Business Test: 13,14,15,16 – Flashcards
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What does it mean to "help the buyer buy"?
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Making it easier for the buyer to make a quick decision
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What are three parts of the marketing concept?
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Customer Orientation Service Orientation Profit Orientation
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What are the four P's of the marketing mix?
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Product Price Place Promotion
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What are the four steps in the marketing research process?
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Define the question and determine the present situation , Collecting data, analyzing that data, finding the best solution and implementing it
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What is environmental scanning?
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Identifying factors that can affect the market success
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What factors are included in environmental scanning?
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Global, tech, sociocultural, competitive, economic influence
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Define the term "consumer market"
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Buying a product for personal use
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Define the term "business-to-business market".
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Buying a product for industrial use
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Name and define the five ways of segmentation of the consumer market.
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Geographic, demographic (age, income, education), psychological (values, lifestyles, interests), benefits, volume (usage)
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What is niche marketing and how does it differ from one-to-one marketing?
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It identifies small but profitable market segments and designs/finds products for them. One-to-one marketing has a unique mix of something for everyone
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What are the four key factors that make B2B marketing different from consumer markets?
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B2B are a smaller market so to speak compared to 80 million people, they are rational/less emotional buyers, personal selling, and usually geographically concentrated
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What value enhancers may be involved in a total product offer?
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Reputation Image Speed of delivery Price Service Brand name Internet access Convenience
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What is the difference between a product line and a product mix?
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A product line is a group of product physically similar or intended for similar market and a product mix is multiple product lines by one manufacturer
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Name the four classes of consumer goods and services. Give examples.
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Convenience goods (frequent and easy goods), shopping goods (target), speciality (expensive items), unsought goods (funeral services)
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Describe the three types of industrial goods.
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Installations Capital items Accessory equipment
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What seven functions does packaging now perform?
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Attract the buyers attention, protect the goods inside, be easy to open/use, give information about the product, explain benefits, warnings/warranties, price/value/uses
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What the difference between a brand name and a trademark?
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Recognition vs. exclusive legal protection of idea/design and name
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What the difference between a manufacturer's brand, a dealer brand, and a generic brand?
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The national distributer name, the retail brand and none branded basic products
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What are the key components of brand equity?
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Loyalty, awareness, association, and management
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What are the six steps in the new product development process?
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The idea, product screening, product analysis, development, testing, commercialization
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What is the difference between product screening and product analysis?
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Reduces the focus to the most promising product idea vs. cost estimates for profitability
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What are the two steps of commercialization?
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Promoting for wide distribution and developing strong advertising for interest among consumers.
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What is the theory of the product life cycle?
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Introduction, growth maturity, and decline
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What are the limitations of a cost based pricing strategy?
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It has to take into consideration many things: expected costs of product updates, marketing objectives, and competitor prices
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What is psychological pricing?
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Pricing a product that make the product appear like it is less expensive than it actually is. ($45.99)
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What is a channel of distribution?
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A whole set of intermediaries that join to transport/store goods in their path from producer to consumer
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What intermediaries participate in a channel of distribution?
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Agents, brokers, wholesalers, and retailers
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Why do we need intermediaries?
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They provide a cheaper way to: transport, store, advertise, and relationship build for manufacturers
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How do intermediaries create exchange efficiency?
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They cut down the number of transactions needed for a deal between a manufacturer and the retailers
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Give examples of utilities created by intermediaries and how they provide them.
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Form utility (raw materials into useful products), time utility (goods available at anytime), place utility (where people want them), possession utility (loans and credit), info utility , and service utility
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Describe the activities rack jobbers and drop shippers.
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Rack jobbers display merchandise vs. drop shippers that solicit orders from retail to wholesale. Producer to buyer
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What kind of products are intensive?
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Convenience
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What kind of products are selective?
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Shopping
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What kind of products are exclusive?
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Luxury
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What four systems have evolved to tie together members of the channel of distribution?
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Corporate systems, contractual systems, administered systems, and supply chains
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How does logistics differ from distribution?
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How it gets there vs. where it goes to.
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What are inbound logistics?
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Raw materials, info, packaging, good and service to the producer
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What are outbound logistics?
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Finished products to
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What are reverse logistics?
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Bring back products to manufacturer because of problems
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What are the four traditional elements of the promotion mix?
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Advertising, personal selling, public relations, sales promotion
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What are the three most important advertising media in order of dollars spent?
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TV Direct mail Digital
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What are the seven steps of the B2B selling process?
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Prospect and Quality Pre-approach Approach Make a presentation Answer objections Close the sale Follow up
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How does the B2B selling process differ from the B2C selling process?
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Approach Ask questions Make presentation Close sale Follow up
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What are the three steps in setting up a public relations program?
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Listen to the public Change policy/procedure Inform people you are responsive to their needs
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What are the sales promotion techniques used to reach consumers?
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contests, coupons, free samples, prizes, bogos, demonstrations, catalogs, displays
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What are the sales promotion techniques used to reach businesses?
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Trade shows Portfolios Displays Conventions Sponsorships Contests
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What is viral marketing?
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Any strategy that supports the idea to pass on their marketing message to others, creating growth and influence
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What is a push strategy?
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Advertising and sales promotion towards wholesalers/retailers
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What is a pull strategy?
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Advertising and sales promotion towards consumers
