GBS 151 chapter 11 – Flashcards
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What is the term for the process of creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders?
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Marketing
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What is the term for intangible products, such as time, expertise, or an activity that can be purchased?
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Services
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What is the term for the type of competition based on buyers' perceptions of the benefits of products offered by particular companies?
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Brand competition
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What is the term for a detailed strategy for focusing marketing efforts on consumers' needs and wants?
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Marketing plan
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What do marketers call groups of people with similar wants and needs?
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Target markets
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What is the decision process by which customers come to purchase and consume products?
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Consumer behavior
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What type of behavior do consumers exhibit by regularly purchasing products because they are satisfied with their performance?
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Brand loyalty
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What type of goods include raw materials and integrated circuits?
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Industrial goods
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What type of marketing do insurance companies, airlines, investment counselors, health clinics, and public accountants typically engage in?
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Service marketing
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The process of collecting, storing, and retrieving data in electronic files.
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What is data warehousing?
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What part of the marketing mix includes communicating information about products?
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Promotion
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Which is usually the first step in the marketing strategy?
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Target markets
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Reading the relevant issues of consumer reports prior to purchasing a product is an example of what part of the consumer buying process?
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I️nformation seeking
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What do B2B buyer-seller situations often involve?
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Frequent and enduring buyer-seller relationships
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What type of good is a custom-made wedding gown classified as?
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Specialty good
