Business 101 Marketing Chapter 13-16

question

Facilitation
answer

Meeting- set of activities carried out before, during, and after meetings to help achieves its own outcomes
question

facilitator
answer

leader to help ensure team achieves goals
question

six roles of a team
answer

organizer, innovator, doer, challenger, team builder, connector
question

marketing
answer

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
question

marketing in the past focused on
answer

helping sellers sell
question

marketing in the present focused on
answer

helping buyers buy
question

production era
answer

produce as much as you can bc vast demand for products
question

selling era
answer

we got good as hell at producing so this era focused on persuasive selling
question

market concept era
answer

began to be very responsive to customers’ needs and wants
question

customer relationship era
answer

building long term relationships w customers with that good ass customer service
question

marketing concept
answer

customer oriented, service oriented, and profit oriented
question

customer relationship management (CRM)
answer

process of learning as much as possible to meet and exceed customer expectations w/ goods and services
question

the emerging mobile/on demand marketing era
answer

always on demand, customers want it now, for them, always, and simple
question

how to keep ur customers
answer

build trust, emphasize long term, listen, show appreciation, and treat employees well
question

nonprofit marketing tactics
answer

marketing, PR, ecological practices, changing public opinion
question

nonprofit marketing strategies
answer

Determine the firm’s goals and objectives, Focus on long-term marketing, Find a competent board of directors, Exercise strategic planning, Train and develop long-term volunteers, Carefully segment the target market
question

four P’s of marketing
answer

product, place, promotion, price
question

product
answer

good, service or idea that satisfies customers wants with a brand name and possible test marketing results
question

brand name
answer

word or phrase or group of letters that differentiates product
question

target market
answer

ppl u target for ur good or service
question

test marketing
answer

process of testing product among potential users
question

price
answer

will depend on production and distribution costs, competitors prices, high or low price strategies
question

place
answer

where can people buy ur product middlemen or intermediaries are important bc they get the product from production to consumer
question

promotion
answer

any technique used to inform people about a product to motivate consumer to buy
question

market research
answer

analyze markets to determine opportunities or challenges and to find the info the need to make a good decision
question

what does market research look at?
answer

past purchases, changes that occur to alter what they want now or what they will want in the future, business trends, ecological impact
question

Steps in market research process
answer

1. Defining the problem or opportunity and determining the present situation. 2. Collecting research data. 3. Analyzing the data. 4. Choosing the best solution and implementing it.
question

primary data
answer

In-depth information gathered by marketers from their own research. o Telephone, online and mail surveys, personal interviews, and focus groups are ways to collect primary data.
question

secondary data
answer

Existing data that has previously been collected by sources like the government. usually cheap or free and easy to access
question

benefits of market research
answer

o Analyze customer needs and satisfaction. o Analyze current markets and opportunities. o Analyze the effectiveness of marketing strategies. o Analyze marketing process and tactics currently used. o Analyze the reasons for goal achievement or failure.
question

how do you find out what customers think?
answer

o Conduct informal consumer surveys o Host a customer focus group o Listen to competitor’s customers o Survey your sales force o Become a “phantom” customer
question

environmental scanning
answer

The process of identifying factors that affect marketing success
question

factors involved in environmental scan include
answer

o Technological factors o Sociocultural factors o Competitive factors o Economic factors global factors
question

consumer market
answer

All the individuals or households that want goods and services for personal use and have the resources to buy them
question

Business-to-Business (B2B)
answer

Individuals and organizations that buy goods and services to use in production or to sell, rent, or supply to others. o Manufacturers o Wholesalers and retailers o Hospitals, schools and charities o Government
question

Marketing segmentation
answer

Divides the total market into groups with similar characteristics.
question

geographic segmentation
answer

Dividing the market by cities, counties, states, or regions.
question

demographic segmentation
answer

Dividing the market by age, income, education
question

psychographic segmentation
answer

Dividing the market by group values, attitudes, and interests.
question

benefit segmentation
answer

Dividing the market according to product benefits the customer prefers.
question

volume (or usage) segmentation
answer

Dividing the market by the volume of product use
question

niche marketing
answer

Identifies small but profitable market segments and designs or finds products for them
question

one to one marketing
answer

Developing a unique mix of goods and services for each individual consumer
question

mass marketing
answer

Developing products and promotions to please large groups of people
question

relationship marketing
answer

Rejects the idea of mass production and focuses toward custom-made goods and services for customers.
question

The Consumer Decision making process
answer

1. prob recognition 2. info search (look at reviews) 3. evaluate alternatives 4. purchase decision
question

Bundling
answer

Grouping two or more products together and pricing them as a unit.
question

Brand
answer

Name, symbol, or design that identifies the goods or services and distinguishes them from competitors’ offerings
question

Trademark
answer

A brand that has exclusive legal protection for both its brand name and design.
question

Manufacturers’ Brands
answer

Brand names of manufacturers that distribute products nationally.
question

Dealer (Private-Label) Brands
answer

Products that carry a retailer’s or distributor’s brand name instead of a manufacturer’s.
question

Generic Goods
answer

Non-branded products that sell at a discount compared to manufacturers’ or dealers’ brands.
question

Knockoff Brands
answer

Illegal copies of national brands.
question

Brand Equity
answer

The value of the brand name and associated symbols.
question

Brand Loyalty
answer

The degree to which consumers are satisfied and are committed to further purchases.
question

Brand Awareness
answer

How quickly or easily a given brand name comes to mind when someone mentions a product category.
question

Brand Association
answer

Linking a brand to other favorable images, like celebrities or a geographic area.
question

Brand Manager
answer

Person responsible for a particular brand and handles all the elements of the brand’s marketing mix
question

Idea Generation
answer

It takes about seven ideas to generate one commercial product. Most ideas for new industrial products come from employee suggestion & research and development.
question

Product Screening
answer

Reduces the number of new products a firm is working on to focus on the most promising.
question

Product Analysis
answer

Focuses on the cost estimates and sales forecasts to get an idea of potential profitability.
question

Development
answer

The firm will tests many different product concepts or alternatives, then start making prototypes or samples
question

Concept Testing
answer

Takes a product idea to consumers to test reactions.
question

Commercialization
answer

Promoting the product to distributors and retailers and developing the promotional campaign.
question

Product Life Cycle
answer

A theoretical model of what happens to sales and profits for a product over time.
question

product life cycle stages
answer

introduction, growth, maturity, decline
question

Target Costing
answer

Designing a product that satisfies customers and meets the firm’s targeted profit margins.
question

Competition-Based Pricing
answer

A strategy based on what the competition is charging for its products.
question

Break-Even Analysis
answer

The process used to determine profitability at various levels of sales. The break-even point is where revenues equals cost
question

product line
answer

A group of products that are physically similar or intended for a similar market.
question

product mix
answer

combo of product lines offered by a manufacturer
question

Value
answer

Good quality at a fair price
question

Distributed Product Development
answer

The handing off of various parts of your innovation process – often overseas
question

Total Product Offer
answer

Everything consumers evaluate when deciding whether to buy something.
question

Product Differentiation
answer

The creation of real or perceived product differences
question

Convenience Goods and Services
answer

Products consumers purchase frequently with minimal effort.
question

Shopping Goods and Services
answer

Products consumers buy only after comparing value, quality, price, and styles.
question

Specialty Goods and Services
answer

Products with unique characteristics and brand identity.
question

Unsought Goods and Services
answer

Products consumers aren’t aware of or haven’t thought of buying until they need them
question

Industrial Goods
answer

Products used in the production of other products and sold in the B2B market.
question

Total Fixed Costs
answer

All costs that remain the same no matter how much is produced or sold.
question

Variable Costs
answer

Costs that change according to the level of production.
question

Skimming Price Strategy
answer

Pricing new products high to recover costs and make high profits while competition is limited.
question

Penetration Price Strategy
answer

Pricing products low with the hope of attracting more buyers and discouraging other companies from competing in the market.
question

Everyday Low Pricing (EDLP)
answer

Setting prices lower than competitors with no special sales.
question

High-Low Pricing
answer

Using regular prices that are higher than EDLP stores except during special sales when they are lower.
question

Psychological Pricing
answer

Pricing products at price points that make a product seem less expensive than it is.
question

Marketing intermediaries
answer

(once called middlemen) are organizations that assist in moving goods and services from producers to businesses(B2B) and from businesses to consumers(B2C). They’re called intermediaries because they’re in the middle of a series of organizations that join together to help distribute goods from producers to consumers.
question

Channel of distribution
answer

consists of a set of marketing intermediaries, such as agents, brokers, wholesalers, and retailers, that join together to transport and store goods in their path (or channel) from producers to consumers.
question

Agents/brokers
answer

are marketing intermediaries who bring buyers and sellers together and assist in negotiating an exchange but don’t take title to the goods—that is, at no point do they own the goods.
question

Wholesalers
answer

are marketing intermediaries that sells to other organizations, such as retailers, manufacturers, and hospitals.
question

utility
answer

the want satisfying ability or value that organizations add to goods or services by making them more useful or accessible to consumers
question

form utility
answer

changing raw products to useful products
question

time utility
answer

making products available when consumers need them
question

place utility
answer

placing where people want them
question

possession utility
answer

doing whatever is necessary to transfer ownership from one party to another (delivery, installation, follow up)
question

information utility
answer

opening two way flows of info between marketing participants
question

service utility
answer

fast friendly service during and after the sale and by teaching how customers use products over time
question

Merchant wholesalers
answer

are independently owned firms that take title to the goods they handle. About 80 percent of wholesalers fall in this category.
question

Rack jobbers
answer

furnish racks or shelves full of merchandise, like music, toys, hosiery, and health and beauty aids, to retailers.
question

Cash-and-carry wholesalers
answer

serve mostly smaller retailers with a limited assortment of products.
question

Drop shippers
answer

solicit orders from retailers and other wholesalers and have the merchandise shipped directly from a producer to a buyer.
question

Intensive distribution
answer

puts products into as many retail outlets as possible, including vending machines.
question

Selective distribution
answer

uses only a preferred group of the available retailers in an area.
question

Exclusive distribution
answer

is the use of only one retail outlet in a given geographic area. The retailer has exclusive rights to sell the product and is therefore likely to carry a large inventory, give exceptional service, and pay more attention to this brand than to others.
question

Electronic retailing
answer

consists of selling goods and services to ultimate consumers online.
question

Social commerce
answer

is a form of electronic commerce that involves using social media, online media that supports social interaction, and user contributions to assist in the online buying and selling of products and services
question

Telemarketing
answer

is the sale of goods and services by telephone. Many companies use it to supplement or replace in-store selling and complement online selling
question

Direct selling
answer

reaches consumers in their homes or workplaces
question

Direct marketing
answer

includes any activity that directly links manufacturers or intermediaries with the ultimate consumer. It includes direct mail, catalog sales, and telemarketing as well as online marketing.
question

Corporate distribution system
answer

one firm owns all the organizations in the channel of distribution.
question

Contractual distribution system
answer

members are bound to cooperate through contractual agreements
question

What are the three forms of the Contractual distribution system
answer

Franchise systems, wholesaler, retail cooperatives
question

Administered distribution system
answer

a system in which producers manage all the marketing functions at the retail level.
question

Supply chain (or value chain)
answer

consists of all the linked activities various organizations must perform to move goods and services from the sources of raw materials to ultimate consumers.
question

Logistics
answer

is the planning, implementing, and controlling of the physical flow of materials, final goods, and related information from points of origin to points of consumption to meet customer requirements at a profit.
question

Materials handling
answer

is the movement of goods within a warehouse, from warehouses to the factory floor, and from the factory floor to various workstations.
question

Podcasting
answer

A way to distribute audio and video programs via the Internet.
question

Mobile Media
answer

Marketers make use of cell phones to text customers about product offers and other company information
question

Push Strategy
answer

Producers use advertising, personal selling, sales promotion, and other tools to get their products stocked on shelves.
question

Pull Strategy
answer

Directs heavy advertising and sales promotions efforts towards consumers and gets the public to request their products from retailers.
question

Pick Economy
answer

Refers to consumers who pick out their products from online outlets
question

Global Advertising
answer

Requires marketers to develop a single product and promotional strategy to implement worldwide.
question

Personal Selling
answer

The face-to-face presentation and promotion of a product, including the salesperson’s search for new prospects and follow-up service.
question

Prospecting
answer

Researching potential buyers and choosing those most likely to buy.
question

Qualifying
answer

Making sure customers have a need for a product, the authority to buy and the willingness to listen to a sales message.
question

Prospect
answer

A customer who meets the qualifying criteria.
question

Public Relations (PR)
answer

Evaluates public attitudes, changes policies and procedures in response to the public, and executes a program of action and information to earn public understanding and acceptance.
question

3 steps of a good PR program:
answer

o Listen to the public o Change policies and procedures o Inform people you’re responsive to their needs Publicity Any information about an individual, product or organization that’s distributed to the public through the media and is not paid for or controlled by the seller.
question

Advantages of Publicity:
answer

o Free, Reaches people who would not look at an advertisement, More believable than advertising o No control over whether the media will use a story or when they may release it. o It can be good or bad. o Once a story has been run, it isn’t likely to run again. Sales Promotion The promotional tool that stimulates consumer purchasing and dealer interest by means of short-term activities.
question

Categories of Sales Promotions:
answer

o B2B Sales Promotions o Consumer Sales Promotions
question

Viral Marketing
answer

Paying customers to say positive things on the Internet or setting up multiple selling schemes whereby consumers get commissions.
question

Blog
answer

Short for web log; an online diary that looks like a webpage, but is easier to create and update by posting text, photos, videos, or links.
question

Value
answer

Good quality at a fair price.
question

Promotion Mix
answer

The combination of promotional tools an organization uses.
question

Integrated Marketing Communication (IMC)
answer

Combines the promotional tools into one comprehensive strategy
question

Advertising
answer

Paid, non-personal communication through various media by organizations and individuals who are in some way identified in the message.
question

Advertising goal
answer

Inform, Persuade, Remind
question

Infomercial
answer

A full length TV program devoted exclusively to promote a particular product.
question

Interactive Promotion
answer

Allows marketers to open a dialogue between buyers and sellers and let them work together to create a beneficial exchange.

Get instant access to
all materials

Become a Member