Final Exam Flashcards
Brand loyalty.
The physical or mental space that successful brands carve out for themselves inside certain targeted consumers’ minds
Symbols
Symbols can say in an instant what words cannot.
The three ellipses depicted in the Toyota logo symbolizes a number of hearts. Which of the following is not one of the hearts in the Toyota logo?
The heart of opportunity
The best branding stories should be:
Gently exaggerated
Branding agencies
given the job of naming and branding new products
The promise of violence and the existence of scarcity once existed as two factors that initially lead many consumers to watch televised football games. This means that “violence” and “scarcity,” as each once related to televised football, initially functioned as:
Brand Identifiers and Brand Differentiators
Many contemporary advertisements feature songs that end up being closely associated with the brands being promoted in the ads. For example, in 2016 Gatorade continuously ran an ad that featured the Kanye West song “All of the Lights.” When songs like this become associated with brands those songs function as ________ for the brands
Brand Identifiers
Brand personalities are generally reflected in:
The type of consumer personality trait that the brand represents
supply chain management decisions should be
Customer-based
Vertical marketing systems
When marketing organizations enjoy opportunities to develop economies of scale, strategic firms should strongly consider the development of
Intermediaries
means in-between and describes the organizations and people who deliver services inside supply chains and operate between original source firms and retailers
Marketing channels
consist of a group (set) of independent (but often interdependent) organizations involved in the process of making products or services available for use by consumers or business organizations
Supply chains can create customer value by providing each utility EXCEPT
Quality
Ecumenical
Unrelated to supply chains
Sorting
supply chain function entails creating right-sized product assortments in order that 1) customers can buy the quantities they seek to acquire and that 2) organizations can make the larger quantities they typically seek to manufacture
Place gaps
are spanned, the right products become available to customers in the right place
marketing channels and supply chains are synonymous in many ways, one key difference remains. The primary difference is that
Marketing channels fail to capture the roles played by source firms.
Order processing
most important to ensure that nothing goes wrong as relationships with end-use customers are managed
nine conflict management and resolution rules recommends that supply chain managers be aware that geographic, ethnic, and corporate differences exist
Understand and accept the other’s cultural norms (correct)
Specialization
value that is routinely delivered by supply chains permits partnering firms to concentrate on doing what they do best
John Donne
“No man is an island. Every man is a piece of a continent, a part of the main,” a statement that illuminates the concept that humans need interconnectivity
The bridging of time gaps
value that is created through efficient supply chain management makes the right products available to the right customers at the right time
The main difference between marketing channels and supply chains is that:
Supply chains account for source firms and the roles they play.
Logistical managerial processes primarily occur _______________ organizations while supply chain managerial processes occur ________________ organizations?
Inside; between
Conventional marketing systems
re being used when independent organizations voluntarily agree to partner with each other and the partnership allows each firm to specialize in the performance of one or two core competencies
Humans Judge:
Humans typically judge other humans by their actions
Humans typically judge themselves based on their own interior motives
Bias blind spots
we perceive that we, ourselves, are less biased than the average person.
The Endowment Effect.
The reason why consumers typically assignhigher value to products (assets) than they are actually worth to products (assets) they already own is called (the):
Cost-plus pricing
Involves adding standard markups to whatever amounts, cost-wise, are required to make, distribute, and sell, promote or merchandise products
Prestige pricing
entails marketers setting higher prices based on the premise that quality-, social status-, or positional-conscious buyers will be attracted to the product, due to its price and the potential buyers’ ability to afford it, and thus become more likely to purchase the product.
The tactics that Uber (the transportation service) uses to price its passenger transportation services offers a good example of:
Dynamic pricing
Psychological pricing
is the primary reason why two-thirds of prices end with a 9.
Oscar Wilde
A cynic is someone who knows the price of everything and the value of nothing”?
market skimming (skimming-the-cream) pricing strategies
When products are innovative.
When marketers create extreme differentiation.
When products are highly desirable and experiencing high demand.
Sam Walton
pioneered the everyday low pricing tactic in 1962
Americans typically throw-wayabout of their grocery purchases.
20%
Which pricing objective can be best described as highly customer self-interested in nature?
Signaling socially responsible virtues
oligopoly
The market sector features a few large and dominant competitors,
Targeted Pricing
pricing tactic can be referred to as Goldilocks or “just-right” pricing levels
Anchoring pricing
see ridiculously high prices first, the still-high but lower prices that follow these “ridiculously-high” price appear less expensive by comparison
Cost-based pricing
entails establishing prices based on the costs of successfully making and marketing a product and earning an acceptable margin or profit
Penetration pricing strategy
when firms drastically lower their prices for the purpose of grabbing and/or sustaining high market shares
fundamental attribution error
causes consumers to assign too much weight to the personal attributes of the person they are evaluating and too little weight to external factors that also may be affecting that person’s behavior
Primary advertising appeal
The second step in creating an effective advertising message entails determining
Noise
entails physical/psychological barriers, distractions, or sources of interference that degrade recipients’ willingness or ability to decode messages successfully
Public relations experts
to manage customer perceptions about brands by developing and executing news releases, speeches, promotional events and websites.
Compatibility
does not describe a desirable communication outcome that would likely lead to a more persuasive message
The affordable method approach
Entails spending as much as managers believe or feel they can afford.
Highly effective at persuading
is not generally viewed as strength of advertising
Puffery
entails advertising appeals that contain material featuring clearly over-embellished or boastful claims about brands which no reasonable person would presume to be literally true.
The three-hit-rule
suggests advertising recipients must be exposed to an opportunity to learn something more than two times before message recipients can be expected to recall or understand the new content, and subsequently retrieve, respond to, or apply the new content.
Prospect Theory
heory explains why consumers, and indeed almost everyone, “hates-losing” more than they “love-winning
Intergrated Marketing Communicatin
customers usually don’t make distinctions between sources marketers use to convey marketing messages.
Media selection
The first step that should be executed when establishing an advertising strategy is:
A Push Strategy
is being used when retailers are incentivized to sell more of a particular product?
Objective and Task Budgeting.
he best advertising budgeting approach, according to the textbook
