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If a company has too many products and many are losing money; the company is giving
away too many services; and the company is poor at cross-selling products and
services, it is a sign that the company's brand-building and communication skills are
weak.
People are often ethnocentric and favorably predisposed to their own country's
products, unless they come from a less developed country.
The annual plan control process begins with measuring performance.
If a cheese factory was interested in estimating the market potential for a new light
cheese and estimated the potential by multiplying a base number (population) by
several adjusting percentages (e.g., personal discretionary income per capita, average
percentage of discretionary income spent on food, etc.), it would be using the
chain-ratio method to estimate market potential.
Customer training and customer consulting are two areas for service differentiation that
manufacturers can use with their products.
In 2013, total digital ad spending surpassed TV advertising for the first time.
One of the ways to communicate category membership is to rely on the product
descriptor, like when Ford positioned its Freestyle automobile, which combined the
attributes of an SUV, a mini-van, and a station wagon, as a 'sports wagon."
Cause-related marketing efforts are unlikely to backfire as customers generally view the
company's motives as genuine.
Persuasive advertising aims to create brand awareness and knowledge of new products
or new features of existing products.
Given the highly competitive nature of business-to-business markets, the biggest enemy
to marketers here is commoditization.
When the total market expands, the dominant firm usually gains the most.
Apple has a clear design philosophy it calls "Design 3.0" and an internal design slogan,
"Make it Meaningful," that reflects its relentless focus on making beautiful and intuitive
products that will be integrated into customers' lifestyles.
Traditionally, price was never a major determinant of buyer choice.
Brand associations consist of all brand-related thoughts, feelings, perceptions, images,
experiences, beliefs, attitudes, and so on that become linked to the brand node.
Add-on services such as credit, delivery, installation, and repairs provided by the
marketing channel are referred to as service backup.
Regulation of technological changes has been relaxed by the US government over
recent years.
People are more likely to notice stimuli whose deviations are large in relation to the
normal size of the stimuli.
Purchasing approaches segmentation variables in the business marketplace include
technology, user and nonuser status, and general purchasing policies.
When a market researcher asks increasingly more specific "why" questions to reveal
consumer motivations and deeper, more abstract goals, s/he is using visualization.
When customers fall into different user groups with distinct buying preferences and
practices, a product team structure is desirable.
A ________ is a retail firm owned by its customers. Members contribute money to open
their own store, vote on its policies, elect a group to manage it, and receive dividends.
A) retailer cooperative
B) voluntary chain
C) consumer cooperative
D) merchandising conglomerate
E) franchise organization
Companies may wish to implement a(n) ________ to achieve more growth, to realize
higher margins, or simply to position themselves as full-line manufacturers.
A) up-market stretch
B) rebranding plan
C) outsourcing strategy
D) disintermediation policy
E) vertical integration strategy
To succeed in the future, marketing must ________.
A) become more holistic
B) build brands through promotion rather than performance
C) be more departmental
D) focus on free-spending
E) rely more on mass marketing
Betty Crocker cake mixes using Hershey syrup in its mixes and "Lunchables" lunch
combinations with Taco Bell tacos are examples of what special type of branding?
A) family branding
B) ingredient co-branding
C) co-branding
D) generic branding
E) individual branding
Randi is most motivated when there is no ceiling or caps on her commissions, she can
earn overachievement commissions for exceeding quotas, and benefits from prize
structures that allow multiple winners. She is probably a ________.
A) star
B) core performer
C) dog
D) cash cow
E) laggard
A company can be said to have used ________ if the company distinguished among
customers buying on the basis of price, service, and quality.
A) global segmentation
B) microsegmentation
C) short-term segmentation
D) macrosegmentation
E) geographic segmentation
Straight extension of the product means introducing ________.
A) the product to the foreign market without any changes to the product
B) the product to the foreign market with minor changes to the product
C) the product to the foreign market with major changes to the product
D) a customized product to the foreign market with a new marketing strategy
E) a customized product to the foreign market with existing marketing strategy
Which of the following elements of the marketing communications mix involves
face-to-face interaction with one or more prospective purchasers for the purpose of
making presentations, answering questions, and procuring orders?
A) advertising
B) sales promotion
C) word-of-mouth marketing
D) public relations
E) personal selling
________ are formal statements of expected product performance by the manufacturer.
A) Insurance
B) Warranties
C) Bonds
D) Invoices
E) Balance sheets
The ________ of the product mix refers to how closely related the various product lines
are in end use, production requirements, distribution channels, or some other way.
A) consistency
B) depth
C) width
D) length
E) composition
Amber oversees the activities at a consumer packaged goods firm that include
researching, developing, and launching new, high-quality shampoos, quickly and within
budget. With which process is her job most closely aligned?
A) the fulfillment management process
B) the market-sensing process
C) the customer acquisition process
D) the customer relationship management process
E) the new-offering realization process
Which of the following is a risk that firms must consider prior to expanding abroad?
A) The domestic consumers prefer low-priced products.
B) The market in the foreign country may be too similar to the domestic market.
C) Consumers in the foreign country are very particular about the quality of the goods
they consume.
D) The foreign country has very low pollution control standards.
E) The foreign country's business culture may be too different from the domestic
country.
According to Hofstede, cultures with weak uncertainty avoidance are best described as
________.
A) collectivist
B) hierarchical
C) egalitarian
D) risk-averse
E) risk-tolerant
A(n) ________ group is one whose values or behavior an individual rejects.
A) aspirational
B) dissociative
C) membership
D) primary
E) procreational
The defensive marketing strategy wherein a stream of new products are introduced by a
firm and are announced in advance are referred to as ________ defense.
A) mobile
B) counteroffensive
C) preemptive
D) contraction
E) flank
Explain customer-perceived value.
What are the five elements of narrative branding as described by Randall Ringer and
Michael Thibodeau?
List and explain the four service levels offered by retailers.
Within the context of the Freudian theory, explain how the laddering technique can be
used.
Your company manufactures travel bags and is keen on establishing its presence in the
Indian market. If you were given the responsibility to decide the pricing strategy the
company should use, what would you decide? Explain your answer.
Supermarket chain Reynold's is considering making a switch to stocking almost
exclusively private-label products in order to offer customers the lowest prices. Offer
reasons why Reynold's should think twice before opting to stock exclusively
private-label products.
When companies sell their goods abroad, they face a price escalation problem. Define
price escalation.
What are the methods available to the buyer to review the performance of the chosen
supplier? What advantage does performance review offer to the buyer?
Define the internationalization process' four stages.
