Final Exam

Question 1

Brand loyalty.

Answer 1

The physical or mental space that successful brands carve out for themselves inside certain targeted consumers’ minds

Question 2

Symbols

Answer 2

Symbols can say in an instant what words cannot.

Question 3

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?

Answer 3

The heart of opportunity

Question 4

The best branding stories should be:

Answer 4

Gently exaggerated

Question 5

Branding agencies

Answer 5

given the job of naming and branding new products

Question 6

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:

Answer 6

Brand Identifiers and Brand Differentiators

Question 7

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

Answer 7

Brand Identifiers

Question 8

Brand personalities are generally reflected in:

Answer 8

The type of consumer personality trait that the brand represents

Question 9

supply chain management decisions should be

Answer 9

Customer-based

Question 10

Vertical marketing systems

Answer 10

When marketing organizations enjoy opportunities to develop economies of scale, strategic firms should strongly consider the development of

Question 11

Intermediaries

Answer 11

means in-between and describes the organizations and people who deliver services inside supply chains and operate between original source firms and retailers

Question 12

Marketing channels

Answer 12

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

Question 13

Supply chains can create customer value by providing each utility EXCEPT

Answer 13

Quality

Question 14

Ecumenical

Answer 14

Unrelated to supply chains

Question 15

Sorting

Answer 15

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

Question 16

Place gaps

Answer 16

are spanned, the right products become available to customers in the right place

Question 17

marketing channels and supply chains are synonymous in many ways, one key difference remains. The primary difference is that

Answer 17

Marketing channels fail to capture the roles played by source firms.

Question 18

Order processing

Answer 18

most important to ensure that nothing goes wrong as relationships with end-use customers are managed

Question 19

nine conflict management and resolution rules recommends that supply chain managers be aware that geographic, ethnic, and corporate differences exist

Answer 19

Understand and accept the other’s cultural norms (correct)

Question 20

Specialization

Answer 20

value that is routinely delivered by supply chains permits partnering firms to concentrate on doing what they do best

Question 21

John Donne

Answer 21

“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

Question 22

The bridging of time gaps

Answer 22

value that is created through efficient supply chain management makes the right products available to the right customers at the right time

Question 23

The main difference between marketing channels and supply chains is that:

Answer 23

Supply chains account for source firms and the roles they play.

Question 24

Logistical managerial processes primarily occur _______________ organizations while supply chain managerial processes occur ________________ organizations?

Answer 24

Inside; between

Question 25

Conventional marketing systems

Answer 25

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

Question 26

Humans Judge:

Answer 26

Humans typically judge other humans by their actions

Humans typically judge themselves based on their own interior motives

Question 27

Bias blind spots

Answer 27

we perceive that we, ourselves, are less biased than the average person.

Question 28

The Endowment Effect.

Answer 28

The reason why consumers typically assignhigher value to products (assets) than they are actually worth to products (assets) they already own is called (the):

Question 29

Cost-plus pricing

Answer 29

Involves adding standard markups to whatever amounts, cost-wise, are required to make, distribute, and sell, promote or merchandise products

Question 30

Prestige pricing

Answer 30

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.

Question 31

The tactics that Uber (the transportation service) uses to price its passenger transportation services offers a good example of:

Answer 31

Dynamic pricing

Question 32

Psychological pricing

Answer 32

is the primary reason why two-thirds of prices end with a 9.

Question 33

Oscar Wilde

Answer 33

A cynic is someone who knows the price of everything and the value of nothing”?

Question 34

market skimming (skimming-the-cream) pricing strategies

Answer 34

When products are innovative.
When marketers create extreme differentiation.
When products are highly desirable and experiencing high demand.

Question 35

Sam Walton

Answer 35

pioneered the everyday low pricing tactic in 1962

Question 36

Americans typically throw-wayabout of their grocery purchases.

Answer 36

20%

Question 37

Which pricing objective can be best described as highly customer self-interested in nature?

Answer 37

Signaling socially responsible virtues

Question 38

oligopoly

Answer 38

The market sector features a few large and dominant competitors,

Question 39

Targeted Pricing

Answer 39

pricing tactic can be referred to as Goldilocks or “just-right” pricing levels

Question 40

Anchoring pricing

Answer 40

see ridiculously high prices first, the still-high but lower prices that follow these “ridiculously-high” price appear less expensive by comparison

Question 41

Cost-based pricing

Answer 41

entails establishing prices based on the costs of successfully making and marketing a product and earning an acceptable margin or profit

Question 42

Penetration pricing strategy

Answer 42

when firms drastically lower their prices for the purpose of grabbing and/or sustaining high market shares

Question 43

fundamental attribution error

Answer 43

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

Question 44

Primary advertising appeal

Answer 44

The second step in creating an effective advertising message entails determining

Question 45

Noise

Answer 45

entails physical/psychological barriers, distractions, or sources of interference that degrade recipients’ willingness or ability to decode messages successfully

Question 46

Public relations experts

Answer 46

to manage customer perceptions about brands by developing and executing news releases, speeches, promotional events and websites.

Question 47

Compatibility

Answer 47

does not describe a desirable communication outcome that would likely lead to a more persuasive message

Question 48

The affordable method approach

Answer 48

Entails spending as much as managers believe or feel they can afford.

Question 49

Highly effective at persuading

Answer 49

is not generally viewed as strength of advertising

Question 50

Puffery

Answer 50

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.

Question 51

The three-hit-rule

Answer 51

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.

Question 52

Prospect Theory

Answer 52

heory explains why consumers, and indeed almost everyone, “hates-losing” more than they “love-winning

Question 53

Intergrated Marketing Communicatin

Answer 53

customers usually don’t make distinctions between sources marketers use to convey marketing messages.

Question 54

Media selection

Answer 54

The first step that should be executed when establishing an advertising strategy is:

Question 55

A Push Strategy

Answer 55

is being used when retailers are incentivized to sell more of a particular product?

Question 56

Objective and Task Budgeting.

Answer 56

he best advertising budgeting approach, according to the textbook