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Marketing > Exam 2 > Flashcards

Exam 2 Flashcards

1
Q

What are the two functions of a brand?

A

identify and differentiate

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2
Q

What are the two parts that make up a brand?

A

Brand Name and Brand Mark

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3
Q

Seeing a brand can cause consumers to automatically think of the attributes of the firm. (T/F)

A

TRUE

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4
Q

A “brand” is confined to the physical name or logo associated with the firm. (T/F)

A

FALSE

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5
Q

The primary value of a brand for consumers is the:

A

reduction of perceived risk

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6
Q

The brand resides in the consumer’s:

A

memory

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7
Q

What is Spreading Activation?

A

When nodes are energized and brought into working memory

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8
Q

When does activation occur?

A

With either external or internal cues

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9
Q

Addi is driving from Stillwater to Dallas, and sees a McDonald’s sign with golden arches (but no words). She automatically begins to think of her hunger. What kind of cue activated this thought?

A

External cue

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10
Q

Brand awareness is associated witht the ability of the brand to ______ who is offering a product or service, while brand association is associated with the ability of the brand to ______ from competitors.

A

identify; differentiate

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11
Q

Which of these is not a type of brand association?

A

brand memories

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12
Q

Automaticity in a branding context means:

A

the evaluation of a brand is brought to either concious or subconcious thought

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13
Q

A way of visually presenting where your brand is in customers’ minds is called a:

A

brand map

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14
Q

Brand associations within a brand map can also have ______ attached to them.

A

mood and emotion

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15
Q

A brand map determines brand associations from the perspective of the:

A

consumer

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16
Q

When creating a brand map, a word cloud is always more useful than a table. (T/F)

A

FALSE

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17
Q

The added value delivered by the brand over the functional benefits or book value is called:

A

Brand Equity

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18
Q

Book value of assets + Brand equity =

A

Market value of brand

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19
Q

Brand equity starts as a ______ concept, but ends up having a real ______ effect.

A

psychological; monetary

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20
Q

The “magic lesson” teaches us how to turn what into dollars?

A

what consumers know about the brand

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21
Q

Which of these is not a way to turn brand equity into dollar value?

A

Price Competition

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22
Q

If Oreo cookies come out with a new flavor of s’mores Oreo cookies, what are they using in order to turn brand equity into dollars?

A

Promotional Advantage

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23
Q

The example fo the purchase of the PanAm brand demonstrates how:

A

Brands can have value beyond the book value of the firm

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24
Q

An agreement whereby a company permits another organization to use its brand on other products for a fee is defined as:

A

Brand licensing

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25
Q

The brand name must provide ______ meaning for the product.

A

secondary

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26
Q

Which of these is not a branding strategy?

A

Franchise Branding

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27
Q

Unilever houses many brands, such as SlimFast nutrition drinks, Dove soap, and Skippy peanut butter, that all sell different products. What branding strategy is used here?

A

Individual branding

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28
Q

Which of these is not a benefit of individual branding?

A

strong connections to established brands for new brands to lean on

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29
Q

Which of these companies is more likely to use an institutional branding strategy for a new product or service?

A

Sony

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30
Q

Which of these is not a benefit of sub-branding?

A

increased market share

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31
Q

What is the main advantage of using a s sub-branding strategy?

A

all of these

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32
Q

Which of these is not a benefit fo institutional branding?

A

greater individualized identity for new products

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33
Q

Mostly, business is made up of:

A

smaller, more frequent transactions

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34
Q

Face-to-face communication is necessary for true “frontline” transactions. (T/F)

A

FALSE

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35
Q

Technology has had little impact on organizational frontlines in most industries. (T/F)

A

FALSE

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36
Q

Rachel goes to Walmart to buy groceries, and checks out with a cashier. When Rachel hands her cash to the Walmart employee, what kind of interaction has taken place?

A

Traditional Interactions

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37
Q

When Mariah needs money, she goes to an ATM instead of driving to her bank. When Mariah utilizes this ATM that represents her home bank, what kind of interaction has taken place?

A

Human customer, Machine service provider

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38
Q

Which of these types of interactions is the only one where human interaction is absolutely necessary?

A

Traditional Interactions

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39
Q

The acronym LAURA helps us to analyze and adjust when:

A

a product or service has disappointed the consumer

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40
Q

What is the definition of retailing?

A

Selling goods and services to consumers for their own use

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41
Q

What is the difference between retailing and wholesaling

A

retailers sell to individuals for end use; wholesalers sell to companies for resale/company use

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42
Q

What is the difference between merchant and agent wholesalers?

A

merchants take ownership to a product; agents act as intermediaries

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43
Q

Why do retailers exist?

A

They add value by adjusting discrepancies between the needs of consumers and sellers

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44
Q

Why is breaking bulk important?

A

Sellers want to produce in bulk, consumers want to buy in small amounts

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45
Q

What is the reason for so many levels existing between the producer and the end-user?

A

each level adds some kind of value to the end user

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46
Q

When it comes to compensation in a channel of distibution, ______ plays the most important role.

A

power

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47
Q

Brands marketed as more luxury options (such as Lexus) are likely to utilize ______ distribution intensity.

A

selective

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48
Q

Which of these is not a form of a sharing economy?

A

P2B

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49
Q

Air BnB uses a model where the business integrates people who own homes into the market where consumers express demand. This is most accurately described as what type of sharing economy?

A

Business + Person

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50
Q

What has been a problem of implementing Peer to Peer sharing?

A

finding platforms where it is legal and available

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51
Q

Of the sharing economy models, which is the most similar to traditional business models?

A

Business to Person

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52
Q

What is the largest inhibitor to the growth of sharing economies?

A

trust

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53
Q

A platform that receives renting fees receives those fees from the ______ and shares those fees with the ______.

A

seeker; owner

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54
Q

Which of these is not a party that shares and exchanges value in a sharing economy?

A

Recommender

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55
Q

Which of these is not a potential benefity of increasing a sharing economy?

A

relaize potential market gains

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56
Q

What jobs are the most likely to be automated?

A

those with a great deal of routine

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57
Q

The degree to which an indiviudal possesses an enduring belief in the importance of customer satisfaction is defined as:

A

customer orientation

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58
Q

Some people innately have more of a customer orientation than others. (T/F)

A

TRUE

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59
Q

It is often most important for which kind of employee to have strong customer orientation?

A

Front line

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60
Q

When a supervisor dosen’t emphaasize the importance of customer satisfaction, employees with higher customer orientation:

A

perform fewer customer service behaviors than they might have

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61
Q

When employees with high customer orientation are embedded in an organization that emphasizes (and benefits from) customer satisfaction, profits are likely to:

A

increase

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62
Q

In most circumstances, higher levles of customer orientation lead to all of the following except:

A

Job turnover

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63
Q

Employees with high customer orientation will thrive in what kind of job?

A

High customer interaction

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64
Q

What are inside sales?

A

a type of sales in which interactions are initiated by the buyer

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65
Q

A type of selling in which the organization is represented by multiple people, which might include a salesperson, a technical support specialist, or others, is defined as:

A

Team Selling

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66
Q

What is a key account?

A

a very large customer that provides a significant portion of revenues

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67
Q

A form of personal selling that focuses on making an immediate sale with little or no conern for customer satisfaction or relationship development is defined as:

A

Transactional selling

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68
Q

Transactional selling focuses on the customer relationship. (T/F)

A

FALSE

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69
Q

A form of personal sellign that involves securing, developing, and maintaining long-term relationships with profitable customers is defined as:

A

relationship selling

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70
Q

Which of these is not a step in the personal selling process?

A

sell

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71
Q

When does initial contact with the potential customer occur?

A

approach

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72
Q

What happens in the Presentation stage of the personal selling process?

A

determine prospect needs and present benefits; handle objections

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73
Q

SPIN selling is about asking questions of potential customers.

A

TRUE

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74
Q

What is the point of SPIN selling?

A

position your product or service as the solution to the customer’s problems

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75
Q

The most successful salespeople focus on the beginning aspects of the SPIN method (e.g. Sitional and Problem questions). (T/F)

A

FALSE

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76
Q

What is the definition of price?

A

what is exchanged for the product, service, or idea

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77
Q

______ is not about what we put into our product, it’s what our customers get out of it.

A

Value

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78
Q

The “value created” of a product or service is determined from the perspective of the:

A

customer

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79
Q

Small changes in price do not have a very large impact on bottom line profits. (T/F)

A

FALSE

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80
Q

Which of these does not happen in a “smart industry”?

A

companies fight with price only

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81
Q

What is the first step in strategic pricing?

A

Knowing how your industry behaves

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82
Q

What is the key difference between cost-based pricing and value-based pricing?

A

where you start the process

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83
Q

Value-based pricing will always be more profitable than cost-based pricing.

A

TRUE

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84
Q

What is price skimming?

A

setting a high price for a new product to skim maximum revenues

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85
Q

What is dynamic pricing?

A

variable rate for each customer

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86
Q

What is flat-rate pricing?

A

single rate per time period

87
Q

Which of the following describes peak load or congestion pricing?

A

variable rate depending on time of day or week

88
Q

You do not need to understand margin and markup if you are using value-based pricing. (T/F)

A

FALSE

89
Q

What is the main difference between the equations for margin and mark-up?

A

Margin is (Price-Cost)/Price and Mark-Up is (Price-Cost)/Cost

90
Q

Mark-up can be greater than 100%.

A

TRUE

91
Q

A grocer has purchased a truckload fo frozen dinners for $3 each. The grocer operates on a margin of 30% for forzen food items. What is the retail price to the customer?

A

$4.29

92
Q

The competitive retail price for a stereo system is $300. Retail stores normally have a margin of 30% for such items. Wholesalers normally have a margin of 20% for such items. The manufacturer’s price is unknown. What steps should be taken to determine the manufacturer’s highest price?

A

calc retail, calc wholesale, cald manufacturers price

93
Q

What is the breakeven point?

A

where profits just cover costs

94
Q

Assume that Netflix has introduced a new bundle service for their streaming services. Bundle 1 includes a base price of $9 to cover 25 hours of streaming for the month and a variable price of $.10 for every 30 minutes over that 25 hours. Bundle 2 includes no base price, but a variable price of $.25 for every 30 minutes of streaming per month. When a consumer attempts to decide which bundle to use, what is he or she determining?

A

Breakeven point

95
Q

What is definied as responsiveness of demand to changes in price?

A

Price elasticity

96
Q

A change in price in an elastic market is likely to show _____ change in demand when compared to a similar change in an inelastic market.

A

Greater

97
Q

In the Transactional Model of Communication, who fulfills the role of the Sender?

A

Marketer

98
Q

The message put in place by the Sender is always identical to the message received by the Receiver. (T/F)

A

FALSE

99
Q

The Communications Triangle encompasses more than just promotional interactions. (T/F)

A

TRUE

100
Q

The “company” in the Communications Triangle represents the:

A

Formal company management

101
Q

What is definied as frontline interactions in the Communications Triangle?

A

Interactive Communication

102
Q

What is defined as the communications between the company and its customers?

A

External promotion

103
Q

Marketers tend to spend ______ on out-of_home advertisements compared to other methods.

A

Less

104
Q

Which of these is not an example of out-of-home advertising?

A

Online ad videos

105
Q

Which of these is not a reason for the increasing popularity of digital marketing?

A

Difficult to track effectiveness

106
Q

Which of these is not a key category of digital promotion?

A

Video

107
Q

Which of these is the best example of display advertising?

A

Banner advertisement

108
Q

What is a main risk of using email promotions?

A

Consumers ignoring emails

109
Q

What is the key aspect of the definition of social media?

A

The ability it gives users to interact with each other

110
Q

Social media marketing, when compared to normal social media use, uses the platform:

A

Strategically

111
Q

Only Gen X and millennial demographics are represented on social media.

A

FALSE

112
Q

The social media landscape changes ______ and requires ______ from marketers.

A

Quickly; flexibility

113
Q

There is a trend towards ______ elements in social media

A

Visual

114
Q

What is a sales promotion?

A

Short term external promotion tactic designed to influence immediate purchase

115
Q

What is the goal of a sales promotion?

A

Convincing customers to “act now”

116
Q

What is the main difference between advertisements and sales promotions?

A

Goal: of long-term or immediate payoff

117
Q

In its simplest form, a Price Promotion is known as a(n):

A

Sale

118
Q

Black Friday is best described as an example of:

A

Price Promotion

119
Q

What is the best example of a Frequent User Program?

A

Southwest credit card

120
Q

It is easier to determine the effectiveness of sales promotions than advertisements. (T/F)

A

TRUE

121
Q

Which of these is not an advantage of sales promotions?

A

Sales promotions have long-term effects

122
Q

What is the definition of Public Relations?

A

Form of external promotion through channels perceived to be noncommercial

123
Q

What is puffery?

A

The idea that most ads tell only the best-case scenario

124
Q

Public Relations are generally believed more so than advertisements. (T/F)

A

TRUE

125
Q

Companies who are recruiting new employees often ask to come to college campuses and speak in classes. What type of public relations tool is this most like?

A

Speaking Engagements

126
Q

What is the definition of Advertising?

A

A form of external promotion with customers, paid for by the seller

127
Q

The immediate goal of all advertising is to make exchange happen. (T/F)

A

FALSE

128
Q

The goal of “remind and reinforce” applies to advertisements aimed at:

A

current customers

129
Q

Advertising is best thought of as a(n):

A

Investment

130
Q

In advertising, a marketing professional should know both her ______ and her ______.

A

Message; audience

131
Q

Which of these is not one of the three C’s in communication?

A

Committed

132
Q

A company is looking to implement its new advertisement that is targeted specifically towards consumers 65 and older. Which communication channel would most effectively reach the intended audience?

A

TV Commercials

133
Q

Why is telling stories such an impactful way to advertise?

A

People are drawn into stories

134
Q

Which aspect of the SUCCESS model is more common in the United States than in other countries?

A

Emotion

135
Q

A nonprofit that provides education for underserved communities is looking to run a new promotion. The company is deciding to either provide several statistics or a single, personal story from a student relying on funds. Out of the following, which part of the SUCCESS model would be the personal story best encompass?

A

Emotion

136
Q

When the company first started, Southwest’s message in advertisements and managerial actions clearly communicated its commitment to low prices. What is this the best example of?

A

Simplicity

137
Q

Why is simplicity important for breaking through promotional clutter?

A

Your message is the clearest when it is simple

138
Q

In the Communications Triangle model, which type of interaction is modeled by a double-headed arrow?

A

Interactive promotion

139
Q

Who is interacting in Interactive promotions?

A

Frontline employees and customers

140
Q

What is personal selling designed to influence?

A

A purchase decision

141
Q

Promotion is ultimately about making:

A

Effective exchanges between the seller and the customer

142
Q

All promotional tools are equally effective in all promotional situations. (T/F)

A

FALSE

143
Q

Which of these is not a goal of promotion?

A

Price cuts

144
Q

Can the order of the AIDA model be changed? Why or why not?

A

No, each step must be achieved before moving to the next

145
Q

Which step of the Process of Consumption best lines up with the Desire aspect of Goals of Promotion?

A

Evaluation of alternatives

146
Q

Which of these is not a goal covered by Public Relations Advertising?

A

Action

147
Q

Which of the following media categories commands the biggest slice of advertising dollars today?

A

Broadcasting

148
Q

Which of these is not an example of broadcast advertising?

A

Billboard advertisement

149
Q

The advertising examples given in the lecture videos best demonstrate which aspects of the SUCCESS model for cutting through clutter?

A

Simple and Unexpected

150
Q

A benefit of TV broadcast advertising is that?

A

Both visual and audio mediums are available

151
Q

The Cadbury commercial in the video lecture is an example of how advertisements have the ability to improve a company’s reputation. (T/F)

A

TRUE

152
Q

Which of these is not an example of print media advertising?

A

Radio

153
Q

Why has readership of most print media declined in recent years?

A

Many readers obtain information online

154
Q

Print ads are no longer effective in today’s world. (T/F)

A

Fasle

155
Q

Compared to digital or broadcast advertising, print advertisements tend to lack:

A

Flexibility

156
Q

Which social media platform has the widest customer base?

A

Facebook

157
Q

Only certain demographics can be reached using Facebook. (T/F)

A

FALSE

158
Q

Which of these situations would Twitter be best for?

A

Live Reporting

159
Q

Pinterest is the only social media platform that is ______-looking.

A

Forward

160
Q

Posts that have a(n) ______ element tend to do well on Instagram

A

Artistic

161
Q

Which social media site is best suited for business to business marketing?

A

LinkedIn

162
Q

Which of these is an important characteristic of YouTube?

A

Video-based search engine

163
Q

When determining which social media platform to use for marketing, what should marketing professionals consider?

A

How the platform fits with your product

164
Q

When determining which social media platform to use for marketing, where should marketing professionals look?

A

Where the target segment is best represented

165
Q

Which of these is the best strategy for determining the best social media platform to use for marketing?

A

Try new platforms and content to see what connects

166
Q

With social media marketing, who are you representing?

A

Your brand

167
Q

Companies on social media should remember to:

A

Interact with followers

168
Q

What is Search Engine Optimization (SEO)?

A

The strategy to try and improve the firm’s ranking on Google

169
Q

Why do firms use SEO?

A

All companies want to have the #1 ranking on Google

170
Q

It is common for consumers to go past the first page of their Google search. (T/F)

A

FALSE

171
Q

Repetition of primary keywords is the only requirement for moving a firm up on Google’s search engine rankings. (T/F)

A

FALSE

172
Q

What is the point of on-site SEO?

A

prove to Google that your content is relevant

173
Q

What is the best way to have excellent off-site SEO?

A

Have high quality content

174
Q

Experts say that off-site is ______ important when compared to on-site SEO.

A

more

175
Q

Pay-per-click marketing is also known as:

A

Search marketing

176
Q

Which of these is not a part of making a pay-per-click ad?

A

set the highest bid available

177
Q

What is determined by the default bid aspect of setting up a pay-per-click ad?

A

How much the firm pays per click

178
Q

What is a landing page?

A

A special page specifically for people who click on your ad

179
Q

Which of these is not a characteristic of a good landing page?

A

Full company information

180
Q

Online display advertising is exactly the same as pay-per-click. (T/F)

A

FALSE

181
Q

What is the main difference between online display advertising and pay-per-click?

A

Online display is visual; Pay-per-click is text

182
Q

Google’s display network is huge, with approsimately ______ monthly impressions (as of fall 2017)

A

One trillion

183
Q

What is contextual targeting most similar to?

A

Keywords

184
Q

Targeting based on “where people have been” is known as:

A

Remarketing

185
Q

When will a firm’s ad show up the most often?

A

The firm creates different ads for different sizes

186
Q

Which of these is not a listed method of moble marketing?

A

Online news articles

187
Q

Standard webpage views are optimal for moblie access. (T/F)

A

FALSE

188
Q

What is the number one way to market to mobile users?

A

Optimize webpage views through mobile sites

189
Q

Which of these marketing methods is the most unique to mobile marketing?

A

Location-based

190
Q

The companies who utilize mobile marketing to its fullest potential are using many platforms in addition to mobile. (T/F)

A

TRUE

191
Q

An effective relationship in supply chain can be represented by vertical supply chains. (T/F)

A

TRUE

192
Q

Which of the following is NOT part of a vertical marketing system

A

Consumer

193
Q

Nike is an example of which type of vertical marketing system?

A

Corporate

194
Q

Which vertical marketing system is a formal agreement between the levels of distribution or production channel to coordinate the entire process?

A

Contractural

195
Q

What is NOT something a company should consider when choosing a vertical marketing system?

A

Convenience

196
Q

Pizza Hut is an example of what type of vertical marketing system?

A

Contractural

197
Q

Which of these is not a type of vertical marketing system?

A

Supplier VMS

198
Q

Which is NOT an important factor in Amazon’s supply chain to have fast delivery?

A

Cost

199
Q

What is an advantage to corporate VMS?

A

Control all aspects of the system

200
Q

Who owns the channel in Administered VMS?

A

No one

201
Q

Which type of vertical marketing system has one member of the production/distribution chain that is super dominant?

A

Administered

202
Q

Which of these is the best example of Contractual VMS?

A

Franchising

203
Q

Which is NOT a role of a specific supply chain?

A

Decrease accuracy

204
Q

What are the two types of Supply Chains?

A

Direct and Indirect

205
Q

What is the supply chain?

A

Organazitions and activities involved witht the flow of products from raw materials to the customer

206
Q

What are the roles of the market intermediaries?

A

All of the options

207
Q

Which is NOT a type of marketing intermediary?

A

Manufacturer

208
Q

Which market intermediary sells products for a commission?

A

Agents and Brokers

209
Q

Which market intermediary works directly with the customer?

A

Retailers

210
Q

What does the supply chain represent?

A

The steps it takes to get the product from the original manufacturer to the consumer

211
Q

Which is not a function that distributors perform?

A

Creating Products

212
Q

A grocery store is an example of what type of market intermediary?

A

Retailers

213
Q

A real-estate company is an example of what market intermediary?

A

Agent/Broker

214
Q

When a producer sells directly to a consumer this is an example of which type of supply chain structure?

A

Direct

Marketing (2 decks)

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