4 Product Life Cycle Stages:
Intro, Growth, Maturity, Decline
To handle declining product a company will:
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.
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
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.
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 _________.
Products such as Yoplait's Go-GURT→ portable low fat yogurt in a tube demonstrate the importance of _________ in packaging.
To calculate ___, you would compute: (Perceived Benefits / Price)
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
The total money received from the sale of a product:
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.
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) _________.
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
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?
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
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
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 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 _________.
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.
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.
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.
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.
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
McDonald's, iHop, and Subway are all _________. a)manufacturing franchises b)business-format franchises c)product-distribution franchises d)general service franchise
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 _________.
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 _____ 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.