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69 Cards in this Set
- Front
- Back
Marketers acknowledge a broader conception of product; they realize that people buy want satisfaction. Using this broad concept, a television set is a(n):
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means of providing entertainment
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A bundle of physical, service, and symbolic attributes designed to satisfy a customer's wants and needs is referred to as a:
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product
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Richard generally frequented Brewz, a coffeehouse chain, when he was in Florida. However, when his company shifted him to China, he found that the Brewz in Shanghai does not offer the same quality service as their coffee houses in Florida. Which of the following best explains this differential perception in service quality?
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companies cannot easily standardize services
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Products marketed to consumers who may not yet recognize a need for them are called _____ products.
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unsought
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Convenience products that customers constantly replenish to maintain a ready inventory are categorized as:
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staples
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When Tom decided to buy a washing machine, he has very little knowledge of competing products in the market. He searched on the net, talk to his friends, and compared features of different models. Finally, he decided to buy an LG top load, semi-automatic washing machine. This is an example of buying a:
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shopping product
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Which of the following terms refers to the specialty products of the business market?
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installations
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At the ____ stage of brand loyalty, marketers use advertising as a means to increase consumer awareness of a brand.
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brand recognition
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Consumers at the _____ level of brand loyalty, rely on previous experiences with the product when choosing it, if available, over competitors' products.
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brand preference
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Which of the following is true of generic products?
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They are characterized by plain labels, little or no advertising, and no brand names.
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The Kirkland brand is owned by Costco, and the products can only be purchased at Costco stores. Costco contracts with manufacturers to produce and package products under the Kirkland name.. Kirkland can be regarded as a:
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private brand
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Dell manufacturers and markets computers and several related products, such as laptops, desktops, notebooks, and printers, all under the Dell name. these products are examples of ____ brands.
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family
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The added value that a certain brand name gives to a product in the marketplace is called ____.
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brand equity
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According to the Young & Rubican's Brand Asset Valuator model, the ____ dimension of a brand personality is a combination of perceived quality and consumer perceptions about its growing or declining popularity.
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esteem
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A characteristic of a good brand name is that it should:
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be easy to recognize and remember
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A _____ is a brand for which the owner claims exclusive legal protection.
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trademark
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A _____ is a symbol or a pictorial design that distinguishes a product from its competitors' offerings.
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brand mark
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A "____" carries an item's brand name or symbol, the name and address of the manufacturer or distributor, information about the product's composition and size, and recommended uses.
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label
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the strategy of attaching a popular brand name to a new product in an unrelated product category is known as:
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brand extension
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The movement of goods and services from producers to customers is called:
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distribution
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ABC Corp., a mining equipment manufacturer, provides loaders and feeder breakers for Ground Works, a mining company. ABC Corp. regularly sends information on new products as well as on upgrades for old products to the management in Ground Works. ABC Corp relies in ____ to sell its products.
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direct channels
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Which of the following is a marketing intermediary who may or may not take possession of the goods but never takes title?
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agent
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_____ refers to the movement of products through more than one channel to reach the firm's target market.
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dual distribution
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Which of the following is true of an IMC strategy?
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it begins with consumer needs or wants
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Which of the following acts as the source of the message communicated to the receiver in the communication process?
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sender
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Brad is a pharmaceutical representative for Merck. He attends a medical conference where he gives a presentation about a new drug which is being manufactured by his company. Brad's presentation is a part of Merck's IMC effort and it represents:
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encoding of the product message
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Product
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bundle of physical, service, and symbolic attributes designed to statisfy a customer's wants and needs
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Brand Equity
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added value that a respected, well known brand name gives to a product in the market place
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Attributes of a Good Brand
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differentiation: stand apart from competitors
relevance: real and perceived appropriateness of a brand esteem: perceived quality and consumer perceptions about a brand's growing or declining popularity knowledge: customers' awareness of the brand and understanding of what goods and services stand for |
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Insistence
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consumer choice of a product on the basis of a previous experience
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Private Brand
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brand offered by a wholesaler or retailer
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Individual Brand
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single brand that uniquely identifies a product
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Extension
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brand: adding a popular brand name to a new product in an unrelated product category
line: new sizes, styles, or related products |
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Consumer Adoption Process
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stages consumers go through in learning about a new product, trying it, and deciding whether to purchase it again
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New Product Development Process
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1. Idea Generation
2. Screening 3. Business Analysis 4. Development 5. Test Marketing 6. Commercialization |
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AIDA
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Attention, Interest, Desire, Action
steps consumers take in making a purchase decision |
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Cannibalization
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loss of sales of an existing product due to competition from a new product in the same line
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Product Positioning Strategy
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consumers' perceptions of a product's attributes, uses, quality, and advantages and disadvantages relative to competing brands
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Family Brand
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single brand names that identifies several related products
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WHY IS BRANDING IMPORTANT?
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A good brand increases the likelihood that consumers will recognize the firm's product of product line when they make purchase decisions. Second, a strong brand identity can contribute to buyer's perceptions of brand quality. It can also reinforce customer loyalty and repeat purchases.
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YOUNG AND RUBICAM BRAND ASSET VALUATOR
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Differentiation: stand apart from competitors
Relevance: real and perceived appropriateness of a brand to a big consumer segment Esteem: combination of perceived quality and consumer perceptions about a brand's growing or declining popularity Knowledge: the extent of customers' awareness of the brand and understanding of what a good or service stands for. |
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Distribution Channel
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an organized system of marketing institutions and their interrelationships that enhance the physical flow and ownership of goods and services from producer to consumer or business user.
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Direct Channel
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marketing channel that moves goods directly from a producer to the business purchaser or ultimate user
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Direct Selling
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strategy designed to establish direct sales contact between producer and final user.
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Dual Distribution
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network that moves products to a firm's target market through more than one marketing channel
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Reverse Channel
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channel designed to return goods to their producers
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Distribution Intensity
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number of intermediaries through which a manufacturer distributes its goods in a particular market
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Intensive Distribution
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distribution of a product through all available channels
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Selective Distribution
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distribution of a product through a limited number of channels
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Exclusive Distribution
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distribution of a product through a single wholesaler or retailed in a specific geographic region
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Gray Goods
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products manufactured abroad under license from a U.S. firm and then sold in the U.S. market in competition with that firm's own domestic output
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Channel Conflict
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Horizontal: disagreements among channel members at the same level or among marketing intermediaries of the same type
Vertical: disagreements among channel members at different levels. |
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RFID
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Radio Frequency Identification: technology that uses a tiny chip with identification information that can be read by a scanner using radio waves from a distance
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ERP
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Enterprise Resource Planning System: software system that consolidates data from among a firm's various business units
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Suboptimization
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condition that results when individual operations achieve their objectives but interfere with progress towards broader organizational goals
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Tying Agreement
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arrangement that requires a marketing intermediary to carry items other than those they want to sell
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Intermodal Operations
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combination of transport modes, such as rail and highway carriers, air and highway carriers, and water and air carriers, to improve customer service and achieve cost advantages
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CRM
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Customer Relationship Management: combination of strategies and tools that drives relationship programs, reorienting the entire organization to a concentrated focus on satisfying customers
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IMC advantages & disadvantages
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Integrated Marking Communications: coordinates all promotional activities
Positive: |
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Communication Process
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1.Sender
2. Encoding by Sender 3. Channel 4. Decoding by Receiver 5. Response 6. Feedback |
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TECHNOLOGICAL ADVANCES THAT INCREASE DUAL DISTRIBUTION & EXAMPLE
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Advances in computer technology and advertising. Along with streaming videos online.
Ex. Netflix now streams videos online and WiFi consoles instead of just sending DVDs to consumer's houses. |
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3 LEVELS OF DISTRIBUTION INTENSITY
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Intensive: distribution of a product through all channels
Selective: distribution of a product through a limited number of channels Exclusive: distribution through a single wholesaler or retailed in a specific geographic region |
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SUPPLY CHAIN AND MANUFACTURING SUPPLY CHAIN
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Supply Chain: complete sequence of suppliers and activities that contribute to the creation and delivery of merchandise
Manufacturing: 1. Raw Materials 2. Inbound Logistics 3. Warehouse and Storage 4. Production 5. Finished Product Storage 6. Outbound Logistics 7. Marketing and Sales 8. Customer Service |
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OBJECTIVES OF ADVERTISING
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Informative Advertising: promotion that seeks to develop initial demand for a good.
Persuasive Advertising: promotion that attempts to increase demand for an existing good Remind Advertising: advertising that reinforces previous promotional activity by keeping the name of a good |
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COMPONENTS OF A PROMOTIONAL MIX
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Personal Selling: interpersonal influence process involving a seller's promotional presentation conducted on a person to person basis with the buyer.
Nonpersonal Selling: promotion that includes advertising, product placement, sales promotion, direct marketing, public relations, and guerilla marketing, all conducted without face to face interaction Advertising: message intended to inform or persuade members of a particular audience Sales Promotion: marketing activities other than personal selling, advertising, guerilla, and public relations that stimulate consumer purchasing and dealer effectiveness Direct Marketing: direct communication designed to generate sale, information requests, and store or website visits. Public Relations: firm's communications and relationships with its various publics Guerilla Marketing: unconventional, innovative, and low-cost marketing techniques designed to get consumers' attention in unusual ways |
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PRODUCT LIFE CYCLE & ALTERNATIVE PRODUCT DEVELOPMENT
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Product Life Cycle: introduction, growth, maturity, decline
Alternate: Market Penetration, Market Development, Product Development, Product Diversification |
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TQM & DIFFERENT QUALITY PROGRAMS
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TQM: total quality management: continuous effort to improve product and work processes with the goal of achieving customer satisfaction and world-class performance
Alternatives: benchmarking: comparing performance against industry leaders. service encounter: point at which customer and service provider interact. service quality: expected and perceived quality of a service offering |
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PRODUCT, INSTITUTIONAL, COOPERATIVE, AND CORPORATE ADVERTISING
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Cooperative: retailer shares advertising costs with a manufacturer or wholesaler
Product: nonpersonal selling of a particular good or service Institutional: promotion of a concept, idea, philosophy, goodwill of an industry, company, organization, person, geographic location, or government agency Corporate: limited to advertising sponsored by a specific profit seeking firm |
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ADVERTISING PROCESS
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1. Research Inputs
2. Strategic Decisions 3. Tactical Execution 4. Measuring Advertising Effectiveness 5. Advertising Evaluation |