Business Test: 13,14,15,16

question

What does it mean to “help the buyer buy”?
answer

Making it easier for the buyer to make a quick decision
question

What are three parts of the marketing concept?
answer

Customer Orientation Service Orientation Profit Orientation
question

What are the four P’s of the marketing mix?
answer

Product Price Place Promotion
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What are the four steps in the marketing research process?
answer

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?
answer

Identifying factors that can affect the market success
question

What factors are included in environmental scanning?
answer

Global, tech, sociocultural, competitive, economic influence
question

Define the term “consumer market”
answer

Buying a product for personal use
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Define the term “business-to-business market”.
answer

Buying a product for industrial use
question

Name and define the five ways of segmentation of the consumer market.
answer

Geographic, demographic (age, income, education), psychological (values, lifestyles, interests), benefits, volume (usage)
question

What is niche marketing and how does it differ from one-to-one marketing?
answer

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?
answer

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
question

What value enhancers may be involved in a total product offer?
answer

Reputation Image Speed of delivery Price Service Brand name Internet access Convenience
question

What is the difference between a product line and a product mix?
answer

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
question

Name the four classes of consumer goods and services. Give examples.
answer

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.
answer

Installations Capital items Accessory equipment
question

What seven functions does packaging now perform?
answer

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
question

What the difference between a brand name and a trademark?
answer

Recognition vs. exclusive legal protection of idea/design and name
question

What the difference between a manufacturer’s brand, a dealer brand, and a generic brand?
answer

The national distributer name, the retail brand and none branded basic products
question

What are the key components of brand equity?
answer

Loyalty, awareness, association, and management
question

What are the six steps in the new product development process?
answer

The idea, product screening, product analysis, development, testing, commercialization
question

What is the difference between product screening and product analysis?
answer

Reduces the focus to the most promising product idea vs. cost estimates for profitability
question

What are the two steps of commercialization?
answer

Promoting for wide distribution and developing strong advertising for interest among consumers.
question

What is the theory of the product life cycle?
answer

Introduction, growth maturity, and decline
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List two short term and two long term pricing objectives. Are the two compatible?
answer

question

What are the limitations of a cost based pricing strategy?
answer

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?
answer

Pricing a product that make the product appear like it is less expensive than it actually is. ($45.99)
question

What is a channel of distribution?
answer

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?
answer

Agents, brokers, wholesalers, and retailers
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Why do we need intermediaries?
answer

They provide a cheaper way to: transport, store, advertise, and relationship build for manufacturers
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How do intermediaries create exchange efficiency?
answer

They cut down the number of transactions needed for a deal between a manufacturer and the retailers
question

How do you defend intermediaries against someone who claims that getting rid of them would save consumers millions $?
answer

question

Give examples of utilities created by intermediaries and how they provide them.
answer

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
question

Describe the activities rack jobbers and drop shippers.
answer

Rack jobbers display merchandise vs. drop shippers that solicit orders from retail to wholesale. Producer to buyer
question

What kind of products are intensive?
answer

Convenience
question

What kind of products are selective?
answer

Shopping
question

What kind of products are exclusive?
answer

Luxury
question

What four systems have evolved to tie together members of the channel of distribution?
answer

Corporate systems, contractual systems, administered systems, and supply chains
question

How does logistics differ from distribution?
answer

How it gets there vs. where it goes to.
question

What are inbound logistics?
answer

Raw materials, info, packaging, good and service to the producer
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What are outbound logistics?
answer

Finished products to
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What are reverse logistics?
answer

Bring back products to manufacturer because of problems
question

What are the four traditional elements of the promotion mix?
answer

Advertising, personal selling, public relations, sales promotion
question

What are the three most important advertising media in order of dollars spent?
answer

TV Direct mail Digital
question

What are the seven steps of the B2B selling process?
answer

Prospect and Quality Pre-approach Approach Make a presentation Answer objections Close the sale Follow up
question

How does the B2B selling process differ from the B2C selling process?
answer

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?
answer

Listen to the public Change policy/procedure Inform people you are responsive to their needs
question

What are the sales promotion techniques used to reach consumers?
answer

contests, coupons, free samples, prizes, bogos, demonstrations, catalogs, displays
question

What are the sales promotion techniques used to reach businesses?
answer

Trade shows Portfolios Displays Conventions Sponsorships Contests
question

What is viral marketing?
answer

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?
answer

Advertising and sales promotion towards wholesalers/retailers
question

What is a pull strategy?
answer

Advertising and sales promotion towards consumers

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