Chapters 13,14,and 15 intro to business – Flashcards
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An example of demographic segmentation
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An automobile manufacturer offers different types of cars designed to appeal to different age groups and income levels
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A campaign manager for the senate tries to learn as much as possible about voters in return he uses the info on what is most important to voters this represents
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The use of marketing by a nonprofit organization
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Evaluating various distribution alternatives to determine the best way to get the product to the consumer
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Would be included in the marketing mix
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Statement most accurate in today's views of marketing
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"Learn about your customers and exceed their expectations"
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Production era
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Time period from our countries first settlers through the early 1900's
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Marketing managers primary responsibilities are
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Planning and executing the conception, pricing , promotion and distribution of the firms products
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Most accurate statement about marketing
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Marketers recognize the need to learn as much as possible about consumers and do everything possible to satisfy them
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First step in marketing research process
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Define the problem and determine the present situation
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Two major types of markets
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Consumer and the business to business
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A combination of _____ refers to a firms marketing mix
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Strategies regarding product price place and promotion
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Would be considered part of a firms marketing mix
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Determining the best pricing strategy for a product
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Refers to the process of dividing the total market into several groups with similar characteristics
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Segmentation
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Infomercials provide the opportunity for
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The product to sell itself
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In evaluating colleges students and parents are likely to judge a school
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By the collection of benefits offered
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A word letter or group of words or letters that differentiate the goods and services of a seller from those of competitors
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Brand name
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Firms with a limited budget would be least likely to us
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Television advertising
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Any paid no personal communication through various media organizations and individuals who are in some way identified in the message
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Advertising
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Combination of all the factors that consumers evaluate when deciding whether or not to buy a good or service
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Total product offer
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Location is important because consumers desire to purchase these goods with a minimum of shopping effort
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Convenience goods
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Successful marketers recognize that through each stage of the product life cycle each one requires
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A different marketing strategy
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What is the break even analysis
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Process used to determine profitability at various levels of sales
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An example and explanation of the break even point and the formula
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The break even point is the point where revenues from sales equal all costs Fixed costs divided by the unit price minus the variable cost
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Strategy of first determining what the market is willing to pay and then subtracting a desired profit margin to determine a desired cost of production
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Target costing
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When a product is increasing but the rate has slowed and sales are still expected to peak that is what stage of the product life cycle
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Maturity
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Marketers often rely on ____ in their competitive strategy to enhance a relatively homogenous product
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Non price differences
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Green giant , Coca Cola , etc are all
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Manufacturer brands
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Stage of a product life cycle characterized by rapidly rising sales high profit levels and growing number of competitors is
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Growth
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Packaging is
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Assuming an increasingly important role in the promotion of products
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Look at questions
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17 14 12 10 7 in quiz 14
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Look at questions
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1 10 14 in quiz 16
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Look at questions
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1 3 12 13 in quiz 13
