Marketing Exam #3 3/21/14

Front 1

Marketers acknowledge a broader conception of product; they realize that people buy want satisfaction. Using this broad concept, a television set is a(n):

Back 1

means of providing entertainment

Front 2

A bundle of physical, service, and symbolic attributes designed to satisfy a customer's wants and needs is referred to as a:

Back 2

product

Front 3

Richard generally frequented Brewz, a coffeehouse chain, when he was in Florida. However, when his company shifted him to China, he found that the Brewz in Shanghai does not offer the same quality service as their coffee houses in Florida. Which of the following best explains this differential perception in service quality?

Back 3

companies cannot easily standardize services

Front 4

Products marketed to consumers who may not yet recognize a need for them are called _____ products.

Back 4

unsought

Front 5

Convenience products that customers constantly replenish to maintain a ready inventory are categorized as:

Back 5

staples

Front 6

When Tom decided to buy a washing machine, he has very little knowledge of competing products in the market. He searched on the net, talk to his friends, and compared features of different models. Finally, he decided to buy an LG top load, semi-automatic washing machine. This is an example of buying a:

Back 6

shopping product

Front 7

Which of the following terms refers to the specialty products of the business market?

Back 7

installations

Front 8

At the ____ stage of brand loyalty, marketers use advertising as a means to increase consumer awareness of a brand.

Back 8

brand recognition

Front 9

Consumers at the _____ level of brand loyalty, rely on previous experiences with the product when choosing it, if available, over competitors' products.

Back 9

brand preference

Front 10

Which of the following is true of generic products?

Back 10

They are characterized by plain labels, little or no advertising, and no brand names.

Front 11

The Kirkland brand is owned by Costco, and the products can only be purchased at Costco stores. Costco contracts with manufacturers to produce and package products under the Kirkland name.. Kirkland can be regarded as a:

Back 11

private brand

Front 12

Dell manufacturers and markets computers and several related products, such as laptops, desktops, notebooks, and printers, all under the Dell name. these products are examples of ____ brands.

Back 12

family

Front 13

The added value that a certain brand name gives to a product in the marketplace is called ____.

Back 13

brand equity

Front 14

According to the Young & Rubican's Brand Asset Valuator model, the ____ dimension of a brand personality is a combination of perceived quality and consumer perceptions about its growing or declining popularity.

Back 14

esteem

Front 15

A characteristic of a good brand name is that it should:

Back 15

be easy to recognize and remember

Front 16

A _____ is a brand for which the owner claims exclusive legal protection.

Back 16

trademark

Front 17

A _____ is a symbol or a pictorial design that distinguishes a product from its competitors' offerings.

Back 17

brand mark

Front 18

A "____" carries an item's brand name or symbol, the name and address of the manufacturer or distributor, information about the product's composition and size, and recommended uses.

Back 18

label

Front 19

the strategy of attaching a popular brand name to a new product in an unrelated product category is known as:

Back 19

brand extension

Front 20

The movement of goods and services from producers to customers is called:

Back 20

distribution

Front 21

ABC Corp., a mining equipment manufacturer, provides loaders and feeder breakers for Ground Works, a mining company. ABC Corp. regularly sends information on new products as well as on upgrades for old products to the management in Ground Works. ABC Corp relies in ____ to sell its products.

Back 21

direct channels

Front 22

Which of the following is a marketing intermediary who may or may not take possession of the goods but never takes title?

Back 22

agent

Front 23

_____ refers to the movement of products through more than one channel to reach the firm's target market.

Back 23

dual distribution

Front 24

Which of the following is true of an IMC strategy?

Back 24

it begins with consumer needs or wants

Front 25

Which of the following acts as the source of the message communicated to the receiver in the communication process?

Back 25

sender

Front 26

Brad is a pharmaceutical representative for Merck. He attends a medical conference where he gives a presentation about a new drug which is being manufactured by his company. Brad's presentation is a part of Merck's IMC effort and it represents:

Back 26

encoding of the product message

Front 27

Product

Back 27

bundle of physical, service, and symbolic attributes designed to statisfy a customer's wants and needs

Front 28

Brand Equity

Back 28

added value that a respected, well known brand name gives to a product in the market place

Front 29

Attributes of a Good Brand

Back 29

differentiation: stand apart from competitors
relevance: real and perceived appropriateness of a brand
esteem: perceived quality and consumer perceptions about a brand's growing or declining popularity
knowledge: customers' awareness of the brand and understanding of what goods and services stand for

Front 30

Insistence

Back 30

consumer choice of a product on the basis of a previous experience

Front 31

Private Brand

Back 31

brand offered by a wholesaler or retailer

Front 32

Individual Brand

Back 32

single brand that uniquely identifies a product

Front 33

Extension

Back 33

brand: adding a popular brand name to a new product in an unrelated product category
line: new sizes, styles, or related products

Front 34

Consumer Adoption Process

Back 34

stages consumers go through in learning about a new product, trying it, and deciding whether to purchase it again

Front 35

New Product Development Process

Back 35

1. Idea Generation
2. Screening
3. Business Analysis
4. Development
5. Test Marketing
6. Commercialization

Front 36

AIDA

Back 36

Attention, Interest, Desire, Action
steps consumers take in making a purchase decision

Front 37

Cannibalization

Back 37

loss of sales of an existing product due to competition from a new product in the same line

Front 38

Product Positioning Strategy

Back 38

consumers' perceptions of a product's attributes, uses, quality, and advantages and disadvantages relative to competing brands

Front 39

Family Brand

Back 39

single brand names that identifies several related products

Front 40

WHY IS BRANDING IMPORTANT?

Back 40

A good brand increases the likelihood that consumers will recognize the firm's product of product line when they make purchase decisions. Second, a strong brand identity can contribute to buyer's perceptions of brand quality. It can also reinforce customer loyalty and repeat purchases.

Front 41

YOUNG AND RUBICAM BRAND ASSET VALUATOR

Back 41

Differentiation: stand apart from competitors
Relevance: real and perceived appropriateness of a brand to a big consumer segment
Esteem: combination of perceived quality and consumer perceptions about a brand's growing or declining popularity
Knowledge: the extent of customers' awareness of the brand and understanding of what a good or service stands for.

Front 42

Distribution Channel

Back 42

an organized system of marketing institutions and their interrelationships that enhance the physical flow and ownership of goods and services from producer to consumer or business user.

Front 43

Direct Channel

Back 43

marketing channel that moves goods directly from a producer to the business purchaser or ultimate user

Front 44

Direct Selling

Back 44

strategy designed to establish direct sales contact between producer and final user.

Front 45

Dual Distribution

Back 45

network that moves products to a firm's target market through more than one marketing channel

Front 46

Reverse Channel

Back 46

channel designed to return goods to their producers

Front 47

Distribution Intensity

Back 47

number of intermediaries through which a manufacturer distributes its goods in a particular market

Front 48

Intensive Distribution

Back 48

distribution of a product through all available channels

Front 49

Selective Distribution

Back 49

distribution of a product through a limited number of channels

Front 50

Exclusive Distribution

Back 50

distribution of a product through a single wholesaler or retailed in a specific geographic region

Front 51

Gray Goods

Back 51

products manufactured abroad under license from a U.S. firm and then sold in the U.S. market in competition with that firm's own domestic output

Front 52

Channel Conflict

Back 52

Horizontal: disagreements among channel members at the same level or among marketing intermediaries of the same type
Vertical: disagreements among channel members at different levels.

Front 53

RFID

Back 53

Radio Frequency Identification: technology that uses a tiny chip with identification information that can be read by a scanner using radio waves from a distance

Front 54

ERP

Back 54

Enterprise Resource Planning System: software system that consolidates data from among a firm's various business units

Front 55

Suboptimization

Back 55

condition that results when individual operations achieve their objectives but interfere with progress towards broader organizational goals

Front 56

Tying Agreement

Back 56

arrangement that requires a marketing intermediary to carry items other than those they want to sell

Front 57

Intermodal Operations

Back 57

combination of transport modes, such as rail and highway carriers, air and highway carriers, and water and air carriers, to improve customer service and achieve cost advantages

Front 58

CRM

Back 58

Customer Relationship Management: combination of strategies and tools that drives relationship programs, reorienting the entire organization to a concentrated focus on satisfying customers

Front 59

IMC advantages & disadvantages

Back 59

Integrated Marking Communications: coordinates all promotional activities
Positive:

Front 60

Communication Process

Back 60

1.Sender
2. Encoding by Sender
3. Channel
4. Decoding by Receiver
5. Response
6. Feedback

Front 61

TECHNOLOGICAL ADVANCES THAT INCREASE DUAL DISTRIBUTION & EXAMPLE

Back 61

Advances in computer technology and advertising. Along with streaming videos online.
Ex. Netflix now streams videos online and WiFi consoles instead of just sending DVDs to consumer's houses.

Front 62

3 LEVELS OF DISTRIBUTION INTENSITY

Back 62

Intensive: distribution of a product through all channels
Selective: distribution of a product through a limited number of channels
Exclusive: distribution through a single wholesaler or retailed in a specific geographic region

Front 63

SUPPLY CHAIN AND MANUFACTURING SUPPLY CHAIN

Back 63

Supply Chain: complete sequence of suppliers and activities that contribute to the creation and delivery of merchandise
Manufacturing:
1. Raw Materials
2. Inbound Logistics
3. Warehouse and Storage
4. Production
5. Finished Product Storage
6. Outbound Logistics
7. Marketing and Sales
8. Customer Service

Front 64

OBJECTIVES OF ADVERTISING

Back 64

Informative Advertising: promotion that seeks to develop initial demand for a good.
Persuasive Advertising: promotion that attempts to increase demand for an existing good
Remind Advertising: advertising that reinforces previous promotional activity by keeping the name of a good

Front 65

COMPONENTS OF A PROMOTIONAL MIX

Back 65

Personal Selling: interpersonal influence process involving a seller's promotional presentation conducted on a person to person basis with the buyer.
Nonpersonal Selling: promotion that includes advertising, product placement, sales promotion, direct marketing, public relations, and guerilla marketing, all conducted without face to face interaction
Advertising: message intended to inform or persuade members of a particular audience
Sales Promotion: marketing activities other than personal selling, advertising, guerilla, and public relations that stimulate consumer purchasing and dealer effectiveness
Direct Marketing: direct communication designed to generate sale, information requests, and store or website visits.
Public Relations: firm's communications and relationships with its various publics
Guerilla Marketing: unconventional, innovative, and low-cost marketing techniques designed to get consumers' attention in unusual ways

Front 66

PRODUCT LIFE CYCLE & ALTERNATIVE PRODUCT DEVELOPMENT

Back 66

Product Life Cycle: introduction, growth, maturity, decline
Alternate: Market Penetration, Market Development, Product Development, Product Diversification

Front 67

TQM & DIFFERENT QUALITY PROGRAMS

Back 67

TQM: total quality management: continuous effort to improve product and work processes with the goal of achieving customer satisfaction and world-class performance
Alternatives: benchmarking: comparing performance against industry leaders. service encounter: point at which customer and service provider interact. service quality: expected and perceived quality of a service offering

Front 68

PRODUCT, INSTITUTIONAL, COOPERATIVE, AND CORPORATE ADVERTISING

Back 68

Cooperative: retailer shares advertising costs with a manufacturer or wholesaler
Product: nonpersonal selling of a particular good or service
Institutional: promotion of a concept, idea, philosophy, goodwill of an industry, company, organization, person, geographic location, or government agency
Corporate: limited to advertising sponsored by a specific profit seeking firm

Front 69

ADVERTISING PROCESS

Back 69

1. Research Inputs
2. Strategic Decisions
3. Tactical Execution
4. Measuring Advertising Effectiveness
5. Advertising Evaluation