Bus 101 exam chapter 13-16 – Flashcards
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Marketing is as much about helping sellers sell products and services, as it is about __________.
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helping buyers buy
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The idea behind marketing (known as the marketing concept) is ___________.
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a mutually beneficial exchange between buyers and sellers, where buyers receive quality products and good service, and sellers realize a profit
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Focusing on long-term customer loyalty is called ____________.
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customer relationship management
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Mac and Zac want to start their own youth sports academy, to teach baseball skills to young boys. Which of the following steps in the marketing process is a good place to begin?
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Find out what young baseball players want to achieve
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As Mac and Zac explore the possibility of starting a youth sports academy, they collect demographic and lifestyle information about the families who would potentially buy their service. This exercise will help to better identify their ________.
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target market
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Once Mac and Zac have a better understanding of the kinds of baseball skills that local youth want to acquire, they can begin to prepare the ________________.pricing structure
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marketing mix
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Marketers constantly require good information if they are to meet or exceed their customers' expectations. When performing marketing research, Mac and Zac's first step is to ______________.
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determine the type of information (the question) they are seeking
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Two baseball leagues in the city, where Mac and Zac plan to open a youth sports academy, agreed to allow Mac and Zac to distribute an email survey to their league players. In order to capture this opportunity, Mac quickly put together a set of 15 questions that inquire about the type of skills (batting, pitching, fielding, running) that league players want to develop. The survey and subsequent information this research would glean is called ________________ data.
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primary
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After one year of operating a youth sports academy in their hometown, Mac and Zac learned that several enthusiastic baseball players were driving to a larger town to receive similar services. In order to learn about the potential customers who were going elsewhere for service, Mac and Zac proceeded to scan the Internet to determine how competitors' services differed from theirs. They learned that competitors were open longer hours on weekends, and even had celebrity endorsements. The new information Mac and Zac collected, and its interpretation was the _______________ part of the marketing research process.
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analysis
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Through environmental scanning, marketers can learn new ways to reach prospective customers. As they scan the _____________ environment, Mac and Zac hope to buy the most state-of-the-art mechanical arms for their youth sports academy. Recently, they learned about a robotic baseball player that stands at the plate. He can be programmed to change sizes. The big question for Mac and Zac is can they afford it; and if not, will their competitors decide to buy it?
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technological
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Recently, Mac and Zac's Youth Sports Academy has had several inquiries about girls' softball. While scanning the ____________ environment in their service area, Mac and Zac become aware of the growing importance of girls' sports, and particularly girls' softball. Girls' softball received a boost in the local market when the high school team won the state championship. Mac and Zac are seriously considering expanding their operation to include skill lessons for young girls
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sociocultural
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Up until now, Mac and Zac's Youth Sports Academy has served the ____________ market. Just recently, the local high school contacted Mac and Zac's inquiring about practice space for boys' baseball and girls' softball during bad weather. If Mac and Zac negotiate a contract with the high school, they will also be serving the ___________ market.
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consumer; B2B
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Market segmentation is about dividing the total market for a product or service into groups with similar characteristics and needs. Marketers often divide the total market for their products and services demographically, either by age, education, or income level. If they wanted to know if all 18-year-old in their market had similar TV show interests, their inquiry would also focus on _____________ segmentation.
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psychographic
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Lauren is heading home from work and realizes she forgot to buy cat food during her lunch hour. As she navigates the traffic, she tries to decide where it will be most convenient to stop. She could go to the large discount store, which would give her the best price, but the lines are usually long after work. There are a couple of convenience stores on her route, but she isn't certain they will have her cat's brand. The grocery store is no better than the discount store after work. She settles on one of the drug store chains that also has just about everything. It is larger than the convenience stores, but never as crowded as the grocery store or discount store. In terms of consumer behavior, _____________ influences have guided Lauren's decision
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situational
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Business to business (B2B) customers _________________.
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tend to be more rational in their decision making than individual consumers
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One of the ways that restaurants adapt their product offerings to address changes in competition is ____________.
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develop new menu offerings
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Which of the following would be considered a convenience good?
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Candy bar
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Products that the consumer buys only after comparing value, quality, price, and style from a variety of sellers are known as ____________ goods and services.
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shopping
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Fountain of Youth Tea Company changed their glass bottles to streamlined thermos- like, blue sports bottles that fit nicely on bicycles and in car holders. A packaging innovation such as this is often perceived by the buyer as a _____________.
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new product
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New packaging technology that allows companies to track products through radio frequency identification is referred to as ____________
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RFID
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Priceline™ and Expedia™ are two online travel companies. Both are known to utilize ___________ of services such as "airline flights and hotel stays" to entice customers to purchase both at the same time, for a more reasonable price than what they would pay separately for each of these services
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bundling
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A legally protected brand is a _______________
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trademark
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A survey company used a dollar value to measure the ___________ of Ben and Jerry's Ice Cream, as compared to some of its worthy competitors. Essentially, the survey firm evaluated Ben and Jerry's by measuring net value of several components that would comprise the brand's perception and image to ice cream customers.
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brand equity
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GAP jeans are sold exclusively at GAP stores. This is an example of a(n) _________ brand.
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private
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Differentiating your product so that it will appeal to additional market segments occurs most often at which stage of the product life cycle?
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Maturity
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Upscale retailers, such as Nordstrom's, feature customer service as their significant point of difference and use that difference to compete with less expensive stores. This is known as ___________ competition.
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nonprice
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Products that the consumer purchases which include insurance, burial services or emergency car-towing are known as ___________ goods and services.
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unsought
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Idea generation represents the first stage of _______________.
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new-product development
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Volvo is a well-known quality manufacturer of cars, trucks, and SUVs. Volvo dealers also provide financing to their customers. These products and services are part of Volvo's product _____________.
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mix
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The purpose of the product life cycle is it serves as a(n) __________
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tool that tells the marketing manager if the product market is changing
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The channel of distribution consists of ___________, who provide transportation and storage of goods as they are distributed from producers to ultimate consumers
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marketing intermediaries
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About 80% of all wholesales are _______________. They typically are independent companies that take title to goods that they resell to retailers
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merchant wholesalers
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The movement of information and the movement of goods is a function of which of the following?
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Logistics
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Which utility is usually provided by producers rather than intermediaries?
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Form
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As long as they do not __________, manufacturer's agents can represent several manufacturers in a specific territory
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represent competing products
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When Fountain of Youth Tea Company strategized on how to distribute its product to customers, it elected to first start offering it through high-end grocery stores. The company essentially added ______________ utility to the distribution process
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place
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A store that sells a huge variety of one type of product such as books, in order to dominate that category is called a category _________ store
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killer
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You can find Coca-Cola products in discount stores, grocery stores, convenience stores, and even vending machines. Coca-Cola practices _______________ distribution with its product lines. selective
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intensive
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When Beck's Bicycles, Inc., started its specialty bicycle business, it became the luxury brand of world famous bikers, who competed in world class races and were known to only pursue their sport using state-of-the-art equipment. The best distribution strategy for a brand with this image would be _________ distribution.
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exclusive
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Beck's Bicycles, Inc., purchases its wheels from a Southeast Asian company. The supplier sends the goods via ship, with the Port of Los Angeles as its destination. From there the wheels are shipped via rail to Chicago, Illinois, where they are loaded onto a truck for their final destination to Beck's assembly plant on the east coast. Beck's uses _________ shipping to transport its goods.
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intermodal
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A convenience store is open seven days a week and remains open on holidays. The store provides its customers with _________ utility
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time
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Now that so many goods are produced abroad, companies are finding that services such as ___________ provide important utility to the process of successfully processing products through customs and other legal requirements
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web-based trade compliance systems
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Service utility is rapidly becoming the most important utility for many ________ as they face competition from direct marketing, such as the Internet or catalogs.
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retailers
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It is important for companies to build cooperative and transparent channel systems for moving goods, supplies, and services. Well-known fast food franchises usually set up _____________ systems, where individual franchise owners participate in channel cooperation through legal agreements.
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contractual
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One of the fastest growing aspects of retailing is _________. Examples of firms that compete in this type of retailing are Lands End™ and L. L. Bean™, who both sell casual men's, women's, and children's clothing and accessories
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direct marketing
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Promotion is one of the four Ps of marketing. The promotion mix is __________.
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the promotional tools marketers use to carry out promotion
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When using various forms of promotion to carry the promotion message, it is important that the recipients of the message interpret it in the same way. Creating a unified promotional message, where potential customers perceive the same message, whether it is in a TV commercial, or on a billboard, or in an online blog is called ____________.
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integrated marketing communication
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If the sender in a non-personal, paid promotion is identified, we define it as advertising. If the sender is not readily identified, we label it ____________.
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propaganda
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How do consumers benefit from advertising?
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They receive valuable information, and advertising can even pay for the media that delivers the message
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While doing an online search for a music venue, Darcy ran across a performance of well-known entertainer Lady Gaga that featured her hair neatly wrapped in Coca-Cola™ cans. The venue did not visibly identify the sponsor in any other way. Marketers would categorize this form of advertising as _________________
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product placement
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Some products and services lend themselves to ______________ better than others. For example, youth in Southeast Asia, youth in Bosnia, youth in Alaska, and youth in Brazil may desire the same products, in the same form.
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global advertising
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A fast growing form of media for the delivery of advertising messages is __________. Some firms boast that they have several million followers on Twitter™ and Facebook™ accounts.
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social media
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A benefit of utilizing social media to deliver advertising messages is
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the advertiser can more easily track who has selectively viewed the message and who has passed it along to others
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Personal selling, as a form promotion, differs when the effort is a B2B (business to business) sales effort rather than a B2C (business to consumer) sales effort. B2B personal selling requires ______________.
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more prospecting and qualifying
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Which of the following statements about personal selling is true today?
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Salespeople are starting to use the Internet and other technology to do everything it takes to complete the order.
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_____________is an unpaid form of promotion. It can have positive and negative effects on the recipient. When you log onto Yahoo™ and read that four auto assembly line plants are closing, it is not good news for our economy. However, on the same site, if you read about a motor company's water recycling effort targeted toward good stream management, you are usually impressed.
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Publicity
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When Beck's Bicycles, Inc. volunteered to send its expert riders up mountainous terrain to rescue a lost dog that was unable to free himself from a cliff, it received accolades not only from other bicyclists, but from the public in general. Beck's marketing director insisted that the company show a video of the search and rescue on its social media site and on-line advertising. The effort quickly turned into an important _____________ campaign for the firm.
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public relations
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When Marmalade's Cupcake Closet is not jammed with happy customers, one or two of its sales associates stand out front and provide tastes of Marmalade's sumptuous goodies, in the form of miniature-sized treats. The company owners know that ________ is a very powerful form of promotion.
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sampling
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When Fountain of Youth Tea Company (FYT) wanted to secure shelf space in high-end grocery stores, it found that it had a lot of competition. In order to get the attention of retailers, FYT directed its promotion toward the consumer who desired a refreshing tea drink, as opposed to carbonated beverages. Due to a successful campaign, it compelled the grocers to feature it in the stores. FYT used _______ strategy
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pull
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As an attorney who advocates for disabled children, Patty created a(n) ________ to provide expert opinion and other resources to a targeted group who needed her services. This promotional tool was similar to an online diary on the Web, and spread messages quickly and efficiently, sort of like word-of-mouth testimonials.
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blog
