482. To say that a product has a life cycle is to assert all of the following EXCEPT ______________.
products have a limited life
product sales pass through distinct stages, each posing different challenges, opportunities, and problems to the seller
products all basically exhibit cycle-recycle growth patterns
profits rise and fall at different stages of the product life cycle
products require different marketing, financial, manufacturing, purchasing, and human resource strategies in each life-cycle stage
Correct answer: (C) products all basically exhibit cycle-recycle growth patterns
483. The premise of ______________ models is that the power of a brand lies in what customers have seen, read, learned, thought, and felt about the brand over time.
product-based brand equity
service-based brand equity
functional-based brand equity
mission-driven brand equity
customer-based brand equity
Correct answer: (E) customer-based brand equity
484. When a marketer expresses his or her vision of what the brand must be and do for consumers, they are expressing what is called ______________.
a brand promise
a brand mission
brand equity
a brand position
a brand concept
Correct answer: (A) a brand promise
485. ______________ communicates to the market the company's intended value positioning of its product or brand.
Packaging
Price
Place
Promotion
Product features
Correct answer: (B) Price
486. The concept of the lowest ______________ means that a seller can charge a higher price if they can convince the customers that price is only a small part of the total cost of obtaining, operating, and servicing the product over its lifetime.
prestige pricing
total cost of ownership
convenience pricing
key price points
none of the above
Correct answer: (B) total cost of ownership
487. Consumer use price less to judge the quality of a product when they ______________.
Lack Information
Have experience with the product
Are shopping for a specialty item
Cannot physically examine the product
Correct answer: (B) Have experience with the product
488. Cash and carry wholesalers and drop shippers falls in the category of:
Merchant wholesalers
Limited service wholesalers
Full-service wholesalers
Brokers and agents
Correct answer: (B) Limited service wholesalers
489. Under what circumstances might it be wise for a company to do little or no test marketing?
When the product has no substitutes and is new in its category
When management is not sure of the marketing program
When management is not sure about the product
When the costs of developing and introducing the product are low
Correct answer: (D) When the costs of developing and introducing the product are low
490. The challenge for marketers in building a strong brand is ______________.
ensuring that customers have the right type of experiences with products and their marketing programs to create the desired brand knowledge
pricing the product at a point that maximizes sales volumes
minimizing the number of people to whom the product is targeted in order to provide consumers with a personalized experience
retain as many customers as possible in order to minimize the costs and pressure associated with continually generating new leads
maximizing customer value
Correct answer: (A) ensuring that customers have the right type of experiences with products and their marketing programs to create the desired brand knowledge