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Questions and Answers
When Ann saw the ad for a new drug that counters these symptoms, at which stage in the hierarchy of effects is she?
When Ann saw the ad for a new drug that counters these symptoms, at which stage in the hierarchy of effects is she?
What budgeting technique is the retailer most likely using if they budget 20 percent of $7,500 remaining for emergencies?
What budgeting technique is the retailer most likely using if they budget 20 percent of $7,500 remaining for emergencies?
What type of product advertisement is featured in the Levi's ad for the new 501 CT jeans?
What type of product advertisement is featured in the Levi's ad for the new 501 CT jeans?
John Whitaker is primarily engaged in which type of selling based on his responsibilities at American Greetings?
John Whitaker is primarily engaged in which type of selling based on his responsibilities at American Greetings?
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How is TransWave using team selling when meeting with prospects?
How is TransWave using team selling when meeting with prospects?
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How can Alice Faulkner know if the prospects she is selling to are qualified?
How can Alice Faulkner know if the prospects she is selling to are qualified?
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Food products and fuel would be classified as:
Food products and fuel would be classified as:
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Intangible items such as theater performances, legal advice, or music streaming that an organization provides to consumers are referred to as:
Intangible items such as theater performances, legal advice, or music streaming that an organization provides to consumers are referred to as:
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An iMac personal computer from Apple can be classified according to all of the following categories except which?
An iMac personal computer from Apple can be classified according to all of the following categories except which?
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Which of the following is the best example of a convenience product?
Which of the following is the best example of a convenience product?
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You decide to buy a new car. Into which classification of consumer products would your new car purchase fall?
You decide to buy a new car. Into which classification of consumer products would your new car purchase fall?
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You greatly admire a set of Waterford crystal serving bowls. Into which classification of consumer products would these bowls fall?
You greatly admire a set of Waterford crystal serving bowls. Into which classification of consumer products would these bowls fall?
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Which of the following best illustrates the concept of derived demand?
Which of the following best illustrates the concept of derived demand?
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Equipment-based services do not have the marketing concern of inconsistency because __________ have been removed from the delivery of the service.
Equipment-based services do not have the marketing concern of inconsistency because __________ have been removed from the delivery of the service.
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What does the portion of the product life cycle curve labeled A represent?
What does the portion of the product life cycle curve labeled A represent?
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When the GPS SmartSole insoles were first made available to consumers, what was the marketing objective for the company at that early stage of the product life cycle?
When the GPS SmartSole insoles were first made available to consumers, what was the marketing objective for the company at that early stage of the product life cycle?
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Xerox pioneered the first portable fax machine. Which pricing strategy did Xerox use to help recover its research and development costs?
Xerox pioneered the first portable fax machine. Which pricing strategy did Xerox use to help recover its research and development costs?
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Which of the following is an example of a product in the maturity stage of the product life cycle?
Which of the following is an example of a product in the maturity stage of the product life cycle?
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What type of products are singers who become 'one-hit wonders' best categorized as?
What type of products are singers who become 'one-hit wonders' best categorized as?
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Those first buyers of the Apple II personal computer were:
Those first buyers of the Apple II personal computer were:
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Most consumers believe that the higher the price of a diamond, the higher its quality. This is an example of price influencing the perception of overall quality and therefore __________ to consumers.
Most consumers believe that the higher the price of a diamond, the higher its quality. This is an example of price influencing the perception of overall quality and therefore __________ to consumers.
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Calculate a firm's profit using the following information: the unit price (P) for a product is $40; the quantity sold (Q) is 2,000; the fixed cost (FC) is $50,000; and the variable cost (VC) is $20,000.
Calculate a firm's profit using the following information: the unit price (P) for a product is $40; the quantity sold (Q) is 2,000; the fixed cost (FC) is $50,000; and the variable cost (VC) is $20,000.
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Several factors indicate that a penetration pricing policy would be effective when introducing a new product, including situations in which:
Several factors indicate that a penetration pricing policy would be effective when introducing a new product, including situations in which:
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A Patek Philippe Sky Moon Tourbillion men's wristwatch is among the most expensive in the world. This is an example of a __________ strategy.
A Patek Philippe Sky Moon Tourbillion men's wristwatch is among the most expensive in the world. This is an example of a __________ strategy.
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The prices for all furniture sold at American Furniture Warehouse end in $9.99. What pricing strategy does American Furniture Warehouse use?
The prices for all furniture sold at American Furniture Warehouse end in $9.99. What pricing strategy does American Furniture Warehouse use?
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If you were to buy one peach tree and one apple tree from the Stark Bros. fruit trees and landscaping catalog in two separate orders, you would pay a total of $109.99. However, if you order both together, you pay only $89.99 each. What pricing strategy does Stark Bros. employ?
If you were to buy one peach tree and one apple tree from the Stark Bros. fruit trees and landscaping catalog in two separate orders, you would pay a total of $109.99. However, if you order both together, you pay only $89.99 each. What pricing strategy does Stark Bros. employ?
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Creative Quilts Studio sells fabrics and threads, adding 50 percent to the cost of each item. What is this pricing approach called?
Creative Quilts Studio sells fabrics and threads, adding 50 percent to the cost of each item. What is this pricing approach called?
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Swedish company Asko, known for some of the best-built appliances, would probably use which competition-oriented pricing approach?
Swedish company Asko, known for some of the best-built appliances, would probably use which competition-oriented pricing approach?
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Jaffar Tabrizi is acting as a:
Jaffar Tabrizi is acting as a:
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Artists participating in an art fair are considered:
Artists participating in an art fair are considered:
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When Hunter went to the hardware store for gloves and bought one pair, what logistical function did the hardware store perform?
When Hunter went to the hardware store for gloves and bought one pair, what logistical function did the hardware store perform?
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Southern pine lumber is visually inspected and categorized. This rating system is most closely related to which facilitating function activity performed by marketing intermediaries?
Southern pine lumber is visually inspected and categorized. This rating system is most closely related to which facilitating function activity performed by marketing intermediaries?
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A textile artist creates a quilt and sells it. By designing aesthetically, the artist creates __________ utility.
A textile artist creates a quilt and sells it. By designing aesthetically, the artist creates __________ utility.
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When Dell Computer sells made-to-order PCs online, it is an example of which type of marketing channel?
When Dell Computer sells made-to-order PCs online, it is an example of which type of marketing channel?
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Ford uses __________, whereby the company licenses dealers to sell Ford automobiles.
Ford uses __________, whereby the company licenses dealers to sell Ford automobiles.
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Bentley Motors targets the ultra-luxury segment. Which type of market coverage does Bentley likely use?
Bentley Motors targets the ultra-luxury segment. Which type of market coverage does Bentley likely use?
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Albertsons Grocery Store accepts various forms of payment, providing customers with __________ utility.
Albertsons Grocery Store accepts various forms of payment, providing customers with __________ utility.
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Neighborhood grocers working together to buy directly from food manufacturers is an example of:
Neighborhood grocers working together to buy directly from food manufacturers is an example of:
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Costco has eliminated many customer services, offering what level of service?
Costco has eliminated many customer services, offering what level of service?
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Godiva Chocolatier offers an unforgettable experience in its stores. What type of retail service is Godiva offering?
Godiva Chocolatier offers an unforgettable experience in its stores. What type of retail service is Godiva offering?
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Nike offers shoes in many sizes and types. This is an example of the __________ that Nike offers to its customers.
Nike offers shoes in many sizes and types. This is an example of the __________ that Nike offers to its customers.
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To promote its theme parks, Disney uses several methods. What does IMC stand for?
To promote its theme parks, Disney uses several methods. What does IMC stand for?
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A marketing manager at a trade show had difficulty communicating due to his accent. What would the accent be considered?
A marketing manager at a trade show had difficulty communicating due to his accent. What would the accent be considered?
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When Sears places a booklet in the local newspaper, what element of the promotional mix are they using?
When Sears places a booklet in the local newspaper, what element of the promotional mix are they using?
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If a representative invites friends to her home to demonstrate products, she is engaging in:
If a representative invites friends to her home to demonstrate products, she is engaging in:
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Which promotional element should a small agrichemical laboratory use to communicate its discovery?
Which promotional element should a small agrichemical laboratory use to communicate its discovery?
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When you redeem a coupon for Crest toothpaste, which promotional element are you influenced by?
When you redeem a coupon for Crest toothpaste, which promotional element are you influenced by?
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Ads for a new prescription drug aim to increase awareness. What is the primary use of these ads?
Ads for a new prescription drug aim to increase awareness. What is the primary use of these ads?
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Albert Searchware is trying to determine a promotional strategy for its software, which is in the growth stage. Which option should it employ?
Albert Searchware is trying to determine a promotional strategy for its software, which is in the growth stage. Which option should it employ?
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Many prescription drugs use national TV advertising campaigns to encourage patients to ask for them by name. What strategy are manufacturers using?
Many prescription drugs use national TV advertising campaigns to encourage patients to ask for them by name. What strategy are manufacturers using?
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Study Notes
Product Classification and Characteristics
- Food products and fuel are classified as nondurable goods.
- Intangible offerings such as theater performances and legal services are categorized as services.
- An iMac is not classified as a nondurable good; it is a durable good and can be a consumer or business product.
- Best example of a convenience product: Hidden Valley Ranch salad dressing.
Consumer Behavior and Product Types
- Buying a new car involves extensive research, placing it as a shopping product.
- Waterford crystal serving bowls are considered specialty products due to their high cost and limited availability.
- Derived demand is best illustrated by a company's increased output in response to customer demand in another sector.
Service Marketing and Product Life Cycle
- Equipment-based services reduce inconsistency by removing people from service delivery.
- In the product life cycle, the introduction stage is indicated by the curve portion labeled as A.
- Initial marketing objectives for new products often focus on creating awareness and stimulating trial among target consumers.
Pricing Strategies
- Xerox used a skimming pricing strategy to recover R&D costs for its first portable fax machine.
- Maturity stage product example: carbonated soft drinks.
- Penetration pricing is effective when customers associate high prices with high quality.
Market Coverage and Distribution
- Bentley Motors utilizes exclusive distribution to target the ultra-luxury market.
- Albertsons grocery store enhances customer possession utility by accepting multiple payment methods.
Marketing Channels and Functions
- Jaffar Tabrizi acts as a middleman in his rug business, selling imported items in Canada.
- Art fair booths are an example of retailers within the marketing channel.
- Categories like "Select Structural" for lumber reflect grading, a facilitating function of marketing intermediaries.
Utility Creation and Retail Strategy
- A textile artist creates form utility by designing aesthetically pleasing quilts for sale.
- Dell exemplifies a direct marketing channel through online sales of made-to-order PCs.
- Costco employs a self-service level of operation by eliminating nonessential customer services.
Promotional Strategies and Communication
- Godiva Chocolatier offers full service through an engaging customer experience in its stores.
- IMC stands for integrated marketing communications, which Disney uses for promoting its theme parks.
- Coupons represent a sales promotion strategy influencing consumer purchases at the point of sale.
Stages in the Product Life Cycle and Consumer Awareness
- TV ads for prescription drugs create awareness and interest, assisting in pulling consumers toward the product.
- Ann, influenced by an ad, is in the interest stage regarding allergy medication.
Budgeting Techniques and Advertising
- The nail shop employs an all-you-can-afford budgeting method for advertising spend.
- Levi's pioneering advertisement for the new 501 CT jeans focuses on introducing the product to the market.
- Inside order takers primarily manage stocking and arranging displays, along with processing transactions.### TransWave's Selling Strategy
- TransWave utilizes team selling by deploying a specialized group including an environmental expert, safety engineer, legal representative, and an experienced pipeline expert during prospect meetings.
- Team selling enhances the credibility and expertise presented to potential clients, ensuring comprehensive communication of complex regulations and safety measures.
Alice Faulkner's Sales Responsibilities
- Alice Faulkner is a professional salesperson at The New York Times, focusing on advertising sales.
- Her tasks include maintaining regular accounts and generating new advertising customers, indicating a dual focus on retention and acquisition.
- Qualified prospects are defined as those who have a legitimate need for advertising, the financial capability to purchase, and the authority to make purchasing decisions.
- This understanding helps Faulkner efficiently target her sales efforts to those most likely to convert into clients.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge with these flashcards covering key concepts in marketing. Explore various types of goods and services, and get ready for your final examination. Perfect for students looking to reinforce their understanding of marketing fundamentals.
