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66 Cards in this Set

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A concept that describes the stages a new product goes through in the marketplace--introduction, growth, maturity, and decline is referred to as________
Product Life Cycle
A product in the introduction stage of the product life cycle should have which of the following marketing objectives
Create customer awareness and stimulate trial
The initial purchase of a product by a consumer is referred to as a ________
Expenditures are often made to stimulate ____________, or desire for the product class, rather than for a specific brand, when there are no competitors with the same product
Primary Demand
Expenditures are often made to stimulate primary demand, or desire for ___________, rather than for a specific brand, when there are no competitors with the same product
Product Class
Promotional expenditures at the intorduction stage of the product life cycle are best spent on
Creating awareness and stimulating trial
Northland cranberry juice came on the market claiming that it was superior to Ocean Spray brand. Northland was creating _________ demand for its cranberry products
Selective demand
4 Stages of the Product Life Cycle
1. Introduction
2. Growth
3. Maturity
4. Decline
The two most common pricing alternatives for products in the introduction stage of the product life cycle are _________ and __________
Skimming and Penetration
A company may choose a skimming strategy in the introduction stage of their new product in order to help recover costs of development to
Capitalize on the price insensitivity of early buyers
During the introduction stage of the product life cycle, the strategy that discourages competitive entry by charging a low price is referred to as
Penetration pricing
Your product has been suffering from eroding sales and profits, you have yet to find success. Which would be the least appropriate next step?
Generally, the average length of time it takes for a product to move through the product life cycle is
There is no set amount of time
Consumers are no longer content with affordable, high quality purchases; they want ____________
Offerings that reflect their self-image
There are several ways of providing consumers authentic offerings: #4
Must manage any dimension of their reputation that might influence perceptions of authenticity
One way to provide consumers authentic offerings is to provide personal interaction. Which of the following actions provides the best example of this approach?
24/7 Customer service
Services refer to
Intangible activities or benefits that an organization provides to satisfy consumers needs
The four unique elements to services: intangibility, inconsistency, inseparability, and inventory, are referred to as
The four i's of Services
Intangibility of service refers to
Cannot be held, touched, or seen before the purchase decision
Because services tend to be a _________ rather than an object, they are much more difficult for consumers to evaluate
Organizations attempt to reduce the inconsistency of service delivery through
Developing, Pricing, Promoting, and delivering services
Inseparability in services means
The consumer cannot separate the deliverer of the service from the service itself
One way banks offer value to their customers is through ATMs. ATMs are considered as less _________
The inventory costs of services include
Paying the person used to provide the service along with any needed equipment
Idle production capacity refers to
Service provider is available but there is no demand
The inventory carrying costs of airlines is high because of
High salaried pilots and very expensive equipment
The service continuum refers to
What companies bring to the market ranges from the tangible to the intangible or good dominant to service dominant offerings
Which of the following is the best example of a people-based service?
Management consulting, catering, appliance repair
What do a landscaping service, an automated carwash, and a limousine service have in common?
Equipment based services
Equipment-based services do not have the marketing concerns of inconsistency because ________ have been removed from the equation
What do the United States Post Office, the U.S. Park Service, and the local fire department have in common?
Government sponsored
The two basic components of a customers evaluation of services are
--Experience properties
--Credence properties
Those activities that focus on getting the right amount of the right product to the right place at the right time at the lowest possible cost are referred to as
Eight P's of Service Marketing
Reduction in delivery times both in the marketplace and the supply chain have earned firms such as Toyota a reputation as "time based competitor. As used by Toyota, logistics _______
Logistics management refers to
The practice of organizing the cost effective flow of raw materials, in process inventory, finished goods, and related info from origin to consumption to satisfy customer requirements
A firm needs to drive down logistics costs as long as it can deliver expected ___________
Customer service
Supply Chain management refers to
The integration and organization of information and logistics activities across firms in a supply chain for the purpose of delivering products and services that provide value to customer
An important feature of customer-driven supply chain management is its application of ______ that allows companies to share and operate systems
Sophisticated information technology
Supply chain and logistics managers play a large part in the manufacture of automobiles. In fact, logistics cost account for ___________ percent of the retail price of a new car
25 - 30%
What is the first step in choosing the right supply chain?
Understand the customer
There are three steps used in choosing a supply chain: #2
Understand the supply chain
Which statement regarding responsive supply chains is most accurate?
The practice that involves unloading products from suppliers, sorting products for individual stores and immediately delivering to specific stores is referred to as __________`
The objective of information and logistics management in a supply chain is to minimize relevant logistics costs and to
Delivering maximum customer service
The objective of information and logistics management in a supply chain is to deliver maximum customer service and to
Minimize relevant logistics costs
The acronym EDI stands for
Electronic Data Interchange allows Whirlpool to fulfill retailer orders quickly and inexpensively and better match appliance demand and supply using an
Expenses associated with transportation, materials handling and warehousing, inventory, stockouts, and order processing, and return goods handling are referred to as ____
Total logistics cost
Which of the following is an element of total logistics cost?
Transportation, materials handling and warehousing, inventory, stockouts and order processing, and return goods handling
The customer service concept implies firms should
Balance 4 Customer service factors against total logistics cost factors
Supply chain managers balance total logistics cost factors against customer service factors. Customer service factors include
Communication, Time, Convenience, Dependability
The lag from ordering an item until it is received and ready for use or sale is referred to as
Lead time
Many companies create a branded presence such as a fan page within virtual communities such as Facebook or MySpace in order to
Generate word of mouth advertising
The promotional element consists of communication tools, including advertising, personal selling, sales promotion, public relations, and _________
Direct Marketing
The promotional element consists of communication tools, including advertising, public relations, sales promotion, direct marketing, and _________
Personal Selling
The promotional mix refers to
The combination of one or more of the communication tools
The __________ can be used to inform prospective buyers about the benefits of the product
Promotional mix
The concept of designing marketing communications programs that coordinate all promotional activities is referred to as
Integrated Marketing Communications (IMC)
A source, a message, a channel of communication, a receiver and the processes of encoding and decoding is referred to as
Source refers to
Company or person who has information to relay
Message refers to
Information sent
The billboards that Sony uses to advertise its PlayStation game console are___________
A channel of communication
Consumers who read, hear, or see the message sent by a source during the communication process are referred to as ______________
Decoding refers to
Transforming the message back into an idea
The process of having the sender transform an idea into a set of symbols during the communication process is referred to as ________
Errors in communication can occur in several ways: #2
The properly encoded message may be sent through the wrong channel and never make it to the receiver