Ch. 13 & 11

Question 1

A name, term, sign, symbol, design, or some combination of those that identifies the products of one firm while differentiating them from those of the competition is known as a ________?

Answer 1

Brand

Question 2

The ultimate stage in brand loyalty is _____________, where consumers refuse alternatives and search extensively for the desired merchandise.

Answer 2

brand insistence

Question 3

__________ products differ from branded products because they are characterized by plain labels, little or no advertising, and no brand names.

Answer 3

Generic

Question 4

A _______________ is the person at a company with the task of managing a brand’s marketing strategies.

Answer 4

brand manager

Question 5

_____________ helps retailers by providing a person to oversee an entire product line and maximize sales for the retailer.

Answer 5

Category management

Question 6

A trademark differs from a brand name because with a trademark the owner is claiming ____________.

Answer 6

exclusive legal protection

Question 7

Packaging serves three major objectives: protection against damage, assistance in marketing a product, and ____________.

Answer 7

cost effectiveness

Question 8

_____________ is the strategy of authorizing other companies to use a brand name.

Answer 8

Brand licensing

Question 9

In a _______________ strategy, a company seeks to increase sales of an existing product in an existing market.

Answer 9

market penetration

Question 10

The introduction of new products into identifiable or established markets is known as _____________.

Answer 10

product development

Question 11

A _____________ strategy focuses on developing entirely new products for new markets.

Answer 11

product diversification

Question 12

The first buyers of new products—people who purchase new products almost as soon as these products reach the market—are commonly referred to as ______________.

Answer 12

consumer innovators

Question 13

What are the following characteristics of product innovation and can influence a product’s adoption rate?

Answer 13

Possibility of trial use
Complexity
Observability
Relative advantage

Question 14

Which of the following can be sources for new product ideas?

a. Assessments of competing products
b. Research and development specialists
c. Suggestions from customers
d. Sales force

Answer 14

All of them!!
a. Assessments of competing products

b. Research and development specialists
c. Suggestions from customers
d. Sales force

Question 15

What happens when a new-product idea reaches the commercialization stage?

Answer 15

It is ready for full-scale marketing.

Question 16

____________ subjects a product idea to additional study prior to its actual development.

Answer 16

Concept testing

Question 17

The Consumer Product Safety Commission is a powerful regulatory agency with jurisdiction over every consumer product category except ____________________.

Answer 17

food, automobiles, and a few other products already regulated by other agencies

Question 18

The Consumer Product Safety Commission is a powerful regulatory agency with jurisdiction over every consumer product category except ____________________.

Answer 18

food, automobiles, and a few other products already regulated by other agencies

Question 19

____________ marketing focuses on short-term, one-time exchanges.

Answer 19

Transaction-based

Question 20

Which of the following are ways that marketers build long-term relationships with customers?

a. Use CRM software to utilize intimate knowledge of customer preferences.
b. Analyze data collected to modify marketing and deliver customized marketing to individuals.
c. Monitor interactions with customers.
d. Use database technology to gather information about customers.

Answer 20

All of them!!

a. Use CRM software to utilize intimate knowledge of customer preferences.
b. Analyze data collected to modify marketing and deliver customized marketing to individuals.
c. Monitor interactions with customers.
d. Use database technology to gather information about customers.

Question 21

Why is internal marketing important to a firm?

Answer 21

It allows all members of an organization to understand, accept, and fulfill their roles in implementing a marketing strategy.

Question 22

Relationships on the first level of the marketing continuum are the most superficial, and efforts rely on:

a. Social functions to meet potential customers.
b. Pricing and other financial incentives.
c. Customer service and communication.
d. Ensuring the buyer and seller are true business partners.

Answer 22

B!!

Pricing and other financial incentives.

Question 23

The ____________ level on the relationship marketing continuum is the most complicated because the strength of commitment between the parties grows.

Answer 23

Third

Question 24

Three major steps are involved in ensuring customer satisfaction: understanding customer needs, obtaining feedback, and ________________.

Answer 24

Instituting an ongoing program to ensure customer satisfaction.

Question 25

Which of the following are ways marketers may obtain customer feedback? a. Talking to a customer’s family and friends b. Hiring mystery shoppers c. Monitoring social media d. Visiting a customer at home to talk about their experiences

Answer 25

c. Monitoring social media | d. Visiting a customer at home to talk about their experiences

Question 26

Amazon Prime, which offers members free two-day shipping, with no minimum order size, for an annual fee is an example of:

Answer 26

Frequency marketing

Question 27

Which of the following is a more recent marketing effort that turns customers from passive partners into active proponents of a product?

Answer 27

Grassroots marketing

Question 28

The combination of strategies and technologies that empowers relationship programs, reorienting the entire organization to a concentrated focus on satisfying customers is known as

Answer 28

Customer relationship management

Question 29

Which of the following is a quality of a successful CRM system?

Answer 29

It reduces costs by empowering customers to find the information they need to manage their own orders.

Question 30

An increasingly important part of an effective CRM strategy is ______________, the process of rejuvenating lost relationships with customers.

Answer 30

customer win-back

Question 31

Computer-to-computer exchanges of invoices, orders, and other business documents are known as _____________.

Answer 31

electronic data interchange

Question 32

Which of the following are benefits of effective supply chain management?

Answer 32

Resolves conflict and Increased innovation

Question 33

_____ can be defined as the revenues and intangible benefits, such as referrals and customer feedback a customer brings to the seller over the course of their relationship, less the amount the company must spend to acquire, market to, and serve the customer.

Answer 33

The lifetime value of a customer

Question 34

Why are customer complaints valuable in evaluating customer relationship programs?

Answer 34

They give an organization information about customer priorities so managers can make changes to their systems.

Question 35

The ______________ combines and averages the outlooks of top executives from areas such as marketing, finance, and production to generate good forecasts for sales and new-product development.

Answer 35

jury of executive opinion

Question 36

Like the jury of executive opinion, the _____________ solicits opinions from several people, but it also gathers input from experts outside the firm, such as academic researchers, rather than relying completely on company executives.

Answer 36

delphi technique

Question 37

______________ is considered the most commonly used quantitative forecasting technique and gives greater weight to sales results from more recent years.

Answer 37

Exponential smoothing technique