Exam 10: Marketing: Providing Value to Customers

New technologies transform the marketing mix by altering the way companies market their products.

The dairy industry still uses cow’s milk as the base for its varied products. Over time, however, competition from other types of milk has forced changes in the traditional American taste for milk, ice cream, cheese, cottage cheese, yogurt, frozen yogurt, and sherbet. Currently, for example, soy milk and other related items are making inroads in this traditional market. -Low fat or "light" dairy products are probably in the _____ stage of the product life cycle.

McDonald's sells tacos for breakfast in Arizona because its marketers have identified a _____ segment.

_____ pricing bases the selling price of a product on its cost plus a reasonable profit.

Among Americans born in the last 70 years,according to marketers,_____ echoes a previous group and stands for integrity and honesty.

Dividing consumers by such variables as attitude toward the product is called psychographic segmentation.

Working in the field of _____,Juan Gonzales deals with processes for creating,communicating,and delivering value to customers and for improving customer relationships.

In the _____ stage of the product life cycle,price competition becomes more intense and profits harder to come by.

_____ is not an aspect of marketing strategy.

_____ segmentation classifies consumers on the basis of individual lifestyles as they're reflected in personal values.

Demographic segmentation divides a market into groups based on such criteria as values,interests,opinions,and lifestyles.

Individuals go through a five-step process (need recognition,information search,evaluation,purchase,and post-purchase evaluation)in deciding which gas station to stop at to fill up their gas tank.

Your _____ market consists of a specific group of consumers who are interested in your product,have access to it,and possess the means to buy it.

To deliver high customer value,a company must monitor and improve its value chain.

When a company does something negative,such as selling a prescription drug with unexpected side effects,its _____ department will probably go to work to control the damage to its reputation.

Marketers often determine how much potential customers are willing to pay for a product and then price it accordingly.This pricing strategy is called target costing.

Over the last few decades,the workforce has become more diverse.

The requirement that food labels reveal the trans-fat levels of foods reflects the influence of the political and regulatory environment.

When a travel agency wanted to predict sales for a new travel adventure they wanted to start marketing,they looked at sales figures and customer feedback on similar types of vacation packages they had offered in the past.This is an example of _____.

Wholesalers are sometimes called "distributors."