- StudyBlue
- Tennessee
- University of Tennessee - Knoxville
- Business Administration
- Business Administration 332
- Moon/zondag
- BA 332 Exam 3 Review (COMPLETE w/ Article)
BA 332 Exam 3 Review (COMPLETE w/ Article)
Business Administration 332 with Moon/zondag at University of Tennessee - Knoxville
About this deck
By: Anonymous
Created: 2009-10-26
Size: 99 flashcards
Views: 870
Created: 2009-10-26
Size: 99 flashcards
Views: 870
About StudyBlue
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Anything that can be offered to a market for attention, acquisition, use, or consumption, and that might satisfy a want or a need is known as a ___________.
Product
T/F A service is a type of product.
True
T/F To be considered a product, it has to satisfy a want or a need.
False
A product might satisfy a want or a need.
T/F An idea can be a product.
True
Any activity or benefit that one party can offer to another that is essentially intangible and does not result in the owner ship of anything is known as a __________.
Service
Tax preparation is a type of __________.
Service
Retail is a type of ________.
Service
Are the features of a product part of the actual product or the augmented product?
actual product
Is the packaging of a product part of the actual product of the augmented product?
augmented product
Are instructions and installation of a product part of the actual product or the augmented product?
the augmented product
The level of products and services that includes additional services and benefits is known as the ___________ ___________.
augmented product
Products purchased for further processing or for use in conducting business are known as ___________ __________.
industrial products
Are convenience goods or shopping products purchased frequently with little comparison?
convenience goods
________ _________ have high prices with little comparison.
specialty products
__________ __________ sometimes have negative interest and require aggressive advertising.
unsought products
Products that aid in the buyer's production or operations are known as _________ _________.
capital items
Market offerings that involve ideas such as environmental concerns are also known as _____________ ___________.
social marketing
Product attributes, branding, packaging, labeling, product support services are aspects of ____________ ___________ ___________.
individual product decisions
Good product design begins with an understanding of ____________ ___________.
customer needs
A/an ________ is a name, term, sign, symbol, design, or a combination of these, that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors.
brand
Branding involves __________ and ___________ brands.
building, managing
___________ ____________ is a major brand strategy that involves that attributes, benefits, beliefs, and values of a brand.
brand positioning
T/F Branding provides legal protection and helps to segment markets.
True
T/F Packaging should address environmental concerns.
True
A __________ __________ is a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.
Product Line
A company can adjust the Product Line Length by _________ and _________.
filling , stretching
________ _________ measures the brand's ability to capture customer preference and loyalty.
Brand equity
T/F Store brands are also known as national brands.
False
Store brands are also known as private brands. Manufacturer's brands known as national brands.
What company was given as an example in class that has generated more than $5.3 billion in licensing revenues in under five years?
Nickelodeon
A _________ ___________ consists of new product category with an existing brand name.
Brand Extension
Which type of brand development decisions consists of a new brand name in an existing product category?
Multibrands
Which service characteristic involves services that cannot be separated from their providers?
separability
__________ ____________ ___________ is the development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts.
New Product Development
T/F New Product Development is inexpensive and has low risk.
False
New Product Development is expensive and very risky.
T/F 10% to 20% of new consumer products fail within 12 months.
False.
70% to 90% of new consumer products fail within 12 months.
T/F Overestimation of market size, is one reason why new consumer products fail.
True
_________ __________ is a process used to spot good ideas and drop new ones.
Idea screening
T/F Part Two of Marketing Strategy Development Process outlines the product's planned price, distribution, and marketing budget.
True
___________ ____________ involves a review of the sales, costs, and profit projections to assess fit with company objectives.
Business Analysis
__________ ___________ involves products and programs that are introduced into a more realistic market setting.
Market Testing
For commercialization, companies must decide on ___________, __________ to introduce the product, and a ___________ ________ plan.
timing, where, market rollout
When applying the product life cycle, ___________ ___________ have the longest life cycle.
product classes
When applying the product life cylce, ___________ ____________ tend to have the standard PLC (product life-cycle) shape.
product forms
_________ product life-cycles can change quickly because of changing competitive attacks and responses.
Brand
The PLC concepts can also be applied to ________, __________, and __________.
styles, fashions, and fads
In the introduction stage of the PLC sales are ________.
low
In the growth stage of the PLC costs per customer are _________.
average
In the maturity stage of the PLC profits are _______.
high
In the decline stage of the PLC the marketing objecting is to.....
reduce expenditures and the brand
In the introduction stage of the PLC, the product offer consists of what?
offering a basic product
In the growth stage of the PLC, the price involves a ____________ __________
penetration strategy
In the maturity stage of the PLC the distribution involves building a __________ ___________ distribution.
more intensive
The decline stage of the PLC involves ____________ promotion.
reducing
Define the broad definition of price.
The sum of all the values that consumers exchange for the benefits of having or using the product or service.
___________ ____________ is charging differenct prices depending on individual customers and situations.
Dynamic Pricing
The nature of the market and demand, competition, and other environmental factors make up the ___________ factors affecting price decisions.
external
Marketing objectives, marketing mix, costs, and organizational considerations make up the ___________ factors affecting price decisions.
internal
The demand curve shows that different levels of __________ result in different levels of __________.
price, demand
The price elasticity of demand refers to how responsive the ________ will be to a change in ________.
demand, price
Demand hardly changing with a small change in price represents ___________ demand.
inelastic
Demand changing greatly with a small change in price represents __________ demand.
elastic
___________ ____________ is an approach that adds a standard markup to the cost of the product.
Cost-Plus Pricing
Product, Cost, Price, Value, and Customers are ALL aspects of _________-based pricing.
cost
Customers, Value, Price, Cost, and Product are ALL aspects of __________-based pricing.
value
______-_______ is when a company sets prices based on what competitors are charging.
Going-Rate
_______-________ is when a company sets prices based on what they think competitors will charge.
Sealed-Bid
Setting a high price for a new product to "Skim" maximum revenues from the target market is known as ___________ _____________.
Market-Skimming
What are the three conditions in which it is appropriate to use Market-Skimming?
1. Products quality and image must support its higher price.
2. Costs can't be so high that they cancel the advantage of charging more.
3. Competitors should not be able to enter market easily and undercut price.
Setting a low price for a new product in order to "penetrate" the market quickly and deeply is known as __________ ____________.
Market Penetration
What are the three conditions in which it is appropriate to use market penetration?
1. Market is highly price sensitive so a low price produces more growth.
2. Production/Distribution costs must fall as sales volume increases.
3. Competition must be kept out of the market or the effects will be only temporary.
____________ _____________ considers the psychology of prices and not simply the economics.
Psychological pricing
Consumers usually perceive higher-priced products as having _________ quality.
higher
Consumers use ________ when they can judge the quality of a product by examining it or recalling experiences.
less
_________-_________ is pricing optional or accessory products sold with the main product.
optional-pricing
Is ink that is used for a printer an example of optional-pricing or captive- pricing?
captive-pricing
Pricing low-value by-products to get rid of them and make the main product's price more competitive is known as ____________ pricing.
By-product
Combining several products and offering the bundle at a reduced price is known as _________-__________.
product-bundling
_________-________ pricing involves setting price steps between various products in a product line based on cost differences between products, customer evaluations of different features, and competitors prices'.
Product-line
Being able to by software, a monitor, a PC, and a printer for a lower price then buying each separately is an example of __________-___________.
product-bundling
A ___________ ____________ is a set of interdependent organizations involved in the process of making a product or service available for use or consumption by the consumer or business user.
Distribution Channel
The purpose of marketing intermediaries is to match _________ from from producers to __________ of consumers.
supply , demand
A distributor __________ the number of channel transactions.
reduces
What is the equation that determines the number of contacts without a distributor?
M x C
Where M is the number of manufacturers and C is the number of Contact.
What is the equation that determines the number of contacts with a distributor?
M + C
Where M is the number of manufacturers and C is the number of Contacts.
What type of conflict occurs amoung firms at the same level of the channel? (for example retailer to retailer)
horizontal conflict
What type of conflict occurs between different levels of the same channel? (ex. wholesaler to retailer)
vertical conflict
Company-sponsored training programs and high margins on spare parts are incentives that encourage high levels of __________ ___________.
customer service
___________ is how a company gets other members of the channel to cooperate when they do not own the channel and they don't have contracts with the other members of the channel.
incentives
What are the three types of Vertical Marketing Systems?
Corporate, Contractual, Administered
Which type of vertical marketing system includes leadership that is assumed by one or a few dominant members?
Administered
Which type of vertical marketing system involves common ownership at different levels of the channel.
Corporate
Western Auto is an example of a ___________ vertical marketing system.
contractual
What are the four channel management issues?
1. Product availability
2. Promotion
3. Customer Service
4. Market Information
Manufacturers want to have the product available with the __________ level of coverage.
desired
Manufacturers want to have the product available in a _________ location within the retail outlet.
desirable
With regards to marketing intermediaries, what are the three types of distribution?
Intensive, Selective, and Exclusive
New products, old products, and inventory relationships incentives to encourage _________ ___________.
product availability
___________ ___________ will begin selling new cars and truck on _________ in an attempt to regain market share in the U.S.
General Motors , EBay
T/F GM's market share of 13.5% is below average.
True
About this deck
By: Anonymous
Created: 2009-10-26
Size: 99 flashcards
Views: 870
Created: 2009-10-26
Size: 99 flashcards
Views: 870
About StudyBlue
STUDYBLUE makes things that make you better at school.
Things like online flashcards with photos and audio.
Things like personalized quizzes and friendly reminders about when (and what) to study next.
Think of it as a digital backpack™: access to all of your study materials online and on your phone.
STUDYBLUE exists to make studying efficient and effective for every student, for free. Join us.
“Simply amazing. The flash cards are smooth, there are many different types of studying tools, and there is a great search engine. I praise you on the awesomeness.”
Dennis
Dennis