marketing management

Question 1

customer perceived value

Answer 1

difference between prospective customers evaluation of all the benefits and costs of a companys offerings and perceived alternatives (company, expectations and competition)

Question 2

GET

Answer 2

set of attributes and benefits

Question 3

GIVE

Answer 3

accepts costs of varied typology

Question 4

predictive expectations

Answer 4

what customers think will happen in exchange process

Question 5

acceptable service

Answer 5

level of service accepted by customers below the desired service level

Question 6

Expectancy-disconfirmation theory is…

Answer 6

what customers think could and should happen

Question 7

internal determinants

Answer 7

own customers (experience, can be induced advertising, real, or imagined)

Question 8

external deteminants

Answer 8

company and influence groups

Question 9

customer expectations are

Answer 9

subjective and dynamic

Question 10

brand identity

Answer 10

way a company aims to identify or position itself or its product or service in the mind of a customer

Question 11

brand image

Answer 11

way customer actually perceives visual and verbal

Question 12

brand identity (two catagories, 6 elements)

Answer 12

externalization (physical, relationship, and reflection) and internalization (personality, culture, self-image)

Question 13

brand knowledge

Answer 13

all different things that become linked to brand in the minds of consumers

Question 14

brand equity

Answer 14

brand knowledge is foundation, value added to functional product or servive (attributes of the brand–> stenghts–> value)

Question 15

brand slogans

Answer 15

help to attain humanlike personality traits for the brand

Question 16

brand mantras

Answer 16

articulation of the heart and soul of the brand

Question 17

brand extension

Answer 17

using established brand name to enter another segment of the same market (apple watch is extension)

Question 18

brand stretching

Answer 18

established brand name to enter completely different and unrealted category

Question 19

co-branding

Answer 19

usually called doul branding, combination of two or more brands to launch a new product or promotion

Question 20

reinforcenment

Answer 20

reinforceing brand equity through actions that consitently covney the meaning of the brand

Question 21

revitalization

Answer 21

due to changes in preferences, emergence of new compeititors or technilogies, new developments

Question 22

Product/market offering classifications:
Durability and tangibility

Answer 22

Non-durable goods, Durable goods, Services

Question 23

Product/market offering classifications: Consumer goods

Answer 23

Convenience Goods (staples, impulse goods, emergency goods), Shopping goods, Specialty goods, Unsought goods, industrial goods

Question 24

Convenience Goods (staples, impulse goods, emergency goods)

Answer 24

Frequently purchased, little planning
Low price
Widespread distribution
Mass promotion by producer
Ex. toothpaste, magazines, and laundry detergent

Question 25

Shopping goods

Answer 25

Less frequently purchased, much planning and shopping effort, compare brands on price/quality/style Higher prices Selective distribution Advertising and personal selling but producers and resellers Ex. major appliances, televisions, furniture, and clothing

Question 26

Specialty goods

Answer 26

Strong brand preference and loyalty, special purchase effort, little comparison of brands, low price sensitivity High price Exclusive distribution in only one or a few outlets per market area More carefully targeted promotion by both the producer and reseller Ex. luxury goods

Question 27

Unsought goods

Answer 27

Little product awareness or knowledge Price varies Distribution varies Aggressive advertising and personal selling by the producer and resellers Ex. life insurance, national blood service donations

Question 28

Industrial Goods

Answer 28

Materials and parts (raw materials, manufactured materials, parts) Capital items (installations, equipment) Supplies and business services

Question 29

Product Life Cycle Stages:

Answer 29

Introduction, growth, maturity, decline

Question 30

Categories of New Products

Answer 30

New to the word (10%) Create entirely new markets New product lines (20%) Allows to enter new or established markets Additions (26%) Supplement a firm's established line Improvements (26%) New and improved Repositioning (7%) Existing products targeted at new markets Cost reductions (11%) Similar to competitors offering a lower price

Question 31

Price Objectives

Answer 31

Survival, Maximum current profit, Maximum market share, Maximum market skimming, Product quality leadership

Question 32

Survival:

Answer 32

as long as prices cover costs, it stays in business

Question 33

Maximum current profit:

Answer 33

knowledge of demand and cost functions

Question 34

Maximum market share

Answer 34

price penetration pricing

Question 35

Maximum market skimming

Answer 35

market skimming pricing

Question 36

Product quality leadership

Answer 36

combining quality, premium prices, and loyal customers

Question 37

Skimming: high initial price

Answer 37

Advantages: big financial returns soon after launch and skims high end of the market Ddrawbacks: requires heavy advertising during introductions

Question 38

Price Penetration:

Answer 38

low price from beginning, requires high production capacity, demand should be price elastic, quick penetration of the market

Question 39

Price Elasticity:

Answer 39

percentage change in products unit sales from a 1% change in price

Question 40

Fixed Costs:

Answer 40

overhead cost not related to the production or sales levels

Question 41

Variable Costs:

Answer 41

costs directly related to the production and/or sales levels

Question 42

Total Costs

Answer 42

combination of fixed and variable costs for a given level of production

Question 43

Markup pricing (+equation)

Answer 43

adding the profit margin to the total cost per product (adding markup to unit costs), ignores demand and competition

Question 44

Target Return pricing

Answer 44

break even graphs show total cost and revenue for different levels of sales