Business Test #4 – Flashcards
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Which of the following is a part of the marketing concept?
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Consumer orientation
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Which of the following statements about marketing is the most accurate?
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Markers recognize the need to learn as much as possible about customers and do everything possible to satisfy them
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Which of the following would be considered part of a firm's marketing mix?
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Determining the best pricing strategy for a product
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Which of the following tasks would be included in the marketing mix?
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Evaluating various distribution alternatives to determine the best way to get the products to the consumer
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Which of the following is considered a step in the marketing research process?
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Defining the question and determining the present situation
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Which of the following is the best example of a market?
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Senior citizens willing and able to cruise to the Bahamas
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Which of the following statements about the distraction between consumer goods and B2B goods is the most accurate?
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The same product can be classifies as either a consumer good or an industrial good, depending upon its end use
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Which of the following correctly identifies the motivation of firms using a market segmentation strategy?
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With limited resources, firms can better satisfy the wants and needs of a smaller target market
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Which of the following is consistent with relationship marketing?
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Working with buyers to determine their individual needs
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Compared to consumer markters, B2B markets?
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Rely less on marketing intermediaries
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When consumers decide to purchase a particular product they?
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Consider the total collection of benefits that the product offers
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Which of the following products would normally be classifies as a shopping good or service?
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Tablet
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Soprano Manufacturing acquired several pieces of expensive heavy machinery it intents to use in its operations. As an industrial good, this heavy machinery represents?
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An installation
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Attracting attention, describing contents, explaining health benefits and identifying the uses of a product are all functions of?
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Packaging
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Textbook publishers use a packaging strategy known as_______. Often the publisher will combine highly complementary products such as a new textbook and access code for online software that students can use to test themselves on new concepts and principles.
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Bundling
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Many supermarkets carry plain packages that only identify the name of the product that is inside. For example, a label may read simply "peaches or green beens". These goods represent?
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Generic Goods
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The Pillsbury Doughboy is an example of a?
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Trademark
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Which of the following is a relevant criterion for the product screening process?
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Profit potential
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Which stage of the product life cycle does rapidly rising sales, very high profit levels, and a growing number of competitors characterize?
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Growth
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The number of units of a product that must be sold for total revenue to equal total costs is called the?
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Break-even point
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Which of the following statements about channels of distribution is most accurate?
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Some channels of distribution include marketing intermediaries, while in others a manufacturer sells directly to the final consumer
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Which of the following statements about marketing intermediaries is true?
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Marketing intermediaries survive because they can perform marketing functions faster and more cheaply than producers and consumers
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Retailers who have stores at convenient locations are trying to add value by?
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Providing place utility
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Stores that remain open 24 hours a day, seven days a week are providing what utility to their customers?
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Time
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Which of the following statements provides the most accurate distinction between an agent and a broker?
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Agents develop a long term relationship with the people they represent, while workers are usually hired on a temporary basis
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Producers of snake foods are most likely to us a what distribution strategy for their products?
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Intensive
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Sportstors, Inc. operates a chain of very large stores that offer an incredible selection of sporting goods at very competitive prices. When Sportsters opens its first store in a geographic area, smaller sporting stores almost always experience a noticeable drop is sales. Sportstors stores can be classified as?
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Category killers
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The characteristic that all forms of direct marketing have in common is that they?
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Include some type of activity that directly links manufacturers to the ultimate consumer
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Which of the following statements about wholesaler-sponsored chains is most accurate? In a wholesaler-sponsered chain all stores?
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Are independently owned, but cooperate as a unified system of stones
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Compared to rail transportation, one of the advantages of shipping by truck is that trucks?
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Can reach more destinations
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The traditional promotion mix for a firm consists of the?
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Advertising, personal selling, public relations, and sales promotion used to reach a target market
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Creating a positive brand image by using all the promotional tools in a comprehensive, unified promotional strategy called?
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Integrated marketing communication
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Which of the following media enables firms to quickly change their advertising message?
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Newspapers
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In the past, what was an important advertising strategy used in movies.
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Product placement
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"You never get a second chance to make a good first impression," captures the importance of the what step in the selling process?
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Approach
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Bethany, just finished making a sales presentation to a major prospect, in the next step of the selling process, Bethany will likely be?
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Answering customer questions and dealing with objections
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Lenora just finished writing a news release regarding a new product developed by her firm. She intends to e-mail the message to local radio stations and newspapers in hope that they will find the information newsworthy and run a story about the product. Lenora's efforts represent the firm's?
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Public relations
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Which of the following is a consumer sales promotion activity?
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Contests
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Which of the following is a B2B sales promotion activity?
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Conventions
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The primary purpose of a pull strategy is to?
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Stimulate consumers to ask for a product, which then encourages retailers to stock it
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Marketing Research?
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Analyzing markets to determine challenges and opportunities and finding the information needed to make good decisions
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Consumer Market?
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All the individuals or households that want goods and services for personal use and have the resources to buy them
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B2B
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Individuals and organizations that buy goods and services to use in production to sell, rent or supply to others
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Market Segmentation
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divide the total market into groups with similar characteristics
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Target Marketing
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Selecting which segments an organization can serve profitably
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Mass Marketing
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Developing products and promotions to please large groups of people
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Relationship Marketing
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Rejects to idea of mass production and focuses toward custom-made goods and services
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Total Production Offer
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Everything consumers evaluate when deciding whether to buy something
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Convenience Goods and Services
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Products consumers purchase frequently with minimal effort
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Shopping Goods and Services
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Products consumers buy only after comparing value, quality, price and styles
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Specialty Goods and Services
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Products with unique characteristics and brand identity
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Unsought Goods and Services
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Products consumers aren't aware of or haven't thought of buying until they need them
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Industrial Goods
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Products used in the production of other products and sold in the B2B market
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Bundling
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Grouping two or more products together and pricing them as a unit
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Brand
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Name, symbol, or design that identifies the goos or services and distinguishes them from competitors offerings
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Trademark
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A brand that has exclusive legal protection for both brand name and design
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Manufacturers Brand
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Brand names of manufactures that distribute products nationally
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Dealer Brand
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Products that carry a retailers or distributers brand name instead of a manufactures
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Form Utility
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Changes raw materials into useful products
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Time Utility
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Makes products available when customers want them
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Place Utility
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Adds value to products by placing them where people want them
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Possession Utility
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Helps transfer ownership from one party to another, including providing credit
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Information Utility
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Opens 2-way flows of info between marketing participants
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Service Utility
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Providers service during and after a sale and teachers customers how to do it
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Intensive Distribution
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Puts products into as many retail outlets
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Selective Distribution
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Uses preferred group of available retailers
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Exclusive Distribution
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Uses only one retail outlet
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Public Relations
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Evaluates public attitudes, changes policies and producers in response to the public, and executes a program of action
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Publicity
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Any information about an individual, product or organization thats distributed to the public through the media
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Sale Promotions
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Promotional tool that stimulates customer purchasing and dealer interest by means of short term activities
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Push Strategy
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Producers use advertising, personal selling, sales promotion and other tools to get their products stocked on shelves
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Pull Strategy
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Directs heavy advertising and sales promotions efforts towards consumers and gets the ruble to request their products from retailers
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Pick Economy
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Refers to consumers who pick out their products form online outlets
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Promotional Mix
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Combination of promotional tools an organization uses
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Integrated Marketing Communication
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Combine the promotional tools into one comprehensive strategy
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Advertising
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Paid, non personal communication through various media by organizations and individuals who are in some way identifies in the message
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Product Placement
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Advertisers pay to put that products into tv shows and movies where the audience will see them
