What is a company's unique proposition?

It is what makes the company different from the competition

Brand recognition means

customers can recognize your brand and differentiate from the competition

There are 4 stages in the product life cycle and include

intro, growth, maturity/saturation, decline

There are 5 levels of brand recognition and include

Brand rejection, non-recognition, recognition, preference, loyalty

What are the pros of pyschological pricing?

attention boost, simplifies decision making, high return, sense of urgency

What are the 4 Ps of marketing?

Product, price, promotion, place

you will keep choosing the brand even if you had occasional poor service

Brand awareness consists of these 2 items

Brand recognition + brand recall

The 5 types of promotions a company may select include

direct marketing/advertising/PR/personal selling/ sales promotion

What are the 4 Cs of marketing?

Communication, Customers, Cost, and Channels

Brand non-rejection means

customers don't recognize your brand

Brand preference means

when there are more than one option, you will choose your brand over others

Brand rejection means

negative association with your brand. Customers avoid your company

The 3 types of pricing include

cost-based pricing, demand-based pricing, & competitive-based pricing

There are 5 types of promotions a company can select and these include

direct marketing/advertising/PR/personal selling/ and sales promotion

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Intro to Business Exam 3 Review

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Questions 31

Answers

1
What is a company's unique proposition?
It's the company's email strategy
It's a list of the company's weaknesses
It's the company's plan to enter a new market
It is what makes the company different from the competition
2
Brand recognition means
customers can recognize your brand and differentiate from the competition
customers can recognize your brand and differentiate from the competition
customers don't recognize your brand
when there are more than one option, you will choose your brand over others
3
In this stage of the PLC the product is taking off and demand begins to accelerate
Growth
Introduction
Maturity
Decline
4
There are 4 stages in the product life cycle and include
intro, growth, maturity/saturation, decline
intro, growth, maturity, unsought
cost leadership, differentiation, decline, death
intro, focus strategy, price, quality
5
There are 5 levels of brand recognition and include
there are only 2 levels - brand loyality and rejection
Money makers, growth, introduction, cash cow, distribution
Brand rejection, non-recognition, recognition, preference, loyalty
Brand loyalty, recognition, growth, decline, maturity
6
What are the pros of pyschological pricing?
charm, multiple units, reference, bundle, minumin purchase
odd number, discount, lowest price, highest price
freemiu, bundlem, reference, discount, roll back
attention boost, simplifies decision making, high return, sense of urgency
7
In this stage of the PLC the product begins to lose customer appeal and sales decline
Introduction
Maturity
Growth
Decline
8
Product placement may include a product that appears in a film and or television show
True
False
9
What are the 4 Ps of marketing?
Product, price, promotion, place
Product, points, preview, price
Product, pop ups, promotions, pennies
Product, playtime, pondering, place
10
Brand loyalty means
customers can recognize your brand and differentiate from the competition
customers don't recognize your brand
you will keep choosing the brand even if you had occasional poor service
when there are more than one option, you will choose your brand over others
11
$199 not $200 is an example of
reference pricing
bundle pricing
Multiple unit pricing
charm pricing
12
Brand awareness consists of these 2 items
Brand loyalty + brand rejection
Brand recognition + brand recall
Brand non-rejection + brand rejection
Brand preference + brand loyalty
13
The 5 types of promotions a company may select include
direct marketing, price, product, promotion, place
direct marketing, competitive advantage, price, place, sales
direct marketing, niche, personal selling, broad selling, price
direct marketing/advertising/PR/personal selling/ sales promotion
14
What are the 4 Cs of marketing?
Communication, Cost, Cycle, Competition
Communication, Customers, Cost, and Channels
Communication, Customers, Consumers, Colors
Communication, Customers, Case, and Channels
15
Brand non-rejection means
customers can recognize your brand and differentiate from the competition
customers can recognize your brand and differentiate from the competition
when there are more than one option, you will choose your brand over others
customers don't recognize your brand
16
Brand preference means
you will keep choosing the brand even if you had occasional poor service
customers don't recognize your brand
customers can recognize your brand and differentiate from the competition
when there are more than one option, you will choose your brand over others
17
These products are inexpensive and bought often
Specialty
Unsought
Shopping
Convenience
18
Brand rejection means
negative association with your brand. Customers avoid your company
customers can recognize your brand and differentiate from the competition
when there are more than one option, you will choose your brand over others
customers can recognize your brand and differentiate from the competition
19
YOU are a brand
False
True
20
According to Porter's Generic Strategies what are the 2 ways companies can create a competitive advantage?
Narrow market and cost leadership strategy
Selecting both broad and narrow target markets
Broad market and cost leadership strategy
Price and quality
21
The benefits of social media include
tracking data and targeting ads
Inexpensive and instant
Exposure & interactive
all of the above
22
In this stage of the PLC the product is brought to market, sales are slow and moving along slowly
Growth
Decline
Maturity
Introducation
23
These products are a little more expensive than convenience products and we spend a little more time thinking about it
Speciality
Unsought
Convenience
Shopping
24
The 3 types of pricing include
discount, roll back, premium
basic, premium, cost-based
cost-based pricing, discount, sales
cost-based pricing, demand-based pricing, & competitive-based pricing
25
These are products that we purchase now but won't need until the future
Unsought
Specialty
Shopping
Convenience
26
Everything you do contributes to your brand-dress, body language, behavior, emails, texts, and social media posts
False
True
27
To choose the best type of social media, companies need to
All of the above
Understand how the audience is using the platform
Know the audience
Align with their key business goals
28
In this stage of the PLC sales are growing in proportion to the population and price competition becomes intense
Growth
Decline
Maturity
Introduction
29
We purchase these products because of its unique characteristics. No substitutes are considered.
Convenience
Unsought
Specialty
Shopping
30
A brand is a
name, term, design, or symbol
global only
Specific colors
Strategy
31
There are 5 types of promotions a company can select and these include
direct marketing, advertising, place, facebook, cold calling
direct marketing, competitive advantage, price, quality,
direct marketing, public relations, product, personal selling, niche
direct marketing/advertising/PR/personal selling/ and sales promotion

Intro to Business Exam 3 Review Flashcards | StudBud