MARK 3336 MIDTERM 2 UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS

MARK 3336 MIDTERM 2 UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
MARK 3336 MIDTERM 2 UPDATED
CORRECT ANSWERS
The development of original products, product
and new brands through the firm's own product
New product development
1
Cost based pricing
3




Answer:

, ACTUAL QUESTIONS AND
improvements, product modifications,
development efforts.
Advertising
2
Reminder advertising
4

Question:
Advertising
Answer:
Any paid form of non personal presentation and promotion of ideas, goods, or
services by an identified sponsor

Question:
Advertising objective
Answer:
A specific communication task to be accomplished with a specific target audience
during a specific period of time

Question:
Reminder advertising
Answer:
Important with mature products to help maintain customer relationships and keep
customers thinking about the product

Question:
When to do test markets
Answer:
TEST - when introducing a new product requires a big investment, when the risks
are high, or when management is not sure of the product or its marketing
program
DONT TEST - when the cost of developing and introducing the product are low, or
when ,amaze,net is already confident about the new product. Simple line
extension, copy of competitor product

Question:
Market skimming
Answer:
Setting high price for a new product to skim maximum revenues layer by layer fro
the segments willing to pay the high prices. Fewer but more profitable sales

Question:
Market penetration
Answer:
Setting low price for a new product in order to attract a large number of buyers
and a large market share