Download Marketing Exam 2: Solutions and Explanations and more Exams Brand Marketing in PDF only on Docsity!
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MKTG exam 2 with 334 solutions verified
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What are the two functions of a brand - ANSWER-identify and differentiate waht are the two parts that make up a brand - ANSWER-brand name and brand mark seeing a brand can cause consumers to automatically think of the attributes of the firm - ANSWER-true a brand is confined to the physical name or logo associated with the firm - ANSWER- false the real value of a brand lies in - ANSWER-what the consumer thinks about the firm when the brand is seen the primary value of a brand for consumers is the - ANSWER-reduction of perceived risk the brand resides in the consumers - ANSWER-memory in the associative network model, nodes represent - ANSWER-stored knowledge what is spreading activation - ANSWER-when nodes are energized and brought into working memory when does activation occur - ANSWER-with either external or internal cues addi is driving from stilly to dallas and sees a mcd's sign with golden arches (but no words) she automatically begins to think of her hunger. what kind od cue activated this thought? - ANSWER-external cue brand awareness is associated with 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. - ANSWER-identify; differentiate in an interview at an oil company, anna is asked to name all of the firm's closest competition in the area. As she lists off all the brands that she can think of, anna realizes that she is performing - ANSWER-brand recall brand recall tasks are generally seen as much easier than brand recognition tasks - ANSWER-false
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memory nodes that are linked to a particular brand are - ANSWER-brand associations which of these is not a type of brand association - ANSWER-brand memories automaticity in branding context means - ANSWER-the evaluation of a brand is brought to either conscious or subconscious thought a way of visually presenting where your brand is in consumers' minds is called a : - ANSWER-brand map brand associatons within a brand map can also have ___ attached to them - ANSWER- mood and emotion a brand map determines brand associations from the perspective of the - ANSWER- consumer when creating a brand map, a word cloud is always more useful than a table - ANSWER-false the added value delivered by the brand over the functional benefits or book value is called - ANSWER-brand equity how did changing the name of an island from hog island to paradise island help that island's tourism industry? - ANSWER-added value came from a more appealing name book value of assets + brand equity = - ANSWER-market value of brand brand equity starts as a ___ concept, but ends up having real ___ effect - ANSWER- psychological; monetary the "magic lesson" teaches us how to turn what into dollars? - ANSWER-what consumers know about the brand which of these is not a way to turn brand equity into dollar value - ANSWER-price competition 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 - ANSWER-promotional advantage the example of the purchase of the panAm brand demonstrates how - ANSWER-brands can have value beyond the book value of the firm
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which of these is the best example of brand fit - ANSWER-Lyft's name and logo Carefully choosing a brand name that is easily understood and pronounced is best defined as: - ANSWER-accessibility air BnB's exprience, where one part of the company began to demand expansion, required the company to be concerned with which guideline of choosing a brand name - ANSWER-longevity which of these companies could be said to follow the guideline of conciseness most closely - ANSWER-gap what is the definition of euphony - ANSWER-ensuring the brand name sounds good with the expansion of globalization, which guideline of choosing a brand name should become a greater concern - ANSWER-appropriateness if procter and gamble suddenly broke form its current strategy of individual branding, which guideline of choosing brand name would they have broken - ANSWER- consistency it is possible that parts of the company that are not product related are beginning to be just as important - or ever more important - than the products themselves - ANSWER- true which branding strategy makes it easier for a companys reputation to influence produces - ANSWER-institutional People are becoming more interested in who produces the product and how they produce it (ex. labor conditions and animal testing). - ANSWER-true mostly business is made up of - ANSWER-smaller, more frequent transactons face to face communication is necessary for true "frontling" transactiosn - ANSWER- flase frontline interfaces can be - ANSWER-people and/or equipment technology has had little impact on organizational frontlines in most industries - ANSWER-false service users have to be human consumers by default - ANSWER-false
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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 - ANSWER-traditional interactions when mariah needs money, she goes to an atm instead of driving to her bank. when mariah utilizes this atm it represents her home bank, what kind of interaction has taken place - ANSWER-humon customer, machine service provider Pacemakers that communicate with healthcare computers and can be re-calibrated by those computers are an example of what kind of interactions? - ANSWER-automated service delivery which of these types of interactions is the only one where human interaction is absolutely necessary - ANSWER-traditional interactions the acronym LAURA helps us to analyze and adjust when - ANSWER-a product or service has disappointed the consumer in the acronym LAURA, the U stands for understand. what should a marketing professional understand? - ANSWER-exactly what happened to cause the problem Which of these is not a part of the acronym LAURA? - ANSWER-recognize company employees are only able to act (the last a in the acronym laura) if the problem was caused by an issue on the firms side of the transaction - ANSWER-false What is the definition of retailing? - ANSWER-Selling goods and services to consumers for their own use
- ANSWER-retailers sell to individuals for end use; wholesalers sell to companies for resale/company use What is the difference between merchant and agent wholesalers? - ANSWER- merchants take ownership to a product; agents act as intermediaries What is the difference between generalist and specialist wholesalers? - ANSWER- Generalists sell many different products; specialists sell a specific range Why do retailers exist - ANSWER-They add value by adjusting discrepancies between the needs of consumers and sellers Why is breaking bulk important? - ANSWER-sellers want to produce in bulk, consumers want to buy in small amounts
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Which of these is not a party that shares and exchanges value in a sharing economy? - ANSWER-Recommender Which of these is not a potential benefit of increasing a sharing economy? - ANSWER- realize potential market gains What jobs are the most likely to be automated? - ANSWER-those with a great deal of routine The degree to which an individual possesses an enduring belief in the importance of customer satisfaction is defined as: - ANSWER-customer orientation Some people innately have more of a customer orientation than others. - ANSWER-true It is often most important for which kind of employee to have a strong customer orientation? - ANSWER-Front line When a supervisor doesn't emphasize the importance of customer satisfaction, employees with higher customer orientation: - ANSWER-perform fewer customer service behaviors than they might have When employees with high customer orientation are embedded in an organization that emphasizes (and benefits from) customer satisfaction, profits are likely to: - ANSWER- increase In most circumstances, higher levels of customer orientation lead to all of the following except: - ANSWER-• Job turnover Employees with high customer orientation will thrive in what kind of job? - ANSWER- High customer interaction All personal selling is required to take place in face-to-face settings. - ANSWER-false A frontline interaction between a company representative and a potential buyer designed to influence a purchase decision is defined as: - ANSWER-personal selling What are inside sales? - ANSWER-a type of sales in which interactions are initiated by the buyer What are outside sales? - ANSWER-A type of sales in which interactions are initiated by the seller
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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: - ANSWER-Team Selling What is a key account? - ANSWER-a very large customer that provides a significant portion of revenues A form of personal selling that focuses on making an immediate sale with little or no concern for customer satisfaction or relationship development is defined as: - ANSWER-Transactional selling What are the two important outcomes in a marketing interaction? - ANSWER-repeat business and positive word of mouth Transactional selling focuses on the customer relationship. - ANSWER-false A form of personal selling that involves securing, developing, and maintaining long-term relationships with profitable customers is defined as: - ANSWER-relationship selling Relationship selling tends to be more long-term than is transactional selling. - ANSWER-true An employee with a high customer orientation is likely to pursue which kind of selling? - ANSWER-relationship selling Which of these is not a step in the personal selling process? - ANSWER-prospecting What happens in the Prospecting stage of the personal selling process? - ANSWER- search for and screen potential customers What happens in the Preapproach stage of the personal selling process? - ANSWER- gather information about the prospect and determine how best to approach What happens in the Approach stage of the personal selling process? - ANSWER-gain attention and interest; arrange a meeting When does initial contact with the potential consumer occur? - ANSWER-approach What happens in the Presentation stage of the personal selling process? - ANSWER- determine prospect needs and present benefits; handle objections What happens in the Close stage of the personal selling process? - ANSWER-obtain commitment from the customer
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Which of these does not happen in a "dumb industry"? - ANSWER-barriers to entry are increased Which of these does not happen in a "smart industry"? - ANSWER-companies fight with price only What is the first step in strategic pricing? - ANSWER-Knowing how your industry behaves What is the key difference between cost-based pricing and value-based pricing? - ANSWER-where you start the process Value-based pricing will always be more profitable than cost-based pricing. - ANSWER- True What is price skimming? - ANSWER-setting a high price for a new product to skim maximum revenues What is market penetration pricing? - ANSWER-setting a low price for a new product to penetrate the market What is dynamic pricing? - ANSWER-variable rate for each customer What is flat-rate pricing? - ANSWER-single rate per time period What is ala carte pricing? - ANSWER-price assembled as you add options Which of the following describes peak load or congestion pricing? - ANSWER-variable rate depending on time of day or week You do not need to understand margin and markup if you are using value-based pricing.
- ANSWER-False What is the main difference between the equations for margin and mark-up? - ANSWER-Margin is (Price - Cost)/Price and Mark-up is (Price - Cost)/Cost Mark-up can be greater than 100%. - ANSWER-True A grocer has purchased a truckload of frozen dinners for $3 each. The grocer operates on a margin of 30% for frozen food items. What is the retail price to the consumer? - ANSWER-4. 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
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items. The manufacturer's price is unknown. What steps should be taken to determine the manufacturer's highest price? - ANSWER-Solve for Retail price, then Wholesale price, then Manufacturer price What is the breakeven point? - ANSWER-where profits just cover costs 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 variable price of $0.10 for every 30 minutes over that 25 hours. Bundle 2 includes no base price, but a variable price of $0.25 for every 30 minutes of streaming per month. When a consumer attempts to decide which bundle to use, what is he or she determining? - ANSWER-Breakeven point What is defined as responsiveness of demand to changes in price? - ANSWER-Price elasticity 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. - ANSWER-Greater Which of these is not part of the Three C's Model for Price Setting? - ANSWER- Capitalization Psychological pricing is primarily concerned with: - ANSWER-how consumers perceive the price What is odd-even pricing? - ANSWER-setting prices a few dollars or cents under an even number When pricing a product in other countries, what should companies be sure to do? - ANSWER-set prices that cater to cultural beliefs Consumers compare an observed price to an internal reference price or external frame of reference. What is this called? - ANSWER-Reference pricing If a company is using Reference pricing in an advertisement and lists their competitor's price for comparison inside that ad, what is this competitor's price called? - ANSWER- External reference Firm A is selling a product for $40, while their major competition is selling the same product for $50. Firm A is trying to decide whether to market their price as "$10 off" or "20% off." According to the majority of research, which strategy would be the most effective? - ANSWER-20% off
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The "company" in the Communications Triangle represents the: - ANSWER-Formal company management What is defined as frontline interactions in the Communications Triangle? - ANSWER- Interactive Communication What is defined as the communications between the company and its customers? - ANSWER-External promotion What is the definition of Advertising? - ANSWER-A form of external promotion with customers, paid for by the seller The immediate goal of all advertising is to make exchange happen. - ANSWER-False The goal of "remind and reinforce" applies to advertisements aimed at: - ANSWER- current customers Advertising is best thought of as a(n): - ANSWER-investment In advertising, a marketing professional should know both her _______ and her _______. - ANSWER-Message; audience Which of these is not one of the Three C's in communication? - ANSWER-Committed 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? - ANSWER-TV commercials Advertisements should be run with _______ objectives in mind. Correct Answer - ANSWER-Specific and measurable Why is telling stories such an impactful way to advertise? Correct Answer - ANSWER- People are drawn into stories Which aspect of the SUCCESS model is more common in the United States than in other countries? - ANSWER-Emotion 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 the personal story best encompass? - ANSWER-• Emotion
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A security company brings in an advertising strategy that details the company's history with defending a national bank. Which part of the SUCCESS model does this best describe? - ANSWER-Credibility 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. Which strategy best encompasses the idea of being Concrete? - ANSWER-Personal story The importance of being Unexpected is best explained by: - ANSWER-The ability of surprising messages to break through clutter 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? - ANSWER-Simplicity Why is simplicity important for breaking through promotional clutter? - ANSWER-Your message is the clearest when it is simple Why is it crucial for a company to break through the promotional clutter? - ANSWER- Consumers have a limited ability to register messages What is a sales promotion? - ANSWER-Short term external promotion tactic designed to influence immediate purchase What is the goal of a sales promotion? - ANSWER-Convincing consumers to "act now" What is the main difference between advertisements and sales promotions? - ANSWER-Goal: of long-term or immediate payoff See's Candy Store is known for handing out free samples of their chocolate. What is the main hope of See's when utilizing this strategy? - ANSWER-Immediate purchase In its simplest form, a Price Promotions is known as a(n): - ANSWER-sale Black Friday is best described as an example of: - ANSWER-Price Promotion In rebate programs, what are many marketing professionals banking on? - ANSWER-• Unwillingness of consumers to mail in the rebate What is the best example of a Frequent User Program? - ANSWER-Southwest credit card
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Which of these is not a goal covered by Public Relations Advertising? - ANSWER- Action Which of the following media categories commands the biggest slice of advertising dollars today? - ANSWER-Broadcasting hich of these is not an example of broadcast advertising? - ANSWER-Billboard advertisement The advertising examples given in the lecture videos best demonstrate which aspects of the SUCCESs model for cutting through clutter? - ANSWER-Simple and Unexpected A benefit of TV broadcast advertising is that: - ANSWER-Both visual and audio mediums are available The Cadbury commercial in the video lecture is an example of how advertisements have the ability to improve a company's reputation. - ANSWER-True Which of these is not an example of print media advertising? - ANSWER-Radio Why has readership of most print media declined in recent years? - ANSWER-Many readers obtain information online Print ads are no longer effective in today's world. - ANSWER-False Compared to digital or broadcast advertising, print advertisements tend to lack: - ANSWER-Flexibility Marketers tend to spend _________ on out-of-home advertisements compared to other methods. - ANSWER-Less Which of these is not an example of out-of-home advertising? - ANSWER-Online ad videos Which of these is not a reason for the increasing popularity of digital marketing? - ANSWER-Difficult to track effectiveness Which of these is not a key category of digital promotion? - ANSWER-Video Which of these is the best example of display advertising? - ANSWER-Banner advertisement What is a main risk of using email promotions? - ANSWER-Consumers ignoring emails
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What is the key aspect of the definition of social media? - ANSWER-The ability it gives users to interact with each other Social media marketing, when compared to normal social media use, uses the platform:
- ANSWER-Strategically Only Gen X and millennial demographics are represented on social media. - ANSWER- False The social media landscape changes __________ and requires ___________ from marketers. - ANSWER-• Quickly; flexibility There is a trend towards _______ elements in social media - ANSWER-Visual Which social media platform has the widest customer base? - ANSWER-Facebook Only certain demographics can be reached using Facebook. - ANSWER-False Which of these situations would Twitter be best for? - ANSWER-Live reporting Pinterest is the only social media platform that is ________-looking. - ANSWER- Forward Posts that have a(n) __________ element tend to do well on Instagram - ANSWER- Artistic Which social medial site is best suited for business to business marketing? - ANSWER- LinkedIn Which of these is an important characteristic of YouTube? - ANSWER-Video-based search engine When determining which social media platform to use for marketing, what should marketing professionals consider? - ANSWER-How the platform fits with your product When determining which social media platform to use for marketing, where should marketing professionals look? - ANSWER-Where the target segment is best represented Which of these is the best strategy for determining the best social media platform to use for marketing? - ANSWER-Try new platforms and content to see what connects With social media marketing, who are you representing? - ANSWER-Y our brand
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What should the Unique Value Proposition be matched with? - ANSWER-Call to Action What is determined by the default bid aspect of setting up a pay-per-click ad? - ANSWER-How much the firm pays per click What is a landing page? - ANSWER-A special page specifically for people who click on your ad The landing page is the same as the web home page. - ANSWER-False Which of these is not a characteristic of a good landing page? - ANSWER-Full company information Google determines the best _________ and the best bid to determine the best ranking.
- ANSWER-Quality score Online display advertising is exactly the same as pay-per-click. - ANSWER-False What is a main difference between online display advertising and pay-per-click? - ANSWER-Online display is visual; Pay-per-click is text What is contextual targeting most similar to? - ANSWER-Keywords google's display network is huge, with approximately ___________ monthly impressions (as of fall 201 - ANSWER-One trillion Which of these is not a listed method of mobile marketing? - ANSWER-Online news articles Targeting based on "where people have been" is known as: - ANSWER-Remarketing When will a firm's ad show up the most often? - ANSWER-The firm creates different ads for different sizes Standard webpage views are optimal for mobile access. - ANSWER-False What is the number one way to market to mobile users? - ANSWER-Optimize webpage views through mobile sites Which of these marketing methods is the most unique to mobile marketing? - ANSWER- Location-based The companies who utilize mobile marketing to its fullest potential are using many platforms in addition to mobile. - ANSWER-True
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Marketing as a study originally broke off from which academic discipline? - ANSWER- Agricultural Economics What is defined as the means of getting the product, service, or idea to the customer? - ANSWER-Place What is the supply chain? - ANSWER-Organizations and activities involved with the flow of products from raw materials to the customer What is defined as a group of individuals and organizations that direct the flow of products from producers to customers within the supply chain? - ANSWER-Both are correct Which of the following is a "customer" in a Supply Chain? - ANSWER-Retailer The Marketing Channel is made up of: - ANSWER-Individuals and organizations Within the supply chain, marketers are specifically concerned with the marketing channel. - ANSWER-True How many entities are in a direct channel of distribution? - ANSWER-Two Most services are delivered via which kind of channel? - ANSWER-Direct channel There are __________ intermediaries in most channels of distribution. - ANSWER-One or more Intermediaries should always add ________ to the system. - ANSWER-Efficiency Intermediaries create significant change in the final product as it travels from the producer to the customer. - ANSWER-false Which of these is not a marketing function? - ANSWER-Manufacturing Marketing functions are often performed by ________ in the marketing channel. - ANSWER-Intermediaries Which of these is not a common intermediary for products? - ANSWER-All of these are common intermediaries for products Why are wholesalers, distributors, etc. not described as common intermediaries for services? - ANSWER-Most services are delivered directly
