FIN Flashcards
The problem with using an undifferentiated strategy to market a universal car is that
Car buyers have heterogenous needs
When Liv goes to the first class of her operations management course, she finds out that in addition to the textbook she already purchased, she also needs a specific type of calculator. With regards to the calculator, at which stage of the consumer buying decision process is Liv?
Problem recognition
Depending on the length of time it takes them to adopt a new product, people can be divided into five major categories: early adopters, early majority, late majority, laggards, and
Innovators
the four major stages of a product life cycle include
introduction, growth, maturity, and decline
During the introduction stage of a successful product, profits are usually
Negative and increasing
The first adopters of a product are the innovators
true
Which stage in the product life cycle is critical to a products survival because competitive reactions to the products success during this period will affect the products life expectancy?
Growth
Convenience products are
Relatively inexpensive, frequently purchased items for which buyers exert only minimal purchasing effort.
State and local governments regulations do not affect the pricing of services.
False
What should marketers do to promote the consistency and reliability of their services most effectively?
Train employees and develop standard procedures for dealing with customers.
_______ marketing involves activities conducted by individuals and organizations to achieve some goal than other ordinary business goals such as profit
Nonprofit
The main characteristics of a _____ is that customers are satisfied to the point that they use a service repeatedly over time?
Client-based relationships
Pioneering advertising is most likely to be used during which of the following product-life stages?
Introduction
Tectron products company advertises a specific product heavily, and initech wants to offset the effects of that advertising. In this case, Initech would most likely employ _____ advertising.
Competitive
The owner of a professional baseball team asks the account representative of an advertising agency to develop an advertising campaign to bring more teenagers to the ballpark. At this point, the account representative logically begins to discuss establishing ______ for the campaign.
Advertising objectives
The first stage in the development of any advertising campaign is
Identifying the advertising targeting audience
The effectiveness of an advertising campaign can be measured
before, during, and after the campaign through the use of protests, inquiries and posttests.
______ is broad set of communication activities used to create and maintain favorable relations between the organizations and its stakeholders
Public relations
The importance of price depends on the type of product, the type of target market, and purchase situation.
True
A market share objective
Can be used effectively whether total industry sales are rising or
Which pricing objective de-emphasizes price and can lead to a climate of nonprice competition in an industry?
Status quo
The three primary bases for developing prices are
Demand, competition, and cost,
Markup is measured either as a percentage of _____ or a percentage of _____
Selling price, cost.
Marisol recently put her house on the market at an asking price of $260,000. She realizes, however that in order to sell the house she may have to use
Negotiated pricing
If acer uses _____ pricing for its newest chromebook, it is probably most interested in obtaining market share and it assuming ____________.
Penetration pricing, that other competitors could enter the market.
If kashi wants to gain a large market share quickly with its new line of reduced-fat snack products cracks it should use.
Penetration pricing
When a cable television company uses bundling to combine phone, cable tv, and broadband internet access into a package with a single price, it it attempting to influence a consumers perception of price to make a products price more attractive and reduce “sticker shock.” This is an example of using a _____ strategy.
Psychological
Products such as light bulbs, canned soft drinks, and ice cream sandwiches are usually priced using _____ which usually results in a ____
Multiple-unit pricing, lower unit price
Which of the following pricing strategies often results in a retailer losing money on the product?
Price leader
Showing a products price along with its previous price, the price of a competing brand, or the price at another retail outlet is called
Comparison discounting
You are the marketing manger for a multistate auto dealership in the southeast United States, it is that time of year when your company experiences a model year change. You are putting the final touches on your pricing strategy to facilitate this change in your inventory of autos. Which of the following pricing strategies will you use to facilitate this model year change?
Periodic discounting
The federal government often uses _____ pricing when it grants defense contracts.
Cost-plus
Services have six basic characteristics: intangibility, inseparability of production and consumption, perishability, client-based relationships, customer contact, and
heterogenity
