MKT Ch 11-14

41 terms by JackieCasi 

Ready to study?
Start with Flashcards

Create a new folder

Advertisement Upgrade to remove ads

4 Product Life Cycle Stages:

Intro, Growth, Maturity, Decline

To handle declining product a company will:

Deletion, harvesting

3 Aspects of the Product Life Cycle:

Length, Shape of curves, adoption rate

Advertising plays a major role in the _____ stage of the product life cycle, and marketing plays a role in the _____ stage:

Intro Stage; Maturity

A _____ manages the marketing efforts for a close-knit family of products/brands.

Product manager

Which stage in the product life cycle is characterized by a rapid increase in sales and the appearance of competitors?
a)maturity b)introduction c)decline d)growth

d

There are several reasons why a consumer would be reluctant to purchase a new product. One example would be value barrier; which occurs when:

there is no incentive to change

Changing the place a product occupies in a consumer's mind relative to competitive products is referred to as: a)market modification b)product development c)product modification d)differentiation e)product repositioning.

e

Any word, device (design, sound, shape, or color), or combination of these used to distinguish a seller's goods or services is referred to as a _________.

brand name

Products such as Yoplait's Go-GURT→ portable low fat yogurt in a tube demonstrate the importance of _________ in packaging.

functional benefits

To calculate ___, you would compute: (Perceived Benefits / Price)

value

A penetration pricing policy is likely to be most effective when (1) a _____ discourages competitors from entering the market, (2) unit production and _____ fall dramatically as production volume increases, and (3) many segments of the market are _____.

low initial price, marketing costs, price sensitive,

Marketing executives must translate estimates of customer demand into estimates of: a) revenues the firm expects b) advertising expenditures c) personnel requirements d) min distribution requirements

a

The total money received from the sale of a product:

total revenue

Unit variable costs is expressed on a _______ for a product.

per unit basis

Three different objectives relate to a firm's profit, which is often measured in terms of return on investment. One objective, known as _________, occurs when a firm sets a profit goal, usually determined by its board of directors.

target return

Four pricing practices are closely scrutinized because of potential unethical or illegal actions. They include (1) price fixing, (2) price discrimination, (3) predatory pricing, and (4) _________.

deceptive pricing

The price the seller quotes that includes all transportation costs is referred to as: a)FOB buyer's location b)FOB origin pricing c)uniform delivered pricing d)single-zone pricing

c

A technique that examines the relationship between total revenue and total cost to determine profitability at different levels of output is ____.

break even analysis (break even point)

Steps in Setting Final Price: 1)Select _____, 2) Set _____, 3) Make ____ to List or Quoted Price

Price Level, Quoted Price, adjust

Logistics is most closely related to which element of the marketing mix?

place

Walmart's marketing strategy is to be a reliable, lower-price retailer for a wide variety of mass consumption consumer goods. This strategy favors a(n) __________ designed to deliver products to consumers at the lowest possible cost.

efficient supply chain

Employing the internet to make products and services available for consumption or use by consumers or business buyers is referred to as _________.
a)product-driven marketing channels b)electronic marketing channels c)virtual marketing channels d)consumer-responsive channels

b

When you order a sweater from an L L. Bean mail-order catalog, what type of marketing channel are you and the company using? a)cash and carry marketing channel b)selective distribution channel c)intensive distribution channel d)direct marketing channel

d

When a retailer owns a manufacturing operation, its referred to as: a)backward integration b)forward integration c)horizontal integration d)a joint venture

a

A contractual arrangement between a parent company (a franchisor) and an individual or firm (a franchisee) that allows the franchisee to operate a certain type of business under an established name and according to specific rules, is referred to as _________.

franchising

Conflict that occurs between two different levels in a marketing channel is referred to as: a)horizontal conflict. b)contractual conflict. c)vertical conflict. d)corporate conflict.

c

Goodyear Tire dealers became irate when Goodyear Tire Company decided to sell its brands through Sears, Walmart, and Sam's Clubs. Many switched to competing tire makers. This is an example of _______ conflict.

horizontal

An inventory-management system whereby the supplier determines the product amount and assortment a customer (such as a retailer) needs and automatically delivers the appropriate items is referred to as _______ inventory.

vendor-managed

3 Marketing Channel Functions:

transactional, logistical, and facilitating

The 4 utilities offered to customers thru retailing are:

time, place, price, and promotion

Two measures of the impact of retailing in the global economy are ____ and ____.

Total annual sales, number of employees

Centralized decision making and purchasing are and advantage of _____ ownership.

corporate chain

To improve their efficiency and provide additional customer value catalog retailers often focus on _____ rather than _____.

proven customers, prospective customers

The three basic types of contractual system are: a)retailer-sponsored cooperatives, wholesaler-sponsored voluntary chains, and franchises. b)non-binding, binding, and in perpetuity. c)dual ownership agreements, industry consortiums, and non-binding

a

McDonald's, iHop, and Subway are all _________. a)manufacturing franchises b)business-format franchises c)product-distribution franchises d)general service franchise

b

Many retailers take a markdown as soon as sales fall off to free up valuable selling space and cash. This concept of retail pricing is referred to as _________.

timing

Boston Pizza wants to determine how effective their retail format is compared to other pizza establishments in the local area. The calculation for this indicator is arrived at by determining the __________ for their store and comparing it against the same indicator for all of the other local pizza outlets.

same store sales growth

Which type of outlet is most likely in its early growth stage: a)online retailers b)single-price stores c)supermarkets d)warehouse clubs

a

A _____ are wholesalers that carry a broad assortment of merchandise and perform all channel functions.

general merchandise wholesaler

Market Share is usually fought out before the _____ stage of the retail life cycle.

maturity

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions above and try again

Example:

Reload the page to try again!

Reload

Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

NEW! Voice Recording

Create Set