Exam 12: Understanding Marketing Principles and Developing Products

Campbell's Soup has discovered that millenials are buying less soup than the population as a whole. This is an illustration of the importance of demographic variables in marketing.

The term "product" in the marketing mix includes goods, services, or the ideas that attempt to meet a consumer's needs.

Consumer markets are more important to a company than industrial markets because consumer markets are observable daily and are visible to the public.

The key purpose of packaging is to protect the product during shipping.

When a company with a well-known brand sells another company the right to place that brand on its products, these are called private brands (e.g., the Harley-Davidson logo on gloves).

Identify the five steps in the consumer buying process and explain what is involved in each step.

How do expense items differ from capital items?

A TD Canada Trust advertisement that emphasizes non-traditional extended banking hours is an example of product differentiation. market research. industrial marketing relationship marketing market segmentation

The importance of ________ in marketing can be seen in the example of the introduction of "Crayola IQ" colour pencils because crayons were seen as too "babyish" by 8 to 12 year olds. language geography demographics history psychology

Penelope's Pizza, a local chain of carryout restaurants, has made the decision to expand to a national basis. It plans to open 50 Penelope's in 20 cities across the country within the next two years. In order to efficiently integrate all the tools and company resources to maximize the impact on new customers, Penelope's Pizza is considering using an integrated marketing strategy to promote a coherent national brand perception. The account manager argues that an integrated marketing strategy is the way to go, but the CEO argues that each local community is different, and the needs, values, and norms of the host cities should drive the marketing campaign. Penelope's Pizza also wants to be at the forefront of current trends and changes in the practice of advertising. The account manager wants to focus on consumer generated advertising via YouTube, Twitter, and Facebook, whereas the CEO prefers to focus on mainstream media. Which of the following, if true, would support the position of the account manager? The number of television cable channels has skyrocketed in recent years. Over the same time, the four major television networks suffered a 20-percent decrease in viewership, leading to a reduction in advertising rates. The emphasis on effectiveness and accountability has lowered the production costs for a 30-second television commercial. Television networks are seeking to ban the feature in recording devices that allows viewers to record television shows while deleting all commercial messages. Young adults, under the age of 30, consume the largest amount of pizza per capita and are the greatest users of social media.

As you go to the store to write a cheque for the new professional suit you're going to buy, you consider what ties and shirts would go well with it. You are in the ________ stage of the consumer buying process. evaluation of alternatives purchase decision problem recognition post-purchase evaluation information seeking

Buildings, manufacturing equipment, computers, and desks are examples of ________ purchased by companies that make other goods. impulse items capital items current expenses fixed expenses expense items

Secondary data are statistics and information that are available as a result of previous research. based on data newly collected for a specific research purpose. based on information gathered by someone else, but not yet published. any of the above, depending upon why the marketer is doing the research. data gathered for secondary areas of the firm like marketing research and accounting.

When Maytag created the perception that its products were more reliable (by showing a lonely repair person with nothing to do) it was using a(n) ________ strategy. product differentiation promotion every-day-low-prices new product development market segmentation

Describe the elements of the marketing mix. What is their collective role?

The main benefit of focus groups is that the people in the group get to actually try the product and then give their opinion about it.

As Bill enters the store, he notices a shirt that he likes and decides to buy it even though he came into the store looking for pants. He has made a(n) ________ decision. rational emotional illogical subjective logical

Hostess Frito-Lay, the maker of Doritos, spent a year studying how to best reach its target market (teenagers). The researchers hung around shopping malls, schools, and fast-food outlets to watch teens. This is an example of primary data gathering.

What is a target market?

What type of brand is Coca-Cola? Generic brand National brand Off-the-shelf brand Copyrighted brand Private brand