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MARK 301 Ualberta Midtern (Utku) > Midterm Prep 2021 > Flashcards

Midterm Prep 2021 Flashcards

1
Q

Rather than understanding what consumers actually want, RIM assumed that customers v were looking for a “better” version of their blackberries. So the company sought to improve their existing phones and ignored consumers demand for touchscreen phones for a while. They were following which marketing concept: A. production concept, B. product concept, C, selling concept, D. marketing concept

A

Answer: B product concept

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2
Q

Makes consumers LESS price sensitive

A

Image advertising

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3
Q

set of standards adopted by thousands of firms worldwide to certify organizations that conduct business in an environmentally friendly manner

A

14001 Certification

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4
Q
  1. Understand the marketplace and consumer needs & wants
  2. Design a customer-driven marketing strategy
  3. Construct a marketing program that delivers superior value
  4. Build profitable relationships and create customer delight; build long term relationships
  5. Capture value from customers to create profits and customer equity
A

The Marketing Process

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5
Q

What is a strategy that creates new products for present markets (e.g. Tom Houston’s adding Dark roast in addition to its line of regular coffee)

A. Market development, B. Market penetration. C. Product development, D. market diversification

A

C. Product development

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6
Q

Ethical actions an organization takes beyond what is legal

A

Corporate Social Responsibility (CSR)

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7
Q

4 Ps

A

Price, product, place, promotion

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8
Q

Makes consumers MORE price sensitive

A

Price promotion

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9
Q

Socially and environmentally responsible marketing that meets the present needs of consumers and businesses while preserving future generations’ needs

A

Sustainable Marketing

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10
Q

Principles of conduct within organizations that guide decision making and behaviour

A

Business Ethics

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11
Q

BMW’s _______, “The Ultimate Driving Machine”, outlines the key benefit to consumers and
differentiates the brand from competitors.

a. value proposition
b. consumer lifetime motto
c. target marketing
d. customer satisfaction strategy

A

A. Consumer lifetime motto

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12
Q
  1. Using periods such as Valentine’s Day, Father’s Day, etc. for segmentation is an example of:

a. behavioral segmentation
b. psychographics
c. income based segmentation
d. usage rate based segmentation

A

A. Behavioural Segmentation

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13
Q
  1. Which of the following consumer products is regarded as a “shopping product”?
    a. toilet paper b. sports car c. personal accident insurance d. camera
A

D. Camera

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14
Q
  1. At the _______________ stage of the new product development process, the product is
    introduced on a small scale to a realistic market for a limited time.
    a. commercialization
    b. concept development and testing
    c. idea screening
    d. test marketing
A

D. Test Marketing

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15
Q
  1. Which of the following correctly describes the characteristics of a product in the growth stage?
    a. peak sales
    b. early adopters buying the product
    c. low costs per customer
    d. few competitors
A

B. Early adopters buying the product

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16
Q
  1. New product development starts with ________.
    a. Idea screening
    b. Idea generation
    c. Concept development
    d. Concept testing
A

B. Idea generation

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17
Q
  1. ________ is the product life cycle period when sales fall off and profits drop.
    a. introduction b. growth c. maturity d. decline
A

D. Decline

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18
Q
  1. An alternative to product line stretching is ________, adding more items within the present
    range of the line.
    a. Product mixing b. Interactive marketing c. Product line filling d. Co-branding
A

C. Product line filling

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19
Q
  1. The Chevrolet Prizm and Toyota Corolla were the same car, made on the same assembly line
    by the same people, using the same parts, with the same warranty. Yet, the baseline model of the
    Toyota Corolla sold for $250 more than Prizm. We conclude that Toyota Corolla had
    __________.
    a. More effective sales promotions
    b. Better distribution
    c. Higher brand equity
    d. A better advertising agency
A

C. Higher brand equity

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20
Q 
12. \_\_\_\_\_\_\_\_ uses buyers' perceptions of what a product is worth, not the seller's cost, as the
key to pricing
a. Customer value based pricing
b. Target return pricing
c. Price elasticity
d. Flexible pricing
A

A. Customer value based pricing

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21
Q
  1. Companies facing the challenge of setting prices for the first time can choose between two
    broad strategies: market-penetration pricing and ________.
    a. market-level pricing
    b. market-competitive pricing
    c. market-skimming pricing
    d.target return pricing
A

C. Market - skimming pricing

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22
Q
  1. When amusement parks and movie theaters charge fixed admission plus separate prices for
    food and other attractions, they are following a(n) ________ pricing strategy.
    a. by-product
    b. optional-product
    c. psychological
    d. penetration
A

B. Optional-product

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23
Q
  1. Which of the following conditions justifies using a high number of intermediaries in a
    marketing channel?
    a. business to business selling
    b. desire to have greater control over the channel
    c. large order sizes
    d. selling a less complex, non-technical product
A

D. Selling a less complex, non-technical product

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24
Q
  1. Green Constructions is a leading name in the construction business and is the major client for
    a steel manufacturing unit, Mansion Steels. However, Green Constructions, being the dominant
    channel member, has total control over the relationship. This is an example of a(n) _____
    vertical marketing system.
    a.contractual
    b.corporate
    c.franchised
    d.administered
A

d. Administered

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25
Q
  1. Retail stores such as Simons and the Bay provide appealing displays of their products. Best
    Buy and Amazon have easy to navigate, attractive online websites. All of these retailers provide
    which kind of utility to shoppers?
    a.information
    b.place
    c.possession
    d.form
A

d. Form

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26
Q
  1. Which of the following retailers is a typical example of a warehouse club?
    a. Walmart b. IKEA c. Costco d. Home Depot
A

c. Costco

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27
Q 
20. Retailers such as Walmart and Costco mainly use \_\_\_\_\_ pricing, which is consistent with
their overall marketing strategy.
a.break even pricing
b.everyday low pricing
c.high low pricing
d.Return on Investment pricing
A

B. Everyday low pricing

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28
Q

a specific group of customers on whom and organization focuses its marketing efforts

A

Target Market

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29
Q

One of the four Ps of the marketing mix. A product can be a good, service, or idea.

A

Product variable

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30
Q

Using information about customers to create marketing strategies that develop and sustain desirable customer relationships

A

CRM (Customer Relationship Management)

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31
Q

Managing profitable customer relationships & Creating value for customers and building strong relationships to capture value from customers in return, Discovering and satisfying needs

A

Marketing

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32
Q

_____ Forces:

Demographic, socio-cultural, Economic, Technological, Competitive, Regulatory

A

Environmental

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33
Q

Benefits promised to deliver to customers that differentiate a brand in the market

Possibly including: Quality, price, convenience, delivery, service

A

Value Proposition

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34
Q

A group of consumers who have both the ability and willingness to purchase a product

A

Market

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35
Q

Specific segment of existing and potential consumers to which marketers focus their efforts

A

Target market

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36
Q

Marketing Management concept: Focus on what the company produce (often to target price-conscious customers)

e.g. Model T cars coming in only one colour

A

Production Concept

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37
Q

Marketing Management Concept: Focuses on a product’s premium quality and consistent product improvements

A

Product Concept

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38
Q

Marketing Management Concept: Focus on the customer’s needs and produces produces according to these

A

Marketing Concept

39
Q

Marketing Management Concept: Focuses attracting the customer TO the product via salespeople. Typically used to sell unsought goods

A

Selling Concept

40
Q

Marketing Management Concept: Focuses on consumer satisfaction and societal uptake of the product

A

Societal Marketing Concept

41
Q

Customer’s evaluation of all the benefits and costs of an offer relative to those of its competitors

A

Customer perceived value

42
Q

Value = Benefit / Cost

A

Customer perceived value

43
Q

Objective-based process of developing and maintaining a strategic fit between the organization’s goals and opportunities and its changing marketing opportunities

A

Strategic Planning

44
Q

Corporate level (Board of Directors, corporate), Strategic business unit level, functional level (business function departments such as HR, IT, Finance)

A

Three Organizational Levels

45
Q

Growth Strategy: Existing products, Existing Markets

A

Market Penetration

46
Q

Growth Strategy: Existing Products, New Markets

A

Market Development

47
Q

Growth Strategy: Existing Markets, New Products

A

Product Development

48
Q

Growth Strategy: New Products, New Markets

A

Diversification

49
Q

Leads to product differentiation

A

Market segmentation

50
Q

Segmentation:

How does this market use the product?

A

Behavioural

51
Q

Segmentation: Where does this market live and work?

A

Geographic

52
Q

Segmentation: What is the basic census-type info on this market?

A

Demographic

53
Q

What are the prevailing attitudes, beliefs and values of this market?

A

Psychographics

54
Q

What type of segmentation involves targeting a “persona”

A

Psychographic

55
Q

PRIZM model

A

Psychographic segmentation

56
Q

What segment of the market would a loyalty card help target?

A

Behavioural

57
Q

Character description of a brand’s typical customer

A

Persona

58
Q

Forms of targeting

A

mass marketing, segment marketing, niche marketing, individual marketing

59
Q

One single offer for the whole market, cost advantages at the expense of focused targeting

A

Mass marketing

60
Q

Several marketing mixes for differeny segments of the market, higher costs as a result, creates more sales than targeting everyone with a similar product

A

Segment marketing

61
Q

Targets one or more small segments of the market, only those that can be served profitably

A

Niche marketing

62
Q

Tailors offerings to suit individual consumer needs, custom configured products

A

micro / individual marketing

63
Q

The impression of a branded product you want to establish in a consumer’s mind

A

Product positioning

64
Q

Changing the place a product occupies in consumers’ minds relative to competitive products

A

Repositioning

65
Q

Anything offered to a market that may satisfy a want/need: organizations, people, places, ideas, goods, services

A

Product

66
Q

Three layers of “total product concept”

A

Core, actual, augmented

67
Q

Total Product Concept: Additional features / benefits that come with the actual product

A

Augmented

68
Q

Total Product Concept: Physical product incl. branding, design etc.

A

Actual

69
Q

Total Product Concept: Basic functionality & benefits derived

A

Core

70
Q

Function, communication, brand image

A

Purposes of packaging

71
Q

Group of closely related products

A

Product line

72
Q

Length

A

Number of items in a product line

73
Q

Product mix (portfolio)

A

All the products a company markets

74
Q

A financial value attributed to the brand based largely on intangible qualities

A

Brand equity

75
Q

Human attributes and the emotions they inspire toward customers e.g. Mac vs PC

A

Brand personality

76
Q

Stages of the product life cycle

A

introduction, growth, maturity, decline

77
Q

Marketing objective during the growth phase of life cycle

A

Product differentiation

78
Q

Competition during maturity stage of product life cycle

A

competitors enter the market

79
Q

marketing objective during the maturity phase of product life cycle

A

Brand loyalty

80
Q

New product development strategy, idea generation, screening & evaluation, business analysis, test marketing, commercialization

A

New Product Development Process

81
Q

High initial price to skim revenue from those willing to pay (good when brand + image support a price)

A

market skimming

82
Q

Low initial price to penetrate market and gain market share due to price sensitivity (good when market is price sensitive)

A

market penetration

83
Q

Pricing optional products sold with main product

A

Optional product pricing

84
Q

Pricing products which must be used with main product

A

captive-product pricing

85
Q

Pricing a bundle of individual products at a price lower than if purchased separately

A

bundle pricing

86
Q

Charging different prices to maximize revenue

A

Yield management pricing

87
Q

Offering just the right combination of quality and service at the price consumers are willing to pay.

A

Target (customer value) pricing

88
Q

Setting prices a dollar or cent under an even number

A

Setting prices a dollar / cent under an even number

89
Q

High prices attract quality or status conscious consumers

A

Prestige pricing

90
Q

Allows price to change as customer and situational forces change
e.g. uber surge pricing

A

dynamic pricing

91
Q

Factors that limit the range of price a firm sets

A

price constraints

92
Q

Demand for the product class, product, and brand
Newness of the product: stage in the PLC
Cost of producing and marketing the product
Competitors’ prices

A

Price constraints

93
Q

Form, Place, Information, Time, Possession

A

Consumer Utilities

94
Q

Consumer Utilities

A

Form, place, information, time, possession

MARK 301 Ualberta Midtern (Utku) (1 decks)

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