question

When a business provides ____ they satisfy customer's wants and needs by providing goods and services at a convenient moment for customers

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utility

question

an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders

answer

marketing

question

___ satisfies wants by converting inputs into a finished product

answer

form utility

question

the successful marketing campaign "what happens in vegas stays in vegas" is an example of

answer

place marketing

question

in the ____ era, many companies adopted the philosophy that consumer satisfaction should be the central focus of the entire organization

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marketing era

question

____ is the customer's perception that a product has a strong, positive relationship between its costs and benefits

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value

question

___ is the process of acquiring, maintaining, and growing profitable customer relationships by delivering unmatched value

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CRM (customer relationship management)

question

a key to successful customer relationship management is to

answer

combining marketing communication with 1 on 1 personalization

question

a common error marketers commit when trying to generate customer satisfaction is to

answer

overpromise and underpromise

question

many firms develop a formal ____ to answer the question: who is your target market and how do you plan to reach them?

answer

marketing plan

question

a well-chosen target market embodies the following characteristics

answer

size, profitability, accessibility, limited competition

question

demographic segmentation divides the market by

answer

similar groups based on measurable characteristics about people such as age, income, ethnicity, gender

question

when firms in B2C markets divide up the potential market according to values, attitudes, and lifestyles, they are making use of _____ segmentation

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psychographic

question

which of the following sets of terms describe approaches used by B2C marketers to segment their markets?

answer

demographic, geographic, psychographic, behavioral segmentation

question

when B2B marketers divide the market based on the characteristics of customers, they are using:

answer

customer based segmentation

question

Decisions about advertising, publicity, and product placement are all part of the firm's ____ strategy in its marketing ____

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promotion, mix

question

Jesse is a marketing manager for a large midwest-based producer of food products. He is in the process of developing the _____, which is the creating of the following elements: product, price, promotion, place

answer

marketing mix

question

_____ is the process of continually collecting information from the external marketing environment

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environmental scanning

question

marketers can actively influence the ______ marketing mix, but they usually are unable to control the ______

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marketing mix, external environment

question

analysis of market share is a key to understanding the firm's _____

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competitive environment

question

___ refers specifically to how people act when buying goods and service for personal consumption

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consumer behavior

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market research involves

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gathering, interpreting, and applying to uncover opportunities and challenges

question

creating products tailored for individuals on a mass basis is referred to as

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mass customization

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by definition, a(n) ____ satisfies consumer wants and needs

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product

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a product has three product layers. they are:

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core benefit, actual product, product augmentation

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products purchased for personal use or consumption

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consumer products

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purchasing to use directly or indirectly in the production of other products

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business products

question

expensive products that consumers purchase infrequently and are unwilling to accept substitutes for are _____. On the other hand, ____ are widely distributed and widely promoted by the product producers.

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specialty products, convenience products

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when marketers characterize quality, they are concerned with two dimensions. the dimension that refers to how well the product performs its core function is ____, while the dimension that refers to how well the product repeatedly performs is _____

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quality level, product consistency

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a product ____ is a group of products offered by a firm that are closely related to each other, either in terms of how they work, or the customers they serve

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line

question

____ occurs when established brands from different companies join forces in an effort to market the same product

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cobranding

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____ involves purchasing the right to use another company's brand name or symbol

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licensing

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the global recession decreased the sale of _____ brands and increased the sale of ____ brands

answer

national, store

question

involves making slight modifications to existing products in an effort to distinguish a product from the competition

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continuous innovation

question

stages of the new product development process are:

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idea generation, idea screening, analysis, development, testing, commercialization

question

the ____ is a theoretical model that includes the stages of introduction, growth, maturity, and decline

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product life cycle

question

in the introduction stage of the product life cycle, marketing efforts are focused on:

answer

raising awareness about the product

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a product in the ___ stage is experiencing periods of rising sales and profits

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growth

question

____ is the non personal, paid communication a company places to influence consumer purchases

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advertising

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_____ reduce the risk of purchasing something new by allowing consumers to try the product before making a purchase

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samples

question

____ offer consumers immediate price reductions

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coupons

question

you are a salesperson for a local company. you've just finished presenting your sales message to a consumer. the next step in the selling process is to:

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handle objections

question

_____ are marketing intermediaries that sell directly to final consumers

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direct channels

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independent wholesalers fall into two categories:

answer

merchant wholesalers and agent brokers

question

the creamy cow is a maker of gourmet ice cream. the company uses ____ to sell its products by using a variety of venues, including grocery stores, online, and mail order

answer

retailing

question

_____ dominate the market by offering a huge variety of one type of product

answer

category killers

question

_____ sell a complete selection of food and general merchandise at a steep discount in a single enormous location

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supercenters

question

companies like mcdonald's, who place their stores in as many locations as possible, are using a strategy called:

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intensive distribution

question

the _____ is a theory that describes the upscale evolution of many retail firms; however, it does not account for stores that launch at the higher end of the market or for firms that retain their reputation as discount retailers.

answer

wheel of retailing

question

fashion trend setters such as gucci who establish one retail outlet in a given area are utilizing a(n) _____ distribution strategy

answer

exclusive

question

______ is to make it convenient for sumers to find and purchase products at many locations and in many ways

answer

goal of intensive distribution

question

online selling, direct response retailing, and vending machines are all examples of:

answer

nonstore retailers

question

____ involves determining how a product will flow through the distribution channel from producer to consumer

answer

supply chain

question

the career field called _______ involves planning and coordinating the flow of food----from the raw materials to the final consumers

answer

supply chain management

question

____ is a subset of supply chain management that focuses on tactics rather than on strategy

answer

logistics

question

the supply chain begins with ______ and ends with ______

answer

raw materials, distributors

question

sending products by _____ is the most expensive option available to producers

answer

plane

question

______ is the positive difference between revenue and costs

answer

profitability

question

a firm's _____ is the percent of total market for a product that is controlled by that company

answer

market share

question

____ aims to achieve long-term profitability by sustaining a high sales volume

answer

everyday low pricing (EDLP)

question

_____ aims to increase traffic in retail stores using special sales on a limited number of products and higher everyday prices on others

answer

high/low pricing

question

____ is the method used to determine the number of units a firm must sell at a specific price to cover all costs

answer

breakeven analysis

question

_____ pricing is the most popular method of fixed margin pricing

answer

cost-based

question

in _____, marketers determine price based on what consumers are willing to pay and then subtract desired margins to yield target costs

answer

demand-based pricing

Marketing Exam 1 (chapters 11-13) – Flashcards

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