MKTG 3700 Principles of Marketing Exam 3 with correct Answers Graded CREDIT
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Course
MKTG 3700
Institution
MKTG 3700
MKTG 3700 Principles of Marketing Exam 3 with correct Answers Graded CREDITa plan that links new-product development process with the objectives of the marketing
department, the business unit, and the corporation. sharpens the focus and provides general
guidelines for generating, screening, and...
MKTG 3700 Exam 3 review
- Core service: the most basic benefit the consumer is buying.
- Supplementary service: A group of services that support or enhance the core service. -
ANS-elements in service offering
- Scanner based research
- Simulated (laboratory) market testing
- Online test marketing - ANS-alternatives to test marketing
-a pathetic or strongly opposed targets
-undifferentiated segmentation strategies
-complementary positioning...complement not complete - ANS-nonprofit organization marketing
strategies: selection of target markets
-benefits are complex
-benefit strength is weak or indirect
-low or very high involvement - ANS-nonprofit organization marketing strategies: product
decisions
-contains and protects products -promotes products -facilitates storage, use, and convenience
of products -facilitates recycling and reduces environmental damage - ANS-functions of
packaging
-Decisions on the type of process involved
-Core and supplementary services
-Customization or standardization
-Service mix - ANS-product strategies for service offerings
-defining unit of service consumption
-determining if multiple elements are to be bundled or priced separately - ANS-pricing
challenges for services
-determine the nature of their core product
-a design marketing mix that reflects each country's cultural, technological, and political
environment - ANS-to be successful in the global marketplace, firms must:
-financial: using pricing incentives
-social: building social bonds
-customization: developing one-to-one solutions to fit customers' needs
-structural: offering value-added services - ANS-levels in relationship marketing
, -focuses on a promotion theme or logo -consumer information is secondary - ANS-persuasive
labeling
-globalization of markets and competition provides a reason for multinational firms to consider
new product development from a worldwide perspective
-succeeding in some countries often requires companies to develop products that meet the
unique needs of these populations - ANS-global issues in new product development
-heavy consumer ads by manufacturers help build consumers' loyalty. -well-known
manufactures brands attract new customers and enhance dealers' prestige -manufactures offer
rapid delivery, enabling the dealer to carry less inventory -loyalty to the dealer -
ANS-Advantages of Carrying Manufacturers' Brands
-helps consumers make proper product selections -lowers a consumers cognitive dissonance
after the purchase - ANS-information labeling
-identifying desired customers
-specifying objectives explicitly/implicitly
-developing, managing, and eliminating programs and services
-deciding on prices
-scheduling events or programs
-communicating their availability
--often nonprofit organizations don't realize they are engaged in marketing - ANS-nonprofit
organization marketing strategies
-no evidence of stores affiliation -manufactured by a 3rd party -sold exclusively at the chains
-the retailer can ask a price similar to that of manufacture brands - ANS-advantage of captive
brands
-objectives
-selection of target markets
-product decisions
-place decisions
-promotion decisions
-characteristics of pricing decisions - ANS-unique aspects of nonprofit organization marketing
strategies
-Often takes one year or more
-Can cost over $1 million
-Exposes new product to competitors
-Competitors can "jam" testing programs with their own promotions - ANS-Cost of Test
Marketing
-pricing objectives is to defray costs rather than to achieve a profit
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