Brand Associations and Pricing Strategies, Exams of Nursing

Download Brand Associations and Pricing Strategies and more Exams Nursing in PDF only on Docsity! MKTG 3213 Exam 2 (ch. 7-13) questions well answered already passed (9) Addi is driving from Stillwater to Dallas, and sees a McDonald's sign with golden arches (but no words). She automatically begins to think of her hunger. What kind of cue activated this thought? - correct answer ✔✔External cue In an interview at an oil company, Anna is asked to name all of the firm's closest competition in the area. As she lists off all the brands that she can think of, Anna realizes that she is performing: - correct answer ✔✔Brand recall A "brand" is confined to the physical name or logo associated with the firm. - correct answer ✔✔false Which of these is not a type of brand association? - correct answer ✔✔brand memories What are the two functions of a brand? - correct answer ✔✔identify and differentiate In the Associative Network Model, nodes represent: - correct answer ✔✔stored knowledge The brand resides in the consumer's: - correct answer ✔✔memory Brand Recall tasks are generally seen as much easier than Brand Recognition tasks. - correct answer ✔✔false The real value of a brand lies in: - correct answer ✔✔What the consumer thinks about the firm when the brand is seen What is Spreading Activation? - correct answer ✔✔When nodes are energized and brought into working memory When creating a brand map, a word cloud is always more useful than a table. - correct answer ✔✔false A way of visually presenting where your brand is in consumers' minds is called a: - correct answer ✔✔brand map Brand associations within a brand map can also have _______ attached to them - correct answer ✔✔mood and emotion How did changing the name of an island from Hog Island to Paradise Island help that island's tourism industry? - correct answer ✔✔Added value came from a more appealing name The added value delivered by the brand over the functional benefits or book value is called: - correct answer ✔✔brand equity Which of these is not a way to turn brand equity into dollar value? - correct answer ✔✔Price Competition Brand equity starts as a ________ concept, but ends up having a real ________ effect. - correct answer ✔✔psychological; monetary Book value of assets + Brand equity = - correct answer ✔✔Market value of brand The example of the purchase of the PanAm brand demonstrates how: - correct answer ✔✔Brands can have value beyond the book value of the firm An agreement whereby a company permits another organization to use its brand on other products for a fee is defined as: - correct answer ✔✔Brand licensing What is the main advantage of using a sub-branding strategy? - correct answer ✔✔ability to take on the advantages of individual and institutional branding When a supervisor doesn't emphasize the importance of customer satisfaction, employees with higher customer orientation: - correct answer ✔✔perform fewer customer service behaviors than they might have In most circumstances, higher levels of customer orientation lead to all of the following except: - correct answer ✔✔Job turnover In the future, what is likely to be the best way for an individual to bring value to an organization? - correct answer ✔✔bring skill with social interactions and relationship development The people on the frontlines of an organization usually need to have empathy for customers. - correct answer ✔✔true It is often most important for which kind of employee to have a strong customer orientation? - correct answer ✔✔Front line What kinds of jobs are the least likely to be automated? - correct answer ✔✔those that require empathy When employees with high customer orientation are embedded in an organization that emphasizes (and benefits from) customer satisfaction, profits are likely to: - correct answer ✔✔increase Some people innately have more of a customer orientation than others. - correct answer ✔✔true A frontline interaction between a company representative and a potential buyer designed to influence a purchase decision is defined as: - correct answer ✔✔personal selling A form of personal selling that focuses on making an immediate sale with little or no concern for customer satisfaction or relationship development is defined as: - correct answer ✔✔Transactional selling When does initial contact with the potential consumer occur? - correct answer ✔✔approach What are inside sales? - correct answer ✔✔a type of sales in which interactions are initiated by the buyer A form of personal selling that involves securing, developing, and maintaining long-term relationships with profitable customers is defined as: - correct answer ✔✔relationship selling A type of selling in which the organization is represented by multiple people, which might include a salesperson, a technical support specialist, or others, is defined as: - correct answer ✔✔team selling Which of these is not a step in the personal selling process? - correct answer ✔✔prospecting Transactional selling focuses on the customer relationship. - correct answer ✔✔false What happens in the Close stage of the personal selling process? - correct answer ✔✔obtain commitment from the customer In the SPIN model, what is the purpose of Need-Payoff questions? - correct answer ✔✔get the consumer to project how our product would help their problems Which of these does not happen in a "smart industry"? - correct answer ✔✔companies fight with price only _______ is not about what we put into our product, it's what our customers get out of it. - correct answer ✔✔value More than 90% of Fortune 500 companies have a full-time job dedicated to pricing. - correct answer ✔✔false Small changes in price do not have a very large impact on bottom line profits. - correct answer ✔✔false What is dynamic pricing? - correct answer ✔✔variable rate for each customer What is flat-rate pricing? - correct answer ✔✔single rate per time period Value-based pricing will always be more profitable than cost-based pricing. - correct answer ✔✔true Which of the following describes peak load or congestion pricing? - correct answer ✔✔variable rate depending on time of day or week Which of these does not happen in a "dumb industry"? - correct answer ✔✔barriers to entry are increased What is price skimming? - correct answer ✔✔setting a high price for a new product to skim maximum revenues A change in price in an elastic market is likely to show _______ change in demand when compared to a similar change in an inelastic market. - correct answer ✔✔greater What is the breakeven point? - correct answer ✔✔where profits just cover costs Assume that Netflix has introduced a new bundle service for their streaming services. Bundle 1 includes a base price of $9 to cover 25 hours of streaming for the month and variable price of $0.10 for every 30 minutes over that 25 hours. Bundle 2 includes no base price, but a variable price of $0.25 for every 30 minutes of streaming per month. When a consumer attempts to decide which bundle to use, what is he or she determining? - correct answer ✔✔Breakeven point What is the main difference between the equations for margin and mark-up? - correct answer ✔✔Margin is (Price - Cost)/Price and Mark-up is (Price - Cost)/Cost The competitive retail price for a stereo system is $300. Retail stores normally have a margin of 30% for such items. Wholesalers normally have a margin of 20% for such items. The manufacturer's price is unknown. What steps should be taken to determine the manufacturer's highest price? - correct answer ✔✔Solve for Retail price, then Wholesale price, then Manufacturer price Psychological pricing is primarily concerned with: - correct answer ✔✔how consumers perceive the price