Marketing 2

Question 0

How can a company lengthen it’s product line?

Answer 0

Line filling and more products, wind stretching – beyond current rage.

Question 1

What is meant by total quality management?

Answer 1

An approach in which all of the companies people are involved in. constantly improving the quality of products, services and business processes.

Question 2

What are the four special characteristics of services?

Answer 2

Intangibility, variety ability, inseparability, perishably.

Question 3

What are the links and the service – profit chain?

Answer 3

Internal service quality – selection/training, environment, support, satisfied and productive service – greater service value – satisfied/local customers – healthy service, profit and growth

Question 4

What is the fundamental asset underlying brand equity?

Answer 4

Customer equities – value of customer relationships the brand creates.

Question 5

What are the four brand sponsorship options of a manufacturer?

Answer 5

national, rival, licensed, or low brand

Question 6

What are the four choices when it comes to developing brands?

Answer 6

Line extensions, brand extensions, multi brands, or new brands.

Question 7

How does new product idea generation differ from idea screening?

Answer 7

Creating to reducing.

Question 8

What are the three approaches to test marketing?

Answer 8

Standard, controlled, simulated.

Question 9

How does marketing strategy development differ from product development?

Answer 9

Marketing strategy development: initial description, outline Plan. PD: physical product

Question 10

What are ways that companies might organize for new product development?

Answer 10

Customer centered, team-based, systematic.

Question 11

How can the product lifecycle be useful?

Answer 11

By describing how products and markets work and developing good market strategies.

Question 12

What characterizes the introduction stage of the consumer product lifecycle?

Answer 12

Low sales due to costly promotions/distribution costs

Question 13

What characterizes the maturity stage of the product lifecycle?

Answer 13

Most product and the stage – longest and challenging to maintain

Question 14

What is meant by value-based pricing?

Answer 14

Prices considered along with other marketing mix variables before market program is set.

Question 15

How does good value pricing different from value-added pricing?

Answer 15

Good value: quality and good service at a fair price. Value added: specially service amenities to justify higher price.

Question 16

What is meant by value-based pricing?

Answer 16

Prices considered along with other market next variables before market program is set.

Question 17

What is meant by cost base pricing?

Answer 17

The amount is based on production, distribution, and selling fair rate for effort and risk

Question 18

What is it meant by target costing?

Answer 18

Pricing that starts with an ideal selling price then targets cost ensuring prices are met.

Question 19

In the economist world, what are the four different types of product markets?

Answer 19

Pure competition, monopolistic competition, oligopolists competition, and pure monopoly.

Question 20

What is meant by price elasticity of demand?

Answer 20

Percentage change in quantity demanded / percentage change in price. Demand changes greatly if it is elastic.

Question 21

What are the five basic product mixing strategies?

Answer 21

Productline, optional products, captive product, byproducts, product bundle.

Question 22

What are the different forms of segmented pricing?

Answer 22

Customer, product form, location-based, timebase.

Question 23

What is psychological pricing?

Answer 23

Pricing considering psychological not just economical; price used to say something about the product.

Question 24

What are the various geographical pricing options a company might employ?

Answer 24

FOB pricing: factory to destination customer cost. Uniform delivered pricing: average freight cost. Some pricing: increases per more distant zone. Basing point pricing: one midpoint. Free absorption: seller absorbs the difference.

Question 25

What factors must accompany consider in initiating a price increase,

Answer 25

Price gouging, quality versus greed, competitors

Question 26

What are the major public policy issues and pricing?

Answer 26

Within channel levels: price-fixing and predatory pricing. Across channels: prices crimination, retail price maintenance, deceptive, scanner fraud.

Question 27

How do you channel members add value to delivery network?

Answer 27

By reducing the amount of work that must be done by both producers and consumers. Transform assortment products from producer to assorted products for consumer by matching. Bridging the major time place and possession gaps separating from those who can use them: info, promotion, contact, matching, negotiation… Physical distribution financing risk-taking.

Question 28

What is the difference between horizontal and vertical conflict in the marketing channel

Answer 28

Horizontal is the same level; vertical is different levels and more common.

Question 29

What are the three major types of VMS?

Answer 29

Corporate – successful stages into common own. Contractual – independent join. Administered – coordinates by power.

Question 30

What is meant by horizontal marketing system?

Answer 30

Two or more companies at one level join together for new marketing opportunity I working together companies combined financial, production, or marketing resources to accomplish more than one company could alone.

Question 31

What are three available options and determining the number of channel members to use?

Answer 31

Intensive: Stack as much as possible and as many places as possible. Exclusive: when the number of dealers. Selective: more than one, fewer than all to carry product.

Question 32

What are the goals of the logistics system?

Answer 32

Provide a targeted level of customer service at the least cost. Functions: warehousing, inventory management, transportation, logistics info management.

Question 33

How might companies build logistics partnerships?

Answer 33

Cross functional, cross company teams, and shared projects.

Question 34

In terms of the product line, what are the various types of retailers?

Answer 34

Specially, department, supermarket, convenience, superstore.

Question 35

In terms of relevant prices what are the various types of retailers?

Answer 35

Discount and off-price: independent, factory outlet, warehouse.

Question 36

Under the organizational approach, what are the major types of retail organizations?

Answer 36

Corporate chains, voluntary chains, retailer co-op, franchise organization.

Question 37

What are the retailers basic decisions in the marketing mix?

Answer 37

Product and service assortment, retail prices, promotion, distribution location.

Question 38

What are the developments affecting the future of retailing?

Answer 38

Tighter consumer spending, new retail forms, shortening retail lifecycles and retail convergence, rise of mega-retailers, growth of direct and online retailing, growth importance of retail technology, green retailing, global expansion of major retailers.

Question 39

What are the various types of merchant wholesalers?

Answer 39

Full service: wholesale industrial distribution rack jobbers. And limited: cashing carry with trucks with jobbers drop shippers producers cooperatives mail order or web

Question 40

What are the predicted trends in wholesaling?

Answer 40

Continued efficiency/effectiveness, focus on value adding customer service relationships, technology and online advances, more wholesalers to the own retailer.