Foundations of Marketing and Management Final - Flashcards

Q: When competition for customers became more intense during the sales era, businesses began to ________.

undertake aggressive sales tactics to \"push\" their product

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How does marketing MOST benefit consumers?

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by responding to needs in an effort to satisfy those needs

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T/F: Secondary marketing data, which has already been collected and processed, is usually more expensive to obtain than primary data

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false

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T/F: All companies have a code of ethics in place to curb unethical behavior within their organizations.

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false

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_______ is the process of surveying the market environment to assess external threats and opportunitie

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environmental scanning

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Once an organization has performed a complete situational analysis, including an evaluation of its internal strengths and weaknesses and the external opportunities and threats of the market environment, then it is ready to ________.

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select its target market

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When you have already determined that there is demand for the services of your potential business, your next step is to ________

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conduct market research

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The ideal marketing objective is ________.

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time specific, realistic, and quantifiable

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T/F: A marketing plan is best provided as an oral presentation so that employees can grasp concepts through visual aids and ask questions in a question-and-answer session.

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false

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T/F: Environmental influences are variables under the direct control of an organization.

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false

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When competition for customers became more intense during the sales era, businesses began to ________.

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undertake aggressive sales tactics to "push" their product

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T/F: Marketing research may suggest better ways and opportunities to provide services to customers.

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true

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Which of the following is an example of a situational factor that could affect a consumer's buying decision?

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the layout of a store

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In a "seller's market" ____

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demand exceeds supply

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T/F: The value of the U.S. dollar on the international market is an example of an environmental influence

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true

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The competitive advantages or core competencies that a company has at its disposal to meet a specified marketing objective are called its ________.

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internal strengths

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o a researcher collecting data, the New York Times is a ________.

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secondary source of data

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The final step in the marketing process is _______

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maintaining good customer relationships

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The fact that modern, sophisticated manufacturing innovations have enabled many firms to more easily customize their products and to offer them at dramatically reduced prices to satisfy the varying tastes of targeted customers represents the impact of the ________ on the marketing of products.

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technological environment

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T/F: In business-to-business (B2B) market purchases, purchasing agents often weigh the benefits and the costs in a more systematic fashion than buyers in consumer markets; therefore, sellers don't have to pitch their products at as sophisticated a level as is used in competitive consumer markets.

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false

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An advertising campaign that attempts to reposition its product is an example of _______

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creating a new vision

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A company that announces a manufacturer's suggested retail price and then offers a discount off that price is using ________ pricing.

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reference

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T/F: Branding increases the risks involved in some purchases for which buyers are unable to determine quality objectively.

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false

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Salespeople bringing suggestions for a new fast food item to the headquarters of their food manufacturer is an example of ______

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idea generation

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A brand assigned to each product within a company's product mix is a(n) ________ brand.

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individual

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Downloading a song from iTunes is an example of a(n) ________ service.

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convenience

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Charging different prices to different customers when these price differences are not a reflection of cost differences is called price ________

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discrimination

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The Fair Packaging and Labeling Act of 1966 requires companies to identify all of the following EXCEPT the ______

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formula by which the product was manu

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A new freelance writer who sets a price at a level to generate just enough revenues to pay expenses is using the pricing objective of ______

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covering costs to survive

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A manufacturer of yachts sets its prices high above its competitors. This is an example of the pricing objective of ________.

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creating an image

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The Crusher Corp. charges very low prices to drive its only competitor out of business. This is an example of ________ pricing.

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predatory

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A snack food bag is white with plain black letters spelling, "Corn Chips." This is most likely an example of a ________ brand.

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generic

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A store that sets its prices at the same level as the store across the mall is using the pricing objective of ____

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status quo pricing

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A ________ prevents a brand from becoming generic and public property.

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trademark

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The two functions of labels are to ________.

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inform and persuade

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f a package prevents tampering with a product, which purpose of packaging is being performed?

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to preserve and protect the product

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Setting the right price _____

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can help differentiate the product from the competition

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Branding benefits ________.

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both buyers and sellers

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T/F: Once a product has gone through initial development and testing, and after a business analysis indicates there is financial merit to the idea, an initial design or prototype is developed.

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true

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5 Functions of the marketing dept

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1. communicate societys wants and needs to the org 2. est the pricing strategy 3. promote product benefits 4. distribute products 5. est meaningful relationships with customers

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strong demand and limited supply, good quality products that sold themselves; industrial revolution would describe what era of marketing?

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the production era

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production was greater than demand; greater competition and heavy advertising would describe what era of marketing?

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the sales era

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a buyers market, with lots of competition and production; develop products that meet customers needs, and a focus on products with the highest profit. Org commitment to delivery would describe what era of marketing?

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the marketing era

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challenged companies to work for the benefitts of consumers and society while making a profit would describe what era of marketing?

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the societial marketing era

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marketing, sales customer feedback, and support would describe what era of marketing?

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the customer relationship era

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what is the seller benefit of marketing?

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profits

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what is the society benefit of marketing?

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resources are used more effeciently

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what is the investor and employee benefit of marketing?

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financial rewards, job security, and new job opportunities

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what is the consumer benefits of marketing?

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satisfaction of needs and creation of utility

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form utility

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raw materials used to make a useful product -ex. a swimsuit

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task utility

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performs a service ex. alterations

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time utility

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delivering a product when a customer needs it -ex. swimsuits sold in summer

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place utility

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product made avaliable at a convenient place -ex. dept store

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ownership utility

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store owner transfers ownership to the customer by selling it

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target market

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a specific group of potential customers on which market efforts are focused

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marketing mix

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combination of controllable elements of a product marketing plan designed to serve the target market

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what are the four ps?

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product price promotion place

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what are the four cs?

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customer wants and needs cost to satisfy convenience to buy communication

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What are the 5 steps of the marketing process?

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1. identify a need 2. conduct marketing research 3. identify target customers 4. implement the four ps and cs 5. nurture good customer relationships

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environmental scanning

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surveying the market environment to assess external threats and opportunities

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target markets are determined by what 4 factors?

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1. geographic 2. demographic 3. psychographic 4. behavioral

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A business to business market is: _______ customers ______ volume purchases Geographically _______

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few customers large volume geographically concentrated

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business to consumer market is: _____ customers _________ volume purchases Geographically _________-

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many customers small volume purchases geographically dispersed

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7 steps of new product development

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1. idea generation 2. idea screening 3. product analysis 4. development and testing 5. product and marketing mix development 6. market testing 7. commercialization

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total product offer

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all the benefits associated with a product that affects a customer's purchasing decision

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core product

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the primary benefit; satisfies a basic need or want

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actual product

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the tangible part of the product (touch, smell, etc) -customers compare brands, quality, featres, styling, and packaging

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augmented product

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real or percieved benefits of the product -customer service, delivery, warranty, etc -provides a more satisfying experience

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product line

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a group of similar products marketed to one general market ex. Honda offers automobiles

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product mix

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a combination of all product lines offered by a company ex. Honda offers automobiles, plane motors, and power equipment

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Something that is used often, consumed quickly, and has a relatively low price would be a ____ good.

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convenience

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something that is bought less frequently and customers compare products would be a ___ good.

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shopping

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something that is high end, price is not important, and there are no suitable substitutes would be a ___ good.

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speciality

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something that customers dont think or know about until they need it would be a ___ good.

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unsought

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a production good is

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a factory, office, etc

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a support good is

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a computer, printer, etc

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capital items

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all physical items of a business

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branding

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a name, term, symbol, or design that distinguishes a company and its products from all others

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brand extension

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same name, different product

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trademark

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a legally protected brand

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brand loyalty

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a degree to which customers prefer a product -recognition -preference -insistence

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brand equity

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overall value; strength in the market -awareness -association

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manufacturers brand

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a brand created by those who manufacture the product ex. google, ben and jerrys

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family brand

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several products under the same name -consumers trust, so likely to buy new products ex. Bic: pens, lighters, razors

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individual brand

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brand assigned to each line within a company's product mix ex. saralee makes: ballpark, hillshire farm, ironkids, etc

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private brand

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brand created by a distributor -the manufacturer is NOT identified on the product ex. kenmore and craftsman

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co brands

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packaging two or more brands affiliated with a single product

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generic brand

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no brand at all

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price skimming

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charge a high price at first to recoup development costs; lower later -high price encourages competition

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penetration pricing

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chares the lowest possibly price to quickly build market share -may be difficult to increase price later

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loss leader

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priced below its costs; attract customers to the store in the hopes that they would buy something else

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reference price

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inflate price to lower later -ex. ross

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breakeven analysis

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determine the producation level at which total revenue is just enough to cover costs -no profit, no losses

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average variable costs

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variable costs divided by the production level

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breakeven analysis = (formula)

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total fixed costs / revenue per unit - average variable costs

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promotion

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all of the techniques marketers use to inform targeted customers of the benefits of a product and to persuade them to purchase the good, service, or idea

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4 parts of the promotional mix

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advertising public relations sales promotion personal selling

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integrated marketing communication

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a strategy to deliver a clear, consistent, and unified message about the company and its products to customers and all contact points

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public relations

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the marketing function that establishes and maintains mutually beneficial relationships between an organization and its stakeholders

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order getter

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new customers and existing ex telemarketer

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order taker

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repeat sales, sufficient quantities

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order influencer

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not direct sales, ex pharma reps

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support personnel

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assist current customers

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6 steps of personal selling

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1. prospect 2. approach 3. present 4. overcome objections 5. close 6. follow up

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wholesale merchant sells primarily to

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sell primarily to retailers

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a speciality merchant sells primarily to

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manufacturers and institutions (govt, etc)

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cash and carry merchants

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limited line of fast moving goods; no delivery ex fish market

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truck merchants

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sell and dliver directly from their trucks; semi perishable items

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drop shipper merchants

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dont carry inventory or handle products; yo order, they find a manufacturer to ship directly to you

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rack jobber merchants

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non food itmes, like magazines -the company still owns, bills only for the ones sold

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manufacturer agents

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indepdent contractors that sell products for more than one manufacturer, usually complementary

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selling agents

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sales dept for manufacturer; common with industrial machinery and equip

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purchasing agents

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long term relationships with buyers and make purchases for them

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intensive distribution

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selling convenience products, 7-11

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selective distribution

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selling shopping products ex. best buy

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exclusive distribution

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selling speciality products ex. lexus

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speciality retail store

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a wide selection of products in one category (ex. gamestop)

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factory outlet

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owned and operated by a manufacturer, sells surplus, discount, or irregular goods ex. nordstrom rack

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logistics

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managing the flow of materials, information, and processes from raw product stages to consumption

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inbound logistics

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raw materials from supplier to producer

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materials handling/ operations control

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managing movement of resources

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outbound logistics

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physical distribution

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reverse logistics

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bringing back defective products

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third part logistics

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outsourcing

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T/F: Consumer sales promotions are becoming more common because they help segment markets and they are cost-effective.

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true

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EBay, which never owns the various items it sells, can be considered a(n) ________.

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agent/broker

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Marketing intermediaries are also referred to as ?

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middlemen

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What are four common PR tools?

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-controlled messages -semi controlled messages -uncontrolled messages -sponsorship of sports events

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Members of the marketing team are MOST often involved with ________.

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sales promotion, public relations, etc

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Which transportation mode MOST often has the highest accessibility to markets?

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trucks

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a rebate would be an example of?

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a sales promotion

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T/F: Advertising is paid, impersonal mass communication from an identified sponsor to persuade or influence a targeted audience.

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true

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T/F: One advantage publicity has over advertising is that it is more believable.

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true

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A wholesaler selling groceries to the grocery store is an exmaple of?

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business to business selling

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T/F: Advertising is especially important in the maturity stage of a business because it helps build mass brand awareness and brand association.

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false

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After a marketing objective is defined, what is the next step marketers should take?

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determine the budget

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________ determine what number of intermediaries will be required to achieve the greatest level of efficiency.

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competitive markets

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T/F: Wholesalers are independently owned businesses that do not take ownership (title) of the products they handle.

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false

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T/F: Intermediaries must cover the costs incurred at each link in the distribution channel and earn a profit to remain in business. This causes the consumer to pay higher prices for products.

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true

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T/F: Wholesalers sell only business-to-business products, while retailers sell primarily consumer products.

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false

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Target is an example of a ________.

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discount store

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Zenith has introduced a flat-screen television and is training salespeople in a limited number of stores where this new model will be sold. This is called ________ distribution.

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selective

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sponsorship of a sporting event would be an example of a ___________ message

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semi controlled

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What is most often the lowest cost transportation mode?

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waterways

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The many product lines at Procter & Gamble are an example of product mix ________.

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width

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what is an MRO product?

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maintenance, repair, and operations (ex. tools mechanic uses)

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T/F: Marketing is an ongoing process of tweaking a business to satisfy customers in order to ensure quality, value, and repeat business.

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true

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T/F: Heavy public advertising is used to retain customers in order to stimulate future sales of similar or supplementary products?

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false

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The process of developing a unique marketing mix that best satisfies a target market is known as

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positioning

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A fast food manufacturer estimating a new food item's production costs, sales volume, and profitability is an example of ________

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product analysis

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A bag of snack food says, "Walmart's Corn Chips." This is an example of a(n) ________ brand.

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private

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A theoretical model describing a product's sales and profits over the course of its existence is known as the product ____

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life cycle

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The ________ serves as the sales department for the manufacturer.

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selling agent

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Annual reports are an example of a ________ message

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controlled

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L.L. Bean and Lands' End are examples of businesses that sell products through catalogs and bypass intermediaries. This method of selling is called ________

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direct marketing

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Manufacturers' agents are MOST LIKELY used in such lines as ________.

answer

apparel, furniture, and electrical goods

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______ is often the MOST expensive distribution cost.

answer

transportation

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