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Expensive industrial goods and new technologies will normally undergo alpha and beta
testing.
The aim of customer relationship management is to keep the costs of meeting and
tracking consumers as low as possible.
When companies engage students to design and carry out projects, the payoff to the
students is experience and visibility; the payoff to the companies is a fresh sets of eyes
to solve problems at a fraction of what consultants would charge.
Although personal communication is often more effective than mass communication,
mass media might be the major means of stimulating personal communication.
Mailing of a new offer to a handful of selected customers instead of all customers
reduces the response rate to the offer.
Corporate credibility depends on corporate expertise, corporate trustworthiness, and
corporate likability.
A marketer who is using a reliable marketing information system to monitor the
marketing environment so s/he can assess market potential and demand is focused on
capturing marketing insights.
Sales promotions in markets of high brand similarity can produce a high sales response
in the short run but little permanent gain in brand preference over the longer term.
Markets with a segment of very wealthy consumers, but high income disparity, present
few opportunities to marketers.
A business analysis is performed mainly to identify if a company has got a technically
and commercially sound product.
Groups that have an indirect influence on a person's attitude or behavior can be a part of
his or her reference groups.
The higher the forgetting rate associated with a brand, product category, or message, the
lower the warranted level of repetition.
A leverageable advantage is one that a company can use as a springboard to new
advantages.
Sales-wave research can be implemented quickly and carried out without final
packaging and advertising.
Although newspapers are timely and pervasive, magazines are typically more effective
at building user and usage imagery.
Media coverage and telecasts only expose the brand and do not necessarily embellish its
meaning in any direct way.
In supermarkets and other retail outlets, RFID is used to ________.
A) change prices instantaneously
B) check for spoilage or damage to goods
C) advertise special offers and discounts
D) run continual promotional messages
E) monitor inventory and track goods
Branding is ________.
A) all about creating unanimity between products
B) the process of performing market research and selling products or services to
customers
C) endowing products and services with the power of a brand
D) the process of comparing competing brands available in the market
E) use of online interactive media to promote products and brands
The least costly way of consumer-goods market testing is ________.
A) simulated test marketing
B) controlled test marketing
C) a few test markets
D) sales-wave research
E) test marketing in 25 percent of the country
________ projects the next period's sales by combining an average of past sales and the
most recent sales, giving more weight to the latter.
A) Time-series analysis
B) Statistical demand analysis
C) Econometric analysis
D) Cost effectiveness analysis
E) Exponential smoothing
A company can learn a great deal by analyzing the degrees of brand loyalty. For
example, ________ can help identify the products' strengths.
A) switchers
B) split loyals
C) antiloyals
D) shifting loyals
E) hard-core loyals
Products such as insurance, cemetery plots, and smoke detectors are examples of
________ goods that are products that the consumer does not know about or does not
normally think of buying.
A) specialty
B) unsought
C) heterogeneous shopping
D) homogeneous shopping
E) convenience
Jeremy is concerned about his selection of a new hair spray because he is concerned it
will not perform as well as his usual brand, which may result in embarrassing, flat hair
in front of others. The type of risk Jeremy perceives is ________ risk.
A) physical
B) time
C) financial
D) social
E) psychological
________ pricing is a matter of reengineering the company's operations to become a
low-cost producer without sacrificing quality.
A) Value
B) Going-rate
C) Auction-type
D) Markup
E) Perceived-value
Which of the following is an example of paid media?
A) word-of-mouth about the brand
B) news stories about the brand
C) social network conversations about the brand
D) a trade show booth about the brand
E) consumers' Instagram photos that include the brand
Belling Hotels provides a complimentary breakfast buffet to all guests. This is an
example of a ________.
A) primary service package
B) service interface
C) service support
D) service frequency
E) secondary service feature
According to Young and Rubicam's BrandAsset® Valuator, a brand's ________
measures how well the brand is regarded and respected.
A) differentiation
B) energy
C) relevance
D) esteem
E) knowledge
Product adaptation involves ________.
A) altering the product to meet local preferences with no change in communication
strategy
B) altering the product to meet minimum acceptable standards
C) altering both the product and the communication strategy to meet local preferences
D) altering neither the product nor the communication strategy while entering a new
market
E) developing a new product and adapting the communication strategy to enter a new
market
Companies address needs by putting forth a ________, a set of benefits that they offer
to customers to satisfy their needs.
A) brand
B) value proposition
C) deal
D) marketing plan
E) demand
Which of the following causes a difference between marketing in developed countries
and marketing in developing countries?
A) The cost of production varies substantially between the developed and the
developing world.
B) The disparity between the rich and the poor in the developing world is reducing.
C) There are substantial cultural differences between the developed and the developing
world.
D) Marketing in developing countries is far more expensive than in the developed
world.
E) The developing countries have more trade barriers in place than the developed
countries.
Trends Inc. produces and markets casual wear for men and women. The company wants
to be a global brand and is planning to enter a few chosen markets across Europe and
Asia. To accommodate the differences in purchasing power and costs of shipping goods
to the retailers, the company has decided to use cost-based pricing in each country. In
order to ensure that this strategy is successful, Trends must first make sure that
________.
A) all the countries it is planning to enter have similar laws and regulations
B) competing offerings in the different markets are not priced lower
C) all competitors follow cost-based pricing
D) its marketing communication targets rival firms in the respective markets to prove
its superiority
E) its transfer prices are high
Many sellers offer either general or specific guarantees. Guarantees reduce the buyer's
________ risk.
A) actual
B) perceived
C) real
D) implied
E) stated
VW chose to launch its GTI in the United States with a(n) ________, which was
downloaded 2 million times in three weeks.
A) interstitial
B) app
C) mini-billboard
D) Facebook page
E) LinkedIn ad
Qantas, the Australian national airline carrier, introduces flights to the Middle East. This
is an example of ________.
A) product development
B) diversification
C) market development
D) market penetration
E) differentiation
How can a firm periodically reassess its strategic approach to the marketplace?
Identify and describe the three main types of New Luxury products.
What do you understand by vendor-managed inventory (VMI)?
List some of the marketing trends that are likely to emerge in the near future.
Give reasons to justify that online research is versatile.
Most brands are adapted to some extent to reflect significant differences in consumer
behavior, brand development, competitive forces, and the legal or political
environment. Identify the five international product and communication strategies
available to firms that expand their businesses to foreign countries.
Define the gray market.
When Sony introduced the world's first high-definition television to the Japanese
market in 1990, it was priced at $43,000. This helped Sony to scoop the maximum
amount of revenue from the various segments of the market. The price dropped steadily
through the years '” a 28-inch Sony HDTV cost just over $6,000 in 1993, but a 40-inch
Sony HDTV cost only $450 in 2014. What pricing strategy did Sony use here?
