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Exam 21: Managing the Marketing Mix: Product, Price, Place and Promotion

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Question 1

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The product life cycle model helps marketers realize that:

A) consumers are always ready to try a new product if it is priced correctly.
B) different stages in the life cycle call for different marketing strategies.
C) sales and profit levels can be forecasted accurately.
D) careful product screening will increase profits over the life of a product.

E) B) and C)
F) C) and D)

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Question 2

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One way marketing intermediaries improve marketing efficiency is by reducing the number of exchange relationships necessary to move goods through the channel of distribution.

A) True
B) False

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Question 3

Multiple Choice

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One of the reasons why companies create the position of brand manager is to:

At Isuzu's Appliance Store, all new products are offered with an extended service contract, as well as free delivery and installation. By offering these value enhancers, Isuzu's has added to their total product offer.

The _________ pricing strategy maintains low prices and avoids the use of special sales.

Jian has entered into a contract with the federal government to design a computer simulation model for training helicopter pilots. The contract calls for the final price to be set at a fixed percentage profit over and above her cost of production. This seems to represent a:

After receiving poor service from her car insurance company, Wendy made her complaints public by placing them online. This is a form of:

In evaluating a total product offer, value enhancers such as service, guarantees, reputation of the seller, etc. are as important to customers as the basic product.

Most marketing intermediaries have survived in the past because consumers were unaware of how much these companies add to the cost of distributing goods.

Whether a consumer thinks a product provides the best value depends upon:

Brand managers are responsible for the marketing of a product after it has been developed and a clear promotional message has been identified.

Once a good or service nears the end of its product life cycle, the firm recognizes that:

Bob is a salesperson for a firm that markets products in a B2B market. His wife, Sally, is a salesperson for a retail store selling top-quality electronics goods. While Bob is likely to be successful using follow-up after the sale, Sally should avoid this approach.

The stages of the product life cycle are:

Viral marketing describes everything from paying people to say positive things online to schemes where consumers get commissions for directing friends to specific websites.

Currently, Halperin Electrical sells directly to thousands of industrial customers. Halperin could reduce the number of exchange relationships by including wholesalers in its channel of distribution.

Telemarketing is the sale of goods and services by telephone.

Mo's Movies markets DVD and Blu-Ray movies online. The company recently adopted a new program that offers their current customers free DVDs if they encourage their friends to visit Mo's Movies' website. This promotional program represents:

Brand equity refers to those factors that people associate with a specific brand name, such as awareness, perceived quality, and loyalty.

As a manager for a firm that produces a variety of recreational equipment and sporting goods, Kevin is convinced that his firm markets the safest, highest-quality equipment in the entire industry. Recent studies from the Consumer Product Safety Commission support his position. Kevin feels that the best way to create an image of high-quality, safe products is to develop an extensive advertising campaign. Kevin realizes that publicity lacks the credibility that advertising can generate.