Creating Products and Pricing Strategies to Meet Customers' Needs

What is the primary objective of relationship marketing?

According to a study mentioned in the text, increasing customer retention rates by 5 percent can increase profits by what range?

Which of the following is NOT listed as one of the 'Five Ps' of the marketing mix?

What is the process called where organizations assemble a team of specialists to continually collect and evaluate environmental information to identify market opportunities and threats?

Which type of competitive advantage is based on a firm's ability to produce a product or service at a lower cost than its competitors while maintaining satisfactory profit margins?

What does the term 'product' refer to in the context of marketing strategy?

Which element of the promotional mix is described as any communication or activity designed to win goodwill or prestige for a company, which may include publicity?

What is the first step in the consumer purchase decision-making process?

In the context of buyer behavior, what are reference groups?

What is the key difference between a consumer product and a business product?

Which characteristic of the business-to-business (B2B) market involves business customers often being more geographically concentrated than consumers?

Which type of market segmentation is based on variables such as age, education, gender, and income?

In the example of Frito Lay's age segmentation, which product is targeted towards 'upscale consumers born between 1946 and 1964'?

What type of segmentation groups people based on their personality, lifestyle, interests, and opinions?

According to the text, which type of toothpaste user would be the target for a product like Sensodyne?

In the fast-food industry example, the 'heavy user' makes up one in five patrons but accounts for what percentage of all visits?

Which of the following is an example of an unsought product?

What is a 'line extension' in the context of new products?

What is the primary purpose of a focus group in the new-product development process?

What is the final step in the six-step product development process before a product is ready for the market?

During which stage of the product life cycle do sales grow at an increasing rate, profits become healthy, and many competitors enter the market?

What is the marketing objective during the introduction stage of the product life cycle?

The pricing strategy of introducing a new product with a high price and then lowering it over time is known as what?

What is the primary goal of penetration pricing?

When a retailer prices a product below its normal markup or even below cost to attract customers, this is known as:

What is the psychological principle behind odd-even pricing, such as setting a price at $49.95?

What is prestige pricing?

What is one-to-one marketing?

According to a recent survey mentioned in the text, what percentage of consumers have used a smartphone when comparison-shopping in stores?

What is a marketing database?

Which company, according to the text, uses a niche competitive advantage by concentrating on country music stars and entertainment professionals in Nashville?

What is 'customer value' defined as in the marketing context?

What term describes products like Whirlpool washing machines and Apple computers that are bought by the end user and last for a long time?

Which of the following are examples of expense items in the classification of business products?

During the maturity stage of the product life cycle, what is a common marketing strategy for products like Kool-Aid?

What is the primary reason that a product's price may actually be set too low, potentially hurting sales, especially for services?

What is the marketing concept?

Which of the following environmental forces includes factors such as advances in telecommunications and computer technology?

In the context of the marketing mix, what does 'place' strategy involve?

What is the major difference between the consumer and business purchase decision-making processes?

The fastest-growing form of observation research involves researchers using what technology to identify items being purchased?

What is the primary objective of an experiment as a marketing research method?

Which type of consumer product is bought only after a brand-to-brand and store-to-store comparison of price, suitability, and style?

In business product classification, what are large, expensive items with a long life span, such as buildings and large machines, called?

What is the role of a product manager?

According to the text, the pricing strategy for Republic of Tea's rare Emperor's White Tea, which retailed for $16 per tin, is an example of what?

The marketing mix is only as good as its weakest part. Which example is used in the text to illustrate a successful marketing mix requiring careful tailoring?

What does market density, a factor in geographic segmentation, refer to?

Which of the following is NOT a characteristic of the decline stage of the product life cycle?

The strategy of grouping two or more related products together and pricing them as a single product is called what?