29 terms

Midterm 2

These marketing expenditures, if done carefully, result in greater brand recognition, awareness, and consumer loyalty for the_______
Firms spend millions of dollars on __________, and other marketing efforts throughout a brands life cycle
promotion and advertising
Like the physical possessions of a firm,______are assets the firm can build, manage, and harness over time to increase its revenue, profitability, and overall value.
The value of a brand translates into_______, or the set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service
brand equity
Brands are also _________ that can be legally protected through trademarks and copyrights and thus constitute a unique ownership for the firm
Firms with well-known brands can spend relatively less on _________ than firms with little-known brands because the brand sells itself.
marketing costs
Strong brands are somewhat protected from ______ and ____ ___________. Because such brands are more established in the market and have a more loyal customer base, neither competitive pressures on price nor retail-level competition is as threatening to the firm.
competition, price competition
Firms may change their ---------- by either adding to or deleting categories.
product mix breadth
the number of SKUs within a category.
product depth
Ryan told his brother, "I'll never buy any Nike products because of the way they used to treat workers in sweatshops." His brother argued with him about how things have changed, but Ryan wouldn't change his mind. In terms of a marketing issue, Ryan has a very strong ______________.
brand recognition
Matt was passionate about Abercrombie & Fitch. It was the only place he'd buy his clothes. If anyone asked him about clothes, he would talk for what seemed like hours about why he only shopped there. From a strictly marketing perspective, this word-of-mouth is part of ___________.
brand loyalty
The consumer seeks convenience in storage, use and consumption in a package, while the retailer has different needs and is concerned about the _____________ package.
A personal digital assistant programmed with key customers' birthdates, wine preferences, and food allergies is a _____________ tool.
George wants to create brand awareness for his new line of automotive tools. George will need to:
repeatedly expose his target audience to the various brand elements associated with his product line
Brand repositioning refers to a strategy in which marketing changes a brand's focus to target new customers or realign the brand with changing perceptions. Another name for brand repositioning is:
With an understanding of which consumers buy a firm's new products at each stage of the diffusion of innovation process, the firm can adjust its ___________ strategies accordingly.
pricing, production
During the ________________ stage of the product life cycle, firms either position themselves for a niche market of loyal consumers or they exit the market.
During the _____________ stage of the product life cycle, sales peak and profits begin to decline as many competitors enter the market.
Which of the following is NOT one of the five dimensions used by consumers to determine overall service quality.
The diffusion of innovation theory is useful to marketers in helping them:
predict which types of customers will buy their product immediately and later.
The difference between a new product and existing products, the value of the product to the consumer and the adoption of complementary products can all affect ____________ of the product life cycle curve.
the shape
The _________________ diffusion of innovation group is the last large group of consumers to adopt a new product or service.
late majority
During the _____________ stage of the product life cycle, sales are low and profits are small or negative.
When John began helping his favorite uncle Burton with his finances, he discovered his uncle was still renting a rotary-dial telephone from the phone company. Uncle Burton had paid thousands of dollars in rental fees over the previous forty years, never knowing or maybe interested in upgrading or purchasing a phone. Uncle Burton is a ______________ in the diffusion of innovation process
Nicole knows her restaurant is understaffed today. She is hoping to get through the day without falling below her customers' ___________________, the difference between what her customers want and what they will accept before going elsewhere.
zone of tolerance
When there is a significant difference between the service customers receive and what the firm promotes, the firm has a ____________________.
communications gap
Along the service-product continuum, which of the following would be the most service dominant?
Doctor's office
Yolanda manages a Best Sleep Inn along an interstate highway. She knows from experience that 5 to 10 last-minute customers will call after 8 p.m. each evening looking for a room and asking the price. Yolanda has empowered her staff to offer discounts when the motel is largely vacant and quote the standard price when the hotel is close to full. She knows her service is _________________, meaning if no one stays in the room, it generates no revenue that evening.
For many professionals offering intangible services, an ethical marketing dilemma exists. The dilemma centers on
how to balance the need to gain clients while retaining an image of professionalism and integrity