be best implemented for these products. - correct answer soft drinks Adding new channels in a multichannel distribution system provides the following advantage - correct answer it expands market and sales coverage. When service producers bypass intermediaries and market directly to final buyers, or when new channel intermediaries replace tradition ones, --- occurs - correct answer disintermediation Instead of offering their products through "brick-and-mortar" companies, a book distributor decides to market directly to customers through the US mail. This is an example of - correct answer disintermediation A direct marketing channel would be utilized by which of these companies? - correct answer convenience, an online store that offers its products via its online click-to-order catalogs What type of marketing channel would secure insurance use if it offers its products exclusively through door-to-door salespersons. - correct answer Direct When a company arranges two or more marketing channels to target one or more customer segments, it's called a - correct answer multichannel distribution system The --- budgeting method evaluates necessary tasks, calculates estimated promotion budget costs, and determines specific promotion outcomes - correct answer objective-and-taks Effective marketers excel at --- messages and focusing on how a target demographic --- them - correct answer encoding; decodes Companies apply the --- to determine their advertising budgets based on the industry average. - correct answer competitive-parity method the initial stage of the selling process that identifies qualifies customers is called the --- stage - correct answer prospecting the communication mix can best be described as - correct answer the promotion mix When a salesperson explains why a product is better then the competition, the salesperson is in the --- step of the sales process. - correct answer presentation When radio is used as an advertising medium, the following statement is usually true. - correct answer Local customers embrace radio advertising An advertising strategy can be ineffective when - correct answer salespersons are not involved and ad copy is generic. The --- method of developing an advertising budget considers sales as the source of a promotion rather than the result. - correct answer Percentage-of-sales Companies often offer --- when customers send their proof of purchase to them. - correct answer rebates to ---, marketers ask target audience members if they recall the message, how often they viewed it, and what they remember about the message - correct answer gather feedback Business-to-business companies usually incorporate a --- promotion strategy, while business-to-consumer companies typically employ a --- promotion strategy - correct answer push;pull The --- step of the selling process focuses on maintaining ongoing customer satisfaction and ensuring repeat business. - correct answer follow-up When a company includes free shipping for $25 minimum purchases, this deal is an example of - correct answer sales promotion The analyzing, planning, implementing, and controlling of sales force activities is called the - correct answer sales management When an advertisement effectively conveys a company's intended brand message through words and illustrations, it is considered to be the --- part of the communication process - correct answer encoding When a salesperson asks the customer for the order, it is the --- step of the sales process - correct answer closing during a particular period of time, --- is the percentage of people within a target market that were targeted for a specific ad campaign. - correct answer reach If Pulp Paper Company designates one sales team for copier paper sales and designates another sales team for stationary sales, the company is using a - correct answer Product/Service organizational structure In which step of the selling process would a salesperson likely meet a new customer? - correct answer Approach [Show Less]
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MKT-315 FINAL EXAM
Profit Equation - correct answer Total Revenue - Total Cost Pricing Strategy: Penetration Pricing - correct answer Low price to increase sales and marke... [Show More] t share. Pricing Strategy: Skimming Pricing - correct answer Starts out with a high price and slowly lowers it to fit the market. Pricing Strategy: Competition Pricing - correct answer Setting prices nearly equal to competitors. A cable company may start out with a low price to get subscribers. Eventually, price will increase as their market share increases. - correct answer Penetration Pricing A cellular phone carrier charges a premium price at the onset, but reduces the price of its phones over five years, following the natural product lifecycle. - correct answer Skimming Pricing Price matching is one example. Some companies (such as cell phone carriers) give the customer a refund that covers competitors' fees, to convince them to switch carriers. - correct answer Competition Pricing Wholesaling - correct answer The process of enabling the movement of merch from manufacturers to retailers. Retailing - correct answer The process that enables the sale of products and services to end-use consumers, including business consumers and individuals at their homes. Intermediary Functions - correct answer Transactional, Logistical, and Facilitating services that provide benefits to consumers. Distribution Channels - correct answer Facilitate the movement and final sales of products and services to consumers. Types of retailers - correct answer Walmart, Costco, Nordstrom, Macy's... Pricing Metrics: Break Even Point - correct answer Total revenue and total cost are equal. Pricing Metrics: ROI - correct answer Return on Investments = (Gain from Investment - Cost of Investment)/Cost of Investment Demand Curves - correct answer Used to determine the effects on demand at different prices. Price Elasticity - correct answer Measures price sensitivity providing a relationship between adjustments in price and the quantity demanded of a good or service. Push Strategy - correct answer Producer PUSHES product or service onto consumers. Pull Strategy - correct answer Consumers actively seek a product and PULL retailers to stock the product in response to the demand. Integrated Marketing Communications (IMC) - correct answer All forms of communications and messages are carefully linked together. Elements of the communication process - correct answer sender, encoding, channel, decode, receiver, feedback Promotional Mix - correct answer Advertising (reach market), sales promotion (Bogos!), personal selling, public relations (improve image), direct marketing (mail, email...), digital marketing (internet) Types of promotional budgets - correct answer Percentage of Sales: Estimates future spending based on past spending Competitive Parity: Compares promotional activities to competitors Objectives and Tasks: Go to marketing, "How much will this cost?" All-You-Can Afford: Often used by small companies. Base promotion around budget Elements of the creative process - correct answer Appeal: Rational and emotional (the central element of the message) Execution: Method through which the appeal is presented Types of sales promotions - correct answer Sales, coupons, contests, samples, bogos, etc... Performance - correct answer Measures digital marketing Elements of digital marketing - correct answer SEO, PPC, Data Analysis, Websites, Smartphone & Tablet Application, Video Marketing, Content Marketing, Social Media, A/B Marketing, Email Marketing, Audience Development Types of personal selling - correct answer order taking, order getting, and customer sales Stages of personal selling process - correct answer 1. Prospecting 2. Preapproach 3. Approach 4. Presentation 5. Close 6. Follow-up Major functions of sales management - correct answer Sales plan formulation, sales plan implantation, evolution of the sales force. Milton Friedman's famous maxim - correct answer "The social responsibility of business is to make a profit" Website Metrics - correct answer Time on page, Bounce Rate, Website Visits, etc... A/B Testing - correct answer The process of creating two or more versions of digital marketing assets, such as emails, web pages, and ads, in order to identify which version performs better. AIDA Model - correct answer Helps marketers focus their communications. AIDA is an acronym for awareness, interest, desire, and action. Agents - correct answer Businesses that do not take ownership of products but instead represent the interests of sellers or buyers. All-You-Can-Afford - correct answer A method for creating a promotional budget that is often employed by small companies facing cash control issues that are not able to plan for promotional expenses. Frequently used by startup companies. Bait-and-Switch - correct answer An illegal pricing practice whereby an advertised price is used as bait to lure consumers with the intention of switching their purchase to a higher priced item. Bounce Rate - correct answer The percentage of users that leave a website after only visiting one page; the lower percentage, the better. Competitive Parity - correct answer Method for creating a promotional budget by comparing the promotional activities of a company's competitors. Decode - correct answer The act of interpreting the message Disintermediation - correct answer Elimination of intermediaries in a distribution channel. Drip Campaign - correct answer When an email campaign is sent to a user over a set period, often with more appealing offers and information as the campaign continues. Encode - correct answer The process of ensuring that the message fits the media and conveys the intended information and motivation. Execution - correct answer The method through which an appeal is presented in ways that will attract the attention and hold the interest of the receiver. Facilitating Function - correct answer Specialized functions within a supply chain, such as access to capital and credit and grading and categorizing of goods. Field of Experience - correct answer The response of the receiver to the message sent by the source. Form Utility - correct answer Requires that the retailers make some physical changes in the goods. Frequency - correct answer The number of ads that are to be communicated in a promotional campaign Hierarchy of Effects - correct answer Depicts the consumer passing through various steps in sequential order from initial product awareness to the actual purchase. IMC Strategy - correct answer Provides a consistent message across all promotional elements and considers the overall message that the company wants to leverage as part of their marketing communications. Intermediary - correct answer A person or an organization that provides value by offering warehousing, transportation, marketing and sales, financing, and other services that facilitate distribution. Landing Page - correct answer A targeted page on a website that focuses on a specific product or service with an inciting call to action. Logistical Function - correct answer Warehousing and transporting of goods between manufacturers and intermediaries. Loss-Leader Pricing - correct answer An item sold at less-than-market prices, often below cost, in order to lure consumers into a store to purchase other products. Multichannel Distribution - correct answer Using a mix of direct and indirect channels to ensure that they reach different target markets using the most efficient methods. Noise - correct answer Personal communications at work, home, among friends, and by other marketing messages that can prevent a marketing message from being received by the target audience. Objectives and Tasks - correct answer A method marketers use when forming the promotional budget that takes into consideration all the marketing initiatives one might do within a certain timeframe, puts dollars to it, and provides a bottom line amount that ultimately helps the marketer better manage the budget. Odd-Even Pricing - correct answer Price strategy where the price is just below the next round number. Omni-Channel Distribution - correct answer A product is offered across all different types of retail outlets in order to saturate market coverage. Order Getters - correct answer Front line sales person who tries to persuade customers to purchase Oder Takers - correct answer Sales person who collects orders but does not attempt to find new customers/persuade existing customers Penetration Pricing - correct answer Strategically setting a lower-than-market price in order to promote the brand. Percentage of Sales - correct answer Method for creating a promotional budget that estimates future spending based on past percentage of sales. Typically used by companies and products that have been in the market for many years. Performance Pressures - correct answer Often create an environment where ethics can be compromised. -Click through Rate -Cost Per Click (CPC) -Cost Per Thousand (CPM) Possession Utility - correct answer Achieved through a variety of payment methods Reach - correct answer The portion of the target market that can possibly read, watch, hear, or view a particular advertisement based on the media vehicle chosen. Sales-Force Automation - correct answer The technology used to aid the sales team in their sales efforts. Search Engine Marketing - correct answer The combination of SEO and PPC under one umbrella term. Search Engine Optimization - correct answer The act of making a website or webpage more visible through search engines without paid placements (i.e., organically). Price Skimming - correct answer Strategically set higher-than-market price in order to take advantage of profits in the beginning of the product life cycle. Source - correct answer A company or brand that sends a message to consumers. Time Utility - correct answer Providing hours of operation that are convenient to shoppers. Transactional Function - correct answer Buying and reselling physical goods and taking business risks associated with ownership of goods. A/B Testing - correct answer Two variants of the same web page to different segments of website visitors at the same time and comparing which variant drives more conversions [Show Less]
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MKT 315 FINAL
Unplanned sudden sound distracting an ad reader preventing him from recalling the message - correct answer Noise The number of times an average person i... [Show More] n the target market is exposed to a message - correct answer Frequency What advantage does adding new channels to a multichannel distribution system provide? - correct answer Expands market and sales coverage What incorporates the use of web pages, sponsorships, press releases, and special events - correct answer public relations A salesperson seeks to discover information about a prospective buyer - correct answer pre-approach What do you need to review to determine the success of the recent digital marketing campaign? - correct answer analytics A salesperson presents the value of the product and offers solutions to customer problems - correct answer presentation James, the web designer, included a ______ page in order to share positive consumer reviews - correct answer testimonial Why is it beneficial to use digital catalogs? - correct answer no printing costs What does Rocket Burger implement in order to optimize local search engine queries? - correct answer Local SEO Free or minimal cost items offered by companies to entice customers to buy their products - correct answer Premiums The ROI equation does not - correct answer include customer service values What should an effective IMC and promotion program begin with? - correct answer Discovering the target audience What do companies offer in order to provide customers with an opportunity to try their product? - correct answer Samples In the communication process, an advertisement of a particular phone model is considered - correct answer the message What marketing channel is used to sell products exclusively door-to-door? - correct answer direct How does one measure price sensitivity to determine adjustments in price and qty demand? - correct answer price elasticity of demand Which step of the selling process would one ask for the order after overcoming each objection? - correct answer closing What can customers use to acquire info about products instead of depending on marketing data? - correct answer the internet The point with the largest vertical distance between the total revenue and total costs. - correct answer Production is optimized and profitability peaks Wing Stop decides to promote grilled chicken instead of traditional fried chicken - correct answer It experiences vertical conflict A group of individuals selects a particular consumer-submitted entry - correct answer contest Which is the most costly promotion tool? - correct answer Personal selling The first step in the personal selling process - correct answer prospecting what is the final step in the selling process? - correct answer follow up What enables sales to efficiently work from any location at anytime? - correct answer salesforce automation system In which stage does a salesperson prepare a presentation for a particular customer? - correct answer approach Bait & Tackle Shop incorporate what into its webpage to entice customers to buy a new lure? - correct answer CTA What is an integral part of an effective sales promotion strategy? - correct answer Coupons Milton Friedman's famous maxim, paraphrased: The social responsibility of business is to: - correct answer make a profit What is the ratio of profit to the investment used to earn that profit? - correct answer Return on Investment In which stage does the salesman call his customer to verify her satisfaction with the product? - correct answer follow-up Producer focuses marketing events toward final consumers to persuade them to buy the product - correct answer Pull A combo of two or more indirect channels plus a direct channel to reach a target audience - correct answer omnichannel Downgrading a brick-and-mortar bookstore to market directly to customers through the U.S. mail. - correct answer Disintermediation When a receiver assigns meaning to the symbols encoded by company advertisements - correct answer Decoding Web ad directs visitors to a particular webpage and entices them to buy a featured product - correct answer landing page Used by web designers to ensure each webpage works effectively with various search engines - correct answer content optimization What measures the profit or loss generated by investment relative to the cost of product - correct answer ROI When a manufacturer decreases its price for latex gloves and it results in higher demand for it - correct answer Elastic What is the inherent strength of advertising? - correct answer Efficient means to reach a large audience What can an IT manager evaluate to determine how long a visitor remains on a website? - correct answer time on site What do we call setting prices a few dollars or cents under an even number? - correct answer odd-even pricing What forces businesses to be competitive? - correct answer Internet "We hit fast, price high, and get the heck out when the me-too products pour in."- 3M - correct answer skimming How does a media planner calculate the total cost of using a particular medium? - correct answer cost per thousand persons reached What is an intermediary who sells to customers? - correct answer retailer Major promotion strategy incorporating telemarketing, catalogs, kiosks, and the internet? - correct answer direct marketing What's missing from the promo mix: Advertising, sales promo, PR, digital and direct marketing? - correct answer personal selling A 6-month e-mail campaign, it included several customers offers to increase in value over time - correct answer a drip campaign [Show Less]
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GCU MKT 315 FINAL EXAM 2
A message is conveyed by means of an ___, such as a sales person or advertising media - correct answer channel of communication the process of having a ... [Show More] sender transform an idea into a set of symbols in communication is - correct answer encoding the info sent by a source reciever in the communication process is called - correct answer a message profit equation - correct answer total revenue minus total cost total money recieved from sale of a product is - correct answer total revenue after a reciever responds to a message, the senders interpretation of it is called - correct answer feedback form of communication seeks to influence feelings/opinions is referred to as - correct answer public relations stage of personnel selling process to ensure customer satisfaction - correct answer follow up personal selling process encompasses ___ distinct selling stages - correct answer 6 any form of nonpersonnel communication of a product, service is referred to as - correct answer advertising pull strategy - correct answer consumers ask retailers for the product salesperson who processes routine orders - correct answer order taker 2 types of personnel selling - correct answer order taking order getting combination compensation plan - correct answer paid salary plus commission on sales or profits generated social media site - correct answer social network click-thru rate - correct answer how many people click on the website electronic junk mail - correct answer spam user generated content - correct answer another term of social media AOTF methods to set promotion budgets except - correct answer # of units sold pricing strategy to gain market share - correct answer penetration pricing coupons - correct answer free items to get consumers to buy their products all-u-can-afford budgeting - correct answer method employed by small companies facing cash control issues final step in selling process - correct answer follow up multi-channel marketing - correct answer blending of communication and delivery channels multi domestic marketing strategy - correct answer offering as many different product variations, brand names, and advertising programs as countries in which it does business ROI measures _____ - correct answer profit and loss generated by an investment milton freidman's social responsibility of a business - correct answer make a profit promotional strategy using direct mail, telemarketing, product catalogs, etc. - correct answer direct marketing decoding - correct answer reciever assigns meaning to encoded symbols by advertisement idea orginizations are part of a larger part of society - correct answer social responsibility green market - correct answer marketing efforts to produce, promote, and reclaim environmentally sensitive products moral principles and values governing actions and decisions of people - correct answer ethics code of ethics - correct answer written ethical procedures, principles, and rules of conduct The duty of a firm to maximize profits for its owners or stockholders is referred to as - correct answer profit responsibility personal selling example - correct answer consultitative selling let the buyer beware - correct answer caveat emptor evoke deep feelings & concepts - correct answer symbols orginization that governs world trade - correct answer world trade orginization communication with consumers who are not in the target audience - correct answer wasted coverage digital marketing - correct answer promoting product through electronic media SEO (Search Engine Optimization) - correct answer makes websites more visible through search engines without paid placements bounce rate - correct answer percent of viewers thAT leave website after visiting only one page sales management - correct answer efforts aimed at improving personal selling salary plus comission - correct answer used most frequently sharing risk between company and salesperson "greatest good for the greatest number" - correct answer Utilitarianism intensive distribution - correct answer placing products in as many outlets as possible channel conflict arises when channel member bypasses another member - correct answer disintermediation time utility - correct answer the increase in customer satisfaction gained by making a good or service available at the appropriate time promotional mix is designed to - correct answer inform, persuade, remind customers During what step of the selling process does a sales person present the value of the company's product or service and offers solutions to customer problems - correct answer presentation step when a company includes free shipping for $25 minimum purchases, this deal is an example of what? - correct answer sales promotion judy evans website - correct answer testimonal 1st step of personal selling - correct answer prospecting selecting medium vehicle - correct answer cost of 1000 people bills customer objection - correct answer closing alice jackson - correct answer landing pitch alex ignored - correct answer cultural execs grilled cheese - correct answer vertical phoenix highway - correct answer social marketing [Show Less]
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GCU MKT-315 FINAL EXAM
When a company includes free shipping for $25 minimum purchases, this deal is an example of what? - correct answer Sales promotion During what step of t... [Show More] he selling process does a sales person present the value of the company's product or service and offers solutions to customer problems? - correct answer The presentation step Integrated programs should begin with what? - correct answer Discovering the target audience ROI does not: - correct answer Include customer service Integral part of strategy - correct answer Coupons Minimal cost items - correct answer Premium Tasty pizza - correct answer Local SCO Beneficial digital - correct answer No costs Judy Evens website - correct answer Testimonial What is the first step of personal selling? - correct answer Prospecting Use of web pages - correct answer Public relations Com presses - correct answer Message Sudden ring - correct answer Noise Multichannel advantages - correct answer Expands marketing What is the final step of personal selling? - correct answer Follow up Webpage to entice - correct answer CTA Evaluate visitor on website - correct answer Time on cite Selecting medium vehicle - correct answer Cost per 1000 people Average person exposed - correct answer Frequency Point vertical distance - correct answer Product and probability Bill's customer objection - correct answer Closing Alice Jackson - correct answer Landing pitch Enables sales at any time - correct answer Salesforce auto Albert different product - correct answer Mutli marketing Who is affected by individual customer tolerance of risk? - correct answer Purchase decision Producer toward final consumer - correct answer Pull strategy Most costly promotion - correct answer Personal sell Alex ignored - correct answer Cultural exclusives Foreign visitors - correct answer Cultural imparitatives Phoenix highway - correct answer Social marketing Web designers effective - correct answer Content Grilled cheese - correct answer Vertical Maintaining customer satisfaction - correct answer Follow up Budgeting method - correct answer Objective Tasty restaraunt - correct answer Sustainability Universal belief - correct answer Culture values China - correct answer Customs Revenue and cost are equal during what? - correct answer Break even analysis Establish high value - correct answer Positioning What creates competition - correct answer Internet and Ecommerce Book distance - correct answer Disintermediation Individuals - correct answer Contest Do no harm - correct answer Code of ethics Email campaign - correct answer Campaign Rob/Pat act - correct answer Both A and B What is not an economic factor? - correct answer Customer Data Detail plan does not - correct answer Marketing mix Likert scale - correct answer Quantitative research Perceptual map tool - correct answer Both of them Achieve goals and recognize - correct answer Key performance Strategy ineffective - correct answer Sales person not involved Nuero - correct answer All of the above Customer proof - correct answer Rebates Four positioning statements - correct answer Tm --> C --> BP --> RTB Psychographic - correct answer Thinking of customer Wholesaler Market - correct answer B2B segmentation Sales of promotion - correct answer Percentage of sales Key strategic decision - correct answer All of the above Radio - correct answer Local customers embrace the radio Market Segmetation - correct answer Dividing business [Show Less]
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