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Marketing Exam 2 Flashcards

1
Q

5 Reasons that Firms Create New Products

A
  1. ) Changing Customer Needs
  2. ) Market Saturation
  3. ) Managing Risk Through Diversity
  4. ) Fashion Cycles
  5. ) Improving Business Relationships
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2
Q

What are the 5 Groups in Diffusion of Innovation?

A
  1. ) Innovators
  2. ) Early Adopters
  3. ) Early Majority
  4. ) Late Majority
  5. ) Laggards
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3
Q

What are the 1st 2.5% of People to Purchase a New Product called?

A

Innovators

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4
Q

What are the 2nd 13.5% of People to Purchase a New Product?

A

Early Adopters

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5
Q

What are the 3rd 34% of People to Purchase a New Product?

A

Early Majority

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6
Q

What are the 4th 34% of People to Purchase a New Product?

A

Late Majority

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7
Q

What are the 5th 16% of People to Purchase a New Product?

A

Laggards

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8
Q

The first year they were offered, John wanted a tablet computer, but he did not know which one to choose. He waited until there were more choices, lower prices, and improved quality. John is part of the _____________ diffusion of innovation group.

A

Early Majority

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9
Q

Tiffany always asks Samantha about beauty supply products. She considers her a well-informed friend who always knows the latest trends. For Tiffany, Samantha is a(n) ______________ in the diffusion of innovation curve.

A

Innovators

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10
Q

Denise and Janet attend a large university in Texas. Denise asked for Janet’s e-mail address, but Janet said she didn’t have one. Janet would probably be considered a(n) ____________ in the diffusion of innovation process.

A

Laggards

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11
Q

Breakthroughs

A

Products that are new to the world and establish a completely new market or change the rules of completion

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12
Q

On Average, what percentage of new consumer products fail?

A

95%

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13
Q

What are the 4 Stages of the Product Life Cycle?

A
  1. ) Introduction
  2. ) Growth
  3. ) Maturity
  4. ) Decline
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14
Q

What are the 6 Ways that Firms Develop New Products?

A
  1. ) Idea Generation
  2. ) Concept Testing
  3. ) Product Development
  4. ) Market Testing
  5. ) Product Launch
  6. ) Evaluation of Results
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15
Q

What happens in Idea Generation While Firms are Developing New Products?

A

Development of viable new product ideas

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16
Q

What Happens in Concept Testing While Firms are Developing New Products?

A

Testing the new product idea among a set of potential customer

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17
Q

What Happens in Product Development While Firms are Developing New Products?

A

Development of prototypes and/or the product

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18
Q

What Happens in Market Testing While Firms are Developing New Products?

A

Testing the actual products in a few test markets

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19
Q

What Happens in Product Launch While Firms are Developing New Products?

A

Full-scale commercialization of the product

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20
Q

What Happens in Evaluation of Results While Firms are Developing New Products?

A

Analysis of the performance of the new product and making appropriate modifications

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21
Q

What are 2 Benefits of Internal R&D?

A
  1. ) Often the source of technological products

2. ) Often the source of breakthrough products

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22
Q

What is a negative aspect of Internal R&D?

A

High product development costs

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23
Q

What are the 4 Benefits of R&D Consortia?

A
  1. ) Lower Costs and Risks
  2. ) Firms Join Together
  3. ) Form Research Consortiums
  4. ) Benefits Spread to All Firms
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24
Q

What is Licensing?

A

Firms purchase the rights to technology or ideas from other research-intensive firms

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25
Q

What is Brainstorming?

A

Groups working together to generate ideas

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26
Q

What is Outsourcing?

A

Hiring an Outside Firm conduct research or develop a new product

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27
Q

What is Reverse Engineering?

A

Analyzing another product and changing it slightly and calling it your own

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28
Q

What percentage of new business or new products come from customers?

A

85%

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29
Q

What is a Concept?

A

A brief written description of the product

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30
Q

What Role do Customers Play in Concept Testing?

A

Customer reactions determine whether or not it goes forward

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31
Q

What are the 4 Parts of the Basic Concept Format?

A
  1. ) Concept Name
  2. ) Accepted Consumer Belief (ACB)
  3. ) Consumer Benefit
  4. ) Product Description
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32
Q

What is a Concept Name?

A

A short and descriptive handle for the idea

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33
Q

What is an Accepted Consumer Belief (ACB)?

A

It expresses the consumer relationship with the brand, category, or product. It also answers “how will this idea fir into my life?”

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34
Q

What is a Consumer Benefit?

A

The promise of the “job” the product will perform for the consumers. It identifies emotional dimensions of the benefit and answers “what’s in it for me?”

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35
Q

What is a Product Description?

A

Relevant product features that support the benefit. Includes sizing and pricing and answers “what is it?”

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36
Q

If You are Going to Fail, How Should You Go About It?

A

Fail Fast, Fail Small

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37
Q

What are the 3 Stages of Product Development?

A
  1. ) Prototype
  2. ) Alpha Testing
  3. ) Beta Testing
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38
Q

What are the Two Types of Market Testing?

A
  1. ) Premarket Tests

2. ) Test Marketing

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39
Q

What are the 3 Stages of Premarket Tests?

A
  1. ) Customers Exposed
  2. ) Customers Surveyed
  3. ) Firm Makes Decision
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40
Q

What are the 3 Stages of Test Marketing?

A
  1. ) Mini Product Launch
  2. ) More Expansive than Premarket Tests
  3. ) Market Demand is Estimated
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41
Q

What are the 3 Parts of the New Product Marketing Mix?

A
  1. ) Promotion
  2. ) Price
  3. ) Place
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42
Q

What are the 3 Stages of Evaluation of Results?

A
  1. ) Satisfaction of technical requirements
  2. ) Customer Acceptance
  3. ) Satisfaction of the firm’s financial requirements
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43
Q

What does AIDA stand for in the AIDA Model?

A

A - Awareness
I - Interest
D - Desire
A - Action

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44
Q

What is the Lagged Effect?

A

A delayed response to a marketing communication campaign.

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45
Q

What are the 7 Different Steps in the Communication Process?

A
  1. ) The Sender
  2. ) The Transmitter
  3. ) Encoding
  4. ) The Communication Channel
  5. ) The receiver
  6. ) Noise
  7. ) Feedback Loop
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46
Q

What is the most visible element of IMC?

A

Advertising

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47
Q

What does IMC Stand For?

A

Integrated Marketing Campaign

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48
Q

What is Advertising good at?

A

Creating Awareness and Generating Interest

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49
Q

What is “free” Media Attention?

A

Public Relations (PR)

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50
Q

What are 3 Benefits of Sales Promotions?

A
  1. ) Can be aimed at both end user consumers or channel members
  2. ) Used in conjunction with other forms of IMC
  3. ) Can be used for both short-term and long-term objectives
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51
Q

What is a negative aspect of Personal Selling?

A

It is more expensive than other forms of promotion

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52
Q

What is a positive aspect of Personal Selling?

A

Salespeople can add significant value, which makes the expense worth it

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53
Q

What are 3 Benefits of Direct Marketing?

A
  1. ) It is growing
  2. ) Good for multicultural groups
  3. ) Database technology improves
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54
Q

What are 3 Types of Online Marketing?

A
  1. ) Websites
  2. ) Blogs
  3. ) Social Media
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55
Q

What are the Different Elements of an IMC Program?

A
  1. ) Advertising
  2. ) Sales Promotion
  3. ) Public Relations (PR)
  4. ) Personal Selling
  5. ) Electronic Media
  6. ) Direct Marketing
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56
Q

What Are the 3 Steps for Planning for and Measuring IMC Success?

A
  1. ) Understand the outcome they hope to achieve
  2. ) Short-term or long-term
  3. ) Should be explicitly defined and measured
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57
Q

What are 2 Methods for Setting and Allocating the IMC Budget?

A
  1. ) Objective-and-task method

2. ) Rule-of-thumb methods

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58
Q

What are the 4 Methods for Measuring Success Using Marketing Metrics?

A
  1. ) Frequency
  2. ) Reach
  3. ) Gross Rating Points
  4. ) Web Tracking
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59
Q

Why is the Objective-and-task method of setting an IMC budget better than the rule-of-thumb methods?

A

The objective-and-task method determines the budget required to undertake specific tasks to accomplish communication objectives

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60
Q

How do Firms use GRP to evaluate the effectiveness of traditional media?

A

When measuring IMC success, the firm should examine when and how often consumers have been exposed to various marketing communications.

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61
Q

How would a firm evaluate the effectiveness of its Google advertising?

A

Using Google AdWords, a firm can assess the effectiveness of his advertising expenditures by measuring the reach, relevance and return on investment for each of the keywords that were used

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62
Q

What are used to assess the effectiveness of advertising expenditures?

A

Mouse Clicks

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63
Q

What is Click Through Rate (CTR)?

A

The number of clicks divided by the number of impressions

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64
Q

What is Frequency?

A

How often the audience is exposed to a communication within a specified period of time

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65
Q

What represents reach multiplied by frequency?

A

GRP - Gross Rating Points

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66
Q

What are Impressions?

A

The number of times an ad appears in front of a user

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67
Q

What does the Objective-and-Task Method determine?

A

The budget required to undertake specific tasks to accomplish communication objectives

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68
Q

What is Online Couponing?

A

A promotional Web technique in which consumers print a coupon directly from a site and then redeem the coupon in a store

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69
Q

What is Online Referring?

A

When consumers fill out an interest or order form and are referred to an offline dealer or firm that offers the product or service of interest

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70
Q

What is Reach?

A

The percentage of the target population exposed to a specific marketing communication at least once

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71
Q

What is ROI (Return on Investment)?

A

The difference of the sales revenue and the advertising cost divided by the advertising cost

72
Q

What are Rule-of-Thumb Methods?

A

They use prior sales and communication activities to determine the present communication budget

73
Q

What is Social Media?

A

Media content distributed through social interactions

74
Q

What is Web Tracking Software?

A

It indicates how much time viewers spend on particular Web pages and the number of pages they view

75
Q

What are the 7 Steps in Planning and Executing an Ad Campaign?

A
  1. ) Identify Target Audience
  2. ) Set Advertising Objectives
  3. ) Determine the Advertising Budget
  4. ) Convey the Message
  5. ) Evaluate and Select Media
  6. ) Create Advertisements
  7. ) Assess Impact
76
Q

What are the 3 Advertising Objectives?

A
  1. ) Inform
  2. ) Persuade
  3. ) Remind
77
Q

What are the 2 Focuses of Advertisements?

A
  1. ) Institutional Advertisements

2. ) Product-Focused Advertisements

78
Q

Is most advertising institutionally focused or product focused?

A

Product focused

79
Q

What are the 3 Considerations that go into Determining an Advertising Budget?

A
  1. ) Role that advertising plays in their attempt to meet their overall promotional objectives
  2. ) Expenditures vary over the course of the Product Life Cycle
  3. ) Nature of the market and the product influence the size of the budget
80
Q

What is a Unique selling Proposition (USP)?

A

A concept that conveys core benefits to the target audience.

81
Q

What are the 3 ways to evaluate and select media?

A
  1. ) Media Planning
  2. ) Media Mix
  3. ) Media Buy
82
Q

What are the 7 different Mediums?

A
  1. ) TV
  2. ) Radio
  3. ) Magazines
  4. ) Newspapers
  5. ) Internet
  6. ) Outdoors
  7. ) Direct Marketing
83
Q

What are the advantages of advertising on TV?

A
  1. ) Wide Reach

2. ) Incorporates sound and video

84
Q

What are the disadvantages of advertising on TV?

A
  1. ) High Cost
  2. ) Many channel and program options
  3. ) May increase awareness of competitor’s products
85
Q

What are the advantages of advertising on Radio?

A
  1. ) Relatively Inexpensive
  2. ) Can be selectively targeted
  3. ) Wide Reach
86
Q

What are the disadvantages of advertising on Radio?

A
  1. ) No video
  2. ) Less focused than TV
  3. ) Short Exposure
87
Q

What are the advantages of advertising in Magazines?

A
  1. ) Very Targeted

2. ) Users pass ad from one to another

88
Q

What are the disadvantages of advertising in Magazines?

A
  1. ) Relatively Inflexible

2. ) Takes some time for the magazine to be available

89
Q

What are the advantages of advertising in Newspapers?

A
  1. ) Fexible
  2. ) Timely
  3. ) Local
90
Q

What are the disadvantages of advertising in Newspapers?

A
  1. ) Can be expensive in large markets

2. ) Advertisements have short life span

91
Q

What are the advantages of advertising on the Internet?

A
  1. ) Can be linked to detailed content
  2. ) Highly flexible and interactive
  3. ) Allows for specific Targeting
92
Q

What are the disadvantages of advertising on the Internet?

A
  1. ) Becoming cluttered

2. ) The ad may be blocked by software

93
Q

What are the advantages of advertising outdoors?

A
  1. ) Relatively inexpensive

2. ) Offers opportunities for repeat exposure

94
Q

What are the disadvantages of advertising outdoors?

A
  1. ) Not easily targeted
  2. ) Placement problems in some markets
  3. ) Exposure time is short
95
Q

What are the advantages of advertising using Direct Marketing?

A
  1. ) Highly Targeted

2. ) Personalized

96
Q

What are the disadvantages of advertising using Direct Marketing?

A
  1. ) Cost varies

2. ) Traditional media more expensive than new media

97
Q

What are the 3 Advertising Schedules?

A
  1. ) Continuous
  2. ) Pulsing
  3. ) Flighting
98
Q

What do ads attempt to make maximum use of?

A

The medium’s ability to deliver the message

99
Q

What are the 3 ways to assess impact using marketing metrics?

A
  1. ) Pretesting
  2. ) Tracking
  3. ) Protesting
100
Q

What are the 7 steps involved in planning an ad campaign?

A
  1. ) Identify their target market
  2. ) Set Advertising objectives
  3. ) Set the advertising budget
  4. ) Depict their product or service
  5. ) Evaluate and select the media
  6. ) Create the ad
  7. ) Assess the impact of the ad
101
Q

What are the differences between informational, persuasive, and reminder advertising?

A

Informative advertising communicates to create and build awareness, with the ultimate goal of moving the consumer through the buying cycle to a purchase. When a product has gained a certain level of brand awareness, firms use persuasive advertising to motivate consumers to take action. Persuasive advertising generally occurs in the growth and early maturity stages of the product life cycle. Reminder advertising is communication used to remind or prompt repurchases, especially for products that have gained market acceptance and are in the maturity stage of their life cycle

102
Q

Why do companies utilize public relations as part of their IMC strategy?

A

Public relations programs are used to build and maintain a positive image of the firm, head off unfavorable stories or events, and maintaining positive relationships with the media.

103
Q

What are the 8 elements of a public relations toolkit?

A
  1. ) Publications
  2. ) Video and Audio
  3. ) Annual Reports
  4. ) Press Kits
  5. ) News Releases
  6. ) Speeches
  7. ) Event Sponsorships
  8. ) Electronic Media
104
Q

What are the 10 types of Sales Promotion?

A
  1. ) Coupons
  2. ) Deals
  3. ) Premiums
  4. ) Contests
  5. ) Sweepstakes
  6. ) Samples
  7. ) Loyalty Programs
  8. ) POP Displays
  9. ) Rebates
  10. ) Product Placement
105
Q

What are the advantages of using coupons as a sales promotion?

A
  1. ) Stimulates Demand

2. ) Allows for direct tracing of sales

106
Q

What are the disadvantages of using coupons as a sales promotion?

A
  1. ) Has low redemption rates

2. ) Has high cost

107
Q

What are the advantages of using deals as a sales promotion?

A
  1. ) Encourages trial

2. ) Reduces consumer risk

108
Q

What are the disadvantages of using deals as a sales promotion?

A

1.) May reduce perception of value

109
Q

What are the advantages of using premiums as a sales promotion?

A
  1. ) Builds goodwill

2. ) Increases perception of value

110
Q

What are the disadvantages of using premiums as a sales promotion?

A
  1. ) Consumers buy for premium, not product

2. ) Has to be carefully managed

111
Q

What are the advantages of using contests as a sales promotion?

A
  1. ) Increases consumer involvement

2. ) Generates excitement

112
Q

What are the disadvantages of using contests as a sales promotion?

A
  1. ) Requires creativity

2. ) Must be monitored

113
Q

What are the advantages of using sweepstakes as a sales promotion?

A

1.) Increases involvement with the product

114
Q

What are the disadvantages of using sweepstakes as a sales promotion?

A

1.) Sales often decline after the sweepstakes is over

115
Q

What are the advantages of using samples as a sales promotion?

A
  1. ) Encourages trial

2. ) Offers direct involvement

116
Q

What are the disadvantages of using samples as a sales promotion?

A

1.) Has high cost to the firm

117
Q

What are the advantages of using loyalty programs as a sales promotion?

A
  1. ) Creates loyalty

2. ) Encourages repurchase

118
Q

What are the disadvantages of using loyalty programs as a sales promotion?

A

1.) High cost to the firm

119
Q

What are the advantages of using POP displays as a sales promotion?

A
  1. ) Provides high visibility

2. ) Encourages brand trial

120
Q

What are the disadvantages of using POP displays as a sales promotion?

A
  1. ) Is difficult to get a good location in the store

2. ) Can be costly to the firm

121
Q

What are the advantages of using Rebates as a sales promotion?

A
  1. ) Stimulates demand

2. ) Increases value perception

122
Q

What are the disadvantages of using rebates as a sales promotion?

A
  1. ) Is easily copied by competitors

2. ) May just advance future sales

123
Q

What are the advantages of using product placement as a sales promotion?

A
  1. ) Displays products nontraditionally

2. ) Demonstrates product uses

124
Q

What are the disadvantages of using product placement as a sales promotion?

A
  1. ) Firm often has little control over display

2. ) Product can be overshadowed

125
Q

What are the 6 ways to evaluate sales promotions using marketing metrics?

A
  1. ) Realized Margin
  2. ) Cost of Additional Inventory
  3. ) Potential Increase in Sales
  4. ) Long-term Impact
  5. ) Potential loss from switches from more profitable items
  6. ) Additional sales by customers
126
Q

What is an advertising plan?

A

A subsection of the firm’s overall marketing plan that analyzes the marketing and advertising situation, identifies the objectives of the campaign, clarifies a specific strategy for accomplishing those objectives, and indicates how the firm can determine whether the campaign was successful

127
Q

What is a Continuous Advertising Schedule?

A

It runs steadily throughout the year and therefore is suited to products and services that are consumed continually at relatively steady rates and that require a steady level of persuasive and/or reminder advertising

128
Q

What is Flighting Advertising Schedule?

A

Implemented in spurts, with periods of heavy advertising followed by periods of no advertising

129
Q

What are Institutional Advertisements?

A

They inform, persuade, and remind consumers about issues related to places, politics, an industry, or a particular corporation

130
Q

What is a Media Buy?

A

The actual purchase of airtime or print pages

131
Q

What is a Media Mix?

A

The combination of the media used and the frequency of advertising in each medium

132
Q

What is Media Planning?

A

The process of evaluating and selecting the media mix that will deliver a clear, consistent, compelling message to the intended audience

133
Q

What are Product-Focused Advertisements?

A

They focus on informing, persuading, or reminding customers about a specific product or service

134
Q

What are Public Service Advertising (PSA)?

A

They focus on public welfare and generally are sponsored by nonprofit institutions, civic groups, religious organizations, trade associations, or political groups

135
Q

What is a Pull Strategy?

A

A strategy in which the goal is to get consumers to pull the product into the supply chain by demanding it

136
Q

What is a Pulsing Advertising Schedule?

A

It combines the continuous and flighting schedules by maintaining a base level of advertising but increasing advertising intensity during certain periods

137
Q

What is a Push Strategy?

A

Designed to increase demand by focusing on wholesalers, distributors, or sales people

138
Q

What must an offer be to excite customers?

A

It must be relevant to its targeted customers

139
Q

How can relevancy be achieved?

A

By providing personalized offers

140
Q

What is the golden opportunity of educating the customer?

A

Product’s value proposition and offered benefits

141
Q

What is a benefit of engaging the customer?

A

Positively engaged consumers lead to more profitability

142
Q

What are the 4 E’s?

A
  1. ) Excite the customer
  2. ) Educate the Customer
  3. ) Experience the Product or Service
  4. ) Engage the Customer
143
Q

What Social Media elements best work for exciting the customers?

A

Social Networks like Facebook and Google+

144
Q

What Social Media elements best work for educating the customers?

A

Blogs and Blogging tools and Youtube

145
Q

What Social Media elements best work for experience the product or service?

A

Youtube, blogs, and retailer’s website

146
Q

What Social Media elements best work for engaging the customer?

A

Blogging and micro-blogging

147
Q

What are the 4 Different types of Social Networkers?

A
  1. ) Creators
  2. ) Bonders
  3. ) Professionals
  4. ) Sharers
148
Q

What do Media sharing sites do?

A
  1. ) Highlight how consumers can experience

2. ) Encourage consumers to engage

149
Q

What are the different types of blogs?

A
  1. ) Corporate blogs
  2. ) Professional Blogs
  3. ) Personal Blogs
  4. ) Microblogs
150
Q

What is an example of microblogs?

A

Twitter

151
Q

What are the 3 types of social media tools?

A
  1. ) Social Network Sites
  2. ) Media Sharing Sites
  3. ) Thought Sharing Sites
152
Q

What are the 4 customer segments based on their social media usage?

A
  1. ) Creators
  2. ) Bonders
  3. ) Professionals
  4. ) Sharers
153
Q

What are some of the most popular types of mobile applications

A
  1. ) Price Check Apps
  2. ) Fashion Apps
  3. ) Location Apps
154
Q

What does Sentiment Analysis do?

A

Provides insights into what consumers really think

155
Q

What 6 things are analyzed in social media?

A
  1. ) Hits
  2. ) Page Views
  3. ) Bounce Rate
  4. ) Click Paths
  5. ) Conversion Rates
  6. ) Keyword Analysis
156
Q

What are the 3 main categories of analysis used for understanding data collected from social media?

A
  1. ) Determine the amount of traffic using their sites, visiting blogs or tweeting
  2. ) Learn who the visitors are, what they are doing, and what engages and excites them
  3. ) Analyze data that comes from other sites
157
Q

5 Steps of a Social Media Marketing Campaign

A
  1. ) Identify strategy goals
  2. ) Target audience
  3. ) Campaign: experiment & engage
  4. ) Budget
  5. ) Monitor & change
158
Q

What is social reach?

A

How many people a person influences

159
Q

What is influence?

A

The extent to which the person influences others

160
Q

What is extended network?

A

The influence of the person’s cumulative network

161
Q

What are the three steps in developing social media engagement strategies?

A
  1. ) Listen
  2. ) Analyze
  3. ) Do
162
Q

How do firms examine customer sentiments?

A

Marketers can analyze the content found on sites like Facebook, Twitter, online blogs, and reviews to assess the favorableness or unfavorableness of the sentiments, using sentiment analysis

163
Q

What are the steps in developing a social media campaign?

A
  1. ) Identify Strategy Goals
  2. ) Target Audience
  3. ) Campaign: Experiment and Engage
  4. ) Budget
  5. ) Monitor & Change
164
Q

Why might it be important to develop a personal social media presence?

A

Social influence can have significant effects on elements of a person’s life, such as hiring success

165
Q

What are Bonders?

A

Social Butterflies who use social media to enhance and expand their relationships, which they consider all-important in their lives

166
Q

Who are Creators?

A

Hip, cool contributors, that sit at the cutting edge and plan to stay there. Social media give them new ways to post and share their creative, clever ideas

167
Q

What are Hits?

A

Total requests for a page

168
Q

What are Page Views?

A

The number of times any page gets viewed by any visitor

169
Q

What is Bounce Rate?

A

The percentage of times and visitor leaves the site almost immediately

170
Q

What are Click Paths?

A

How users proceed through the information

171
Q

What are Conversion Rates?

A

What percentage of visitors act as the marketer hopes

172
Q

What is Keyword Analysis?

A

What keywords people use to search on the internet for their products and services

173
Q

Who are Professionals?

A

People who are constantly on the go and busy, want to appear efficient, with everything together, so they use social media to demonstrate just how smart they are

174
Q

What is Sentiment Analysis?

A

Allows marketers to analyze data from these sources to collect consumer comments about companies and their products

175
Q

Who are Sharers?

A

People who really want to help others, and the best way to do so is by being constantly well informed so that they can provide genuine insights to others

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