Master Your Marketing Knowledge

A marketing strategy

According to class discussion, the role of Marketing can be best described as _______.

Tiki Torches and Grills a speciality online retailer of char broil grills and accessories developed a strategy for outsourcing production of its private label product line to a Chinese manufacturer. The strategy had poor results after the US imposed significant tariffs on Chinese imports demonstrating the influence of the ____ on marketing strategy.

The total stream of purchases that a customer can contribute to the firm over the length of the firm-customer relationship is referred to as?

Controllable variables that the marketer has to create and harvest demand are referred to as the

The significance of distinguishing between the direct marketing environment and the external marketing enviornment is that only the entities/factors in the direct marketing environment impact how the firm defines the specific marketing mix offered to its customer

Consider both statements: (1) One tool that can be used to evaluate marketing opportunities is called a planning grid, a framework that is essentially the same as a GE-Mc-kinsey 9-Box Matrix discussed in the Business Strategy module. (2) In assessing industry attractiveness (on the Planning Grid) key factors to consider are brand strength, market share, access to capital, and customer loyalty

Yamaha North America is planning on launching a new line of Jet Skis called the Double Riders, for the two seats that will come standard with the water craft. The concept is similar to a bicycle made for two. The North America marketing manager is having his direct sales force call on retailers to explain the roll-out strategy (timing, advertising, promotion, marketing collateral) and to hype product features to the firm's most important resellers. This is an example of:

________ refers to how customers think about proposed or present brands in a market; the image of the firm's product/service has in the minds of target customers.

Which of the following is not part of the five levels of branding?

Consider both statements (1) A person who purchases flowers will select different floral arrangements for a retirement party, a funeral, and a valentine's day date. This illustrates the impact of "psychological variables" on purchase decisions. (2) Trish must have the new apple watch because all of her best friends now own one. This is an example of how the "purchase situation" can influence a purchasing decision

In an organization (business), significant purchases are often controlled by a "buying center" In a buying center, the group of people whose expertise is needed when buying a product are known as the ____?

A target marketer who uses a single marketing mix strategy to appeal to both office tablet computer users and home tablet computer users is applying

When a supermarket manager decides to set up an end-of-aisle display for 6-pack containers of Gatorade, this is a decision about:

Consider both statements (1) Packaging can affect consumer decisions. (2) Packaging can make a product easier to use

The marketing manager for a producer of mattresses and box springs distributes its products discount stores (like costco), department stores, furniture stores, and specialty bedding stores. To avoid conflict with channel members, the manager:

In a video conference call we discussed a model of influences on a customer behavior that highlighted 4 primary factors: economic needs, psychological variables, social influence, and ________.

A(n) _____ is a name, term, sign, symbol, or design, or a combination of these that identifies the maker or seller of the product or service.

What is the first thing a marketer should do to develop a new product or service?

Lever Brothers is introducing a new brand of shampoo in a highly competitive market. Wholesalers might be willing to handle the new product, except that retailers are already complaining about overcrowded shelf space. Therefore Lever Brothers has decided to spend $10 million on TV advertising and sends free samples to 3,000,000 households to convince consumers of the new product's superiority and to get them to ask for it at their retail store. Lever Brothers is using:

Ravi Singh is working his way through college as an independent distributor of the Rapier Knife Co. The Rapier product line includes kitchen, knives, hunting knives, and other special-purpose cutlery. Ravi makes sales presentations to potential customers in their homes. If a customer wants to make a purchase. Ravi buys the knives from Rapier and sells them to the customer at a markup. For example, Rapier's most popular knife is a chef's knife that Ravi buys for $25 and resells to the consumer for $50. Ravi:

A direct to customer channel

A company may be inclined to use both direct and indirect channels of distribution:

Which one of the following is NOT an advantage of direct distribution channels

The choice between high markups and high volume is part of which of the following retailer marketing decisions?

Storing and holding goods in the firm's warehouses and distribution channel allows producers to take advantage of economies of scale in production

Consider both statements (1) Marketers should always try to maximize the customer service level provided regardless of cost. (2) There are trade-offs between costs, the customer service level desired, and sales

Consider both statements (1) In countries with inefficient distribution systems, consumers can face shortages of products they need. (2) Information technology can help marketers improve service and cut costs

Fidelity Corp. Earned a 6 percent return on investment last year and wants to increase it to 10 percent this year. Which of the following price objectives is Fidelity seeking?

The breakevent point (BEP) is the point where

Which of the following is a disadvantage of flexible pricing?

It's easy to lose money (a loss rather than a profit) using average cost pricing as a mark-up pricing technique if the demand forecast for the product is not highly accurate

Apple selling its Apple Watch product line through the Best Buy "big box" retail chain is an example of an indirect marketing strategy

Kellogg's Frosted flakes is a well-known brand that has enjoyed a substantial and loyal following (customers) since 1952. The product has been at the maturity stage for much of its history and product sales keeps pace with the rate of growth of the general population. What kind of ads does Kellogg's typically use to promote this brand

Publicity is the non-paid for communication of information about the company or product. Generally in some media form. In the digital world = "earned media"

Which one of the following uses short-term, attractive initiatives to stimulate a product's demand and increase its sales

The particular situation a consumer is in during or around the time of purchase can have an effect on the actual purchase. Which of the following is NOT generally considered a key situational influence?

A marketing manager should realize that the adoption curve concept implies:

Industry profits decline during the market maturity stage due to:

New products that are rapidly adopted by customers (e.g. Sales are able to ramp up quickly) generally display the following characteristics except

A differentiated product may be unique in the marketplace but it will only be sucessful under which of the following circumstances.

Which ONE of the following is NOT a criteria for determining market segments?

Ford Motor Co. Asks members of its target market to rate its cars and those of General Motors and Chrysler on a 7 point scale in terms of two dimensions (comfortable seats and engine power) so that it can establish a quadrant-grid map pf these ratings. What type of analysis is Ford conducting

Fire extinguishers and tree removal services are typical examples of ______ products?

Apex technologies just can't invent fast enough to keep up with the demand for its new product ideas. As soon as Apex announces a new product it almost instantly sells out to its loyal and commited customer base. Marketers at Apex Technology understand this is to take advantage of their enthusiastic customer base they overprice their products when the products are first announced, harvesting early demand at the higher price, then overtime, reduce the price to more competitive levels. This pricing approach is an example of a _______ pricing strategy.

Based on class discussion related to the Product Life Cycle, total industry revenues for a product tend to peak during the _______ phase.