Final Exam Study Flashcards
Ideally, before a new product is developed, a company should have (1) new product strategic direction, and (2):
objectives for the product
Harvesting is an option for a product in the __________ stage of its product life cycle.
decline
______ begins with new-product purchases first by innovators, and then by early adopters.
the adoption curve
Which of the four pricing approaches would a new-product manager be using if he or she is deciding whether to adopt a penetration or a skimming pricing strategy?
demand-orientated pricing approach
consumers often consider price to
suggest product quality
Newsweek ran a pricing experiment that involved setting different newsstand prices for its magazine in different cities and recording the number of units sold. After adjusting for factors like the population of the different cities, Newsweek could plot these prices and units sold in a graph called a(n):
demand curve
what is a responsive supply chain
updates products to meet the needs of customers. ex; online computer hardware assembler updates products range every 90 days with new models and increased performance. will usually be at a lower price than product they replaced
what is an electronic marketing channel
Electronic marketing channels employ the Internet to make products and services available for consumption or use by consumers or business buyers.
Adding a wholesaler to the marketing channel for consumer products is most common for:
low cost; low unit value
A communications approach that takes consumers from initial product awareness through to brand advocacy is:
customer advocacy funnel
outbound marketing refers to
the traditional approach where marketers find consumers through widely broadcast methods. ex: advertising, direct mail, e-mail, telemarketing
For marketers, the primary objective of a premium is to:
encourage customers to return frequently or to use more of the product
A company that wishes to use a website to connect with consumers and showcase products should develop a:
promotional website
Special events, lobbying efforts, and press conferences are examples of ________ tools.
public relations
A social networking site that allows people to keep in touch with photos, videos, and comments most accurately describes:
There are two steps in customer recovery. The first step is to find the customer who is in jeopardy of being lost to the company. What is the second step?
Contact them to determine why they have stopped buying.
What is the name of the concept that supports the importance of loyalty programs to an organization?
Pareto’s rule
The TD Bank has a customer who holds a mortgage and chequing account with them. When the customer has children, the bank wants to sell him a registered education saving plan (RESP). The TD Bank wants to increase its:
share of wallet
The marketing program includes developing the marketing mix and:
its budget
The ______ phase of the strategic marketing process usually results in a ______ that sets the direction for the marketing activities of an organization.
planning; marketing plan
