Marketing Final Exam Review
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- Define the types of channel intermediaries and describe their functions and activities. Merchant wholesalers are those organizations that facilitate the movement of products and services from the manufacturer to producer, resellers, governments,...
- This results in enhanced customer and economic value. What are the responsibilities of the supply chain manager. The responsibilities of the supply chain manager include developing channel design strategies, managing the relationships of supply...
Marketing 1000 Final Exam Study Notes - University Of Guelph ...
More info. How do you conduct market analysis and what are customer journeys? I have enjoyed the Social Media Marketing class so far. What does it mean to be successful on social media?- This function is often shared among channel players. These communications are most effective when they represent a coordinated effort among channel players. Manual labor can be automated. Companies e-mail ads and other material to each other, and all firms may view current promotions on a Web site at any time. It is much less expensive to send cases of products to wholesalers and retailers and let them break the quantities into smaller units for sale. The consumer buys a small steel box that comes with a numeric keypad connected to the internet via a two-way modem. Delivery people, such as FedEx or the USPS, receive a special code for each deli very and use it to open the box and leave th e shipme nt.
- This activity is sent via the internet and recorded in a database. The consumer uses his or her own code to open the box and receives the delivery- also recorded in the database. This solution is efficient and secure for consumers who are willing to pay the hefty box fee. Consumers can have packages shipped to participating retailers. Recreational Equipment, Inc. REI , the outdoor apparel and gear retailer and Walmart for example. After reading an overview of integrated marketing communication IMG , you will learn about selecting, applying, and evaluating tools for messages in owned media, one of the three main elements of content strategy. You will also gain an understanding of the complex art and science of search engine optimization.
- Set clear and measurable objectives and strategies. Understand your audience motivations and behavior, especially in social media. Develop a creative approach appropriate for the brand in one or more platforms earned, paid, or owned media. Define success metrics.
- Unlock all 12 pages and 3 million more documents. Get Access Already have an account? Log in -Different message in different country -Bicycle recreational in Canada vs. Costs of coverage varies ex. Possible to buy editorial space in some countries. The product attributes primed by the ad context may result in the formation or change of beliefs about the advertised brand, thereby affecting consumers' evaluations of the brand. Such effects of the ad context are called "contextual priming effects".
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- Misc 1 The value added by changing raw materials or putting parts together to make them more useful is which utility? Nordstrom's can be described as operating on which concept? Which marketing mix is being represented? After one month, McDonalds evaluated the strengths and weaknesses of the product. This is an example of: a. EPA review b. ERA study c. GDP evaluation d. SWOT analysis d. SWOT analysis The value added by having a product where customers can buy it is which utility? His purchase decision is: a. This condition is which? High school students are an example of a: a. What element of marketing is the focus of this strategy? This represents Disney's: a. This is classified as: a.
- FAQ the channel used to convey a message to a target market. As a sales promotion tactic why do marketers prefer using rebates? Final Exam Review Chapter 5: 1. Essential to monitor new technology to keep up with competitors. Morals: the rules people devlop as a result of cultural values and norms. Which of the following is the correct definition of inflation? A legal process in which one firm pays to use or distribute another firms resources including products, trademarks, patents, intellectual property, or other proprietary knowledge is called. It is more prevalent during the early stages of the product life cycle. Businesses that do this are better able to identify global marketing opportunities, understand the nature of global networks, create effective global marketing strategies, and compete against foreign competition in domestic markets.
- When looking to advertise a new business online, what is one of the major benefits of display … Data obtained from UPC codes at check-out counters is what type of data? Public Relations. The three basic characteristics of a quality marketing objective is that it be, providing consumers with benefits that meet their needs and wants. The idea that socially responsible companies will outperform their peers by focusing on the world's social problems and viewing them as opportunities to build profits and help the world at the same time What external marketing factor is at work when political action committees raise money to help elect individuals to promote a particular issue related to their industries?
- Second, m-commerce mobile e-commerce is gaining in popularity. Level of service can be high or low. Marketing Final Exam. First, a firm forms a new product strategy by outlining the characteristics and roles of future products. Compare the following statements and select the one that reflects your text's assertion as to why educated consumers are prime targets for marketing strategies. Researcher creates an overall research design to specify how primary data will be gathered and analyzed. Cards In This Set. Why federal agency is evaluating mobile tracking technology as part of its ongoing mission to protect consumer privacy? According to your text any discussion of the marketing mix typically begins with which of the four Ps? Relies on rules and laws to guide decision making. Terms in this set Promotion. Marketing Final Exam Part 1. Tweens and Gen Y are increasingly experienced consumers, and because the population is growing older, marketers are offering more products that appeal to middle aged and elderly consumers.
- Once data has been collected, the researcher analyzes them using statistical analysis. Private label brands are also referred to as. What is the name of this demographic group?. Market segmentation identifies which products will be profitable and which ones are not worth pursuing. Which marketing mix element involves decisions regarding logistics and managing the supply chain? Which website usability attribute addresses how quickly users can perform tasks once they have learned the design?
- She has spent quite a bit of time gathering information and thinking about the purchase. An organization that wants to determine how well its corporate social responsibility program is working can do so by, The term that your text uses for a brand marketed under the same name in multiple countries is, New products take sales away from the firm's existing products rather than generating additional revenues, An organization's obligation to maximize its positive impact and minimize its negative impact of society is referred to as, The mechanism that filters large amounts of information about many consumer's previous purchases that may be related in some way in order to predict consumer preferences known as, The process of creating communicating and delivering value to customers in a way that recognizes and incorporates the concept of. Which of the following is not a qualitative method for data collection? We have qualified writers to help you. The attributes a consumer considers important about a certain product are referred to as, Research plan development is also sometimes called, A product that has new packaging different features and updated designs and functions is a, The group of customers toward which an organization has decided to direct its marketing efforts is called its.
- The diffusion process is the spread of a new product from its producer to ultimate adopters. In Maslow's hierarchy of needs what need must be satisfied first before a person will seek to satisfy any other need? Which of the following is not one of the need levels in Maslow's hierarchy of needs? Which of the following represents a threat? This is known as the, The transmission of data voice and video via any wireless-enabled computing device without a fixed physical connection is a technology known as, At a local fair Ford hosted a booth and brought several models of its cars for customers to sit in and look at up close. You have three hours to complete this exam so please take your time and double check all your answers once you are finished. Marketing managers use the product life-cycle concept as an analytical tool to forecast a product's future and devise effective marketing strategies. The winning creation will be featured on the shop's menu. Moral development theory that places individuals or groups in one of three developmental stages: preconventional morality, conventional morality, or postconventional morality.
- The summer drought has produced fewer flowers. Which of the following is NOT one of the 4 P's of the marketing mix? The type of customer communication that provides the customer with information concerning the completeness of the order when it will ship from the firm and when it will arrive to the customer is called. Which method of entering a foreign market carries with it the most risk? Educated consumers are more likely to earn significantly more money throughout the course of their lifetime, Wants are the form that human needs take and are shaped by. They focus on product efficiency and improving customer service. June 21, by Anirban. A company that practices disintermediation is doing which of the following? Profit oriented pricing, designed to generate a much revenue as possible in relation to cost.
- Marketing Global Marketing Final Exam Take this practice test to check your existing knowledge of the course material. A measure of how optimistic consumers are about the overall state of the economy and their own personal finances is referred to as, The focus of the marketing concept era was on, A concise affirmation of a firm's long-term purpose is known as its. The measure of total audience size for a given platform is determined by which metric? Which of the following is not one of the stages in the new-product development process? It made deceptive and misleading advertising illegal. Third, business buying falls into 3 general categories: new buys, modified rebuys, and straight rebuys. The function that takes in orders checks stock for availability and prints tickets for warehouse workers to reference as they select products from warehouse locations occurs during which stage of the order cycle?
- Breadth and depth of product assortment. What external factor affecting the marketing environment does this represent? Stressing tangible cues: a tangible cue is a concrete symbol of the service offering. What is the major disadvantage of publicity as a promotion mix tool? The process of creating, communicating, and delivering value to customers and managing those relationships in ways that benefit the organization and its employees, customers, investors, and society as a whole. The generic term used to describe a measurement device such as a survey test or questionnaire is the. Marketing Final Exam Part 2. Quickly memorize the terms, phrases and much more. Most companies are creating departments to target multicultural market segments. What is the most common type of sales promotion?
- Purchase volume is much larger, customers are fewer in number and more geographically concentrated, and distribution channels are more direct. Adopters in the diffusion process belong to five product categories: innovators, early adopters, the early majority, the late majority, and laggards. Which term describes both the growth in information that inundates businesses each day and the complex tools used to analyze the data and derive meaningful insights. A recent survey conducted by U. News and World Report on the best overall hybrid car ranked the Ford Fusion Hybrid as one of the best hybrid cars for the money. John works for a consumer products company. Nora is most likely what type of adopter?
Mr. Lanning's Website / Sports And Entertainment Marketing Review
Which of the following is not a way to categorize new products? Which social media metric helps marketers to evaluate how conversations about one brand compare with conversations about its competitors? Which of the following is not a common objective listed in your text for all employees when building an effective customer service strategy?- Brand loyal customers typically exhibit less price sensitivity, Brand marks are elements of the brand that can be expressed in all of the following ways except. Sales forecast, expense forecast, and break-even analysis. The company cannot control these! Get … a pricing policy whereby a firm charges a high introductory price, often coupled with heavy promotion. Several major social trends are currently shaping marketing strategies.
- Back Product Anything that can be offered to a market for attention, acquisition, use , or consumption that might satisfy a want or need. Service Any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything. Consumer Product Product bought by final consumer for personal consumption Actual Product Developing products and services features, designing , a quality level, a brand name, and packaging.
- Shopping product Consumer good that the customers, in the process of selection and purchase, characteristically compare on such bases as suitability , quality , price ,and style. Speciality product Consumer product with unique characteristics or brand identification for which a significant group of buyer is is willing to make a special purchase effort Unsought product Consumer product that the consumer either does not know about or knows about but does not normally thinjk of buying Product quality The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs Brand A name , term sign, symbol , or design or a combination of these that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors.
- Packaging The activities of designing and producing the container or wrapper for a product. Produce line A group of products that are closely related because they function in a similar manner, are sold to the same costumer groups, are marked through the same types of outlets , or fall within given price ranges. Product mix or product portfolio The set of all product lines and items that a particular seller offers for sale. Brand Equity The positive differential effect that knowing the brand name has on customer response to the product or service. Service intangibility A major characteristics of a service they cannot be seen , tasted , felt , heard, or smelled before they are bought.
- New product development The development of original products , product improvements, product modificatiosn, and new brands through the firms own product development efforts Share the flashcard by embedding it on your website or blog.
- Idea Generation -The systematic search for new product ideas -Company must usually generate many ideas to find a good one -Good product ideas usually come out from watching and listening to customers 2. Idea Screening - Sorting through new product ideas to identify good ideas, and separate them from the not-so-good ideas 3. Concept Development and Testing - Developing the new product idea into various alternative forms and testing the concepts with a group of potential customers 4. Marketing Strategy Development -Designing an initial marketing strategy for a new product based on the product concept Product Concept - a detailed version of the new product idea that can be shown to potential customers Fall MCS Notes 5. Product Development and Testing -Developing the product concept into a real working version of the product and subjecting it to a variety of tests -All new products must pass through the product development and testing phase 7.
- Test Marketing - Testing the product and marketing program in real, but limited market conditions 8. Commercialization - The full-scale introduction of the new product into the market www. Fall MCS Notes Department Store — a retail organization that carries a wide variety of product lines — typically clothing, home furnishings, and household goods; each line is operated as a separate department managed by specialist buyers or merchandisers. Supermarket — large, low-cost, low-margin, high-volume, self-service store that carries a wide variety of food, laundry, and household products. Convenience Stores — a small store located near a residential area that is open long hours seven days a week and carries a limited line of high-turnover convenience goods.
- Superstores — a store much larger than a regular supermarket that carries a large assortment of routinely purchased food and nonfood items and offers services such as dry cleaning, post offices, photo finishing, cheque cashing, bill paying, lunch counters, car care, and pet care. Category Killer — giant specialty store that carries a very deep assortment of a particular line and is staffed by knowledgeable employees. Service Retailers — retailers that sell services rather than goods. Ex hotels and universities.
- Relative Prices Discount Store — a retail institution that sells standard merchandise at lower prices by accepting lower margins and selling at a higher volume. Ex Walmart. Off-Price Retailers — retailer that buys at below wholesale prices and sells at less than retail. Ex factory outlets, independents, warehouse clubs. Independent Off-Price Retailers — off-price retailer that is either owned and run by entrepreneurs or is a division of a larger retail corporation. Ex Winners. Warehouse Clubs — off-price retailer that sells a limited selection of brand-name grocery items, appliances, clothing, and a hodgepodge of other goods at deep discounts to members who pay annual membership fees. Ex Costco. Ex LCBO Voluntary Chain — a wholesale-sponsored group of independent retailers that engages in group buying and common merchandising.
- Ex Ace Hardware Merchandising Conglomerate — a free-form corporation that combines several diversified retailers under central ownership. Franchise — a contractual association between a manufacturer, wholesaler, or service organization a franchiser and independent businesspeople franchisees who buy the right to own and operate one or more units in the franchise system. Ex Canadian Tire www. One channel member owns the other, has contracts with them, or has so much power that they all cooperate ie. Horizontal Conflict — conflict among firms at the same level of the channel. Marketing Communications Mix Marketing Communications Mix — the specific blend of advertising, sales promotion, public relations, personal selling, and direct marketing tools a company uses to pursue its advertising and marketing objectives.
Introduction To Marketing Final Exam Questions. Principles Of Marketing - Final Exam Review
The paid placement of a promotional message in mass media. Sales Promotion — short-term incentives usually presented at the point of purchase, designed to encourage the immediate purchase of a product or service.- This includes both material covered in class and material covered in the text book or on MyMarketingLab. Exam is worth points 75 multiple choice questions worth 2 points each. You have the normal class time to complete the exam. Exam Day Procedure: Given the size of this class, it is necessary to establish a set of routine behaviors for the day of the exam - your cooperation here is necessary and appreciated.
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